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FEDERAL AGENCY FOR EDUCATION

GOU VPO "KEMEROVSK TECHNOLOGICAL INSTITUTE

FOOD INDUSTRY"

Department of Economics and Management

COURSE WORK

by discipline:

« Analysis and diagnostics of the financial and economic activities of the enterprise »

Performed):

student gr. EUz - 061

Velegzhanina N.V.

Kemerovo 2013

Introduction

1. Organizational and economic characteristics of the enterprise OJSC “Yurgahleb” and theoretical principles of financial and economic analysis

1.1 Organizational and economic characteristics of the enterprise OJSC "Yurgahleb"

1.2 Characteristics of the concept of financial condition, goals and objectives of its analysis

1.3 Indicators of economic activity analysis

1.4 Financial analysis

1.5 Assessing the profitability of an enterprise and the effectiveness of using its economic potential

2. Analysis of production and economic activities and financial condition of the enterprise OJSC "Yurgahleb" for 2012

2.1 Analysis of production and sales of products

2.1.1 Analysis of the dynamics of production and sales of products

2.1.2 Analysis of the level of development of production capacity

2.1.3 Analysis of product range and structure

2.1.4 Assessing the rhythm of production

2.2 Analysis of the use of fixed assets

2.2.1 Analysis of the composition and structure of fixed assets

2.2.2 Analysis of the movement of fixed assets

2.2.3 Analysis of the technical condition of fixed assets

2.2.4 Analysis of the efficiency of use of fixed assets

2.3 Analysis of labor use and wages

2.3.1 Assessing the structure and dynamics of personnel

2.3.2 Analysis of the movement of labor resources

2.3.3 Analysis of the efficiency of use of labor resources

2.3.4 Analysis of wage dynamics

2.4 Production cost analysis

2.4.1 Analysis of the dynamics of costs per 1 rub. commercial products

2.4.2 Cost structure by economic elements

2.4.3 Factor analysis costs

2.5 Table 2.5 - Factor analysis of costs

2.6 Profit and profitability analysis

2.6.1 Analysis of profit indicators

2.6.2 Factor analysis of sales profit

2.6.3 Analysis of results from other and non-operating operations

2.7 Analysis of the financial condition of the enterprise

2.7.1 Assessment of the composition and structure of property

2.7.2 Analysis of the composition and structure of sources of property formation

2.7.3 Financial stability analysis

2.7.4 Analysis of enterprise liquidity indicators

Conclusion

List of used literature

Application

Balance sheet

Gains and losses report

Introduction

In modern economic conditions, the activities of each economic entity are the subject of attention of a wide range of market participants interested in the results of its functioning.

In order to ensure survival, it is necessary to be able to realistically assess the financial condition of both your enterprise and existing potential competitors. Financial condition is the most important characteristic of the economic activity of an enterprise. It determines competitiveness, potential in business cooperation, assesses the extent to which the economic interests of the enterprise itself and its partners are guaranteed in financial and production terms.

The purpose of analyzing the financial condition is to give the management of an enterprise a picture of its actual condition, and to persons who do not directly work for this enterprise, but are interested in its financial condition, the information necessary for an impartial judgment, for example, about the rationality of using additional investments made in the enterprise, etc. similar.

Analysis of economic activity, assessment of its effectiveness is an important element in the management system

Management decisions and actions today must be based on accurate calculations, deep and comprehensive economic analysis. They must be scientifically based, motivated, optimal. No organizational, technical or technological measure should be carried out until its economic feasibility is justified. Underestimation of the role of analysis of the efficiency of economic activity and its evaluation, errors in plans and management actions in modern conditions bring significant losses.

The main goal of this work is to show how, based on calculations of economic indicators, to study the financial and economic state of an economic entity and, using a clear example (JSC Yurgahleb), to analyze the company’s activities.

The work consists of an introduction, two main sections, a conclusion, a list of references and applications.

When writing the work, we used both methodological manuals and publications of domestic and foreign authors devoted to the disciplines “Financial Management.” E. Stoyanova discusses the basic principles of operational analysis. In the book by Karpova T.P. “Management Accounting” characterizes the features of cost accounting using the Direct Costing system. Raitsky K.A. in his publication “Enterprise Economics” shows cost management as a multi-stage process. Bykov S.V. in the article “Operational Financial Management” demonstrates various methods for optimizing the product range of an enterprise.

In this course work, an attempt is made to systematize and comprehensively present the studied material on the topic under consideration.

1 Organizational and economic characteristics of the enterprise OJSC "Yurgahleb" and theoretical principles of financial and economic analysis

1.1 Organizational and economic characteristics of the enterprise OJSC "Yurgahleb"

The enterprise OJSC "Yurgahleb" was founded on March 29, 2000. From the very first days of the enterprise's existence, the management's task was to create a truly strong, efficient and competitive structure aimed at long-term development.

The Company's head office is located in Novokuznetsk - the most important strategic decisions regarding further business development are made here, and the center of financial flows is also located here.

The production facilities of the enterprise, equipped with the most modern equipment, are concentrated in the Novosibirsk and Kemerovo regions. Their uninterrupted operation is based on advanced technologies and the invaluable experience of highly qualified personnel.

Over the course of 15 years, JSC Yurgahleb has become an enterprise with a developed production cycle, a system of shipment and delivery of commercial products to consumers.

Its main activity is the production and sale of office furniture. Current status of JSC "Yurgahleb" for 2011-2012. presented in the Appendix

So, the current state is represented by the structure of assets, liabilities, property, its sources, the structure of inventories and costs, as well as the dynamics of the level of profit for 2011 and 2012.

Every year the Company increases production output by 10-20%. Significantly ahead of the average rate of economic development of enterprises in Russia.

Throughout its existence, the company has produced various types of goods that require new ways to develop logistics and sales.

Products manufactured by the company are supplied to the countries of Western, Eastern Europe and the CIS by rail, by sea through the ports of the Russian Federation, the Baltic states, Finland, and also by gas pipeline. Sales of manufactured products are carried out by the company's partners. Thanks to the clear and well-coordinated work of commercial and transport services, operators and production workers, the best results are achieved.

The Company's achievements are highly appreciated by professionals both in our country and abroad.

The production successes achieved by JSC Yurgahleb in recent years are largely the result of the use of the most advanced technologies. The company cooperates with leading research institutes and uses modern Western experience.

Today JSC Yurgahleb employs 738 people. Their knowledge, skill, professionalism and dedication have helped the company take a leading position in its field.

The company is managed by a team of professional managers who skillfully use progressive management methods and new approaches to development in new market conditions.

JSC "Yurgahleb" employs people of various specialties: engineers, accountants, economists, mechanics, rolling stock repairmen, machinists, research laboratory assistants, process plant operators, doctors... Their energy and everyday conscientious work are the basis for the stable growth and prosperity of the enterprise .

The financial and economic service plays an important role in ensuring the life of the company. Analysis, planning and forecasting, cash flow management, development of investment projects, calculation of profit margins - these are the tasks that have to be solved in order to choose the right course and specific prices, the economics of contracts, company evaluation criteria and the success of areas of work. At the same time, it is necessary to fit into the strict coordinates of norms and restrictions - corporate and government.

Organization and maintenance of accounting and tax records is a function of the accounting department and the head of the methodology and tax planning department. These services are responsible for providing tax, financial and statistical reporting to regulatory authorities, their actions focus on how to correctly calculate taxes within the current tax accounting system.

The experience of legal experts in ensuring legitimacy in the Company’s activities is invaluable. Employees of the legal department provide legal protection of the interests of the organization; conduct contractual, claims and lawsuit work.

The experience of the management team, the professionalism and energy of all employees make the enterprise one of the most progressive Companies on the Russian market.

OJSC "Yurgahleb" consistently implements projects that ensure its sustainable long-term growth. The main task is to create a modern industrial company that meets the requirements of the time.

The main performance indicators of the enterprise are presented in Appendix 1.

1.2 Characteristics of the concept of financial condition, goals and objectives of its analysis

An enterprise is an independent economic entity created to conduct business activities, which are carried out in order to make a profit and meet public needs.

The financial condition of an enterprise refers to the ability of an enterprise to finance its activities. It is characterized by the availability of financial resources necessary for the normal functioning of the enterprise, the feasibility of their placement and efficiency of use, financial relationships with other legal entities and individuals, solvency and financial stability.

The financial condition of an enterprise can be stable, unstable and in crisis. The ability of an enterprise to make payments on time and to finance its activities on an expanded basis indicates its good financial condition. The financial condition of an enterprise depends on the results of its production, commercial and financial activities. If production and financial plans are successfully implemented, then this has a positive effect on the financial condition of the enterprise, and, conversely, as a result of failure to fulfill the plan for the production and sale of products, its cost increases, revenue and the amount of profit decrease, therefore, the financial condition of the enterprise and its solvency deteriorate .

A stable financial position, in turn, has a positive impact on the implementation of production plans and meeting production needs necessary resources. That's why financial activities as an integral part of economic activity, it is aimed at ensuring the systematic receipt and expenditure of monetary resources, implementing accounting discipline, achieving rational proportions of equity and borrowed capital and its most effective use. The main goal of financial activity is to decide where, when and how to use financial resources for the effective development of production and maximum profit.

To survive in a market economy and prevent the bankruptcy of an enterprise, you need to know well how to manage finances, what the capital structure should be in terms of composition and sources of education, what share should be taken by own and borrowed funds. You should also know such concepts of a market economy as business activity, liquidity, solvency, creditworthiness of an enterprise, profitability threshold, margin of financial stability (safety zone), degree of risk, the effect of financial leverage and others, as well as the methodology for their analysis.

Therefore, financial analysis is an essential element of financial management and auditing. Almost all users of financial statements of enterprises use financial analysis methods to make decisions to optimize their interests.

Owners analyze financial statements to improve the return on capital and ensure the stability of the company's growth. Lenders and investors analyze financial statements to minimize their risks for loans and deposits. We can firmly say that the quality of decisions made depends entirely on the quality of the analytical basis for the decision.

The purpose of the analysis is not only to establish and evaluate the financial condition of the enterprise, but also to constantly carry out work aimed at improving it. Analysis of the financial condition of the enterprise shows in which areas this work should be carried out, makes it possible to identify the most important aspects and the weakest positions in the financial condition of the enterprise. In accordance with this, the results of the analysis answer the question: what are the most important ways improving the financial condition of the enterprise during a specific period of its activity. But the main goal of the analysis is to promptly identify and eliminate shortcomings in financial activities and find reserves for improving the financial condition of the enterprise and its solvency. To assess the stability of the financial condition of an enterprise, it is used the whole system indicators characterizing changes:

capital structure of the enterprise according to its allocation to sources of education;

efficiency and intensity of its use;

solvency and creditworthiness of the enterprise;

reserve of its financial stability.

