Increasing the financial stability of the enterprise. Coursework: Ways to improve the financial stability of the enterprise. Factors affecting financial stability

From the above analysis of financial stability, we can conclude that Atlant LLC is in a state that can be characterized as normal stability. A normally stable financial situation is characterized by the fact that an enterprise uses various “normal” sources of funds to cover stocks - its own and borrowed funds (own current assets; short-term loans and borrowings; accounts payable on commodity transactions).

Nevertheless, for each enterprise it is necessary to develop measures to improve financial stability, whatever it may be. Since in the long term, the financial condition can dramatically change its direction: from stable to crisis.

As the most common techniques that are used to improve the financial condition of the enterprise, the following can be proposed:

Daily monitor the ratio of receivables and payables;

Buyers can repay receivables not all at once, but a little every day;

Use the acceptance of discounts for early payment;

Require advance payment for products;

For repayment of receivables use the form of payment in kind when the debt is extinguished by its goods or services;

Identify and sell illiquid assets.

It often happens that an enterprise incurs losses mainly due to an ill-conceived approach to production. Based on this, it is possible to offer a variety of ways to improve the financial condition of the enterprise. Among them are:

cost reduction (the main condition for the growth of profits and profitability can be considered as a consequence of all the others);

Improving the use of working time;

introduction of new equipment and technology;

saving energy resources;

Improving the use of all material resources;

increase in sales volumes;

Reducing the balance of unsold products;

Successful implementation of non-operating transactions.

Taking into account the negative phenomena identified during the analysis, we can give some recommendations to improve the financial stability of the enterprise:

It is necessary to increase the share of own working capital in the value of property and ensure that the growth rate of own working capital is higher than the growth rate of borrowed capital;

Take measures to reduce accounts payable, primarily for advances received from buyers. According to them, either products must be shipped, or funds must be returned;

It is necessary to increase the volume of investments in fixed capital and its share in the total property of the organization;

It is necessary to increase the turnover of working capital of the enterprise, which, in the course of the analysis of financial stability, was clearly not enough, since the sources of own funds were directed mainly to non-current assets;

Pay special attention to the increment of the most liquid assets;

If the value of slow-moving assets is extremely large, you need to find out what is the reason for the accumulation of excess reserves. They must be put into production immediately. If there are stale, spoiled, illiquid stocks, then they must be sold at any cost or written off;

Take measures to increase own sources of funds and reduce borrowed liabilities;

Pay attention to the organization of the production cycle, the profitability of products, their competitiveness.

An important source of increasing the financial stability of an enterprise is factoring, i.e. assignment to a bank or a factoring company of the right to claim receivables, or an assignment agreement under which an enterprise assigns its claim to debtors to a bank as security for repayment of a loan.

One of effective methods updating the material and technical base of the enterprise is leasing, which does not require a full one-time payment for the leased property and serves as one of the types of investment. The use of accelerated depreciation for leasing transactions allows you to quickly update equipment and carry out technical re-equipment of production.

Attracting loans for profitable projects that can bring a high income to an enterprise is also one of the reserves for the financial recovery of an enterprise.

This also contributes to the diversification of production in the main areas. economic activity when forced losses in one direction are covered by profits in others.

It is possible to reduce the deficit of own capital by accelerating its turnover by reducing construction time, the production and commercial cycle, excess inventory balances, work in progress, etc.

Reducing the cost of maintaining housing and social facilities by transferring them to municipal ownership also contributes to the influx of capital into core activities.

In order to reduce costs and increase the efficiency of the main production, in some cases it is advisable to abandon certain types of activities serving the main production (construction, repair, transport, etc.) and switch to the service of specialized organizations.

If the company makes a profit and is at the same time insolvent, it is necessary to analyze the use of profits. If there are significant contributions to the consumption fund, this part of the profit in the conditions of the enterprise's insolvency can be considered as a potential reserve for replenishing the company's own working capital.

Great help in identifying reserves to improve the financial condition of the enterprise can be provided marketing analysis on the study of supply and demand, sales markets and the formation on this basis of the optimal range and structure of production.

One of the most radical directions for improving financial stability is the search for internal reserves to increase the profitability of production and achieve break-even work through a more complete use of the production capacity of the enterprise, improving the quality and competitiveness of products, reducing their cost, rational use material, labor and financial resources, reduction of unproductive costs and losses.

At the same time, the main attention should be paid to the issues of resource conservation: the introduction of progressive norms, standards and resource-saving technologies, the use of secondary raw materials, the organization of effective accounting and control over the use of resources, the study and implementation of best practices in the implementation of the savings regime, material and moral incentives for employees to save resources and reduction of unproductive expenses and losses.

For a systematic identification and generalization of all types of losses at each enterprise, it is advisable to maintain a special register of losses with their classification into certain groups:

From marriage;

Decrease in product quality;

unclaimed products;

Loss of profitable customers, profitable markets;

Incomplete use of the production capacity of the enterprise;

Downtime of labor force, means of labor, objects of labor and financial resources;

Overspending of resources per unit of output in comparison with established norms;

Damage and shortages of materials and finished products;

Write-offs of not fully depreciated fixed assets;

Payment of penalties for violation of contractual discipline;

Write-offs of unclaimed receivables;

Attraction of unprofitable sources of financing;

Untimely commissioning of capital construction facilities;

Natural Disasters;

For industries that did not produce products, etc.

The skillful application and combination of these measures contributes not only to increasing financial stability, but also to improving the financial condition of the enterprise.

Introduction

financial stability wilson stock

The relevance of the research topic is determined by the fact that the financial stability of an enterprise is one of the most important characteristics of its financial and economic activities, which is in the sphere of attention of the enterprise's management and financial service. It is used in assessing the financial condition of the enterprise, its economic reliability, creditworthiness, competitiveness, the possibility of bankruptcy and serves as a kind of guarantee for the realization of the economic interests of the enterprise itself and its partners.

Financial stability is the stability of the financial position of the enterprise, but not in time, but relative to its external environment. After all, the enterprise operates in a mobile environment, in addition, in the process of economic activity, there is a continuous process of capital circulation, the structure of funds and sources of their formation, the availability and need for financial resources and, as a result, the financial condition of the enterprise change. So the more change financial structure enterprise responds to changes in its external environment, the higher its stability, the more it is independent of unexpected changes in market conditions and, therefore, the less risk be in a state of bankruptcy.

The concept of "financial stability" is broad and multifaceted, therefore, in modern economic literature, the interpretation of the essence, systematization and selection of evaluation indicators that characterize it are ambiguous and insufficiently argued. The issue of the boundaries and possibilities for the most effective use of the entire system of methods for assessing financial stability in practical activities organizations. Until now, a unified system for ensuring financial stability has not been developed, which would clearly define the levers of influence on the elements financial mechanism enterprise for the purpose of its stable functioning.

All these circumstances determine the relevance of the topic of this final qualification work and determine its purpose.

The object of consideration of the presented work is Phoenix LLC.

The subject of the study is the financial and economic activity of Phoenix LLC.

The purpose of this work is to study the theoretical aspects of the analysis and methods of maintaining the financial stability of the enterprise.

When writing this work, the following main tasks were identified:

-studying the theoretical aspects of managing the financial stability of an enterprise;

-analysis of financial stability management;

-development of measures to strengthen the financial stability of the enterprise.

The information base of the work was formed by legislative and regulatory acts Russian Federation, works of well-known economists specializing in financial management of small businesses, such as Bocharov V.V., Kolchina N.V., Sheremet A.D. and others, as well as Internet resources.

1. Theoretical basis assessment of the financial stability of the enterprise and its provision

1.1 The essence of the financial stability of the enterprise

In modern conditions, the effective functioning and stable development of an enterprise is mainly due to their financial stability.

The designation of the boundaries of financial stability for organizations is a problematic issue, since the result of insufficient financial stability is the lack of own working capital and the inability to fully and on time meet their obligations, and excessive financial stability results in the inefficiency of using their own resources, which burdens enterprises with excessive stocks and reserves.

The problem of ensuring the sustainable development of industrial enterprises, especially in the context of the globalization of world economic relations, is due to the following reasons. On the one hand, the role of the traditional industry is determined by the material needs of economic entities, which lie at the base of the pyramid of individual needs.

On the other hand, industry is self-sufficient and provides all spheres of the economy with the means of production. E. Meltsas calls the "core of self-development" a set of machine-building and construction industries that have the ability, through their joint action, to reproduce themselves in nature and create tools for other sectors of the national economy.

In the explanatory dictionaries of the Russian language, the concept of sustainability is interpreted as the property to preserve current position, despite the action of various forces, that is, constancy, steadfastness. Now let's find out what analysts mean by the term financial stability.

An analysis of the problem of enterprise sustainability showed that research in this area is quite intensive, but the attention of researchers is mainly focused on its financial and economic aspects. Although sustainability is a complex category, which cannot be a reflection of only one of the aspects of the enterprise's activity. Thus, no consensus has been developed on such categories as “sustainability”, “sustainable operation”, “sustainable development” of an enterprise, the issue of the correctness of applying the static term “sustainability” to dynamic systems has not been resolved, conditions and models that allow predicting sustainable development have not been considered. enterprise development.

There are a number of interpretations of the concept of financial stability, therefore, to disclose it economic essence Let us consider several well-known definitions found in the works of Russian authors.

Very often in the literature there is such a thing as "economic stability", the main component of which is considered financial stability. AT recent times the need to assess the economic sustainability of enterprises is becoming increasingly important. The assessment of economic viability is included in the technology of a comprehensive assessment of the conformity of enterprises. There are several methods for assessing the economic sustainability of enterprises, which are based on several groups of indicators: production and economic activities; financial and economic indicators; environmental indicators; indicators of production and technological potential; competitive environment; assessment of suppliers and consumers; a set of indicators characterizing the industrial and production potential and a number of others.

According to many economists-researchers of this problem, financial stability is a reflection of a stable excess of income over expenses, provides free maneuvering of the company's funds: through their effective use, it contributes to an uninterrupted production process and sales of products. That is why financial stability, formed in the process of all production and economic activities, is the main component of the economic sustainability of an enterprise.

In economics, the financial stability of an enterprise is understood as the provision of reserves and costs with own and borrowed sources of formation. In a narrow sense, the financial stability of enterprises is understood as effective demand, the ability, with a balanced attraction of credit, to provide active investment and increase in working capital from its own sources, and create financial reserves. With regard to different forms of enterprises and associations, the conditions for ensuring financial stability will be somewhat different.

So, for large international corporations, the conditions for financial stability, stability, along with solvent demand in the domestic market, are: a favorable exchange rate, a period of economic growth in production. Some economists believe that studying the overall soundness of large corporations is the key to understanding their financial and economic soundness. Such corporations are characterized by stable development, since the decline in production and the decline in the market situation in one country is offset by the growth in production and the improvement of the market situation in another. They are characterized by resistance to economic crises of production.

V.V. Kovalev connects the essence of the financial stability of an enterprise with the assessment of the ability to meet its long-term financial obligations. Thus, financial stability has a similar interpretation with solvency. In turn, A.M. Batkovsky notes that the concept of financial stability is wider than the concept of solvency, because solvency indicators change over time faster than financial stability indicators. The same opinion is shared by L.T. Gilyarovskaya, pointing out that the concept of "financial stability" of an organization is multifaceted, it is more multifaceted in contrast to the concepts of "solvency" and "creditworthiness", as it includes an assessment of various aspects of the organization's activities.

Of course, the timeliness of the organization's settlements with its counterparties is an important component of financial stability, but not the only one.

According to S.G. Cheglakova, financial stability is a reflection of a stable excess of income over expenses, provides free maneuvering of the company's funds and, through their effective use, contributes to an uninterrupted production process and sales of products. In the considered definition, financial stability is associated with the growth of profits while maintaining solvency and contributes to the creation of conditions for self-financing. A similar opinion is expressed by other authors, for example, V.A. Gavrilenko understands financial stability as the ability to increase the achieved level of business activity and business efficiency, while guaranteeing solvency, increasing investment attractiveness within the acceptable level of risk. Despite the obvious connection between financial stability and financial results, these concepts are not equivalent, rather, improving financial results is the most important prerequisite for increasing the level of financial stability through an increase in equity capital as a result of an increase in retained earnings.

G.V. Savitskaya formulates financial stability as the ability of a business entity to function and develop, to maintain a balance of its assets and liabilities in a changing internal and external environment, which guarantees its constant solvency and investment attractiveness within the limits of an acceptable level of risk. Within the framework of this approach, the definition of financial stability is considered as a synonym for financial condition, because the concept is based on the assessment of profitability, business activity and solvency. According to the author, financial stability is only part of the concept of financial condition.

V.L. Bykadorov defines the financial stability of an enterprise as the state of its resources, which ensures the development of an enterprise mainly at its own expense, while maintaining solvency and creditworthiness with a minimum level of entrepreneurial risk. In his work, the author points out that the financial stability of an enterprise is significantly affected by the dominant value of equity capital in the composition of resources. Note that one of the criteria for assessing financial stability is the rationality of the capital structure. N.D. Sheremet and R.S. Saifulin under the essence of financial stability means the provision of reserves and costs with sources of formation. M.I. Glazunov points out that the level of financial stability characterizes the security of an enterprise with its own sources for further growth and development, thereby emphasizing the importance of equity in the structure of sources of formation to ensure financial stability.

In the last three definitions, financial stability is understood as the degree of security of assets and, above all, reserves and costs, with sources of their formation, primarily at the expense of equity. This approach to the justification of financial stability, from the author's point of view, is acceptable, because the stability of the enterprise and its financial well-being is characterized by independence from external sources of financing.

The analysis of publications showed that each of the above concepts considers the content of financial stability from different angles. Some authors draw a close relationship with the financial condition, others equate it with solvency or identify it with the presence of equity in the enterprise. But what these definitions have in common is that financial stability ensures the development of the company, guaranteeing its constant solvency and investment attractiveness.

Most domestic scientists recognize that an important characteristic of financial stability is the financial independence of the organization. Meanwhile, the predominance of own funds in overall structure property formation is a specific feature of Russian organizations, since lending conditions in the domestic financial market are greatly tightened, while foreign firms receive cheap loans from the largest European and American banks. Considering the above, we can conclude that financial stability Russian enterprises- this is one of the most important characteristics of the financial condition, which is determined by the structure of financial resources, the provision of current assets with their own sources of financing, guaranteeing the timeliness of settlements for their obligations.

Taking into account the existence of a certain criterion of financial stability for an enterprise, beyond the lower limit of which it is threatened with bankruptcy, we note that such a lower limit is ensuring the solvency, liquidity and creditworthiness of the enterprise, since in order to maintain stability, it is necessary that the cash flow of the enterprise give it at least , the ability to pay off suppliers, creditors and the state. Solvency acts as a sign and as the basis of the financial stability of the enterprise. This requirement assumes that the enterprise must be able to pay for its production needs, so the indicator of a steady state in this case is the adjusted balance of cash flows. We agree with the opinion of the authors that at present it is the imbalance of cash flows of economic entities that is one of the main reasons for their unstable state.

Based on the considered definitions, let us designate the main criteria for assessing financial stability. Firstly, the organization should not have overdue debts, because the inability to pay off obligations on time indicates financial instability and can lead to bankruptcy. Secondly, an important condition for financial independence is a sufficient amount of equity in the total amount of financial resources (at least 50%).

In order for an organization to be considered independent and financially stable, it must have more own funds at its disposal than borrowed ones. At the same time, it should not be denied that financing activities entirely from own sources is inappropriate, since borrowed funds allow entering new markets, mastering new types of activities, and increasing the volume of activities. And, thirdly, financial stability is characterized by the security of current assets with its own sources of financing. The best option is when an enterprise successfully uses and combines various sources of funds, both its own and attracted, to cover current assets.

Therefore, it is most profitable to have such a volume of own funds in circulation, which at least would provide financing for current stocks and work in progress, in the amount of at least 10%. In this case, the production process becomes quite independent of external creditors.

Ensuring the sustainable effective development of the enterprise is reflected in the achievement of systems of goals (social, economic, technical and environmental).

In this case, profit is no longer the ultimate goal to which management activities should be oriented. It is one of the economic goals and performs an important function - it acts as a means of achieving the entire system of goals. It is proposed to consider as a criterion for assessing the sustainable effective development of an enterprise the following indicators: achieving sustainable economic growth rates of the main activity of the enterprise, making a profit sufficient for self-financing economic development and ensuring its sustainable growth in dynamics. For objective assessments of sustainable development, it is not enough to use ordinary economic indicators. From our point of view, non-standard approaches are needed to solve such new problems. It should be noted that the study of the sustainability of the development of industrial enterprises has shown that in modern conditions it is extremely important to focus management activities on economic growth, and at the same time, the problem of measuring the sustainability of the development of industrial complexes and enterprises has become fully clear, the solution of which, by its internal logic, requires the presence of scientifically sound methodological approaches in this area.

The study made it possible to draw the following conclusions:

Financial stability is an important component of financial condition. The difference between financial stability and other characteristics of the financial condition is that it is characterized by the composition and structure of sources of financing activities.

Financial stability determines stability and independence commercial organization, and solvency is a manifestation of financial stability.

One of the important criteria for assessing financial stability is the assessment of the availability of assets, including current assets, with own sources of financing.

