Suppliers in these areas of industry are most large domestic enterprises. In addition, the organization successfully cooperates with a number of foreign suppliers from France, Switzerland, the USA, Germany, Sweden and Italy.

Of the closest competitors of NPO ELSIB OJSC, the most stable position of Power Machines OJSC is due to the execution of orders received in previous years. First of all, these are hydrogenerators of the Sayano-Shushenskaya and Boguchanskaya hydroelectric power stations, as well as turbogenerators of the type TZFP-225-2U3, which have been mastered in production.

The second most important domestic competitor of NPO ELSIB OJSC is Elektrotyazhmash-Privod LLC, which operates on the market under the brands Oil and Gas Systems LLC and United Trading House Privod-AZTPA LLC.

Foreign competing companies include all the world leaders in power engineering: GE Energy, Siemens PG, Voith Hydro, ALSTOM Power, BRUSH, MITSIBUSHI Heavy Industry, HITACHI, TOSHIBA, Ansaldo Energy.

Due to the sharp decline in the market in the post-crisis period 2009 - 2011. competition in the market has intensified. The basis for the penetration of foreign companies is their possession of gas turbine technologies, which allows them to expand their presence in the Russian market, winning complete supplies and EPC (EPC contract - (Engineering Procurement Construction) contract, including engineering, supply, construction), EPCM (EPCM contract – (Engineering Procurement Construction Management) contract, including engineering, supply, construction, project management) contracts.

The main competitive advantages of NPO "ELSIB" OJSC:

Many years of positive experience in operating the company’s products with customers, a long service life of the products;

Availability of design and technological personnel capable of developing, organizing the development of new equipment, and modernizing the existing range;

Maintaining the full production cycle for manufacturing a high-quality product from product design to its installation on site and after-sales service;

Possible significant increase in demand in the Russian market for new generators for new construction of hydroelectric power stations and modernization of installed equipment, partially including complete replacement;

Extensive reference list;

Geographical location, due to the significant volume of construction in Siberia and the Far East.

To fulfill the tasks of the main production activities of NPO "ELSIB", OJSC has all the resources necessary for design and technological development and manufacturing of products:

The presence in the structure of the enterprise of design and technological departments that ensure the development of design and technological documentation, preparation of production with the necessary equipment and tools, and exercise supervision over the manufacture of products;

In accordance with the technological process, the production is equipped with the necessary equipment, which is maintained in satisfactory condition in accordance with repair plans, checking for geometric accuracy;

The structural divisions of the enterprise are staffed with trained and trained personnel;

In the structure of the enterprise, the Quality Management division is designated for organizing quality control of manufactured products.

The total area of ​​the industrial site is 32 hectares. Located at Novosibirsk, st. Sibiryakov-Gvardeytsev, 56. Access railways and roads are available. The site is supplied with electricity, gas, water and sewerage. Heat supply is provided from our own gas boiler house.

Consists of main buildings:

The main building, measuring 280x230 meters, variable height from 32 to 20 meters, is equipped with lifting mechanisms with a lifting capacity from 5 to 125 tons;

The experimental building, measuring 138x144 meters, variable height from 32 to 10 meters, is equipped with cranes with a lifting capacity from 5 to 250 tons;

The tool building, measuring 138x144 meters, 7 meters high, is equipped with cranes with a lifting capacity of 3 to 5 tons;

The boiler room, the thermal power of which is 50 Gcal/hour, measures 68×42 meters and is 24 meters high.

The plant's equipment is maintained in satisfactory condition by planned overhauls, modernization, and overhaul maintenance and ensures the production of products in accordance with the requirements of the technology and the objectives of the production plan.

Special technological equipment manufactured in-house for the production of turbogenerators, hydrogenerators and large electrical machines has no analogues from machine tool manufacturers. This equipment was made in a single copy by the departments for the production of non-standard equipment and devices according to drawings developed by the design department of NPO ELSIB OJSC. This equipment is in satisfactory condition.

The company's workforce is approaching 2,000 people. The structure of the enterprise includes design and technological services that support the production process, development and modernization of products.

The number of shareholders as of 05/08/2013 is 786 persons.

The size of the authorized capital of the Company is 112,000,000 rubles.

The total number of outstanding shares is 1,400,000.

Registered ordinary shares in uncertificated form.

There are no shares at the disposal of the Company.

The nominal value of 1 share is 80 rubles.

There are no preferred shares.

The general assessment indicator of the activity of a commercial organization is profit, which performs two important functions:

– characterizes the final financial results of the enterprise, the size of its cash savings;

– is the main source of financing costs for the production and social development of the organization.

Making a profit and maximizing it is the main goal of the economic activity of any commercial enterprise. At the same time, profit is a complex calculation indicator, the value of which is influenced by many factors: types of income and expenses, their assessment, the moment of recognition of a specific expense, the degree of centralized control of the moment of recognition and the amount of income or expense, etc. These factors can also be influenced influence by making certain management decisions.

The assessment of the financial results of the activities of Elsib OJSC is carried out according to the financial results report (Appendix C, D) in table. 2.1.

Table 2.1 – Analysis of the results of financial and economic activities of OJSC Elsib for 2010-2012.

Indicators	2010 thousand rubles	2011 thousand rubles	2012 thousand rubles	Changes, thousand rubles	Growth rate, %
2011/2010	2012/2011	2011/2010	2012/2011
Revenue				-158208		92,86	155,47
Cost price				-79636		94,45	170,80
Gross profit				-78572		89,93	125,85
Business expenses				-25922		67,05	123,00
Administrative expenses						113,68	102,10
Revenue from sales				-111343		59,15	198,61
Interest receivable				-523	-1560	80,46	27,54
Percentage to be paid					-1663	107,73	98,62
Other income						102,03	106,17
other expenses				-53524		77,44	154,91
Profit before tax				-63126		46,06	230,25
Income tax				-7801		29,73	1472,34
Net profit				-75392		21,83	381,53

From the data in table. 2.1 the following conclusions follow: 2011 was the least favorable year in the organization’s activities: the amount of revenue received decreased by 158,208 thousand rubles. and amounted to 92.86% of revenue in 2010. Cost also decreased, but to a lesser extent than revenue (94.45%), which negatively affected the amount of gross profit, which decreased by 78,572 thousand rubles. and amounted to 89.93% of gross revenue in 2010.

In 2012, the picture is more optimistic: revenue dynamics are positive, its growth rate in 2012 was 155.47%. The negative point is that the cost growth rate (170.80%) exceeds the revenue growth rate, which reduced the possible gross profit to 125.85% (Fig. 2.1).

Figure 2.1 – Dynamics of gross profit of OJSC Elsib for 2010-2012.

The growth of commercial expenses in 2012 by 23.0% and management expenses by 2.1% was lower than the growth rate of revenue, which had a positive effect on the amount of profit from sales, which increased by 159,008 thousand rubles. with a growth rate of 198.61% (Fig. 2.2).

Figure 2.2 – Dynamics of profit from sales of JSC Elsib for 2010-2012.

A positive trend is the reduction in the amount of interest payable in 2012 (98.62%).

The amount of other expenses exceeds the amount of other income, as a result of which the organization received a net profit in an amount less than it could have been: 96,448 thousand rubles. in 2010, 21,056 thousand rubles. in 2011, 80,336 thousand rubles. in 2012

In general, it should be noted that the amount of net profit is not small.

One of the goals of analyzing financial results is the analysis of the quality of profit, which is characterized by the following indicators:

1) Profit structure.

If a significant share of the profit before tax is occupied by the result of other income and expenses, then this is a sign of low-quality profit, since this indicates the organization’s random sources of profit and, therefore, its unstable nature (Table 2.2).

Table 2.2 – Analysis of the profit structure of Elsib OJSC for 2010-2012.