The indicators must be such that all those who are associated with the enterprise through economic relations can answer the question of how reliable the enterprise is as a partner and, therefore, make a decision about the economic profitability of continuing relations with it. Analysis of the financial condition of an enterprise is based mainly on relative indicators, since absolute balance sheet indicators in conditions of inflation are almost impossible to bring into a comparable form. Relative indicators can be compared with:

generally accepted “norms” for assessing the degree of risk and predicting the possibility of bankruptcy;

similar data from other enterprises, which allows us to identify the strengths and weaknesses of the enterprise and its capabilities;

similar data for previous years to study trends in improvement or deterioration of the financial condition of the enterprise.

Main tasks of the analysis:

timely identification and elimination of deficiencies in financial activities, and the search for reserves for improving the financial condition of the enterprise and its solvency;

forecasting possible financial results, economic profitability, based on the actual conditions of economic activity and the availability of own and borrowed resources, developing models of financial condition for various options for using resources;

development of specific measures aimed at more efficient use of financial resources and strengthening the financial condition of the enterprise.

The analysis of the financial condition of the enterprise is carried out not only by the managers and relevant services of the enterprise, but also by its founders, investors in order to study the efficiency of the use of resources, banks to assess lending conditions and determine the degree of risk, suppliers to receive payments on time, tax inspectorates to fulfill the plan for the receipt of funds in budget, etc.

The main goal of financial analysis is to obtain a small number of key (the most informative) parameters 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, and in settlements with debtors and creditors. At the same time, the analyst and manager (manager) may be interested in both the current financial state of the enterprise and its projection for the near or longer term, i.e. expected parameters of financial condition.

But it is not only time boundaries that determine the alternativeness of the goals of financial analysis. They also depend on the goals of the subjects of financial analysis, i.e. specific users of financial information.

The goals of analysis are achieved as a result of solving a certain interrelated set of analytical problems. The analytical task is a specification of the goals of the analysis, taking into account the organizational, informational, technical and methodological capabilities of the analysis. The main factor, ultimately, is the volume and quality of the source information. It should be borne in mind that the periodic accounting or financial statements of an enterprise are only “raw information” prepared during the implementation of accounting procedures at the enterprise.

In order to make management decisions in the field of production, sales, finance, investment and innovation, management needs constant business awareness on relevant issues, which is the result of the selection, analysis, evaluation and concentration of initial raw information, an analytical reading of the initial data is necessary based on the goals of analysis and management .

The basic principle of analytical reading of financial statements is the deductive method, i.e. from general to specific, but it must be applied repeatedly. In the course of such an analysis, the historical and logical sequence of economic facts and events, the direction and strength of their influence on the results of activity are reproduced.

Introduction of a new chart of accounts, bringing accounting reporting forms into greater compliance with the requirements international standards necessitates the use of new methods of financial analysis that correspond to the conditions of a market economy. This technique is needed to make an informed choice of a business partner, determine the degree of financial stability of the enterprise, evaluate business activity and the effectiveness of business activities.

The main (and in some cases the only) source of information about the financial activities of an enterprise is the financial statements, which have become public. The reporting of an enterprise in a market economy is based on a generalization of financial accounting data and is an information link connecting the enterprise with society and business partners who are users of information about the activities of the enterprise.

In certain cases, to achieve the goals of financial analysis, it is not enough to use only financial statements. Certain user groups, such as management and auditors, have the opportunity to attract additional sources (production and financial accounting data). However, most often annual and quarterly reports are the only source of external financial analysis.

The financial analysis methodology consists of three interconnected blocks:

1) analysis of the financial results of the enterprise;

2) analysis of financial condition;

3) analysis of the effectiveness of financial and economic activities.

The main source of information for analyzing the financial condition is the enterprise’s balance sheet (form N1 of annual and quarterly reporting). Its importance is so great that financial analysis is often called balance sheet analysis. The source of data for the analysis of financial results is the report on financial results and their use (Form No. 2 of annual and quarterly reporting). The source of additional information for each of the blocks of financial analysis is the appendix to the balance sheet (Form No. 5 of the annual reporting).

1.3 Indicators of economic activity analysis

The subject of the analysis of economic activity is the economic processes and final results of the enterprise, occurring under the influence of objective and subjective factors and reflected in the economic information system.

The subjects of analysis, both directly and indirectly, are interested users of information. Direct users are the owners of enterprise funds, banks, suppliers, tax authorities, enterprise personnel and management.

The second group of users are the subjects of analysis who are not directly interested in the activities of the enterprise, but must, under a contract, protect the interests of the first group of reporting users (for example, audit services).

The economic activity of an enterprise, even a single indicator, can be influenced by numerous and varied reasons. It is very difficult to identify and study the effect of absolutely all causes, and it is not always practical.

The analysis of certain indicators of economic phenomena, processes, situations begins with the use of absolute values (volume of production by value and in physical terms, volume of trade turnover, sum of production costs and distribution costs, etc.)

In analysis, absolute values are used to a greater extent as a basis for calculating average and relative values.

Relative quantities are indispensable when analyzing phenomena in dynamics. These include coefficients, percentages, indices that reveal the analytical characteristics of phenomena: their frequency or intensity, changes in phenomena in time or space, etc.

The efficiency of an enterprise can be studied from a variety of angles: from the point of view of formation of costs, planning production volumes, profits, implementation of investment projects, etc. However, analysis of the behavior of costs, methods of their distribution, drawing up and monitoring the implementation of estimates, calculating the cost of products and products, determining the threshold for the profitability of production and sales of products - all these questions are only a necessary initial stage in assessing the overall efficiency of the enterprise operating as a single whole.

Economic activity is characterized by a relatively small range of indicators. (Fig. 1 - Appendix 1)

From production conditions (technical and organizational level, natural conditions, conditions of social development of the production team and foreign economic conditions) depends on the degree of use of production resources: means of labor (block 2), objects of labor (block 3), and living labor itself (block 4). The intensity of use of production resources is manifested in such general indicators as capital productivity of fixed production assets, material intensity of production, and labor productivity.

A comparison of indicators of production volume and cost characterizes the amount of profit and profitability of products (block 8). Comparison of production volume and the amount of advanced capital working capital characterizes the reproduction and turnover of capital (block 9), i.e. capital productivity of main production functions and turnover of working capital. The obtained indicators, in turn, collectively determine the level of profitability of economic activity. The level of overall profitability in the numerator of the formula reflects not only the profit from product sales, but also other financial results.

The financial condition and solvency of the enterprise depend on the fulfillment of the profit plan and the financial plan as a whole, on the one hand, and on the turnover of working capital, on the other. This is the general principle scheme for the formation of economic and financial indicators of the economic activity of an enterprise.

1.4 Financial analysis

Analysis is one of the most important functions of managing any enterprise. Efficiency analysis is part of this function and its role in a market economy is very significant.

The objectives of the analysis are:

- assessment of the current and future state of the enterprise;

- assessment of possible and appropriate rates of development of the enterprise from the position of their financial support;

- identification of available sources of funds and assessment of the possibilities and feasibility of their mobilization.

As a result of the efficiency analysis, a number of reserves are determined, the introduction of which makes it possible to increase the efficiency and effectiveness of the enterprise.

The basis of the information support for the analysis is the financial statements: Form No. 1 “Balance Sheet”, Form No. 2 “Report on Financial Results”.

Analysis of the efficiency of economic activity includes several stages (Fig. 2 - Appendix 2).

At the first stage, a so-called express analysis is performed, the purpose of which is to obtain a clear and quick assessment of the financial well-being and dynamics of development of an economic entity. The method of express analysis of reporting provides for an analysis of the structure of the enterprise's funds and their sources.

At the second stage, an analysis of profit is performed as the financial result of the enterprise’s economic activity and various profitability indicators.

Next, an analysis of the turnover of current assets is carried out, on which the size of the minimum working capital required for economic activity and the amount of costs associated with the ownership and storage of inventories depend. Since this is reflected in the cost of production, as a result of the analysis, it is possible to determine the reserves for increasing the financial results of the enterprise.

In the development of this area, an analysis of various financial liquidity ratios and capital structure is carried out. They are calculated to determine the company's ability to repay its debt and reveal reserves at the level of individual components of the company's capital.

The financial position of an enterprise largely depends on the feasibility and correctness of investing financial resources in assets. Assets are dynamic in nature. During the operation of the enterprise, the value of assets and their structure undergoes constant changes. An assessment of the progressiveness of the qualitative changes that have taken place in the structure of funds and their sources, as well as the dynamics of these changes, can be obtained using vertical and horizontal analysis of reporting.

1.5 Assessing the profitability of an enterprise and the efficiency of using its economic potential

The effectiveness and economic feasibility of the operation of an enterprise are measured by a number of absolute and relative profit indicators. Profit as an economic category reflects the net income created in the sphere of material production in the process of entrepreneurial activity. The meaning of profit is that it reflects the final financial result.

The final financial result of the economic activity of an enterprise is balance sheet profit. Balance sheet profit is the amount of profit (loss) of an enterprise both from the sale of products and income (losses) not related to its production and sale.

Profit from the sale of products (works, services) is the financial result obtained from the main activities of the enterprise, which can be carried out in any form specified in its charter and not prohibited by law. The financial result is determined separately for each type of activity of the enterprise related to the sale of products, performance of work, and provision of services. It is equal to the difference between revenue from sales of products in current prices and the costs of its production and sale.

Profit (loss) from the sale of fixed assets, their other disposal, sale of other property of the enterprise is a financial result not related to the main activities of the enterprise. It reflects profits (losses) on other sales, which include external sales of various types of property listed on the enterprise’s balance sheet.

Profit from the sale of products, works, and services occupies the largest share in the structure of the enterprise’s balance sheet profit. Its value is formed under the influence of three main factors: production cost, sales volume and the level of current prices for products sold. The most important of them is cost. Quantitatively, it occupies a significant share in the price structure, so a reduction in cost has a very noticeable effect on profit growth, all other things being equal.

