– collection and analytical processing of initial information for the assessed period of time;

– justification of the system of indicators and their classification;

– classification (ranking) of enterprises by rating.

To the first group included the most general and important indicators for assessing profitability (profitability) economic activity enterprises. IN general case profitability indicators represent the ratio of profit to the cost of certain funds (property) of the enterprise involved in generating profit.

To the second group indicators for assessing the effectiveness of enterprise management are included. Management efficiency is determined by the ratio of profit to the entire turnover of the enterprise - revenue. In this case, the following indicators are used: profit from all sales, profit from sales of products, net profit, gross (balance sheet) profit.

To the third group indicators for assessing the business activity of the enterprise are included. (turnover ratios, turnover period)

To the fourth group indicators for assessing the liquidity and financial stability of the enterprise are included.

Indicators are calculated either at the end of the period or to the average values ​​of balance sheet items (the sum of data at the beginning and end of the period, divided by two).

The calculation of the final rating indicator is based on a comparison of enterprises for each indicator financial condition with a conditional reference enterprise that has the best results for all compared indicators. Thus, the basis for obtaining a rating assessment of the financial condition of an enterprise is not the subjective assumptions of experts, but the highest results from the entire set of compared objects that have developed in real market competition.

1. The source data is presented in the form of a matrix, i.e. tables where indicator numbers are written in rows (i = 1, 2, 3 ... n), and enterprise numbers are written in columns (j = 1, 2, 3 ... m).

2. For each indicator, the maximum value is found and entered in the column of the conditional reference enterprise.

3. The initial indicators of the matrix are standardized in relation to the corresponding indicator of the reference enterprise according to the formula:

where x ij – standardized indicators of the financial condition of the i-th enterprise;

and ij is the value of the enterprise specific indicator;

max а ij – maximum value (value of the reference enterprise).

4. For each analyzed enterprise, the value of its rating assessment is determined by the formula:

5. Enterprises are ranked in descending order of rating.

The highest rating has the enterprise with the minimum value of the comparative assessment obtained using the formula for calculating the rating score Rj. To apply this algorithm in practice, no restrictions are imposed on the number of indicators and enterprises being compared.

In the first case, the initial indicators are calculated according to the balance sheet and financial statements at the end of the period. Accordingly, the rating of the enterprise is determined at the end of the year.

In the second case, the initial indicators are calculated as growth rate coefficients: data at the end of the period are divided by the value of the corresponding indicator at the beginning of the period, or the average value of the indicator for the reporting period is divided by the average value of the corresponding indicator previous period(or another comparison base). Thus, we obtain not only an assessment of the current financial condition of the enterprise as of a certain date, but also an assessment of its efforts and capabilities to change this condition over time, for the future. This assessment serves as a reliable measure of the growth of the competitiveness of an enterprise in a given industry. It also determines a more efficient level of use of production and financial resources.

This methodology is based on an integrated, multidimensional approach to assessing such a complex phenomenon as the financial condition of an enterprise;

To obtain a rating assessment, a flexible computational algorithm is used that implements the capabilities of a mathematical model for a comparative comprehensive assessment of the production and economic activities of an enterprise, which has been widely tested in practice.

2. Due to the lack of standard values ​​for a number of indicators, the rating assessment is determined not by the full, but by the partial use of the indicators.

3. The importance of individual indicators, reflected as percentages in the totality of 100%, is not confirmed by relevant evidence and calculations, i.e. it is speculative. Some methods do not indicate a specific number of indicators for each group on the basis of which the rating assessment is based. (if you sum up the positive values ​​of a small number of indicators, then you can get a low level of integral assessment that does not correspond to reality, but using a larger number (more than 10) indicators that have positive value, you can go beyond 100%, which seems absurd.

Financial condition is the most important characteristic financial activities enterprises. It determines the competitiveness of the enterprise and its potential in business cooperation, and is a guarantor of the effective implementation of the economic interests of all participants in financial relations, both the enterprise itself and its partners.

The final comprehensive assessment takes into account all the most important parameters (indicators) of the financial and economic activities of the enterprise, that is, economic activity as a whole. When building it, data is used on the production potential of the enterprise, the profitability of its products, the efficiency of use of production and financial resources, the condition and allocation of funds, their sources and other indicators.