Indicators	year	year	year	Changes	Growth rate, %
2011/2010	2012/2011	2011/2010	2012/2011
Total income				-154864		93,57	151,09
incl. revenue				-158208		92,86	155,47
Other income						101,73	105,31
Share of revenue in total income, %	91,97	91,27	93,91	-0,70	2,65	99,24	102,90
Share of other income in total revenue, %	8,03	8,73	6,09	0,70	-2,65	108,71	69,70
Total expenses				-91737		96,00	149,15
incl. from core activities				-46865		97,59	151,80
other expenses				-44872		87,15	132,62
Share of expenses from core activities in total expenses, %	84,77	86,17	87,71	1,40	1,53	101,66	101,78
Share of other expenses in total expenses, %	15,23	13,83	12,29	-1,40	-1,53	90,78	88,91
Profit before tax, thousand rubles.				-63126,00	70217,00	46,06	230,25

From the data in table. 2.2 it follows that other income does not constitute a significant share in the income structure: 8.03% in 2010, 8.73% in 2011, 6.09% in 2012. At the same time, the growth rate of other income in 2012, the revenue growth rate was lower: 105.31% versus 155.47%. From this follows the conclusion about the qualitative profit of the organization, i.e. it has a stable character.

2) Deviations of actual profit from its average value. The greater these deviations, the less stable the profit and the lower its quality.

Average profit before tax for 2010-2012. will be: (117037+53911+124128)/3 = 98359 thousand rubles.

Deviations from the average profit will be:

– in 2010: 117037-98359 = 18678 thousand rubles;

– in 2011: 53911-98359 = - 44448 thousand rubles;

In 2012: 124128-98359 = 25769 thousand rubles.

In percentage terms, deviations from the average profit before tax were:

In 2010: 18678/98359*100 = 18.99%;

In 2011: -44448/98359*100 = - 45.19%;

In 2012: 25769/98359*100 = 26.20%.

On average, deviations from the average profit are about 30%, which is not a high figure, therefore, according to this criterion, the profit should also be considered high-quality.

3) Cost structure of the organization. A significant share of “other expenses” indicates the “opacity” of the organization and the poor quality of its profits.

From the data in table. 2.2 it follows that the share of other expenses in the total expenses of the organization was 15.23% in 2010, 13.83% in 2011, 12.29% in 2012, i.e. there is a pronounced negative trend, while expenses from core activities have a correspondingly pronounced growth trend. Therefore, according to this criterion, profit should also be considered qualitative.

The economic efficiency of an organization's activities is characterized by profitability indicators. In the process of financial analysis, as a rule, two groups of profitability indicators are used: profitability of core activities and return on assets (capital). Profitability indicators make it possible to evaluate the efficiency of resource use, the efficiency of advances of own and attracted resources, the efficiency of costs incurred, sales, etc.

In table Table 2.3 presents the main profitability indicators used in the practice of financial analysis, calculated according to the financial results report and balance sheet (Appendix B).

Table 2.3 - Analysis of profitability indicators of OJSC Elsib for 2010-2012.

Indicators	2010	2011	2012	Changes
2011/ 2010	2012/ 2011
	18,99	11,89	13,83	-7,1	1,94
	12,30	7,8	10,01	-4,5	2,2
	0,65	0,66	0,72	0,01	0,06
	4,00	1,40	3,03	-2,6	1,63
	12,23	2,60	9,02	-9,63	6,42

From the data in table. 2.3 it follows that the organization’s activities are profitable, available resources are used efficiently. But in 2011, operating efficiency decreased compared to 2010, as evidenced by the negative dynamics of profitability indicators. In 2012, compared to 2011, profitability indicators increased, but compared to 2010, their value was smaller (Fig. 2.3).

Figure 2.3 – Dynamics of profitability indicators of OJSC Elsib

for 2010-2012

Therefore, in general, we can conclude that the efficiency of the organization has decreased.

The performance of an organization is also determined through business activities. The term “business activity” began to be used in domestic accounting and analytical literature relatively recently - in connection with the introduction of analysis methods widely known in various countries of the world.

“The business activity of a commercial organization is manifested in the dynamism of its development, the achievement of its goals, which is reflected in natural and cost indicators, in the effective use of economic potential, and the expansion of markets for its products,” says V.V. Bocharov.

In a broad sense, business activity means the entire range of efforts aimed at promoting a company in the product, labor, and capital markets.
In the context of the analysis of financial and economic activities, this term is understood in a narrower sense - as the current production and commercial activities of the enterprise; in this case, the phrase “business activity” is perhaps not a completely successful translation of the English term “ business activity", precisely characterizing the corresponding group of coefficients from the system of indicators, according to V.V. Kovalev and O.N. Volkova.

Some authors, for example, V.G. Kogdenko, the concept of business activity is associated with the quality of management based on the criterion of the speed of conversion of the organization’s assets into cash. L.V. also thinks so. Dontsova and N.A. Nikiforova: “Business activity in the financial aspect is manifested, first of all, in the speed of turnover of funds. Analysis of business activity consists of studying the levels and dynamics of various financial ratios - turnover indicators.”

The above definitions of business activity are, in fact, summarized in the definition of business activity given by a group of authors (V.R. Bank, S.V. Bank, A.V. Taraskina): “Business activity is the performance of an enterprise relative to the amount of advanced resources or the amount of their consumption in the production process. Business activity is manifested in the dynamic development of an economic entity, its achievement of its goals, as well as the speed of turnover of funds.”

Drawing a general parallel among the opinions of various authors, it should be noted that they have the same approaches to the fact that business activity depends on the effective use of the organization’s material, labor and financial resources. Thus, business activity should reflect the efficiency of capital allocation in different types of assets. If a significant part of it is advanced into non-current assets, then it will take much more time to release it than when investing in current assets, which have an average turnover period of up to one year. Consequently, organizations must control the optimal ratio of current and non-current assets so as not to freeze advanced financial resources for a longer period than planned. This is one of the conditions for effective capital management of an organization, industry, and economy as a whole.

The analysis of business activity is presented by turnover ratios, turnover period indicators and consolidation ratios; When calculating turnover indicators, indicators of the value of assets and revenue (expenses) are compared, while the values ​​of assets must be taken in the average annual assessment.

Turnover ratios = (2.1)

Turnover in days = (2.2)

Operating cycle time = Accounts receivable turnover (2.3)

Inventory turnover (in days)

Length of financial cycle = Length of operating cycle (2.4)

– Accounts payable turnover (in days).

For calculations, average values ​​for the year will be required (Table 2.4).

Table 2.4 - Average values ​​for calculating the business activity of Elsib OJSC for 2011-2012.

The calculation of business activity indicators using the above formulas is presented in table. 2.5.

Table 2.5 - Indicators of business activity of JSC Elsib for 2011-2012.

Indicators	2010	2011	Changes
Current assets turnover ratio, turnover	0,9	2,2	1,3
Turnover period of current assets, days			-236
Inventory turnover ratio, turnover	1,5	2,3	0,8
Inventory turnover period, days			-80
Accounts receivable turnover ratio, turnover	2,5	2,5	0,0
Accounts receivable turnover period, days			-2
Accounts payable turnover ratio, turnover	1,6	1,8	0,3
Accounts payable turnover period, days			-34
Equity turnover ratio, turnover	2,6	3,8	1,2
Period of equity capital turnover, days			-44
Permanent capital turnover ratio, turnover	2,0	2,9	0,9
Period of turnover of permanent capital, days			-54
Operating cycle, days			-81
Financial cycle, days			-48

From the data in table. 2.5 it follows that the business activity of the organization in 2012 increased significantly: the turnover period of current assets decreased from 397 to 161 days, the turnover period of inventories decreased from 237 to 157 days. Collection of accounts receivable accelerated from 144 to 143 days. Settlements with creditors accelerated from 231 to 198 days. The turnover period of permanent capital decreased from 176 to 122 days. The operating cycle decreased from 381 to 300 days, the financial cycle - from 150 to 102 days.

Thus, the organization’s business activity can be considered effective.

