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Analysis of financial and economic activities. Cribs. How to analyze the financial data of an enterprise

Analysis of financial economic activity plays an important role in increasing the economic efficiency of the organization, in its management, in strengthening its financial condition. It is an economic science that studies the economics of organizations, their activities from the point of view of assessing their work in implementing business plans, assessing their property and financial status and in order to identify untapped reserves for increasing the efficiency of organizations.

The adoption of justified, optimal ones is impossible without first conducting a comprehensive, in-depth economic analysis of the organization’s activities.

The results of the economic analysis are used to establish reasonable planning targets. Business plan indicators are set based on the actual achieved indicators, analyzed from the point of view of opportunities for their improvement. The same applies to rationing. Norms and standards are determined on the basis of previously existing ones, analyzed from the point of view of the possibilities of their optimization. For example, standards for the consumption of materials for the manufacture of products should be established taking into account the need to reduce them without compromising the quality and competitiveness of products. Consequently, analysis of economic activity helps to establish reasonable values ​​for planned indicators and various standards.

Economic analysis helps improve the efficiency of organizations, the most rational and effective use fixed assets, material, labor and financial resources, eliminating unnecessary costs and losses, and, consequently, implementing a savings regime. An immutable law of management is to achieve the greatest results at the lowest cost. The most important role Economic analysis plays a role in this, allowing, by eliminating the causes of unnecessary costs, to minimize and, therefore, maximize the amount received.

The analysis of economic activity plays a great role in strengthening the financial condition of organizations. The analysis makes it possible to determine the presence or absence of financial difficulties in an organization, identify their causes and outline measures to eliminate these causes. The analysis also makes it possible to state the degree of solvency and liquidity of the organization and predict the possible bankruptcy of the organization in the future. When analyzing the financial results of an organization's activities, the causes of losses are established, ways to eliminate these causes are outlined, the influence of individual factors on the amount of profit is studied, recommendations are made for maximizing profits through the use of identified reserves for its growth, and ways of using them are outlined.

The relationship of economic analysis (analysis of economic activity) with other sciences

First of all, the analysis of financial and economic activities is related to. Among all the information used in conducting business, the most important place (more than 70 percent) is occupied by information provided by accounting and. Accounting forms the main indicators of the organization’s activities and its financial condition (, liquidity, etc.).

Analysis of economic activity is also associated with statistical accounting (). The information provided by statistical accounting and reporting is used to analyze the organization's activities. In addition, economic analysis uses a number of statistical research methods. Economic analysis is interrelated with auditing.

Auditors carry out verification of the correctness and validity of the organization’s business plans, which, along with accounting data, are an important source of information for conducting economic analysis. Further, auditors carry out a documentary check of the organization’s activities, which is very important to ensure the reliability of the information used in economic analysis. Auditors also analyze the profit, profitability and financial condition of the organization. Here audit comes into close interaction with economic analysis.

Analysis of economic activity is also associated with intra-farm planning.

Business analysis is closely related to mathematics. Research is widely used in the process.

Economic analysis is also closely related to the economics of individual industries National economy, as well as with the economy of individual industries (mechanical engineering, metallurgy, chemical industry, etc.

Analysis of economic activity is also interconnected with such sciences as , . In the process of conducting economic analysis, it is necessary to take into account the formation and use of cash flows, the peculiarities of the functioning of both own and borrowed funds.

Economic analysis is very closely related to the management of organizations. Strictly speaking, the analysis of the activities of organizations is carried out with the aim of implementing, on the basis of its results, the development and adoption of optimal management decisions that ensure increased efficiency of the organization's activities. Thus, economic analysis contributes to the organization of the most rational and effective system management.

Along with the specific economic sciences listed, economic analysis is certainly associated with. The latter sets out the most important economic categories, which serves as a methodological basis for economic analysis.

Goals of analyzing financial and economic activities

In the process of conducting economic analysis, it is carried out identifying improvements in the efficiency of organizations and ways of mobilization, that is, the use of identified reserves. These reserves are the basis for the development of organizational and technical measures that must be carried out to activate the identified reserves. The developed measures, being optimal management decisions, make it possible to effectively manage the activities of the objects of analysis. Consequently, analysis of the economic activities of organizations can be considered as one of the most important management functions or, as the main method of justifying decisions on the management of organizations. In the conditions of market relations in the economy, the analysis of economic activity is designed to ensure high profitability and competitiveness of organizations both in the near and longer term.

The analysis of economic activity, which arose as a balance sheet analysis, as balance sheet science, continues to consider as the main direction of research precisely the analysis of the financial condition of the organization on the balance sheet (using, of course, other sources of information). In the context of the transition to market relations in the economy, the role of analysis of the financial condition of the organization increases significantly, although, of course, the importance of analysis of other aspects of their work is not diminished.