To assess the efficiency of an enterprise, profits are compared with costs or resources used. Balancing profits against costs means profitability. In the practice of enterprises, a number of profitability indicators are used:

Profitability can be calculated for all products sold and for individual types. It is calculated as the ratio of profit from sales to revenue from sales of products. Profitability indicators for all products sold give an idea of the efficiency of the enterprise's current costs and the profitability of products sold.

The profitability of production assets is calculated as the ratio of the profit to the average annual cost of fixed production assets.

The return on investment in an enterprise is determined by the value of the property at its disposal. The profitability of an enterprise's equity is determined by the ratio of profit to equity, determined from the balance sheet.

Having analyzed the theoretical foundations of economic and financial analysis, as well as formulas for calculating economic indicators, it is possible to analyze and diagnose a specific business entity using the example of JSC Yurgahleb.

enterprise production financial analysis

2 Analysis of production and economic activities and financial condition of the enterprise OJSC "Yurgahleb" for 2012

2.1 Analysis of production and sales of products

2.1.1 Analysis of the dynamics of production and sales of products

The results of the analysis are summarized in table. 2.1.1 and draw conclusions.

Table 2.1.1 - Production and sales of products, thousand rubles.

Indicators in comparable prices are calculated as the actual volume of production in prices of the base period.

Production and sales of products at current prices increased by 15.8% and 13.0%, respectively.

2.1.2 Analysis of the level of development of production capacity

The results of the analysis are summarized in table. 2.1.2 and draw conclusions.

Table 2.1.2 - Information on the development of production capacity

Indicators			Deviation

1. Product output, thousand tons
2. Production capacity, thousand tons
3. Level of development of production capacity,%

The level of production capacity development decreased by -7.3%.

2.1.3 Analysis of product range and structure

The results of the analysis are summarized in table. 2.1.3 and draw conclusions.

Table 2.1.3 - Product output of the enterprise by assortment, thousand rubles.

Name of product	Growth rate, %	Fact 2012 within 2011	Failure to complete the plan	Vol. according to assortment
Product A
Product B
Product B
Products G

Table 2.1.4 - Product output structure

Name of product	Issue, thousand rubles.	Structure, %	Fact under planned structure	Credited to plan fulfillment

Product A
Product B
Product B
Products G

Table 2.1.5 - Profitability by type of product

Profitability for each type of product is calculated using the formula

Return on sales by product ranged from 10.6% to 27.3%.

2.1.4 Assessing the rhythm of production

Table 6 - Product output by month

	Product output, thousand tons	Actually within the plan	Rhythm factor









September

The rhythmicity coefficient (RR) is calculated using the formula

KR = DFP / DPL,

where DFP is the actual production output within the plan, thousand rubles; DPL - production according to plan, thousand rubles.

2.2 Analysis of the use of fixed assets

2.2.1 Analysis of the composition and structure of fixed assets

Table 2.2.1 - Dynamics of the average annual cost of fixed assets, thousand rubles.

Calculation of structure indicators by groups and types of fixed assets is presented in table. 2.2.2.

Table 2.2.2 - Availability and structure of PF

PF groups	At the beginning of the year, thousand rubles.	At the end of the year, thousand rubles.	Structure, %	Abs. off

			For the beginning of the year	At the end of the year
Fixed assets, total
Production fixed assets:

Facilities
cars and equipment
Vehicles
Inventory

Active part
Passive part
Non-production fixed assets

2.2.2 Analysis of the movement of fixed assets

Input factor fixed assets ( ) shows the share of fixed assets newly introduced in the reporting period in their value at the end of the period:

.(F),

Where FP- cost of received fixed assets, thousand rubles; FC- cost of fixed assets at the end of the year, thousand rubles; F- average annual cost of fixed assets:

Ф = (2,002 +2,588)/2 = 2295

Attrition rate ( ) fixed assets shows the share of fixed assets disposed of in the reporting period in their value at the beginning of the period:

.(F),

Where Fv- cost of retired fixed assets, thousand rubles; Fn- cost of fixed assets at the beginning of the year, thousand rubles.

Novelty factor(Kn) shows the share of new fixed assets in the total cost introduced in the reporting period:

,

Where Fnov- cost of new fixed assets, thousand rubles.

Retirement compensation ratio shows how many introduced fixed assets at their value account for the ruble of retired PF:

.

Growth rate fixed assets shows the increase in the value of fixed assets per ruble of their value at the beginning of the year:

.

Table 2.2.2 - PF movement indicators

PF groups	Odds
		Compensation	Growth
Fixed assets, total

Facilities
cars and equipment
Vehicles
Inventory
Active part
Passive part

2.2.3 Analysis of the technical condition of fixed assets

Table 2.2.3 - Indicators of the technical condition of the PF

PF groups	For the beginning of the year	At the end of the year	Deviation,
		Depreciation, thousand rubles	Wear rate, %	Initial cost, thousand rubles.	Depreciation, thousand rubles	Wear rate, %
Fixed assets, total

Facilities
cars and equipment
Vehicles
Tool
Active part
Passive part

Wear rate shows how worn out fixed assets are on a certain date:

Where AND- accrued depreciation, thousand rubles; Ps- initial cost of fixed assets, thousand rubles.

Usability factor (Kg) shows the degree of suitability of fixed assets for further use:

Kg = 100 - Ki = 100 - 10.7% = 89.3%.

2.2.4 Analysis of the efficiency of use of fixed assets

Capital productivity shows how many products are produced for each ruble of the cost of fixed assets:

Where TP- commercial products, thousand rubles; F- average annual cost of fixed assets, thousand rubles.

Capital-labor ratio shows how many fixed assets per average employee and reflects the provision of labor with mechanization means:

Where H- average number of workers, people.

Equity return shows how much profit is received per ruble cost of fixed assets:

Where P- profit before tax, thousand rubles.

Perform the analysis of the influence of factors of changes in capital productivity and changes in the average annual value of fixed assets on the volume of marketable products using the method of chain substitutions.

Table 2.2.4 - Indicators of PF use

Indicators	Deviation, +, -	Growth rate, %

1. Commercial products, thousand rubles.
2. Average annual cost of fixed assets, thousand rubles.
3. Cost of the active part of the open pension fund, thousand rubles.
4. Share of the active part of the OF
5. Profit before tax, thousand rubles.
6. Average number of workers, people.
7. Capital productivity, rub.
8. Capital productivity of the active part, rub.
9. Capital-labor ratio, thousand rubles/person.
10. Fund return on investment funds, %

The calculation algorithm using the chain substitution method for this model is as follows:

ТПп = Фоп·Фп = 6.21·2002 = 12430 thousand rubles.

TPusl = Fop·Ff = 6.21·2588 = 10864 thousand rubles.

TPf = FOf·Ff = 5.43·2588 = 14042 thousand rubles.

As you can see, the second indicator of gross output differs from the first in that when calculating it, the actual capital productivity was taken instead of the planned one. Average annual funds in both cases are planned. This means that due to a decrease in capital productivity, production output decreased by

DVPchr = TPusl-TPp = 10864-12430 = -1566 thousand rubles.

The third indicator differs from the second in that when calculating its value, average annual funds are taken at the actual level instead of the planned one. In both cases, the return on assets is actual. Hence, due to the increase in average annual funds, the volume of gross output increased by

DVPgv = TPf-TPusl = 14042-10864 = 3177 thousand rubles.

Thus, exceeding the plan for gross output was the result of the influence of the following factors:

Their algebraic sum is equal to the total increase in the effective indicator.

2.3 Analysis of labor use and wages

2.3.1 Assessment of personnel structure and dynamics

Table 2.3.1 - Availability of labor resources and their structure

Indicators	Deviation,	Growth rate, %



Workers
Employees
Specialists
Managers
Non-industrial personnel

2.3.2 Analysis of the movement of labor resources

Labor turnover rate by admission shows the share of hired employees in the average number of employees:

Where Chpr- number of people hired, people; H- average number of employees, people.

Labor turnover rate by retirement shows the share of retired employees in the average number of employees:

Where Chv- number of employees who quit, people.

Turnover rate

Where Chnu- number of employees dismissed for unjustified reasons (voluntarily and violation of labor discipline), people.

Table 2.3.2 - Analysis of the movement of labor resources

Indicators			Deviation

1. Number at the beginning of the year
2. Accepted
3. All fired
including for unjustifiable reasons
4. Headcount at the end of the year
5. Average headcount

Acceptance rate
Attrition rate
Turnover rate

2.3.3 Analysis of the efficiency of use of labor resources

Table 2.3.3 - Labor productivity

Indicators			Deviation

1. Commercial products at comparable prices, thousand rubles.
2. Average number of staff members, people.
3. Average number of workers, people.
4. Share of workers in PPP
5. Number of days of work to produce products
6. Average working day, hours
7. Average annual production of PPP, thousand rubles. (page 1 / page 2)
8. Average annual output of a worker, thousand rubles. (page 1 / page 3)
9. Average hourly output of a worker, thousand rubles. (page 8 / (page 5 - page 6))

Using the absolute difference method, analyze the influence of factors on the average annual output:

The impact of changes in the share of workers in the number of industrial workers;

Impact of changing the number of days of work;

The impact of changes in working hours;

The influence of changes in the average hourly output of a worker.

Using the absolute difference method, analyze the influence of factors on changes in marketable products:

Impact of changes in numbers;

Impact of changes in output.

2.3.4 Analysis of wage dynamics

Table 2.3.4 - Analysis of wage dynamics

Indicators			Deviation

1. Average number of staff members, people.
2. Average number of workers, people.
3. Payroll fund PPP, thousand rubles.
4. Payroll fund for workers, thousand rubles.
5. Average monthly wages of workers, rub.
6. Average monthly salary of a PPP employee, rub.

2.4 Manufacturing Cost Analysis

2.4.1 Analysis of cost dynamics per 1 rub. commercial products

Table 2.4.1 - Dynamics of costs per ruble of marketable products

2.4.2 Cost structure by economic elements

Table 2.4.2 - Cost structure by element

Name	Total, thousand rubles	Structure, %	Deviation
elements

Material costs
Labor costs
Contributions for social needs
Depreciation of fixed assets
Other costs
Full cost

Table 2.4.2 - Dynamics of unit cost indicators

2.4.3 Factor cost analysis

Table 2.4.3 - Indicators for performing cost factor analysis

Product type	Product output, thousand tons	Cost, rub./t	Price, rub./t	Costs at base cost, thousand rubles.	Commercial products at base prices, thousand rubles.