The initial data and results of a comprehensive assessment of the financial condition of the enterprise are presented in table. 10. dozhennost

Table 10. Comprehensive assessment of the financial condition of the enterprise

Calculation of a comprehensive assessment is possible using the formula (with the data included in Table 30) without standardization:

Score = √ (Kfact1 – Kbase1) + ….+ (Kfact 9 – Kbase 9)

Estimate for the end of the year = √ (0.28-0.2)+(2.59-2)+(0.51-1)+(0.47-0.1)+(0.6-0, 7)+(0.61-0.6)=0.68

End of year estimate = √ (1.29-0.2)+(4.39-2)+(1.52-1)+(0.69-0.1)+(0.86-0.7 )+(0.65-0.6)=0.77

As can be seen from Table 10, the comprehensive assessment decreased by the end of the year and amounted to 0.68 points, which indicates an improvement in the financial condition of the enterprise.

Conclusion

During my internship, I became acquainted with the organizational structure of the company LEAR LLC, with how the organization functions in the market, interacts with suppliers, consumers, competitors, with its financial activities and aspects of trade. In general, the organization has a favorable staff work climate, all employees work as one team, and no conflict situations between employees were observed during the internship. I acquired practical skills of working in a team of an organization.

After analyzing the documentation I received, I was able to make a comprehensive analysis of the enterprise, and I can also give the following recommendations.

The company significantly repaid its accounts receivable in the reporting year.

The company also invested a sufficient amount in fixed assets.

All this resulted in a reduction in the enterprise's liquid assets.

In order to increase profitability, it is also necessary to take measures to reduce the cost of services and reduce inventories. It is also possible to introduce a new production line.

In order to more effectively manage accounts payable, it is recommended to: pay off debts to the company’s personnel, as well as to suppliers. This can be done by collecting accounts receivable.

It is also necessary to improve the sales policy of the enterprise due to the huge number finished products at the enterprise.

An enterprise cannot afford an increase in management costs at the level of the previous year in an economic crisis, so it is necessary to strictly control this type of expense.

In general, we can conclude that the company increased all its main financial performance indicators during the reporting period. If previously the company was at a loss, at the end of the year you can see a profit. At the same time, if we take into account the possible sale of finished products in the warehouse, an even greater increase in profits should be expected in the next period.

Bibliography

Financial analysis is part of the general analysis, which consists of two interrelated sections: financial and management analysis. The division of analysis into financial and managerial is due to the division of the system that has developed in practice accounting. However, such a division is conditional.

Financial analysis is divided into external and internal. External the financial analysis is based on published reporting, and internal analysis is based on the entire system of available information about the activities of the enterprise. From this point of view, external financial analysis is integral part internal analysis, the scope and capabilities of which are wider.

The subjects of external analysis are business owners, investors, creditors, administration, government agencies, etc.

The subjects of internal financial analysis are the enterprise administration, owners, auditors, and consultants.

The main difference between internal and external financial analysis lies in the variety of goals and objectives solved by various subjects of analysis. The process of conducting financial analysis depends on the goal. It can be used for preliminary verification when choosing an investment direction, when considering options for merging enterprises, when assessing the activities of enterprise management, when forecasting financial results, when justifying and issuing loans, when identifying problems in managing production activities, etc.

The variety of purposes of financial analysis determines the specifics of the tasks solved by the most important users of information.

Financial analysis is carried out, first of all, by the administration of the enterprise, which is engaged in current activities, is responsible for long-term development prospects, for production efficiency, profitability of the enterprise in the short-term and long term periods, efficiency of use of capital, labor and other types of resources. The administration's interest in the financial condition affects all areas of the enterprise's activities. During the analysis, the administration uses all reliable information, all means and methods to monitor the activities of the enterprise. One such method is financial analysis. Financial analysis covers changes in trends in key accounting indicators and key dependencies. It is based on continuous monitoring of significant relationships and timely detection of deficiencies arising as a result of ongoing changes. When conducting financial analysis, the administration sets the following goals:

• - development of enterprise strategy and tactics;
• - rational organization of the financial activities of the enterprise;
• - increasing the efficiency of resource management.

One of the most important subjects of financial analysis are creditors. Lenders provide funds to the company various forms and on different conditions. Commercial credit is provided by suppliers when shipping products or providing services while waiting for payment, determined by the terms of trade. The lender typically does not receive interest on a commercial loan and may provide a discount for paying earlier deadline. The lender's remuneration takes the form of the number of transactions concluded and the possible profit received from them. The supplier is interested in the financial condition of the partner and, above all, his solvency, i.e. the ability to pay on time for products supplied and services rendered.