The essence of financial stability considered by us and the criteria for its assessment play a serious role in determining the degree of dependence on external sources of financing and contribute to identifying the causes of an unstable financial situation, taking into account the specifics of the operating environment of Russian organizations.

1.2 Methodology and indicators for assessing the financial stability of an enterprise

According to N.P. Lyubushkin, to determine the level of financial stability of an enterprise, analysis is necessary:

composition and placement of assets and liabilities of an economic entity;

dynamics and structure of sources of financial resources;

availability of own working capital;

accounts payable;

availability and structure of working capital;

accounts receivable;

solvency.

Absolute indicators of financial stability are indicators that characterize the degree of provision of reserves and costs with the sources of their formation.

To assess the state of stocks and costs, the data of the group of articles "Stocks" of the II section of the asset balance are used.

Z = page 100 + page 110 + page 120 + page 130 + page 140 (1)

To characterize the sources of formation of reserves, three main indicators are determined:

The presence of own working capital (SOS), as the difference between equity (I section of the balance sheet liabilities) and non-current assets (I section of the balance sheet asset). This indicator characterizes net working capital. Its increase compared to the previous period indicates further development enterprise activities. In a formalized form, the availability of working capital can be recorded.

SOS \u003d IrP - IrA \u003d p. 380 f. 1 - page 080 f. 12)

where IrP - I section of the balance sheet liabilities; pA - I section of the asset balance.

Availability of own and long-term borrowed sources of reserves and costs (CO), determined by increasing the previous indicator by the amount of long-term liabilities

(DO - III section of the liabilities side of the balance sheet):

SD \u003d SOS + DO \u003d IrP - IrA + IIIrP \u003d p. 380 f. 1 - page 080 f. 1 +p. 480 f. thirteen)

The total value of the main sources of formation of reserves and costs (OI), determined by increasing the previous indicator by the amount of short-term bank loans (CC):

OI \u003d SD + KK \u003d line 380 f. 1 - page 080 f. 1 + line 480 f. 1 + line 500 f. fourteen)

Three indicators of the availability of sources of formation of reserves correspond to three indicators of the availability of reserves with sources of their formation:

Surplus (+) or shortage (-) of own working capital (Fsos):

Fsos = SOS - 3, (5)

where 3 - reserves.

Surplus (+) or shortage (-) of own and long-term sources of reserves formation (Fsd):

Fsd = SD - 3, (6)

Surplus (+) or deficiency (-) of the total value of the main sources of reserves formation (Foi):

Foy \u003d OI - 3, (7)

With the help of these indicators, a three-component type of financial stability is determined.

If Ф > 0(Ф) = 0, if Ф< 0 .

To characterize the financial situation in the enterprise, there are four types of financial stability:

The first is absolute financial stability (a three-component indicator of the type of financial stability has the following form: S=(1,1,1)). This type of financial stability is characterized by the fact that all the reserves of the enterprise are covered by their own working capital, i.e. the organization is not dependent on external creditors. This situation is extremely rare. Moreover, it can hardly be considered ideal, since it means that the company's management is unable, unwilling, or unable to use external sources of funds for its core business.

The second is normal financial stability (an indicator of the type of financial stability has the following form: S=(0,1,1)). In this situation, the company uses to cover stocks, in addition to its own working capital, also long-term borrowed funds. This type of stock financing is “normal” from a financial management point of view. Normal financial stability is the most desirable for the enterprise.

The third is an unstable financial position (an indicator of the type of financial stability has the following form: S = (0,0,1)), characterized by a violation of solvency, in which it remains possible to restore balance by replenishing sources of own funds, reducing receivables, and accelerating inventory turnover.

Financial instability is considered normal (acceptable) if the amount of short-term loans and borrowed funds attracted for the formation of stocks does not exceed the total cost of raw materials, materials and finished products.

The fourth one is the crisis financial condition (an indicator of the type of financial stability has the following form: S=(0,0,0)), in which the enterprise is on the verge of bankruptcy, because cash, short-term securities and receivables do not even cover his accounts payable and delinquent loans. For the convenience of determining the type of financial stability, we present the calculated indicators in table 1.

Table 1. Summary table of indicators by types of financial stability

Indicators of financial stability Type of financial stability Absolute stability Normal stability Unstable state Crisis state< 0Фсос < 0Фсос < 0Фсд = СД - 3Фсд (0Фсд (0Фсд < 0Фсд < 0Фои = ОИ - 3Фои (0Фои (0Фои (0Фои < 0

The financial stability of the enterprise is characterized by a system of financial ratios. They are calculated as the ratio of the absolute indicators of the asset and liabilities of the balance sheet. The analysis of financial market stability ratios consists in comparing their values ​​with basic values, as well as in studying their dynamics. These coefficients can be divided into two blocks:

) capitalization ratios that characterize the financial condition of the enterprise from the standpoint of the structure of sources of funds;

) coverage ratios that characterize financial stability in terms of costs associated with servicing external sources of funds raised.

The following main indicators are considered:

The equity concentration ratio determines the degree of financial independence or autonomy from external capital (Kf H

To fn =SK/B (8)

Financial dependency ratio (Kf 3) - the opposite indicator of the concentration of equity - is defined as the ratio of the sum of sources of funds (balance sheet currency) to the value of equity. The growth of this indicator in dynamics means an increase in the share of borrowed funds in the financing of the enterprise.

Kfz =B/CK (9)

Debt ratio (K zk ) is defined as the ratio of borrowed capital to the balance sheet currency. By the value of this indicator, one can judge what proportion of borrowed funds make up the total amount of sources of funds of the enterprise.

To zk \u003d ZK / B, (10)

Equity maneuverability ratio (K m ) is defined as the ratio of net working capital (availability of sources of own working capital) to the total amount of own capital. By the value of this indicator, one can judge which part of equity is used for investing in working capital, and which part is capitalized, i.e. into non-current assets less the share attributable to long-term liabilities:

To m = SOK / SK, (11)

Long-term investment structure ratio (K sdv ) is determined by the ratio of the amount of long-term borrowed funds to the total amount of non-current assets. This indicator characterizes what part of non-current assets is financed by long-term borrowed funds

To sdv \u003d DKZ / VOA, (12)

Long-term borrowing ratio (Ldc) is determined by the ratio of long-term loans and borrowings to the total amount of equity and long-term loans and borrowings. When calculating this ratio, short-term debt to finance inventory and receivables is not taken into account, as it is repaid at the expense of current assets turnover.

To DZS =DKZ/(SK + DKZ) (13)

szk ), which is the ratio of long-term liabilities to the total amount of borrowed funds.

To szh = DKZ / (DO + KO), (14)

The ratio of borrowed and equity capital (Kfr) or the financial risk ratio, otherwise called "shoulder financial leverage»

To fr \u003d ZK / SK. (15)

Permanent asset index (I pa ) characterizes the share of fixed capital (non-current assets) in equity.

And pa =K osn / sk, (16)

where K main

Accumulated depreciation ratio (K on the ) reflects the intensity of accumulation of funds for the renewal of fixed capital and is defined as the ratio of the amount of accumulated depreciation (the sum of depreciation of fixed assets and intangible assets) to the initial cost of depreciable property (the initial cost of fixed assets and intangible assets). The level of this coefficient depends on the life of fixed assets, the technical condition of fixed assets. The value of the coefficient can be high with accelerated depreciation:

To on the =(A 0C +A on the )/(OS perv +Nfirst ), (17)

where A os , BUT on the

OS perv , ON THE perv

However, the use of this coefficient in economic studies is advisable if the entire amount of accrued depreciation has a targeted focus, namely, to finance the reproduction of fixed assets.

The ratio of the real value of fixed assets and property (K rs ) shows how effectively funds are used for entrepreneurial activity; is calculated as the ratio of the residual value of fixed assets to the value of the property of the enterprise:

To rs =OCest / B, (18)

where OS ost

The coefficient of the real value of industrial property (K rsi ) reflects the specific gravity production assets- fixed assets and production stocks in the total value of the property. The coefficient is very important for concluding contracts with suppliers and buyers, since high values ​​​​of the coefficient are the key to the success of the production and financial activities of the enterprise. It is defined as the ratio of the sum of the residual value of fixed assets, inventories in the composition of materials and the cost of work in progress to the value of the property of the enterprise.

To rsi = (OS +3 M + NezP) / B (19)

where Z m

NezP - work in progress, thousand rubles. .

That. ratio analysis is finding the relationship between two separate indicators. There are many coefficients, but all of them can be combined into 5 groups according to their characteristics:

a) the possibility of repaying current liabilities;

b) the movement of current assets;

c) own capital;

d) results of core activities;

e) information about the state of the market.

The method for analyzing the above coefficients is to compare:

actual coefficients of the current year with last year's;

actual coefficients with standards;

the actual coefficients of the enterprise with the indicators of competitors;

actual ratios with industry indicators.

1.3 The impact of the financial stability of the enterprise on the final results of the enterprise

Today, not only the assessment and analysis of the financial condition of the enterprise, but also the forecasting of financial stability, as well as the development of measures to improve its financial condition, is of great importance.

Since a positive factor in financial stability is the availability of sources of inventory formation, and a negative factor is the amount of reserves, the main ways to maintain a stable financial condition of an organization remain: replenishment of sources of inventory formation, optimization of their structure, as well as a reasonable decrease in the level of inventories. This can be achieved in the following ways:

increase in own capital by increasing the size of the authorized capital and retained earnings;

development of a competent financial strategy of the organization, which will allow attracting both short-term and long-term borrowed funds, while maintaining optimal proportions between equity and borrowed capital;

revision of the weighted average values ​​of stocks of products in warehouses for the day, week, month. The decrease in the level of stocks occurs as a result of planning the balance of stocks, as well as the sale of unused inventory items. An overestimated amount of stocks affects accounts payable, which is accordingly unfavorable for the organization.

So, the main ways to improve the financial stability of the enterprise in this case are:

increasing the efficiency of the use of fixed assets of the enterprise;

increasing the intensity of the use of current assets of the enterprise by creating a more efficient management system, improving the quality of services provided, increasing the share of sources of own funds in current assets;

increase in work productivity;

further increase in the volume of sales of services through carefully planned work in the field of marketing;

reduction of material operating costs; attraction of investments;

optimization of settlements with debtors and creditors.

Also, according to the results of the analysis, the following can be proposed as priority measures for implementing the financial policy of the enterprise:

Monitor the flow of funds and quarterly review the feasibility of service delivery plans.

Organize long-term planning of activities based on the development of business plans. When developing new areas of development, it is imperative to evaluate the effectiveness of projects for their implementation on the basis of business planning.

Control the ratio of growth rates of receivables and payables. If creditors slightly exceed the amount of debtors, then this situation is favorable. Their opposite ratio should receive a negative assessment, because. too much may cause non-payment of the company's own obligations. In the analysis of receivables and payables should be considered separately: accounts receivable as funds temporarily withdrawn from circulation, and accounts payable as funds temporarily involved in circulation.

Reducing prices for services, including through market research and constant monitoring of the external environment, policy development based on the analysis of break-even points by type of service;

Expansion of the range of services, including through market research and constant monitoring of the external environment, policy development based on demand analysis, and development of an optimal pricing policy.

Implementation of the system at the enterprise management accounting to analyze income and expenses by items and cost elements. Periodically, it is necessary to analyze the structure of production costs, making comparisons with various kinds of basic indicators and studying the nature of deviations from them.

Keep accounting records of business transactions in accordance with the regulatory and legislative acts in this area in force in this period. Develop a tax accounting and planning system. Use the services of external consultants to rationalize taxation and accounting, organize management accounting.

In order to avoid errors in accounting and taxation, systematic training (training) of financial employees should be carried out. To improve the overall level of management, it is necessary to train the management of the enterprise in the basics of financial analysis, methods for developing management decisions based on it, and business planning.

Improving automation systems for accounting, tax and management accounting.

The main factors that increase the efficiency of an enterprise are marketing research of the market and advertising of the product being sold, however, it is possible to increase the efficiency of implementation by reducing the cost of material and other costs, which are quite high for the enterprise.

If the profit received from the savings is directed to increase the company's own funds and assume the repayment of receivables, then financial stability will suffer some changes in a positive direction.

Thus, in order to increase the financial stability of the organization, it is necessary to seek reserves to increase the rate of accumulation of its own sources, to provide material working capital with its own sources. In addition, it is necessary to find the most optimal ratio of financial resources, in which the organization, freely maneuvering cash, is able, through their effective use, to ensure an uninterrupted process of production and sales of products.

2. Analysis of the financial stability of Phoenix LLC

.one. Brief technical and economic characteristics of the enterprise

Phoenix Limited Liability Company (hereinafter referred to as the "Company") was established in accordance with Civil Code Russian Federation, Federal Law "On Limited Liability Companies".

The members of the Company are 2 individuals.

LLC "Phoenix" was founded by the decision of the meeting of founders in March 2008.

Full company name of the Company: Phoenix Limited Liability Company.

Abbreviated company name: LLC "Phoenix".

Name of the Society in Russian: "Phoenix".

Legal status The Company is determined by the Civil Code of the Russian Federation, Federal Legislation, other regulatory legal acts of the Russian Federation, as well as the Charter.

The Company carries out its activities on the basis of self-financing and self-sufficiency.

The Company owns separate property accounted for on its independent balance sheet.

The Company has the right on its own behalf to conclude agreements, contracts, acquire property and non-property rights, bear obligations: to be a plaintiff and a defendant in arbitration and arbitration courts.

The Company has the right to open bank accounts in the Russian Federation and abroad in accordance with the established procedure.

The Company was established in order to meet public needs for products, goods, works and services and to make a profit.

The Company has civil rights and bears the obligations necessary for the implementation of any types of activities not prohibited by federal laws,

Licensable activities are carried out by the Company on the basis of special permits (licenses). If the conditions for granting a special permit (license) to carry out a certain type of activity provide for a requirement to carry out such activities as exclusive. The Company during the period of validity of the special permit (license) is entitled to carry out only the types of activities provided for by the special permit (license) and related activities.

The main activity of the Company is the construction, reconstruction and repair of industrial, commercial and social, cultural and community facilities and individual construction facilities on the territory of the Russian Federation.

LLC "Phoenix" is a company that builds houses, baths, cottages, campsites and much more from rounded logs of high quality wood species such as Angarsk pine and Siberian larch, Siberian cedar.

The log harvesting plant is located in the Krasnoyarsk Territory.
Leading specialists of "Phoenix" - experienced builders with many years of experience in the construction business - are constantly improving the technological process of building wooden houses, introducing new progressive developments. All engineering and technical management personnel undergo periodic certification refresher courses. Phoenix LLC has a ready-made "package" of projects and at the same time is always ready to develop, together with the client, a new, individual version, to the most demanding taste and any degree of complexity. "Phoenix" works with both individuals and organizations: a lot of houses, cottages, several hotel complexes have already been built.

"Phoenix" works with the customer from the project to the housewarming party, monitors the entire construction process and gives a guarantee for all work performed. After the project stage, an estimate is drawn up. The company has close contractual relations with the largest logging and woodworking enterprises in Russia. Direct and stable supplies of timber from the Irkutsk region. Having its own design department, equipment, "Phoenix" thereby significantly saves the customer's costs and, most importantly, time.

The construction of a house lasts from 1 month (panel type without foundation) to six months, taking into account the project, including all finishing work. The company "Phoenix" has chosen for work such wood as: Angarsk pine and Siberian larch, it meets high construction requirements. Rounded logs are used with a diameter of 18 to 24 cm. Interestingly, such a wall is equivalent in thermal conductivity to a 70 cm brick wall. In summer it is cool in a wooden house, in winter it is warm. The tree does not absorb dampness as, for example, cinder block or concrete. The log house is necessarily protected by special impregnations: from insects, from rot and from fire.

The enterprise has the necessary staff of highly qualified employees to perform the tasks of the main activity, and also has all the permits to perform these works.

AT organizational system LLC "Phoenix" enterprise management can be divided into three independent control blocks: technical, managerial and economic, each of which reports to the corresponding manager.

The organizational management structure of Phoenix LLC is linear-functional. The functions and rights of command and decision-making are entrusted to the linear levels of management, and the functional units (for example, economic department) - methodological guidance in the preparation and implementation of decisions on planning, organization, accounting, control and analysis for all functions of production and economic activities.

Such a structure is characterized by the use of formal procedures and rules, a rigid hierarchy of power in the organization, and centralized decision-making. Each performer reports to only one leader. The performer receives all instructions and decisions on management functions from the immediate supervisor. Between the executor and functional divisions there are information communications of methodical and consulting character. In order for the decision of the functional unit to become directive, it must be approved by the head.

Despite the fact that, in principle, all the leaders of Phoenix LLC perform managerial actions, it cannot be said that they are all engaged in the same type of work activity. Individual managers have to spend time coordinating the work of other managers, who, in turn, coordinate the work of lower-level employees, and so on. to the level of a manager who coordinates the actions of non-managerial personnel - people who physically produce services or provide services. Such a vertical deployment of the division of labor forms the levels of management of Phoenix LLC.