2.5 Table 2.5 - Factor analysis of costs

Indicators	Value, kop.
1. Costs per ruble of commercial products
1.1. Base period
1.2. Reporting period at cost and in prices of the base period
1.3. The reporting period at the cost of the reporting period in prices of the base period
1.4. Reporting period
2. Influence of factors:
Product output volume (page 1.2. - page 1.1.)
Cost per unit of production (line 1.3. - line 1.2.)
Prices per unit of production (page 1.4. - page 1.3.)

2.6 Profit and profitability analysis

2.6.1 Analysis of profit indicators

Table 2.6.1 - Analysis of the dynamics of profit indicators, thousand rubles.

Indicators			Deviation

1. Sales proceeds
2. Product cost
3. Administrative expenses
4. Business expenses
5. Profit from sales
6. Result from other operations
7. Result from non-operating operations
8. Profit before tax
9. Net profit

2.6.2 Factor analysis of sales profit

The influence of factors is calculated as follows.

1. Factor “revenue from sales”:

Pv = (B1 - B0) H P0 / 100,

Where B1, B0- revenue in the reporting and base periods; P0- profitability of sales in the base period.

2. Cost factor:

Ps = -V1CH(US1 - US0) / 100,

Where US1, US0- share of cost in revenue, %.

3. Factor “commercial expenses”:

Pk = -V1Ch(UK1 - UK0) / 100,

Where UK1, UK0- share of commercial expenses in revenue, %.

4. Factor “administrative expenses”:

Pk = -V1Ch(UU1 - UU0) / 100,

Where УУ1, УУ0- share of management expenses in revenue, %.

Table 2.6.2 - Factor analysis of sales profit

2.6.3 Analysis of results from other and non-operating operations.

Table 2.6.3 - Analysis of other operating income

Indicators	Deviation,+, -	Growth rate,%

From the sale of fixed assets
From the sale of currency
From the liquidation of the PF

From the sale of fixed assets
By bank services
From the sale of currency
From the sale of bills

From the liquidation of the PF
From the liquidation of the IBP
Exchange difference
Result

Table 2.6.4 - Analysis of profit from non-operating operations

Indicators	Deviation,+, -	Growth rate,%
Profit from previous years
Write-off of accounts payable
Budget revenues
Exchange difference
Deducted from workers
revenue of the future periods
Result

2.7 Analysis of the financial condition of the enterprise

2.7.1 Assessment of the composition and structure of property

Table 2.7.1 - Composition and structure of the enterprise’s property

Indicators	Deviation,+, -	Growth rate,%

2. Non-current assets, thousand rubles. (p. 190),
as a percentage of property
3. Current assets, thousand rubles. (p. 290),
as a percentage of property
3.1. Inventories, thousand rubles (p. 210),
in % of current assets
3.2. Accounts receivable, thousand rubles. (page 230 + page 240),
in % of current assets
3.3. Cash and short-term financial investments, thousand rubles. (page 250 + page 260),
in % of current assets
3.4. Other current assets, thousand rubles. (page 220 + page 270),
in % of current assets
4. Overdue accounts receivable, thousand rubles. (f. No. 5),
in % of accounts receivable

2.7.2 Analysis of the composition and structure of sources of property formation

Table 2.7.2 - Analysis of the composition and structure of sources of funds

Indicators	Deviation,+, -	Growth rate,%
1. Cost of property, thousand rubles. (page 300)
2. Own capital, thousand rubles. (p. 490),
as a percentage of property
2.1. Own current assets, thousand rubles. (page 490 - page 190),
in % of equity
3. Borrowed capital,
as a percentage of property
3.1. Long-term liabilities, thousand rubles. (p. 590),
in % of borrowed capital
3.2. Short-term loans, thousand rubles. (p. 610),
in % of borrowed capital
3.3. Accounts payable, thousand rubles. (p. 620),
in % of borrowed capital
3.4. Other liabilities, thousand rubles. (page 630 + 640 + 650 + 660)
4. Overdue accounts payable, thousand rubles. (f. No. 5),
in % of accounts payable

One of the simplest ways to determine the adequacy of own working capital (SOC) is the following:

SOS = Own capital (p. 490) - Non-current assets (p. 190).

2.7.3 Financial stability analysis

Method of absolute indicators.

Table 2.7.3 - Absolute indicators of financial stability

Indicators

1. Non-current assets (p. 190)
2. Own capital (p. 490)
3. Long-term liabilities (p. 590)
4. Short-term loans (p. 610)
5. Inventories (pages 210+220)
6. Functioning capital
7. Total sources
Surplus (deficiency) SC
Surplus (shortage) FC
Surplus (shortage) of total sources
Type of financial stability

The method consists in determining the type of financial stability based on identifying surplus or shortage of sources of funds for the formation of reserves and costs. The following indicators are calculated:

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Ministry of Education and Science of the Russian Federation

Federal State Budgetary Educational Institution

higher professional education

"St. Petersburg State University of Technology and Design"

Institute of Information Technologies and Automation

Specialty (direction) Economics and enterprise management

Department of Management

COURSE WORK

(course project)

on the topic “Analysis and diagnostics of the financial and economic activities of an enterprise”

Performer - student of study group___ 5-VD-4___________ (group)

Matyushin N.S. _____

Supervisor course work ______Shulgina L.A

St. Petersburg 2014

Introduction

In modern economic conditions, the activities of each economic entity are the subject of attention of a wide range of market participants interested in the results of its functioning.

The relevance of this topic of work is confirmed by the fact that the real operating conditions of an enterprise determine the need to conduct an objective and comprehensive financial analysis of business operations, which allows us to determine the characteristics of its activities, shortcomings in work and the reasons for their occurrence, and also, based on the results obtained, to select specific recommendations for optimizing activities .

During the transition from a centralized system of economic functioning to a market one, the methods of financial analysis and the composition of the analyzed indicators radically changed. The main goal of conducting a comprehensive financial analysis is to ensure the sustainable operation of the enterprise in specific economic conditions.

To ensure the survival of an enterprise in modern conditions, management personnel must, first of all, be able to realistically assess the financial condition of their enterprise, as well as existing potential competitors.

The purpose of this work is to analyze the financial condition of the enterprise, as a tool for carrying out measures to improve its financial condition and stabilize the situation. To achieve this goal, it is necessary to solve the following tasks:

To study the activities of the analyzed enterprise CJSC “Aigul”;

Analyze the financial condition using the example of Aigul CJSC;

Identify the main directions for improving the financial condition of the enterprise.

The object of the study is the financial activities of Aigul CJSC.

The subject of the study is the financial condition of Aigul CJSC.

The practical significance of the work is that the aspect of company management is becoming the most significant at the present time, since market practice shows that without an analysis of the financial condition, an enterprise cannot function effectively.

Characteristics of JSC "Aigul"

JSC "Aigul" today is one of the domestic manufacturers of control and measuring instruments, firmly ranking among the top five market leaders in this area.

The company was founded in 1998 in the city of Neryungri. The takeover of KFM by the German concern WIKA in 2003 predetermined the transition for Aigul to its own production of devices on the basis of the Yakut Metal Products Plant (Republic of Sakha Yakutia).

"Aigul" today has two modern production sites, sales offices in many cities of Russia and the presence of a large assortment of finished products, both in our own warehouses in Neryungri, Yakutsk, Chita, and in more than 80 of our regional partners, which makes products available in anywhere in the Russian Federation. The company's pricing policy provides a flexible system of discounts for partners and end consumers.

Legal address of the company:

134040, Republic of Sakha Yakutia. Neryungri, Mira street 68

Actual address:

134155, Neryungri, MZhK Avenue, no. 5

Nomenclature and product range

	Nomenclature	Range
	Pressure gauges	General technical
		Welding
		Boiler
		Accurate measurements
		Vibration resistant
		For measuring low pressures gas
		Corrosion-resistant
	Thermomanometers	Combined
		Instruments for measuring pressure and temperature
	Thermometers	General technical bimetallic
		Corrosion resistant bimetallic
		Liquid
	Equipment	Pressure transducers
		Taps and valves
		Stainless steel sleeves and O-rings

1. Analysis of enterprise property

We begin the analysis of the financial condition by studying the composition and structure of the enterprise’s property according to data balance sheet using methods of horizontal (based on studying the dynamics of indicators and determining their absolute and relative changes) and vertical (based on studying the structure of property and the reasons for its change) analysis.

The balance sheet asset allows you to give a general assessment of changes in all property of the enterprise, distinguish non-current assets and current assets in its structure, and study the dynamics of the property structure.

Analysis of the dynamics of the composition and structure of property makes it possible to determine the size of the absolute and relative increase (decrease) of the entire property of the enterprise and its individual types.

An increase in an asset indicates expansion of the enterprise's activities, but can also be the result of inflation. A decrease in an asset indicates a reduction in the enterprise’s economic turnover and may be a consequence of depreciation of fixed assets or the result of a decrease in effective demand for goods, works and services of the enterprise, etc.

Indicators of structural dynamics reflect the share of participation of each type of property in the total change in total assets. Their analysis allows us to draw a conclusion about which assets the newly attracted financial resources were invested in or which assets decreased due to the outflow of financial resources.

1.1 Construction of the analytical balance of the enterprise

Analytically, a balance sheet constructed by aggregating elements of homogeneous composition - balance sheet items - allows you to bring together and systematize the calculations associated with the study of the balance sheet, characterize the financial condition of the enterprise at the reporting date and over time, as well as conduct horizontal and vertical analysis.

Table 1. Comparative analytical balance

	Absolute values, thousand rubles	Specific gravity, %	Relative change, %
	at the beginning of the period	at the end of the period	changed (+,-)	at the beginning of the period	at the end of the period	change (+,-)	to the value at the beginning of the period	to change the balance sheet


I. NON-CURRENT ASSETS
Intangible assets
Fixed assets
TOTAL for section I
II. CURRENT ASSETS

Accounts receivable

TOTAL for section II



III.CAPITAL AND RESERVES
Authorized capital
Retained earnings (uncovered loss)
TOTAL for section III

Loans and credits
TOTAL for section IV

Accounts payable
TOTAL for Section V

As can be seen from Table 1, the total value of the enterprise’s property increased during the reporting year by 8,059 thousand rubles. (or by 34.45%).

This happened due to an increase in current assets (the cost of mobile property) by 8,240 thousand rubles. (or 36.2%) and due to a decrease in the value of non-current assets by 181 thousand rubles. (or by 28.73%).

The increase in current assets is due to an increase in the company's cash resources by 5,889 thousand rubles. (or by 79.06%), their share in the value of assets increased by 10.56% and by the end of the reporting period amounted to 42.41%, which has a positive effect on the solvency of the enterprise.

