In the reporting year, there was an increase in the volume of sales of products by 19,776 thousand rubles. or 5.2%, as well as an increase in the total cost of production by 20,544 thousand rubles. or 5.5%. However, the rate of increase in prime cost exceeds the rate of increase in the volume of sales of products by 0.3%, therefore, an increase in prime cost leads to a decrease in the amount of profit.
In the reporting year, there is a decrease in profit from the sale of products by 768 thousand rubles. or 7.4% compared to the baseline.
Also in the reporting year, there is a decrease in the number of employees at the enterprise by 20 people. The decrease in the number of employees at the enterprise is accompanied by an increase in output. The output per employee increased by 86 thousand rubles. or 110%. At the same time, the output per worker increased by 112 thousand rubles. or 111%. This indicates that the efficiency of the use of labor resources at the enterprise has increased.
Cost indicator per 1 rub. sales volumes in the reporting year increased by 1kop. This indicator characterizes the efficiency of the enterprise, since shows the amount of costs that are contained in 1 rub. proceeds. Consequently, the increase in this indicator by 1 kopeck. will lead to a decrease in profit in each ruble of revenue by 1 kopeck.
Profitability reflects the final results of the enterprise. The level of total profitability in the reporting year decreased by 0.4%. This indicates that the enterprise is at the level of self-sufficiency.
To analyze the effectiveness of the use of OPF, the dynamics of such indicators as: capital productivity, capital intensity, return on assets, capital-labor ratio was analyzed.
The return on assets shows how many rubles of revenue the enterprise received from each ruble invested in the production of OPF. In the reporting year, the Federal District increased by 0.92 rubles. This indicates a slight increase in the efficiency of the use of OPF.
The capital intensity shows how much of the OPF was spent to get 1 ruble. proceeds. There were no changes in the reporting period.
Return on assets as a fund characterizes the amount of profit that an enterprise receives from 1 ruble. OPF. In the reporting year, it decreased by 12.5%. This indicates a decrease in the efficiency of using OPF.
The capital-labor ratio characterizes what part of the OPF in value terms falls on 1 employee. In the reporting period, PV increased by 2.2 thousand rubles. per person. FV is greater than FD, therefore, the enterprise has unused equipment, which means there are reserves for improving the use of FF.
To characterize the use of working capital at the enterprise, the following indicators were analyzed: the turnover ratio, the load factor, the duration of the working capital turnover.
The turnover ratio is used mainly to determine the amount of fixed assets turnover for a certain period of time. An increase in this indicator in the reporting period compared to the baseline by 3.64 turnovers indicates an increase in the speed of fixed assets turnover.
In the reporting period, the duration of 1 turnover decreased by 17.3 days. This indicates that the OS is used effectively in the enterprise. With the effective use of fixed assets, the turnover ratio in dynamics should increase, and the duration of the fixed assets turnover should decrease.
In the reporting year, compared to the baseline, equipment was received by 5261 thousand rubles more. and 8294 thousand rubles. active part of the OPF. At the same time, there was no decrease in the share of the active part. And equipment retired more in the base year than in the reporting year by 13,591 thousand rubles. and 339 thousand rubles. active part. And in the reporting year, less equipment was disposed of than the growth rate.
This situation is typical for enterprises expanding their activities.
At this enterprise, the structure of the OPF can be considered progressive, since the share of the active part is> 50%, in dynamics it continues to increase. In the reporting year, there has been a slight increase in this indicator. From 0.62% in the base year, it reached 0.87% in the reporting year. The increase in this indicator in dynamics is one of the progressive directions of the technical development of the enterprise.
Consequently, the enterprise has unused equipment, which means there are reserves for improving the use of OPF.
The actual availability of technological equipment in the reporting year corresponds to the planned demand.
In the reporting period, there is an increase in the potential PV by 3.2 thousand rubles / person. or 5%. And PV by machines and equipment (actual) by 19.0 thousand rubles / person. or 48%.
The degree of equipment used is optimal, since the share of equipment taken into operation and the utilization rate of available equipment are equal to 1. Therefore, all equipment available at the enterprise is involved in the technological process.
In the reporting year, FD increased by 1 ruble. This means that the proceeds of the enterprise, received from each ruble invested in the production of OPF, increased by 92 kopecks.
This indicates an increase in the efficiency of using OPF.
Intangible assets of the enterprise include objects of intellectual property, in particular, this is the exclusive right of the copyright holder to computer programs, databases. They make up 100% of the total.
There were no changes in intangible assets during the reporting year.
Additional income given view IA does not bring. Therefore, it is impossible to assess the effectiveness of the use of intangible assets.
The actual receipt of inventories in the base year and the reporting year corresponds to the planned demand for them, since a deviation from this equality can cause excessive accumulation of inventories in warehouses, which ultimately will lead to a slowdown in the turnover of working capital. The decrease in the receipt of inventories was caused by the retirement of some stores during the reconstruction and redecoration after the fire.
Consumption of inventories increased in the reporting year. Bread was used 1% more; confectionery by 1%; milk and dairy products by 13.0%; egg by 3%; flour by 20.3%; tea by 9.0%; vegetable oil by 14.0% This increase in the consumption of inventories is associated with a change in the plan.
In general, the amount of material costs increased. But at the same time, the calculated data show the following.
In the reporting year, there was an increase in the amount of material costs attributable to 1 RUB. volume of production. This is evidenced by the fact that in the base year costs were 5 kopecks, and in the reporting year they increased by 1 kopeck. and amounted to 6 kopecks.
The volume of production per each rub. material resources invested in production also decreased in the reporting year. From 18.6 rubles. up to 16.5 rubles, i.e. by 2.1 kopecks.
MOv ME ^ - this is an indicator of ineffective use of material resources.
The actual number of employees corresponds to the planned demand. There is a shortage of 20 people in the category "main personnel", while in the categories "support personnel" and "administrative and managerial personnel" it remained unchanged. The deviation in the category “key personnel” was also observed in the base year.
Therefore, we can conclude that the enterprise does not need labor resources, since this is associated with the disposal of a certain number of stores.
The largest share in the total number of employees at the enterprise is the main personnel - 83.7%. The share of administrative and managerial personnel is 14.0%, the share of support personnel is 2.3%
Since the largest share falls on the main personnel, the management structure can be considered effective
The average number of personnel in the reporting year decreased by 20 people. compared to the baseline. This was mainly due to an increase in the turnover rate for staff retirement by 0.3%. The permanent staff has decreased by 20 people. and consequently the staff constancy ratio decreased by 0.1% in the reporting year.
This indicates a deterioration in the efficiency of the use of labor resources.
In the reporting year, the number of key workers at the enterprise has remained unchanged. At the same time, the output per worker increased by 112 thousand rubles. or 111%. And the volume of sales of products increased by 19,776 thousand rubles, which amounted to 105.2%.
This indicates that the efficiency of the use of labor resources at the enterprise has increased. And the result was an increase in labor productivity. And this, in turn, is accompanied by an increase in the volume of sales.
In the reporting year, labor costs increased by 6526 thousand rubles. or 114%. Costs for main personnel increased by 5128 thousand rubles. or 113%. The administrative and managerial ones increased by 1199 thousand rubles. or 120%. And for the support staff for 199 thousand rubles. or 119%.
It can be concluded that the increase in costs was mainly due to an increase in the costs of administrative, managerial and support personnel.