Methods for analyzing economic activity

The method of analyzing economic activity includes a whole system of methods and techniques. enabling scientific research economic phenomena and processes that make up the economic activities of the organization. Moreover, any of the methods and techniques used in economic analysis can be called a method in the narrow sense of the word, as a synonym for the concepts “method” and “technique”. Analysis of economic activity also uses methods and techniques characteristic of other sciences, especially statistics and mathematics.

Method of analysis is a set of methods and techniques that provide a systematic, comprehensive study of the influence of individual factors on changes in economic indicators and the identification of reserves for improving the activities of organizations.

The method of analyzing economic activity as a way of studying the subject of this science is characterized by the following features:

1. The use of tasks (taking into account their validity), as well as standard values ​​of individual indicators as the main criterion for assessing the activities of organizations and their financial condition;
2. The transition from assessing the organization’s activities based on the overall results of the implementation of business plans to detailing these results according to spatial and temporal characteristics;
3. calculating the influence of individual factors on economic indicators (where possible);
4. Comparison of the indicators of this organization with the indicators of other organizations;
5. Integrated use of all available sources of economic information;
6. Generalization of the results of the economic analysis and a summary calculation of identified reserves for improving the organization’s activities.

In the process of analyzing economic activity, a large number of special methods and techniques are used, in which the systematic, complex nature of the analysis is manifested. Systemic nature of economic analysis is manifested in the fact that all economic phenomena and processes that make up the activities of the organization are considered as certain aggregates, consisting of individual components connected with each other and with the system as a whole, which is the economic activity of the organization. When carrying out the analysis, the relationship between the individual components of these aggregates, as well as these parts and the aggregate as a whole, is studied, and finally, between the individual aggregates and the activities of the organization as a whole. The latter is considered as a system, and all of its components listed are considered as subsystems different levels. For example, an organization as a system includes a number of workshops, i.e. subsystems, which are aggregates consisting of separate production areas and workplaces, that is, subsystems of the second and higher orders. Economic analysis studies the interrelations of the system and subsystems of various levels, as well as the latter among themselves.

Analysis and assessment of business performance

Analysis of the financial and economic activities of an enterprise makes it possible to assess the effectiveness of the business, that is, to establish the degree of efficiency of the functioning of this enterprise.

The main principle of business efficiency is to achieve the greatest results at the lowest cost. If we detail this situation, we can say that the effective operation of an enterprise takes place when minimizing the cost of producing a unit of product in conditions of strict adherence to technology and production and provision High Quality And .

The most general performance indicators are profitability, . There are private indicators that characterize the effectiveness of individual aspects of the functioning of an enterprise.

These indicators include:

• efficiency of use of production resources available to the organization:
  • fixed production assets (here the indicators are , );
  • (indicators - personnel profitability, );
  • (indicators - , profit per one ruble of material costs);
• efficiency of the organization's investment activities (indicators - payback period of capital investments, profit per one ruble of capital investments);
• efficiency of use of the organization's assets (indicators - turnover of current assets, profit per one ruble of the value of assets, including current and non-current assets, etc.);
• efficiency of capital use (indicators - net profit per share, dividends per share, etc.)

Actually achieved private performance indicators are compared with planned indicators, with data for previous reporting periods, as well as with indicators of other organizations.

We present the initial data for analysis in the following table:

Particular indicators of the efficiency of financial and economic activities of an enterprise

Indicators characterizing certain aspects of the financial and economic activities of the enterprise have improved. Thus, capital productivity, labor productivity and material productivity have increased, therefore, the use of all types of production resources available to the organization has improved. The payback period for capital investments has decreased. The turnover of working capital has accelerated due to increased efficiency of their use. Finally, there is an increase in the amount of dividends paid to shareholders per share.

All these changes that took place in comparison with the previous period indicate an increase in the efficiency of the enterprise.

As a general indicator of the effectiveness of the financial and economic activities of an enterprise, we use the level as the ratio of net profit to the amount of fixed and current production assets. This indicator combines a number of private performance indicators. Therefore, changes in the level of profitability reflect the dynamics of the efficiency of all aspects of the organization’s activities. In the example we are considering, the level of profitability in the previous year was 21 percent, and in the reporting year it was 22.8%. Consequently, an increase in the level of profitability by 1.8 points indicates an increase in business efficiency, which is expressed in the comprehensive intensification of the financial and economic activities of the enterprise.

The level of profitability can be considered as a general, integral indicator of business efficiency. Profitability expresses a measure of the profitability of an enterprise. Profitability is a relative indicator; it is much less susceptible to the influence of inflation processes than the absolute profit indicator and therefore more accurately shows the efficiency of the organization. Profitability characterizes the profit received by the enterprise from each ruble of funds invested in the formation of assets. In addition to the profitability indicator under consideration, there are others, which are covered in detail in the article “Analysis of Profit and Profitability” of this site.

