Reserves for improving the financial performance of the enterprise. The problem of improving the financial performance of the enterprise

Introduction

Financial management of a commercial organization is one of the key elements of business organization.

In order to increase production efficiency, so as not to be on the verge of bankruptcy, firms must necessarily conduct a general financial analysis, effectively allocate financial resources (investment policy and asset management), provide the enterprise with financial resources (manage sources of funds).

In market conditions, the key to survival and the basis for the stable 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 the costs of its expansion and renewal.

Determining the boundaries of the financial stability of enterprises is one of the most important economic problems in the transition to a market economy, since insufficient financial stability can lead to a lack of funds for the development of production, their insolvency and, ultimately, bankruptcy, and "excessive" stability will hinder development by burdening the costs of the enterprise with surplus stocks and reserves. To assess the financial stability of an enterprise, it is necessary to analyze its financial condition.

In a market economy, one of the key elements of business organization is the financial management system of a commercial organization. Opinions on this issue among representatives of science and practitioners do not differ too much, at least in key positions. Unlike accounting, which has a history of more than one millennium, financial management as an independent science has been formed relatively recently. Separate developments in the theory of finance were carried out even before the Second World War. In particular, the studies of J. Williams, who developed a model for assessing the value of financial assets, are widely known. Nevertheless, it is generally accepted that the beginning of this process was laid in the first half of the 50s by the works of G. Markowitz, who laid the foundations of the modern portfolio theory. These works, in fact, outlined the methodology for making decisions in the field of investing in financial assets and proposed the appropriate scientific tools. The presented ideas, as well as the mathematical apparatus, were largely theoretical in nature, which complicated their application in practice. Financial science was further developed in studies on the pricing of securities, the creation of the concept of capital market efficiency, models for assessing risk and profitability, etc.

In particular, in the 60s, the efforts of W. Sharp, J. Liktners and J. Mossini developed a model for assessing the return on financial assets, linking systematic risk and portfolio return.

In the second half of the fifties, intensive research was carried out on the theory of capital structure and the price of sources of financing, as well as on the choice of investment policy. It is generally recognized that the main contribution to this section was made by F. Modigliani and M. Miller.

It was within the framework of the theory of finance that the applied discipline of financial management was subsequently formed as a science dedicated to the methodology and techniques of financial management. The first books on the new discipline appeared in the leading English-speaking countries in the early 1960s. The main contribution to the development of this direction, in addition to those mentioned above, was also made by scientists such as F. Black, J. Williams, D. Durand, S. Ross, M. Scowes and others.

The purpose of this thesis is to identify ways to improve the financial performance of Inzel-Fish LLC. To achieve this goal, the work faces the following tasks:

The study of theoretical and methodological aspects of financial management in the enterprise

Study and analysis of the formation of financial results of Insel-Fish LLC

Assessment of the financial position of the enterprise

Determination of ways to improve the financial performance of Insel-Fish

The object of the study is the financial and economic activities of Inzel-Fish LLC over the past three years.

The subject of the study is the financial and economic indicators reflected in the statements.

The main methods of economic analysis used in the work: comparison, comparison, index method, balance method, methods of absolute, relative values.

Every business starts with asking and answering these three key questions.

1. What should be the value and optimal composition of the assets of the enterprise, allowing to achieve the goals and objectives set for the enterprise?

2. Where to find funding sources and what should be their optimal composition?

3. How to organize the current and prospective management of financial activities, ensuring the solvency and financial stability of the enterprise?

These issues are resolved within the framework of financial management, which is one of the key subsystems of the overall enterprise management system. The logic of its functioning is shown in fig. 1.1.

The organizational structure of the financial management system of an economic entity, as well as its staffing, can be built in various ways, depending on the size of the enterprise and the type of its activity. For a large company, the most typical is the isolation of a special service, led by a financial director and, as a rule, including accounting and a financial department.

In small enterprises, the role of financial director is usually performed by the chief accountant. The main thing that should be noted in the work of a financial manager is that it is either part of the work of the top management of the company, or is associated with the presentation of analytical information to him, necessary and useful for making managerial decisions of a financial nature. This emphasizes the exceptional importance of this function. Regardless of the organizational structure of the firm, the financial manager is responsible for analyzing financial problems, making decisions in some cases, or making recommendations to senior management.

Rice. 1.1 The structure and process of financial management in the enterprise

There are different approaches to the interpretation of the concept of "financial instrument". In its most general terms, a financial instrument is any contract that simultaneously increases the financial assets of one entity and the financial liabilities of another entity.

Financial assets include:

Cash;

The contractual right to receive funds or any other type of financial assets from another enterprise;

The contractual right to exchange financial instruments with another enterprise on potentially favorable terms;

Shares of another company.

Financial obligations include contractual obligations:

Pay cash or provide some other type of financial asset to another entity;

Exchange financial instruments with another company on potentially unfavorable terms (in particular, such a situation may arise in the event of a forced sale of receivables).

Financial instruments are divided into primary (cash, securities, current account payables and receivables) and secondary or derivatives (financial options, futures, forward contracts, interest rate swaps, currency swaps).

There is also a more simplified understanding of the essence of the concept of "financial instrument". In accordance with it, three main categories of financial instruments are distinguished: cash (funds on hand or on a current account, currency), credit instruments (bonds, forward contracts, futures, options, swaps, etc.) and methods of participation in the authorized capital (shares and shares).

Methods of financial management are diverse. The main ones are: forecasting, taxation, insurance, self-financing, lending, settlement system, financial assistance system, financial sanctions system, depreciation system, incentive system, transformation principles, trust operations, pledge operations, factoring, rent, leasing. An integral element of these methods are special methods of financial management: credits, loans, interest rates, dividends, exchange rate quotation, excise tax, discount.

The basis of information support of the financial management system is any information of a financial nature: financial statements; financial messages; information of institutions of the banking system; information on commodity, stock and currency exchanges, etc.

The technical support of the financial management system is an important element of it (computer networks, PCs, functional packages of application programs.)

Financial management is carried out within the framework of the current legal and regulatory framework. These include: Laws, Presidential Decrees, government decrees, licenses, statutory documents, etc. etc.

The main areas of financial management include the following areas:

1. General financial analysis and planning;

2. Providing the enterprise with financial resources (management of sources of funds);

3. Distribution of financial resources (investment policy and asset management).

Within the framework of the first direction, a general assessment is carried out:

Enterprise assets and sources of their financing;

The amount and composition of the resources necessary to maintain the achieved economic potential of the enterprise and expand its activities;

Sources of additional funding;

Systems for monitoring the state and efficiency of the use of financial resources.

The second direction involves a detailed assessment of financial resources:

The volume of required financial resources;

Forms of their presentation (long-term or short-term credit, cash);

Degrees of availability and time of presentation (the availability of financial resources may be determined by the terms of the contract; finance must be available in the right amount and at the right time);

The cost of owning this type of resource (interest rates and other conditions for providing this type of source of funds);

The risk associated with this source of funds (for example, the capital of the owners as a source of funds is much less risky than a bank term loan).

The third direction provides for the analysis and evaluation of early and short-term investment decisions:

The optimality of the transformation of financial resources into other types of resources (material, labor, monetary);

Expediency and efficiency of investments in fixed assets, their composition and structure;

Optimal working capital;

Efficiency of financial investments.

Solutions to these problems allow achieving the goals of financial management: survival of the company in a competitive environment, avoiding bankruptcy and major financial failures; leadership in the fight against competitors; maximizing the market value of the firm; growth in production and sales volumes; profit maximization, etc.