Consider the main economic indicators of the enterprise (see table. 1)

Table 1. Main economic indicators of the enterprise (thousand rubles)

Indicators 2011 2012 2013 Absolute change (+,-) Change, % (growth rate) 2012 to 2011 2013 to 2012 2013 to 2011 2012 to 2011 .2013 to 2012 2013 to 2011 Proceeds from the sale of goods and services in actual prices (excluding VAT and excise tax)608584888659074-1197210188-178480.3120.897.1 Cost of sales 3-willed profit 66695343474743-32621310-195151,3138,270.9.9 PRODUCTION518525313447-2654915-173848.8136.266.5COMY profit 3684594217-377-346616,65.65.65.65.65.ART ,05-0.01-0.0620.130.36.1Average number of employees, people515052-12198.5103.6102.0Annual wage fund, thousand rubles 153691788321329251434465960116.4119.3138.8 Labor productivity, thousand rubles marketable products, kop. 1.171.850.6882.5133.5110.2 Capital intensity, rub. 0.150.180.140.03-0.05-0.01121.274.990.8 Capital-labor ratio, rub. 987.386.4 As Table 1 shows, the company's revenue in 2012 decreased by 11,972 thousand rubles. (by 19.7%) and amounted to 48,886 thousand rubles. In 2013, revenue increased compared to 2012 by 10,188 thousand rubles. (by 20.8%) and amounted to 59,074 thousand rubles. In general, from 2011 to 2013, revenue decreased by 1,784 thousand rubles. or 2.9%. As you can see, in 2013 the company significantly increased sales, which is associated with participation in the republican targeted construction programs. However, this did not allow him to reach the level of 2011.

The cost of goods sold in 2012 decreased by 8,710 thousand rubles. (by 16.1%) and amounted to 45,454 thousand rubles. In 2013, the cost increased compared to 2012 by 8,877 thousand rubles. (by 19.5%) and amounted to 54,331 thousand rubles. In general, from 2011 to 2013, the cost of production increased by 167 thousand rubles. or 0.3%.

The cost price "behaves" in a similar way with revenue. However, in general, the cost growth rate is higher than the revenue growth rate, which led to a decrease in gross profit over the three years.

Figure 1. Dynamics of product sales indicators

Gross profit in 2012 decreased by 3262 thousand rubles. (or by 48.7%) and amounted to 3,433 thousand rubles. In 2013, gross profit increased by RUB 1,310 thousand compared to 2012. (by 38.2%) and amounted to 4,743 thousand rubles. In general, from 2011 to 2013, gross profit decreased by 1951 thousand rubles. or by 29.1%.

Figure 2. Dynamics of profit from sales and net profit, thousand rubles.

Net profit in 2012 decreased by 3,090 thousand rubles. and amounted to 594 thousand rubles, while in 2011 it was 3,684 thousand rubles. In 2013, net profit decreased by another 377 thousand rubles compared to 2012. and amounted to 217 thousand rubles. In general, from 2011 to 2013, net profit decreased by 3,466 thousand rubles. In general, the decrease in profit was affected by a decrease in sales profit and an increase in other expenses of the enterprise. Data on net profit per 1 rub. sales indicate that the company is at a low level of profitability.

Thus, the activity of the enterprise is characterized by a double trend: a decrease in 2012 and an increase in 2013 (excluding net profit).

At the same time, the number and productivity changed similarly: in 2012, the number decreased by 1 person, productivity - by 222 thousand rubles per person, in 2013 the number increased by 2 people, productivity - by 163 thousand rubles. /person

The cost of fixed assets tended to decrease: by 238 thousand rubles. (or by 2.6%) in 2012 and by 842 thousand rubles. (or by 9.5%) in 2013. At the same time, the return on assets decreased in 2012, and increased in 2013.

2.2 Analysis of the main financial and economic indicators of the enterprise

As the main financial and economic indicators of the enterprise, we will choose:

Liquidity indicators of the enterprise;

Indicators of business activity of the enterprise;

Indicators of profitability of the enterprise.

The task of assessing the liquidity of the balance arises in connection with the need to assess the solvency of the organization.

Analysis of the liquidity of the balance sheet consists in comparing the funds of the asset, grouped by the degree of liquidity and arranged in descending order of liquidity, with the liabilities of the liability, grouped by their maturity and arranged in ascending order of these terms. The results of the analysis are presented in the table. The balance sheet is liquid if the condition is met:

A1>P1; A2>P2; AZ>PZ; A4<П4.

The first three inequalities mean the need to comply with the invariable liquidity rule - the excess of assets over liabilities.

Table 3. Grouping of assets by the degree of their liquidity and liabilities by the urgency of their payment by PHOENIX LLC (thousand rubles)

Group of Act ACT 2011.2012 2012.2013 Grouping of liabilities 2011.2012 2012.2013. Liquid assets A12 369572406? The most urgent obligations of P16 50816 79918 614 Employed assets A26 75914 45212 386? The short -term obligations of P29 70014 627 MEDITIONALED ACCESS AND 36. 82814 60719 633? Long-term liabilities P33 1294 6843 889 Hard-to-sell assets A412 60413 26113 127? Permanent liabilities P49 2248 9348 422

Based on the data in Table 3, we calculate the payment surplus (deficiency).

Table 4. Payment surplus (deficiency) (thousand rubles)

Payment surplus (deficiency) 2011 2012 2013

As can be seen from the analysis, the balance sheet is not liquid according to signs 1, 2, 4 in 2011 and 2013, according to signs 1.4 in 2012.

More detailed is the analysis of solvency, which give an overall assessment of the solvency of the enterprise (table 5).

Table 5. Coefficients characterizing the solvency of Phoenix LLC

Indicator 2011 2012 2013 Change 2012 to 2011 2013 to 2012 2013 to 2011 The value of own working capital, thousand rubles -3 381-4 326-4 705-946 -378-1 324Total liquidity ratio (L 1)0.940.970.930.03-0.04-0.01 Current liquidity ratio (L 2)0.981.010.980.03-0.04-0.01 Quick liquidity ratio (L 3)0.560.510.38-0.05-0.13-0.18 Absolute liquidity ratio (L 4)0,150,020,01-0,13-0,01-0,13

Dynamics of coefficients L 1, L 2, L 3, L 4analyzed organization is negative. In addition, all these coefficients are below the standard values. With the help of a general indicator of liquidity, an assessment is made of the change in the financial situation in an organization in terms of liquidity, and it is also used when choosing the most reliable partner from a variety of potential partners based on reporting. As can be seen from the data presented, this indicator is less than the standard value (> 1): in 2011 it was 0.94, by 2012 it increased by 0.03 to the level of 0.97, and by 2013 it was 0.93, those. decreased by 0.04. This negatively characterizes the organization and indicates its unreliability as a business partner.

The absolute liquidity ratio is less than the standard value (> 0.1 ÷0, 2) and also tends to decrease: from 0.15 in 2011 to 0.02 in 2012, i.e. by 0.13; then from 2012 to 2013 the decrease in the coefficient was 0.01. At the end of the analyzed period, the organization could pay only 1.0% of its short-term liabilities (the absolute liquidity ratio is 0.01). This means that the financial condition of the organization from a short-term perspective in 2011-2013 is unfavorable, because. it could not in the short term timely and in full make settlements on short-term obligations. This is also evidenced by low rates of critical assessment and current liquidity.

The quick liquidity ratio shows what part of current liabilities can be repaid not only at the expense of expected receipts from various debtors. A value from 0.7 to 0.8 is considered normal, however, it should be borne in mind that the reliability of the conclusions based on the results of calculations of this coefficient and its dynamics largely depends on the quality of receivables (terms of formation, financial position of the debtor, etc.), which can only be identified from internal records. Optimal if L 3approximately equal to 1. Phoenix LLC has the value of this coefficient (L 3) below the criterion value. At the same time, during 2011-2012 it decreased by 0.05; then from 2012 to 2013 the decrease was 0.13. This is a negative trend.

Current liquidity ratio (L 4) summarizes the previous indicators and is one of the indicators characterizing the satisfactory (unsatisfactory) balance sheet. Current liquidity ratio (L 4) allows you to determine the multiplicity of current assets cover short-term liabilities. This is the main indicator of solvency. Ratios from 1.5 to 2.0 are considered normal for this indicator. The value of this coefficient is lower than required: in 2011 it was 0.98, by 2012 it increased to 1.01, and in 2013 it was 0.98. For 2011-2012 the growth of the current liquidity ratio amounted to 0.03, in 2012-2013. the decrease is 0.04. Since the value of the coefficient L 4in 2012-2013 . not exceeds one, we can conclude that the organization does not have a sufficient amount of free resources (the higher the coefficient, the greater this volume), formed from its own sources.

The business activity of the enterprise in the financial aspect is manifested, first of all, in the speed of turnover of its funds. The profitability of an enterprise reflects the degree of profitability of its activities. Evaluation of business activity and profitability is to study the levels and dynamics of various financial turnover and profitability ratios, which are relative indicators of the financial performance of the enterprise.

The indicators characterizing the business activity of the organization are given in table 6.

Table 6. Key indicators for assessing business activity

Indicator 2011 2012 2013 Change 2012 to 2011 2013 to 2012 2013 to 2011 Asset turnover, turnover 2,11,11,3-1,00,2-0,8 Turnover current assets, turnover3.81.61.8-2.20.2-2.0Turnover period of current assets, days95.7221.2200.3125.5-20.9104.6 .0-0.3-6.3 Inventory turnover period 39.2109.0121.369.812.382.1 Accounts receivable turnover9.03.44.8-5.61.4-4.2 Accounts receivable turnover period 40.5107.976.567.4-31.436 0 Accounts payable turnover9.42.93.2-6.40.3-6.2 Accounts payable turnover period 39.0125.4115.086.4-10.476.0 Duration of the operating cycle financial cycle40,791,582,850.8-8,742.1

Describing the efficiency of the current production and commercial activities organization, it can be noted that the organization is turning over its resources rather slowly, and the turnover periods tend to increase, which indicates a decrease in the efficiency of investing in inventories, a decrease in the share of borrowed funds.

Thus, the period of receivables turnover in the organization is the largest in 2013. It increased in 2011-2013. for 36 days, which is associated with the deterioration of work with debtors. The company has poorly established work on educating customers, sending letters with a reminder of the need for payment. However, the increase in the amount of accounts receivable, which more than doubled in the analyzed period, is alarming.

The inventory turnover period increased from 39.2 days in 2011 to 121.3 days in 2013, i.е. there was an increase in the duration of the turnover of inventory by 82.1 days. This is due to the fact that despite the fact that the book value of raw materials and materials according to the balance sheet increased in 2011-2013, also a smaller increase in sales revenue of the organization reduced the effectiveness of investing in inventories.

As a result, the turnover period of current assets increased from 95.7 days in 2011 to 200.3 days in 2013, i.e. for 104.6 days.

And the turnover of assets decreased by 0.8 turnover.

The period of accounts payable turnover increased in 2011-2013. for 76 days.

Based on the analysis, we can conclude that the analyzed enterprise has a large amount of receivables: it occupies a large share in the balance sheet structure of the enterprise: 23.67% of the balance sheet in 2011 and 27.19% of the balance sheet in 2013 year. The growth of the periods of turnover of the resources of the organization indicates a decrease in the efficiency of investments in assets, although the duration of the turnover of all types of assets in the organization is still long.

Indicators characterizing business activity, as well as the profitability of the organization's activities are shown in table 7.8.

The efficiency of the enterprise is most fully characterized by profitability indicators, because they are relative indicators comparing results with costs.

The dynamics of profitability indicators is analyzed in tabular form (Table 7).

Table 7. Main indicators of profitability

Indicator 2011 2012 2013 Change 2012 to 2011 2013 to 2012 2013 to 2011 Return on sales8.55.25.8-3.30.7-2.7 Return on assets12, 91.40.5-11.5-0.9-12.4 Return on current assets23.12.00.7-21.1-1.3-22.4 Return on equity39.96.62.6-33.3- 4.1-37.4

As Table 7 shows, the profitability of sales is characterized by rather low rates. In 2012, it decreased by 3.3% and amounted to 5.2%, in 2013 it slightly increased to 5.8%. Thus, the main activity of the enterprise is on the verge of self-sufficiency.

The return on assets also decreased over the three years and amounted to 0.5% in 2013.

The return on equity decreased over the three years and amounted to 2.6% in 2013, which is associated with a decrease in net profit along with a slight increase in equity.

All results are shown in Fig. 3, which shows very low rates of return on assets of the enterprise.

Figure 3. Dynamics of profitability indicators

Table 8. Estimated return on equity (DuPont model)

Indicator 2011 2012 2013 Initial data Sales revenue, thousand rubles60 85848 88659 074 Net profit, thousand rubles3 684594217 Assets, thousand rubles28 56042 89245 552 Equity capital, thousand rubles9 2248 9348 422 Calculated data - factors Return on sales based on net profit6,11,20.4 Turnover ratio2,11,11.3 Equity multiplier3,14,85.4 Return on equity39,96,62.6 Return on equityReturn on salesX-31.9-4.6Turnover ratioX-3.70.3Multiplier of equityX2.40.3The combined impact of all factorsX-33.3-4.1

As the assessment of return on equity (RAC) shows, in 2012 it decreased by 33.3%. This was influenced by the following factors:

decrease in sales profitability by 4.8% led to a decrease in RSK by 31.9%;

a decrease in turnover by 1.0 led to a decrease in RAC by 3.7%;

equity multiplier increased by 1.7 bps. units, as a result of which there was an increase in profitability by 2.4%.

Consequently, the equity multiplier had the greatest positive impact, and the return on sales had the greatest negative impact.

Return on equity (RAC) in 2013 decreased by 4.1%. This was influenced by the following factors:

decrease in profitability of sales by 0.8% led to a decrease in RSK by 4.6%;

growth in turnover by 0.2 led to an increase in RSK by 0.3%;

equity multiplier increased by 0.6 bps. units, as a result of which there was an increase in profitability by 0.3%.

Consequently, the equity multiplier had the greatest positive impact, while the return on sales had a negative impact.

2.3 Analysis of relative and absolute indicators of the financial stability of the enterprise

The most important area of ​​analytical work is the assessment of the financial condition, on the basis of which:

an assessment of the results obtained is given,

developing a financial strategy

implementation measures are being developed.

The assessment of the financial condition is especially important in the conditions of market relations, since each business entity is faced with the need for a comprehensive study of its partners - according to published reports, as well as its own financial situation.

We will begin the assessment of financial stability with an analysis of indicators characterizing the ratio of own and borrowed funds at the enterprise.

Equity concentration ratio. Determines the degree of financial independence or autonomy from external capital (Kf H ). Along with this, it characterizes the share of the owners of the enterprise in the total amount of funds invested in the enterprise (the ratio of equity and balance sheet). The higher the value of the coefficient, the more the enterprise is financially stable, stable and independent of external sources.

To fn =SK/B, (20)

where SC - equity, which corresponds to section III of the liabilities side of the balance, called "Capital and reserves", thousand rubles:

B - currency (total) of the balance sheet, thousand rubles.

Financial dependency ratio (Kf 3). Reverse to the concentration of equity capital; is defined as the ratio of the sum of sources of funds (balance sheet currency) to the amount of equity capital. The growth of this indicator in dynamics means an increase in the share of borrowed funds in the financing of the enterprise.

Kfz =B/CK (21)

Debt ratio (K zk ). It is defined as the ratio of borrowed capital to the balance sheet currency. By the value of this indicator, one can judge what proportion of borrowed funds make up the total amount of sources of funds of the enterprise.

To zk \u003d ZK / B, (22)

where ZK - borrowed capital, thousand rubles.

Equity maneuverability ratio (K m ). It is defined as the ratio of net working capital (availability of sources of own working capital) to the total amount of own capital. By the value of this indicator, one can judge which part of equity is used for investing in working capital, and which part is capitalized, i.e. into non-current assets less the share attributable to long-term liabilities:

To m = SOK / SK, (23)

where SOK - net working capital, thousand rubles.

Long-term investment structure ratio (K sdv ). It is determined by the ratio of the amount of long-term borrowed funds to the total amount of non-current assets. This indicator characterizes what part of non-current assets is financed by long-term borrowed funds

To sdv \u003d DKZ / VOA, (24)

where DKZ - long-term credits and loans, thousand rubles, - non-current assets, thousand rubles.

6.Long-term borrowing ratio (Ldc). It is determined by the ratio of long-term loans and borrowings to the total amount of equity and long-term loans and borrowings. When calculating this ratio, short-term debt to finance inventory and receivables is not taken into account, as it is repaid at the expense of current assets turnover.

To DZS =DKZ/(SK + DKZ). (25)

.Debt capital structure ratio (К szk ). It is the ratio of long-term liabilities to the total amount of borrowed funds.

To szh = DKZ / (DO + KO), (26)

where TO - long-term liabilities, thousand rubles,

KO - short-term liabilities, thousand rubles.

.Ratio of debt and equity capital (K fr ) or the financial risk ratio, otherwise called the "shoulder of financial leverage"

To fr \u003d ZK / SK. (27)

Permanent asset index (I pa ). This indicator characterizes the share of fixed capital (non-current assets) in equity.

And pa =K osn / sk, (28)

where K main - fixed capital, thousand rubles.