The efficiency of an organization is influenced by a large number of factors. different levels. These factors are:

• general economic factors. These include: trends and patterns of economic development, achievements of scientific and technological progress, tax, investment, depreciation policies of the state, etc.
• natural-geographical factors: location of the organization, climatic features of the area, etc.
• Regional factors: economic potential of this region, investment policy in this region, etc.
• industry factors: the place of a given industry within the national economic complex, market conditions in this industry, etc.
• factors determined by the functioning of the analyzed organization - the degree of use of production resources, compliance with the cost-saving regime for the production and sale of products, the rationality of organizing supply and marketing activities, investment and pricing policy, the most complete identification and use of on-farm reserves, etc.

Improving the use of production resources is very important for increasing the efficiency of the enterprise. Any of the indicators we named that reflect their use ( , ) is a synthetic, generalizing indicator that is influenced by more detailed indicators (factors). In turn, each of these two factors is influenced by even more detailed factors. Consequently, any of the general indicators of the use of production resources (for example, capital productivity) characterizes the efficiency of their use only in general.

In order to reveal true effectiveness, it is necessary to carry out more detailed measurements of these indicators.

The main private indicators characterizing the efficiency of the enterprise should be considered capital productivity, labor productivity, material productivity and working capital turnover. Moreover, the latter indicator, compared to the previous ones, is more generalizing, directly related to such performance indicators as profitability, profitability, profitability. The faster the working capital turns over, the more efficiently the organization functions and the greater the amount of profit received and the higher the level of profitability.

Acceleration of turnover characterizes the improvement of both the production and economic aspects of the organization’s activities.

So, the main indicators reflecting the effectiveness of an organization are profitability, profitability, and level of profitability.

In addition, there is a system of private indicators characterizing the effectiveness various sides functioning of the organization. Among the private indicators, the most important is the turnover of working capital.

Systematic approach to the analysis of financial and economic activities

Systems approach to the analysis of the financial and economic activities of the enterprise assumes her study of both a specific population and unified system . The systems approach also assumes that an enterprise or other analyzed object should include a system various elements, which are in certain connections with each other, as well as with other systems. Consequently, the analysis of these elements that make up the system must be carried out taking into account both internal and external connections.

Thus, any system (in this case, the analyzed organization or other object of analysis) consists of a number of subsystems interconnected. At the same time, the same system as component, as a subsystem enters into another system of a higher level, where the first system is in interconnection and interaction with other subsystems. For example, the analyzed organization as a system includes a number of workshops and management services (subsystems). At the same time, this organization as a subsystem is part of any branch of the national economy or industry, i.e. higher level systems, where it interacts with other subsystems (other organizations included in this system), as well as with subsystems of other systems, i.e. with organizations from other industries. Thus, the analysis of the activities of individual structural divisions of the organization, as well as individual aspects of the latter’s activities (supply and sales, production, financial, investment, etc.) should not be carried out in isolation, but taking into account the relationships existing in the analyzed system.

In these conditions, economic analysis must, of course, be systematic, complex and multifaceted.

The economic literature discusses the concepts of “ system analysis" And " comprehensive analysis" These categories are closely interrelated. In many ways, systematicity and complexity of analysis are synonymous concepts. However, there are also differences between them. Systematic approach to economic analysis involves an interrelated consideration of the functioning of individual structural divisions of the organization, the organization as a whole, and their interaction with external environment, that is, with other systems. Along with this, a systematic approach means an interconnected consideration of various aspects of the activity of the analyzed organization (supply and sales, production, financial, investment, socio-economic, economic-ecological, etc.). Systematic analysis is a broader concept compared to its complexity. Complexity includes the study of individual aspects of the organization’s activities in their unity and interconnection. As a result, comprehensive analysis should be considered as one of the fundamental parts system analysis. The generality of the complexity and systematic analysis of financial and economic activities is reflected in the unity of the study of various aspects of the activities of a given organization, as well as in the interconnected study of the activities of the organization as a whole and its individual divisions, and, in addition, in the use of a general set of economic indicators, and, finally, in integrated use of all types of information support for economic analysis.

Stages of analysis of the financial and economic activities of an enterprise

In the process of conducting a systematic, comprehensive analysis of the financial and economic activities of an enterprise, the following stages can be distinguished. At the first stage The analyzed system should be divided into separate subsystems. It should be borne in mind that in each individual case the main subsystems may be different, or identical, but having far from identical content. Thus, in an organization that manufactures industrial products, the most important subsystem will be its production activity, which is absent in a trading organization. Organizations providing services to the public have so-called production activities, which differ sharply in essence from production activities industrial organizations.

Thus, all functions performed by a given organization are performed through the activities of its individual subsystems, which are identified at the first stage of a systemic, comprehensive analysis.

