Vertical analysis - determination of the structure of the final financial indicators identifying the impact of each reporting position on the result as a whole;

Trend analysis - comparing each reporting position with a number of previous periods and determining the trend, i.e. the main trend in the dynamics of the indicator, cleared of random influences and individual characteristics of individual periods. With the help of the trend, possible values ​​of indicators are formed in the future, and therefore, a prospective predictive analysis is carried out;

Analysis of relative indicators - calculation of the relationship between separate positions report or positions different forms reporting, determination of interrelations of indicators;

Comparative analysis is both an on-farm analysis of summary reporting indicators for individual indicators of a company, subsidiaries, divisions, and an inter-farm analysis of the indicators of a given company with competitors' indicators, with average industry and average economic data;

Factor analysis - analysis of the influence of individual factors on the performance indicator.

Financial analysis is part of a general, complete analysis economic activity, which consists of two closely related sections: financial analysis and production management analysis.

Financial analysis is divided into external and internal. Features of external financial analysis are:

• 
  the plurality of subjects of analysis, users of information about the activities of the enterprise;
• 
  variety of goals and interests of the subjects of analysis;
• 
  availability of standard methods of analysis, accounting and reporting standards;
• 
  orientation of the analysis only to the public, external reporting of the enterprise;
• 
  limited analysis tasks as a consequence of the previous factor;
  maximum openness of the analysis results for users of information about the activities of the enterprise.

Financial analysis, based on data only from financial statements, acquires the character of an external analysis carried out outside the enterprise by its interested counterparties, owners or government agencies. This analysis does not reveal all the secrets of the success of an economic entity.

The main content of the external financial analysis carried out by the partners of the enterprise, according to public financial statements, is:

• 
  analysis of absolute indicators of income;
• 
  analysis of relative profitability indicators;
• 
  analysis financial condition, market stability, balance sheet liquidity, solvency of the enterprise;
• 
  analysis of the effectiveness of the use of borrowed capital;
• 
  economic diagnostics of the financial condition of enterprises and rating assessment of issuers.

There is a variety of economic information about the activities of enterprises and many ways to analyze these activities. Financial analysis according to financial statements is called the classic method of analysis. on-farm the financial analysis used as a source of information. The main content of on-farm financial analysis can be supplemented by other aspects that are important for optimizing management, such as analysis of the effectiveness of capital advances, analysis of the relationship between costs, turnover and profit. In the system of on-farm management analysis, it is possible to deepen financial analysis by attracting management production accounting data, in other words, it is possible to conduct a comprehensive economic analysis and evaluation of the effectiveness of economic activity.

Features of management analysis are:

• 
  orientation of the results of the analysis to their management;
  use of all sources of information for analysis;
• 
  lack of regulation of analysis from the outside;
• 
  completeness of the analysis, the study of all aspects of the enterprise;
• 
  integration of accounting, analysis, planning and decision making;

• 
  maximum secrecy of the analysis results in order to preserve commercial secrets.

The financial results of the enterprise are reflected in the system of indicators. The analysis of the financial performance of the enterprise includes, as mandatory elements, the study, firstly, of changes in each indicator for the current analyzed period; secondly, the study of the structure of the relevant indicators and their changes; thirdly, the study, at least in the most generalized form, of the dynamics of changes in financial performance indicators for a number of reporting periods.

To analyze and assess the level and dynamics of indicators of the financial performance of the enterprise, a table is compiled that uses the reporting data of the enterprise from form No. 2 “Report on the results of financial and economic activities”.

Table 1

Analysis of the level and indicators of financial performance of LLP "KazMunayGas - Telf"

Thousand tenge

Indicator	On 01.01. 2003	On 01.01. 2004	Deviation	Rates of growth
Income from the sale of services (without VAT)	38,584,626	45,880,679	7,296,053	118.9
Cost of goods sold (works, services)	25,177,088	26,823,392	1,646,304
Gross income	13,407,538	19,057,287	5,649,749	142.1
Period expenses	8,539,575	7,296,713	-1,242,862	85.4
Income (loss) from core activities	4,867,963	11,760,574	6,892,611	241.6
Result from non-core activities	899,024	481,371	-417,653	53.5
income tax from legal entity	- 2,908,308	- 3,600,874	-692,566	123,8
Income (loss) from ordinary activities. after tax.	2,858,679	8,641,071	5,782,392
Income (loss) from emergencies		1,705	1,705
Adjusted retained earnings (uncovered loss)		3,058,399	3,058,399
Retained earnings (uncovered loss)	2,858,679	11,697,765	8,839,086

The data in the table show that the company achieved good results in the reporting period. Gross income grew by 42.1% and retained earnings grew 4 times. A positive factor in the growth of retained earnings was an increase in gross income due to an increase in sales volume and a relative decrease in the cost of services. With an increase in income from sales by 18.9%, an increase in the cost of services rendered amounted to 6.5% and expenses for the period were reduced by 14.6% compared to the base period.

Retained earnings are affected by factors such as changes in: operating income, non-operating income, corporate income tax, income from emergencies and other activities. As can be seen from Table 1, undistributed income in 2003 increased compared to 2002 by KZT 8,839,076 thousand. This increase was mainly affected by an increase in income from core activities and income from non-operating operations, and due to a decrease in income from non-core activities as a whole, the result decreased by 417,653 thousand tenge.
In turn, the following factors can influence the change in income from core activities: sales volume; reducing the cost of production; selling prices for services; the level of costs of material and labor resources.

1. Calculation of the total change in income (loss) (P) from the main activity:

P \u003d P1 - P0 \u003d 11.760.574 - 4.867.963 \u003d 6.892.611; where

P1 - income (loss) from the main activity of the reporting year;

P0 - income (loss) from the main activity of the base year.

In 2003, income from the main activity of LLP "KazMunayGas - Telf" in absolute terms increased in comparison with 2002 by 6,892,611 thousand tenge.

The study of balance sheet data is of paramount importance in assessing the financial condition of an enterprise. The balance sheet total gives an approximate estimate of the amount of funds that can be obtained for property, for example, in the event of liquidation of an enterprise. The current "price" of assets is determined by market conditions and can deviate in any direction from the accounting one, especially during inflation. The analysis is carried out according to the balance using one of the following methods:

An analysis is made directly on the balance sheet without a preliminary change in the composition of balance sheet items;

A compacted comparative analytical balance is built by aggregating some elements of balance sheet items that are homogeneous in composition;

An additional adjustment of the balance sheet for the inflation index is made, followed by the aggregation of items in the required analytical sections.

Analysis directly on the balance sheet is a rather laborious and inefficient business, because too much a large number of calculated indicators does not allow to identify the main trends in the financial condition of the organization.

A comparative analytical balance sheet can be obtained from the original balance sheet by condensing individual items and supplementing it with dynamics indicators.

The analytical balance sheet is useful in that it brings together and systematizes the calculations that the analyst makes when familiarizing himself with the balance sheet.

The analytical balance sheet covers many important indicators that characterize the statics and dynamics of the organization's financial condition. This balance actually includes indicators for both horizontal and vertical analysis.