Enterprises also receive short-term and long-term bank loans, on the terms of repayment, urgency and payment. The fee for using the loan is in the form of interest. If the company operates well and has a stable financial position, the creditor's claims are limited fixed rate percent. If a company finds itself in unfavorable conditions, not only the remuneration for the loan provided, but also the amount of the principal debt may be at risk of non-repayment. This circumstance forces the lender to analyze the possibility of providing a loan. At the same time, banks set themselves the following goals:

• - determine the reasons for the enterprise’s need for additional funds;
• - find out from what sources the company will receive funds to pay interest and repay debt;
• - find out how the administration has met short- and long-term funding needs in the past and what it plans for the future.

The financial condition of the enterprise is the most important characteristic economic activity enterprises in external environment. It determines the competitiveness of the enterprise, its potential in business cooperation, and assesses the extent to which the economic interests of the enterprise itself and its partners are guaranteed.

The main goal of financial analysis is to promptly identify and eliminate shortcomings in financial activities and find reserves for improving the financial condition of the enterprise and its solvency.

The main objectives of financial analysis are:

• - objective assessment of the composition and use of the enterprise’s financial resources;
• - identification of factors and causes of the achieved state;
• - identification, measurement and mobilization of reserves for improving financial condition and increasing the efficiency of economic activities;
• - preparation and justification of accepted management decisions in the field of finance.

The main characteristics (indicators) of the financial condition of the enterprise are:

• - assessment of property status and financing structure;
• - assessment of financial stability;
• - assessment of solvency and liquidity;
• - assessment of profitability of sales and property.

The financial condition of an enterprise is characterized by a system of indicators reflecting the availability, placement and use of its financial resources. Calculation and analysis of indicators is carried out according to the balance sheet of the enterprise in a certain sequence.

Financial condition means sufficient financial security of the enterprise with the financial resources necessary for the normal functioning of the enterprise and timely settlement of the enterprise with its counterparties. The expression of the financial condition is the existing structure of the enterprise's funds.

In the process of circulation, there is a continuous change in the structure of the enterprise’s funds and their sources, defined as the relationship between the elements of property and the elements of the capital that forms it. Finding the optimal balance between all elements of capital and sources of its financing is one of the most difficult tasks of financial management.

The structure of an enterprise's funds develops as a proportion between the cost values ​​of fixed assets and other non-current assets, inventories and costs, cash, settlements with debtors and other current assets. The structure of sources of property of an enterprise is the proportion between the cost values ​​of sources own funds, long-term loans and borrowings, short-term loans and borrowings, accounts payable and other short-term liabilities. Each of the listed aggregates accordingly has its own structure, determined by smaller elements.

The ratio of the structure of the enterprise's funds and the structure of the sources of their formation at each fixed point in time determines the financial condition of the enterprise, determining the degree of sustainability of which is one of the most important tasks of financial analysis. Operations carried out in the course of financial and economic circulation and constituting the content of the processes of supply, production, sales, etc., continuously change the financial condition of the enterprise.

Basically, in the theory of financial analysis, financial condition is defined as stable or unstable. Unstable financial condition leads to negative consequences, both financial activities and production and investment.

Financial condition is the most important characteristic of the economic activity of an enterprise in the external environment. It determines the competitiveness of the enterprise, its potential in business cooperation, assesses the extent to which the economic interests of the enterprise itself and its partners in financial and other relations are guaranteed. Therefore, we can assume that the main task of analyzing the financial condition is to show the state of the enterprise for internal and external consumers, the number of which increases significantly with the development of market relations.

The purpose of analyzing the financial condition of an enterprise is to assess its current state, as well as determining in what areas work needs to be done to improve this condition. At the same time, the desired state of financial resources is such that the enterprise, freely maneuvering funds, is able, through their effective use, to ensure the uninterrupted process of production and sales of products, as well as the costs of its expansion and renewal.

The main goal of this course work is to substantiate the principles and methods of analyzing the financial and economic state of domestic enterprises.

According to the set goal in course work the following are decided tasks :

· study of the economic essence of such a concept as “financial condition of an enterprise”;

· determining the role of financial condition in the efficiency of the enterprise’s economic activities;

· comprehensive assessment of the financial condition of an existing domestic enterprise;

Subject of research models act as diagnostics of the financial and economic state of domestic enterprises.

Object of study is a diagnosis of the financial and economic condition of OJSC ChMP.