At the second stage a system of economic indicators is being developed that reflects the functioning of both individual subsystems of a given organization, that is, the system, and the organization as a whole. At the same stage, criteria for assessing the values ​​of these economic indicators are developed based on the use of their normative and critical values. And finally, at the third stage of a systematic, comprehensive analysis, the relationships between the functioning of individual subsystems of a given organization and the organization as a whole are identified, and the economic indicators that express these relationships are determined and are influenced by them. For example, they analyze how the functioning of the labor and social affairs department of a given organization will affect the cost of production, or how the investment activities of the organization affected the amount of balance sheet profit it received.

Systems approach to economic analysis provides an opportunity for the most complete and objective study of the functioning of this organization.

In this case, one should take into account the materiality and significance of each type of identified relationships, the specific weight of their influence on the overall amount of change in the economic indicator. If this condition is met, a systematic approach to economic analysis provides opportunities for the development and implementation of optimal management decisions.

When conducting a systematic, comprehensive analysis, it is necessary to take into account that economic and political factors are interconnected and have a joint impact on the activities of any organization and its results. Political decisions made by legislative bodies must necessarily be in accordance with legislative acts regulating economic development. True, at the micro level, that is, at the level of individual organizations, to give a reasonable assessment of the impact political factors on the performance indicators of the organization, measuring their impact seems very problematic. As for the macro level, that is, the national economic aspect of the functioning of the economy, here it seems more realistic to identify the influence of political factors.

Along with the unity of economic and political factors, when conducting a system analysis, it is also necessary to take into account the interconnectedness of economic and social factors. Achieving the optimal level of economic indicators is currently largely determined by the implementation of measures to improve the socio-cultural level of the organization's employees and improve their quality of life. In the process of analysis, it is necessary to study the degree of implementation of plans for socio-economic indicators and their relationship with other performance indicators of organizations.

When conducting a systematic, comprehensive economic analysis, one should also take into account unity of economic and environmental factors . IN modern conditions activities of enterprises, the environmental side of this activity has become very important. It should be borne in mind that the costs of implementing environmental protection measures cannot be considered only from the standpoint of short-term benefits, since the biological damage caused to nature by the activities of metallurgical, chemical, food and other organizations may in the future become irreversible, irreparable. Therefore, during the analysis process it is necessary to check how the construction plans have been implemented treatment facilities, on the transition to waste-free production technologies, on beneficial use or implementation of planned returnable waste. It is also necessary to calculate reasonable amounts of damage caused to the natural environment by the activities of this organization and its individual structural divisions. The environmental activities of the organization and its divisions should be analyzed in connection with other aspects of its activities, with the implementation of plans and the dynamics of key economic indicators. At the same time, cost savings on environmental protection measures in cases where it is caused by incomplete implementation of plans for these measures, and not by more economical expenditure of material, labor and financial resources, should be recognized as unjustified.

Further, when conducting a systematic, comprehensive analysis, it is necessary to take into account that obtaining a holistic view of the organization’s activities can only be achieved by studying all aspects of its activities (and the activities of its structural divisions), taking into account the interrelations between them, as well as their interaction with external environment. Thus, when carrying out the analysis, we fragment the holistic concept - the activities of the organization - into separate component parts; then, in order to check the objectivity of analytical calculations, we carry out algebraic addition the results of the analysis, that is, individual parts that together should form a holistic picture of the activities of this organization.

The systematic and comprehensive nature of the analysis of financial and economic activities is reflected in the fact that in the process of its implementation, a certain system of economic indicators is created and directly applied, characterizing the activities of the enterprise, its individual aspects, and the relationships between them.

Finally, the systematic and comprehensive nature of economic analysis is expressed in the fact that in the process of its implementation the entire set of information sources is used in an integrated manner.

Conclusion

So, the main content systematic approach in economic analysis is to study the influence of the entire system of factors on economic indicators based on the intra-economic and external connections of these factors and indicators. In this case, the analyzed organization, that is, specific system is divided into a number of subsystems, which are separate structural units and individual aspects of the organization’s activities. In the process of analysis, the entire system of sources of economic information is used comprehensively.

Factors for increasing the efficiency of an organization's activities

Classification of factors and reserves for increasing the efficiency of an organization’s economic activities

The processes that make up the financial and economic activities of an enterprise are interconnected. In this case, the connection can be direct, immediate, or indirect, indirect.

The financial and economic activities of the enterprise, its effectiveness are reflected in certain. The latter can be generalized, that is, synthetic, as well as detailed, analytical.

All indicators expressing the financial and economic activities of the organization are interconnected. Any indicator and a change in its value are influenced by certain reasons, which are usually called factors. So, for example, the volume of sales (realization) is influenced by two main factors (they can be called first-order factors): the volume of output of commercial products and the change in the balance of unsold products during the reporting period. In turn, the magnitudes of these factors are influenced by second-order factors, that is, more detailed factors. For example, the volume of output is influenced by three main groups of factors: factors associated with the availability and use of labor resources, factors associated with the availability and use of fixed assets, factors associated with the availability and use of material resources.