Also, the increase in current assets occurred due to an increase in accounts receivable by 1,766 thousand rubles. (or by 13.82%).

Inventories for the reporting year increased by 585 thousand rubles. (or by 23.08%) mainly due to an increase in finished products.

The decrease in the value of non-current assets occurred due to a decrease in the value of fixed assets by 181 thousand rubles. (or by 28.73%), which may be the result of a revaluation of fixed assets.

In the course of analyzing the dynamics structure indicators, it was found that at the end of the period 1.43% were non-current assets and 98.57% were current assets.

The ratio of equity to borrowed funds (11081 / 20372) is 0.54. This means that 54% of activities are financed from own funds.

In the composition of non-current assets, the main place is occupied by fixed assets (1.43%), and in the composition of current assets - cash and cash equivalents (42.41%).

1.2 Analysis of non-current assets of the enterprise

The property of an enterprise includes fixed and working capital, as well as other valuables, the value of which is reflected in the balance sheet. Assessing the location and structure of property is of paramount importance in determining the financial condition of an enterprise (Table 2).

The irrational structure of property, caused by the lack of renewal of fixed assets with a high degree of wear and tear, can lead to a reduction in production and sales of products and, as a consequence, to a deterioration in the financial position of the enterprise.

The analysis determines the value of real assets that characterize the production potential of the enterprise. These include: fixed assets, inventories and work in progress (fixed assets are taken into account at their residual value). These elements, being essentially means of production, create the necessary conditions for the implementation of the main activity.

An increase in the share of real property in the total value of all property indicates the potential capabilities of the enterprise to expand the volume of production activities.

The purpose of structural analysis is to study the structure and dynamics of the enterprise’s funds and the sources of their formation in order to get acquainted with the overall picture of the financial condition. Structural analysis is preliminary in nature, since its results cannot yet give a final assessment of the quality of the financial condition, to obtain which it is necessary to calculate special indicators. Structural analysis is preceded by a general assessment of the dynamics of the enterprise's assets, obtained by comparing the growth rate of assets with the growth rate of financial results (for example, sales revenue, sales profit or net profit).

Table 2. Analysis of the composition and structure of the enterprise’s property

Types of property	Meaning
	at the beginning of the period	at the end of the period	change (+,-)

Total value of the enterprise's property
Including:
Fixed assets
Current assets
Real property value
The ratio of non-current and current assets

The value of the property is equal to the sum of non-current and current assets.

The cost of real property is equal to the sum of fixed assets (at the beginning - 630 thousand rubles, at the end - 449 thousand rubles), work in progress and materials.

The cost of real property for 2011 = 630 thousand rubles.

The cost of real property for 2012 = 449 thousand rubles.

As can be seen from Table 2, during 2011 the value of the enterprise’s property increased by 34.45%. This is due to an increase in current assets by 8240 thousand rubles. (or by 36.2%), due to an increase in cash, while the value of non-current assets decreased by 181 thousand rubles. (or by 28.73%), due to a decrease in fixed assets.

The value of real property decreased by 181 thousand rubles. (or by 28.73%), due to a decrease in the cost of fixed assets, this may indicate a decrease in the production capabilities of the enterprise.

Rice. 1. Change in the structure of the value of the enterprise’s property

Table 3. Composition and structure of non-current assets

Table 3 shows that during 2011 the value of non-current assets decreased by 181 thousand rubles. (or by 28.73%). This trend is due to a decrease in the cost of fixed assets by 181 thousand rubles. (or by 28.73%).

1.3 Analysis of the current assets of the enterprise

Material elements of working capital (objects of labor) are completely consumed in each production cycle, may lose their natural material form and are fully included in the cost of manufactured products (work performed, services rendered).

The main objectives of the analysis of current assets are:

Study of changes in the composition and structure of current assets (Table 4);

Determination of the main sources of working capital formation;

Determining the efficiency of using current assets.

Table 4. Composition and structure of the enterprise’s current assets

Asset item	Meaning
	at the beginning of the period	at the end of the period	change

Current assets, total
Including:

Accounts receivable
Cash and cash equivalents

Table 4 shows that current assets increased by 8,240 thousand rubles. (or by 36.2%). This happened due to an increase in funds by 5889 thousand rubles. (or by 79.06%), due to an increase in accounts receivable by 1,766 thousand rubles. (or by 13.82%), as well as due to an increase in reserves by 585 thousand rubles. (or by 23.08%).

Rice. 2. Change in the structure of current assets.

1.3.. Analysis of stock status

The creation of inventories is a necessary condition for ensuring a continuous production process.

Excessive inventories lead to unjustified diversion of funds from economic circulation, which ultimately affects the growth of accounts payable and is one of the reasons for an unstable financial situation. A lack of inventory can lead to a reduction in production volume and a decrease in the amount of profit, which also affects the deterioration of the financial condition of the enterprise. With this in mind, inventory must be optimal.

The state of inventories and costs can be characterized using Table 5.

To assess the structure of inventory inventories, the accumulation coefficient (Kn) is used. It is determined by the ratio of the total cost of inventories, work in progress, deferred expenses to the cost of finished products and goods shipped.

The accumulation coefficient characterizes the level of mobility of inventory inventories. With the optimal option, it should be less than 1. This ratio is valid only if the company’s products are competitive and in demand.

According to the enterprise's balance sheet, the inventory accumulation ratio at the beginning of the year was:

Kn = 483 / 2052 = 0.2

At the end of the year:

Kn = 269 / 2851 = 0.094

Calculations show that the accumulation coefficient at the beginning of the year was less than one, which means that the level of mobility of inventory inventories was optimal, but by the end of the year the coefficient became even lower, this indicates that the level of mobility is very high, and that inventories at the enterprise are practically not stored . This is a very good result.

Table 5. Analysis of stock status

As can be seen from Table 5, inventories of inventory during the analyzed period increased by 585 thousand rubles. (or by 23.08%).

The main increase occurred in the item “Finished products”, the amount of which increased by 799 thousand rubles. (or by 38.94%). At the same time, the amount of future expenses decreased by 214 thousand rubles. (or by 44.31%).

Changes in the values and structure of reserves are presented in Fig. 3.

Rice. 3. Change in inventory structure

Fig.4. Inventory structure at the beginning of the year

Fig.5. Inventory structure at the end of the year

To assess inventory turnover, the indicators turnover ratio (number of revolutions) and turnover period are used.

The turnover ratio is calculated as the ratio of the cost of goods sold to the average amount of inventory. The average amount of inventories is determined according to the balance sheet as the arithmetic average amount at the beginning and end of the analyzed period.

2011: Co.z = 183200 / 2134.5 = 85.8 times

2012: Co.z = 233033 / 2827.5 = 82 times

The value of the inventory turnover ratio equal to 82 shows that during the analyzed period the company used the balance of its inventories 82 times.

The turnover period characterizes the number of days during which bills are paid and inventories are sold, i.e. shows the cycle time during which inventories are converted into cash.

2011: To.z = 90 / 85 = 1.05 day

2012: To.z = 90 / 82 = 1.1 days.

1.3.2 Analysis of accounts receivable

The state of accounting discipline is characterized by the dynamics and structure of accounts receivable.

Accounts receivable are amounts due from buyers and customers. The trend of increasing accounts receivable makes the enterprise dependent on the financial condition of its partners.

If an enterprise expands its activities, the number of customers and, as a rule, accounts receivable increase. On the other hand, the company can reduce the shipment of products, then accounts receivable will decrease.

In the process of analysis, the dynamics, composition, causes and timing of the formation of receivables are studied, and the amount of normal and overdue debt is established.

Normal accounts receivable arise as a result of the forms of payment used for goods, services, when issuing funds on account for various needs, etc.

“Unjustified” receivables arise as a result of shortcomings in the operation of the enterprise, for example, when identifying shortages and thefts of inventory and cash.

During the analysis process, the “quality” of receivables is assessed. The qualitative condition of receivables characterizes the likelihood of receiving them in full. An indicator of this probability is the period of debt formation, as well as the share of overdue debt. The longer the term of the receivable, the lower the likelihood of its collection.

Accounts receivable according to the period of formation are classified into debt:

Up to 1 month;

From 1 to 3 months;

From 3 to 6 months;

From 6 months to 1 year;

Over 1 year.

Normal (justified) debt refers to debt whose repayment period has not yet arrived or is less than one month. Overdue debts include debts not repaid within the terms established by the contract, debts that are unrealistic for collection or receivables for which the statute of limitations has expired. Diversion of funds into this debt creates a real threat of insolvency of the enterprise itself - the creditor.

Bills that customers do not pay are called doubtful (bad) debts. For debts that are unrealistic to collect. In accordance with the established procedure, a reserve for doubtful debts is formed. Bad debts are repaid by writing them off to the company's losses as receivables for which the statute of limitations has expired. Therefore, when reducing the amount of receivables, it is important to establish whether this was a consequence of writing it off as a loss.

An analysis of the composition and structure of accounts receivable is presented in Table 6.

Table 6. Composition and structure of accounts receivable

The data in Table 6 indicates an increase in accounts receivable by 1,766 thousand rubles. (or by 13.82%). This happened due to an increase in the amount of settlements with buyers and customers by 1056 thousand rubles. (or by 9.65%) and due to an increase in the amount of advances issued by 956 thousand rubles. (or by 109.38%). At the same time, the amount of settlements with other debtors decreased by 246 thousand rubles. (or by 25.52%).

To assess the turnover of accounts receivable, the indicators turnover ratio (number of revolutions) and turnover period are used.

The turnover ratio is calculated as the ratio of sales revenue to the average amount of accounts receivable.

The average amount of accounts receivable is determined according to the balance sheet as the arithmetic average amount at the beginning and end of the analyzed period.

The ratio shows how many times debt is generated during the analyzed period and characterizes the speed with which receivables will be converted into cash.

2011: Co.z = 204403 / 10856.5 = 18.8 times

2012: Co.z = 257446 / 13663 = 18.8 times

The value of the accounts receivable turnover ratio equal to 18.8 shows that during the analyzed period, accounts receivable are generated at the enterprise almost 19 times.

The period of turnover (repayment) of receivables is calculated in days and characterizes the period of commodity lending to consumers, i.e. shows the length of the cycle during which receivables are converted into cash.

2011: To.z = 90 / 18.8 = 4.7 days

2012: To.z = 90 / 18.8 = 4.7 days.