The course work consists of three chapters in which the problem posed is consistently explored.

1. CHARACTERISTICS OF COMPREHENSIVE ANALYSIS OF FINANCIAL AND ECONOMIC ACTIVITIES IN MODERN CONDITIONS

1.1.Preliminary assessment of the financial condition of the enterprise

Financial analysis is used both by the company itself and by external market participants when carrying out various transactions or to provide information about the financial condition of the company to third parties. As a rule, financial analysis is carried out when:

· restructuring. In the process of selection structural divisions in individual business units, it is necessary to evaluate such indicators of their current activities as the size of receivables and payables, profitability, inventory turnover, labor productivity, etc. The favorable financial condition of a structural unit can serve additional factor in favor of leaving her as part of the company;

· assessing the value of a business, including for its sale/purchase. A reasonable assessment of the financial condition allows you to set a fair price for the transaction and can serve as a tool for changing the transaction amount;

· obtaining a loan/attracting an investor. The results of a financial analysis of a company’s activities are the main indicator for a bank or investor when making a decision to issue a loan;

· entering the stock exchange (with bonds or shares). According to the requirements of Russian and Western exchanges, a company is obliged to calculate a certain set of ratios reflecting its financial condition and publish these ratios in reports on its activities. For example, according to Russian legislation in the prospectus valuable papers the company must indicate the degree of coverage of debt service payments, the level of overdue debt, net asset turnover, the share of income tax in profit before tax, etc.

Financial analysis can be carried out to compare one's own company with another (benchmarking). To conduct one-time assessments of the financial condition of an enterprise, it makes sense to involve professional appraisers and auditors. This will increase the reliability of the assessment in the eyes of third parties.

In operational activities, financial analysis is used to:

· assessment of the company's financial condition;

· establishing restrictions in the formation of plans and budgets. For example, you can limit the company's liquidity (indicate that it must not be below a certain level), inventory turnover, debt ratio, cost of raising capital, etc. Many companies have the practice of setting limits for branches and subsidiaries based on indicators such as profitability, production costs, return on investment, etc.;

· assessments of predicted and results achieved activities.

The analysis begins with a review of the main performance indicators of the enterprise. This review should consider the following questions:

· property position of the enterprise at the beginning and end of the reporting period;

· working conditions of the enterprise in reporting period;
results achieved by the enterprise in the reporting period;

· prospects for the financial and economic activities of the enterprise.

The property position of the enterprise at the beginning and end of the reporting period is characterized by balance sheet data. By comparing the dynamics of the results of the asset sections of the balance sheet, you can find out trends in changes in property status. Information about changes in organizational structure management, opening new types of enterprise activities, features of working with contractors, etc. are usually contained in explanatory note to annual financial statements. The effectiveness and prospects of an enterprise’s activities can be generally assessed based on data from an analysis of profit dynamics, as well as comparative analysis elements of growth of the enterprise's funds, the volume of its production activities and profits. Information about shortcomings in the operation of an enterprise may be directly present in the balance sheet in an explicit or veiled form. This case may occur when the reporting contains articles indicating the extremely unsatisfactory performance of the enterprise in the reporting period and the bad results that have arisen as a result. financial situation(for example, the article “Losses”). The balance sheets of quite profitable enterprises may also contain hidden, veiled items that indicate certain shortcomings in their work.

This can be caused not only by falsifications on the part of the enterprise, but also by the accepted reporting methodology, according to which many balance sheet items are complex (for example, the items “Other debtors”, “Other creditors”).

1.2.Methodology for analyzing financial and economic condition

The methodology for analyzing financial and economic activities is a set of analytical procedures used to determine the financial and economic condition of an enterprise.

Experts in the field of analysis lead different techniques determining the financial and economic condition of the enterprise.2 However, the basic principles and sequence of the procedural side of the analysis are almost the same with minor differences. The detailing of the procedural side of the methodology for analyzing financial and economic activities depends on the goals and various factors information, methodological, personnel and technical support. Thus, there is no generally accepted methodology for analyzing the financial and economic activities of an enterprise, but in all significant aspects the procedural aspects are similar.

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

· form No. 1 Balance sheet

· Form No. 2 Profit and Loss Statement

· form No. 3 Statement of capital flows

· Form No. 4 Cash Flow Statement

· form No. 5 Appendix to the balance sheet

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

System of indicators. Conclusions and proposals based on the results of the analysis.