The methodology for analyzing financial and economic activities is a set of analytical procedures used to determine the financial and economic condition of an enterprise. Experts in the field of analysis provide different methods for determining the financial and economic condition of an enterprise. However, the basic principles and sequence of the procedural side of the analysis are almost the same with minor differences. The detailing of the procedural side of the methodology for analyzing financial and economic activities depends on the goals set and various factors of information, methodological, personnel and technical support. Thus, there is no generally accepted methodology for analyzing the financial and economic activities of an enterprise, but in all significant aspects the procedural aspects are similar.

Information support is important for analysis. This is due to the fact that, in accordance with the Law of the Russian Federation “On Informatization and Information Protection,” an enterprise may not provide information containing a trade secret. But usually, for many decisions to be made by potential partners of a company, it is sufficient to conduct an express analysis of financial and economic activities. Even to conduct a detailed analysis of financial and economic activities, information constituting a trade secret is often not required. To conduct a general detailed analysis of the financial and economic activities of an enterprise, information is required according to the established forms of financial statements, namely:

Form No. 1 Balance Sheet

Form No. 2 Profit and Loss Statement

Form No. 3 Statement of capital flows

Form No. 4 Cash Flow Statement

Form No. 5 Appendix to the balance sheet

This information is in accordance with the Decree of the Government of the Russian Federation of December 5, 1991. No. 35 “On the list of information that cannot constitute a trade secret” cannot constitute a trade secret.

The analysis of the financial and economic activities of the enterprise is carried out in three stages.

At the first stage, a decision is made on the feasibility of analyzing financial statements and their readiness for reading is checked. The problem of the feasibility of the analysis can be solved by reading the auditor's report. There are two main types of audit reports: standard and non-standard. A standard audit report is a unified, concise document containing a positive assessment of the audit firm about the reliability of the information presented in the report and its compliance with applicable regulations. In this case, analysis is advisable and possible, since reporting in all significant aspects objectively reflects the financial and economic activities of the enterprise.

A non-standard audit report is drawn up in cases where the audit firm cannot draw up a standard audit report for a number of reasons, namely: some errors in the company’s financial statements, various uncertainties of a financial and organizational nature, etc. In this case, the value of the analytical conclusions drawn up from these reports is reduced. Checking the readiness of reporting for reading is of a technical nature and is associated with a visual check of the presence of the necessary reporting forms, details and signatures on them, as well as a simple counting check of subtotals and balance sheet currency.

The purpose of the second stage is to familiarize yourself with the explanatory note to the balance sheet; this is necessary in order to assess the operating conditions of the enterprise in a given reporting period and take into account the factors in the analysis, the impact of which led to changes in the property and financial position of the organization and which are reflected in the explanatory note.

The third stage is the main one in the analysis of economic activity. The purpose of this stage is to assess the results of economic activity and the financial condition of the business entity. It should be noted that the level of detail in the analysis of financial and economic activities may vary depending on the goals set. At the beginning of the analysis, it is advisable to characterize the financial and economic activities of the enterprise, indicate its industry affiliation and other distinctive features. If there are amounts for these items, it is necessary to study the reasons for their occurrence. Sometimes information in this case can only be provided by further analysis and final conclusions can be drawn later.

Analysis of the financial and economic condition of an enterprise consists, in general, of the following main components: Analysis of property position, liquidity analysis, financial stability analysis, business activity analysis, profitability analysis.

These components are closely interconnected and their separation is necessary only for a clearer separation and understanding of the conclusions on the analytical procedures for analyzing the financial and economic activities of the organization.

Analysis of property status consists of the following components: analysis of assets and liabilities of the balance sheet, analysis of indicators of property status.

When analyzing the assets and liabilities of the balance sheet, the dynamics of their condition in the analyzed period is traced. It should be borne in mind that in conditions of inflation, the value of analysis based on absolute indicators is significantly reduced, and to neutralize this factor, analysis should also be carried out using relative indicators of the balance sheet structure. When assessing the dynamics of property, the state of all property as part of immobilized assets (Section I of the balance sheet) and mobile assets (Section II of the balance sheet - inventories, receivables, other current assets) at the beginning and end of the analyzed period, as well as the structure of their increase (decrease) is traced.

Analysis of property status indicators consists of calculating and analyzing the following main indicators:

The amount of economic assets at the disposal of the enterprise. This indicator gives a generalized valuation of assets listed on the balance sheet of the enterprise.

Share of the active part of fixed assets. The active part of fixed assets should be understood as machines, machines, equipment, vehicles, etc. The growth of this indicator is considered a positive trend.

Wear rate. It characterizes the degree of depreciation of fixed assets as a percentage of the original cost. Its high value is an unfavorable factor. The addition of this indicator to 1 is the suitability coefficient.

Renewal ratio - shows what part of the fixed assets available at the end of the period is made up of new fixed assets.

Retirement ratio - shows what part of fixed assets left economic circulation during the reporting period due to wear and tear.

The analysis of enterprise liquidity is based on the calculation of the following indicators:

Maneuverability of functioning capital. Characterizes that part of own working capital that is in the form of cash, i.e. funds with absolute liquidity. For a normally functioning enterprise, this indicator usually varies from zero to one. All other things being equal, the growth of the indicator in dynamics is considered as a positive trend. An acceptable indicative value of the indicator is established by the enterprise independently and depends, for example, on how high the enterprise’s daily need for free cash resources is.

Current ratio. Gives a general assessment of the liquidity of assets, showing how many rubles of the enterprise's current assets account for one ruble of current liabilities. The logic for calculating this indicator is that the company repays short-term liabilities mainly at the expense of current assets; therefore, if current assets exceed current liabilities, the enterprise can be considered to be operating successfully (at least in theory). The size of the excess is set by the current liquidity ratio. The value of the indicator can vary by industry and type of activity, and its reasonable growth in dynamics is usually considered as a favorable trend. In Western accounting and analytical practice, the critical lower value of the indicator is -2; however, this is only an indicative value, indicating the order of the indicator, but not its exact normative value.

Quick ratio. In terms of semantic purpose, the indicator is similar to the current liquidity ratio; however, it is calculated based on a narrower range of current assets, when the least liquid part of them, industrial inventories, is excluded from the calculation. The logic of such an exception consists not only in the significantly lower liquidity of inventories, but, what is much more important, in the fact that the funds that can be gained in the event of a forced sale of inventories can be significantly lower than the costs of their acquisition. In particular, in a market economy, a typical situation is when, upon liquidation of an enterprise, 40% or less of the book value of inventories is gained. Western literature provides an approximate lower value of -1, but this estimate is also conditional. In addition, when analyzing the dynamics of this coefficient, it is necessary to pay attention to the factors that determined its change.

Absolute liquidity (solvency) ratio. It is the most stringent criterion for the liquidity of an enterprise; shows what portion of short-term debt obligations can be repaid immediately if necessary. The recommended lower limit of the indicator given in Western literature is 0.2. In domestic practice, the actual average values ​​of the liquidity ratios considered are, as a rule, significantly lower than the values ​​mentioned in Western literature. Since the development of industry standards for these coefficients is a matter of the future, in practice it is desirable to analyze the dynamics of these indicators, supplementing it with a comparative analysis of available data on enterprises that have a similar orientation of their economic activities.

The share of own working capital in covering inventories. Characterizes that part of the cost of inventories that is covered by its own working capital. Traditionally, it is of great importance in analyzing the financial condition of trading enterprises; the recommended lower limit of the indicator in this case is 50%.

Inventory coverage ratio. It is calculated by correlating the value of “normal” sources of inventory coverage and the amount of inventory. If the value of this indicator is less than one, then the current financial condition of the enterprise is considered unstable. One of the most important characteristics of the financial condition of an enterprise is the stability of its activities in the light of a long-term perspective. It is related to the overall financial structure of the enterprise, the degree of its dependence on creditors and investors. Financial stability in the long term is characterized, therefore, by the ratio of equity and borrowed funds. However, this indicator provides only a general assessment of financial stability. Therefore, a system of indicators has been developed in global and domestic accounting and analytical practice.

Equity concentration ratio. Characterizes the share of the owners of the enterprise in the total amount of funds advanced for its activities. The higher the value of this coefficient, the more financially sound, stable and independent of external loans the enterprise is. An addition to this indicator is the concentration ratio of attracted (borrowed) capital - their sum is equal to 1 (or 100%).