1.3.3 Analysis of the company's funds

One of the main conditions for the financial well-being of an enterprise is the influx of cash, ensuring the repayment of all priority payments. The analysis of the cash turnover of an enterprise is carried out similarly to the analysis of the turnover of accounts receivable.

Table 7. Composition and structure of the enterprise’s funds

During 2011, the company's funds increased by 5,889 thousand rubles. (or by 79.06%).

The turnover ratio is calculated as the ratio of sales revenue to the average cash balance.

The average amount of cash is determined according to the balance sheet as the arithmetic average amount at the beginning and end of the analyzed period.

The coefficient shows how many times during the analyzed period the funds in the accounts and cash register of the organization made turnovers.

2011: Co.ds = 204403 / 7723 = 26.4 times

2012: Co.ds = 257446 / 10393.5 = 24.8 times

The cash turnover period shows the period from the moment money arrives in the company's current account until the moment it is withdrawn.

2011: T.o.ds = 90 / 26.4 = 7723*90 / 204403 = 3.4 days

2012: To.ds = 90 / 24.8 = 10393.5*90 / 257446 = 3.6 days.

1.3.4 Analysis of turnover of current assets

The financial position of an enterprise, its solvency and liquidity are directly dependent on how quickly funds invested in assets turn into real money. The growth of non-payments complicates the rhythmic activity of the enterprise and leads to an increase in accounts receivable. At the same time, excessive diversion of funds into inventories, work in progress and finished products leads to the wasting of resources and inefficient use of working capital.

The speed of turnover of funds determines: the size of the annual turnover, the need for additional sources of financing and fees for them, the amount of costs associated with the ownership of inventory and their storage, etc.

To measure the turnover of current assets, a number of indicators are used (Table 8):

Average value of current assets:

For the beginning of the year:

Wed st = (18664+22764) / 2 = 20714 thousand rubles.

At the end of the year:

Wed st = (22764+31004) / 2 = 26884 thousand rubles.

Duration of one revolution in days (Tob);

Shows the average period for which funds invested in production and commercial operations are returned to economic circulation. It is calculated as the ratio of the average balance of current assets to the amount of one-day revenue for the analyzed period.

Tob. = Average cost of current assets / Revenue*Days

For the beginning of the year:

Tob. = 20714 / 204403*90 = 9.12 days

At the end of the year:

Tob. = 26884 / 257446*90 = 9.4 days

Funds turnover ratio (Kob);

Characterizes the amount of revenue from the sale of products per one ruble of current assets, as well as the number of turnover. An increase in the turnover ratio indicates a more efficient use of working capital.

Co.ob.a. = Revenue/Average value of current assets

For the beginning of the year:

Co.ob.a. = 204403 / 20714 = 9.87 times.

At the end of the year:

Co.ob.a. = 257446 / 26884 = 9.58 times.

Coefficient of loading (consolidation) of funds in circulation;

Characterizes the amount of working capital advanced per ruble of revenue from the sale of products. The lower the load factor, the more efficiently working capital is used.

Kz. = Average cost of current assets / Revenue

For the beginning of the year:

Kz. = 20714 / 204403 = 0.1

At the end of the year:

Kz. = 26884 / 257446 = 0.1

The amount of released (-) and additionally involved (+) working capital.

The economic effect as a result of accelerating asset turnover is expressed in the relative release of funds from circulation, as well as in an increase in the amount of profit. The amount of funds released from turnover due to the acceleration of turnover (-?OS) or additionally attracted funds into circulation (+?OS) due to a slowdown in turnover is determined by multiplying the actual one-day sales turnover by the change in the duration of one turnover in days:

OS = (Tob1 - Tob0) * Vr1/D,

where Tob1, Tob0 - respectively, the duration of one turnover of working capital for the reporting and previous periods, days;

Вр1 - revenue (net) from the sale of products for the reporting period, rub.

OS = (9.4-9.12)*257446 / 90 = 800.9

OS = 800.9*360 = 288324 (per year)

An increase (decrease) in the amount of profit can be calculated by multiplying the relative increase (decrease) in the turnover ratio by the amount of profit from the sale of products for the base (previous) period:

P = P0 * ?Kob,

where Po is the amount of profit for the base (previous) period, rub.;

Kob - coefficient of relative increase (decrease) in the number of turnover of working capital:

Cob = [(Cob1 - Cob0)/ Cob0],

where Kob1, Kob0 are turnover ratios for the reporting and previous periods.

Cob = 9.58-9.87 / 9.87 = -0.03

P = 204403*(-0.03) = -6114.09

Table 8. Analysis of the efficiency of use of current assets

Index	Meaning
	previous period 2011	reporting period 2012	Change
Revenue (net) from the sale of goods, products, works, services
Average value of current assets, thousand rubles
Number of days in the analyzed period
Duration of one revolution, days
Working capital turnover ratio (number of revolutions)
Loading factor (consolidation) of working capital
Amount of released (-), additionally involved (+) working capital, thousand rubles.

After analyzing the table, we can say the following. Net revenue increased by 53,043 thousand rubles, and the average value of current assets in the reporting period amounted to 26,884 thousand rubles.

Thus, during the analyzed period there is 9.58 turnover of working capital, that is, per one ruble of working capital there is 9.58 rubles. revenue from product sales. The duration of one turnover is 9.4 days, which means that on average during this period the funds invested in production and commercial operations are returned to economic circulation. The working capital utilization ratio shows that 0.1 kopeck of working capital is advanced for 1 ruble of revenue from product sales.

As a result of the company's activities, the amount of working capital involved occurs due to a decrease in the turnover of working capital.

2. Analysis of the capital (sources of financing) of the enterprise

The liabilities side of the balance sheet presents the sources of financing the enterprise's activities: equity capital and reserves (Section III), long-term liabilities (Section IV), short-term liabilities (Section V).

The reasons for the increase (decrease) in the property of an enterprise are established by studying changes in the composition of the sources of its formation. Receipt, acquisition, creation of property can be carried out at the expense of own and borrowed funds.

In world practice, it is advisable to acquire working capital through short-term loans, since working capital should generate more income than the loan fee. By receiving borrowed funds at a lower interest rate than the profitability of the enterprise, you can increase profitability equity. Consequently, the financial position of the enterprise largely depends on how optimal the ratio of equity and debt capital is.

Sources of own funds are authorized, additional and reserve capital, retained earnings, etc. Own sources of funds also reflect the amount of uncovered loss, the amount of which reduces the total amount of equity capital.

Sources of borrowed funds include long-term and short-term loans and borrowings, accounts payable.

The debt-to-equity ratio shows how much borrowed funds the company attracted per ruble of equity invested in assets. An increase in the value of the coefficient for the reporting period indicates an increased dependence of the enterprise on borrowing funds and a decrease in its financial stability.

The higher this ratio, the more loans the company has and the riskier the situation, which can ultimately lead to bankruptcy. A high level of the ratio also reflects the potential danger of a cash shortage in the organization.

An assessment of the dynamics of the composition and structure of sources, own and borrowed funds is carried out according to the balance sheet data in Table 9.

Table 9. Assessment of own and borrowed funds invested in the property of the enterprise

Liability item	Meaning
	at the beginning of the period	at the end of the period	Change

1. Sources of funds for the enterprise, total
Including:
1.1. Own funds, total:
Including:
III.CAPITAL AND RESERVES
Including:
Authorized capital
retained earnings
Total for Section III
1.2. Borrowed funds, total
Including:
IV. LONG TERM DUTIES
Borrowed funds
Total for Section IV
V. SHORT-TERM LIABILITIES
Accounts payable
Total for Section V
2. Ratio of borrowed and own sources

According to Table 9, the value of the enterprise’s property increased by 8,059 thousand rubles. (or by 34.45%). This is due to an increase in own funds of 2293 thousand rubles. (or by 26.09%) and borrowed funds by 5766 thousand rubles. (or by 39.48%).

The increase in equity was due to an increase in retained earnings by 2,293 thousand rubles. (or by 26.34%).

Borrowed funds are represented by long-term and short-term loans. In the reporting period, a trend of growth in short-term liabilities was noted, namely an increase in accounts payable by 5,766 thousand rubles. (or by 39.48%), while there are no long-term liabilities at the enterprise.

By the end of the reporting period, the debt-to-equity ratio increased by 0.18 (or 10.61%) and became equal to 1.84. This indicates an increase in the enterprise's dependence on borrowed funds. At the same time, the debt-to-equity ratio of 1.84 indicates that the company has sufficient equity capital.

Rice. 6. Structure of the enterprise’s sources of funds

2.1 Equity analysis

A necessary condition for the successful operation of an enterprise is the availability of its own working capital, which can be used to acquire inventories, maintain work in progress, make short-term financial investments in securities and for other purposes to support the production, economic and commercial activities of the enterprise. The lack of such funds forces the enterprise to turn to borrowed sources.

The value of own working capital (SOC) is defined as the difference between the sum of sources of own funds (SC) and their value, which was aimed at the formation of immobile property (VA):

SOS = SK - VA.

The calculation of own working capital is presented in Table 10.

As a rule, long-term loans and borrowings are used for the acquisition of fixed assets and other non-current assets, so they are equated to sources of own funds.

Table 10. Calculation of the availability of own working capital

As can be seen from Table 10, the value of own working capital (SOC) increased by 2474 thousand rubles. (or by 30.33%). This happened due to an increase in sources of own funds by 2293 thousand rubles. (or by 26.09%), while the value of non-current assets decreased by 181 thousand rubles. (or by 28.73%).

2.2 Analysis of debt capital

Borrowed sources of financing the activities of the enterprise. They are mainly represented by accounts payable, so it is necessary to study its composition and structure, as well as the changes that have occurred in it.

Table 11. Analysis of accounts payable

Type of accounts payable	Meaning
	at the beginning of the period	at the end of the period	change

Accounts payable, total:
Including:
Suppliers and contractors (60.76)
Debt to the organization's personnel
Debt on taxes and fees
Other creditors

As can be seen from Table 11, the enterprise has a tendency to increase accounts payable by 5,766 thousand rubles. (or by 39.48%) compared to the beginning of the period. This is due to an increase in debt to suppliers and contractors by 6,872 thousand rubles. (or by 88.34%), as well as an increase in the enterprise’s debts for taxes and fees by 358 thousand rubles. (or by 78.51%).

There was also a decrease in debt to the organization’s personnel by 88 thousand rubles. (or by 11.67%) and a decrease in debt to various creditors by 1,376 thousand rubles. (or by 24.5%).