The largest share in the payroll is the wages of basic workers: 84.4% in the base year and 83.6% in the reporting year. In second place is the cost of remuneration of administrative and managerial personnel: 13.4% in the base year and 14.1% in the reporting year. Support personnel are allocated 2.2% in the base year and 2.3% in the reporting year.
In the reporting year, there was a decrease in the share of costs for the remuneration of auxiliary personnel by 0.1% and for administrative and managerial personnel by 0.7%, and a decrease in the share by 0.8% of costs for the remuneration of labor of the main personnel.
The constant part is 99.4% in the base year and 99.97% in the reporting year. At the same time, in the reporting year, there was an increase in the share of the constant part by 15.1% and an increase in the most constant part by 6776.3 thousand rubles.
Premiums and other payments in the base year amounted to 0.6%, and in the reporting year 0.03%, i.e. the share decreased by 94.1%.
The size of the payroll in the reporting year increased by 114.4%, i.e. by 6526 thousand rubles. Consequently, the size of the average wage of 1 worker has also increased. Namely, by 22.2 thousand rubles. or 122.2%. The average output of 1 worker increased by 110.2%, which is 89 thousand rubles / person.
It can be concluded that the growth rate of labor productivity outstrips the growth rate of average wages. This helps to reduce the cost of production and, as a result, increase profits.
When recalculating the volume of sales of products of the reporting year at prices of the base year, one can see a decrease in volume by 23206 rubles. or 6.1%.
This suggests that if there had not been an increase in prices in the reporting year, then the revenue would have been 23206 rubles. less.
The largest share is retail trade 95.8%, and the smallest small wholesale 0.3%. There were no changes in the reporting year.
There are minor seasonal fluctuations in the volume of sales of services.
Both in the base year and the volume of sales of services fluctuate practically at the same level.
The coefficient of variation equal to 0.01 in the base year shows that the workload of the enterprise by months fluctuates in the allowable size, since does not exceed the value of 0.50 by far. In the reporting year, the coefficient of variation remained unchanged.
Such a low value of the coefficient of variation indicates that seasonality has absolutely no significant effect on the activities of the enterprise.
Material costs and labor costs are the two main elements that make up the cost of production.
Material costs are 46.9% of the cost price in the base year and 45.3% in the reporting year. At the same time, there is a decrease in the share of material costs in the cost of production by 1% in the reporting year.
Labor costs are 12.2% in the base year and 13.3% in the reporting year. Their share in the cost of production increased by 1.1%.
The smallest percentage of the cost is accounted for by the amount of accrued depreciation: 0.6% in the base year and 0.7% in the reporting year.
In general, the cost of production for the year increased by 720,544 thousand rubles. This increase occurred due to the increase in material costs.
Cost indicators for 1 rub. sales in the reporting year increased by 1 kopeck, including 1 kopeck. by reducing the total cost
It can be concluded that the increase in cost was mainly due to changes in product prices.
Profit from sales of products decreased by 768 thousand rubles. and amounted to 9659 thousand rubles. The balance of other income and expenses is negative, i.e. represents a loss, which in the reporting year decreased by 3865 thousand rubles. and amounted to 4527 thousand rubles. Taxable profit decreased by 2,873 thousand rubles. and amounted to 3027 thousand rubles.
The loss as a result of the effect of the physical volume of sales decreased by 729.9 thousand rubles. The change in the loss as a result of the change in prices for services amounted to +42982 thousand rubles. And as a result of the cost price change, the loss decreased by 46,511 thousand rubles. In general, the loss increased by 768 thousand rubles, but the enterprise remained self-supporting.
Compared to the baseline period, the profitability of economic activity, the profitability of sales, assets and capital decreases, which indicates a decrease in the efficiency of the enterprise.
Decrease in profit by 768 thousand rubles. in the reporting year led to a decrease in economic profitability by 0.2%. By increasing the cost by 20,544 thousand rubles. led to a decrease in economic profitability by 0.1%.
The profitability level decreased by 0.3%. This indicates that the enterprise has not moved from the level of self-sufficiency to the level of self-financing.
Non-current assets increased by 10,338 thousand rubles. and amounted to 43,732 thousand rubles; current assets in the amount of 16461 thousand rubles. and amounted to 53,952 thousand rubles; capital and reserves for 1001 thousand rubles. and amounted to 4674 thousand rubles; a significant increase is observed in section IV "Long-term liabilities" by 49,091 thousand rubles, which amounted to 50,012 thousand rubles; there is also a decrease in short-term liabilities by 23,293 thousand rubles.
On the basis of this form, it is possible to assess the optimality of the structure of the balance sheet by formal criteria.
When assessing the structure of the balance sheet on formal grounds, this structure of the balance sheet cannot be considered optimal, since none of the inequalities of the criteria is fulfilled.
The structure of assets at this enterprise is presented in the following percentage: intangible assets - 0.04% in the base year and 0.02% in the reporting year (decrease in the share by 0.02%); fixed assets - 18.4% in the base year and 20.3% in the reporting year (share increase by 1.9%); other current assets - 28.7% in the base year and 24.4% in the reporting year (share decrease by 4.3%); stocks of material resources - 0.9% in the base year and 0.7% in the reporting year (share decrease by 0.2%); work in progress - 0.1% in the base year and 0.04% in the reporting year (decrease in the share by 0.06%); finished products and goods for resale - 28.1% in the base year and 26.7% in the reporting year (share decrease by 1.4); accounts receivable - 16.0% in the base year and 14.5% in the reporting year (decrease in the share by 1.5%); cash - 5.2% in the base year and 7.6% in the reporting year (an increase in the share by 2.4%); other current assets - 2.6% in the base year and 5.7% in the reporting year (increase in the share by 3.1%)
According to the data, it can be seen that the most significant item in the composition of non-current assets is "fixed assets" - 18.4% in the base year and 20.3% in the reporting year and other non-current assets - 28.7% in the base year and 24.4% in the reporting year. year. And in the composition of current assets - finished goods and goods for resale - 28.1% in the base year and 26.7% in the reporting year, accounts receivable - 16.0% in the base year and 14.5% in the reporting year.
An increase in the turnover ratio in the reporting period compared to the baseline by 3.64 turnover indicates an increase in the fixed asset turnover rate. And the decrease in the duration of 1 turnover by 17.3 days in the reporting period indicates that the fixed assets are used effectively at the enterprise. There was a decrease in the load factor in the reporting period by 0.05 rubles. An increase in turnover and a decrease in the load factor indicate an overspending of working capital.
The structure of liabilities at this enterprise is presented in the following percentage: 0.8% and 1.1% - invested capital (share growth by 0.3%); 4.4% and 3.7% - retained earnings (decrease in the share by 0.7%); 0.7% and 51.2% - long-term credits and loans (share growth by 50.5%); 0.6% and 0.01% - other long-term liabilities (decrease in the share by 0.59%); 32.9% and 0.01% - short-term credits and loans (share decrease by 32.89%); 28.3% and 23.6% - accounts payable to suppliers and contractors (decrease in the share by 3.7%); 4.4% and 3.4% - accounts payable to the personnel of the enterprise (decrease in the share by 1.0%); 0.4% and 0.5% - accounts payable to the budget (growth of the share by 0.1%); 27.5% and 16.5% - other payables (share decrease by 11.0).