These include:

• 
  the total value of the property of the organization, equal to the balance sheet minus losses;
• 
  the value of immobilized (i.e. fixed capital) assets or real estate, equal to the total of section 1 of the assets of the balance sheet;
• 
  cost of mobile working capital) assets equal to the total of section 2 of the assets of the balance sheet;
• 
  cost of tangible current assets;
• 
  the amount of own funds of the enterprise, equal to the total of section 1 of the passive part of the balance sheet;
• 
  the amount of borrowed funds equal to the sum of the results of sections 2 and 3 of the passive part of the balance sheet;
• 
  the amount of equity in circulation, equal to the difference between equity and long-term assets;
• 
  working capital equal to the difference between current assets and current liabilities.

Analyzing the comparative balance, it is necessary to pay attention to the change in the share of equity in the value of property, the ratio of growth rates of equity and borrowed capital, as well as the ratio of growth rates of receivables and payables. With stable financial stability, the enterprise should increase the share of its own working capital in dynamics, the growth rate of equity capital should be higher than the growth rate of borrowed capital, and the growth rates of receivables and payables should balance each other. (Appendix 7.8).

The next analytical procedure is vertical analysis - a different presentation of the financial statement in the form of relative indicators. This representation allows you to see the share of each balance sheet item in its total. A mandatory element of the analysis is the time series of these values, through which you can track and predict structural changes in the composition of assets and their sources of coverage. (Appendix 7,8,10).
Thus, two main features of vertical analysis can be distinguished:

• 
  the transition to relative indicators allows comparative analysis enterprises, taking into account industry specifics and other characteristics;
• 
  relative indicators smooth out the negative impact of inflationary processes, which significantly distort the absolute indicators of financial statements and thus make it difficult to compare them in dynamics.

Horizontal balance sheet analysis consists in building one or more analytical tables in which absolute balance sheet indicators are supplemented by relative growth (decrease) rates. The degree of aggregation of indicators is determined by the analyst. As a rule, basic rates are taken for a number of years, which allows analyzing the change in individual balance sheet items, as well as predicting their value.

Horizontal and vertical analyzes complement each other, so in practice it is possible to build analytical tables that characterize both the structure of the reporting accounting form, and the dynamics of its individual indicators.

Trend analysis is part of a prospective analysis, it is necessary in management for financial management. A schedule of possible development of the organization is being built. The average annual growth rate is determined and the forecast value of the indicator is calculated.

This is the easiest way to financial forecasting. Now, at the level of an individual enterprise, the billing period is a month or a quarter. Analysis of the dynamics of the balance sheet, the structure of assets and sources of financing of the enterprise allows us to draw a number of important conclusions that are necessary both for the implementation of current financial and economic activities, and for the adoption management decisions for the future.
For example, a decrease (in absolute terms) in the balance sheet for the reporting period indicates a reduction in the company's economic turnover, which could cause insolvency. Establishing the fact of curtailment of economic activity requires a thorough analysis of its causes:

Accounting (financial) statements are designed to assess the financial condition of the company by external users, among which the main place is occupied by shareholders, investors and creditors. The heads of the enterprise and leading managers must be able to read the financial statements and assess the financial position of the company, the management of which is entrusted to them by the owners.

The composition of the financial statements has already been considered. The most significant forms for assessing the financial condition of an enterprise are the balance sheet (form No. 1) and the income statement (form No. 2).

It is best to assess the financial condition of a company in the form of monitoring, that is, regularly from period to period. In this case, a dynamic picture is formed, changes are noticeable, trends in the development of the situation can be identified and measures can be taken in a timely manner to prevent a crisis.

The purpose of financial analysis is to evaluate:

• current and prospective financial condition of the enterprise;
• property status of the enterprise;
• the degree of entrepreneurial risk, in particular the possibility of paying off obligations to third parties;
• capital adequacy for current activities and long-term investments;
• possible and expedient rates of development of the enterprise from the standpoint of their financial support;
• the need for additional sources of funding;
• the ability of the enterprise to increase capital;
• rationality of attraction of borrowed funds;
• the validity of the policy of distribution and use of profits.

With the help of financial analysis, you can also:

• a) identify available sources of funds and assess the possibility and expediency of their mobilization;
• b) predict the position of the enterprise in the capital market.

To make decisions in the field of management, production, marketing, finance, investment and innovation, management needs awareness on relevant issues, which is the result of the selection, analysis, evaluation and concentration of the original ("raw") information. It is necessary to master the analytical reading of the source data, taking into account the goals of analysis and management.

The basic principle of analytical reading of reports is deductive method, i.e. from the general to the particular, which must be applied repeatedly. In the course of such an analysis, it is as if the historical and logical sequence of economic facts and events is reproduced, the direction and strength of their influence on the results of activities is determined.

In practice, the basic rules for reading (method of analysis) of financial statements have been developed: horizontal analysis, vertical analysis, trend analysis, method financial ratios, comparative analysis, factorial analysis.

Horizontal (temporal) analysis - comparison of each reporting position with the previous period.

Vertical (structural) analysis - determination of the structure of the final financial indicators with the identification of the impact of each reporting position on the result as a whole.

Trend analysis - comparing each reporting position with a number of previous periods and determining the trend, i.e. the main trend in the dynamics of the indicator, cleared of random influences and individual characteristics of individual periods. With the help of the trend, possible reporting indicators are formed in the future, therefore, a prospective, predictive analysis is carried out.

Analysis of relative indicators (coefficients) - calculation of relations between individual positions of the report or positions of various forms of reporting, determination of the relationship of indicators.

Comparative (spatial) analysis is both an on-farm analysis of summary reporting indicators in comparison with individual indicators of a company, subsidiaries, divisions, workshops, and an inter-farm analysis of the indicators of a given company in comparison with competitors' indicators, with average industry and average general economic data.

Factor analysis - analysis of the influence of individual factors (reasons) on the performance indicator using deterministic or stochastic research methods. Factor analysis can be direct (analysis itself), i.e., splitting the effective indicator into its component parts, and reverse (synthesis), i.e., combining individual elements into a common effective indicator.

For the purposes of financial analysis, various indicators of the enterprise's financial statements and accounting and balance sheet data are used. By themselves, these indicators are of interest, but in comparison with each other, they make it possible to give an objective assessment of the financial position of the enterprise, a conclusion about the sufficiency of means of payment to secure obligations.

The ratio of various indicators of the balance sheet allows us to draw conclusions about the structure of capital, its distribution between various types assets, the ratio of own and borrowed capital. The calculation of various financial indicators and ratios is a method of financial analysis that allows you to get an objective picture of the financial situation of an enterprise and predict its further development.

Comparison of various financial indicators in dynamics allows us to identify trends in this development.

Financial analysis underpins financial planning. In particular, indicators of the duration of repayment of receivables and payables are used, on the one hand, to calculate the amounts of expected receipts and upcoming payments, on the other hand, to predict new values ​​​​of these indicators at the end of the forecast period.

On the first stage analysis, the analyst must decide on the appropriateness of the analysis of the financial statements and make sure they are ready for reading.

This task is solved by familiarization with the auditor's report. It expresses the auditor's opinion on the reliability financial statements. The auditor may express an unconditional positive opinion. If the auditor has doubts that he does not fully understand the picture of the enterprise, then an opinion is expressed with reservations. If the auditor's opinion is negative, it makes no sense to analyze the financial statements, since they are recognized as unreliable. The auditor's report may not be issued by the auditor if he did not have the opportunity to verify the quality of the financial statements.

To make sure that the reporting is ready for analysis, you need to check the availability of all approved forms, their filling in accordance with accepted rules.