In the process of analyzing the activities of an organization, it is possible to identify even more detailed factors of the third, fourth, and also higher orders.

Any economic indicator can be a factor influencing another, more general indicator. In this case, the first indicator is usually called a factor indicator.

Studying the influence of individual factors on economic indicators is called factor analysis. The main types of factor analysis are deterministic analysis and stochastic analysis.

See below: and reserves for increasing the efficiency of the financial and economic activities of the enterprise

Currently, the importance of analyzing the financial and economic activities of an enterprise is growing sharply. The results of the analysis are of interest to various categories of analysts: management personnel, representatives of financial authorities, tax inspectors, creditors, etc.

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

First, let's conduct a horizontal and vertical analysis of the company's balance sheet for 3 years.

Horizontal analysis. In the process of analysis, first of all, one should study the dynamics of the organization’s assets, changes in their composition and structure and evaluate them. To do this, we will conduct a horizontal analysis of the assets of Gizarttex LLC.

Horizontal analysis allows you to compare each balance sheet position at the moment with previous period. Analysis of the balance sheet asset contains information about the allocation of capital available to the enterprise, i.e. about its investment in specific property and material assets, the enterprise’s expenses for the production and sale of products and about the balance of free cash.

The absolute change is calculated by calculating the difference between the corresponding indicators at the end and beginning of the year, and the relative deviation is calculated by dividing the result of the absolute deviation by the value of the indicator at the beginning of the year. To carry out the analysis, we will use the company’s financial statements and profit and loss statements. We present all the data in Table 3.

A horizontal analysis of the assets of Gizarttex LLC shows that their absolute amount for 2012 decreased by 33 million rubles, or 13.4%. We can conclude that the organization is reducing its economic potential. The increase in current assets was due to an increase Money organization for 212 million rubles and reserves.

Table 3. Analytical balance of assets (million rubles)

		DEVIATION
			Absolute	Relative	Absolute	Relative
I. Current assets
Cash
Accounts receivable
Advances to suppliers
Total current assets
II. Fixed assets
Fixed assets
Including unfinished capital construction
Intangible assets
Other noncurrent assets
Non-current assets total
Total assets

Growth of such indicator as cash +212 mil. rubles indicates that the organization is not experiencing financial difficulties because it has large financial resources that are not invested in excess reserves.

The increase in the numerical indicator of accounts receivable is associated with an increase in sales, since at the same time there is an increase in the company's revenue. This indicator indicates an increase in the risk of non-payment or late payment for sold products.

Analyzing the composition of non-current assets, it can be noted that the decrease in the indicator in 2012 compared to 2011 by - 33 million rubles was due to changes in the composition of fixed assets.

The second component of analyzing the financial condition of an organization is assessing the sources of the organization’s funds.

To evaluate sources, data from horizontal analysis of balance sheet liabilities are used. Analysis of liabilities allows us to determine what changes have occurred in the structure of equity and borrowed capital, how much long-term and short-term borrowed funds have been attracted into the enterprise’s turnover, i.e. the liability shows where the funds came from and to whom the enterprise owes them. Calculations of absolute and relative changes for the indicators under consideration are similar to the calculations of an asset.

Table 4. Analytical balance sheet liabilities (million rubles)

		DEVIATION
			Absolute	Relative	Absolute	Relative
I. Short-term loans, loans
Accounts payable
Advances from buyers
II. long term duties
Long-term loans, loans
III. Equity
Authorized capital
Extra capital
Accumulated profit
Equity, total
Liabilities of everything

The increase in liabilities in 2012 of Gizarttex LLC occurred by 1,798 million rubles. The increase was mainly due to an increase in short-term liabilities by 52%. At the end of the analyzed period (2012), liabilities consist entirely of accounts payable.

Increase equity occurred by 1506 million rubles. The increase in equity capital at the end of the analyzed period (2012) was due to accumulated profit in the amount of 1,395 million rubles. Despite the significant increase in equity capital, additional and authorized capital organization remained unchanged.

Thus, based on the horizontal analysis carried out, we can say that the financial and economic activities of the enterprise contributed to the increase in its equity capital.

Vertical analysis is carried out using an analytical table and involves studying changes in the shares of assets and liabilities of the balance sheet in order to predict changes in their structure.

Table 5. Vertical analysis of assets

				Change in specific gravity
Cost, million rubles.		Cost, million rubles.	Share of the asset in the total value of the asset, %	Cost, million rubles.	Share of the asset in the total value of the asset, %
Current assets
Cash
Short-term financial investments
Accounts receivable
Advances to suppliers
Other current assets
Total current assets
II. Fixed assets
Long-term financial investments
Fixed assets
Incl. unfinished capital construction
Intangible assets
Other noncurrent assets
Non-current assets total
Total assets

In the structure of the assets of the balance sheet of Gizarttex LLC, a significant share belongs to current assets. At the beginning of 2011, the value of current assets amounted to 78.2% of their total value, and at the end of the year - 92.7%. There is a tendency to increase the share of this type of assets.