Based on the results of the ratio of groups of assets and liabilities, we can draw the following conclusion: at the beginning of the year, 3 inequalities do not coincide and at the end of the year, 1 inequality does not coincide, and since if at least one of the inequalities does not coincide, then the enterprise is either limited in its ability to cover debt obligations assets, or does not have this opportunity. Based on this, we can characterize the liquidity of Mosprodtorg OJSC as insufficient.
Based on the results of the company's solvency in the short term, it can be concluded that the absolute liquidity ratio at the beginning of the year is 0.1 and at the end of 0.2. In the reporting year, the company can cover its accounts payable by 20% at the expense of cash.
The quick liquidity ratio at the beginning of the year is 0.2%, and at the end of the year 0.4%, which is below the standard value. Consequently, the company may not settle current liabilities not only for cash, but also for the expected receipts for the services rendered.
The current liquidity ratio at the beginning of the year is 0.6%, and at the end of 1.3%. Consequently, this coefficient does not correspond to the standard value
The analysis shows that the company is not able to cover its short-term liabilities with current assets, therefore, it is insolvent.
According to the results of the analysis of the company's solvency in the long term, it can be seen that the autonomy ratio is 0.05% at the beginning of the year and 0.05% at the end, which is much lower than the standard value, therefore, the share of equity capital is insufficient in the total value of the company's property.
The financial stability ratio reaches the standard 0.6 at the end of the year. This happened due to an increase in long-term liabilities. The share of funding sources that an enterprise can use in its activities for a long time is 60%.
The coefficient of dependence on long-term liabilities is 0.2% at the beginning and 0.9% at the end of the year. The value of this ratio exceeds the standard value, which means that the company depends on long-term liabilities.
The funding ratio at the beginning of the year is 0.05% at the beginning and end of the year, which is less than 1, which indicates significant financial risk.
The long-term structure ratio is 9.1 at the beginning of the year and 9.4 at the end. The value of this coefficient also does not correspond to the standard value. This means that the non-current assets of the enterprise are formed at the expense of long-term capital. Based on the results obtained, it can be concluded that the company is insolvent in the long term.
Samoilov L.L.
firm "INEK"
Financial analysis is based on the calculation of relative indicators characterizing various aspects of the enterprise and its financial position. However, the main thing when conducting financial analysis is not the calculation of indicators, but the ability to interpret the results obtained.
For financial analysis, you can use the following groups of indicators:
Profit and loss indicators (financial results).
Indicators of assets and liabilities.
Indicators performance efficiency enterprises that characterize the profitability of its activities and the profitability of investments.
Indicators sustainability characterizing the degree of independence of the enterprise from external sources of financing, changes in interest rates, indicators solvency, answering the question of whether the company is able to pay off its current debts, whether it will go bankrupt in the near future.
A detailed financial analysis of the enterprise must be carried out in dynamics over a number of quarters; for express analysis, it is enough to compare the data at the beginning and at the end of the analysis period. And with one or the other method of analysis, it must be remembered that financial analysis (based on the analysis of the balance sheet and the profit and loss statement) allows you to pay attention to the "bottlenecks" in the activities of the enterprise and form a list of questions that can be answered only with more detailed acquaintance with the activities of the enterprise.
When analyzing the financial results of the enterprise, the net proceeds, profit or loss received by the enterprise in the analyzed period should be estimated.
Analysis and conclusions about the financial performance of the enterprise should contain detailed answers to the following questions:
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How has changed net proceeds Enterprises for the analyzed period? |
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increased |
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decreased |
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has not changed. |
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Was the main activity, for the sake of which the Company was created, profitable, unprofitable or break-even for the analyzed period? |
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From what type of activity did the Company receive the main income for the analyzed period? |
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main or investment and other types of activities |
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What profit(loss) before taxation received by the Company as a result of all types of activities at the end of the analyzed period? |
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As evidenced by the absence of the Enterprise retained earnings ? |
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On the lack of the possibility of replenishing working capital for the conduct of normal economic activity. Whether the company acted efficiently or ineffectively - it is necessary to compare the growth rate of revenue and cost. |
When analyzing the assets of an enterprise, it is necessary to reflect the absolute changes in the property of the enterprise, to draw conclusions about the improvement or deterioration of the structure of assets.
When analyzing the assets of the Enterprise, the following points should be reflected:
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Which components accounted for the largest share in structure cumulative assets ? |
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If on negotiable assets, this indicates the formation of a sufficiently mobile structure of assets, contributing to the acceleration of the turnover of funds of the Enterprise. |
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In general, how property changed(the sum of non-current and current assets) Enterprises? |
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Decrease property testifies to the reduction of economic turnover by the Enterprise, which may lead to its insolvency and vice versa. |
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The growth of the property of the Company may indicate a positive change in the balance. |
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What happened to the components non-circulating assets? |
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increase unfinished construction can negatively affect the results of the financial and economic activities of the enterprise (it is necessary to additionally analyze the feasibility and effectiveness of investments), |
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increase long-term financial investments indicate the diversion of funds from the main production activity, and the decrease contributes to the involvement of financial resources in the main activities of the enterprise and the improvement of its financial condition |
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How has changed structure of non-circulating assets? |
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What is share of major funds in total assets at the end of the analyzed period? Does the enterprise have a “heavy” or “light” asset structure? |
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If it was less than 40%, the Enterprise has a "light" asset structure, which indicates the mobility of the Enterprise's property. If it was more than 40%, the Company has a "heavy" asset structure, which indicates significant overhead costs and high sensitivity to changes in revenue. |
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How has changed amount of circulating assets of the enterprise for the analyzed period? |
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What articles contributed the main contribution to the shaping circulating assets? |
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2) accounts receivable |
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3) short-term financial investments |
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4) cash |
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What problems can such structure of circulating assets? |
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A structure with a high share of debt and a low level of cash may indicate problems associated with payment for the services of the Enterprise, as well as the predominantly non-monetary nature of settlements, and vice versa, a structure with a low share of debt and a high level of cash may indicate a favorable state of settlements between the enterprise and consumers. ... |
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How has changed inventory value over the analyzed period, is this change positive and what does it indicate? |
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If the inventory value has increased and turnover duration stocks decreased, this is a negative factor |
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How have they changed during the analyzed period volumes of accounts receivable debt? |
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1) have grown, which is a negative change and may be caused by problems associated with payment for products (works, services) of the Enterprise or the active provision of consumer loans to customers, i.e. the diversion of part of the current assets and the immobilization of part of the working capital from the production process. |
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2) decreased, which is a positive change and may indicate an improvement in the situation with payment for the Company's products and the choice of a suitable sales policy. |
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Which one type of debtors accounted for the largest share in the total amount of debt? |
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long-term (maturing in more than 12 months) debtors. This is shown by the long-term withdrawal of funds from circulation. |
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The enterprise during the analyzed period had an active or passive debt balance ? |
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A comparison of the amounts of receivables and commercial payables may show that the Company during the analyzed period had: |
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1) active balance (accounts receivable exceeds accounts payable) |
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2) passive balance (accounts payable exceeds accounts receivable) |
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If the company has a surplus, then it provided its customers with a free commercial loan in an amount exceeding the funds received in the form of deferred payments to commercial lenders, |
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if passive, it financed its reserves and deferred payments of its debtors through non-payments to commercial creditors (that is, the budget, extra-budgetary funds, etc.) |
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How has changed share of funds in the structure of current assets of the Enterprise for the analyzed period? |
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The lack of cash in current assets may be a consequence of the barter nature of settlements. |
When analyzing the sources of the formation of the property of the enterprise, absolute and relative changes in the enterprise's own and borrowed funds should be considered.