Target second stage - familiarization of the analyst with the explanatory note to the balance sheet. This is necessary in order to assess the working conditions in the reporting period, to determine the trends in the main performance indicators, as well as qualitative changes in the property and financial position of the enterprise. The analyst gets acquainted with the accounting policy of the analyzed subject, since changes in it can lead to significant consequences in the results of the analysis.

Third stage - the main one in the express analysis, its purpose is a generalized assessment of the results of economic activity and the financial condition of the enterprise. Such analysis is carried out with varying degrees of detail in the interests of various users.

In general, the program for analyzing the financial and economic activities of the enterprise is as follows:

• 1. Preliminary review of the economic and financial situation of the analyzed enterprise:
• 1.1. Characteristics of the general direction of financial and economic activity.
• 1.2. Identification of "sick" reporting items.
• 2. Assessment and analysis of the economic potential of the enterprise:
• 2.1. Assessment of property status:
• 2.1.1. Construction of analytical net balance.
• 2.1.2. Vertical balance sheet analysis (shows the structure of the company's funds and their sources).
• 2.1.3. Horizontal balance analysis (consists in the construction of one or more analytical tables in which absolute indicators are supplemented by relative growth or decline rates).
• 2.1.4. Analysis of qualitative changes in property status.
• 2.2. Assessment of the financial situation:
• 2.2.1. Liquidity assessment.
• 2.2.2. Assessment of financial stability.
• 3. Evaluation and analysis of the effectiveness of the financial and economic activities of the enterprise:
• 3.1. Evaluation of production (main) activity.
• 3.2. Analysis of business activity.
• 3.3. Analysis of the structure and price of capital.
• 3.4. Profitability analysis.
• 3.5. Assessment of the company's position in the securities market

3.6. Analysis of potential bankruptcy.

The information base for analysis is prepared in special tables based on the balance sheet and reporting.

In the process of analysis, an idea is formed about the activities of the enterprise, changes in the composition of its property and sources are revealed, and relationships between various indicators are established. For this purpose, the ratios of individual items of the asset and liabilities of the balance sheet, their share in the total result (currency) of the balance sheet are determined, the sums of deviations in the structure of the main balance sheet items are calculated compared to the previous period.

For the convenience of such an analysis, it is advisable to use the so-called condensed analytical net balance, formed by eliminating the influence on the currency (total) of the balance sheet and its structure of regulatory articles.

So, the amount of equity capital should be reduced by the amount of debt of participants (founders) on contributions to the authorized capital; the value of assets and liabilities decreases by the amount of losses. By the value of the balance on account 63 "Reserves for doubtful debts" were adjusted in the balance sheet of the article accounts receivable.

After that, elements of balance sheet items that are homogeneous in composition are combined in the necessary analytical sections (long-term and current assets, equity and borrowed capital). Thus, the total amount of the change in the balance sheet currency is divided into components, which allows us to draw preliminary conclusions about the nature of shifts in the composition of assets, the sources of their formation and their mutual conditionality. So, in the process of preliminary analysis, changes in the composition of long-term (non-current) and current (current) funds are considered in connection with changes in the obligations of the enterprise.

An in-depth analysis of the financial position involves the involvement of internal accounting data, which allows you to adjust the reporting data in order to increase its reliability. For this purpose, the regrouping of the balance sheet items is carried out, i.e., consolidation and determination of the balance structure - the ratio of each of the balance sheet items to its total. The deviations of indicators at the end of the year from those at the beginning of the reporting period are determined both in absolute figures and in relative ones (percentage and balance sheet currency).

To identify the causes of changes in the financial position of the enterprise, at the next stage of the analysis of liquidity and solvency, the calculation and assessment of the dynamics of analytical coefficients characterizing the financial position of the enterprise are performed.

The results of the calculations should be given a preliminary economic interpretation: assessment of the ratio of own and borrowed funds of the enterprise from the standpoint of its financial stability and creditworthiness; a general conclusion regarding the solvency and liquidity of the enterprise; characteristics of the emerging trends in the liquidity of the enterprise, as well as the factors that determine them.

For example, the decrease in the liquidity of an enterprise can be affected by the outstripping growth of short-term liabilities compared to the change in the value of its value by the end of the year. working capital, reducing the share of easily marketable assets, etc.

One of the most important criteria for assessing the financial position of an enterprise is its solvency. In the practice of financial analysis, there are long-term and current solvency. The first is the ability of the enterprise to pay for its long-term obligations. The ability of an enterprise to pay its short-term obligations is called liquidity or current solvency. In other words, an enterprise is considered liquid if it is able to meet its short-term obligations by realizing current assets.

The task of analyzing the liquidity of the balance sheet arises in connection with the increased rigidity of financial restrictions and the need to assess the creditworthiness of the enterprise, i.e., its ability to pay off all its obligations in a timely and complete manner. The liquidity of the balance sheet is defined as the degree to which the company's liabilities are covered by its assets, the period of transformation of which into money corresponds to the maturity of the liabilities.

Depending on the degree of liquidity, i.e. the rate of conversion into cash, the assets of the enterprise are divided into the following groups:

• the most liquid assets - these are all articles Money enterprises and short-term financial assets;
• fast-moving assets- accounts receivable and other assets;
• slow-moving assets - articles of section II of the balance sheet "Reserves", as well as an article from section I of the balance sheet "Long-term financial investments" (reduced by the amount of investments in the authorized capital of other enterprises);
• hard-to-sell assets - articles of section I of the balance sheet "Non-current assets", with the exception of the articles of this section included in the previous group.

Liabilities of the balance sheet are grouped by urgency their payment:

• most urgent obligations - accounts payable (items in section V of the balance sheet "Current liabilities");
• short-term liabilities - short-term loans and borrowings;
• long-term liabilities - long-term loans and borrowings (section IV of the balance sheet "Long-term liabilities");
• permanent liabilities - articles of section III of the balance sheet "Capital and reserves".

The following indicators are used to characterize liquidity:

• current liquidity, which is defined as the correspondence between accounts receivable plus cash and accounts payable;
• settlement (operating) liquidity - drawing up groups of assets and liabilities according to the terms of their turnover in the conditions of the normal functioning of the enterprise (i.e., without the urgent sale of assets);
• urgent liquidity - the ability to repay obligations in the event of a real liquidation of the enterprise, when assets are sold urgently and, as a rule, at reduced prices.

Such an assessment is called a preliminary assessment of the liquidity of the enterprise and is carried out according to the balance sheet. However, these data are not enough for a more accurate and detailed analysis. The fact is that an enterprise can be recognized as insolvent even if there is a sufficient excess of asset items over its liabilities, if the capital is invested in hard-to-sell or illiquid types of assets. So, a delay in payments when the amount of working capital and the timing of turnover does not match the amount of the company's obligations can lead to the termination of payments altogether.

Financial analysis uses a system of coefficients characterizing liquidity.

Absolute liquidity ratio (term ratio) is calculated as the ratio of cash and marketable securities to short-term debt. The term ratio shows how much of the current debt can be repaid on the balance sheet date or other specific date.

According to international rules, this indicator is presented as a proportion (for example, 0.06: 1). Such a proportion indicates that the enterprise could not repay its obligations urgently. It is experiencing a serious shortage of funds. In such conditions, the current solvency of the enterprise depends entirely on the reliability of debtors. Approximately, we note that the values ​​of the specified coefficient, which are in the range of 0.2-0.3, are considered normal (permissible).

The revised liquidity ratio is defined as the ratio of cash, securities and receivables to short-term liabilities.