Accumulated depreciation ratio (K on the ). This coefficient reflects the intensity of accumulation of funds for the renewal of fixed capital and is defined as the ratio of the amount of accumulated depreciation (the sum of depreciation of fixed assets and intangible assets) to the initial cost of depreciable property (the initial cost of fixed assets and intangible assets). The level of this coefficient depends on the life of fixed assets, the technical condition of fixed assets. The value of the coefficient can be high with accelerated depreciation:

To on the =(A 0C +A on the )/(OS perv +Nfirst ), (29)

where A os , BUT on the - depreciation of fixed assets and intangible assets at the beginning and end of the analyzed period, thousand rubles,

OS perv , ON THE perv - the initial cost of fixed assets and intangible assets, thousand rubles.

However, the use of this coefficient in economic studies is advisable if the entire amount of accrued depreciation has a targeted focus, namely, to finance the reproduction of fixed assets

The ratio of the real value of fixed assets and property (K rs ). Shows how effectively funds are used for entrepreneurial activities; is calculated as the ratio of the residual value of fixed assets to the value of the property of the enterprise:

To rs =OCest / B, (30)

where OS ost - residual value of fixed assets, thousand rubles.

The coefficient of the real value of industrial property (K rsi ). The coefficient of the real value of industrial property reflects the share of production assets - fixed assets and inventories in the total value of property. The coefficient is very important for concluding contracts with suppliers and buyers, since high values ​​​​of the coefficient are the key to the success of the production and financial activities of the enterprise. It is defined as the ratio of the sum of the residual value of fixed assets, inventories in * the composition of materials and the cost of work in progress to the value of the property of the enterprise.

To rsi = (OS +Z m + NezP) / B (31)

where Z m - the cost of materials in the composition of inventories, thousand rubles,

NezP - work in progress, thousand rubles.

Based on the balance sheet data in the analyzed organization, the coefficients characterizing financial stability have the following values ​​(see Table 8).

Table 8. Values ​​of coefficients characterizing financial stability

IndicatorsCalculation methodNormal 201120122013Change2012 to 20112013 to 20122013 to 2011Autonomy coefficientKavt = SA/A>0.50.3230.2080.185-0.115-0.023-0.138Finance stability coefficient . \u003d (SC + DO) / A> 0.70.4330.3180.270-0.115-0.047-0.162 Financial dependence coefficient K f.z. = ZK/A<0,50,6770,7920,8150,1150,0230,138Коэффициент маневренности собственного капиталаК ф.м. = (СК-ВА)/СК>0.2-0.367-0.484-0.559-0.118-0.074-0.192 Long-term investment structure coefficient K d.l. = S/A/VA0.2480.3530.2960.105-0.0570.048 = S/L/(SK+S/S) 0.2530.3440.3160.091-0.0280.063 \u003d S/A / (DO + KO) 0.1620.1380.105-0.024-0.033-0.057 Financial risk ratio Kfr \u003d ZK / SK<0,72,0963,8014,4091,7040,6082,312Индекс постоянного активаИпа = ОС/СК0,9860,9910,9510,005-0,040-0,034Коэффициент накопленной амортизацииКна = А/(ОС+НМА)0,5250,5360,5560,0110,0200,031Коэффициент соотношения реальной стоимости средствК р.с. = ОС/Б0,3180,2060,176-0,112-0,031-0,142Коэффициент реальной стоимости имущества производственного назначенияК р.с. = (ОС+М+НЗП) / Б0,5470,5470,6070,0000,0600,060

The value of the coefficient of financial independence (autonomy) is below the critical value of the standard, which indicates an unfavorable financial situation, i.e. owners own in 2011 32.3% of the value of property, in 2012 20.8% of property, in 2013 - only 18.5% with the standard: 0.4 £ U3 £ 0,6.

The financial stability ratio is also significantly below the established normative values. In 2013, only 27.0% of the asset is financed from sustainable sources with the norm ³ 0,7.

This conclusion is also confirmed by the value of the coefficient of financial dependence, which shows that in 2013 18.5% of activities are financed by own funds, and 81.5% - by borrowed funds at the standard £ 0,5.

The dynamics of the financial risk ratio indicates the insufficient financial stability of the organization, since for this it is necessary that this ratio be< 1. В 2011 г. она равен 2,096, к 2012 г. возрос до 3,801, а в 2013 г. составил 4,409. На величину этого показателя влияют следующие факторы: высокая оборачиваемость, стабильный спрос на реализуемые товары, налаженные каналы снабжения и сбыта, низкий уровень постоянных затрат.

The degree of sufficiency of own working capital also characterizes the measure of financial stability. Due to the fact that LLC "PHOENIX"< 20%, при этом его значения отрицательные, т.е. в 2011-2013 гг. собственных оборотных средств недостаточно для маневренности: в 2011 г. показатель равен -0,21, в 2012 г. -0,15, в 2013 г. -0,15. Организации необходимо оценить, в какой мере собственные оборотные средства покрывают хотя бы производственные запасы и товары, так как они обеспечивают бесперебойность деятельности организации.

The accumulated depreciation coefficient shows the process of funds obsolescence: in 2011, the aging of funds amounted to 52.5%, in 2012 - already 53.6%, in 2013 - already 55.6%.

The real value of fixed assets in the composition of assets is also declining: the share of fixed assets in 2011 was 31.8%, and in 2013 - only 17.6%.

Agility factor shows what proportion of the company's own capital is in a mobile form, allowing them to more or less freely maneuver. The negative value of this indicator for LLC "Phoenix" in 2012-2013. means the absence of the company's own capital in the values ​​of a mobile nature, which are more liquid, and therefore can be converted into cash in a short time.

An increase in the maneuverability coefficient and its high level always characterize an enterprise in the best way: equity capital is mobile, most of it is invested not in fixed assets and other non-current assets, but in working capital. Therefore, an increase in the maneuverability coefficient is desirable, but within the limits in which it is possible. With a specific structure of the property of the enterprise. However, the ratio not only has a negative value, but also decreases due to the fact that Phoenix LLC calculates its own capital at a slower rate compared to the growth of non-current assets, so a decrease in the ratio indicates a decrease in the financial stability of the enterprise. As an optimal value, the maneuverability coefficient can be taken in the amount< 0,5. Это означает, что менеджер предприятия и его собственники должны соблюдать паритетный принцип вложения собственного капитала в активы мобильного и иммобильного характера, что обеспечит достаточную ликвидность баланса.

The coefficient of security with own funds characterizes the presence of own working capital of the enterprise, necessary for its financial stability. The equity ratio is defined as the ratio of the difference between the volumes of sources of own funds (total of section III of the liability balance) and the actual cost of fixed assets and other non-current assets (total of section I of the asset balance) to the actual value of the working capital available to the enterprise in the form of inventories , work in progress, finished goods, Money, receivables and other current assets (the result of section II of the asset balance).

The most generalizing absolute indicator of financial stability is the correspondence or mismatch (surplus or shortage) of sources of funds for the formation of reserves with the value of reserves, obtained as the difference between the value of sources of funds and the value of reserves. This refers to the provision of reserves with sources of own and borrowed funds.

To characterize the sources of funds for the formation of stocks, several indicators are used that reflect the different degree of coverage of different types of sources:

Availability of own working capital (E with ), defined as the difference between the value of equity capital and non-current assets, according to the formula:

c=CK-F. (32)

Availability of long-term debt capital (Е t ), obtained by summing up own working capital and long-term loans and borrowings:

E t = E with + Kt . (33)

The total value of the main sources of funds for the formation of reserves (E I ) equal to the sum of own working capital, long-term and short-term loans and borrowings:

I =E C + K T+K t . (34)

A normal source of inventory coverage is also debt to suppliers for inventory items included in current assets, the payment deadline for which has not yet come. The amount of such debt is not allocated in the balance sheet, but can be established according to analytical accounting data. By the value of this indicator, it is necessary to increase the total amount of sources of funds that form reserves:

E S =E C + K T + K t +rП . (35)

Three indicators of the availability of sources of funds correspond to three indicators of the availability of reserves (including VAT on acquired valuables):

1.surplus (+) or shortage (-) of own working capital:

± EU =E C -Z

2.excess (+) or shortage (-) of own working and long-term borrowed capital:

± E T =E T - Z = (E C+K T ) - Z;

3.surplus (+) or shortage (-) of the total value of the main sources of funds for the formation of reserves:

± E S =E S - Z = (E C + K T + K t+r P )-Z.

absolute and normal the stability of the financial condition of the enterprise is characterized by a high level of profitability of its activities and the absence of violations of financial discipline.

The unstable financial condition is characterized by the presence of violations of financial discipline, interruptions in the flow of funds to the current account, and a decrease in the profitability of the enterprise.

The crisis financial condition is characterized, in addition to the indicated signs of an unstable financial situation, by the presence of regular non-payments (overdue loans from banks, overdue debts to suppliers, the presence of arrears to the budgets).

For an in-depth study of the financial stability of the enterprise, the data of form No. 5 and accounting registers are involved. Based on these sources of information, the amounts of non-payments are established (to the budget, banks, suppliers, employees of the enterprise) and their causes are identified.

To characterize the financial stability of the enterprise at the reporting date and its dynamics, we can recommend an analytical table. nine.

Table 9. Analysis of coverage by sources of reserves (thousand rubles)

Indicator Designation 2011 2012 20131. Sources of formation of own funds (capital and reserves) ISS9 2248 9348 4222. Non-current assetsVOA12 60413 26113 1273. Own current assets (p. 1-2) SOS-3 381-4 326-4 7054. Long-term liabilities (credits and loans) DKZ3128, 74683.9753888.9755. Own and long-term borrowed sources of working capital (p. 3 + 4) SDI-252358-8166. Short-term loans and borrowingsKKZ9 70012 47514 6277. Total value of the main sources of funds (p. 5+6) OI9 44812 83313 8118. Total amount of reserves36 53714 60219 6339. surplus (+), shortage (-) of own working capital (p. 3-8 )?SOS-9 917-18 929-24 33810. surplus (+), shortage (-) of own and long-term borrowed sources of reserve coverage (pp. 5-8)?SDI-6 789-14 245-20 44911. surplus ( +), lack (-) of the total value of the main sources of financing reserves (p. 7-8)? ?SDI;?OIZUnstable stateCrisis stateUnstable state

The data in table 9 show that the company during the analyzed period was in an unstable financial condition.

If there is no coverage of reserves by normal sources of their formation, then in order to stabilize the financial condition, it is necessary:

firstly, to increase the share of own capital in current assets;

secondly, to reduce the balance of inventory through the sale of sedentary or unused stocks.

2.4 Comprehensive assessment of the level of financial stability of the enterprise

One of the most important tasks of long-term financial planning is forecasting the stability of the enterprise. Systematically unstable financial condition of the enterprise leads to bankruptcy. The basis for making a decision on the insolvency of an enterprise is the system of criteria for identifying an unsatisfactory structure of the balance sheet of insolvent organizations, approved by Decree of the Government of the Russian Federation dated April 15, 2003 No. 218 “On the procedure for filing claims for obligations to the Russian Federation in bankruptcy cases and bankruptcy procedures” .

The system consists of a number of indicators, the main of which are:

current liquidity ratio;

equity ratio;

coefficient of restoration (loss) of solvency.

The structure of the balance sheet is recognized as unsatisfactory, and the enterprise is considered insolvent if the current liquidity ratio or the equity ratio does not meet the established standards.

If the structure of the balance sheet is unsatisfactory, in order to check the real possibility for the enterprise to restore its solvency, the solvency restoration coefficient is calculated for a period of 6 months as follows:

The results of the assessment of the balance sheet structure of the enterprise under study are presented in Table 10.

Table 10. Assessment of the balance sheet structure

Indicator Standard 2011 2012 2013 Change 2012 to 2011 2013 to 2012 2013 to 2011 Current liquidity ratio20,981,010,980.03-0.04-0.01 Equity ratio0 ,1-0.21-0.15-0.150.070.000.07 Solvency recovery (loss) ratio 1x0.510.48 The balance sheet structure of an enterprise is recognized as unsatisfactory, and the enterprise is considered insolvent if one of the following conditions is met:

the current liquidity ratio is less than 2;

the equity ratio at the end of the reporting period is less than 0.1.

The structure of the balance sheet of Phoenix LLC is recognized as unsatisfactory, and the enterprise is recognized as insolvent in accordance with the Methodological provisions for assessing the financial condition of enterprises and establishing an unsatisfactory balance structure, approved by the Order of the Federal Office for Insolvency (Bankruptcy) dated August 12, 1994 No. 31-r, because . Both of the following conditions are not met:

If at least one of the specified coefficients does not meet the requirements established above, the solvency recovery coefficient for the forthcoming period (6 months) is calculated.

To vp (2012) = / 2 = 1,02

To vp (2013) = / 2 = 0,97

The coefficient of solvency recovery, which takes a value less than 1, calculated for a period equal to 6 months, indicates the inability of the enterprise to restore solvency.

Let us determine the period of restoration of solvency, based on the equation:

To vp (2012) = / 2 = 1 ? t = 15 months

To vp (2013) = / 2 = 1 ? t = 18 months

With these indicators, the solvency recovery period is very high, and in 2013 it increased sharply.

For a more accurate assessment of the financial stability of an enterprise in domestic practice, the value of net assets is calculated and their dynamics is analyzed. Net assets represent the excess of the assets of the enterprise over the liabilities taken into account. The assets included in the calculation include monetary and non-monetary property of the enterprise, except for the debt of participants (founders) on contributions to the authorized capital and the book value of own shares redeemed from shareholders.

The liabilities involved in the calculation include a part of the company's own liabilities (target financing and receipts), external liabilities to banks and other legal entities and individuals.

In accordance with the Law of the Russian Federation "On Joint-Stock Companies" (Article 35) and the order of the Ministry of Finance of Russia and the Federal Securities Commission of Russia dated January 29, 2003 No. Yun, 03-6 / pz "On approval of the procedure for assessing the value of the net assets of a joint-stock company", joint-stock companies for assessments of financial stability use the net assets indicator. Net assets represent the difference between the amount of assets and the amount of the corresponding liabilities and are calculated according to the methodology approved by the Russian Ministry of Finance and the Federal Commission for the Securities Market of the Russian Federation.

The calculation of the net assets of the analyzed enterprise is presented in table 11.

Table 11. Calculation of net assets of Phoenix LLC

Balance items 2011 2012 2013 Change Abs., +, - Rel., %1. Assets - total28 56042 89245 55216 99259.52. Excluded assets - total00000!3. Excluded liabilities - total19 33733 95837 13017 79392.0 - bank loans and borrowings12 82917 15918 5165 68744.3 - payables6 50816 79918 61412 106186.0 - debts to participants (founders) on payment of short-term income-0-0 provisions0000-0 other liabilities-0-0 future income -4. Net assets (line 1 - line 2 - line 3)9 2248 9348 422-802-8.7- in % of total assets (line 4: line 1 * 100)32.3020.8318.49- 13.81-42.85. Authorized capital46464600.06. Net assets to share capital (line 4: line 5)201.9195.6184.4-18-8.7

This trend confirms the previously made conclusion about the increase in the degree of solvency of the enterprise, as evidenced by the upward trend in the current liquidity ratio.

Let's evaluate the effectiveness of the use of borrowed capital.

Table 12. Calculation of the effect of financial leverage (EFF)

Indicators 2011 2012 2013 Change 2012 to 2011 2013 to 2012 2013 to 2011 Total capital, thousand rubles28 56042 89245 55214 3322 66016 992 including:9 2248 9348 422-289-512-802 own loan19 33733 95837 13014 6213 17217 793Profit from sales, thousand rubles5 1852 5313 447-2 654915-1 738Total return on equity, % .6 The amount of interest on the loan, thousand rubles 2071.82747.52598.4676-149527 Taxable income, thousand rubles profit, ths. rub. -0.16-0.53-0.11-0.65

As can be seen from the table, in 2012-2013. EGF< 0. Это показывает, что предприятие «не умеет» пользоваться заемными средствами, т.к. плата за них выше, чем рентабельность вложенных средств.

3.1 Development of a business plan for the diversification of production to maximize the profits of the enterprise

When writing this work, an analysis of financial stability management was carried out, during which the shortcomings reflected in table 13 were identified.

Table 13

Identified shortcomings Proposed measures The analysis of economic indicators showed: 1. In general, from 2011 to 2013, revenue decreased by 1,784 thousand rubles. or by 2.9%. Sales growth should help increase profits2. In general, from 2011 to 2013, net profit decreased by 3,466 thousand rubles3. The dynamics of profitability indicators shows that the profitability of sales is characterized by rather low indicators. Analysis of liquidity and solvency showed: 1. The balance sheet is not liquid. 2. The dynamics of liquidity ratios is negative and below the normative values. 3. A conclusion was made about the unsatisfactory structure of the company's balance sheet and the impossibility of restoring solvency in 6 months. It is necessary to optimize the structure of assets and liabilities I. Measures to manage and optimize receivables. 1) Control of the buyer for its reliability and financial stability, compliance with contractual discipline. 2) Restructuring of receivables in pre-trial and judicial procedures. II. Measures for the management and optimization of stocks. Use various modern methods inventory management, in particular, the Wilson model.4. The organization turns its resources rather slowly. 5. There is a large amount of receivables: it occupies a large share in the balance sheet structure of the enterprise.6. The value of the coefficient of financial independence and stability is below the critical point7. Own working capital is not enough for maneuverability. The coefficient of maneuverability and self-sufficiency has a negative value.8. The enterprise during the analyzed period was in an unstable financial condition.9. In 2011-2012 EGF< 0.