As of 01/01/2011, a significant share in current assets was inventory- 73%. During the period under review, there is a tendency to increase them in the current assets of GizarTex LLC.

The next type of current assets with a significant share was accounts receivable. As of January 1, 2011, the share of this type of assets was 1.5%; by the end of 2012, the share increased by 5.2%.

The share of non-current assets at the beginning of 2011 was 21.8%, increasing by 0.9% compared to 2010. However, at the beginning of 2012 the share is 7.3%. There is a trend towards a decrease in this type of asset. The decrease is caused by a decrease in fixed assets - the elimination of obsolete equipment.

Liabilities include equity and short-term liabilities. Therefore, according to specific gravity liabilities, we can conclude that the sources of financial and economic activity of the enterprise have changed.

Table 6. Vertical analysis of liabilities

				Change in specific gravity
Cost, million rubles	Share of the asset in the total value of the asset, %	Cost, million rubles	Share of the asset in the total value of the asset, %	Cost, million rubles	Share of the asset in the total value of the asset, %
Short-term loans, loans
Accounts payable
Advances from buyers
Other current liabilities
Current liabilities, total
II.Long-term liabilities
Long-term loans, loans
Other long-term liabilities
Long-term liabilities total
III. Equity
Authorized capital
Extra capital
Accumulated profit
Other sources of equity capital
Equity, total
Liabilities of everything

During the analyzed period in 2011, the share of equity capital decreased by 0.66% compared to 2010 and amounted to 50.66%. It should be noted that keeping the share of equity capital below 50% is undesirable, since the enterprise will depend on loans. However, in 2012, the share of equity capital increased significantly to 70.98% due to accumulated profits and other sources of equity capital.

The company had no long-term obligations during the analyzed period. If we take into account the possibility of replacing short-term liabilities with long-term ones, then the predominance of short-term sources in the structure of borrowed funds is a negative factor that characterizes the deterioration of the balance sheet structure and an increase in the risk of loss financial stability.

The share of short-term liabilities in 2012 decreased compared to 2010-2011 by 22.83%.

For an organization, it is important not only to carry out the analysis and competently present the results, but also to formulate, based on them, recommendations for improving the indicators and quality characteristics of the organization’s activities. The main purpose of financial analysis is not the calculation of indicators, but the ability to interpret the results obtained.

Based on horizontal and vertical analysis of the balance sheet, positive and negative trends in changes in sections and items of the balance sheet are determined.

In the structure of the assets of the organization Gizarttex LLC, a large share belongs to cash. During the period under review, the share of current assets was more than 50%. This indicates the formation of a mobile asset structure, which helps accelerate the turnover of the organization’s working capital.

A complete picture of the state of solvency of an enterprise can be presented by analyzing liquidity ratios.

In the practice of analytical work, a system of liquidity indicators is used, calculated using the following formulas.

Coefficient absolute liquidity determined by the following formula:

Cal=Ds/Kfo (5)

where: Kal - absolute liquidity ratio; Ds - cash; KFO - short-term financial liabilities.

The quick liquidity ratio is determined by the following formula:

Kbl=Ds+Kfv+Kdz/Kfo (6)

where: Kbl - quick liquidity ratio; Ds - cash; Kdz - short-term receivables; Kfv - short-term financial investments; KFO - short-term financial liabilities.

A value of 0.7-1 for this indicator is usually considered satisfactory.

The current ratio (total coverage ratio) shows the degree to which current assets cover short-term liabilities. A coefficient with a value greater than 2.0 is considered satisfactory.

Ktl=Ta/Co (7)

where: Ktl - current liquidity ratio; Ta - current assets; Co - short-term liabilities.

These indicators allow us to determine the company's ability to pay its short-term obligations during the reporting period.

Let's calculate liquidity indicators. K al 2010 -55/498=0.11

K tl 2010 -903/498=1.81.

By 2010 -55+0+25/498=0.16.

Cal 2011 -43/558=0.08.

K tl 2011 -885/558=1.58.

By 2011 -43+0+17/558=0.11.

Cal 2012 -255/750=0.34.

K tl 2012 -2716/750=3.62.

By 2012 -255+0+197/750=0.6.

We present the data in Table 7.

Table 7. Dynamics of liquidity indicators (million rubles)

The current liquidity ratio characterizes the overall provision of an enterprise with working capital for conducting business activities and timely repayment of the enterprise's urgent obligations. The current liquidity ratio shows that in 2011, 1 ruble of current liabilities accounted for 1.58 rubles of current assets, while in 2010 this figure was 1.81, and already in 2012 this ratio was 3.62 rubles . current assets per 1 ruble of current liabilities. This indicates an increase in the payment capabilities of the enterprise.