Table 12. Analysis of accounts receivable

Type of accounts receivable	Meaning
	at the beginning of the period	at the end of the period	Change

Accounts receivable, total
Including:
Settlements with buyers and customers
Advances issued (60.76)
Other debtors

During 2011, there was an increase in accounts receivable by 1,766 thousand rubles. (or by 13.82%). This happened due to an increase in debt from buyers and customers by 1056 thousand rubles. (or by 9.65%), as well as an increase in the amount of advances issued by 956 thousand rubles. (or by 09.38%), while there was a decrease in debt from other debtors by 246 thousand rubles. (or by 25.52%).

2.3 Comparative analysis of receivables and payables

property current asset balance sheet

In the process of production and economic activities, the enterprise purchases raw materials, supplies, and other supplies, as well as sells products and provides works and services. If the services provided are provided on the basis of subsequent payment, then in this case we can talk about the enterprise receiving a loan from its suppliers and contractors. At the same time, the enterprise itself acts as a creditor for its buyers and customers, as well as suppliers in terms of advances issued to them for the upcoming delivery of products. In these conditions, it is necessary to monitor the ratio of receivables and payables.

The excess of accounts receivable over accounts payable means the diversion of funds from economic turnover and in the future may lead to the need to attract expensive bank loans and loans to ensure the current production and economic activities of the enterprise. A significant excess of accounts payable over accounts receivable poses a threat to the financial stability of the enterprise.

Table 13. Analysis of receivables and payables

	Accounts receivable	Accounts payable	Excess debt
			accounts receivable	creditor
Balance at start
Remaining at the end
Average value
Growth rate, %
Turnover ratio, times
Repayment period, days

In the reporting period, accounts payable exceeded accounts receivable by 1,826 thousand rubles, and had more a long period repayment. This indicates that the company currently has sources to cover receivables.

Rice. 7. Structure of receivables and payables

3. Analysis of the financial position of the enterprise

3.1 Analysis of liquidity and solvency of the enterprise

Market business conditions oblige the enterprise at any time to be able to pay off external obligations (to be solvent) or short-term obligations (to be liquid).

The information base for assessing the solvency and liquidity of an enterprise is the balance sheet.

The overall solvency of an enterprise is the ability to fully cover long-term and short-term obligations with existing current assets.

There are current and long-term solvency. Long-term solvency refers to the ability of an enterprise to pay its long-term obligations. The ability of an enterprise to pay its short-term obligations characterizes its current solvency.

The liquidity of an enterprise is the sufficiency of cash and other means to pay debts at the current moment. The level of liquidity depends on the field of activity, the ratio of current and non-current assets, the size and urgency of payment of obligations.

Balance sheet liquidity is the degree to which the enterprise's liabilities are covered by assets, the period of conversion of which into cash corresponds to the period of repayment of liabilities. Balance sheet liquidity is achieved by establishing equality between the enterprise's liabilities and its assets.

Liquidity of assets is the reciprocal of the time it takes to convert assets into money; accordingly, the shorter this time, the higher the liquidity of assets.

In general, liquidity analysis is an analysis of the ability of assets to be transformed into cash. Balance sheet liquidity analysis is a comparison of assets, grouped in descending order of liquidity, with liabilities, grouped by their maturity and arranged in ascending order.

The following groups of assets are distinguished depending on the degree of their liquidity, and groups of liabilities formed according to the degree of urgency of their payment (Table 14).

A1 - The most liquid assets;

A2 - Quickly realizable assets;

A3 - Slowly selling assets;

A4 - Hard to sell assets;

P1 - The most urgent obligations;

P2 - Short-term liabilities;

P3 - Long-term liabilities;

P4 - Constant liabilities.

Table 14. Groups of assets and liabilities

Balance sheet item	At the beginning of the period	At the end of the period
Cash and cash equivalents
Accounts receivable

Fixed assets
Accounts payable


Capital and reserves

Table 15. Data for analysis of balance sheet liquidity

	At the beginning of the period	At the end of the period	Change, thousand rubles	Change, %
The most liquid assets of A1
Quickly selling assets A2
Slowly selling assets A3
Hard to sell assets A4


Most urgent obligations P1
Short-term liabilities P2
Long-term liabilities P3
Constant liabilities P4

The balance is considered absolutely liquid if the following relationships are simultaneously satisfied:

A1P1, A2P2, A3P3, A4P4.

The data in Table 15 indicates that in the reporting period the company did not have absolute liquidity, but had good performance and was liquid. Since at the end of the year cash (A1) is less than accounts payable (P1). But at the same time, inequality is satisfied: accounts receivable (A2) are more than short-term liabilities (P2), inventories (A3) are more than long-term liabilities (P3) and non-current assets (A4) are less than equity capital (P4).

In order to deepen and detail the analysis and confirm the correctness of the conclusions obtained, a system of financial ratios is used. They are determined by the relationship between certain balance sheet items, as well as income statement items.

Since the degree of conversion of current assets into cash is not the same, to compare liquid assets and liabilities, liquidity ratios are calculated, which show what part of the company’s short-term liabilities can be repaid if specific types of working capital are converted into cash.

For this purpose, financial ratios are calculated (Table 16):

Overall balance sheet liquidity indicator:

Shows the ratio of the sum of all liquid funds of the enterprise to the sum of all payment obligations, provided that various groups liquid funds and payment obligations are included in the specified amounts with certain weighting coefficients that take into account their significance in terms of the timing of receipt of funds and repayment of obligations

L1 = (A1 + 0.5A2 + 0.3A3) / (P1 + 0.5P2 + 0.3P3)

At the beginning of the period:

L1 = (7449 + 0.5*12780 + 0.3*2535) / (14606 +0.5*0 + 0.3*0) = 1

At the end of the period:

L1 = (13338 + 0.5*14546 + 0.3*3120) / (20372 +0.5*0 + 0.3*0) =1.06

Absolute liquidity ratio:

Shows what part of the accounts payable the company can repay in the near future using cash and short-term securities:

L2 = A1 / (P1+P2)

At the beginning of the period:

L2 = =7449 / (14606 + 0) = 0.51

At the end of the period:

L2 = =13338 / (20372 + 0) = 0.65

The coefficient at the end of the reporting period is 0.65 points and shows that by the end of the year 65% of short-term liabilities can be repaid using the company's cash. If we compare the value of the indicator with the recommended value, we can note that the company does not have a cash shortage to cover current liabilities.

Quick liquidity ratio:

Shows how much an enterprise's liquid funds cover its short-term debt:

L3 = (A1+A2) / (P1+P2)

At the beginning of the period:

L3 = (7449 + 12780) / (14606 + 0) = 1.38

At the end of the period:

L3 = (13338 + 14546) / (20372 + 0) = 1.37

The ratio at the end of the reporting year shows that short-term liabilities were covered by 137% with cash (accounts receivable). The value of the ratio is outside the normal range and indicates that the amount of liquid assets of the enterprise is greater than necessary.

Current ratio:

Indicates whether an enterprise has sufficient working capital that can be used to pay off its short-term liabilities during the period. This is the main indicator of the solvency of an enterprise:

L4 = (A1+A2+A3) / (P1+P2)

At the beginning of the period:

L4 = (7449 + 12780 + 2535) / (14606 + 0) = 1.56

At the end of the period:

L4 = (13338 + 14546 + 3120) / (20372 + 0) = 1.52

In world practice, the value of this coefficient should be in the range of 1-2. Naturally, there are circumstances in which the value of this indicator may be greater, however, if the current liquidity ratio is more than 2-3, this, as a rule, indicates an irrational use of the enterprise’s funds. A value of the current liquidity ratio below one indicates the insolvency of the enterprise.

The current liquidity ratio for the reporting period is 1.52 points and is within the recommended value. We can conclude that the company can fully cover short-term obligations with liquid assets.

Operating capital maneuverability ratio:

Shows what part of the operating capital is immobilized in inventories and long-term receivables:

L5 = A3 / [(A1+A2+A3) - (P1+P2)]

At the beginning of the period:

L5 = 2535/(7449+12780+2535-14606) = 0.31

At the end of the period:

L5 = 3120/(13338+14546+3120-20372) = 0.29

During 2011, the operating capital agility ratio decreased and became equal to 0.29, which is a positive result.

Share of working capital in assets:

Depends on the industry of the enterprise:

L6 = (A1+A2+A3) / ВБ, where ВБ - Balance currency;

At the beginning of the period:

L6 = (7449+12780+2535)/23394 = 0.97

At the end of the period:

L6 = (13338+14546+3120)/31453 = 0.99

The coefficient shows that at the end of the reporting period the share of working capital from the balance sheet currency is 0.99 or 99%.

Consequently, the share of non-current assets is 0.01 or 1%

Own funds ratio:

Characterizes the availability of working capital necessary for the financial stability of the enterprise:

L7 = (P4 - A4) / (A1+A2+A3).

At the beginning of the period:

L7 = (8788-630)/(7449+12780+2535) = 0.36

At the end of the period:

L7 =(11081-449)/(13338+14546+3120) = 0.34

The equity ratio equal to 0.34 shows that 34% of current assets are financed from the organization’s own funds.

Table 16. Solvency liquidity ratios

Coefficient	At the beginning of the period
	General Solvency Ratio
	Absolute liquidity ratio	L2 >= 0.1-0.7
	Quick liquidity ratio
	Current ratio	L4min=0.2 L4=2.5-3
	Operating capital maneuverability ratio	A decrease in the indicator in dynamics is a positive fact
	Share of working capital in assets
	Own funds ratio

Various liquidity indicators not only characterize the stability of the financial condition of the organization under different methods of accounting for the liquidity of funds, but also meet the interests of various external users of information.

3.2. Factor analysis of current liquidity

Using the chain substitution method, the impact of changes in groups of assets and liabilities on the value of the current liquidity ratio is determined.