In financial management, internal and external sources of financing are understood, respectively, as own and borrowed (borrowed) funds. Various classifications of sources of funds are known. One of the possible and most common groupings is shown in Fig. 1.2.

Rice. 1.2 The structure of the sources of funds of the enterprise

The main element of the above scheme is equity capital. Sources of own funds are presented in fig. 1.3.

The main sources of attracted funds include bank loans, borrowed funds, funds from the sale of securities, accounts payable.

The fundamental difference between the sources of own and borrowed funds lies in the legal reason - in the event of the liquidation of the enterprise, its owners have the right to that part of the property of the enterprise that will remain after settlements with third parties.

Rice. 1.3 The structure of the company's own capital

Here is a brief description of own funds. Sustainable capital is the amount of funds provided by its own to ensure the statutory activities of the enterprise. The content of the category "authorized capital" depends on the organizational and legal form of the enterprise:

For state-owned enterprises - the valuation of property assigned by the state to the enterprise on the right of full economic management;

For a partnership - the sum of the shares of the owners;

For a joint-stock company - the total nominal value of shares of all types.

The authorized capital reflects the amount of the company's obligations to investors. It is formed during the initial investment of funds. But at the same time (the formation of the authorized capital), an additional source of funds can be formed - share premium. This source arises when, during the first issue, shares are sold at a price above par. Upon receipt of these amounts, they are credited to additional capital.

Profit is the main source of funds for a dynamically developing enterprise. In the balance sheet, it is present explicitly as redistributed profits, and also in a veiled form - as funds and reserves created from profits. Reserve funds are designed to compensate for unforeseen losses and possible losses from economic activity, that is, they are insurance.

Additional capital as a source of enterprise funds is formed as a result of revaluation of fixed assets and other material assets. Regulatory documents prohibit its use for consumption purposes.

A specific source is the funds for social purposes and targeted financing: donated values, as well as irrevocable and repayable state appropriations for financing non-productive activities related to the maintenance of social and cultural facilities, for financing the costs of restoring the solvency of enterprises that are on full budget financing, etc.

The term "working capital" refers to the mobile assets of an enterprise that are cash or can be turned into cash within a year or one production cycle. Net working capital is defined as the difference between current assets (working capital) and current liabilities (accounts payable) and shows the extent to which current assets are covered by long-term sources of funds. This indicator is also called - the value of own working capital.

Working capital can be characterized from different positions, but the main characteristics are their liquidity, volume and structure.

In the process of production activity, there is a constant transformation of individual elements of working capital. This circuit is shown in Fig. 1.4.

The circulating nature of current assets is of key importance in working capital management. Current assets differ in the degree of liquidity, that is, in their ability to transform into cash with absolute liquidity. The liquidity of accounts receivable can vary significantly. The most liquid inventories.

Rice. 1.4 Circulation of current assets

As for the volume and structure of working capital, they are largely determined by industry. Thus, enterprises in the sphere of circulation have a high share of commodity stocks, financial corporations usually have a significant amount of cash and their equivalents. There is no direct connection between working capital and accounts payable, however, it is believed that a normally functioning enterprise should have current assets exceeding current liabilities.

The amount of working capital is determined not only by the needs of the production process, but also by random factors. Therefore, it is customary to subdivide working capital into fixed and variable.

In the theory of financial management, there are two main interpretations of the concept of "permanent working capital". According to the first interpretation, capital is that part of cash, receivables and inventories, the need for which is relatively constant throughout the entire operating cycle. This is an average, for example, in terms of time parameter, the value of current assets that are in the permanent management of the enterprise. According to the second interpretation, permanent working capital can be defined as a minimum of current assets necessary for the implementation of production activities. This approach means that in order to carry out its activities, an enterprise needs a certain minimum turnover of funds, for example, a permanent cash balance on a current account, some analogue of reserve capital. The author of the work adheres to the second interpretation.

Variable working capital reflects additional current assets needed during peak periods or as a safety stock.

The target setting of the working capital management policy is to determine the volume and structure of current assets, the sources of their coverage and the ratio between them, sufficient to ensure long-term and efficient production activities of the enterprise. The relationship between these factors and performance indicators is quite obvious. The constant fulfillment of obligations to creditors can lead to the rupture of economic ties with all the ensuing consequences.

The formulated target setting is of a strategic nature: it is important to maintain working capital in an amount that optimizes the management of current activities. From the standpoint of daily activities, the most important financial and economic characteristic of an enterprise is its liquidity, that is, the ability to pay off short-term accounts payable on time. If its cash, receivables, and inventories are kept relatively low, then the likelihood of insolvency or lack of funds to carry out efficient operations is high. Thus, it is possible to formulate the principle of working capital management, which allows minimizing the risk of loss of liquidity: the greater the excess of current assets over current liabilities, the lower the degree of risk of insolvency; thus, one should strive to build up net working capital.

The dependence between profit and the level of working capital has a completely different form (Fig. 1.5).

Rice. 1.5 Relationship between profit and working capital

With a low level of working capital, production activities are not properly supported, hence the possible loss of liquidity, periodic disruptions in work and low profits. At some optimal level of working capital, profit becomes maximum. A further increase in the amount of working capital will lead to the fact that the company will have at its disposal temporarily free, inactive current assets, as well as excessive financing costs, which will lead to a decrease in profits. In this regard, the working capital management principle formed above, which is associated with a reduction in liquidity risk, is not entirely correct.

Thus, the policy of working capital management should ensure that a compromise is found between the risk of loss of liquidity and operational efficiency. The working capital management policy boils down to solving two important tasks:

1. Ensuring solvency. The task is not fulfilled if the company is not able to pay bills, meet obligations, does not have a sufficient level of working capital, then the company may face the risk of insolvency.

2. Ensuring an acceptable volume, structure and profitability of assets. It is known that different levels of current assets affect earnings differently. For example, a high level of inventories will require correspondingly large operating costs, while a wide range of finished products can further increase sales volumes and increase revenues. Each decision related to determining the level of each type of working capital should be considered both from the standpoint of the profitability of this type of assets, and from the standpoint of the optimal structure of working capital.

The search for ways to achieve a compromise between profit, the risk of loss of liquidity and the state of working capital and sources of their coverage involves familiarity with various types of risk, which are reflected in the theory of financial management.

The risk of loss of liquidity or decrease in efficiency due to changes in current assets is commonly called left-sided, since these assets are placed on the left side of the balance sheet. A similar risk, but due to changes in liabilities, by analogy is called right-handed.

We can distinguish the following phenomena that potentially carry a left-sided risk:

1. Insufficiency of funds.

2. Insufficiency of own credit opportunities. This risk is associated with the sale of goods on credit on credit, resulting in the formation of receivables. From the position of financial management, receivables have a dual nature. On the one hand, the "normal" growth of receivables indicates an increase in potential income and increased liquidity. On the other hand, the company may not "endure" every amount of receivables, since an indeterminate receivable is an immobilization of its own working capital.

3. Lack of inventories.

4. Change in the volume of current assets. In this situation, financing costs increase, revenues decrease. Reasons for the formation of excessive volumes: slow-moving and stale goods, the habit of "keep in reserve", etc.

The most significant events that potentially carry a right-sided risk include the following:

1. High level of accounts payable.

2. Suboptimal combination between short-term and long-term sources of borrowed funds. The surplus covering current assets is both short-term accounts payable and fixed capital. Although long-term sources tend to be more expensive, in some cases they may provide less liquidity growth and greater overall efficiency.