Financial dependency ratio. It is the inverse of the equity concentration ratio. The growth of this indicator in dynamics means an increase in the share of borrowed funds in the financing of the enterprise. If its value drops to one (or 100%), this means that the owners are fully financing their enterprise.

Equity capital agility ratio. Shows what part of equity capital is used to finance current activities, i.e. invested in working capital, and what part is capitalized. The value of this indicator can vary significantly depending on the capital structure and industry sector of the enterprise.

Long-term investment structure coefficient. The logic for calculating this indicator is based on the assumption that long-term loans and borrowings are used to finance fixed assets and other capital investments. The ratio shows what part of fixed assets and other non-current assets is financed by external investors, i.e. (in a sense) belongs to them, and not to the owners of the enterprise.

Ratio of own and borrowed funds. Like some of the above indicators, this ratio provides the most general assessment of the financial stability of the enterprise. It has a fairly simple interpretation: its value, equal to 0.25, means that for every ruble of own funds invested in the assets of the enterprise, there are 25 kopecks. Borrowed money. The growth of the indicator in dynamics indicates an increased dependence of the enterprise on external investors and creditors, i.e., a slight decrease in financial stability, and vice versa.

Indicators of the business activity group characterize the results and efficiency of current core production activities.

General indicators for assessing the efficiency of using an enterprise's resources and the dynamism of its development include the resource productivity indicator and the coefficient of sustainability of economic growth. Resource productivity (turnover ratio of advanced capital). Characterizes the volume of products sold per ruble of funds invested in the activities of the enterprise. The growth of the indicator in dynamics is considered as a favorable trend.

Economic growth sustainability coefficient. Shows the average rate at which an enterprise can develop in the future, without changing the already established relationship between various sources of financing, capital productivity, profitability of production, etc.

The detailing of the procedural side of the methodology for assessing the financial and economic condition depends on the goals set, as well as on various factors of information, time and technical support and is carried out in two stages: preliminary assessment, that is, express analysis, detailed analysis of the financial condition. Therefore, the main goal of express analysis is a clear and simple general assessment of the financial situation and dynamics of economic development of the enterprise. The point of this analysis is to select a small number of significant and relatively simple to calculate indicators and constantly monitor them over time. Its quality depends on the applied financial analysis methodology, the reliability of the financial statements, as well as on the competence of the person making the management decision.

A detailed analysis of the financial condition is a more detailed description of the property and financial position of an economic entity, the results of its activities in the past reporting period, as well as the development opportunities of an economic entity for the future. It specifies, complements and expands individual express analysis procedures, and also makes it possible to make financial forecasts.

Assessing the financial condition of an enterprise in a market economy and achieving the goals of financial analysis is carried out using a certain method. The method of financial analysis is a system of theoretical and cognitive categories, scientific tools and regulatory principles for studying the activities of business entities, that is, a triad:

Method = (K,I,P), (1)

where K is the system of financial categories;

I – scientific financial tools;

P – system of regulatory financial principles.

The first two elements characterize the static component of the financial analysis method, the last element - its dynamics.

The categories of financial analysis are the most general, key concepts of this science. These include: factor, model, rate, interest, discount, cash flow, risk, etc. The scientific tools of financial analysis are a set of general scientific and specific scientific methods for studying the financial activities of business entities.

The main element of the method of any science is its scientific apparatus. Currently, it is almost impossible to isolate the techniques and methods of any science as inherent exclusively to it - there is an interpenetration of scientific tools of various sciences. Financial analysis can also use various methods originally developed within a particular economic science. There are various classifications of methods of economic analysis. The first level of classification of financial analysis classification methods distinguishes informal and formalized methods.

Formalized methods include methods of analysis that are based on fairly strict analytical dependencies between financial indicators. They constitute the second level of classification and include:

Classical methods of analysis of economic activity and financial analysis: chain substitutions, arithmetic differences, balance sheet, isolating the isolated influence of factors, differential, integral, simple and compound interest, discounting;

Mathematical and statistical methods for studying relationships: correlation analysis, regression analysis, variance analysis, factor analysis, principal component method, covariance analysis, cluster analysis, etc.;

Non-formalized methods of financial analysis and assessment of the financial condition of an enterprise are based on a description of analytical procedures at a logical level, and not on strict analytical dependencies of the analyzed economic indicators. These include methods: expert assessments, psychological, morphological, construction of systems of financial indicators, analytical tables, etc. The use of these methods in economic analysis is characterized by a certain subjectivity, since the intuition, experience and knowledge of the analyst are of great importance.

Formalized methods include analysis methods that are based on strict analytical dependencies between financial indicators. They constitute the second level of classification and include:

Classical methods of analysis of economic activity and financial analysis: chain substitutions, balance sheet, isolating the isolated influence of factors, percentage numbers, differential, logarithmic, integral, simple and compound interest, discounting;

Mathematical and statistical methods for studying relationships: correlation analysis, regression analysis, variance analysis, factor analysis, principal component method, covariance analysis, cluster analysis;

Traditional methods of economic statistics: average and relative values, grouping, graphical research, index method, elementary methods for processing dynamics series;

Econometric methods: matrix methods, harmonic analysis, spectral analysis, methods of the theory of production functions, methods of the theory of input balance;

Operations research methods and decision theory: graph theory methods, tree method, Bayesian analysis method, game theory, queuing theory, network planning and management methods.

Not all of the listed methods are directly used within the framework of financial analysis and assessment of financial condition, but some of their elements are already used in practice. In particular, this applies to methods of discounting, machine simulation, factor analysis, and processing of time series. The detail of the procedural side of the financial condition analysis methodology depends on the goals set, as well as on various factors of information, time, personnel and technical support.

Makarieva V.I. proposes to additionally include spatial analysis in this structure - a comparative analysis of consolidated financial indicators of accounting statements by component elements, that is, indicators of reporting of subsidiaries, structural divisions, workshops and sites. On the contrary, O.V. Efimova together with M.V. Melnik gives the predominant role to the balance method and other identical methods used in modern practice of economic analysis.

Since financial analysis is associated with a logical process, its relative importance in making investment decisions changes depending on the circumstances prevailing in the market. Its significance is always greater when the analysis is aimed at assessing risk, identifying bottlenecks and potential problems, which also takes into account the fact that the solution includes a very large set of factors, that is, the characteristics of the industry, the abilities and qualifications of management, and economic conditions. An analytical review of financial reporting data should reproduce all the main aspects of economic activity and completed transactions in a generalized form, that is, with the degree of aggregation necessary for analysis.

The main results of effective analysis and financial management are formed using special financial ratios. The practice of financial analysis has developed a methodology for analyzing accounting financial statements. Among them there are six main methods:

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

Horizontal analysis - comparison of each financial statement item with the previous period and determination of dynamic changes;

Analysis of relative indicators - calculating the relationships between individual items of the financial report and determining the relationships between indicators;

Trend analysis - comparison of each reporting item with a number of previous periods and determination of the trend, that is, the main trend in the dynamics of the indicator, cleared of random influences and individual characteristics of individual periods. Using the trend, predictive analysis is carried out;

Comparative analysis - intra-farm analysis of the financial indicators of structural divisions and inter-farm analysis of the indicators of a given enterprise with the financial indicators of competitors;

Factor analysis is an analysis of the influence of individual factors on a performance indicator using deterministic or stochastic techniques.

The main tool for analyzing financial condition is to determine the relative values ​​of dynamics and structure:

Relative values ​​of dynamics - characterize changes in the process over time, show how many times the level of the studied indicator has increased or decreased compared to the previous period of time;

dynamics coefficient = P 1 / P 0 (2)

growth rate, % = P 1 / P 0 x 100% (3)

growth rate, %= (P 1 / P 0 x 100%) - 100% (4)

where P 0 is the value of the absolute indicator in the base period;

P 1 - the value of the absolute indicator in the reporting period;

- relative values ​​of the structure - characterize the share of a separate part in the total volume of the aggregate:

specific gravity, % = P i / P n x 100% (5)

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

P n - the entire set, that is, a single whole.