For 2011:

Ktl0= (A10+A20+A30) / (P10+P20) = (7449+12780+2535) / 14606 = 1.558

For 2012:

Ktl1= (A11+A21+A31) / (P11+P21) = (13338+14546+3120) / 20372 = 1.521

KtlA1 = (A11+A20+A30) / (P10+P20) - 1.558 =

= (13338+12780+2535) / 14606 - 1,558 = 1,961 - 1,558 = 0,403

KtlA2 = (A11+A21+A30) / (P10+P20) - 1.961 =

= (13338+14546+2535) / 14606- 1,961 = 2,082 - 1,961 = 0,121

KtlA3 = (A11+A21+A31) / (P10+P20) - 2.082 =

= (13338+14546+3120) / 14606 -2,082 = 2,122 - 2,082 = 0,04

KtlP1 = (A11+A21+A31) / (P11+P20) - 2.122 =

= (13338+14546+3120) / 20372 - 2,122 = 1,521 - 2,122 = -0,601

Let's check the received data:

Ktl0 = Ktl1 - Ktl0 = 1.521 - 1.558 = -0.037

KtlA1 + ?KtlA2 + ?KtlA3 + ?KtlP1 = 0.403 + 0.121 + 0.04 - 0.601 =

It can be concluded that the increase in the most urgent liabilities - accounts payable (P1) - had a negative impact on the growth of the current liquidity ratio.

3.3 Financial stability analysis

Each type of enterprise property has its own source of financing. Sources of financing of non-current assets, as a rule, are equity and long-term borrowed funds. The greater the share of own funds invested in long-term assets, the more stable the financial condition of the enterprise.

Current assets are formed from equity capital and from short-term loans, borrowings and accounts payable. If current assets are formed from equity capital, and half from borrowed capital. A guarantee of repayment of external debt is provided.

If an enterprise lacks its own working capital necessary to acquire inventories, cover costs and meet other expenses associated with organizing a continuous production and commercial process, it is forced to attract borrowed capital, increasing financial dependence on creditors and other external sources of financing.

The financial stability of an enterprise is characterized by financial independence from external borrowed sources, the ability of the enterprise to maneuver financial resources, and the availability of the necessary amount of its own funds to ensure its main activities.

The stability of the financial condition is assessed by a system of absolute and relative indicators by the ratio of borrowed and equity funds for individual items of assets and liabilities of the balance sheet.

High financial dependence on external sources of financing can lead to loss of solvency of the enterprise. Therefore, assessing financial stability is an important task of financial analysis.

The most general indicator of financial stability is the surplus or shortage of sources of funds for the formation of reserves and costs, that is, the difference between the amount of sources of funds and the amount of reserves and costs. This refers to the availability of sources of own and borrowed funds, with the exception of accounts payable and other liabilities.

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Introduction

In modern economic conditions, the activities of each economic entity are the subject of attention of a wide range of market participants interested in the results of its functioning.

Analysis of economic activity, assessment of its effectiveness is an important element in the management system

The main goal of this work is to show how, based on calculations of economic indicators, to study the financial and economic state of an economic entity and, using a clear example (JSC Yurgahleb), to analyze the company’s activities.

The work consists of an introduction, two main sections, a conclusion, a list of references and applications.

In this course work, an attempt is made to systematize and comprehensively present the studied material on the topic under consideration.

1 Organizational and economic characteristics of the enterprise OJSC "Yurgahleb" and theoretical principles of financial and economic analysis

1.1 Organizational and economic characteristics of the enterprise OJSC "Yurgahleb"

The enterprise OJSC "Yurgahleb" was founded on March 29, 2000. From the very first days of the enterprise's existence, the management's task was to create a truly strong, efficient and competitive structure aimed at long-term development.

The Company's head office is located in Novokuznetsk - the most important strategic decisions regarding further business development are made here, and the center of financial flows is also located here.

The production facilities of the enterprise, equipped with the most modern equipment, are concentrated in the Novosibirsk and Kemerovo regions. Their uninterrupted operation is based on advanced technologies and the invaluable experience of highly qualified personnel.

Over the course of 15 years, JSC Yurgahleb has become an enterprise with a developed production cycle, a system of shipment and delivery of commercial products to consumers.

Its main activity is the production and sale of office furniture. Current status of JSC "Yurgahleb" for 2011-2012. presented in the Appendix

So, the current state is represented by the structure of assets, liabilities, property, its sources, the structure of inventories and costs, as well as the dynamics of the level of profit for 2011 and 2012.

Every year the Company increases production output by 10-20%. Significantly ahead of the average rate of economic development of enterprises in Russia.

Throughout its existence, the company has produced various types of goods that require new ways to develop logistics and sales.

The Company's achievements are highly appreciated by professionals both in our country and abroad.

The production successes achieved by JSC Yurgahleb in recent years are largely the result of the use of the most advanced technologies. The company cooperates with leading research institutes and uses modern Western experience.

Today JSC Yurgahleb employs 738 people. Their knowledge, skill, professionalism and dedication have helped the company take a leading position in its field.

The company is managed by a team of professional managers who skillfully use progressive management methods and new approaches to development in new market conditions.

The experience of legal experts in ensuring legitimacy in the Company’s activities is invaluable. Employees of the legal department provide legal protection of the interests of the organization; conduct contractual, claims and lawsuit work.

The experience of the management team, the professionalism and energy of all employees make the enterprise one of the most progressive Companies on the Russian market.

OJSC "Yurgahleb" consistently implements projects that ensure its sustainable long-term growth. The main task is to create a modern industrial company that meets the requirements of the time.

The main performance indicators of the enterprise are presented in Appendix 1.

1.2 Characteristics of the concept of financial condition, goals and objectives of its analysis

An enterprise is an independent economic entity created to conduct business activities, which are carried out in order to make a profit and meet public needs.

Therefore, financial analysis is an essential element of financial management and auditing. Almost all users of financial statements of enterprises use financial analysis methods to make decisions to optimize their interests.

capital structure of the enterprise according to its allocation to sources of education;

efficiency and intensity of its use;

solvency and creditworthiness of the enterprise;

reserve of its financial stability.

generally accepted “norms” for assessing the degree of risk and predicting the possibility of bankruptcy;

similar data from other enterprises, which allows us to identify the strengths and weaknesses of the enterprise and its capabilities;

similar data for previous years to study trends in improvement or deterioration of the financial condition of the enterprise.

Main tasks of the analysis:

timely identification and elimination of deficiencies in financial activities, and the search for reserves for improving the financial condition of the enterprise and its solvency;

forecasting possible financial results, economic profitability, based on the actual conditions of economic activity and the availability of own and borrowed resources, developing models of financial condition for various options for using resources;

development of specific measures aimed at more efficient use of financial resources and strengthening the financial condition of the enterprise.

But it is not only time boundaries that determine the alternativeness of the goals of financial analysis. They also depend on the goals of the subjects of financial analysis, i.e. specific users of financial information.

The financial analysis methodology consists of three interconnected blocks:

1) analysis of the financial results of the enterprise;

2) analysis of financial condition;

3) analysis of the effectiveness of financial and economic activities.

1.3 Indicators of economic activity analysis

The subject of the analysis of economic activity is the economic processes and final results of the enterprise, occurring under the influence of objective and subjective factors and reflected in the economic information system.

The subjects of analysis, both directly and indirectly, are interested users of information. Direct users are the owners of enterprise funds, banks, suppliers, tax authorities, enterprise personnel and management.

The second group of users are the subjects of analysis who are not directly interested in the activities of the enterprise, but must, under a contract, protect the interests of the first group of reporting users (for example, audit services).

The economic activity of an enterprise, even a single indicator, can be influenced by numerous and varied reasons. It is very difficult to identify and study the effect of absolutely all causes, and it is not always practical.

The analysis of certain indicators of economic phenomena, processes, situations begins with the use of absolute values ​​(volume of production by value and in physical terms, volume of trade turnover, sum of production costs and distribution costs, etc.)

In analysis, absolute values ​​are used to a greater extent as a basis for calculating average and relative values.

Relative quantities are indispensable when analyzing phenomena in dynamics. These include coefficients, percentages, indices that reveal the analytical characteristics of phenomena: their frequency or intensity, changes in phenomena in time or space, etc.

Economic activity is characterized by a relatively small range of indicators. (Fig. 1 - Appendix 1)

1.4 Financial analysis

Analysis is one of the most important functions of managing any enterprise. Efficiency analysis is part of this function and its role in a market economy is very significant.

The objectives of the analysis are:

- assessment of the current and future state of the enterprise;

- assessment of possible and appropriate rates of development of the enterprise from the position of their financial support;

- identification of available sources of funds and assessment of the possibilities and feasibility of their mobilization.

As a result of the efficiency analysis, a number of reserves are determined, the introduction of which makes it possible to increase the efficiency and effectiveness of the enterprise.

The basis of the information support for the analysis is the financial statements: Form No. 1 “Balance Sheet”, Form No. 2 “Report on Financial Results”.

Analysis of the efficiency of economic activity includes several stages (Fig. 2 - Appendix 2).

At the second stage, an analysis of profit is performed as the financial result of the enterprise’s economic activity and various profitability indicators.

In the development of this area, an analysis of various financial liquidity ratios and capital structure is carried out. They are calculated to determine the company's ability to repay its debt and reveal reserves at the level of individual components of the company's capital.

1.5 Assessing the profitability of an enterprise and the efficiency of using its economic potential

The final financial result of the economic activity of an enterprise is balance sheet profit. Balance sheet profit is the amount of profit (loss) of an enterprise both from the sale of products and income (losses) not related to its production and sale.

To assess the efficiency of an enterprise, profits are compared with costs or resources used. Balancing profits against costs means profitability. In the practice of enterprises, a number of profitability indicators are used:

The profitability of production assets is calculated as the ratio of the profit to the average annual cost of fixed production assets.

The return on investment in an enterprise is determined by the value of the property at its disposal. The profitability of an enterprise's equity is determined by the ratio of profit to equity, determined from the balance sheet.

Having analyzed the theoretical foundations of economic and financial analysis, as well as formulas for calculating economic indicators, it is possible to analyze and diagnose a specific business entity using the example of JSC Yurgahleb.

enterprise production financial analysis

2 Analysis of production and economic activities and financial condition of the enterprise OJSC "Yurgahleb" for 2012

2.1 Analysis of production and sales of products

2.1.1 Analysis of the dynamics of production and sales of products

The results of the analysis are summarized in table. 2.1.1 and draw conclusions.

Table 2.1.1 - Production and sales of products, thousand rubles.

Indicators in comparable prices are calculated as the actual volume of production in prices of the base period.

2.1.2 Analysis of the level of development of production capacity

The results of the analysis are summarized in table. 2.1.2 and draw conclusions.

Table 2.1.2 - Information on the development of production capacity

The analysis of certain indicators of economic phenomena, processes, situations begins with the use of absolute values (volume of production by value and in physical terms, volume of trade turnover, sum of production costs and distribution costs, etc.)

In analysis, absolute values are used to a greater extent as a basis for calculating average and relative values.