This indicator characterizes that part of current liabilities that can be repaid not only from cash, but also from expected receipts for shipped products, work performed or services rendered. The recommended value of this indicator is 1:1.

The quality of receivables must also be taken into account. A significant proportion of doubtful receivables can pose a threat to the financial stability of the enterprise. However, in domestic practice it is extremely difficult to assess the quality of receivables, since many enterprises in the explanatory note to the report do not even indicate that they have doubts about paying off receivables. Thus, the real picture of solvency is distorted.

General liquidity ratio (coverage ratio) represents the ratio of all current assets (the result of section II of the asset balance) to short-term liabilities. It allows you to establish the multiplicity of current assets cover short-term liabilities.

Justifying the acceptable value of this indicator is quite difficult. It is clear that its value will vary depending on the scope of the enterprise. Yes, due to objective reasons a significant proportion of hard-to-sell assets, for example, work in progress as part of working capital, the duration of the production and commercial cycle of industrial and construction enterprises needs more high value coverage ratio than for trade, supply and distribution enterprises.

It is believed that if the ratio of current assets and short-term liabilities of the enterprise is lower than 2:1, it is not able to fully and on time pay off its obligations.

The multiple excess of current assets over short-term liabilities (a situation much rarer for Russian enterprises) allows us to conclude that the enterprise has a significant amount of free resources generated from its own sources. From the point of view of creditors, such a variant of the formation of working capital is most preferable. From the point of view of the efficiency of the enterprise, a significant accumulation of inventories, the diversion of funds into receivables may be evidence of inept asset management. All values ​​in the range from 2 to 4 are considered normal (depending on the composition of the assets). However, for a number of objective and subjective reasons, and above all, such as the lack of equity capital, the primary use of net profit for consumption needs, the value of the coverage ratio for most Russian enterprises is much lower than the recommended one.

Attention is drawn to the extremely dangerous financial policy in terms of inflation to increase the volume of lending to its customers, when receivables for the reporting period grow faster than accounts payable. As a result, significant amounts received by the enterprise on short-term bank loans are transferred to buyers and customers (as receivables); part of the funds received on a loan (paid) basis is spent on “free” lending to suppliers (advance payments issued).

Thus, the company violates the basic principle of a successful financial policy, which involves lending to its debtors on the same terms on which the company itself receives loans.

The coefficients under consideration have certain disadvantages, in particular, they are static (therefore, it is better to consider them in dynamics), the possibility of overestimating the values ​​of indicators due to the inclusion of illiquid stocks of goods and materials in the current assets, as well as due to unreal receivables.

Since at present non-payments have become a mass phenomenon, and a significant part of receivables is overdue, most of it cannot be collected and will never be repaid, it can be concluded that the increase in the share of receivables is due to the low payment discipline of buyers, and not for by increasing the company's sales volume.

In order to improve the quality of the analyzed indicators, it is first necessary to assess the timing and composition of accounts receivable and adjust its value, minus debts that are unlikely to be collected.

In table. 11.1 shows the calculation formulas and recommended values ​​​​of solvency and liquidity indicators.

Table 11.1. Calculation of indicators for assessing solvency and liquidity

Indicator
1. Liquidity ratios
1.1. Current solvency ratio	Current assets: Short-term accounts payable	At least 2
1.2. Intermediate solvency and liquidity ratio	(Cash + Short-term financial investments + + Accounts receivable): : Short-term accounts payable	1 or more for Russia 0.7-0.8
1.3. Absolute liquidity ratio	(Cash + Short-term financial investments): : Short-term accounts payable	0,2-0,3
2. Indicators of the qualitative characteristics of solvency and liquidity
2.1. Structure of assets by their liquidity
2.2. Net working capital	Current assets - Current liabilities or (Equity + Long-term liabilities) - Non-current assets	The growth of the indicator in dynamics is a positive trend
2.3. Cash to net working capital ratio	Cash: Net working capital	Growth in dynamics - a positive trend
2.4. Ratio of inventories and net working capital	Inventory: Net working capital	The closer the score is to 1, the worse
2.5. Inventory to short-term debt ratio	Inventories: Short-term accounts payable
2.6. The ratio of receivables and payables	Amount of accounts receivable: Amount of accounts payable

The statement of financial results is one of the main forms of accounting (financial) reporting. Yes, Art. 15 of the Federal Law of 06.12.2011 N 402-FZ "On Accounting" determines that in the general case, the annual accounting (financial) statements consist of a balance sheet, a statement of financial results and annexes to them.

The income statement shows the income, expenses, financial result of the organization for the period. That is, if the Balance Sheet shows the financial condition at the reporting date, then the Statement of Financial Results shows the corresponding indicators for the period (for example, for 2014).

Before the formation of the annual financial statements, it is necessary to reform the balance sheet.

Pay attention to the difference between the Balance Sheet and the Statement of Financial Results - the balance sheet shows the indicators on a cumulative total from the beginning of the activity, and the Statement of Financial Results shows data for the period. For example, in both reports there is an indicator Retained earnings (loss). But these sums, as a rule, do not coincide. In the balance sheet, this line indicates retained earnings (loss) as of the reporting date (for the entire period of the organization's activity), and in the Statement of Financial Results, a similar indicator is Net profit (loss) for the reporting period (for example, a calendar year).

Analysis of the financial performance of the enterprise includes as mandatory elements:

A) assessment of changes in each indicator for the analyzed period (horizontal analysis);

Horizontal (temporal analysis) - comparison of each reporting position with the previous period, determination of relative growth rates (decrease), assessment of these changes;

B) assessment of the structure of profit indicators and its change in dynamics (vertical analysis);

Vertical (structural) analysis - determination of the structure of the final financial indicators with the identification of the impact of each reporting position on the result as a whole. Structural analysis smooths out the impact of inflation and allows cross-farm comparisons;

• C) study of the dynamics of changes in indicators for a number of reporting periods;
• D) identifying the degree of influence various factors on the amount of profit received and the reasons for their change.

Thus, the main objectives of the analysis of financial results are:

• 1. Evaluation of the implementation of the plan for profit in general for the organization and for its internal structural divisions;
• 2. Determination of the planned and actual growth rates of profit from sales, accounting and net profit to the level of the previous period;
• 3. Analysis of factors that determine the degree of implementation of the business plan and indicators of the dynamics of profit from sales, accounting and net profit;
• 4. Identification of the impact of the results of the activities of individual internal structural units on the indicators of profit dynamics;
• 5. Identification and organization of the use of internal reserves to increase efficiency and production, preparation of management decisions.

All factors affecting the amount of profit can be divided into two groups:

• 1. External - factors that arise, regardless of the activities of the enterprise:
  • - emergency events, natural conditions, competition, social conditions, changes in market conditions;
  • - change by state bodies or inflationary processes in prices for products, consumed raw materials and materials, tariffs for services and transportation, trade discounts, tax rates and fees, depreciation rates, etc.;
  • - violation of discipline by suppliers, contractors, banking, financial and other organizations affecting the interests of the enterprise;
• 2. Internal - factors that depend on the enterprise, are controlled by it and determine the essential results of work and factors associated with violation of economic discipline.

The main factors influencing the amount of profit from sales are: the number of products sold, cost elements, prices and product structure.