We will describe the problems and their solutions in more detail.

1. In general, from 2011 to 2013, revenue decreased by 1,784 thousand rubles. or 2.9%. At the same time, gross profit decreased by 1951 thousand rubles. or by 29.1%, and net profit - by 3,466 thousand rubles! In general, the decrease in profit was affected by a decrease in sales profit and an increase in other expenses of the enterprise. Data on net profit per 1 rub. sales indicate that the company is at a low level of profitability.

An analysis of financial stability showed that the enterprise is unstable: for example, the value of the coefficient of financial independence (autonomy) is below the critical point: in 2011, the owners own 32.3% of the property value, in 2012 20.8% of the property, in 2013 - only 18.5% with the standard: 0.4 £ U3 £ 0,6.

Analysis of liquidity and solvency showed that the balance sheet is not liquid according to signs 1, 2 and 4 in 2011, according to signs 1 and 4 in 2012, according to signs 1, 2 and 4 in 2013. All liquidity ratios are below the normative values : the overall liquidity ratio is less than the normative value (>1): in 2013 it was 0.93; absolute liquidity ratio is less than the normative value (> 0.1 ÷0, 2) and also tends to decrease; current liquidity ratio below the standard (> 1h 2): in 2013 it was 0.98.

An analysis of the business activity of the enterprise showed that the organization is turning over its resources rather slowly, and the turnover periods tend to grow, which indicates a decrease in the efficiency of investments in inventories, a decrease in the share of borrowed funds: the turnover period of receivables in the organization is the largest in 2013 and it increased over 2011-2013. by 36.0 days, which is associated with the deterioration of work with debtors; the inventory turnover period increased from 39.2 days in 2011 to 121.3 days in 2013, i.е. there was an increase in the duration of the turnover of inventory by 82.1 days; the turnover period of current assets increased from 95.7 days in 2011 to 200.3 days in 2013, i.е. for 104.6 days; the period of accounts payable turnover increased in 2011-2013. for 76.0 days; asset turnover of funds decreased by 0.8 turnover.

The analyzed enterprise has a large amount of accounts receivable: it occupies a large share in the structure of the enterprise's balance sheet: 21.70% of the balance sheet in 2011 and 23.58 percent of the balance sheet in 2013.

The dynamics of profitability indicators shows: the profitability of sales is characterized by rather low rates; return on assets also decreased over the three years and amounted to 0.5% in 2013; the return on equity decreased over the three years and amounted to 2.6% in 2013, which is associated with a decrease in net profit along with a slight increase in equity.

As the analysis of return on equity (RAC) shows, in 2012 it decreased by 33.3%. The greatest negative impact had the profitability of sales. Return on equity (RAC) in 2013 decreased by 4.1%. Negative impact again had a profitability of sales.

The structure of the balance sheet of LLC "Phoenix" is recognized as unsatisfactory, and the company - insolvent, because. Both of the following conditions are not met:

the current liquidity ratio at the end of the reporting period is less than 2 (0.98 in 2011, 1.01 in 2012, 0.98 in 2013);

the equity ratio at the end of the reporting period is less than 0.1 (-0.21 in 2011, -0.15 in 2012, -0.15 in 2013).

In 2012-2013 EGF< 0. Это показывает, что предприятие «не умеет» пользоваться заемными средствами, т.к. плата за них выше, чем рентабельность вложенных средств.

So there are 3 big problems:

.Unsatisfactory capital structure;

.Low amount of liquid funds;

.Low profitability.

To solve the problem of strengthening the financial condition, work is needed in two directions:

.profit growth (solving problems 1 and 3)

.liquidity growth.

The growth in sales should contribute to an increase in profits, which will increase the amount of own funds in the structure of liabilities, which will significantly strengthen the financial stability of the enterprise. The primary task not only to ensure financial stability, but also operational, is the growth in the volume of orders. Therefore, it is necessary to offer the development of new activities

We are talking about expanding the range, because the value of income for the enterprise is difficult to overestimate.

LLC "Phoenix" is a company that builds houses, baths, cottages, campsites and much more from rounded logs of high quality wood species such as Angarsk pine and Siberian larch, Siberian cedar. However, the cost of such houses is quite high, and reliability and safety are not confirmed by widespread examples. Thus, products for the segment of relatively cheap materials fall out of the assortment, which include wooden houses.

The injury can be the construction of houses, baths, cottages, campsites from prefabricated profiled timber.

The solution may be the construction of houses, baths, cottages, campsites from prefabricated profiled timber.

For the construction of a workshop for profiled timber, an investment of 16 million rubles is required.

Sources of financing:

Own funds received from the release of receivables (3,370 thousand rubles) and inventories (4,434 thousand rubles), i.е. in the amount of 8164 thousand rubles.

A loan from Sberbank in the amount of 16,000 - 8,164 = 7,836 thousand rubles. at 15% per annum for 5 years.

Table 14. Loan repayment schedule

Indicator12345Balance of debt at the beginning of the year78366269470231341567% Accrued1175940705470235Repaid principal15671567156715671567Paid%1175940705470235Balance of debt at the end of the year6269470230541567

Presumably it is possible to produce 2000 cubic meters. m. per year at a cost of 13,000 rubles. (revenue growth by 2,000 * 13,000 = 26,000 thousand rubles) at a cost of 10,000 rubles. (cost increase 2000 * 10000 = 20000 thousand rubles), i.e. you can make a profit from sales in the amount of 6,000 thousand rubles.

Table 14a. Calculation of financial results

Indicatoryear012345Volume of sales, cub. m.20002000200020002000Price 1 cubic meters m., RUB 1300013000130001300013000 Cost of 1 cubic m., rub. 1000010000100001000010000 E resolved, thousand rubles. 260002600026000260002600026000 SUBSTANCE, thousand rubles, 200200200200200002000020000 PRODUCTIVE (PP), thousand rubles. 600060006000600060006000 SUBS. 1,175940705470235NARANS. RUB 9651200120012001200

Thus, the implementation of this project will bring additional net profit in the first year in the amount of 3860 thousand rubles.

Because project financing is mixed, then the discount rate is defined as the weighted average cost of capital

WACC \u003d Dsk * Csk + Dzk * Czk * (1-0.2) \u003d 8164 / 16000 * 2.6% + 7836 / 16000 * 15% * 0.8 \u003d 19%

The price of a borrowed source of financing -loan rate:

Price of own source of financing -equity is calculated as return on equity:

Table 15. Project efficiency calculation

Показательгод?012345Капитальные вложения (I), млн. руб.1600016000Чистая прибыль (Р), млн. руб.3860386040954330456520709Амортизация (А), млн. руб.3200320032003200320016000Денежный поток (РV = P + A - I), млн. руб.-160007060706072957530776520709Коэффициент дисконтирования (К)10.9330.8700.8120.7570.706Discounted cash flow (NРV = PV * K), mln RUB-160006586614359215702548513837?NPV, mln RUB-16000-9414-32712650835213837

NPV = 13837 million rubles Because NPV > 0, then the project can be considered effective.

Payback period Current = 2 years + 3271/5921 = 2.7 years.

Figure 4. Calculation of the payback period

3.2 Using the Wilson Model to Optimize Inventories as a Factor in Financial Sustainability

Another task is to optimize the structure of assets and liabilities in order to strengthen the financial condition.

So, if reserves are not covered by normal sources of their formation, then in order to stabilize the financial condition, it is necessary: ​​firstly, to increase the share of equity in current assets; secondly, to reduce the balance of inventories through the sale of slow-moving or unused stocks.

The growth of liquid funds should be associated with the optimization of the values ​​of inventories, receivables and payables. Those. if the structure of current assets is illiquid, work is needed to find illiquid and excess reserves, as well as to pay off receivables and payables.

Thus, to solve the problem of increasing the efficiency of managing the structure of assets and liabilities, work is needed in two directions: optimization of inventories and receivables.

) Measures for the management and optimization of stocks.

There are many inventory management models of varying degrees of complexity.

The simplest is the so-called basic inventory management model EOQ (Economic Ordering Quantity), also known by the name of the author - the Wilson model.

The Wilson model is the simplest KM model and describes the situation of purchasing products from an external supplier, which is characterized by the following assumptions:

· consumption intensity is a priori known and constant value;

· the order is delivered from the warehouse where the previously produced goods are stored;

· the delivery time of the order is a known and constant value;

· each order is shipped as one batch;

· the cost of the order does not depend on the size of the order;

· the cost of holding the stock is proportional to its size;

· lack of stock (shortage) is unacceptable.

This model is somewhat divorced from reality, but is useful for understanding the essence of the subject, problems, basic patterns and approaches in the field of inventory management.

But in relation to our organization, this model is not only useful, but also acceptable, because those claims that are made to this model have an insignificant impact on the processes of our organization:

Firstly, in this organization, 3 species occupy more than 70% of all stocks;

Secondly, the delivery process is very simple and is characterized by just understandable categories: the volume of delivery, the cost of 1 delivery, storage costs, which are easily calculated.

Thirdly, the organization refers to the delivery process only from the standpoint of assessing safety stocks, and from the point of view of minimizing transport and storage stocks, no one approached.

And this model proceeds precisely from these considerations, since the purpose of determining the optimal order lot is to provide the inventory needed to maintain production process with minimal total cost of storage and organization of orders.

The main idea of ​​the EOQ method is the division of costs into:

a) inventory holding costs (variables);

b) the cost of organizing the order (conditionally fixed).

Let S - annual sales; - annual number of orders;

Q - ordered quantity of goods by the consumer (Q = S/N)

The inventory level will fluctuate from Q after an order arrives to zero (or a safety stock) on the eve of the next order.

When calculating the need for working capital, the average cost of stocks M is usually taken into account. It is determined by the formula

M = A × p, (37)

where A is the average value of stocks. It is calculated according to the formula

A = (S / N) / 2 = Q / 2, (38)

where p is the price of a unit of raw material or material.

The total amount of storage costs - TCC (Total Carring Cost) is determined by the formula:

TCC \u003d cpA \u003d cpQ / 2 (39)

Inventory holding costs (TCC) are usually variable, but the cost of organizing each order is considered to be constant (this includes correspondence, telephone-fax, hospitality, travel expenses). Let be fixed costs are equal to F, and if N orders are placed per year, then the total cost of organizing orders - TOC (Total Ordering Cost) is equal to

TOC = F× N(40)

If we solve equation (4) for N, we get N = S/2A. From this formula, it can be seen that the number of orders decreases with an increase in batch volumes. If the orders themselves are large, their number during the year is small, then the costs of organizing orders are also small. Substituting N into (7), we have:

TOC = FS / 2A = FS / Q (41)

The total total costs of storing and organizing orders - TIC (Total Inventory Costs) are equal to:

TIC \u003d TCC + TOC \u003d cfQ / 2 + F (S / Q) (42)

This formula serves as the basis for determining the optimal order lot. It allows you to find a compromise between costs that are rising and costs that are declining.

Figure 5. Model of the optimal order lot

The graph demonstrates the main prerequisites of the model: part of the costs increases with the growth of inventory, and part decreases. The optimal order size is the one that minimizes total cost. Close to the optimum point, the cost curve decreases gradually, gently. This suggests that a small fluctuation in the size of the order lot does not fundamentally affect costs.

The analytically optimal order size (EOQ point) is determined by the formula:

EOQ=?2FS / СР (43)

This expression is called the Wilson formula.

Table 16. Calculation of the volume (F) and the value of sales by product groups

Types of raw materials Purchase volume (F * P), thousand rubles. Price (P), thousand rubles. Purchase volume (F), cub. m.Log13 13315.6842Beam11 9606.61 812Board6 8905.61 230Total31 983 Table 17. Calculating the Optimal Order Quantity (EOQ)

Types of raw materialsFSCPEOQLog842600.962324.1Beam1 812600.407731.0Board1 230600.345653.9

Table 18. Calculation of the standard size of the stock

Types of raw materialsAverage inventories, thousand rublesNumber of orders per yearOrder costNominal inventories, thousand rubles Conditional release according to the modelLog5 9062.65 0562 528-3 378Beams3 7252.54 8252 412-1 312Boards1 5741.93 6621 831613 56134 Total for the group 771-4 434

There are stocks of rounded logs in the warehouse.

Wilson Model Formula

where Qw is the optimal order size in the Wilson model;

v - annual consumption, ; - cost of storing the stock, ; - cost of ordering, including the execution and delivery of the order (delivery is carried out by rail, the cost of the wagon service is 60 thousand rubles).

The optimal order size in the Wilson model, according to the formula, is 324.1 cubic meters. m. then the stock rate is 324.1 / 2 \u003d 162.05 cubic meters. m., the stock standard is 162.05 * 15.6 rubles. = 2528 thousand rubles.

Today, the average commodity stocks amount to 5906 thousand rubles, so the release of working capital by reducing stocks will be 3378 thousand rubles. (5906 - 2528).

1.the implementation of the project will bring a net profit in the 1st year in the amount of 3472 thousand rubles.

.the provision of a discount that is beneficial for buyers and us led to a decrease in receivables by 3,730 thousand rubles.

3.the optimization of the amount of inventories led to a conditional release of cash in the amount of 4434 thousand rubles.

How qualitative these shifts are and how they will affect the financial condition as a whole, the appropriate methods should answer.

) Measures to manage and optimize receivables.

Receivables optimization is part of the organization's overall policy to choose the conditions for selling products for a certain period of time, optimize the total amount of receivables and ensure timely collection of receivables to achieve a given level of financial stability of the organization.

a) To control the buyer for its reliability and financial stability, compliance with contractual discipline, to control the fulfillment of contractual obligations by the organization itself (meaning the seller organization), it is proposed to Phoenix LLC to develop a dossier on buyers. A dossier is an approved form of internal accounting (here, an accounting form is a specifically expressed data system, including documents, materials, files and systematically built forms), a set of all available data about the customer (buyer) that is structured in a certain way. The accountant for the calculations of LLC "Phoenix" controls compliance with the procedure for limited access to documents, materials and files that form the specified dossier, and ensures their safety.

b) LLC "Phoenix" is recommended to apply modern methods of refinancing receivables. An important method of managing receivables is securitization, i.e. registration of debts with bills of exchange with their subsequent use as a means of payment. Another method is the direct sale of debt at a discount (discount). The size of the discount is set by agreement of the parties and is the income of the debt buyer.

The efficiency of managing current assets and current liabilities can also be improved by wisely using bills of exchange in order to turn current financial needs into a negative value and accelerate the turnover of working capital. Accounting for bills is a special banking operation in which the holder of the bill transfers the bills to the bank by endorsement before the maturity date and receives the bill amount for this minus a certain percentage of this amount. This percentage is called accounting, or discount.

The amount of the discount is directly proportional to the number of days remaining from the date of accounting of the bill to the maturity date on it, the face value of the bill and the size of the bank discount rate, and is calculated by the formula:

where D - discount, rub.;

HB - face value of the bill, rub.;

DP - the number of days from the date of accounting to the date of payment on the bill, days;

US - discount rate of the bank, %

The higher the face value of the bill, the more the bank will retain in the form of a discount. At the same time, the fewer days left until the due date of the bill, the smaller the discount due to the bank.

Pre-trial procedure (according to paragraph 2 of Articles 307, 308, 309 of the Civil Code of the Russian Federation). The enterprise addresses the debtor in writing to reconcile the debt (the result is the act of reconciliation).

Then he sends claims to the debtor demanding repayment of overdue debt, the amount of which is determined by the reconciliation act, within a period that can also be determined by the parties. If the debt is not repaid, the enterprise submits a corresponding claim against the debtor to the arbitration court.

The pre-trial procedure includes the assignment of the right to claim and the sale of receivables, which were discussed above. At the same time, if the debtor cannot return the debt, then it is also possible to arrange debt restructuring through the issuance of a pledge on his property or the guarantee of another person.

) The most economically advantageous and effective method is to provide a discount for the completion payment of receivables.

Consider an example of a comparative assessment of two options for short-term financing by an enterprise - the seller of its buyers:

1)providing a discount to cover the need for funds as soon as possible;

2)loan without discount. By providing the buyer with a deferred payment for the goods, the seller, in essence, provides his partner with a loan.

Inflationary rise in prices - 2% per month;

Contractual payment term - 1 month;

When paying upon shipment at the beginning of the month, the discount is 4%;

Bank interest on a short-term loan - 15%;

The profitability of alternative capital investments is 10%.

Table 19. Calculation of the financial result from the provision of discounts

Indicator Providing a discountCredit1 Price index 1,021,022 Discount coefficient 0,980,983 Losses from discounts per 1,000 rubles, rub. 404 Losses from inflation per 1,000 rubles, rub. 40) x 0.1 x 0.98 = = 94.081000 x 0.1 x 0.98 = 986 Payment of interest, rubles - (1000 x 0.15) / 12 = 257 Financial result, rubles 94.08 - 40 = 54.0898 - 20 -25 = 53.0

The calculation shows that by providing a discount, the company can receive more income than by using a loan.