3. High share of long-term debt capital.

In the theory of financial management, various options for influencing the level of risks have been developed. The main ones are the following:

1. Minimization of current accounts payable. This approach reduces the possibility of loss of liquidity. However, such a strategy requires the use of long-term sources and equity to finance most of the working capital.

2. Minimization of total financing costs. In this case, the focus is on the predominant use of short-term accounts payable as a source of asset coverage. This source is the cheapest, at the same time, it is characterized by a high level of default risk, in contrast to the situation when financing of current assets is carried out mainly from long-term sources.

3. Maximizing the total value of the firm. This strategy incorporates the working capital management process into the firm's overall financial strategy. Its essence lies in the fact that any decisions in the field of working capital management that contribute to an increase in the “price” of an enterprise should be recognized as appropriate.

The efficiency of the production, investment and financial activities of the company is expressed in the achievement of the planned financial results.

Sales revenue characterizes the overall financial result (gross income) from the sale of products (works, services). In Western literature, this indicator is called gross revenue. Sales revenue is one of the most important indicators of financial activity, which determines the rating of the company.

Revenue (gross income) from the sale of products (works, services) includes: revenue (income) from the sale of finished products, semi-finished products of own production, works, services; purchased products (purchased for assembly), construction, research work.

The proceeds from the sale can be determined by the moment the money is received on the current account or at the cash desk. This is documented by a bank statement from the company's current account or cash documents, on the basis of which cash is credited.

Enterprises can determine the sales proceeds and financial result at the time of shipment (performance of work), which is documented by the relevant shipping documents.

The difference between the proceeds from the sale of products (works, services) without VAT and excises and the cost of producing the sold products (works, services) is called the gross profit from sales (Fig. 1.6).

Gross profit from sales is an important financial result. This result is used in the firm's financial decision making.

The firm may have expenses, both related and not related to the main activity, which is taken into account when determining the overall financial result of its activities (Fig. 1.6).

The total financial result (profit, loss) at the reporting date is obtained by balancing the total amount of all profits and all losses.

The overall financial result is called balance sheet profit (Fig. 1.6). The balance sheet profit includes: profit (loss) from the sale of products, works, services; profit (loss) from the sale of goods; profit (loss) from the sale of tangible working capital and other assets; profit (loss) from the sale and other disposal of fixed assets; income and losses from exchange rate differences; income from securities and other long-term financial investments, including investments in the property of other enterprises; expenses and losses associated with financial transactions, non-operating income (losses).

The balance sheet profit minus taxes is called net profit.

Rice. 1.6 Scheme of formation and use of profit

1.5. Methodological provisions for the analysis of the financial condition of the enterprise

To determine and justify ways to improve the financial performance of the enterprise, it is necessary to conduct a thorough analysis of the financial condition.

The information base of the financial condition of the analysis are the following documents:

1. Balance sheet - form No. 1 (Appendix No. 1).

2. Statement of financial results - form No. 2 (Appendix No. 2),

3. Explanations to the balance sheet and income statement:

A) Statement of capital flows - form No. 3,

B) Statement of cash flows - form No. 4,

C) Appendix to the balance sheet - form No. 5.

The purpose of the analysis is a detailed description of the property and financial position of the enterprise, the results of its activities in the reporting period (1999), as well as the possibilities for the development of the subject in the future.

The plan for conducting an in-depth analysis of the financial and economic activities of the enterprise is as follows:

1. Building an analytical net balance.

2. Assessment and analysis of economic potential.

2.1. Assessment of property status and capital structure.

2.2. Cash flow analysis.

2.3. Analysis of the financial situation.

2.3.1. Liquidity assessment.

2.3.2. Assessment of financial stability.

3. Evaluation and analysis of the effectiveness of financial and economic activities.

3.1. Turnover analysis.

3.2. Profitability analysis.

4. Development of measures to improve the financial condition of the enterprise.

Before analyzing the financial condition of the enterprise, it is necessary to clear the balance sheet from regulatory articles and combine some articles (compact the balance sheet). This is due to the fact that the current reporting form in some cases is not sufficiently correct. The list of procedures for converting the reporting form of the balance sheet into an analytical balance sheet depends on the specific conditions.

The stable financial position of an enterprise largely depends on the appropriateness and correctness of investing financial resources in assets. The most general idea of ​​the qualitative changes that have taken place in the structure of funds and their sources, as well as the dynamics of these changes, can be obtained using a vertical and horizontal analysis of reporting.

Vertical analysis shows the structure of enterprise funds and their sources. Horizontal analysis of reporting is to determine the absolute and relative growth rates of balance sheet items.

The qualitative characteristics of fixed assets are characterized by the following indicators:

1. The share of the active part of fixed assets,

2. Wear coefficient and serviceability coefficient (these coefficients add up to 1),

3. Renewal coefficient (shows what part of the fixed assets available at the end of the reporting period are new fixed assets),

4. Retirement ratio (shows what part of the fixed assets with which the enterprise began operations in the reporting period, retired due to dilapidation and other reasons).

After a general description of the property status and capital structure, the next step in the analysis is the study of absolute indicators that reflect the essence of the financial stability of the enterprise. Depending on the ratio of the value of indicators of inventories, own working capital and sources of formation of reserves, the following types of financial stability can be distinguished:

1. Absolute financial stability: inventories are less than own working capital;

2. Normal financial stability: own working capital is less than inventories, which are less than sources of stock formation;

3. Unstable financial situation: inventories are less than the sources of stock formation;

4. Critical financial situation: characterized by the fact that the company has loans and loans not repaid on time, as well as overdue accounts payable and receivable.

Cash flow analysis can be carried out in two ways: direct and indirect. With the direct method, cash receipts and payments for current activities, investment and financial are analyzed. The indirect method of analysis allows you to adjust the profit of the enterprise, the change in which did not affect the amount of the enterprise's cash.

Liquidity ratios make it possible to determine the ability of an enterprise to pay its short-term obligations by realizing its current assets. In the course of financial analysis, the following indicators are used:

1. Current (total) liquidity ratio or coverage ratio;

2. Quick liquidity ratio or "critical evaluation";

3. Absolute liquidity ratio.

The current (general) liquidity ratio reflects the sufficiency of the enterprise's funds that can be used to pay off its short-term obligations.

, (1.1)

where TO - current liabilities

Quick liquidity ratio is defined as the ratio of the liquid part of working capital (that is, excluding inventories) to current (short-term) liabilities.

The absolute liquidity ratio is the most stringent solvency criterion, showing what part of short-term liabilities can be repaid immediately.

, (1.2)

where DS - cash

KFV - short-term financial investments

KO - short-term liabilities

For conclusions, the values ​​of liquidity indicators must be compared with the normative values.

The deterioration of the financial condition of the enterprise is accompanied by the "eating away" of equity capital and the inevitable "getting into debt". Consequently, financial stability falls, that is, the financial independence of the enterprise, the ability to maneuver with its own funds. Financial stability is characterized by the ratio of own and borrowed funds. This indicator gives only a general assessment of financial stability. Therefore, in practice, a whole system of indicators is used to characterize the state and structure of the enterprise's assets and their availability with sources of coverage (liabilities): indicators that determine the state of working capital, and indicators that determine the state of fixed assets. Thus, to characterize financial stability, the following indicators are calculated (Table 1.1).