When analyzing the sources of the formation of the property of the Enterprise, it is necessary to determine:
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What funds (own or borrowed) are main source formation of the total assets of the Enterprise? How does it change equity(actual, minus losses and debts of founders) in a share in the balance sheet for the analyzed period? |
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1) The increase contributes to the growth of the financial stability of the Enterprise |
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2) Decrease contributes to a decrease in the financial stability of the Enterprise |
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How has changed share of borrowed funds in the aggregate sources of assets formation, what does this indicate? |
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increased, which may indicate an increase in the financial instability of the enterprise and an increase in the degree of its financial risks. |
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decreased, which may indicate an increase in the financial independence of the enterprise. |
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has not changed. |
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What can be evidenced by a decrease (increase) in the value reserves, funds and profits Enterprises? |
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In general, the increase in reserves, funds and retained earnings may be the result of the efficient operation of the Company. |
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In general, the reduction in reserves, funds and retained earnings may indicate a drop in the business activity of the Company. |
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How has it changed during the analyzed period structure of own capital (declared), which components accounted for the largest share? |
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What obligations prevail in structure of borrowed capital? How have long-term liabilities changed over the analyzed period? |
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Analysis of the structure of financial liabilities gives an answer to the question whether it has increased or decreased risk loss financial sustainability enterprises. |
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The predominance of short-term sources in the structure of borrowed funds is a negative fact that characterizes the deterioration of the balance sheet structure and an increase in the risk of loss of financial stability. |
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The predominance of long-term sources in the structure of borrowed funds is a positive fact that characterizes an improvement in the balance sheet structure and a decrease in the risk of loss of financial stability. |
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What kind obligations prevail in the structure of commercial payables at the beginning and at the end of the analyzed period? |
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front suppliers and contractors |
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on promissory notes payable |
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on payment labor |
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on social insurance and security |
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front subsidiary and dependent societies |
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front budget |
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on advances received |
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front other creditors |
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How changed for the analyzed period short-term commitments before the budget, before suppliers and contractors, on wages, on social insurance and security, on promissory notes payable, to subsidiaries and dependent companies, on advances received? |
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An increase in the amount of advances received can be positive. |
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A decrease in the amount of advances received may be negative. |
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What kind kinds short term arrears in the analyzed period are characterized by the greatest growth rates ? |
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A negative aspect is the high share of debt (over 60%) to the budget, since delays in the corresponding payments cause the accrual of penalties, the interest rates for which are quite high. In addition, the likelihood of the Enterprise falling under article 3. Bankruptcy Law law. There is a need for additional analysis of accounting data. |
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A negative aspect is the high share (over 60%) of debt to extra-budgetary funds. |
Performance efficiency
When assessing the effectiveness of the enterprise, it is necessary to evaluate the indicators of profitability and turnover, to draw reasonable conclusions about the profitability of the main and other types of activities of the enterprise.
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From what level asset turnover Enterprises and degrees profitability of all operations add up the level of return on assets? Are the problems of the Enterprise connected with difficulties in selling products, with high costs for its production or ineffective management of working capital? |
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A simultaneous decline in profitability and asset turnover is a "diagnosis" of the presence of problems associated, for example, with the sale of products and the work of the marketing department (the rate of revenue growth is slowing down). |
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What is efficiency attracting investment investments to the Enterprise? |
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Return on equity (actual) of the Enterprise increased, which indicates the possibility and sufficient efficiency of attracting investment investments in the Enterprise |
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decreased, which indicates the low efficiency of attracting investment investments in the Company. |
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throughout the entire analyzed period was negative, which indicates the absolute disadvantage of investing in the Company |
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Is there a positive or negative trend in the structure of working capital in terms of duration turnover of net production working capital? |
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The value of the indicator is less than 0, on the one hand, it indicates a positive trend in the structure of working capital, since The entity finances commercial credit to its customers as well as its inventory by deferring payments to creditors. On the other hand, this fact is associated with the risk of loss of financial stability and solvency. |
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The value of the indicator is more than 0, on the one hand, it indicates a negative trend in the structure of working capital, since The company “freezes” funds in the form of stocks or commercial loans provided to buyers, which is financed either from its own funds or by attracting a paid bank loan. On the other hand, this circumstance is positive, since the risk of loss of financial stability and solvency is reduced. |
Financial stability
The analysis of financial stability should show the presence or absence of the enterprise's ability to attract additional borrowed funds, the ability to pay off current liabilities at the expense of assets of varying degrees of liquidity.
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What margin of safety does level of own capital of the Enterprise? |
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The enterprise is characterized by |
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significant safety factor (> 0.5) |
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insignificant safety factor (0< - <= 0,5) |
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extremely low safety factor (<= 0) |
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The Enterprise had the opportunity to attracting additional borrowed money without the risk of losing financial stability? How the situation has changed at the end of the analyzed period? |
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Analysis of the level of equity at the beginning of the period reveals: |
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ample opportunities to attract additional borrowed funds without the risk of losing financial stability (> 0.5) |
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limited opportunities to attract additional borrowed funds without the risk of losing financial stability (0<--<= 0,5) |
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lack of opportunities to attract additional borrowed funds without the risk of losing financial stability (<= 0) |
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What is coverage of non-current assets own capital (actual)? From what sources are the long-term assets of the Company financed? |
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What is the level solvency Enterprises by criterion Beaver ? |
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Indicator value<= 0,17 позволяет отнести Предприятие к high the “risk of loss of solvency” group, i.e. the level of his solvency is low. |
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Indicator value 0.17< 2п <= 0,4 позволяет отнести Предприятие к middle the “risk of loss of solvency” group, i.e. the level of his solvency is assessed as average. |
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The value of the indicator> 0.4 allows us to classify the Enterprise as low the “risk of loss of solvency” group, i.e. the level of his solvency is quite high. |
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How many days is self-financing interval Enterprises? What reserve level Businesses to finance their costs and other costs? |
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The self-financing (or solvency) interval of the Enterprise may indicate |
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high level of reserves (> = 90) |
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on the low level of reserves at the Enterprise to finance its costs as part of the cost (< 90) |
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In international practice, it is considered normal if this figure exceeds 90 days. |
Based on the calculated data, it is possible to derive a comprehensive indicator of the investment attractiveness of an enterprise and classify enterprises into one of four groups:
The first group - At the end of the analyzed period, the company has a high profitability and it is financially stable. The solvency of the company is beyond doubt. The quality of financial and production management is high. The enterprise has excellent chances for further development.
The second group - At the end of the analyzed period, the company has a satisfactory level of profitability. Its solvency and financial stability are, in general, at an acceptable level, although some indicators are below the recommended values. However, this enterprise is not sufficiently resistant to fluctuations in market demand for products and other factors of financial and economic activity. Working with an enterprise requires a balanced approach.
The third group - At the end of the analyzed period, the company is financially unstable, it has a low profitability to maintain solvency at an acceptable level. As a rule, such an enterprise has arrears. It is on the verge of losing financial stability. To get the company out of the crisis, significant changes should be made in its financial and economic activities. Investments in an enterprise are associated with increased risk.