It can be concluded that the financial results of the enterprise are characterized by the amount of profit (loss). Making a profit is the main goal of any business entity. On the one hand, profit is an indicator of the effectiveness of the enterprise, because. it depends mainly on the quality of the enterprise, increases the economic interest of its employees in the most efficient use of resources. On the other hand, it serves as the most important source of formation of the state budget. As a result, the analysis of financial indicators, it is possible to determine ways to improve the financial performance of the enterprise on the basis of making economically sound decisions.

Topic 7 ANALYSIS OF THE FINANCIAL PERFORMANCE OF THE ENTERPRISE

7.1. Goals, objectives and content of the analysis of the financial activities of the enterprise

The subjects of financial analysis are users of information interested in the activities of the enterprise. Each subject of analysis studies information based on their interests. So, the owners need to determine the increase or decrease in the share of equity capital and evaluate the efficiency of the use of resources by management; to creditors, the expediency of extending the loan, lending conditions, loan repayment guarantees; potential investors and creditors - the profitability of investing their capital in the enterprise, etc.

The financial analysis of an enterprise is usually considered as consisting of three interrelated blocks:

¾ analysis of financial results;

¾ analysis of the financial condition;

¾ analysis of business activity and efficiency.

Financial analysis allows you to get a certain set of key, most informative indicators that give an objective and accurate picture of the financial condition of the enterprise, its profits and losses, changes in the structure of assets and liabilities, in settlements with debtors and creditors, etc. At the same time, a manager or analyst may be interested in both the current state of indicators and their comparison with past results, and their projection for the near or more distant future, i.e. expected parameters of the financial condition.

Thus, the goals of financial analysis are determined by:

v the goals and interests of the subjects of financial analysis, i.e. specific users of financial information;

v the time limits of the analysis.

The goals of the analysis are achieved as a result of solving the corresponding analytical tasks, which are the specification of the goals of the analysis, taking into account the organizational capabilities of its implementation, the methods used, information and technical support.

7.2. Methods of financial analysis

The methods of financial analysis are:

1. horizontal (temporal) analysis - comparison of each reporting position with the previous period;

2. vertical (structural) analysis - determination of the structure of the final financial indicators with the identification of the impact of each reporting position on the result as a whole;

3. trend analysis - comparing each reporting position with a number of previous periods and determining the trend, i.e. the main trend in the dynamics of the indicator, cleared of random influences and individual characteristics of individual periods (for example, seasonal, cyclical fluctuations). With the help of the trend, possible values ​​of indicators are formed in the future, i.e. predictive analysis is carried out;

4. analysis of relative indicators (coefficients) - calculation of the relationship between individual positions of one or different reporting forms, determination of the relationship of indicators;

5. comparative (spatial) analysis - comparison of reporting indicators within an enterprise (firm) by structural divisions, as well as comparison of indicators of a given enterprise (firm) with those of competitors, with average industry and average economic data;

6. factor analysis - analysis of the influence of individual factors (reasons) on the performance indicator using appropriate research methods. Factor analysis can be both direct (analysis itself), when the performance indicator is divided into its component parts, and reverse (synthesis), when its individual elements are combined into a common performance indicator.

7.3. Information support of financial analysis

Information support of financial analysis, its structure and content are determined by the current reporting forms of the enterprise. It should be noted that they may change, approaching the standards in force in international accounting practice. Periodic accounting or financial statements of an enterprise are only “raw information” prepared during the implementation of accounting procedures at the enterprise. But its volume and quality ultimately determine the solution to the problems of financial analysis.

The main financial reporting documents that serve as sources of initial data for financial analysis are:

1. "Balance sheet of the enterprise" (form No. 1 of annual and quarterly reporting). Its importance is so great that the analysis of the financial condition is often called the analysis of the balance sheet. The balance sheet reflects the financial position of the enterprise on a certain date, for example, at the end of the reporting period. The balance sheet shows the enterprise as a holder of resources - assets that are equal to sources - liabilities (liabilities and equity).

2. "Report on financial results and their use", also called the "Profit and Loss Statement" (Form No. 2 of annual and quarterly reporting). The results report contains information about the activities to create profit or about the funds earned and spent during a certain period. This report is considered by many to be the most important, as it shows how successful the enterprise has been in achieving its primary goal - making an acceptable profit.

3. “Cash flow statement” (form No. 4), which summarizes all cash receipts of the enterprise and discloses their spending during the reporting period. This report appeared relatively recently, since it became clear that the Statement of Financial Performance shows only changes in the financial position of the enterprise, and many facts of economic life, especially those related to capital investments or financial transactions, were not reflected in it.

7.4. Profitability analysis

The main objectives of the analysis of the financial results of the enterprise are:

¾ assessment of the dynamics of profit indicators, the validity of education and the distribution of their actual value;

¾ identification and measurement of the impact of various factors on profit;

¾ assessment of possible profit growth reserves based on optimization of production volumes and costs.

The implementation of these tasks involves:

1) determination and evaluation of the absolute indicators of the profit of the enterprise and their dynamics;

2) determination and evaluation of relative indicators of profitability (rate of return) and their dynamics;

3) determination of the influence of individual factors on profit and profitability (factorial analysis);

4) break-even analysis.

Thus, in the center of the analysis of the financial performance of the enterprise - the analysis of the absolute and relative indicators of profit and the factors affecting it.

Profit is the final financial result of the enterprise, in a generalized form characterizing the efficiency of its work. Profit is the most important factor in stimulating production and entrepreneurial activity enterprise and creates a financial basis for its expansion. Income tax is one of the main sources of state budget revenues. At the expense of profit, the debt obligations of the enterprise to creditors and investors are repaid. The profit received by an enterprise is determined by the volume of sales of products or services, their quality and competitiveness, the level of costs, the efficiency of enterprise management, including its production, marketing, financial, technological, personnel and investment strategy.

Consequently, profit is the most important generalizing indicator in the system of estimated indicators of the effectiveness of the production, commercial and financial activities of the enterprise.

The system of indicators of financial results includes not only absolute, but also relative indicators (coefficients) of efficiency. These include indicators of profitability (a term closer to that adopted in foreign practice - the rate of return). Total profitability, product profitability, return on investment and a number of other profitability indicators are calculated and analyzed. Various indicators and methods for calculating profitability, comparing their dynamics are used for factor analysis and identifying possible reserves for increasing the profitability and efficiency of the enterprise.

7.5. Analysis of the composition and dynamics of profit

To determine the sources of profit, all activities of the enterprise are divided into:

1 main or current activity (production and sale of products, works, services);

2 financial activity(obtaining loans and issuing them to other enterprises; participation of the enterprise in the activities of other companies; operations of the enterprise in the financial markets, including those associated with fluctuations in exchange rates (exchange differences), etc.);

3 investment activity

Such a division is very important, since it allows you to determine what is the share of income received both from the main activity of the enterprise (sales of products, works, services), and from other sources, including those that are not characteristic of this enterprise and are not can be considered as permanent source his income.

When analyzing the indicator of the total profit of the reporting period, it is necessary to evaluate the impact of progressive factors in the formation of profits - reducing the cost of production, increasing sales, improving quality and improving the range of products. Factors of external influence on the work of the enterprise are also identified, such as changes in prices, tariffs, etc., as well as negative phenomena in the work of the enterprise that affect its results (violation of established standards, technologies, etc.).

In the analysis of the dynamics and composition of profits, the data contained in the "Profit and Loss Statement" (form No. 2) are used, which allow you to analyze the financial results obtained from all types of activities of the enterprise, to establish the profit structure.