Table 1.1

Indicators of financial stability

Continuation of the table. 1.1

Further, to assess the financial condition of the enterprise, it is necessary to conduct an analysis that allows you to identify how efficiently the company uses its funds. The indicators characterizing the efficiency of production include turnover ratios, profitability, productivity.

The turnover ratio shows how many times a year (or for the analyzed period) certain assets of the enterprise are turned over:

1. Asset turnover ratio:

where NOR is the net sales volume

ACA - average annual asset value

2. Equity turnover ratio:

FSC - cost of equity

3. Turnover ratio of invested capital:

, (1.5)

where NOR - net sales volume

ACV - average annual cost of equity

DO - long-term liabilities

4. The turnover ratio of capital goods:

where NOR - net sales volume

CPA - average annual value of real assets

5. Turnover ratio of fixed assets:

, (1.7)

where NOR - net sales volume

SNI - the average annual value of real estate

6. Current assets turnover ratio:

, (1.8)

where NOR - net sales volume

STA - average annual value of current assets

Profitability ratios reflect how effectively the company uses its funds in order to make a profit. There are two groups of profitability indicators: return on equity and return on sales (Table 1.2).

Table 1.2

Profitability indicators

To assess the efficiency of production, such indicators as labor productivity, capital-labor ratio, capital productivity are analyzed.

There is a relationship between the return on assets, asset turnover and return on sales, which can be represented as follows:

, (1.9)

where RA - return on assets

OA - asset turnover

RRS - profitability of sold products

Thus, in a market economy, financial management of an enterprise is one of the key elements of business organization.

Analysis of the financial condition allows you to determine the financial position of the enterprise and ways to improve it. Using the necessary methodological base, management is able to effectively influence the financial results of the enterprise, achieving its goals.

In the second chapter, we will analyze the financial performance of Insel-Fish LLC.

The Inzel-Fish enterprise was registered in 1997 and is located in the city of Yuzhno-Sakhalinsk, Sakhalin Region.

Organizational and legal form of the enterprise is a limited liability company (LLC). In accordance with Art. 87 of the Civil Code of the Russian Federation, the participants in the company are not liable for its obligations and bear the risk of losses associated with the activities of the company, within the value of their contributions.

Inzel-Fish LLC operates in accordance with the Civil Code of the Russian Federation adopted by the State Duma of the Russian Federation on October 21, 1994 and the Federal Law “On Limited Liability Companies.” From 08.02.98

The founding documents of the company are the Memorandum of Association and the Charter, signed by the participants (founders) of the company. The founders of Inzel-Fish LLC are two individuals whose shares in the authorized capital are equal.

The purpose of the activities of the NGO "Insel-Fish" is the production of products, the performance of work and the provision of services in order to meet public needs and make a profit. To achieve this goal, the company carries out the following main activities: fishing and processing of fish; extraction and processing of seafood; organization of trade (wholesale, retail); organization of fish farming and fish farming

Thus, Insel-Fish LLC specializes in the extraction and processing of fish products.

The organizational structure of the firm is shown in Fig. 2.1.

Rice. 2.1 Organizational structure of Insel-Fish LLC

The supreme governing body of an LLC is the general meeting, which consists of the founders. Each founder has an equal number of votes.

The executive body of the company is the administration headed by the director. The director is appointed by the general meeting of founders. The administration resolves all issues related to the activities of Insel-Fish LLC, except for issues related to the exclusive competence of the general meeting of participants.

Deputy Director of the Fleet manages the activities and operation of fishing vessels, their maintenance, repair, and going to sea.

Control over the financial activities of the enterprise is carried out by the financial service and accounting. The financial department specialist performs the following functions of financial management:

Modernly provides financial data of the required nature;

Analyzes monthly, quarterly, annual financial reports to identify opportunities to improve the results of future work;

Analyzes the financial position of the enterprise, provides opportunities to improve performance, etc.

A competent specialist is also the chief accountant, whose duties include accounting, preparation of financial statements, participation in the economic analysis of economic activity.

A legal adviser is subordinate to the General Director, who solves the legal issues of the enterprise.

Deputy in production, he heads the fish and seafood processing workshop. The workshop produces the following products: preserves, incl. herring, pink salmon, chum salmon, cod; salted products, herring, pink salmon, salmon caviar, minced food.

Deputy deals with the marketing of fish products. In his submission are warehouse workers, commodity experts, and a sales economist.

The sales organization is centralized, that is, the warehouse management reports directly to the management of the sales department.

The products of Inzel-Fish LLC mainly find consumers in Russia (Far East, Siberia). Transportation of products is carried out by sea and rail.

The main form of settlement with buyers is non-cash. The settlement period is determined in the supply and purchase and sale contracts. The average period is 44.8 days.

The main technical and economic indicators of the activity of Insel-Fish LLC are presented in Table. 2.1.

Table 2.1

The main technical and economic indicators of Inzel-Fish LLC

The dynamics of the main technical and economic indicators is presented in Table 2.2.

Table 2.2

Dynamics of the main technical and economic indicators

The data of tables 2.1 and 2.2 show that output increases during the analyzed periods both in natural and in monetary units. Thus, the catch of fish and non-fish objects in 1998 increased by 49% compared to 1997 and amounted to 24.8 thousand tons. In 1999, the growth rate of the catch decreased somewhat, but still amounted to a high value - 130.6% or 32.4 thousand tons of fish. Commercial output of food products completely repeats the dynamics of fish catch, since according to the technology of fish processing, about 1% of the volume is food waste. The dynamics of the indicator of the volume of marketable output does not quite accurately reflect the real volume of production: in 98/97 - a growth rate of 113.7%, in 99/98 - 140.4%. This indicates the influence of prices and assortment shifts on the value of this indicator - in the period 99/98 this influence is most noticeable.

I will dwell only on the negative aspects of the negative trend is the rapid growth of production costs, if in 1998 this figure increased by 32.4% and amounted to 11651.1 thousand rubles, then in 99. growth has already amounted to 50.3%. As a result of the outstripping growth rates of prime cost over the growth rates of marketable output, there is an increase in costs per ruble from 0.73 rubles. in 1997 to 0.91 in 1999 And this, in turn, indicates a decrease in the rate of profit of the enterprise.

The second negative side of the activity of Inzel-Fish LLC is low sales revenue: in 97 it amounted to only 74% of the volume of marketable products, in 98 it increased by 4.3%, but at the same time fell in relation to marketable products to 68% (9397.813: 13707.02). A similar picture is observed in 1999, with the growth of revenue by 4.8%, there is a decrease in its weight in marketable output to 51% (9853.12: 19241.89).

Thus, the system of sales of products is poorly oriented to the enterprise, work is not being done to reduce accounts payable.

The simultaneous increase in cost and a slight increase in revenue had a negative impact on the amount of profit: if in 1997 its value was 2.7 thousand rubles, then in 98 there was already a loss in the amount of 2253.3 thousand rubles, and in 199. - 7657.0 thousand rubles, i.e., the loss increased by 5403.7 thousand rubles. Thus, over the past two years, the company's products have become unprofitable.

A positive trend in the dynamics of the main economic indicators can be called the growth of labor productivity and capital-labor ratio. The indicator of labor productivity - output per worker - increased in 1998. by 23.1% compared to 97, and in 99. - by 41.9% and amounted to 32.2 thousand rubles. / person When studying the production, measured in physical terms (tons / person), there is also a growth trend. This indicates a well-developed system of labor incentives at the enterprise.