Fourth group - At the end of the analyzed period, the company is in a deep financial crisis. The amount of accounts payable is large, it is not able to pay off its obligations. The financial stability of the enterprise is almost completely lost. The value of the indicator return on equity does not allow hoping for improvement. The degree of the enterprise's crisis is so deep that the likelihood of improvement even in the event of a fundamental change in financial and economic activities is low.
At the end of the analyzed period, the company has a high profitability and it is financially stable. The solvency of the company is beyond doubt. The quality of financial and production management is high. The enterprise has excellent chances for further development. - At the end of the analyzed period, the company has a satisfactory level of profitability. Its solvency and financial stability are, in general, at an acceptable level, although some indicators are below the recommended values. However, this enterprise is not sufficiently resistant to fluctuations in market demand for products and other factors of financial and economic activity. Working with an enterprise requires a balanced approach. - At the end of the analyzed period, the company is financially unstable, it has a low profitability to maintain solvency at an acceptable level. As a rule, such an enterprise has arrears. It is on the verge of losing financial stability. To get the company out of the crisis, significant changes should be made in its financial and economic activities. Investments in an enterprise are associated with increased risk. - At the end of the analyzed period, the company is in a deep financial crisis. The amount of accounts payable is large, it is not able to pay off its obligations. The financial stability of the enterprise is almost completely lost. The value of the indicator return on equity does not allow hoping for improvement. The degree of the enterprise's crisis is so deep that the likelihood of improvement even in the event of a fundamental change in financial and economic activities is low.
- Economy
Keywords:
1 -1
Based on the results of the analysis of the financial activities of the enterprise, the following risk factors can be identified.
Suboptimal structure of assets, liabilities, stocks and costs. The company has a "heavy" asset structure, since non-current assets accounted for more than 55%, and circulating assets less than 45% at the beginning of 2011. An increase in the share of non-current assets is a sign of reduced property mobility.
Borrowed funds are the main source of the formation of the aggregate liabilities of the enterprise. A significant share of borrowed sources - more than 50% - testifies to the risky activities of the enterprise, which may cause insolvency.
Increase in short-term accounts payable by 50,639 thousand rubles. (137.94%) indicates the emergence of new obligations of the enterprise both to the bank and to other creditors.
Inventories decreased by 1,896 thousand rubles. (or the rate of their growth in relation to the beginning of the period was 96.84%). This was due to a decrease in inventories by 1231 thousand rubles. and finished products by 390 thousand rubles, which may indicate a decrease in sales due to a decrease in demand for products in the market. Perhaps the enterprise does not have the funds to purchase raw materials for production due to the increased accounts receivable (by 19369 thousand rubles).
The financial condition of the enterprise at the beginning and end of the analyzed period is in crisis (reserves and costs are not provided by the sources of their formation; the enterprise is on the verge of bankruptcy), since the analysis revealed a lack of its own circulating assets (-187543 thousand rubles at the beginning and -299897 thousand rubles). rubles, at the end of the period), lack of own and long-term borrowed working capital (-10990 thousand rubles at the beginning and -34507 thousand rubles at the end of the period).
During the analyzed period there was a decrease in balance sheet liquidity. The most liquid assets and slow-moving assets are not able to cover the most urgent liabilities and long-term liabilities, respectively. The payment deficit amounted to 129,129 thousand rubles at the beginning, and 175,045 thousand rubles at the end of the period.
The ratio of equity and debt is not optimal. The debt-to-equity ratio dropped from 44.52 to 22.64, but still falls short of the recommended value. The ratio reflects the excess of the amount of borrowed funds over their own sources of coverage.
The value of the bankruptcy ratio decreased (in 2011 -0.25). It is below the standard, which indicates a high risk of bankruptcy.
The liquidity ratio decreased (from 0.48 to 0.41). The company can repay only 41% of its liabilities at the end of the period.
Permanent liabilities (equity) are less than hard-to-sell assets (fixed assets), which can create a shortage of own circulating assets. The payment deficit amounted to 129,129 thousand rubles at the beginning, and 175,045 thousand rubles at the end of the period.
SOS with the involvement of DZS and KZS do not cover reserves and costs. The ratio of supply of stocks and costs with its own sources of formation slightly increased from 0.12 to 0.34, it is lower than the standard, which means that the company does not provide stocks and costs with its own sources of financing.
A joint analysis of financial ratios indicates a general deterioration in the financial situation of the enterprise for the analyzed period.
The autonomy ratio is significantly less than the standard value (0.02 for 2010 and 0.04 for 2011), which indicates the financial dependence of the enterprise.
In 2011, there was an increase in sales revenue (up to 1001,985 thousand rubles), however, losses from sales increased to -40,239 thousand rubles. due to an increase in the share of production costs (from 732,036 thousand rubles in 2010 to 799,908 thousand rubles in 2011) compared to an increase in proceeds from the sale of goods.
The loss growth rate is 264.54%, while the revenue growth rate is 106.93%. At the same time, the growth rate of prime cost (109.27%), the share of changes in which amounted to 1.71% in the change in revenue. Thus, we can talk about a sharp decline in production efficiency. The growth rate of revenue is lower than the growth rate of prime cost, selling expenses are growing (by 13608 thousand rubles), losses from the enterprise's activities are growing (by 57496 thousand rubles).
The return on sales ratio decreased (from -0.01 to -0.08). Its decline indicates an increase in production costs at constant prices, i.e., a decrease in demand for the company's products.
In general, an enterprise's “credits” exceed their “debts”. The company pays off its obligations faster than it receives money for "loans".
Analysis of business activity and profitability indicates a general decline in profitability and a drop in business activity of the enterprise.
To strengthen the financial stability of the enterprise, and to implement the company's strategy in a given direction, it is necessary for all structural divisions to work on the Company's budget assignment:
The personnel service should carry out work to optimize the number of all structural divisions of the Company in order to reduce the support personnel from 10% to 30%.
The economic service should recalculate the lease amounts under the agreements, taking into account inflation.
Legal service to prepare additional agreements to lease agreements based on the recalculation of the economic service.
To the logistics service, in order to reduce transport costs, analyze the delivery of raw materials and materials, taking into account the logistic scheme.
The logistics department, in order to reduce costs by 7%, carry out work to optimize the loading of vehicles, develop a scheme for the transportation of finished products, taking into account changes in the production of branded bread.
Of the Trading Company, based on the general objectives of the Company, to ensure the growth of sales of finished products by 3% -5%.
The technical service of the Company to take measures to reduce the cost of energy carriers (electricity, heat, water).
The Strategic Development Department shall prepare a project to optimize the production of branded bread and the effective use of the sites of the Head Bread Factory, Bread Factory No. 1, Bread Factory No. 3, develop and implement a project to automate the Company's operational accounting based on the selected software product in order to obtain information on activities by the management by the 3rd the month following the reporting month.
The Trade House will use the provided 10% discount on investments in the development of the retail network in new formats (coffee shops, snack bars, mini-markets, etc.), to ensure the level of sales sufficient to cover losses.
The Balance Commission shall develop regulations for the Company's budgetary process, which are binding on all CFDs.
To the technological service, in order to reduce losses due to rejects and product returns, to take measures to improve quality control of products, to take measures to reduce the raw material component by 4% in cakes and by 9% in wafer products, together with the quality department, develop and approve a procedure for introducing new assortment, use the developed regulations in work.