A comprehensive assessment of the financial condition of an enterprise is based on a system of indicators characterizing the structure of the sources of capital formation and its placement, the balance between the assets of the enterprise and the sources of their formation, the efficiency and intensity of the use of capital, the liquidity and quality of assets, its investment attractiveness, etc. For this purpose, the dynamics of each indicator are studied and comparisons are made with average and standard values ​​for the industry (Table 25.6).

The data presented in the table show that during the reporting year the production and financial situation at the enterprise has noticeably improved. The growth rate of production volume and product sales, as well as the growth rate of balance sheet and net profit, increased significantly. Judging by the capital turnover ratios, the company has significantly increased its business activity, which allowed, despite a slight decrease in profitability of sales, to increase the return on total, operating and equity capital. As a result, the level of dividend return on capital has increased and the stock price has increased, which helps to improve the image and investment attractiveness of the enterprise.

Celebrating positive sides performance of the enterprise, at the same time, it should be noted that some negative trends have emerged in the capital structure. This concerns, first of all, an increase in the share of borrowed capital and, accordingly, the degree financial risk. The value of the last coefficient exceeds the standard level for this industry.

The share in the structure of the enterprise's assets has increased significantly working capital, which in itself is not bad, since as a result, the turnover of total capital accelerates. However, this increase is mainly caused by an increase in the cost of inventories due to inflation and an increase in accounts receivable.

Table 25.6

Generalization of the results of the analysis of the financial condition of the enterprise

When characterizing the condition and quality of assets, it should be noted that the degree of depreciation of fixed assets is lower than the industry average, due to the fact that this enterprise is relatively “young”, has been operating for only three years and more intensively renews fixed capital. The duration of the turnover of fixed and working capital is significantly less than at other enterprises in this industry, but higher than the standard level and mainly due to the long period of collection of receivables.

When considering indicators characterizing the quality of profit, it should be noted that its growth rate and the share of profit from core activities are higher than the industry average. The level of profitability of products and turnover has decreased slightly due to inflation and the pricing policy of the enterprise in the market for goods and services. Due to a slight reduction in prices, the company was able to increase turnover in product sales, accelerate capital turnover and ultimately increase the profitability of capital. The increase in the return on equity was also facilitated by the positive effect of financial leverage, which is a merit of the enterprise administration.

How positive point It should also be noted that there is an increase in profit per enterprise employee and per ruble salary. At the same time, there is a slight decrease in profit per ruble of the main production assets and per ruble of material costs due to the faster growth rate of their cost due to inflation. For the same reason, there is a decrease in capital productivity and an increase in the overall material intensity of products, although their level is better than the industry average.

During the reporting year, the amount of own working capital increased by 30%, but its share in the formation of current assets decreased from 44.6 to 42.9%, and the share of borrowed capital accordingly increased by 2 points. The percentage of provision of tangible current assets with equity capital also decreased from 84.7% to 81.1%, which indicates an increase in the financial dependence of the enterprise on external creditors. For this reason, by the end of the reporting period, the level of liquidity ratios decreased and approached the lower limit of the standard value. However, the loss of solvency ratio is greater than one, which means that over the next three months the level of the current liquidity ratio will not be lower than the norm.

Looking at the risk indicators, we can note some of their growth. In particular, the share of carry-over balances of finished products increased. It is much higher than the standard value, but less than the industry average. Due to underutilization of production capacity, the share of fixed costs in the total amount of costs, which led to a decrease in the break-even zone of the enterprise and a slight increase in the production leverage ratio. However, the safety zone is still quite large. Revenue can fall by 42% and only then the company will not make a profit.

All of the above allows us to conclude that the financial condition of the analyzed enterprise is quite stable and stable. Consequently, shareholders, business partners and investors of the enterprise can rest assured of its solvency. The company knows how to earn a profit, provide fairly high dividends to its shareholders, repay loans on time and pay interest on them. The risk of losing resources in the current situation is very small.

At the same time, as the results of the analysis show, the company still has sufficient reserves to significantly improve its financial condition. To do this he should make fuller use production capacity enterprises, reducing downtime of machines, equipment, work force, material and financial resources; respond more quickly to market conditions, changing the product range and pricing policy in accordance with its requirements; accelerate capital turnover by reducing excess inventories and the collection period for receivables. All this, as can be seen from table. 17.16, will increase profit by 3900 thousand rubles, replenish your own working capital and achieve a more optimal financial structure balance.