The growth of the capital-labor ratio from 153.5 thousand rubles / person. up to 230.2 thousand rubles/person (growth rate of 150%) indicates that in the face of a constant shortage of free cash, the company is trying, as far as possible, to update the production base, modernize it, and reduce the share of manual labor.

Thus, the preliminary analysis of the main technical and economic indicators of Insel-Fish LLC for the period from 1997 to 1999 showed the presence of negative trends: a decrease in profits, an increase in costs, low sales revenue, which affects production efficiency and undermines the competitiveness of the enterprise. Therefore, the search for ways to improve the financial performance of Insel-Fish LLC is quite relevant and necessary.

To make optimal decisions on the operational management of production and marketing of products, to ensure proper control over production costs and compliance with standards, to ensure cost reduction as one of the most important factors in profit growth, it is necessary to systematically compare the actual production costs with cost estimates, as well as compare the actual unit cost products with cost levels provided for in the planning of production costs.

Let's analyze the data on the total costs for the production of minced meat (in dynamics and estimated values) (Table 2.3).

Table 2.3

Analysis of data on the size and structure of costs for the production of minced meat

Data on changes in costs will be presented in Table 2.4.

Table 2.4

Cost dynamics data

The data in tables 2.3 and 2.4 allow us to draw the following conclusions.

1. Actual output for 1999 in comparable prices (1998 prices) is 101.1% (2245.6 / 2134.1 * 100) and 97.6% (2245.6 / 2300 * 100) of the envisaged output for 1999 according to the business plan, while this plan provided for an increase in output by 7.7% (2300.0 / 2134.1 * 100 - 100).

2. The amount of production costs actually for 1998 according to the estimate and actually for August - December differ not only in the specific costs of production factors per unit of specific types of manufactured products, but also in the total production volumes and the composition of products (changes in its structure) . The impact of differences in production volumes (with some measure of convention) can be weakened by adjusting the size of costs for each economic element and the total cost of the coefficient (index) of output. It is in this way that in each of the lines in columns 8 and 9 of Table 2.4, the costs, adjusted for the corresponding volumes of production, are calculated, which are necessary for subsequent comparison with the data in column 3 (column 8 / column 2 * 1.077 and colum 9 = gr. 3 * 0.976).

3. With even greater conditionality, one can estimate the degree of differences in the structure of manufactured products by comparing data on the shares of individual economic cost elements in their total for 1998 and 1999 (according to cost estimates and actually produced in columns 5, 6, 7 of the table 2.3). Let us calculate, as a summary measure of changes in the structure, the average relative deviation of one structure from another, using the method of calculating average relative linear deviations, that is, according to formula (2.1).

where d1 is the share of the indicator in the compared period;

d0 - shares of the indicator in the base period;

n is the number of compared indicators.

We will make a comparison between the differences in the cost structure of actually produced products in 1998 and the planned (cost estimate) for 1999, as well as between the cost structure for actually produced products in 1999 and the structure provided for in the cost estimate for this month.

= |(63,5 – 64) + (6,8 – 5,9) + (3,1 – 3,2) + (25,1 – 25,3) + (1,5 – 1,4)| : 5 = 0,36;

|(63,6 – 63,5) + (6,1 – 6,8) + (3,1 – 3,1) + (26,1 – 25,1) + (1,1 – 1,5)| : 5 = 0,44.

Thus, the greatest discrepancies are observed between the structure of costs for the production of minced meat actually for 1999 and according to the plan (according to the estimate) for the same period.

Table 2.4 compares actual production costs by economic element and overall in 1999 with production-adjusted estimates and production costs in 1998, as well as with the original estimate.

Columns 2, 4, 6 and 8 (Table 2.4.) show the results of differential comparisons, and columns 3, 5, 7 and 9 - calculations of the impact of changes in costs for this element on the total final change in production costs in relative terms.

The algorithms used in these calculations can be represented as follows:

a. Differential Comparisons:

column 2 (Table 2.4) = gr. 4 (Table 2.3) - gr. 2 (Table 2.3);

column 4 (Table 2.4) = gr. 4 (Table 2.3) - gr. 3 (Table 2.3);

column 6 (Table 2.4) = gr. 4 (Table 2.3) - gr. 8 (Table 2.3);

column 8 (Table 2.4) = gr. 4 (Table 2.3) - gr. 9 (Table 2.3);

b. Calculation of the influence of relative changes:

column 3 (Table 2.4) = gr. 2 (table. 2.4) / total gr. 2 (Table 2.3) * 100;

column 5 (Table 2.4) = gr. 4 (table. 2.4) / total gr. 3 (Table 2.3) * 100;

column 7 (Table 2.4) = gr. 6 (table. 2.4) / total gr. 8 (Table 2.3) * 100;

column 9 (Table 2.4) = gr. 8 (table. 2.4) / total gr. 9 (Table 2.3) * 100.

The data in Table 2.4 show the following. In comparison with the actual costs in 1998, in 1999 there is an overspending in the amount of 22.5 thousand rubles. or an increase in costs by 3.83%. In comparison with the planned costs according to the estimate in 1999, there is also an overrun - 9.7 thousand rubles. or 1.63%. However, when comparing the actual indicators of 1999 and the costs adjusted for the volume of production in 1998 and according to the 1999 estimate, a slightly different picture is observed, namely: there is a cost savings of 22.6 thousand rubles. (or - 3.56%) when compared with the adjusted amount of costs in 1998 and an overrun of 24.1 thousand rubles. (or 4.3%) with an adjusted plan (estimate). Moreover, in the first case, savings are observed in all cost items (especially in the item of remuneration for services of third-party organizations - by 0.4%), in the second case, there is an overrun in such items as raw materials and materials (2.7%), depreciation (0 .1%), wages (1.9%), and in other items - savings (fuel and energy - (-0.4%), payment for services of third-party organizations (-0.4%).

Thus, in comparison with 1998, the enterprise is reducing the cost (value of costs), however, when planning the cost, a further reduction in the cost of raw materials, materials, labor costs can be considered as a reserve.

We will analyze the implementation of the plan and the dynamics of the cost of minced food based on the indicator "cost of a unit of production".

To carry out the necessary calculations, we use the data in Table. 2.5.

The given data allow you to analyze the change in the cost of a unit of production and the costs of the entire planned and actual output.

Let's define the following relative indicators.

A. the index of the planned target for the change in cost:

Upl. = Zpl. / Z0 = 11.8 / 10.3 = 1.14.

The result obtained means that according to the plan, the cost of a unit of production (1 kg of minced meat) in the planning period should increase by 14%.

Table 2.5

Output and production costs

B. Index of fulfillment of the planned task by the level of cost of 1 kg of minced meat:

UVP = Z1 / Zpl. = 12.1 / 11.8 = 1.025.

In other words, the actual cost of 1 kg of minced meat in 1999 was 2.5% higher than the predicted one.

B. the index of the actual cost reduction of a unit of production (1 kg of minced meat) in the reporting period compared to the base:

UV \u003d Z1 / Z0 \u003d 12.1 / 10.3 \u003d 1.17.

Thus, the actual cost of 1 kg of minced meat in 1999 increased by 17% compared to 1998.

It is easy to see that the obtained indices form an interconnected system of indicators, since:

UV \u003d UVp * Upl \u003d 1.14 * 1.025 \u003d 1.17.