Appendix
Extracts from the balance sheet of the enterprise OJSC "Krasnoyarsk bread"
| Balance sheet asset indicators | Balance line code | 2010year | 2011 |
| I. NON-CURRENT ASSETS | |||
| Intangible assets | - | - | |
| Fixed assets, including: | |||
| buildings and constructions | |||
| cars and equipment | |||
| land | |||
| vehicles | |||
| other fixed assets | |||
| Construction in progress | - | - | |
| Financial investments | |||
| Deferred tax assets, including: | |||
| future spending | |||
| materials | |||
| fixed assets | |||
| products | |||
| Other non-current assets, including: | |||
| land acquisition | |||
| land acquisition | |||
| Total for Section I | |||
| II. CURRENT ASSETS | |||
| Stocks, including: | |||
| inventories | |||
| finished products | |||
| products | |||
| future spending | |||
| Value added tax on acquired assets | |||
| Accounts receivable, including: | |||
| suppliers and contractors, advances issued | |||
| settlements with the personnel of the enterprise | |||
| - | |||
| settlements with the budget | - | - | |
| other settlements with other companies | |||
| settlements with buyers of finished products | |||
| Financial investments, loans issued | - | ||
| Cash, including: | |||
| organization's cash desk | |||
| settlement accounts | |||
| transfers in transit | - | ||
| Other current assets, including: | |||
| settlements with staff on remuneration | |||
| shortages and losses from damage to valuables | - | - | |
| Total for Section II | |||
| BALANCE | |||
| I11. CAPITAL AND RESERVES | |||
| Authorized capital (share capital, authorized capital, partners' contributions) / Mutual fund | |||
| Revaluation of non-current assets | |||
| Extra capital | - | - | |
| Reserve fund | |||
| Social Sphere Fund | - | - | |
| Targeted funding and receipts | - | - | |
| Retained earnings (uncovered loss) / Reserve and other trust funds | -22990 | -93049 | |
| Total for Section I11 | |||
| 1V. Long term duties | |||
| Borrowed funds, loans | |||
| Deferred tax liabilities | |||
| Total for Section V | |||
| V. SHORT-TERM Commitments | |||
| Borrowed funds | |||
| Accounts payable, including: | |||
| settlements with suppliers and contractors | |||
| other settlements with other organizations | |||
| settlements with the budget | |||
| settlements with extrabudgetary funds | |||
| settlements with buyers on advances received | |||
| calculations with accountable persons | - | ||
| revenue of the future periods | - | ||
| Provisions for future expenses and payments | - | - | |
| Other short-term liabilities | - | - | |
| Total for Section V | |||
| BALANCE |
Extract from the Statement and Profit and Loss Statement
| Indicators | Report line code | Indicator value, thousand rubles | |
| 1. Income and expenses from ordinary activities | |||
| Revenue | |||
| Cost of sales | |||
| Gross profit (loss) | |||
| Business expenses | |||
| Administrative expenses | |||
| Profit (loss) from sales | -15211 | -40239 | |
| Operating income and expenses | |||
| Income from participation in other organizations | |||
| Interest receivable | |||
| Percentage to be paid | |||
| Other income | |||
| other expenses | |||
| Non-operating income and expenses | |||
| Profit (loss) before tax (line 050 + 060 - 070 + 090 - 100 + 120 –130), including: | -12114 | -79043 | |
| Current income tax, including: | - | - | |
| permanent tax liabilities | |||
| Change in deferred tax liabilities | (466) | (129) | |
| Change in deferred tax assets | (19) | ||
| Other | (35) | ||
| Net income (loss) | -12563 | -70059 |
Bibliography
1 Analysis of the economic activity of the enterprise: textbook / V. V. Kovalev, O. N. Volkova. - Moscow: Prospect: Welby, 2008 .-- 420 p.
2 Analysis and diagnostics of financial and economic activities of enterprises: textbook / N. E. Zimin, V. N. Solopova. - Moscow: KolosS, 2007 .-- 382 p.
3 Kireeva, N.V. Complex economic analysis of economic activity: educational / N.V. Kireeva. - Moscow: Social relations, 2007 .-- 505 p.
4 Ladygina L.F. Methodological manual for the preparation of a course project for students of the specialty on the topic "Analysis of the financial condition of the enterprise"
5 Savitskaya, G.V. Analysis of the economic activity of the enterprise: textbook / G.V. Savitskaya. - Moscow: Infra-M, 2010 .-- 534 p.
6 Accounting documents of the enterprise "Krasnoyarsk Khleb": Balance sheet, Form-2 "Profit and loss statement
7 Annual report of the work of JSC "Krasnoyarsk Bread" for 2011
8 Journal of audit and financial analysis: The traditional approach to assessing the financial performance of an enterprise
9 Official site of the company "KX"
10 Samoilov L.L. Practical conclusions based on the results of the analysis of financial indicators [Electronic resource]
11 Development of measures to increase the profitability of the financial and economic activities of the enterprise [Electronic resource]
Based on materials from INEK
Financial analysis is based on the calculation of relative indicators characterizing various aspects of the enterprise and its financial position. However, the main thing when conducting financial analysis is not the calculation of indicators, but the ability to interpret the results obtained.
For financial analysis, you can use the following groups of indicators:
q P&L (financial results) by volume.
q Volume indicators of assets and liabilities.
q Relative performance indicators of the enterprise, characterizing the profitability of its activities and return on investment.
q Relative indicators of financial stability, characterizing the degree of independence of the company from external sources of financing, changes in interest rates.
q Relative indicators of solvency, answering the question of whether the company is able to pay off its current debts, whether it will go bankrupt in the near future.
A detailed financial analysis of the enterprise must be carried out in dynamics over a number of quarters; for express analysis, it is enough to compare the data at the beginning and at the end of the analysis period. And with one or the other method of analysis, it is necessary to remember that financial analysis (based on the analysis of the balance sheet and the profit and loss statement) allows you to pay attention to the "bottlenecks" in the activities of the enterprise and form a list of questions that can be answered only with more detailed acquaintance with the activities of the enterprise.
Financial results
When analyzing the financial results of the enterprise, the net proceeds, profit or loss received by the enterprise in the analyzed period should be estimated.
Analysis and conclusions about the financial performance of the enterprise should contain detailed answers to the following questions:
ü How has the net revenue of the Company changed for the analyzed period? Has it increased, decreased, has not changed?
ü Was the main activity, for the sake of which the Company was created, profitable, unprofitable or break-even for the analyzed period?
ü From what type of activity did the Company receive the main income for the analyzed period? From the main or investment and other types of activities?
ü What profit (loss) before taxation received by the Company as a result of all types of activities at the end of the analyzed period?
ü What is evidenced by the absence of the Enterprise of retained earnings? For example, about the absence of the possibility of replenishing working capital for the conduct of normal business activities.
ü The enterprise acted efficiently or ineffectively - it is necessary to compare the growth rate of revenue and cost price.
Balance sheet assets structure
When analyzing the assets of an enterprise, it is necessary to reflect the absolute changes in the property of the enterprise, to draw conclusions about the improvement or deterioration of the structure of assets. You need to answer the following questions:
ü What components accounted for the largest share in the structure of total assets?
If for current assets, then this indicates the formation of a sufficiently mobile structure of assets, contributing to the acceleration of the turnover of funds of the enterprise.