Let us evaluate the feasibility of using a discount from the point of view of a buyer who is provided with a 5% discount when paying at the time of shipment, or a 45-day payment delay. For early payment, the buyer uses a loan at 15% per annum.

Table 20. Calculation of the financial result (for every 1000 rubles)

IndicatorPayment with a discountPayment without a discount1 Payment for goods, rub.95010002 Expenses on payment%, rub.

It is beneficial for the buyer to use discounts and make early payment. Determine the minimum allowable discount level:

Discount MIN = 3.69%.

Determine the maximum allowable discount:

The amount of the discount MAX = 1000 x 3.69% = 36.98 rubles from each 1000 rubles.

Thus, the system of discounts contributes to the protection of the enterprise from inflationary losses and relatively cheap replenishment of working capital.

Let's add here the positive decisions on 4 debtors, in relation to which pre-trial claims were made.

As a result, we obtain the results reflected in Table 21.

Table 21 - Results of work with debtors

Number of debtors with overdue debtsTotal amount of overdue debts, thousand rubles Before restructuring2312 386Work in pre-trial procedure (discounts)63274Work in court (claims)4456After restructuring138 656Effect-10-3730

3.3 Impact of proposed interventions on financial sustainability

As a result, the decrease in receivables amounted to 3,730 thousand rubles.

From point of view economic efficiency it is necessary to calculate the forecast statement of financial results and the forecast balance.

Table 22. Forecast statement of financial results

IndicatorsAmount, thousand rublesChange Before eventsAfter eventsAmount, thousand rublesGrowth rate, %Proceeds (net) from sales59 07485 07426 00044.0Cost of goods, products, works, services sold54 33174 33120 00036.8Gross profit4 74310 7436 000126 2970,0Прибыль (убыток) от продаж3 4479 4476 000174,1Проценты к уплате2 5983 7741 17545,2Прочие доходы8968960,0Прочие расходы1 4791 4790,0Прибыль (убыток) до налогообложения2655 0894 8251821,5Текущий налог на прибыль481 0139652024,3Чистая прибыль (убыток) отчетного периода2174 0773 8601777.0 Thus, due to the adoption of the project, the growth in profit from sales amounted to 6,000 thousand rubles, the increase in interest was 1,175 thousand rubles, as a result, net profit will increase by 3,860 thousand rubles.

Table 23. Forecast balance

Indicator Amount, thousand rublesChanges for the year Before eventsAfter eventsAmount, thousand rublesGrowth rate,% ASSETSI. Non-current assets, total13 12735 12722 000167.6 Fixed assets8 01130 01122 000274.6 Long-term financial investments3 3083 3080.0 Other non-current assets1 8081 8080.0II. Complex assets, total 32 42527 950-4 475-13.8 Zapasy19 63315 199-4 434-22.6 deybifor debt12 3868 656-3 730-30,1K-border financial investments 3543540.0 DENED FECTIONS523 7413 6897153,1 BALANCE45 55263 07717 52538.5 PASILII. Capital and reserves8 42217 7839 361111.2 Share capital465 7185 67212418.2 Additional capital1 8781 8780.0 Reserve capital770.0 Retained earnings6 49110 1813 68956.8IV Long-term liabilities3 88912 0538 164209.9V Current liabilities33 24,133 24,100.0

The growth of fixed assets is associated with the purchase of equipment for 16,000 thousand rubles. minus depreciation in year 1. In liabilities, this will be reflected in the growth of long-term borrowings.

A decrease in accounts receivable by 3,730 thousand rubles was reflected. and a decrease in inventories by 4434 thousand rubles. as a source of funding for the project.

The resulting profit will be reflected in the growth of equity and in the growth of cash.

As a result of the measures taken, the main indicators of the financial and economic activity of the enterprise were formed.

Table 24. Liquidity ratios before and after events

Indicator Before eventsAfter events Deviation Current ratio 0.981.010.03 Quick liquidity ratio 0.380.520.14 Absolute liquidity ratio 0.010.140.13

There is a good significance of the main liquidity indicators:

The current liquidity ratio increased by 0.03 and amounted to 1.01, which corresponds to the standard level (1.0-2.0).

Quick liquidity ratio increased by 0.14.

The absolute liquidity ratio increased by 0.13 and amounted to 0.14, which corresponds to the standard level (0.1-0.2).

Table 25. Financial sustainability indicators before and after interventions

Indicator Before eventsAfter events DeviationCoefficient of autonomy0.180.280.10Coefficient of financial stability0.270.470.20Coefficient of own working capital -0.150.120.27

Although the autonomy coefficient (0.28) did not reach the standard level (0.5), it improved the indicator.

The financial independence ratio (0.47) also did not reach the standard level (0.7), but improved the indicator.

The SOS security ratio (0.12) reached the standard level (0.1).

These and other indicators have a positive trend.

Table 26. Business activity indicators before and after events

Indicator Before eventAfter event DeviationAsset turnover, turnover1,301,570.27 Current asset turnover, turnover1,823,001.18 Inventory turnover, turnover3,015,602.59 Accounts receivable turnover, turnover4,779,835.06

Table 27. Profitability indicators before and after activities

Indicator Before the eventAfter the event DeviationReturn on sales5,811.15.3Return on assets0,57,57.0Return on current assets0,714,413.7

Due to the increase in profits, the return on sales increased from 5.8% to 11.1%. Return on assets increased from 0.4% to 7.5%. Return on current assets increased from 0.7% to 14.4%.

Conclusion

The relevance of the research topic is determined by its indicators: unsatisfactory liquidity indicators pose a threat to solvency, unsatisfactory financial stability indicators demonstrate a high dependence on external sources, thereby creating a threat of bankruptcy, low profitability indicators indicate a low return on resources, etc.

Therefore, the purpose of the work is to study the theoretical and practical foundations for ensuring the financial stability of the enterprise and the development of measures to improve the financial condition.

To achieve this goal, the following tasks should be solved:

) analyze the financial condition of the enterprise under study;

) develop measures to improve the financial condition;

When solving the 1st task, the following shortcomings were identified.

First, from 2010 to 2012, revenue decreased (by 1,784 thousand rubles), which led to a decrease in sales profit (by 1,738 thousand rubles) and net profit (by 3,466 thousand rubles).

Naturally, due to these reasons, the profitability of sales decreased from 8.5% to 5.5%; return on assets from 12.9% to 0.5%.

Secondly, the analysis of financial stability showed that the enterprise is unstable: for example, the coefficient of financial independence (autonomy) is below the critical point: in 2012 - only 18.5% with a standard > 0.5.

Thirdly, the analysis of liquidity and solvency showed that all liquidity ratios are below the normative values. The reason is the growth of accounts payable and short-term loans.

Fourthly, the analysis of the business activity of the enterprise showed that the organization is turning over its resources rather slowly, and the turnover periods tend to grow, which indicates a decrease in the efficiency of investing in current assets.

Thus, the period of receivables turnover in the organization increased from 40.5 days in 2010 to 76.5 days in 2012, i.е. by 36.0 days, which is due to the deterioration of work with debtors and the fact that the company has a large amount of receivables: it occupies a significant share in the balance structure - 23.58% of the balance sheet in 2012;

The inventory turnover period increased from 39.2 days in 2010 to 121.3 days in 2012, i.е. there was an increase in the duration of the turnover of inventory by 82.1 days;

So there are 4 big problems:

Low profitability.

Unsatisfactory capital structure;

Low amount of liquid funds;

Reducing the efficiency of investments in current assets

) To solve the problem of increasing the efficiency of managing the structure of assets and liabilities, it is necessary to work in two directions: optimization of receivables and stocks.

1) The most economically beneficial and effective method is to provide a discount for early payment of receivables. It is beneficial for the buyer to use discounts and make early payment. We benefit from the fact that we do not use borrowed capital, i. we don't pay the loan. Thus, the system of discounts contributes to the protection of the enterprise from inflationary losses and relatively cheap replenishment of working capital.

Having determined the maximum allowable discount level (3.69%), it is possible to develop a discount scale.

If the proposed method is not of interest to the buyer, and his debt continues to be outstanding, it is necessary to work in court (claims).

As a result, the decrease in receivables amounted to 3,730 thousand rubles.

2) Among the many inventory management models, the simplest is the so-called basic EOQ (Economic Ordering Quantity) inventory management model, also known by the name of the author - the Wilson model.

The purpose of determining the optimal lot of the order is to provide the stock necessary to support the production process while minimizing the total cost of storage and organization of orders.

Optimization of the stocks led to a conditional release of cash in the amount of 4484 thousand rubles.

) To solve the problem of increasing profitability, it is necessary to increase sales through more profitable activities.

Therefore, it is necessary to offer the development of new activities. The problem is that Phoenix LLC is the only company in the city market that builds houses, baths, cottages, campsites and much more from rounded logs of high-quality wood species such as Angara pine and Siberian larch, Siberian cedar. However, the cost of such houses is quite high. Thus, products for the segment of relatively cheap materials fall out of the assortment, which include wooden houses. The solution may be the construction of houses, baths, cottages, campsites from prefabricated profiled timber.

There is a customer for the construction of a whole quarter of cottages from this material. Presumably, the growth in revenue will be 26,000 thousand rubles, the growth in profit from sales will be 6,000 thousand rubles.

The project will require investments in the amount of 16 million rubles. Sources of financing: Own funds in the amount of 8164 thousand rubles. A loan from Sberbank in the amount of 7,836 thousand rubles. at 15% per annum for 5 years.

The implementation of this project will bring additional net profit in the first year in the amount of 3860 thousand rubles.

As a result, there is a good significance of the main liquidity indicators: the current liquidity ratio increased by 0.03 and amounted to 1.01, which corresponds to the standard level (1.0-2.0); absolute liquidity ratio increased by 0.13 and amounted to 0.14, which corresponds to the standard level (0.1-0.2).

Although the autonomy coefficient (0.28) did not reach the standard level (0.5), it improved the indicator. The SOS security ratio (0.12) reached the standard level (0.1).

Due to the growth in revenue, the turnover of assets increased by 0.27 turnover, and the turnover of current assets - by 1.18 turnover. This is due to a significant decrease in inventories and receivables.

Due to higher earnings, return on sales increased from 5.8% to 11.1%, and return on assets increased from 0.4% to 7.5%.

Thus, those activities that were carried out in the work had a positive effect in terms of growth in financial results, as well as in terms of liquidity and financial stability.

List of sources used

1. Federal law on insolvency (bankruptcy) dated October 26, 2002 No. 127-FZ

Balabanov I.T. Analysis and planning of the finances of an economic entity. M.: Finance and statistics, 2011.

Balabanov I. T Fundamentals of financial management: Proc. allowance - M.: Finance and statistics, 2012

Basovsky L.E., Luneva A.M., Basovsky A.L. Economic analysis(Comprehensive economic analysis of economic activity): Proc. allowance / Ed. L.E. Basovsky. - M.: INFRA-M, 2013.

Berdnikova T.B. Analysis and diagnostics of financial and economic activity of the enterprise: Textbook. - M.: INFRA-M, 2013.

Bocharov V.V. Financial modeling. Tutorial. - St. Petersburg: Peter, 2012.

Breddick W. Management in an organization. - M.: Infra - M, 2013.

Brigham Yu., Houston J. Financial management. Express course. 4th ed. / Per. from English. - St. Petersburg: Peter, 2013.: ill. - (Series "Classical foreign textbook")

Gavrilova A.N. Finances of organizations (enterprises): tutorial/A.N. Gavrilova, A.A. Popov. - M.: KNORUS, 2006. - 223 p.

Galiaskarov F.M., Mozalev A.A., Sagatgareev R.M. Theory of financial management: Textbook. - M.: Vuzovsky textbook, 2012.

Guseva T.A. Analysis and diagnostics of financial and economic activity of the enterprise: Textbook. - Taganrog: TSURE Publishing House, 2012.

Efimova O.V. The financial analysis. - M.: Accounting, 2013.

Ionova A.F., Selezneva N.N. Financial analysis: textbook. 2nd ed. - M.: Prospekt, 2013.

Kovalev V.V. The financial analysis. Capital Management. Choice of investments. Reporting analysis. - M.: Finance and statistics, 2013.

Kovalev V.V. Financial management: theory and practice. -2nd ed., revised. and add.-M.: Prospekt Publishing House, 2013.

Kondrakov N.P. Accounting, business analysis and audit in market conditions. - M.: Prospect, 2011.

Likhacheva O.N., Shchurov S.A. Long-term and short-term financial policy of the enterprise: Proc. allowance / Ed. AND I. Lukasevich. - M.: Vuzovsky textbook, 2013.

Maital Sh. Economics for managers. - M.: Delo, 2013.

Negashev E.V. Analysis of the company's finances in market conditions. - M.: Vysh. school, 2011.

Peter F.D. Tasks of management in the XXI century. - M: Per. from English: Williams Publishing House, 2013

Savitskaya G.V. Analysis of the economic activity of the enterprise: 5th ed. / GV. Savitskaya. - Minsk: OOO "New Edition", 2013.

Analysis of economic activity in industry / ed. IN AND. Strazhev. - Mn.: Vysh. school, 2012.

24. Management of the organization: Textbook. - 2nd ed. / Ed. A.G. Porshnev, V.L. Rumyantseva. - M.: Infra-M, 2013.

Management of the financial condition of the organization: Textbook. / Ed. E.I. Krylov. - M.: Eksmo, 2007.

26. Financial management: Textbook for universities / Ed. acad. G.B. Pole. - 2nd ed., revised. and additional - M.: UNITI-DANA, 2012.

27. Finance of enterprises: Textbook for universities / N.V. Kolchina, G.B. Polyak, L.P. Pavlova and others; Ed. Prof. N.V. Kolchina. - 2nd ed., revised. and additional - M.: UNITY - DANA, 2012

28. Finance of enterprises: Proc. allowance / Mazurina T.Yu. - M.: RIOR, 2011.

. "Consultant plus" - the legislation of the Russian Federation: codes, laws, decrees, resolutions of the Government of the Russian Federation, regulations www.consultant.ru

Practical Journal of Firm Financial Management / Journal " CFO» www.fd.ru

Tags: Financial sustainability and ways to improve it Diploma Management

Topic: Ways to improve the financial stability of an enterprise

Type: Course work| Size: 61.21K | Downloads: 167 | Added on 10/29/12 at 10:29 AM | Rating: 0 | More Coursework

Introduction 3

1. Theoretical aspects forecasting financial stability 5

1.1 Concept, essence and types of financial stability 5

1.2 Assessing financial sustainability in legislation 9

1.3 Methodology for calculating financial stability 13

2. Analysis of financial stability on the example of OJSC "Lipetsk plant of silicate products" 18

2.1 Organizational and economic characteristics of JSC "LZSI" 18

2.2 Analysis of the financial condition of the enterprise 19

2.2.1 Analysis of the balance sheet (vertical, horizontal) and income statement 20

2.2.2 Analysis of the profitability of the enterprise 23

2.3 Assessment of the financial stability of OJSC LZSI 24

2.3.1 Analysis of liquidity and solvency of the enterprise 25

2.3.2 Analysis of the financial stability of the enterprise 27

3. Ways to strengthen the financial stability of JSC "LZSI" 32

3.1 Ways to improve financial sustainability 32

Conclusion 37

References 39

Introduction

In modern conditions, when the economic activity of the enterprise and its development is carried out at the expense of self-financing, and in case of insufficiency of own financial resources - at the expense of borrowed funds, an important analytical characteristic is the financial stability of the enterprise.

The relevance of the chosen topic is due to the fact that the financial stability of an enterprise is the main criterion for the reliability of an organization as a commercial partner. Its study allows not only to assess the organization's ability to ensure an uninterrupted process of financial and economic activity, but also the degree of coverage of funds invested in assets by its own sources, to determine development prospects.

The purpose of this course work is to study the essence of the financial stability of the organization, the consideration of the main indicators characterizing it and the application in practice of the acquired knowledge to analyze and predict the financial stability of the organization.

The object of the study is OAO "Lipetsk plant of silicate products"

The subject of the study is ways to improve the financial stability of an enterprise.

To achieve the goal of this work, it is necessary to solve a number of tasks:

1. Define the concept of financial stability and identify the significance of these indicators for successful development enterprises;

2. Determine the methodology for the analysis of financial stability;

3. To identify the main trends in the development of the financial stability of economic entities at the present stage;

4. Perform an analysis of the financial statements of JSC "Lipetsk plant of silicate products";

5. To analyze and evaluate the financial stability of OJSC "Lipetsk plant of silicate products";

6. Propose measures aimed at improving the financial stability of the enterprise OJSC "Lipetsk plant of silicate products".

The information basis of the study is the financial statements of the enterprise for 2011.

To analyze financial stability, we studied and used modern methods of financial stability analysis by V. V. Kovaleva and G. V. Savitskaya. other.

Bibliography

1. Order dated 23.01.2001 No. 16 On approval of the "Guidelines for the analysis of the financial condition of organizations"

2. Berdnikova, T.B. Analysis and diagnostics of financial and economic activities of the enterprise / T.B. Berdnikov. - M.: INFRA-M, 2005. - 210 p.