In addition to the relative ones, we also calculate the absolute indicators characterizing the deviation of the compared levels of the unit cost of production (1 kg of minced meat) (indicators of absolute savings and overspending):

A. Savings (overspending) to reduce the cost of a unit of production (1 kg of minced meat) according to the plan:

Epl \u003d Zpl / Z0 \u003d 11.8 - 10.3 \u003d 1.5 thousand rubles.

B. The actual absolute deviation of unit cost levels in the reporting period compared to the base:

Ef \u003d Z1 / Z0 \u003d 12.1 - 10.3 \u003d 1.8 thousand rubles.

C. An over-planned change in the cost of 1 kg of minced meat, reflecting the cost overrun in terms of production costs:

Esp \u003d Z1 / Zpl \u003d 12.1 - 11.8 \u003d 0.3 thousand rubles.

All three indicators reflect cost overruns per unit of output (1 kg of minced meat).

We determine the result from the application of the cost of 1 kg of minced meat based on its entire volume.

A. the planned cost overrun from a change in the cost of 1 kg of minced meat, based on its entire volume planned for release, amounted to:

Ppl \u003d (Zpl - Z0) * qpl \u003d (11.8 - 10.3) * 50762 \u003d 76143 rubles.

B. The excess cost due to the deviation of the actual cost from the planned cost, based on the entire volume of actually produced products, has reached:

Psp \u003d (Z1 - Zpl) * q1 \u003d (12.1 - 11.8) * 50305 \u003d 15091.5 rubles.

B. the actual cost overrun due to the deviation of the actual cost level in the reporting period from its base level, based on the entire volume of actually produced products, is equal to:

Pf \u003d (Z1 - Z0) * q1 \u003d (12.1 - 10.3) * 50305 \u003d 90549 rubles.

On the basis of the balance sheet of the Insel-Fish PA, we will draw up an analytical (compacted) balance sheet for 1999. For this purpose, we will carry out the following actions to adjust the balance:

1. It is necessary to reduce the balance sheet at the end of the year by the amount of losses (8141.6) recorded in the active part of the balance sheet. At the same time, reduce equity capital by the same amount.

2. Exclude from the balance at the end of the year the amount of "deferred expenses" by 41.3 thousand rubles. by the same amount it is necessary to reduce the size of own capital or inventories.

3. Increase the size of inventories at the end of the period by the amount of VAT on purchased goods (24.0 thousand rubles)

4. Exclude from the sum of inventories the cost of goods shipped at the beginning of the period 5488.8 thousand rubles, at the end of the year - 12648.5 thousand rubles). The amount of receivables must be increased by the same amount.

5. Reduce the amount of short-term liabilities (borrowed funds) by the amount of "deferred income" (at the beginning of the year 273.05 tr., at the end of the year - 1.17 tr.), "reserves for future expenses and payments" ( at the beginning of the year - 216.38 tr., at the end of the year - 2902.81 tr.). By the same amounts it is necessary to increase the size of own capital.

Based on the foregoing, the condensed analytical net balance for 1999 is as follows (Table 2.6)

Table 2.6

Compacted analytical balance

Based on the data of the compacted analytical balance (table 2.6), we will carry out a vertical and horizontal analysis (table 2.7)

As can be seen from Table 2.7, property (assets) for the reporting year increased by 19246.2 thousand rubles, that is, by 12%. The growth of assets occurred due to the increase in working capital, the value of which increased by 1.2 times 9t.u. by 20%), as well as due to the increase in the cost of fixed assets by 19%. At the same time, the share of fixed assets in the value of all property increased from 70.1% to 74.9%, and of working capital from 22% to 23.6%.

Table 2.7

The structure of the property of the enterprise and the sources of its formation

Introduction

1. Financial results of the enterprise

1.2 Economic content of profitability indicators

2.1 Characteristics of the enterprise

2.2 Analysis of the capital structure of the enterprise

2.3 Analysis of the profit of the enterprise

2.4 Profitability analysis of Azimut-SV LLP

3. Ways to improve the financial performance of the enterprise

Conclusion

Introduction

In market conditions, the enterprise independently carries out operational economic activities, various types of transactions and operations, makes a profit, incurs losses, ensures the financial position and further development of production at the expense of profits.

The highest goal of the activity of enterprises is the excess of income over costs, i.e. achieving the highest possible profit or the highest possible profitability. Achieving this goal in a market economy is possible only if the products necessary for consumers are produced and in demand.

Realizing the direct goal of production - obtaining the maximum amount of profit - the enterprise also realizes the goal of society - the most complete satisfaction of the ever-growing needs of society. Society does not need ruble equivalents, but specific commodity and material values. The act of selling a product (works, services) also means public recognition.

Profit is the immediate goal of the functioning of the enterprise and at the same time the result of its activities. If an enterprise does not fit into the regime of such behavior and does not receive profit from its production and economic activities, then it is forced to leave the economic environment and recognize itself as insolvent and bankrupt.

More than any other indicator, profit reflects the results of all aspects of the enterprise. Its value is affected by the volume of products, its range, quality, cost level, fines, penalties and other factors. Finally, making a profit is the most important condition for the competitiveness of an enterprise.

Compared with other cost indicators, profit is most suitable for assessing the production and economic activities of an enterprise, as it expresses the result of this activity in value form. When assessing profit, the growth of the volume of marketable products and sold products, the efficiency of the enterprise's use of fixed production assets and other material, labor and financial resources are also assessed.

Profit determines such a general indicator as profitability. To assess the level of work efficiency, the result - profit - is compared with the costs or resources used. Profitability characterizes the degree of profitability, profitability and profitability. Profitability is a relative indicator that has the property of comparability, and, therefore, can be used when comparing different business entities. Profitability indicators allow you to evaluate how much profit an enterprise has from each ruble of funds invested in assets.

An enterprise is considered profitable if the results from the sale of products (works, services) cover the costs of production (circulation) and, in addition, form an amount of profit sufficient for the normal functioning of the enterprise.

Identification of reserves of growth and profitability can be established through a system of interrelated areas of economic analysis. The content of the analysis of profit and profitability of manufacturing enterprises consists in an objective assessment of the achieved level of organization of production and the identification of reserves for further improvement of qualitative and quantitative indicators.

Relevance of the chosen topic research lies in the fact that profit and profitability are among the most important indicators characterizing the efficiency of the production and economic activities of the enterprise. These indicators are influenced (directly or indirectly) by a very large number of different factors. The financial results of the enterprise are characterized by the amount of profit received and the level of profitability. The more the company sells cost-effective products, the more profit it receives, the better its financial condition. Hence the need for a purposeful and constant struggle of each enterprise at all stages of production for profit.

Analysis of the profit and profitability of industrial enterprises of all forms of ownership is an integral part of the analysis of the financial and economic activities of enterprises and one of the most effective tools for accounting and controlling the level of use of material, labor and monetary resources in market conditions. The results of this analysis are practically used in production planning and performance evaluation of work quality. The analysis is intended to characterize changes in the material and technical base of production and indicators of its effectiveness, to provide a deep economic justification for decisions through which management functions are implemented.

In accordance with this goal, the following tasks were set in the study:

Consider the composition, functions and features of profit formation in modern conditions at Azimut-SV LLP.

To reveal the economic essence of profitability.

Conduct a comparison and analysis of profitability indicators at the enterprise.