7.6. Analysis of financial results from the sale of products and services

The main part of the profit is received from the sale of products and services. In the process of analysis, the dynamics, the implementation of the plan for profit from the sale of products are studied and the factors for changing its amount are determined (Fig. 9).

Profit from the sale of products as a whole for the enterprise depends on four factors of the first level of subordination: the volume of sales of products (VRP); its structure (UD i); prime cost (C i) and the level of average sales prices (C i):

P = ∑ [ VRP total ∙ UD i ∙ (T i - C i)].

The volume of sales of products can have a positive and negative impact on the amount of profit. An increase in sales of cost-effective products leads to an increase in profits. If the product is unprofitable, then with an increase in the volume of sales, a decrease in the amount of profit occurs.

The structure of marketable products can have both a positive and a negative impact on the amount of profit. If the share of more profitable types of products in the total volume of its sales increases, then the amount of profit will increase. On the contrary, with an increase in the share of low-margin or unprofitable products, the total amount of profit will decrease.

The cost of production is inversely proportional to profit: a decrease in cost leads to a corresponding increase in the amount of profit, and vice versa.

The change in the level of average selling prices is directly proportional to profit: with an increase in the price level, the amount of profit increases, and vice versa.

The calculation of the influence of these factors on the amount of profit can be performed by the method of chain substitution.

It is also necessary to analyze the implementation of the plan and the dynamics of profit from the sale of certain types of products, the value of which depends on three factors of the first level: the volume of sales of products, cost and average selling prices. The factorial model of profit from the sale of certain types of products has the form:

P \u003d VRP i ∙ (C i - C i).

Method for calculating the influence of factors by the method of absolute differences:

ΔP V RP = (VRP 1 - VRP 0) ∙ (C 0 - C 0);

ΔP C \u003d (C 1 - C 0) ∙ VRP 1;

ΔP C \u003d - (C 1 - C 0) ∙ VRP 1.

After that, it is necessary to study in detail the reasons for the change in sales volume, price and cost for each type of product.

Fig.9. Structural-logical model of factor analysis of profit from the main activity

7.7. Analysis of the profitability of the enterprise

In general, the performance of an enterprise can be assessed using both absolute and relative indicators. The absolute indicators discussed above make it possible to analyze the dynamics of various components of profit (operating, reporting period, net) over a number of years. It should be borne in mind that these indicators, firstly, do not allow for reasonable comparisons between enterprises and, secondly, are subject to the influence of inflation, which can deprive them of economic sense, if appropriate methods of converting them into comparable prices are not used.

The use of the method of analysis of relative indicators allows you to deepen the analysis and significantly reduce the impact of inflation. Relative indicators (coefficients) of profitability are different ratios of profit to invested capital or expended funds (resources) or to the volume of products sold.

Profitability ratios show how profitable and efficient the activity of the enterprise. Thus, the economic meaning of the ratio of profit received over a certain period to the amount of capital invested in the enterprise is that this indicator characterizes the profit received by capital investors from each ruble of funds (own or borrowed) invested in the enterprise.

The fact is that for the effective functioning of the enterprise, certain ratios of its parameters must be observed. So, the cost price should be in a satisfactory ratio to the volume of sales, revenue - to the invested capital, etc. Based on the analysis of the state of such criteria and the emerging trends in their change, measures are developed that are necessary to stabilize favorable trends or, conversely, to eliminate unfavorable ones. For example, if the amount of profit received is insufficient, attention is paid to the need to increase the volume of sales, change sales prices, or high level costs, low capital turnover, etc. Appropriate decisions can be made only on the basis of an analysis of the main indicators of profitability.

The most commonly used indicators in the context of financial analysis and management are the return on assets of the enterprise, return on sales, return on equity. In this case, various options for calculating indicators are used, some of which will be discussed below. The analysis should adhere to the chosen method of calculation in order to ensure comparability of profitability indicators in dynamics.

The profitability ratio of all assets of the enterprise (return on assets) is calculated by dividing profit (net or reporting period) by the average annual value of all assets of the enterprise:

, where:

P h - net profit;

BUT - average cost assets.

It shows how much the company has profit from each ruble of assets, regardless of the source of attraction of these funds. This indicator is one of the most important indicators of the company's competitiveness. The level of competitiveness is determined by comparing the profitability of all assets of the analyzed enterprise with the industry average. A decrease in the indicator may indicate a falling demand for the company's products or an overaccumulation of assets, including production facilities, equipment, stocks, or their inefficient use. In general, this is one of the most important indicators that characterizes the so-called economic profitability of all capital used (own and borrowed).

This indicator can be calculated in two versions, differing in the amount of profit:

a) net income

b) by profit of the reporting period (or even by profit from operational and economic activities). The second option is used in order to eliminate the impact on income of taxes and interest paid. It expresses the general ability of the capital used by the enterprise to generate profit, regardless of the specific source of funding or changes in tax legislation.

The profitability ratio of fixed assets and other non-current assets is determined by dividing net profit not the average value of fixed assets and other non-current assets:

, where:

And o - the average cost of fixed assets and other non-current assets.

It reflects the effectiveness of the use of the relevant elements of assets, measured by the amount of profit per unit of the cost of funds. The growth of this indicator with a decrease in the profitability of all assets indicates an excessive increase in working capital, which may be the result of the formation of excess inventories, overstocking finished products as a result of reduced demand, excessive growth in receivables or cash,

The profitability ratio of current assets is also determined for analytical purposes. It is calculated as the ratio of net profit to the average value of current (current) assets and shows how much profit the company has from each ruble invested in current assets:

, where:

And m - the average value of current assets.

The return on investment (or, which is the same, net assets) is calculated as the ratio of balance sheet profit to all invested capital (i.e., to the balance sheet currency, reduced by the amount of short-term liabilities):

, where:

P - profit of the reporting period;

C and - the average value of the invested capital.

It is important for the purposes of developing investment policy.

Data on the funds invested in the enterprise can be obtained from the balance sheet as the sum of equity and long-term liabilities (or, which is the same, as the difference total amount assets and current liabilities). In this case, as well as when calculating the profitability of all assets, the average value for the period is taken, which makes it possible to better take into account those changes that have occurred due to growth, curtailment or any other changes in the activities of the enterprise.

In the practice of financial analysis, especially foreign, the indicator of return on investment (net assets) is often considered as a way to assess the effectiveness of investment management. At the same time, it is considered that, since the company's management cannot influence the amount of income tax paid, for a more reasonable approach, the amount of profit before tax is used in the numerator. However, this ratio can also be calculated on net income.

The return on equity ratio (the ratio of net profit to the average annual cost of equity) allows you to determine the effectiveness of the use of capital invested by owners, for example, for the purpose of comparison with others possible ways earning income from investments.

It is calculated by the formula:

, where:

C is the average cost of equity capital.

Investors (shareholders) invest their funds in the enterprise in order to make a profit, therefore, from the point of view of shareholders, the presence of profit on invested capital serves best estimate business results. Return on equity shows the so-called financial profitability, i.e. how many monetary units of net profit earned each monetary unit invested by the owners of the enterprise). The dynamics of the indicator affects the level of quotation of the company's shares on stock exchanges.