ü In general, how has the property (the sum of non-current and circulating assets) of the Enterprise changed?
Decrease in property testifies to the reduction of economic turnover by the Enterprise, which may lead to its insolvency and vice versa.
The growth of the property of the Company may indicate a positive change in the balance.
ü What happened to the components of non-current assets?
An increase in construction in progress may negatively affect the results of the financial and economic activities of the enterprise (it is necessary to additionally analyze the feasibility and effectiveness of investments).
An increase in long-term financial investments indicates the diversion of funds from the main production activity, and a decrease contributes to the involvement of financial resources in the main activities of the enterprise and the improvement of its financial condition.
ü How did the structure of non-current assets change?
ü What is the share of fixed assets in total assets at the end of the analyzed period?
ü Does the company have a "heavy" or "light" asset structure?
If it was less than 40%, the company has a "light" asset structure, which indicates the mobility of the company's assets.
If it was more than 40%, the company has a "heavy" asset structure, which indicates significant overhead costs and high sensitivity to changes in revenue.
ü How has the value of the company's current assets changed during the analyzed period?
ü What articles made the main contribution to the formation of current assets?
1) stocks;
2) accounts receivable;
3) short-term financial investments;
4) cash.
ü What problems can such a structure of current assets indicate?
A structure with a high share of debt and a low level of cash may indicate problems associated with payment for the company's services, as well as the predominantly non-monetary nature of settlements.
A structure with a low share of debt and a high level of cash resources may indicate a favorable state of settlements between an enterprise and consumers.
ü How has the cost of inventories changed over the analyzed period, is this change positive and what does it indicate?
If the cost of inventories has increased, and the duration of inventory turnover has decreased, this is a negative factor.
ü How have the volumes of accounts receivable changed during the analyzed period?
1) have grown, which is a negative change and may be caused by problems associated with payment for products (works, services) of the enterprise or the active provision of consumer loans to customers, i.e. the diversion of part of the current assets and the immobilization of part of the working capital from the production process.
2) decreased, which is a positive change and may indicate an improvement in the situation with payment for the Company's products and the choice of a suitable sales policy.
ü What type of debtors accounted for the largest share in the total amount of debt? On long-term (with a maturity of more than 12 months) debtors, which indicates a long-term withdrawal of funds from circulation, or on short-term?
ü During the analyzed period, did the company have an active or passive balance of debt?
A comparison of the amounts of accounts receivable and commercial payables may show that the enterprise during the analyzed period had:
1) active balance (accounts receivable exceeds accounts payable);
2) passive balance (accounts payable exceeds accounts receivable).
If the company has a surplus, then it provided its customers with a free commercial loan in an amount in excess of the funds received in the form of deferred payments to commercial creditors, and if it is passive, it financed its reserves and deferred payments of its debtors through non-payments to commercial creditors (that is, the budget, off-budget funds, etc.)
ü How has the share of cash in the structure of current assets of the Company changed over the analyzed period?
The lack of cash in current assets may be a consequence of the barter nature of settlements.
Balance sheet liabilities structure
When analyzing the sources of the formation of the property of the enterprise, absolute and relative changes in the enterprise's own and borrowed funds should be considered. It is necessary to determine:
ü What funds (own or borrowed) are the main source of formation of the total assets of the Company?
ü How does the equity capital (actual, less losses and debts of the founders) change in the share in the balance sheet for the analyzed period?
1) The increase contributes to the growth of the financial stability of the Enterprise
2) Decrease contributes to a decrease in the financial stability of the Enterprise
ü How has the share of borrowed funds changed in the aggregate sources of assets formation, as evidenced by this?
Increased, which may indicate an increase in the financial instability of the enterprise and an increase in the degree of its financial risks.
Decreased, which may indicate an increase in the financial independence of the enterprise.
Hasn't changed.
ü What can the decrease (increase) in the amount of reserves, funds and profit of the enterprise indicate?
In general, the increase in reserves, funds and retained earnings can be the result of the efficient operation of the enterprise.
In general, the reduction in reserves, funds and retained earnings may indicate a drop in the business activity of the Company.
ü How has the structure of equity capital (declared) changed during the analyzed period, which components accounted for the largest share?
ü What liabilities prevail in the structure of borrowed capital?
ü How have long-term liabilities changed over the analyzed period?
ü Analysis of the structure of financial liabilities gives an answer to the question whether the risk of loss of financial stability of the enterprise has increased or decreased.
The predominance of short-term sources in the structure of borrowed funds is a negative fact that characterizes the deterioration of the balance sheet structure and an increase in the risk of loss of financial stability.
The predominance of long-term sources in the structure of borrowed funds is a positive fact that characterizes an improvement in the balance sheet structure and a decrease in the risk of loss of financial stability.
ü What liabilities prevail in the structure of commercial payables at the beginning and at the end of the analyzed period?
to suppliers and contractors;
on promissory notes payable;
on wages;
on social insurance and security;
to subsidiaries and affiliates;
before the budget;
on advances received;
to other creditors.
ü How have short-term liabilities to the budget, to suppliers and contractors, wages, social insurance and security, bills payable, to subsidiaries and dependent companies, on advances received during the analyzed period changed?
An increase in the amount of advances received can be positive.
A decrease in the amount of advances received may be negative.
ü What types of short-term debt in the analyzed period are characterized by the highest growth rates?
A negative aspect is the high share of debt (over 60%) to the budget, since delays in the corresponding payments cause the accrual of penalties, the interest rates for which are quite high. In addition, the likelihood of an enterprise falling under Article 3. of the Bankruptcy Law is increased. There is a need for additional analysis of accounting data.
A negative aspect is the high share (over 60%) of debt to extra-budgetary funds.
Performance efficiency
When assessing the efficiency of the enterprise, it is necessary to evaluate the indicators of profitability and turnover, to draw reasonable conclusions about the profitability of the main and other types of activities of the enterprise.
ü Did the company receive profit or loss from each ruble invested in assets?
ü What is the rate of return on investments in property and the efficiency of using the company's assets?
ü How has the return on assets in terms of profit before tax changed?
overall property use efficiency was high (> 0.3)
overall property use efficiency was average (from 0.1 to 0.3)
property use efficiency was generally low (less than 0.1)
ü What is the level of asset turnover of the Company and the degree of profitability of all operations that the level of return on assets is formed from?
ü Are the problems of the Enterprise connected with difficulties in selling products, with high costs for its production or ineffective management of working capital?
A simultaneous decline in profitability and asset turnover is a "diagnosis" of the presence of problems associated, for example, with the sale of products and the work of the marketing department (the rate of revenue growth is slowing down).
ü What is the efficiency of attracting investment investments in an enterprise?
ü Return on equity (actual) of the enterprise
increased, which indicates the possibility and sufficient efficiency of attracting investment investments in the enterprise;
decreased, which indicates the low efficiency of attracting investment investments in the enterprise;
throughout the analyzed period was negative, which indicates the absolute disadvantageousness of investments in the company
ü Is the trend of changes in the structure of working capital positive or negative in terms of the duration of the turnover of net working capital?
The value of the indicator is less than 0, on the one hand, it indicates a positive trend in the structure of working capital, since the enterprise finances the commercial credit provided to its customers, as well as its stocks, by deferring payments to creditors.
On the other hand, this fact is associated with the risk of loss of financial stability and solvency.