3. Bocharov, V.V. Financial analysis / V.V. Bocharov. - St. Petersburg: PETER, 2006. - 218 p.

4. Ginzburg, A.I. Economic analysis / A.I. Ginzburg. - M: PETER, 2007. - 173 p.

5. Zaitsev, N.L. Economy industrial enterprise/ N.L. Zaitsev. - M.: INFRA-M, 2010. - 223 p.

6. Zayats N.E., Vasilevskaya T.I. Enterprise finance. - Minsk: Owl, 2005.

7. Kovalev, V.V. Analysis of economic activity of the enterprise / V.V. Kovalev, O.N. Volkov. - M.: Prospekt, 2009. - 420 p.

8. Romanenko, I.V. Economics of the enterprise, third edition / I.V. Romanenko. - M.: Finance and statistics, 2005. - 263 p.

9. Savitskaya G.V. Analysis of the economic activity of the enterprise: Textbook. - 3rd ed., Rev. add. - M.: INFRA-M, 2006. - 330 p.

10. Safronov, N.A. Economics of an organization (enterprise) / N.A. Safronov. - M.: Economist, 2005. - 250 p.

11. Chernysheva Yu.G. Analysis of financial and economic activity / Yu.G. Chernyshev. - Rostov-on-Don: Phoenix, 2005. - 284 p.

12. Chechevitsina, L.N. Analysis of financial and economic activity / L.N. Chechevitsina, I.N. Chuev. - Rostov-on-Don: Phoenix, 2008. - 379 p.

13. Chernov V.A. Economic analysis: Proc. manual for universities / Ed. prof. M.I. Bakanov. - M.: UNITI-DANA, 2007. - 686 p.

14. Chernyak V.Z. Control investment projects: Proc. allowance for universities. - M.: UNITI-DANA, 2007. - 214 p.

15. Sheremet, A.D. Theory of economic analysis, second edition / A.D. Sheremet. - M.: INFRA-M, 2009. - 365 p.

16. Shepelenko G.I. Economics, organization and planning of production at the enterprise. - Rostov n / Don: "March", 2010. - 328 p.

Liked? Click the button below. To you not difficult, and to us Nice).

To free download Coursework on top speed, register or log in to the site.

Important! All submitted course papers for free download are intended to draw up a plan or basis for your own scientific work.

Friends! You have a unique opportunity to help students like you! If our site helped you find the right job, then you certainly understand how the work you added can make the work of others easier.

If the Coursework, in your opinion, is of poor quality, or you have already met this work, please let us know.

Problems and prospects for the development of the enterprise

The problem of ensuring financial stability is one of the most relevant for most enterprises. In their activities, they face difficulties in determining the mechanism that would ensure financial balance, and achieving the set goals at the same time for domestic enterprises, ensuring financial stability is quite problematic at the present time. One of the main problems is the predominance of borrowing over measures to increase equity, including the preference for acquiring borrowed funds in a non-financial form (i.e., acquiring material assets on credit, without taking into account the real possibility of paying them in cash). Moreover, this trend is typical for most enterprises in almost any sector of the economy. That is why it is quite difficult for small businesses to get loans for their activities, since many banks simply do not trust the solvency of these enterprises.

The first problem leads to the second, which is the presence of long-term arrears to suppliers, banks, staff, the budget, extra-budgetary funds and other creditors. The ratio between accounts payable and accounts receivable worsened. Overdue accounts payable in general for enterprises is half of the debt of this type.

This high growth in arrears in economic terms means an equally rapid and significant reduction in the financial sources of the restoration of production.

The main reason for the negative dynamics of the indicators of the ratio of receivables and payables, as well as the steady upward trend in overdue debts in its total amount, is the physical reduction and destruction of fixed production assets, the cessation in most cases not only of their expanded reproduction, but also simple.

The result is a sharp drop in production volumes, which is accompanied by a reduction in own sources of production financing. This leads to a significant decrease in the solvency of the enterprise, as well as to disruption of relations with suppliers, investors, creditors, since such an enterprise will be considered an unreliable partner.

Another key problem that caused the decline in the current financial stability of enterprises is the lack of working capital necessary to ensure current production. The lack of free cash on settlement, currency and other bank accounts negatively affects the financial stability of the enterprise and practically means its bankruptcy.

Excessive dependence of the enterprise on external creditors and investors also indicates a too high proportion of borrowed funds in the capital of the enterprise and adversely affects financial stability.

These problems are to some extent typical for most enterprises. This trend has been observed over the past few years and is associated with the post-crisis period, which the state is trying to overcome, alas, too slowly.

As regards StavroPos LLC, and increasing its financial stability, it is possible to implement the following series of measures. First, it needs to be improved organizational structure and management structures, the creation of a service that carries out a permanent financial analysis of the enterprise's activities in order to manage the financial stability and control over the level of solvency of the enterprise. Secondly, it is necessary to reduce accounts receivable, because a rather large part of it in the total structure of assets reduces the liquidity and financial stability of the enterprise and increases the risk of financial losses of the company. Thirdly, it is necessary to create a reserve for doubtful debts.

3.2. Directions for increasing the financial stability and solvency of the enterprise StavroPos LLC

Event number 1. Establishment of a financial department.

Any measures to improve the financial condition of the enterprise cannot be carried out without active work employees of this company. At the present stage of its functioning, StavroPos LLC is not able to solve various financial problems, including financial analysis, both internal and external. The enterprise does not have not only a department or service that solves these issues, but also specialists who can be entrusted with the implementation of individual measures to improve the financial condition of StavroPos LLC. Accounting employees are engaged in the calculation of individual indicators of financial and economic activity, but in matters of planning and finding ways out of the current situation, they are not competent enough.

The department will solve the following tasks, which are currently not considered at the enterprise or are not fully resolved, namely:

security financial resources current activities of the enterprise, finding reserves to reduce costs, increase profits and increase profitability with full fulfillment of obligations to the budget, banks, suppliers

analysis of the current economic activity of the enterprise;

participation in the implementation of financial and economic activities;

constant analysis and control of tax legislation, control over the timeliness of paying taxes and other obligatory payments to the budget and extra-budgetary funds, as well as debts to the budget and funds;

constant analysis of receivables and payables, analysis of agreements and contracts;

preparation of operational information on the movement of funds in the accounts of the enterprise.

It is natural that the creation of another structural subdivision at the enterprise will lead to an increase in the cost price and will require additional financial investments. But the effect that can be obtained from this event is obvious.

It is planned that the department will consist of the following units, which will perform certain functions.

Department composition:

bureau of financial planning;

Bureau of Operational Accounting of Financial and Settlement Operations;

bureau of operational accounting of financial investments.

The main functions of the financial planning bureau include:

participation in the preparation and endorsement of contracts concluded by the enterprise, in particular the terms of settlements with suppliers and consumers in accordance with the financial plan;

ensuring the fulfillment of financial obligations to creditors;

conducting systematic monitoring of the financial condition of the enterprise based on the analysis of accounting, statistical and operational reporting;

control over the state of normalized working capital.

The Bureau of Operational Accounting for Financial and Settlement Operations performs the following functions:

conducts systematic monitoring of the state of receivables, takes measures to collect them;

prepares materials for filing claims arising from non-payment of invoices by consumers of products;

regulates daily payments to suppliers and contractors.

The bureau of operational accounting of financial investments of the enterprise will exercise control over long-term and short-term financial investments of the enterprise, analyze agreements and contracts.

Suppose that 3 specialists will be initially employed to work in the financial department, and as the need and expansion of the department’s activities, the management will decide to hire additional employees

The costs that the company will have to bear in connection with the creation of a financial department will consist of capital investments in the amount of the cost of a personal computer and furniture (90 thousand rubles) and costs associated with the payment wages(15 thousand rubles * 12 months + deductions for social needs, total 54 thousand rubles).

Total: 90 + 54 = 144 thousand rubles.

Thus, the inefficient structure of the company's property, in particular the increased accounts receivable, requires immediate work to stabilize and improve the financial condition of StavroPos LLC. This work should be entrusted to the specialists of the financial department, which are proposed to be created at the enterprise.

Event number 2. Creation of a scoring system for counterparty reliability in order to reduce accounts receivable. Implementation of a system of fines.

A well-built database and analysis of statistical data on the fulfillment by the counterparty of its obligations make it possible to make an informed decision on the possibility of providing a commercial loan.

At the enterprise StavroPos LLC, it is necessary to create a system for scoring the reliability of a counterparty based on an analysis of work with him. All counterparties must be grouped into four groups according to the level of reliability:

• increased attention;

  reliable clients;

  "gold" clients.

The reliability of counterparties is assessed based on the period of work with the client, the volume of sales to the client and the amount of overdue debt of this client at the end of the period (see Table 3.1).

Table 3.1

Client Reliability Rating Scale

The assignment of the counterparty to a particular group is carried out on the basis of an integral assessment, which is calculated as the product of scores for all three indicators.

The risk group includes enterprises with an integral score from 1 to 4, the group of increased attention - enterprises with 5-12 points, reliable customers - from 12-27, to "gold" - from 28-64.

The next measure to reduce accounts receivable is the introduction of a system of penalties for late payment.

One of the most effective tools to maximize cash flow and reduce the risk of overdue receivables is a system of discounts and penalties. The system for accruing penalties and fines for violation of the payment terms established by the debt repayment schedule should be provided for in the contract. Discounts are provided depending on the term of payment for the goods. For example, with a full prepayment, a discount of 3% of the cost of the goods is provided, with a partial prepayment (more than 50% of the cost of the shipped batch) - a 2% discount, with payment upon shipment - a 1% discount. When providing payment by installments for 7 days, discounts are not provided. In case of delay in payment, the penalty is 1% per day from the total amount owed. These conditions must be specified in the contract.

Activities #3. Creation of a provision for doubtful debts.

The organization creates provisions for doubtful debts in case of recognition of receivables as doubtful.

At the same time, the accounts receivable of the enterprise, which is not repaid or with a high degree of probability will not be repaid within the terms established by the contract and is not provided with appropriate guarantees, is considered doubtful.

Creation of a reserve for doubtful debts in tax accounting is an element of tax planning that allows an enterprise to save on paying income tax. With the help of deductions to the reserve, the organization increases its non-operating expenses and thereby reduces its taxable profit.

In this case, income tax is paid only after the organization receives payment from the buyer for the shipped goods, work performed, services rendered (clause 7 of article 250 of the Tax Code of the Russian Federation).

The Tax Code does not establish a requirement to reflect the creation of a provision for doubtful debts in the accounting policy of an enterprise.

The procedure for creating a reserve for doubtful debts is given in Art. Art. 266 and 313 of the Tax Code of the Russian Federation.

Doubtful debt is debt to the taxpayer, which:

Not repaid within the terms established by the agreement;

Not secured by collateral, surety, bank guarantee.

The amount of the allowance for doubtful debts is determined based on the results of an inventory conducted as of the last day of the reporting or tax period (clause 4, article 266 of the Tax Code of the Russian Federation).

Tax legislation does not establish the specifics of conducting an inventory for the use of its data for tax purposes. Therefore, on the basis of Art. 11 of the Tax Code of the Russian Federation, when forming reserves for doubtful debts in tax accounting, inventory data should be used, which is carried out in accordance with the Methodological recommendations for the inventory of property and financial obligations (approved by Order of the Ministry of Finance of Russia dated 13.06.1995 N 49). This is stated in the Letter of the Ministry of Finance of Russia dated July 26, 2006 N 03-03-04 / 1/612.

The number of inventories in the reporting year, the date of their conduct, the list of property and financial obligations checked during each of them, are established by the head of the enterprise in accordance with the law. Information on the inventory procedure is reflected in the approved accounting policy (Letter of the Ministry of Finance of Russia dated July 17, 2008 N 03-03-06 / 2/84).

When conducting an inventory, the organization checks the correctness and validity of the amounts of receivables, which are listed on the balance sheet of the enterprise (paragraph 3.48 of Methodological recommendations N 49). The results of the inventory of receivables are issued:

Act of inventory of settlements with buyers, suppliers and other debtors and creditors (form N INV-17, approved by the Decree of the State Statistics Committee of Russia dated 18.08.1998 N 88);

Help to the Act of Inventory of Settlements with Buyers, Suppliers and Other Debtors and Creditors (Appendix to Form N INV-17).

They reflect only those amounts of receivables for which the limitation period has not yet expired.

Allocations to the reserve for doubtful debts are included in non-operating expenses on the last day of the reporting or tax period (clause 3, article 266 of the Tax Code of the Russian Federation).

If the reporting period for income tax for an enterprise is a quarter, then deductions to the reserve for doubtful debts are charged to non-operating expenses on the last day of the quarter. If the organization reports on income tax on a monthly basis, then deductions to the reserve for doubtful debts must be included in non-operating expenses on the last day of each month.

Let's consider the possibility of creating reserves for doubtful debts for the company StavroPos LLC.

According to the results of the inventory of receivables for services rendered as of 01.01.2013, the following was revealed:

Debt in the amount of 2170.8 thousand rubles. - the period of occurrence is more than 90 calendar days;

In accounting, all debts are recognized as doubtful. Sales proceeds for 2012 amounted to 9322.02 thousand rubles.

Let's define RSO: 2170.8 * 100% = 2170.8 thousand rubles.

Let's define PSO: 9322.02 thousand rubles. x 10% = 932.2 thousand rubles

Thus, in tax accounting, the amount of the reserve as of 01/01/2013 will be 932.2 thousand rubles.

Creation of a reserve for doubtful debts creates an opportunity to save on income tax in the amount of 186.44 thousand rubles.

The creation of a reserve mitigates the negative consequences of writing off bad debts, but does not eliminate them; in this regard, measures to prevent the occurrence of debts and enterprises from recovery should become the basis for managing accounts receivable of StavroPos LLC.

Summing up the above, it should be noted that the decline in financial stability and solvency is to some extent typical for most enterprises. This trend has been observed over the past few years and is associated with the post-crisis period, which the state is trying to overcome, alas, too slowly.

With regard to the company StavroPos LLC, and increasing its financial stability, it is possible to implement the following series of measures. First, it is necessary to improve its organizational structure and management structure, create a service that carries out a constant financial analysis of the enterprise's activities in order to manage the financial stability and control over the level of solvency of the enterprise. Secondly, it is necessary to reduce accounts receivable, because A rather large part of it in the overall structure of assets reduces the liquidity and financial stability of the enterprise and increases the risk of financial losses for the company. Thirdly, it is necessary to create a reserve for doubtful debts.

CONCLUSION

Financial stability acts as a guarantor of the strong position of a commercial enterprise. The higher the stability of the enterprise, the more it is independent of unexpected changes in market conditions and, therefore, the less the risk of being on the verge of bankruptcy. The assessment of financial stability in the short term is related to the liquidity of the balance sheet and the solvency of the enterprise.

Ensuring a stable financial position of the enterprise allows attracting additional investments, improving the quality of customer service, the range of products sold, increasing sales volumes and, ultimately, increasing the profitability of the enterprise. If the financial stability of an enterprise is considered reliable, then this allows not only to attract investments, but also to receive a deferred payment from suppliers, to raise funds at a lower interest rate, and this reduces costs and increases its competitiveness.

Summing up the final qualification work, I would like to note that the purpose of the study, which is to develop recommendations for improving financial stability, has been generally achieved.

The implementation of the tasks of this work allowed us to obtain the following main results of the study:

The financial stability of an enterprise is the ability of a business entity to function and develop, to maintain a balance of its assets and liabilities in a changing internal and external environment.

To ensure financial stability, an enterprise must have a flexible capital structure, be able to organize its movement in such a way as to ensure a constant excess of income over expenses in order to maintain solvency and create conditions for self-financing.

The financial stability of an enterprise is determined by the level of its financial independence and the level of its solvency.

An analysis of the financial stability of an enterprise is the most important stage in assessing its activities and financial and economic well-being, reflects the result of its current, investment and financial development, contains the necessary information for investors, and also characterizes the ability of an enterprise to meet its debts and obligations and increase its economic potential.

Financial instability is considered normal (acceptable) if the amount of short-term loans and borrowed funds attracted for the formation of stocks does not exceed the total cost of raw materials, materials and finished products.

Assessment of the company's ability to meet its long-term financial obligations is the essence of assessing its financial stability. For the calculation of analytical indicators, data on all sources, on long-term sources, on sources of a financial nature, which is understood as equity, bank loans and loans (long-term and short-term), can be used.

One of the most important criteria for assessing the financial condition of an enterprise is its solvency. In the practice of analysis, a distinction is made between long-term and current solvency. Long-term solvency is understood as the ability of the enterprise to pay for its obligations in the long term.

The ability of an enterprise to pay for its short-term obligations is called current solvency. In other words, an organization is considered solvent when it is able to meet its short-term obligations using current assets.

As a result of the study conducted in the second chapter, the following results were revealed:

As a result of the analysis of the technical and economic analysis, it was revealed that the proceeds from the sale of products tend to increase. In 2010, the volume of product sales amounted to 3500.38 thousand rubles. In 2011, this indicator increased by 35.74% and amounted to 4571.50 thousand rubles. In connection with the increase in production volume, the proceeds from sales in 2012 increased by 96.19% and amounted to 9322.02 thousand rubles. The increase in sales proceeds indicates that the products of the StavroPos LLC enterprise are in demand among the population of the city of Togliatti and every year there is an increase in production activities.