The quick liquidity ratio is similar in meaning to the previous indicator, however, it is calculated for a narrower range of current assets, when the most liquid part of them - inventories and material costs - is excluded from the calculation. The quick (quick) liquidity ratio characterizes the company's ability to repay current (short-term) obligations using current assets. Increase in the coefficient in 2011-2012. from 0.11 to 0.6 is mainly due to a decrease in the enterprise’s accounts payable.

If the current ratio is within an acceptable range, while the quick ratio is unacceptably low, this means that the enterprise can restore its technical solvency by selling its inventory and receivables, but as a result it may be unable to operate normally. function.

The absolute liquidity ratio of 2011 - 0.08 increased to 0.34 in 2012. Thus, the company can pay off its obligations urgently.

The company "Gizarttex" LLC is liquid, that is, it has the ability to convert its assets into cash and pay off its payment obligations within the established time frame. However, he should pay attention to the quick ratio, which is unacceptably low.

Table 8. Main technical and economic indicators of the activities of Gizartteks LLC

In 2012, there was a positive trend in the development of the enterprise: the revenue growth rate was 274.5%, which indicates an increase in product sales; the growth rate of balance sheet profit is 427.9%; net profit 461.5%, profit from product sales 361%. And this despite the fact that in 2011, profit from product sales decreased significantly compared to 2010 by 221 million rubles. An increase in net profit is a positive trend and indicates the business activity of the enterprise.

We study the system of indicators of the enterprise's performance. The most interesting indicators are return on assets, return on equity, return on sales.

Return on assets is an indicator of the profitability and efficiency of the company, cleared of the influence of the volume of borrowed funds. It is used to compare enterprises in the same industry and is calculated using the formula:

Profitability = Net profit / Average assets (8)

Return on assets shows how much profit there is for each ruble invested in the organization's property.

• 1. Awareness of taking risks. Since financial risk is an objective phenomenon, it is impossible to completely eliminate risk from the financial activities of an enterprise. After assessing the level of risk for individual transactions, a “risk-averse” tactic can be adopted. Awareness of risk taking is an indispensable condition neutralizing the consequences of risk.
• 2. Manageability of accepted risks. The portfolio of financial risks should include primarily those that can be neutralized.
• 3. Independence of individual risk management. Financial losses for various types of risks are independent of each other and must be neutralized individually in the process of managing them.
• 4. Comparability of the level of accepted risks with the level of profitability of financial transactions. An enterprise must accept in the process of carrying out financial activities only those types of financial risks whose level does not exceed the corresponding level of profitability on the profitability-risk scale.

Any type of risk for which the level of risk is higher than the level of expected return (with a risk premium included in it) should be rejected by the enterprise (or the size of the premium for and risk should be revised accordingly).

• 5. Comparability of the level of risks taken with the financial capabilities of the enterprise. The expected amount of financial losses of an enterprise, corresponding to a particular level of financial risk, must correspond to the share of capital that provides internal risk insurance.
• 6. Effectiveness of risk management. The costs of an enterprise to neutralize financial risk should not exceed the amount of possible financial losses on it, even with the highest degree of probability of a risk event occurring. The criterion for the effectiveness of risk management must be observed when implementing both self-insurance and external insurance of financial risks
• 7. Taking into account the period of the operation in risk management. The longer the period of a financial transaction, the wider the range of risks associated with it. If it is necessary to carry out such financial transactions, the enterprise must ensure that it receives the necessary additional level of profitability on it not only due to the risk premium, but also the liquidity premium, since the period of the financial transaction represents a period of “frozen liquidity” of the capital invested in it. Only in this case will the enterprise have the necessary financial potential to neutralize the negative financial consequences of such an operation in the event of a possible risk event.
• 8. Taking into account the financial strategy of the enterprise in the process of risk management. The financial risk management system should be based on the general criteria of the financial strategy chosen by the enterprise (reflecting its financial ideology in relation to the level of acceptable risks), as well as financial policy in certain areas of financial activity.
• 9. Taking into account the possibility of risk transfer. Risk avoidance involves avoiding risk, refusing to implement an event (project) associated with risk. Such a decision is made in case of non-compliance with the above principles. However, it should be borne in mind that avoiding one type of risk may lead to the emergence of others.

Financial analysis includes the study of the main parameters, ratios and multipliers that give an objective assessment of the financial condition of the enterprise, as well as analysis of the company's stock price in order to make a decision on the allocation of capital. Financial analysis is a part of economic analysis.

The purpose of financial analysis is to characterize the financial condition of an enterprise, business, or group of companies.

To achieve this goal, the following main tasks are solved in the process of financial analysis of the enterprise:

1. Determination of the financial condition of the enterprise at the current moment.

2. Identification of trends and patterns in the development of the enterprise over the period under study.

3. Determination of factors that negatively affect the financial condition of the enterprise.

4. Identification of reserves that the company can use to improve its financial condition.

The results of the analysis of the financial condition of the enterprise are of paramount importance for a wide range of users, both internal and external to the enterprise - managers, partners, investors and creditors.