The value of the indicator is more than 0, on the one hand, it indicates a negative trend in the structure of working capital, since the company “freezes” funds in the form of stocks or commercial loans provided to buyers, which is financed either from its own funds or by attracting a paid bank loan. On the other hand, this circumstance is positive, since the risk of loss of financial stability and solvency is reduced.
Financial stability
The analysis of financial stability should show the presence or absence of the enterprise's ability to attract additional borrowed funds, the ability to pay off current liabilities at the expense of assets of varying degrees of liquidity.
ü What margin of safety does the level of the company's equity capital indicate? The enterprise is characterized by
significant safety factor (> 0.5);
insignificant safety factor (0< - <= 0,5);
extremely low safety factor (<= 0).
ü Did the Company have the opportunity to raise additional borrowed funds without the risk of losing financial stability? How has the situation changed at the end of the analyzed period?
ü Analysis of the level of equity capital at the beginning of the period reveals:
ample opportunities to attract additional borrowed funds without the risk of losing financial stability (> 0.5);
limited opportunities to attract additional borrowed funds without the risk of losing financial stability (0<--<= 0,5);
lack of opportunities to attract additional borrowed funds without the risk of losing financial stability (<= 0).
ü What is the coverage of non-current assets by equity (actual)? From what sources are the long-term assets of the enterprise financed?
ü What is the level of the company's solvency according to the Beaver criterion?
Indicator value<= 0,17 позволяет отнести предприятие к высокой группе “риска потери платежеспособности”, т.е. уровень его платежеспособности низкий.
Indicator value 0.17< 2п <= 0,4 позволяет отнести предприятие к средней группе “риска потери платежеспособности”, т.е. уровень его платежеспособности оценивается как средний.
The value of the indicator> 0.4 allows the company to be classified as a low group of “risk of loss of solvency”, i.e. the level of his solvency is quite high.
ü How many days is the self-financing interval of the Enterprise?
ü What is the level of the Enterprise's reserves to finance its costs and other costs?
ü The interval of self-financing (or solvency) of the enterprise may indicate
high level of reserves (> = 90);
on the low level of reserves at the Enterprise to finance its costs as part of the cost (< 90).
In international practice, it is considered normal if this figure exceeds 90 days.
Based on the calculated data, you can deduce complex indicator the investment attractiveness of the enterprise and classify the enterprise into one of four groups:
The first group - At the end of the analyzed period, the company has a high profitability and it is financially stable. The solvency of the company is beyond doubt. The quality of financial and production management is high. The enterprise has excellent chances for further development.
The second group - At the end of the analyzed period, the company has a satisfactory level of profitability. Its solvency and financial stability are, in general, at an acceptable level, although some indicators are below the recommended values. However, this enterprise is not sufficiently resistant to fluctuations in market demand for products and other factors of financial and economic activity. Working with an enterprise requires a balanced approach.
The third group - At the end of the analyzed period, the company is financially unstable, it has a low profitability to maintain solvency at an acceptable level. As a rule, such an enterprise has arrears. It is on the verge of losing financial stability. To get the company out of the crisis, significant changes should be made in its financial and economic activities. Investments in an enterprise are associated with increased risk.
Fourth group - At the end of the analyzed period, the company is in a deep financial crisis. The amount of accounts payable is large, it is not able to pay off its obligations. The financial stability of the enterprise is almost completely lost. The value of the indicator return on equity does not allow hoping for improvement. The degree of the enterprise's crisis is so deep that the likelihood of improvement even in the event of a fundamental change in financial and economic activities is low.
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Translation of "the results of the analysis" into English
Other translations
By recommendations were developed for the preparation of job descriptions for executives.
The analysis resulted in recommendations which will be incorporated into post description mapping for office-holder posts.
The analysis resulted in recommendations which will be incorporated into post description mapping for office-holder posts. ">
However, judging by the analysis, the main problem with late release is delays in the preparation stage of documents in the operational departments.
Based on the analysis carried out, however, the major problem with timeliness is delay at the level of substantive divisions in finalizing documents.
The analysis carried out, however, the major problem with timeliness is delay at the level of substantive divisions in finalizing documents. ">
By the analysis The mission proposes to reorganize the teams within the Section and change their names to reflect the actual operational structure.
The Mission proposes the reconfiguration and renaming of existing units within the Section to reflect the actual operational structure as a result of the review .
A result of the review. ">
For each subparagraph of article 20 bis, the secretariat presented the outline of the draft text for the fourth session, which, according to the analysis, best reflect its content.
For each subparagraph of article 20 bis, the secretariat has listed the main provisions of the fourth session draft text that, according to its analysis, reflect best its content.
According to its analysis, reflect best its content. ">
According to the analysis by the local public organization "Center for Human Rights" the Program was not fully implemented due to the lack of sufficient functional, technical, financial and human resources.
The Center for Human Rights, a local voluntary association, found that the Program had not been fully implemented because of a shortage of functional and technical resources, funding and staff.
Found that the Program had not been fully implemented because of a shortage of functional and technical resources, funding and staff. ">
By the analysis ways were also suggested to improve the format of the proposed service and the mechanism for delivering news, and the interest of users was identified in expanding the range of products that could be offered on an alternative basis.
It has also suggested ways of improving the service "s format and delivery mechanism, and demonstrated users" interest in expanding the range of products that could be made available as an option.
It has also suggested ways of improving the service "s format and delivery mechanism, and demonstrated users" interest in expanding the range of products that could be made available as an option. ">
CSI considered three options, each of which ensured the preservation of the integrity of the accounting system for units under the Kyoto Protocol, after which the analysis cost-effective, an option was selected and a new consensus procedure for recovering arbitrarily discarded data was developed.
The CAB considered three options, each maintaining the integrity of accounting of Kyoto Protocol units and, following a cost-benefit analysis, the option chosen served as a foundation for the establishment of a new agreed procedure to reverse voluntary cancellations.
A cost-benefit analysis, the option chosen served as a foundation for the establishment of a new agreed procedure to reverse voluntary cancellations. ">
The Technical Committee is currently evaluating regional experience in the development of such standards and the analysis ensure the adoption, agreement, documentation and publication of these regulations for Panama.
The Technical Committee is currently evaluating regional experiences of standards and how, on the basis of the analysis, Panamanian standards should be adopted, approved, documented and published.
The basis of the analysis, Panamanian standards should be adopted, approved, documented and published. ">
By the analysis the staff of the Secretariat were found to be less favored when it comes to mobility, primarily due to four factors: family constraints; informal contacts and connections; the need to have a sponsor; and initiative in career planning.
The analysis revealed that women staff in the Secretariat are likely to be at a disadvantage with respect to mobility, owing to four key issues: family constraints; informal networking; the need to have a sponsor; and proactive career planning.
The analysis revealed that women staff in the Secretariat are likely to be at a disadvantage with respect to mobility, owing to four key issues: family constraints; informal networking; the need to have a sponsor; and proactive career planning. ">
By the analysis It was determined that the collision with the cargo ship damaged one of the four solar panels of the Spectrum module and the external radiator of the thermal control system.
It was determined from the results of the analysis performed that in the collision with the transport craft one of the four solar arrays of the Spektr module and the external radiator of the heat regulation system had been damaged.
From the results of the analysis performed that in the collision with the transport craft one of the four solar arrays of the Spektr module and the external radiator of the heat regulation system had been damaged. ">