Bearing in mind the particular importance of this indicator for assessing the financial position of an enterprise, attention should be paid to the method of its calculation. The numerator - net profit - reflects the profit of the owners, that is, the final balance that comes to the disposal of the enterprise after covering all costs, payments and taxes. The net profit reflects the actions of entrepreneurs and tax authorities to settle the result: in successful years for the enterprise, deductions increase, during periods of decline in business activity they decrease, which gives a more even movement of the indicator. The denominator reflects the capital provided by the owners at the disposal of the enterprise. It includes: authorized, capital; Extra capital; funds and reserves; retained earnings. The calculation on the average annual value is more accurate than as of a certain date, since it reflects the process of profit formation during the analyzed period.

The sales profitability ratio (profitability, sales) is calculated by dividing the profit (reporting period or net) by the amount of revenue received and shows how much profit the company has from each ruble of sales. This coefficient is often considered as a criterion for evaluating the effectiveness of management. There are two main indicators of the profitability of implementation:

1) based on the profit of the reporting period from sales;

2) based on net profit.

The first indicator reflects changes in the pricing policy and the ability of the enterprise to control the cost of production, i.e. the part of the funds that is necessary to pay current operating expenses. The growth of sales profitability is a consequence of price growth at constant costs for the production of products (works, services) or cost reduction at constant prices. A decrease in the coefficient indicates a decrease in prices at constant production costs or an increase in costs at constant prices, i.e. a decrease in demand for the company's products. The dynamics of the coefficient may indicate the need to revise prices or tighten control over the use of inventories. In the course of the analysis of this indicator, it should be taken into account that the applied methods of accounting for inventories have a significant impact on its level.

Most wide application in financial analysis, it has a second indicator of return on sales (turnover), defined as the ratio of net profit (Ph) to the amount of revenue received (N)

.

It shows the ability of managers to successfully manage an enterprise, covering the cost of goods and services, general production and general business costs, as well as interest costs, etc., and therefore expresses the very essence of efficiency in terms of costs and prices. This ratio can also be calculated based on the profit of the reporting period. This option is used on the assumption that it more clearly shows the effectiveness production activities without being subject to distortion due to the peculiarities of the tax system.

The above indicators of profitability can be divided into three groups. We have seen that the first three profitability ratios are calculated in relation to the elements of the active, and the next two - to the elements of the passive part of the balance sheet of the enterprise. In the first case, therefore, the analysis is how managers use the total value of the enterprise's assets or their part (net assets), in other words, the efficiency of the use of the enterprise's production and economic resources. Therefore, in this case talk about the economic efficiency of the enterprise.

The second group of profitability ratios deals with financial resources shown in the passive part of the balance sheet of the enterprise, and thus reflects the financial efficiency of its work. Financiers closely monitor how much profit is received by the enterprise on the fixed value of shareholders' investments. The dynamics of several key indicators is monitored, reflecting the profitability of the enterprise in relation to the funds invested in it: either to all invested capital or to equity capital, and for joint-stock companies and to share capital(the latter indicator is widely used in foreign practice).

Finally, the third group of profitability indicators, consisting of sales profitability ratios, serves as a key analytical tool for assessing the impact of prices and costs, their dynamics and structure, relevant management strategies and decisions on the final results of the enterprise. Distinctive feature of these ratios is that the data for their calculation are taken from the income statement.

The level of product profitability (recoupment rate), calculated as a whole for the enterprise, depends on three main factors of the first level: changes in the structure of products sold, their cost and average sales prices.

The factor model of this indicator has the following form:

Calculation of the influence of factors of the first level on the change in profitability for the whole enterprise can be performed by the method of chain substitutions:

Then you should do a factor analysis of profitability for each type of product. The level of profitability of certain types of products depends on the change in average selling prices and unit cost of production:

Let us calculate the influence of these factors on the change in the level of profitability of the product using the chain substitution method:

;

;

Similar calculations are made for each type of marketable product.

7.8. Analysis of the distribution and use of profits. Margin Analysis

After paying taxes, the profit is distributed as follows: one part is used to expand production (accumulation fund), the other - to capital investments in the social sphere (fund social sphere), the third - for material incentives for employees of the enterprise (consumption fund). A reserve fund of the enterprise is also being created.

To increase the efficiency of production, it is very important that the distribution of profits be optimal in satisfying the interests of the state, enterprises and workers. The state is interested in getting as much profit as possible in the budget. The management of the enterprise seeks to direct a large amount of profit to expanded reproduction. Employees are interested in higher wages.

In the process of analysis, it is necessary to study the dynamics of the share of profit that goes to the self-financing of the enterprise and material incentives for employees and such indicators as the amount of self-financing and the amount of capital investments per employee, the amount of wages and payments per employee. Moreover, they must be studied in close connection with the level of profitability, the amount of profit per employee, and per ruble of fixed production assets. If these indicators are higher than at other enterprises, or higher than the normative ones for a given industry, then there are prospects for the development of the enterprise.

In addition, in the process of analysis, it is necessary to study the implementation of the plan for the use of profits, for which the actual data on the use of profits in all directions are compared with the data of the plan and the reasons for the deviation from the plan for each direction of profit use are clarified.

The main factors determining the amount of deductions to accumulation and consumption funds may be changes in the amount of net profit (P h) and the coefficient of deductions of profits to the corresponding funds (Ki).

The amount of deductions of profit to the funds of the enterprise is equal to the product of two factors: Fi \u003d Pch. Ki. So, to calculate their influence, one of the methods of the deterministic analysis factor can be used

The situation when the total production costs are equal to the volume of sales of products is called the profitability threshold, and the intersection point is the break-even point.

Break-even is the state where a business makes neither profit nor loss. This is the revenue that is needed in order for the company to start making a profit.

Picture. Break even point chart

Breakeven point coordinate ( VP b) along the y-axis shows the volume of sales in in kind where the profit is zero.

The coordinate of the point along the abscissa reflects the threshold revenue ( At the time ), the size of which allows reaching the profitability threshold level.

Allocate a zone of profit and a zone of losses. The difference between the actual and threshold revenue allows you to determine the margin of financial strength of the enterprise.

For the analytical definition of the break-even point, we introduce the following notation:

C- price of a unit of production, rub.;

VP st- sales volume in value terms, p.;

VP, VP b- respectively, the volume of sales and the break-even volume of sales in natural units of measurement;

Z lane- variable costs (costs) per unit of output, rub.;

Z post- fixed costs for the entire volume of production, p .;

W total- total production costs, including fixed and variable costs for the entire volume of output, p.

If the volume of sales in value terms ( VP CT) is determined by the formula: VP CT = C VP,

and the total costs - according to the formula 3 0bsch \u003d Z post + Z lane VP, then at the break-even point, the volume of sales will be equal to the total costs:

C VR b \u003d Z post + Z lane VP b

Then the break-even sales volume (profitability threshold), at which the profit is zero, can be determined by the formula

,

The threshold revenue can be defined as follows:

The critical selling price of a unit of production for the break-even point can be determined by the formula:

The difference between the price and unit variable costs is the marginal income per unit of output (gross margin). The total marginal income (MA) with the total volume of sales is determined by the formula

Or sales proceeds variable costs for the entire issue

From this formula it can be seen that the company has the potential to influence the total sales revenue and profit by changing variable costs and sales volumes.

The financial manager must compare the actual volume of sales (production) and the threshold of profitability.

If the actual volume of production exceeds the profitability threshold, then the enterprise for this product has a margin of financial strength (stability) ( ZFP).

In natural units:

In monetary units:

In percentages

7.9. Methodology for determining reserves for profit and profitability growth

The main sources of reserves for increasing the amount of profit (which are determined for each type of product): an increase in the volume of sales of products, a decrease in its cost, an increase in the quality of marketable products, its sale in more profitable markets, etc. (Fig. 10).