During the analyzed period, the number of employees increased due to the increase in production volume. In 2011, the number of employees of the enterprise amounted to 21 people, which is 26.3% more than in 2010, incl. the number of workers increased by 21.43%. In 2012, the number of employees increased by 14.29%, incl. workers 13.33%.

The largest share in the structure of employees is workers.

The share of workers in the total number of personnel tends to decrease. In 2012, the share of workers was 70.83%, which is 2.85% less than in 2010.

The annual wage fund in 2011 increased by 22.39% and amounted to 2432.23 thousand rubles. And in 2012, this figure amounted to 3002.34 thousand rubles, which is 23.44% more than in 2011.

The average salary of employees in 2012 amounted to 125.1 thousand rubles. Wages per 1 ruble of sold products in 2011 amounted to 0.512 rubles, and in 2012 this figure decreased by 37.08% and amounted to 0.322 rubles.

In 2012, the rate of growth of labor productivity outpacing wage growth was 1.59.

The average annual output of 1 worker in 2011 amounted to 316.77 thousand rubles, and in 2012 this figure increased by 73.11% and amounted to 548.35 thousand rubles. The average annual output of 1 employee amounted to 388.42 thousand rubles.

The average daily output of 1 worker in 2012 amounted to 2211.11 rubles, which is 73.81% more than in 2011.

The average hourly output of 1 worker is 184.26 rubles. in 2012 and 106.01 rubles. in 2011.

Gross profit in 2011 increased by 25.39% and amounted to 1446.36 thousand rubles. In 2012, gross profit increased by 148.35% compared to 2011.

Selling expenses tend to increase in 2012, this indicator amounted to 3232.61 thousand rubles, which is 157.47% more than in 2011, resulting in a decrease in sales profit, and together with management expenses, which increased by 39 .6% was a loss on sales. As a result, the profit from sales in 2011 and 2012 is negative. Profit from sales is declining at a rapid pace, and gross profit is increasing - which means that selling and administrative expenses are pulling the company down.

Net profit in the period 2010-2012 has a negative value. In 2010, net profit amounted to minus 88.01 thousand rubles. In 2012, net profit amounted to -132.51 thousand rubles. In 2012, net profit amounted to minus 1,015.82 thousand rubles. As a result of this analysis, we can say that the company receives losses from its activities. This was due to an increase in selling and management expenses. Therefore, the company needs to pursue a policy to reduce these costs.

Analysis of financial stability showed that the company's balance sheet is not absolutely liquid in the period 2010-2012. The company StavroPos LLC has a payment surplus in the second group of assets and liabilities. This indicates that the organization can fully repay short-term and long-term loans and borrowings. However, there is a shortage of the most liquid assets, as indicated by the negative difference between the first group of assets and liabilities. But this situation cannot indicate a non-payment crisis, given that this group of liabilities includes all accounts payable and other short-term liabilities, which, as a rule, are not presented by creditors for payment at the same time.

In 2011, there was a decrease in solvency indicators compared to 2010. There was a need to attract additional sources of funding. In 2012, the solvency of StavroPos LLC recovered. The company rationally uses borrowed funds.

All the results obtained indicate that the enterprise is financially unstable. As evidenced by the increased coefficient of financial risk. For the period from 2010-2012, this coefficient increased by 0.97 units. The financial balance ratio in 2011 decreased by 0.24 units. And in 2012 it increased by 0.9 units. This indicator characterizes the provision of borrowed funds with own funds. It shows the amount of equity capital that falls on 1 ruble. borrowed funds invested in assets. The higher this indicator, the more stable is the financial position of the enterprise.

The autonomy coefficient in 2012 was 0.25 units, which is 0.7 units less than in 2010.

The financial stability ratio amounted to 0.75 units, which indicates that the StavroPos LLC enterprise is not sustainable.

An analysis of the probability of bankruptcy using the E. Altman model showed that the probability of bankruptcy of StavroPos LLC is high.

Summing up the whole analysis, it can be noted that despite the fact that the company is increasing production every year and the products are in demand, sales profit and net profit are negative, which indicates that the company's activity is inefficient. The negative value of these indicators occurred as a result of an increase in selling and administrative expenses; at the same time, the company's balance sheet is only 25% liquid. The company is financially unstable, despite the fact that the company has restored its solvency. The probability of bankruptcy is high.

The decline in financial stability and solvency is more or less characteristic of most enterprises. This trend has been observed over the past few years and is associated with the post-crisis period, which the state is trying to overcome, alas, too slowly.

As regards StavroPos LLC, and increasing its financial stability, it is possible to implement the following series of measures. First, it is necessary to improve its organizational structure and management structure, create a service that carries out a constant financial analysis of the enterprise's activities in order to manage the financial stability and control over the level of solvency of the enterprise. Secondly, it is necessary to reduce accounts receivable, because A rather large part of it in the overall structure of assets reduces the liquidity and financial stability of the enterprise and increases the risk of financial losses for the company. Thirdly, it is necessary to create a reserve for doubtful debts.

BIBLIOGRAPHICAL LIST OF USED SOURCES

Analysis of economic activity in industry: textbook / [V. I. Strazhev and others]. - Minsk: Higher School, 2010. - 526 p.

Analysis of the economic activity of the enterprise: a textbook / V. V. Kovalev, O. N. Volkova. - Moscow: Prospect: Velby, 2011. - 420 p.

Analysis and diagnostics of financial and economic activities of enterprises: textbook / N. E. Zimin, V. N. Solopova. - Moscow: KolosS, 2010. - 382 p.

Analysis of economic activity: textbook / V. I. Barylenko [et al.]. - Moscow: Omega-L, 2009. - 413 p.

Analysis and diagnostics of financial and economic activities of enterprises: textbook / [V. I. Vidyapin and others]. - Moscow: Infra-M, 2009. - 615 p.

Analysis of economic activity in industry: textbook / [L. L. Ermolovich and others]. - Minsk: Modern School, 2010. - 800 p.

Abdukarimov I.T., Ten N.V. Efficiency and financial results of the economic activity of the enterprise: criteria and indicators characterizing them, methods of assessment and analysis // Socio-economic phenomena and processes. - 2011. - No. 5-6. - P. 11 - 21.

Avrashkova L.Ya. O regulatory framework for assessing the financial and economic state of the enterprise // Auditor. - 2010. - No. 2. - S. 26 - 33.

Gorelkina I.A. Methodical approaches to the substantiation of the system of economic indicators for assessing the effectiveness of the enterprise // Economic analysis: theory and practice. - 2011. - No. 9. - P. 61 - 64.

Grigoriev V.V. On the issue of financial recovery of enterprises // Audit and financial analysis. - 2012. - No. 2. - P. 292 - 296.

Drozdov O.A. Analysis of the financial results of the enterprise // International Journal of Experimental Education. - 2010. - No. 11. - P. 60 - 61.

Drozdov O.A. The system of quantitative indicators of the quality of enterprise profit // Economic analysis: theory and practice. - 2010. - No. 17. - S. 22 - 28.

Eliseeva, T. P. Economic analysis of economic activity: study guide / T. P. Eliseeva. - Minsk: Modern school, 2010. - 941 p.

Elizarov, Yu. F. Economics of organizations (enterprises): textbook / Yu. F. Elizarov. - Moscow: Exam, 2009. - 495 p.

Kireeva, N. V. Complex economic analysis of economic activity: educational / N. V. Kireeva. - Moscow: Social relations, 2009. - 505 p.

Kogdenko, V. G. Economic analysis: study guide / V. G. Kogdenko. - Moscow: UNITI-DANA, 2009. - 392 p.

Comprehensive economic analysis of economic activity: textbook / [M. A. Vakhrushina and others]. - Moscow: Vuzovsky textbook, 2009. - 461 p.

Complex economic analysis of economic activity: textbook / L. T. Gilyarovskaya, D. V. Lysenko, D. A. Endovitsky. - Moscow: Prospect: Velby, 2009. - 360 p.

Comprehensive economic analysis of economic activity: textbook / Yu. G. Chernysheva, A. L. Kochergin. - Rostov-on-Don: Phoenix, 2009. - 443 p.

Comprehensive economic analysis of economic activity: textbook / [A. I. Alekseeva and others]. - Moscow: KnoRus, 2009. - 687 p.

Comprehensive economic analysis of economic activity: study guide / L. E. Basovsky, E. N. Basovskaya. - Moscow: INFRA-M, 2009. - 364 p.

Comprehensive economic analysis of the enterprise / [A. P. Kalinina and others]. - St. Petersburg: Leader, 2010. - 569 p.

Lobanok M.Yu., Voiko A.V. Features of the analysis of receivables // Financial life. - 2010. - No. 1. - P. 85 - 87.

Lyubushin, N.P. Comprehensive economic analysis of economic activity: study guide / N.P. Lyubushin. - Moscow: UNITI-DANA, 2011. - 444 p.

Lyubushin, N.P. Economic analysis: textbook / N.P. Lyubushin. - Moscow: UNITI-DANA, 2010. - 575 p.

Lyubushin, N.P. Analysis of the financial condition of an enterprise: a study guide ” / N.P. Lyubushin. - Moscow: Eksmo education: Eksmo, 2011. - 254 p.

Plaskova, N. S. Economic analysis: strategic and current aspects, Russian and foreign practice / N. S. Plaskova. - Moscow: Eksmo, 2010. - 702 p.

Bakanov M. I., Melnik M. V., Sheremet A. D. Theory of economic analysis: a textbook for economic specialties. - Moscow: Finance and statistics, 2009. - 534 p.

Savitskaya, G. V. Methods of complex analysis of economic activity: study guide / G. V. Savitskaya. - Moscow: Infra-M, 2010. - 383 p.

Savitskaya, GV Economic analysis: textbook / GV Savitskaya. - Moscow: Infra-M, 2011. - 647 p.

Savitskaya, GV Analysis of the economic activity of the enterprise: textbook / GV Savitskaya. - Moscow: Infra-M, 2010. - 534 p.

Suleymanova D.A., Akhmedov L.A. Comprehensive assessment and analysis of financial and economic activities of the enterprise // Problems of modern economics. - 2010. - No. 4. - P. 127 - 130.

Sultanov A.G. Methods of analysis of the financial and economic activities of the enterprise: problems and development prospects // Bulletin of SamGUPS. - 2010. - No. 2. - S. 52 - 58.

Turmanidze, T. U. Analysis and diagnostics of financial and economic activities of enterprises: textbook /. - Moscow: Economics, 2011. - 478 p.

The financial analysis. Financial management: textbook / N. N. Selezneva, A. F. Ionova. - Moscow: UNITI-DANA, 2009. - 638 p.

Financial environment of entrepreneurship and entrepreneurial risks: study guide / G. A. Taktarov, E. M. Grigoryeva. - Moscow: Finance and statistics, 2009. - 255 p.

Sheremet, A. D. Comprehensive analysis of economic activity: textbook / A. D. Sheremet. - Moscow: Infra-M, 2009. - 415 p.

Sheremet, A. D. Analysis and diagnostics of the financial and economic activity of the enterprise: textbook / A. D. Sheremet. - Moscow: Infra-M, 2009. - 365 p.

Economic analysis. Fundamentals of the theory. Comprehensive analysis of the economic activity of the enterprise: textbook / [N. V. Voitolovsky and others]. - Moscow: Yurayt: ID Yurayt, 2011. - 507 p.

Economic analysis: textbook / [Yu. G. Ionova and others]. - Moscow: Moscow Financial and Industrial Academy, 2012. - 426 p.

Economic analysis of economic activity: study guide / E. A. Markaryan, G. P. Gerasimenko, S. E. Markaryan. - Moscow: KnoRus, 2010. - 534 p.

Economic analysis of economic activity / V. I. Gerasimova, G. L. Kharevich. - Minsk: Law and Economics, 2009. - 513 p.

Economics of an enterprise (enterprise): study guide / V. D. Gribov, V. P. Gruzinov, V. A. Kuzmenko. - Moscow: KnoRus, 2009. - 407 p.

Economics of the enterprise (enterprise): textbook / [E. V. Arsenova and others]. - Moscow: Economist, 2009. - 617 p.

Economics of the enterprise (enterprises, firms): textbook / [O. V. Antonova and others]. - Moscow: Vuzovsky textbook, 2009. - 534 p.

Economics, organization and management at the enterprise: textbook / [A. V. Tychinsky and others]. - Rostov-on-Don: Phoenix, 2010. - 475 p.

Economics of the industry: textbook / V. Ya. Pozdnyakov, S. V. Kazakov. - Moscow: INFRA-M, 2009. - 307 p.

Economics of the enterprise: textbook / I. N. Chuev, L. N. Chueva. - Moscow: Dashkov i K, 2009. - 414 p.

Enterprise economics: textbook m / [A. N. Romanov and others]. - Moscow: UNITI-DANA, 2009. - 767 p.

Economics of the enterprise: textbook / V. D. Gribov, V. P. Gruzinov. - Moscow: Finance and statistics, 2010. - 334 p.

Economics of enterprises (organizations): textbook / O. K. Filatov, T. F. Ryabova, E. V. Minaeva. - Moscow: Finance and statistics, 2010. - 509 p.

3.1. Ways to improve the financial stability of the enterprise

In market conditions, the guarantor of survival and the basis of the sustainable position of the enterprise is its financial stability. It reflects such a state of financial resources in which the enterprise, freely maneuvering cash, is able, through their effective use, to ensure an uninterrupted process of production and sale of products, as well as its expansion.

A financially stable, solvent organization has competitive advantages over other organizations of the same field of activity in attracting investments, obtaining loans, choosing suppliers and selecting qualified personnel, repays its obligations to the budget, employees, shareholders, credit and other financial institutions in a timely manner and in full. institutions. The higher the financial stability of the organization, the more it is independent of changes in market conditions, the lower the risk of bankruptcy.

Today, not only the assessment and analysis of the financial condition of the enterprise, but also the forecasting of financial stability, as well as the development of measures to improve its financial condition, is of great importance.

Since a positive factor in financial stability is the availability of sources of inventory formation, and a negative factor is the amount of reserves, the main ways to maintain a stable financial condition of an organization remain: replenishment of sources of inventory formation, optimization of their structure, as well as a reasonable decrease in the level of inventories. This can be achieved in the following ways:

– increase in own capital by increasing the size of the authorized capital and retained earnings;

– development of a competent financial strategy of the organization, which will allow attracting both short-term and long-term borrowed funds, while maintaining optimal proportions between equity and borrowed capital;

– revision of the weighted average values ​​of stocks of products in warehouses for a day, week, month. The decrease in the level of stocks occurs as a result of planning the balance of stocks, as well as the sale of unused inventory items.

To increase the financial stability of the organization, it is necessary to seek reserves to increase the rate of accumulation of its own sources, to provide material working capital with its own sources. In addition, it is necessary to find the most optimal ratio of financial resources.

For the analyzed enterprise, the main direction of increasing financial stability is to ensure the growth of equity through the reinvestment of profits.

The high quality of profit is determined by the stability of the factors in its formation and the total amount of profit from ordinary activities, compliance with the legal regulation of profitability and the reliability of partnerships. The low quality of profit is determined by the action of negative factors of its formation, poor indicators of production and financial activities, violations in the legal regulation of education and profit distribution.

Analysis of the quality of profit today is an urgent problem, because in the conditions market economy in Ukraine, most enterprises are in a financial crisis. Bringing enterprises in a financial crisis, first to a breakeven level, and then to a profitable level of activity, is the most important task of improving enterprises. Under market conditions, enterprises are obliged to get out of the difficult financial condition on their own by mobilizing internal reserves and improving work.

External factors, as a rule, do not depend on entrepreneurial activity. The financial manager should take them into account when justifying managerial decisions. These include factors related to the general economic situation, the level of inflation, the specifics of individual commodity markets, the influence of natural, geographical, transport and specifications for the production and sale of products.

Internal factors are a direct object of influence from the management system of the enterprise and a source of increasing profits due to their implementation in a system of specific measures and practical implementation.

The main goal of profit management is to ensure the maximization of the welfare of the owners of the enterprise in the current and prospective period . This main goal is designed to simultaneously ensure the harmonization of the interests of the owners with the interests of the state and the personnel of the enterprise.

In order to manage profit, it is necessary to reveal the mechanism of its formation, to determine the influence of factors on the growth or decrease in profit, which will make it possible to identify the reserve for its growth. The amount of profit, its dynamics is influenced by factors both dependent and independent of the efforts of enterprises. These factors can be divided into two large groups: external, which do not depend on the enterprise, and internal, which the enterprise can influence (Fig. 3.1).

Rice. Z.1. Classification of factors determining the level of profit

The main sources of increasing the amount of profit are an increase in the volume of product sales, a reduction in its cost and an increase in quality, and the sale of products in more profitable markets. To determine the reserves for increasing the amount of profit by reducing the cost of production, it is necessary to multiply the previously identified reserve for reducing the cost of each type of product by the possible volume of its sales, taking into account its growth. An essential reserve for profit growth is the improvement of product quality.

Based on the results of the analysis of the financial results of the enterprise, measures are developed to eliminate the identified shortcomings and use the discovered reserves.