For internal users, which primarily include enterprise managers, the results of financial analysis are necessary for assessing the activities of the enterprise and preparing decisions on adjusting the financial policy of the enterprise.

For external users - partners, investors and creditors - information about the enterprise is necessary for making decisions on implementation specific plans in relation to this enterprise (acquisition, investment, conclusion of long-term contracts).

External financial analysis is focused on the open financial information of the enterprise and involves the use of standard (standardized) techniques. In this case, as a rule, a limited number of basic indicators is used.

When performing the analysis, the main emphasis is on comparative methods, since users of external financial analysis are most often in a state of choice - with which of the enterprises under study to establish or continue relationships and in what form it is most advisable to do this.

Internal financial analysis is more demanding in terms of initial information. In most cases, the information contained in standard accounting reports is not sufficient for him, and there is a need to use internal management accounting data.

In addition to custom, financial analysis can also be divided according to the following criteria:

In the direction of analysis:

Retrospective analysis - analysis of past financial information;

Forward analysis - analysis of financial plans and forecasts.

By detail:

Express analysis - analysis is carried out on the main financial indicators;

Detailed financial analysis - carried out on all indicators, gives full description companies.

By nature of the event:

Analysis of financial statements - analysis based on financial statements;

Investment analysis - analysis of investments and capital investments;

Technical analysis - analysis of the price chart of a company's securities;

Special analysis - analysis for a special task.

The main areas of financial analysis are:

1. Analysis of the balance sheet structure.

2. Analysis of the profitability of the enterprise and the structure of production costs.

3. Analysis of solvency (liquidity) and financial stability of the enterprise.

4. Analysis of capital turnover.

Management reporting.

Initial data for financial analysis must meet the following requirements:

1. Data preparation should be carried out on a regular basis and according to a uniform methodology.

2. Data on property and sources must be balanced.

3. Assets must be structured according to their economic nature (according to the principle of assigning value to manufactured products, terms of use and degree of liquidity).

4. Data on sources of financing should be divided according to the principle of ownership and timing of attraction.

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 in the conditions permissible level 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 (shareholder) 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 data on activities for a number of years.

Compilation comparative table in two last year 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. Most the best option when the company always has available cash 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 liability obligations, 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 optimal option, balance sheet liquidity 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 different kinds its assets, 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.

CP coefficient 1 equal to one, means that the enterprise is able to function without resorting to external financing.

It is necessary not only commercial companies, but also to public sector institutions. Without a professionally conducted EA, it is impossible to make effective management decisions. AFHD is based on the assessment and comparison of financial statements.

Stages of economic analysis:

• familiarization with financial reporting data and information about the financial and financial management of the institution;
• mathematical calculations and comparison of accounting data;
• drawing conclusions based on the calculations performed.

It is advisable to conduct an EA in comparison of several reporting periods; this approach allows you to more accurately determine the dynamics of changes.

Relationship with financial audit

An audit of economic activities is directly related to assessing the efficiency of use of the organization's resources and assets. First of all, a financial audit reveals the correctness of accounting and reporting. Without an independent assessment of accounting and reporting, it is impossible to conduct a reliable EA.

Management accounting, financial planning, audit, analysis of financial and economic activities together make it possible to quickly and accurately identify unused hidden reserves of the organization and increase financial stability.

Types of FHD audit

There are two main types of economic analysis of financial and economic activities:

1. Assessing the property status of an enterprise makes it possible to determine the efficiency of using the company's fixed assets in production or fulfilling a state (municipal) task. Based on the identified reserves of unused property, the management of the organization can make an appropriate decision: inclusion of the OS in production, sale of the OS, lease. Management decision according to property status reserves, it allows eliminating ineffective expenses for the maintenance, maintenance and operation of the PF.
2. An assessment of the financial situation reveals the level of solvency, financial stability, and profitability of the enterprise. EA in this area identifies ineffective use of the organization’s funds. Ineffective expenses include artificially inflated wages administrative staff, irrational staffing level employees and so on.

Analysis of the economic activities of an enterprise, example

Let's look at AFHD using an example non-profit organization producing public goods. For calculations we use the following initial data:

Initial data (thousand rubles)
Indicators	Last Year (2016)	Reporting year (2017)	Absolute change	Growth rate	Rate of increase
Revenue from product sales
Product cost
Labor costs
Material costs
Depreciation deductions
Number of employees, people
Average cost of fixed assets
Average value of current assets

We carry out a comprehensive AFHD:

1. We determine the dynamics of indicators characterizing the qualitative and quantitative use of resources. For calculations, we use the indicators of the reporting and previous periods.

1. We calculate savings or overuse of resources, as well as dynamic changes in the cost of resources and resource productivity.