The basis of vertical analysis is a different presentation of reporting - in the form of relative values ​​that characterize the structure of generalizing indicators. An obligatory element of the analysis is the dynamic series of these quantities, which makes it possible to track and predict structural changes in the composition of economic assets and the sources of their coverage. Horizontal analysis allows us to identify trends in changes in individual items or their groups included in the financial statements. This analysis is based on the calculation of the basic growth rates of balance sheet items or income statement items.

1. Liquidity analysis. The indicators of this group allow us to describe and analyze the ability of the enterprise to meet its obligations. The algorithm for calculating these indicators is based on the idea of ​​comparing current assets with short-term debt. As a result of the calculation, it is established whether the enterprise is sufficiently provided with working capital necessary for settlements with creditors for current operations. Since different types of current assets have different degrees of liquidity, several liquidity ratios are calculated.

The current liquidity ratio (CTL) shows the payment capabilities of the enterprise, assessed subject to timely settlements with debtors and favorable sales of goods, but also the sale of other elements of material current assets. It characterizes the expected solvency for a period equal to the average duration of turnover.

The critical value of the lower limit is as follows: Ktl>= 2

The critical liquidity ratio (CLR) reflects the predicted payment capabilities, subject to timely settlements with debtors. It characterizes the expected solvency for a period equal to the average duration of one turnover of receivables.

The assessment of the lower normal limit is as follows: Kcl not less than 1.

The absolute liquidity ratio (Kal) is the most stringent criterion for the liquidity of an enterprise. Shows what portion of short-term debt obligations can be repaid immediately if necessary.

The normal limit for this indicator is as follows: Cal >= 0.2-0.3

3. Analysis of financial stability. Using these indicators (coefficients of autonomy (financial independence), financial stability, financial dependence, financing), the composition of sources of financing is assessed, and the dynamics of the relationship between them, the analysis is based on the fact that sources of funds differ in the level of cost, degree of accessibility, level of reliability, degree risk, etc. To assess the dynamics of the capital structure, the following financial ratios are calculated:

The coefficient shows the proportion of the enterprise's assets that are financed from its own sources of funds. The opposite of this indicator is the financial dependence ratio:

These ratios, taken together, characterize the capital structure, as well as the claims of creditors regarding the property of the enterprise. Therefore, a decrease in the level of the first and, accordingly, an increase in the second coefficient indicates an increase in the financial risk of the organization. Acceptable values ​​of these coefficients in different fields of activity are ambiguous, which, first of all, depends on the ability of individual enterprises to generate a sufficient amount of funds to service creditors. A modification of the considered indicators is the financial leverage ratio:

Shows how much borrowed funds are raised per ruble of an organization’s equity capital and is most often used to justify management decisions to optimize the structure of sources of funds in order to obtain additional profit directed toward increasing equity capital.

To characterize the security of assets with long-term sources of financing, the financial stability coefficient is calculated:

The value of the coefficient should be quite high, since the financial condition of the enterprise will be considered stable if investments in non-current assets and current assets belonging to the third class of liquidity are fully covered by long-term sources.

3. Analysis of current activities. From the perspective of the circulation of funds, the economic activity of any enterprise is a process of continuous transformation of one type of asset into another:

DS => SS => NP => GP => SR => DS, (9)

where DS is cash;

СС – raw materials in warehouse;

WP – work in progress;

GP – finished products;

SR – funds in settlements.

The effectiveness of current activities can be assessed by the length of the operating cycle, which depends on the turnover of funds in various types of assets. All other things being equal, faster turnover indicates increased efficiency. Therefore, the main indicators of this group are indicators of the use of material, labor and financial resources: production, capital productivity, turnover ratios.

4. Analysis of the situation and activities in the capital market. As part of this analysis, spatio-temporal comparisons are made of indicators characterizing the position of the enterprise on the securities market: dividend income, earnings per share, share value. This piece of analysis is performed primarily on companies that are listed on securities exchanges and trade their shares there. Any enterprise that has temporarily available funds and wants to invest it in securities also focuses on the indicators of this group.

Predictive models are models of a predictive, predictive nature. They are used to predict a company's income and its future financial condition. The most common of them are: calculating the point of critical sales volume, constructing predictive financial reports, dynamic analysis models (strictly determined factor models and regression models), situation analysis models. The relationships between break-even analysis can be expressed by the formula:

VR = PZ + FZ + P, (16)

where VR is the volume of production or sales revenue;

PV – total variable costs of the enterprise;

FZ – total fixed costs of the enterprise;

P is the profit of the enterprise’s production activities.

The analysis of values ​​at the critical point is based on the relationship “volume – costs – profit”. The critical point is the point at which the total sales revenue equals the total costs.

5. Cost-benefit analysis. Indicators in this group are intended to assess the overall effectiveness of investing in a given enterprise. Unlike the indicators of the second group, they differ from specific types of assets, but analyze the return on capital of the enterprise as a whole. The main indicators are therefore return on advanced capital and return on equity.

Return on capital characterizes the extent to which equity capital increases due to the profits remaining at the disposal of the enterprise after taxes and can be used to pay dividends and increase the organization's assets.

Return on assets reflects the efficiency of current activities related to the production and sale of products and the efficiency of use of total assets, and the relationship can be represented in the formulas:

The change in the amount of own working capital must correspond to the increase or decrease in the volume of production and sales of products.

Normative models. Models of this type allow you to compare the actual results of enterprises with the expected ones calculated according to the budget. These models are used mainly in internal financial analysis. Their essence comes down to the establishment of standards for each cost item for technological processes, types of products, responsibility centers, and to the analysis of deviations of actual data from these standards. The analysis is largely based on the use of strictly deterministic models.

Decision-making using the above methods, models, and estimates is carried out as a result of the analysis of alternative solutions that take into account the compromise between the requirements of liquidity, financial stability and profitability. An assessment of the financial condition of an enterprise covers a large number of interrelated issues and factors that ultimately determine the final results of the enterprise’s economic activity in modern conditions of economic development. Financial analysis is the basis on which the development of a long-term financial policy of an enterprise is built.

Analysis of financial condition is based on indicators of quarterly and annual financial statements, when it is still possible to change a number of balance sheet items, and is needed to draw up an explanatory note to the annual report. Based on the data of the final financial analysis, almost all areas of organizing the finances of the enterprise are developed, and the effectiveness of management decisions depends on how well it is carried out. The quality of the financial condition assessment depends on the methodology used, the reliability of reporting data, as well as the competence of the person making the decision in the field of financial policy.

Information base for analyzing business performance indicators

The well-being of an enterprise depends on the efficiency of conducting its main economic activities; this is an important condition for its continuous functioning, which in modern conditions serves as a guarantee of survival and the basis for a stable position of the enterprise.

Assessing business performance has an impact on the economic, investment and production activities of an enterprise, so it is necessary to analyze indicators for assessing business performance.

In this regard, we will consider the methodology for analyzing indicators for assessing business performance and determine the information base for such an assessment.

The main information base for assessing business performance is financial reporting. The purpose of financial statements is to present information about the financial position, results of operations and changes in the financial position of a company. This information is needed by a wide range of users to make economic decisions.

The balance sheet is a document that reflects the results of the calculation and double decomposition of the company's capital as of the reporting date. Capital is the only independent and system-forming indicator of the balance sheet, determining the composition and grouping of all its articles and total indicators. Therefore, it would be more correct to say that the balance sheet reflects the state of capital, and not a certain financial state.

Financial results are the main criterion for business performance. In addition, a company's net income, as shown on the income statement, is the upper limit on the funds that can be distributed as dividends to shareholders.

Assessing the performance of the business as a whole over the past period is the most important task, which can be solved by using data from the income statement.

This provides information about past transactions and other events that is extremely important to users when making economic decisions.

Enterprise efficiency assessment based on information from the financial statements of the enterprise, it should help in determining the criterion aspects on the basis of which it is possible to draw conclusions regarding the objective efficiency of the economic activity of the enterprise.