Fig.10. The main directions of the search for reserves to increase profits from product sales.

To determine the reserves for profit growth due to an increase in the volume of product sales, it is necessary to multiply the previously identified reserve for the growth in sales volume (RVRP) by the actual profit (P "i 1) per unit of production of the corresponding type:

RP v rp = ∑(RVRP i ∙ P "i 1).

Calculation of reserves for profit growth by reducing the cost of commercial products and services (RP c) is carried out as follows: the previously identified reserve for reducing the cost (Р↓С) of each type of product is multiplied by the possible volume of its sales, taking into account the reserves for its growth:

RP c \u003d ∑Р↓С 1 (RVRP i 1 + RVRP i).

The calculation of profit growth reserves due to product quality improvement is carried out as follows: the planned change in the share of each grade (ΔУ D i ,) is multiplied by the selling price of the corresponding grade (Ц i ,), the results are summed up and the resulting change in the average price is multiplied by the planned volume of product sales taking into account the reserves of its growth:

RP \u003d ∑ (ΔU d i ∙ C i) ∙ (VRP i 1 + RVRP i).

Similarly, reserves for profit growth are calculated due to changes in the structure of sales markets, channels and terms of product sales. At the end of the analysis, it is necessary to summarize all the identified reserves for profit growth for each type of product and for the enterprise as a whole.

The main sources of reserves for increasing the level of product profitability are an increase in the amount of profit from product sales (RP) and a decrease in its cost (P↓C). The following formula can be used to calculate reserves:

where PR is the profitability growth reserve;

R in - possible (projected) level of profitability;

R 1 - the actual level of profitability;

P 1 - the actual amount of profit of the reporting period;

RP - a reserve for the growth of profits from the sale of products;

VRP in - the possible volume of sales of products, taking into account you-

the revealed reserves of its growth;

С i в - possible cost level i-th species products, taking into account the identified reduction reserves;

Z 1 - the actual amount of costs for products sold.

The reserve for increasing the level of return on total capital can be determined by the formula:

where BP - the amount of profit of the reporting period;

RBP - a reserve for increasing the amount of profit for the reporting period;

KL i - the actual average annual amount of fixed and working capital in the reporting period;

Р↓КL - reserve for reducing the amount of capital due to acceleration

its turnover;

KL d - an additional amount of fixed and working capital necessary for the development of profit growth reserves.

Topic 8. ANALYSIS OF THE FINANCIAL STATE OF THE ENTERPRISE

8.1. Meaning, tasks and content of financial analysis

11.1 Basic techniques and methods of financial analysis

In general analysis it is a tool for cognition of objects and phenomena of the internal and external environment, based on the division of the whole into its component parts and the study of these parts in interconnection and interdependence.

In its turn, the financial analysis, as part of economic analysis is the process of studying the financial condition and the main results of the organization's financial activities. In the classical sense, financial analysis is the analysis of financial reporting data, since it is the BFO that is the information base for such an analysis. the main objective pursued by financial analysis is to obtain key parameters that give an objective and accurate picture of the financial and economic activities of the organization in the present, and most importantly, its assessment in the future conditions of existence.

When analyzing financial statements, general scientific and special methods are used, which are characteristic of all areas of economic analysis.

Most commonly used:

Method of absolute, relative and average values,

comparison method,

horizontal analysis,

vertical analysis,

trend analysis,

Factor analysis,

Ratio analysis,

Method of expert assessments.

Many of these methods can only be used in combination with each other. Below is the most illustrative grouping of financial analysis methods in accordance with the tasks to be solved.

Horizontal Analysis consists in the construction of one or more analytical tables, which present absolute and relative indicators. Each position is compared with a similar value for several periods of time, that is, the dynamics of this indicator is traced. Thus, this method is directly related to the method of absolute and relative indicators and trend analysis.

Absolute indicators characterize the number, size of the process under study. They always have some unit of measurement: natural, monetary. Absolute indicators are obtained either by direct calculation of the collected data (for example, inventory), or by calculation.

Absolute growth (∆) is the difference between the absolute values ​​of the indicator for different periods of time.

where P 1 - the value of the absolute indicator in the reporting (later) period,

P 0 - the value of the absolute indicator in the base (earlier in time) period,

∆P is the absolute change in the indicator.

Example: the number of subscribers at the beginning of 2010 350 thousand units, and at the beginning of 2009 310 thousand units. Absolute increase 60 thousand units.

Relative indicators represent the ratio of absolute or other relative indicators. That is, they are formed as a result of mathematical division of the initial data. Thus, it is possible to compare data both for one period of time and for several periods of time. In this case, different relative values ​​are formed. The result of this comparison is presented

In the form of a coefficient, when 1 is taken as the comparison base,

As a percentage if comparisons are 100%

In horizontal analysis, relative dynamics indicators - growth rates(i). They characterize the change in the process over time and show how many times the level of the indicator under study has increased or decreased compared to the previous period.

,

Example: revenue for the 1st quarter amounted to 50 million rubles, and for the 2nd quarter - 75 million rubles. Growth rate 75/50=1.5 or revenue increased by 50%

trend analysis this is a comparison of each position of the report with a similar position for a number of previous periods. At the same time, a trend is determined - the main trend in the development of the series in dynamics. With the help of a trend, predictive values ​​of indicators are formed.

Example: analytical table of horizontal analysis indicators.

Conclusion: sales revenue in 2010 increased by 40% compared to 2009

Vertical Analysis- this is the definition of the structure of the final financial indicators with the identification of the impact of each reporting position on the result as a whole.

So this is a calculation of relative structure indicators, which are presented in the analytical table as specific gravity (d). They are calculated as the ratio of the number of units of a separate part to the final value. The most commonly used units of measurement are percentages.

,

where P i is the value of a separate part of the population,

P n - the whole set (total).

An obligatory element of such an analysis is the dynamic series of these values, which can be used to monitor and predict structural changes in the composition of assets and sources of their coverage.

Example: analytical table of indicators of vertical analysis.

Name of indicator	Value, thousand rubles		Specific weight, %		Change in specific weight, %
Fixed assets
current assets
Total assets

Conclusion: the largest share in the composition of assets is occupied by non-current assets (more than 50%), both in 2009 and 2010, but in dynamics their share decreases by 7%.

The method of financial ratios.

Financial ratios are used to analyze the financial condition of an enterprise and are relative indicators determined from financial statements, mainly from the balance sheet and income statement. The relationship between the line items of the reports is calculated.

The advantages of this method are:

The ability to obtain the necessary information of interest to all user groups,

Simplicity and efficiency of calculation,

The ability to identify trends in the change in the financial position of the enterprise,

The ability to compare the performance of this enterprise with similar other enterprises,

Eliminate the influence of inflation,

The entire set of existing coefficients is conditionally divided into the following groups:

Solvency,

Financial stability,

profitability and profitability,

Efficiency in the use of assets,

Business activity.

This grouping formed the basis for the formation of the subject of the financial analysis section. In practice, there is no need to calculate a large number of indicators for each group. Usually, analysts select several of the most significant indicators and, if necessary, supplement them with other financial analysis tools. Features of the application of this method will be described in the following chapters.

Expert Methods are rarely used in economic analysis, since the subjective principle prevails in them. Financial analysis operates exact values calculated on the basis of accounting data.