1. Financial results of the enterprise.

1.1 Profit as a result and purpose of the enterprise

In modern economic literature, there are several definitions of profit that are similar in meaning. Let's consider some of them:

Profit (accounting) - is a positive difference between the income of the enterprise, taken as an increase in the total value of the valuation of its assets, accompanied by an increase in the capital of owners, and its expenses, understood as a decrease in the total valuation of assets, accompanied by a decrease in the capital of owners, with the exception of the results of operations related to a deliberate change in this capital, that is, it is the difference between gross income and distribution costs.

- Economic profit is the difference between the proceeds from the sale of services and all costs, including the cost of lost opportunities, i.e., it is the difference between gross income and economic costs. Economic profit is less than accounting profit by the amount of implicit costs of the enterprise.

- "Profit is the net income in excess of the usual rate of return due to available investment opportunities."

Thus, analyzing various scientific interpretations of profit, we can formulate the following definition: Profit - the final financial result of the enterprise; is defined as the difference between revenue and production and sales costs.

When revenue exceeds costs, then the financial result indicates a profit. With the equality of revenue and costs, it is only possible to reimburse costs - there is no profit, and therefore, there is no basis for the development of an economic entity. When costs exceed revenue, the business entity receives losses - this is an area of ​​​​critical risk that puts the business entity in a critical financial situation that does not exclude bankruptcy.

At any successfully functioning enterprise, there comes a moment of production self-sufficiency. In the process of the production cycle and circulation cycle, there is an accumulation of costs. Upon completion of the accumulation of costs, the moment comes for the sale of products and the current self-sufficiency of production. After the sale of products, from all proceeds, subtract the total costs of production, then the remainder will be the profit received from this production.

Profit reflects a positive financial result. The desire to make a profit directs commodity producers to increase the volume of production, reduce costs. This ensures the implementation of not only the goals of the business entity, but also the goals of society - the satisfaction of social needs. Profit signals where you can achieve the greatest increase in value, creates an incentive to invest in these areas.

The value of profit for the enterprise is as follows.

Source of financial resources;

The source of formation of enterprise funds (accumulation, consumption, development, etc.) is a fund-forming indicator, since the size of enterprise funds depends on its value;

Source of material incentives for the workforce;

Source of formation of property, capital;

Source of labor and social benefits for employees of the enterprise;

The ratio of profit with other indicators (costs, fixed and working capital, sales volume, proceeds from the sale of products and services, etc.) will determine the efficiency of the use of enterprise resources;

Profit as a result of financial activity performs certain functions. It characterizes the degree of business activity and financial well-being of the enterprise. Profit determines the level of return of advanced funds in the return on investment in assets.

In the process of analyzing economic activity, the following profit indicators are used: balance sheet profit, taxable profit, net profit.

The overall financial result of activity is the balance sheet profit (loss), which is obtained by balancing the total amount of all profits and losses. The use of the term "balance sheet profit" is due to the fact that the final financial result of the enterprise is reflected in its balance sheet, which is a cumulative total for the year. The balance sheet profit is determined on the basis of accounting for all business operations of the hotel complex and includes three main elements. For clarity, we present the composition of the balance sheet profit in tabular form.

Taxable income is the difference between net income and the amount of income taxable on income (from securities and from equity interests in joint ventures), as well as the amount of income tax benefits in accordance with tax laws, which change from time to time.

Net profit (remaining at the disposal of the enterprise) is defined as the difference between the balance sheet profit and taxes paid by enterprises from the balance sheet profit (on real estate, profit, income), economic sanctions and deductions paid from profit. The company distributes and uses it independently.

Hundreds and thousands of enterprises annually solve the same problems - how to work, what needs to be done, what products to produce, in what volume, at what price to sell, etc., in order to cover all production costs and get some profit. Better if more, worse if it turns out to be insignificant. And it’s really bad if production turns out to be unprofitable.

Common to all enterprises, regardless of the form of ownership, is the distribution of profits in accordance with the current legislation, charter and collective agreement for the following purposes: payments to the budget; formation of an accumulation fund, a consumption fund, a reserve fund; for charitable purposes; to pay interest on a long-term loan; to pay economic sanctions.

Determining the directions of use (spending) of the profit remaining at the disposal of the enterprise, the structure of the articles of its use is within the competence of the business entity itself. The state does not establish any standards for the distribution of profits, but through the procedure for granting tax benefits, it stimulates the direction of profits for capital investments of an industrial and non-productive nature, for charitable (humanitarian) purposes, for financing environmental protection measures, expenses for the maintenance of objects and institutions of the non-productive sphere.

1.2 Economic content of profitability indicators

As discussed above, one of the main goals of any enterprise operating in a market economy is profit. But the presence of profit does not mean that the company is operating efficiently, the absolute indicator of profit cannot answer the question of how efficiently the company sells its products, uses invested capital, manages its working capital, etc., therefore, for the purposes of financial and economic analysis, system of relative economic indicators of profitability.

Let's take a look at what profitability is.

One of its definitions sounds like this: profitability (from German rentabel - profitable, profitable), an indicator of the economic efficiency of production at enterprises. Comprehensively reflects the use of material, labor and financial resources.

Either way, profitability is the ratio of income to the capital invested in generating that income. By linking profits to capital invested, profitability compares the rate of return of an enterprise with alternative uses of capital or the return received by the enterprise under similar risk conditions.

In the broad sense of the word, the concept of profitability means profitability, profitability. An enterprise is considered profitable if the results from the sale of products (works, services) cover the costs of production (circulation) and, in addition, form an amount of profit sufficient for the normal functioning of the enterprise.

So, profitability is a coefficient obtained as the ratio of profit to costs, where the value of balance sheet, net profit, profit from product sales, as well as profit from various types of enterprise activities can be used as profit. In the denominator as costs, indicators of the cost of fixed and working capital, sales proceeds, cost of production of equity and borrowed capital, etc. can be used.

The role and significance of the profitability indicator is as follows:

This indicator is one of the main criteria for evaluating the effectiveness of the enterprise. With its help, it is possible to evaluate the effectiveness of enterprise management, since obtaining high profits and a sufficient level of profitability largely depends on the correctness and rationality of the management decisions made. Therefore, profitability can be considered as one of the criteria for the quality of management.

Increasing profitability characterizes the purpose of the enterprise in a market economy. An increase in profitability ensures the victory of the enterprise in the competition and contributes to the survival of the enterprise in a market economy.

The level of profitability is of interest to creditors and borrowers of funds in terms of the reality of obtaining interest on obligations, reducing the risk of non-repayment of borrowed funds, the solvency of the enterprise;

The profitability indicator characterizes the attractiveness of a business in this area for entrepreneurs. By the value of the level of profitability, one can assess the long-term well-being of the enterprise, i.e. the ability of the enterprise to earn a sufficient return on investment. For long-term creditors of investors who invest in the company's own capital, this indicator is a more reliable indicator than indicators of financial stability and liquidity, which are determined on the basis of the ratio of individual balance sheet items.

By establishing a relationship between the amount of profit and the amount of invested capital, the profitability indicator can be used in the process of profit forecasting. The forecasting process compares the expected return on investment with actual and expected investment. Estimated expected profit is based on the level of profitability for previous periods, taking into account projected changes.

In addition, profitability is of great importance for making decisions in the field of investment, planning, budgeting, coordinating, evaluating and monitoring the activities of the enterprise and its results.

The economic essence of profitability can be disclosed only through the characteristics of the system of indicators. Profitability indicators characterize the efficiency of the enterprise as a whole, the profitability of various activities (production, business, investment), cost recovery, etc. They reflect the final results of management more fully than profit, because their value shows the ratio of the effect to the cash or resources used. They are used to evaluate the activities of the enterprise and as a tool in investment policy and pricing.