“Reporting is based on facts that have already happened and reflects the state of capital as of the reporting (already past) date and its changes for the reporting (already past) period.” Consequently, the forecast function of reporting is not the main one, but a secondary one. Forecasts, among other things, are based on events that have already happened and on already accumulated resources.

In the context of assessing the performance of an enterprise, the purpose of accounting reports is to provide useful information to users. Currently, almost all enterprises have recognized the feasibility and need to satisfy the information needs of numerous users, who can be grouped into three main groups:

1. Those working directly at this enterprise;
2. Those located outside the enterprise, but having a direct financial interest in the business;
3. Having an indirect interest in business.

Information about the financial position of the enterprise is presented in the form of a balance sheet or balance sheet. This report shows the assets i.e. what a business owns and its sources of financing from accounts payable or equity. The balance sheet serves as an indicator to assess the financial condition of the enterprise. It is intended to assist the user in assessing the ability of an enterprise to meet its obligations.

Assets include equipment, long-term accounts receivable, current accounts receivable, inventories, cash and bank balances, and prepaid expenses. Liabilities (liabilities) include equity, short-term loans and liabilities, accounts payable, debt to the budget and personnel of the enterprise.

Assets give a certain idea of ​​the economic potential of the enterprise, liabilities show the amount of funds received by the enterprise and their sources. The structure of a balance sheet asset can be represented in the form of a diagram shown in Fig. 1.

Rice. 1. Balance sheet asset structure

The liabilities of the balance sheet reflect the sources of funds of the enterprise as of a certain date. They are divided into sources of equity (capital and reserves), long-term liabilities (loans and borrowings) and short-term liabilities (credits, borrowings, settlements and other liabilities).

Sources of own funds include: authorized capital, additional capital, reserve capital, accumulation and social funds, targeted financing and retained earnings from previous years. Borrowed funds include: long-term and short-term loans and borrowings, accounts payable, and other liabilities.

The structure of the balance sheet liability can be represented in the form of a diagram shown in Fig. 2.

Rice. 2. Structure of balance sheet liability

Reporting is a set of information about the results and operating conditions of an enterprise over the past period of time, presented by the relevant economic entity for the purpose of analysis, control and management of activities. Accounting statements contain information about sold products, works and services, the costs of their production, the state of economic assets and the sources of their formation, and the financial results of work.

Methodology for analyzing indicators for assessing the efficiency of an enterprise

The assessment of business performance is based on data from the balance sheet and income statement, which present the most important results of the business entity's activities. However, depending on the purpose of the assessment, different users are interested in certain indicators of financial performance. The main managers of the enterprise are interested in the volume of profit received and its structure, as well as the factors influencing its value. Tax Inspectorate – the amount of taxable profit. Shareholders - net profit and the amount of dividends paid per share, the possibility of making a profit in the near and foreseeable future. However, regardless of the purpose of the assessment, the performance indicators of the enterprise's economic activities are a criterion aspect of the company's effectiveness.

To assess the performance of a commercial enterprise, it is not enough to use an analysis of absolute profit values, since the presence of profit does not mean that the enterprise is working well. The absolute amount of profit does not allow one to judge the degree of profitability of a particular enterprise, transaction, or idea. Many commercial enterprises that have received the same amount of profit have different sales volumes and different costs.

“To determine the effectiveness of costs incurred, to assess the effectiveness and economic feasibility of an enterprise’s activities, it is not enough to just determine absolute indicators; it is necessary to use a relative indicator.” Therefore, to assess the level of operational efficiency, the resulting result - profit - is compared with the costs or resources used, which allows us to obtain a more objective picture. The comparison of profits with costs or resources is characterized by profitability indicators. “Profitability is a relative indicator of economic efficiency that shows the efficiency, profitability, profitability of an enterprise or business activity. This indicator characterizes the level of return on costs and the degree of use of funds.” Thus, profitability indicators are relative characteristics of the financial results and efficiency of the enterprise.

There are profitability indicators used to assess the effectiveness of advanced resources and costs used in business activities, and indicators on the basis of which the profitability and efficiency of capital use are determined.

Return on capital characterizes the amount of profit from each ruble invested in the enterprise's funds.

The main indicators of return on capital are:

• return on assets (property);
• return on current assets;
• return on equity.
• return on investment.

The return on property is calculated as follows:

P property = Profit at the disposal of the enterprise / Average value of assets * 100%

This indicator reflects how many units of profit are received per unit of asset value, regardless of the source of funds raised. This indicator serves to determine the efficiency of using capital of different organizations and industries, since it gives a general assessment of the profitability of capital invested in production, both own and borrowed, attracted on a long-term basis.

Profit at the disposal of an enterprise is understood as the profit remaining after paying taxes and paying off expenses attributable to net profit.

Return on current assets can be determined by the formula:

P current assets = Profit at the disposal of the enterprise / Average value of current assets * 100%

An indicator for assessing the degree of return on invested capital is return on equity. Return on equity capital is expressed by the ratio of net profit (Pch) to sources of equity capital (Is). This indicator characterizes the amount of profit per ruble of equity capital. The return on equity ratio also plays an important role in assessing the level of quotation of an enterprise's shares on the stock exchange.

Return on equity (Rsk) is expressed by the formula:

Rsk = Pch / Is * 100%

If an enterprise focuses its activities on the future, it needs to develop an investment policy. In this case, investment means long-term financing. Information about funds invested in an enterprise can be calculated from balance sheet data as the sum of own sources of funds and long-term liabilities or as the difference between the total amount of assets and short-term liabilities. Return on investment (Ri) is calculated as follows:

Ri = Pdn / (B - Ok) * 100%

where Pdn is profit before tax,

B – balance currency,

Ok – short-term liabilities.

The return on investment indicator is considered in the practice of financial analysis as a way of assessing the “skill” of financial managers in managing investments. Since the company's management cannot influence the amount of taxes paid, for a more accurate calculation of the indicator, the amount of profit before income taxes is used in the numerator.

The difference between the profitability indicators of all assets and equity capital is due to the attraction of external sources of financing. If borrowed funds generate greater returns than paying interest on that borrowed capital, then the difference can be used to increase the return on equity. However, if the return on assets is less than the interest paid on borrowed funds, the impact of borrowed funds on the activities of the enterprise should be assessed negatively.

Return on sales and return on costs indicators are also calculated. Return on sales (RP) characterizes the ratio of net profit (Pch) to the amount of sales revenue (VR), expressed as a percentage:

Рп = Пч / Вр * 100%

Return on sales is an estimated indicator of the production and economic activity of a business entity. It reflects the level of demand for products, works and services, how correctly the business entity determines the product range and product strategy.

Cost profitability (Рз) characterizes the ratio of net profit to the amount of production and sales costs (З), expressed as a percentage:

Rz = Pch / Z * 100%

Return on costs demonstrates the efficiency of economic activity as a whole; the calculation takes into account production costs, commercial and administrative expenses. The cost return indicator shows how many kopecks of profit are per ruble of expenses.

The dynamics of changes in profitability indicators depends, on the one hand, on factors influencing the value of the numerator of the profit indicator on the basis of which it is calculated: sales profit, taxable, net. On the other hand, it depends on the factors influencing the value of the denominator: the amount of assets, investments, sales, total cost. The main factors for increasing profitability are the implementation of measures to improve the efficiency of the enterprise's economic activities.

Practical aspects of analyzing business performance indicators

Let's look at a practical example of a methodology for assessing the efficiency of an enterprise. To do this, we will analyze the profit indicators of a conditional enterprise in order to estimate the income received by the enterprise, reduced by the amount of expenses incurred, in the context of reporting and analytical data. An assessment of the business efficiency of an enterprise will be carried out on the basis that the dynamics of the profit indicators of an economic entity characterizes its business activity and financial independence. The positive dynamics of absolute profit indicators creates the basis for self-financing of the economic activities of an enterprise on the principles of economic calculation.

The summary analytical table shows the dynamics of the enterprise's profit indicators over 3 years.

Dynamics of enterprise profit indicators for three years

Indicators				absolute change	Growth rate
Cost price
Gross profit
Business expenses
Administrative expenses
Profit (loss) from sales
Other income
other expenses
Profit before tax
Income tax and other similar payments
Net profit (retained earnings)

Now let's analyze business performance indicators for this fictitious enterprise.

Analyzing the table data, it should be noted that the company demonstrated an improvement in key profit indicators over a three-year period. The exception was gross profit, since, starting from 2014, administrative expenses are partially taken into account as part of the cost price and partially transferred to selling expenses. The result was a significant cost growth rate, which exceeded the revenue growth rate, and a decrease in gross profit.

The increase in revenue in 2015 compared to 2013 amounted to almost 1.8 billion rubles, the growth rate reached 34.62%. Cost increased by more than 2 billion rubles, the growth rate was 43.5%. However, taking into account the internal reasons for the increase in costs, one can judge that there is no negative structural influence of this factor. At the same time, it is not possible to objectively assess the relationship between the dynamics of sales profit, the growth of which was 21.28%, an increase of 93.7 million rubles, compared to commercial and administrative expenses, for the same internal reasons. However, taking into account the lag in the growth rate of profit from sales from the growth rate of revenue, it can be judged that the company has not used internal reserves to increase the final financial result, a relative reduction in costs, as well as rational optimization of commercial and administrative expenses.

During the analyzed period, other expenses and income showed a strong decrease, but other expenses in 2015 almost doubled other income, which affected the slowdown in the growth rate of profit before tax, which amounted to only 11.38%.

It should also be noted that the net profit of the enterprise for the analyzed period increased by 57 million rubles, the growth rate was 19.75%, which, against the backdrop of a decrease in tax payments, indicates the successful application of preferential mechanisms to reduce tax payments and increase the efficiency of the enterprise’s financial discipline.

For the period from 2013 to 2015, there are no fluctuations of a probabilistic or stochastic nature in relation to sales profit, profit before tax and net profit. This indicates the effective economic activity of the enterprise as a whole and the implementation of a consistent policy regarding economic development as an independent economic entity. In addition, during this period there is no stable negative dynamics for all profit indicators, which characterizes the maintenance of the enterprise’s profitability by the presence of prospects for carrying out economic activities in the future.

Next, it is necessary, taking into account the specifics of the enterprise’s activities, its scope of economic activity and the characteristics of the indicators, to assess the effectiveness of the business, taking into account the factors of increasing sales volumes and net profit and the factors that prevented a more significant increase in profit volumes. If enterprise efficiency assessment showed the unsatisfactory state of the business, appropriate conclusions should be drawn about the unfavorable prospects of the organization.

As an example of factors for increasing or decreasing sales volumes and net profit, we give the following:

• significant expansion or contraction of activities;
• changes in the structure of income and expenses;
• change in the financial policy of the enterprise;
• increasing costs or reducing them.

Profitability indicators characterize the efficiency of an enterprise. Profitability is a relative indicator of the level of profitability of production activities. Unlike profit, which characterizes the absolute results of operations, profitability shows the relationship between the effect and the amount of costs incurred, thereby determining the level of financial security and strength of position.

Using formulas (1), (2), (3), (4), (5) and (6), we calculate profitability indicators based on the data above and present the results in the table.

Analyzing the results of the calculations made, it should be noted that there was a negative change in all profitability indicators in 2015, both compared to 2014 and compared to 2013. Consequently, business performance assessment shows the unsatisfactory state of the enterprise’s economic activity.

When assessing business efficiency, it should be taken into account that the level and dynamics of profitability indicators at an enterprise are objectively influenced by the entire set of internal production and economic factors:

• level of organization of economic activity;
• structure of capital and its sources;
• degree of use of available resources;
• volume of sales;
• the amount of costs incurred.

Return on property, which characterizes the return on every ruble invested in the assets of an enterprise, allows us to judge the decrease in the operating efficiency of the enterprise. In addition, it is necessary to take into account the extremely low value of the indicator, which indicates an insufficient level of rationalization of the financial and economic activities of the enterprise, since the overall assessment of the return on capital invested in production, both own and borrowed, attracted on a long-term basis, is slightly more than 6 kopecks for every ruble invested.

The profitability of current assets, demonstrating the enterprise’s ability to provide a sufficient amount of profit in relation to the working capital used, allows us to conclude that the return on the use of current assets is relatively low.

Return on equity, which makes it possible to determine the real efficiency of using capital invested by the owners of the enterprise, indicates a fairly high return on equity compared to other indicators. It should be noted that the observed negative dynamics of changes in this indicator in the long term can significantly complicate the financial and economic activities of the enterprise.

Return on investment, which characterizes the profitability of capital investments and is a financial and economic reflection of the competitiveness of the enterprise, in connection with the observed dynamics of the decline in the indicator, allows us to judge the decrease in the potential level of competitiveness of the enterprise. At the same time, the long-term nature of the enterprise’s activities partially explains the long periods of negative dynamics, but is not a factor that levels out the unfavorable prospects.

The dynamics of return on sales, which characterizes the economic efficiency of the enterprise's core activities, indicates a slight decrease in demand for the results of economic activities. Despite a slight increase in sales profitability in 2014, in 2015 this figure decreased, which suggests insufficient objectification of the enterprise’s economic activities and the need to revise the strategy for further development.

The dynamics of cost profitability, which determines the efficiency of business activities as a whole, shows a similar trend as profitability of sales. It should be noted that the reduction in the value of this indicator is a consequence of a decrease in the efficiency of using own and borrowed funds to carry out the main economic activities of the enterprise.

Thus, it can be judged that a decrease in profitability indicates that the enterprise has difficulties that the enterprise is experiencing in relation to the effective implementation of its main economic activities. It can be judged that there is an objective need for the enterprise to revise its policy regarding basic commercial issues in order to increase the amount of profit received.

Based on the results of the assessment of indicators, in order to improve business efficiency, the enterprise needs to find possible areas for increasing the efficiency of using net profit.

conclusions

Analysis of indicators for assessing business performance as part of the analysis of financial statements is necessary for managing the main economic activities of an enterprise on the basis of making informed management decisions.

Information base for analyzing indicators business performance assessments serves as financial statements that provide information about the financial position, results of operations and changes in the financial position of the company. The balance sheet shows the assets, i.e. what a business owns and its sources of financing from accounts payable or equity. The balance sheet serves as an indicator to assess the financial condition of the enterprise. For the purpose of assessing business performance, financial statements are the main source of information, which contains the entire set of information about the results and operating conditions of the enterprise over the past period of time.

Business performance assessment according to financial statements, it is used to analyze, control and manage the economic activities of the enterprise.

Analyzing business performance indicators is not an end in itself.

Based on the results of the analysis, conclusions are drawn about possible ways to increase the efficiency of the economic activity of the enterprise. The methodology for analyzing indicators for assessing business performance allows us to identify possible directions, ways of developing and improving the economic activity of an enterprise in accordance with the results obtained.

Literature

1. Dontsova L.V., Nikiforova N.A. Analysis of accounting (financial) statements. – M.: Business and Service, 2015.
2. Tolpegina O.A., Tolpegina N.A. Comprehensive economic analysis of economic activity. – M.: Yurayt, 2013.
3. Gubina O.V., Gubin V.E. Analysis of financial and economic activities. – M.: Infra-M, 2014.
4. Lyubushin N.P. Comprehensive analysis of financial and economic activities. – M.: Finance and Statistics, 2014.
5. Petrova A.N. Economic content of the income statement. // Economic Sciences. – 2012. – No. 7. – P. 157-159.
6. Chechevitsyna L.N. Analysis of financial and economic activities. – Rostov-on-Don: Phoenix, 2014.
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Analysis of the financial statements of an enterprise allows us to identify relationships and interdependencies between various indicators of its financial and economic activities included in the statements. The results of the analysis allow interested individuals and organizations to make management decisions based on an assessment of the current financial situation and activities of the enterprise for previous years and its potential capabilities for the coming years.

To analyze the financial condition of a commercial enterprise, a system of absolute and relative indicators, as well as financial ratios associated with their measurement, is used. The most important of them are indicators characterizing:

Solvency is the ability of an enterprise to pay its obligations;

Financial stability - the state of financial resources, their distribution and use, ensuring the development of the enterprise based on the growth of profits and capital while maintaining solvency and creditworthiness under an acceptable level of risk;

Business activity - the efficiency of the enterprise's use of its funds;

Profitability (profitability) - the level of profit relative to the invested funds or costs of the enterprise;

Efficiency of use of own (share) capital.

The calculation of financial ratios is based on determining the relationships between individual reporting items. The general methodology for such analysis is to compare the calculated coefficients with industry average norms, generally accepted standard coefficients or similar activity data for a number of years.

Drawing up a comparative table for the last two years identifying absolute and relative (in percentage) deviations in the main reporting indicators;

Calculation of relative indicators for several years as a percentage relative to the base year;

Calculation of indicators for a number of years as a percentage of any final indicator (for example, the balance sheet total, the volume of products sold);

Study and analysis of coefficients, the calculation of which is based on the existence of certain relationships between individual reporting items.

The wide distribution and use of coefficients is of interest due to the fact that they eliminate the distorting influence of inflation on the reporting material, which is especially important when analyzing from a long-term perspective.

Solvency analysis

The solvency indicator characterizes the company's ability to fulfill its debt obligations. The calculation and analysis of this indicator is of great importance for the enterprise, since its low potential may be a reason for it to stop making payments. The analysis process examines current and long-term solvency.

Current solvency can be determined from the balance sheet by comparing the amount of its means of payment with current liabilities. The best option is when the company always has available funds sufficient to pay off existing obligations. But an enterprise is solvent even in the case when it has insufficient free cash or no funds at all, but the enterprise is able to quickly realize its assets and pay off creditors.

The most common means of payment include cash, short-term securities, and part of accounts receivable for which there is confidence in its receipt. Current liabilities include obligations and debts subject to repayment: short-term bank loans, accounts payable for goods and services to the budget. The solvency of an enterprise is indicated by the ratio of means of payment to urgent obligations. If this ratio is less than 1, then there is a possibility that the company will not be able to repay its short-term debt on time. This issue can be resolved in the process of analyzing additional information about the timing of payment of accounts payable, receipt of accounts receivable, etc.

The solvency of an enterprise is assessed by liquidity indicators. There are two known concepts of liquidity. According to one of them, liquidity refers to the ability of an enterprise to pay its short-term obligations. According to another concept, liquidity is the readiness and speed with which current assets can be converted into cash. At the same time, the degree of depreciation of current assets as a result of their rapid disposal should also be taken into account.

A low level of liquidity means a lack of freedom of action for the enterprise administration. A more serious consequence of low liquidity is the inability of a company to pay its current debts and obligations, which can lead to the forced sale of long-term financial investments and assets and, ultimately, to non-payments and bankruptcy.

Solvency is often determined by balance sheet liquidity. Analysis of balance sheet liquidity consists of comparing assets, grouped by the degree of their liquidity and arranged in descending order of liquidity, with liabilities, grouped by their maturity and in ascending order.

Depending on the degree of liquidity, that is, the rate of conversion into cash, the assets of the enterprise are divided into the following groups:

And 1 - the most liquid. These include all funds (cash and accounts) and short-term financial investments. Cash is absolutely liquid.

And 2 - quickly implemented. This includes accounts receivable and other current assets.

A 3 - slow to implement. These include inventories, with the exception of the items “Deferred expenses”, as well as “Long-term financial investments”.

And 4 are difficult to implement. These are intangible assets, fixed assets, construction in progress.

Liabilities are grouped according to the degree of urgency of their payment.

P 1 - the most urgent. These include accounts payable and other short-term liabilities.

P 2 - short-term. These include borrowed funds from the "Short-term liabilities" section.

P 3 - long-term. This includes long-term debt and other long-term liabilities.

P 4 - constant. They include the authorized capital and other items from the section “Capital and Reserves”, as well as “Deferred Income”, “Consumption Funds” and “Reserves for Future Income and Expenses”.

To maintain the balance of assets and liabilities, the total of this group is reduced by the amount of the items “Deferred expenses” and value added tax.

The balance is considered absolutely liquid if A1? P1, A2? P2, A 3? P 3, A 4? P 4. In the case when one or more inequalities of the system have a sign opposite to that fixed in the optimal option, the liquidity of the balance sheet differs to a greater or lesser extent from absolute. In this case, the lack of funds in one group of assets is compensated by their surplus in another group, although compensation in this case takes place only in value, since in a real payment situation less liquid assets cannot replace more liquid ones.

It is advisable to present the balance sheet items grouped together in the form of Table 6.

This assessment of liquidity is not final, since each passive group of the balance sheet may turn out to be backed by completely different active values ​​than those indicated in the comparable group.

To more accurately assess balance sheet liquidity, it is necessary to analyze the following liquidity indicators:

The current liquidity ratio is calculated as the ratio of current (current) assets to current liabilities:

Current assets include inventories less deferred expenses, cash, accounts receivable and short-term investments. Current liabilities include borrowed funds (section "Current liabilities") and accounts payable.

The resulting indicator is compared with the average for groups of similar enterprises. It can be assumed that the higher this coefficient, the better the position of the enterprise. But, on the other hand, an overestimated ratio may indicate excessive diversion of the enterprise’s own funds into various types of its assets and excess inventories.

Theoretically, a value of this indicator in the range of 2... 2.5 is considered sufficient, but depending on the forms of calculation, the speed of turnover of working capital, the duration of the production cycle, this value may be significantly lower, but they are assessed positively if the value is greater than 1.

Table 6. Analysis of enterprise liquidity

	For the beginning of the year	At the end of the year		For the beginning of the year	At the end of the year	Payment surplus or deficiency -A - P
Amount, thousand rubles		Amount, thousand rubles		Amount, thousand rubles		Amount, thousand rubles		For the beginning of the year	At the end of the year
A 1 - the most liquid
A 2 - quickly implemented
A 3 - slow to implement
A 4 - difficult to implement

The quick liquidity ratio determines the ability of an enterprise to fulfill its current obligations from quickly liquid assets:

It shows what portion of short-term liabilities can be immediately repaid using cash, funds in short-term financial investments, and proceeds from settlements with customers.

The optimal value of this coefficient is 0.8...1. If the total liquidity ratio of two enterprises is equal, the financial position is preferable to the one that has a higher quick liquidity ratio.

The absolute liquidity ratio is calculated as the ratio of cash, short-term financial investments to current liabilities. It characterizes the ability of an enterprise to immediately pay off its short-term obligations using cash and easily realizable short-term financial investments. Theoretically, this indicator is considered sufficient if this value is above 0.2...0.25:

To assess current liquidity, net working capital is also used, which represents the excess of current assets over current liabilities. A working capital deficit will occur when current liabilities exceed current assets.

The calculation of liquidity indicators is the most critical stage of the analysis, therefore it is necessary to use information for a number of years, which will identify trends in their changes.

To assess long-term solvency (more than one year), the most important thing is profit and earning capacity, since these are the factors that determine the financial health of the enterprise.

To assess the ability of an enterprise to continuously generate profits from its activities in the future, the cash adequacy ratio of the KP is calculated. It reflects the company's ability to earn cash to cover capital expenditures, increase working capital and pay dividends. The numerator and denominator use 3-5 years of data.

A KP coefficient of 1 equal to one means that the enterprise is able to function without resorting to external financing.

Various aspects of the production and economic activity of an enterprise receive a complete monetary assessment in the system of indicators of financial and economic results and characterize the absolute efficiency of the enterprise's management. Analysis of the financial results of an enterprise allows you to determine the most rational ways to use resources and form the structure of the enterprise’s funds. In addition, financial analysis is used to study economic processes and economic relations, showing strong and...

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