It should be noted that the names of profitability indicators are somewhat different in various sources, but based on their economic content, most often in the literature one can find the division of profitability indicators into three groups: profitability of sales, return on assets, return on equity. They can be represented by cost indicators or indicators expressed as a percentage (coefficients). Profitability as a relative indicator characterizes the percentage of the amount of profit to one of the indicators (for example, to revenue, turnover, costs, capital, funds, etc.).

When calculating profitability, both the balance sheet and net profit of the enterprise are used. The profitability calculated on the basis of net profit is called net profitability. Each of the profitability indicators plays a certain role in assessing the effectiveness of the enterprise. In practice, a system of profitability indicators should be used.

To determine the profitability of products sold (in some sources this indicator is called the profitability of sales), on the basis of financial statements, various indicators of profit from product sales are correlated with the volume of products sold. These ratios show how much profit falls on the unit of sales. Based on these indicators, the effectiveness of enterprise management is assessed, i.e. the ability of the enterprise to make a profit from its core activities.

The average level of profitability of sales varies depending on the industry and therefore does not have any standard. This indicator is important when comparing it with the corresponding indicators of similar enterprises, in dynamics or in comparison with planned indicators.

An analysis of the profitability of certain types of products is necessary when forming the range of manufactured (sold) products, when finding opportunities for obtaining additional profit by increasing the output of more profitable products.

Profitability of all assets (property).

This group of profitability indicators is formed as the ratio of profit to various indicators of advanced funds, of which the most important are: all assets of the enterprise; investment capital (equity + long-term liabilities);

Return on all assets based on book profit is the most common indicator. This coefficient shows how many monetary units are attracted by the enterprise to receive a ruble of profit, regardless of the source of attraction of these funds.

The value of the indicator is calculated by dividing the balance sheet profit by the average value of the value of all assets for the period.

These indicators are specific in that they meet the interests of all participants in the business of the enterprise. For example, the administration of an enterprise is interested in the return (profitability) of all assets (total capital); potential investors and creditors - return on invested capital; owners and founders - return on shares, etc.

Return on equity is the most significant indicator in the activities of an enterprise, characterizing the efficiency of using property owned by it. Return on equity shows how much profit falls on 1 tenge of equity, i.е. allows you to determine the efficiency of using the company's own funds and compare it with the possible income from investing these funds in other objects (securities, other enterprises, etc.). In Western countries, this indicator serves as an important criterion in assessing the level of stock quotes on the stock exchange.

Return on equity is calculated by the formula:

Rinc. cap. = Pb or Pch / sources of own funds,

where Pb - balance sheet profit

Pch - net profit

Thus, having considered the composition, functions and features of profit formation in modern conditions and the economic essence of profitability, we can conclude that making a profit is the direct goal of an enterprise and the result of all its production and economic activities. Profit is the primary incentive to create new or develop existing enterprises. The opportunity to make a profit encourages people to look for more efficient ways to combine resources, to invent new products that may be in demand, to apply organizational and technical innovations that promise to increase production efficiency. Working profitably, each enterprise contributes to the economic development of society, contributes to the creation and enhancement of social wealth and the growth of the well-being of the people.

The most important factors in increasing the amount of profit are: the growth in production and sales, the introduction of scientific and technical developments and, as a result, an increase in labor productivity, a decrease in the cost of production and an increase in its quality.

Profitability is the result of the production process, it is formed under the influence of factors associated with increasing the efficiency of working capital, reducing costs and increasing the profitability of products and individual products.

2. Profit and profitability analysis on the example of Azimut-SV LLP

2.1 Characteristics of the enterprise.

Azimut-SV LLP was registered by the Department of Justice of the city of Pavlodar on July 12, 2007 (registration certificate No. 14802-1945-TOO). The form of ownership is private. LLP office location: Kazakhstan, Pavlodar city, st. Kataeva 62/85.

LLP has its own and rented vehicle fleet. Is a member of KazATO.

According to the charter, the main activities are international freight transportation to such countries as: Belarus, Ukraine, Russia, Uzbekistan, China, Turkey, Latvia, Lithuania, Poland, Finland, Hungary, Slovenia, Czech Republic, Germany, Italy, France, Austria, Belgium , Netherlands, Slovakia.

LLP has the right to create branches and representative offices in the territory of the Republic of Kazakhstan and abroad, enter into associations with other legal entities, as well as be their founder and participant.

Azimut-SV LLP was established for an indefinite period.

The mission of the company is the creation and development of strong mutually beneficial cooperation with customers and employees, diligence, innovation, teamwork are the prerequisites for successful business, contributing to the company's entry to the next, higher stage of development in the field of transport and logistics services.

The main priority of the organization is to provide high quality services in the field of cargo transportation and moving at affordable prices.

The principles of quality that Azimuth-SV adheres to in its activities:

1. Orientation to the client (consumer). The client's need is the most complete fulfillment of the technical specifications and consumer requirements for property packaging services, reliable transportation. Only the consumer can assess the quality of the services provided. The main indicators of activity in the field of quality are letters of thanks and customer reviews.

2.Continuous improvement and improvement of services. Working in modern market conditions, where competition is highly developed, to function and develop successfully, only a constant focus on improving and improving services allows:

Renewal of the fleet;

Using the latest packaging materials;

Continuous staff training, certification and search for additional motives;

Improving the technology of packing and moving heavy loads.

3. Full responsibility for your work, for the services provided:

The liability of the Contractor to the Customer is specified in the service agreement in the paragraph Responsibility of the parties;

The material liability of employees is regulated by an employment contract between the employee and the organization;

The responsibility of the heads of departments, managers for the actions of their subordinates is regulated by the internal labor regulations.

LLP is a legal entity in accordance with the legislation in force in the territory of the Republic of Kazakhstan. The legal status of the LLP is determined by the founding agreement and the charter, the Civil Code of the Republic of Kazakhstan, the Laws of the Republic of Kazakhstan "On Limited and Additional Liability Partnerships", "On State Support for Small Business".

LLP has:

Self balance;

Checking account;

Currency accounts;

Seal indicating its name in the state and Russian languages;

Own TIR - Carnets. A carnet is a book - a document designed to pass customs control without cargo inspection and without a queue. At each customs point in the cornet, marks are made about the passage of this customs point, and each customs point makes a mark on a separate sheet, certifying it with a seal. A sticker with the inscription "TIR" is also attached to the Carnet-TIR (the driver is obliged to peel it off after the expiration of the TIR), and in order to pass customs points in some countries, a CMR document must be attached to the TIR (at these points, a TIR without a CMR may be considered invalid ).

CMR is a transport document confirming the existence of an agreement between the carrier and the consignor for the carriage of goods by road. For international road transport, this document must contain the information prescribed by the Convention on the Contract for the International Carriage of Goods by Road (CMR): date of shipment, name of the goods to be transported, name and address of the carrier, name of the recipient, delivery time, cost of transportation. The waybill is signed by the carrier and the consignor. The waybill is not a document of title, it cannot be endorsed, the cargo is issued to the recipient indicated in it.

The average number of employees of the LLP, according to the staffing, is 12 people.

Persons authorized to exercise management functions are:

Director of LLP;

Financial director.

The capital of the LLP includes:

Authorized capital;

Additional unpaid capital from the revaluation of fixed assets;

undistributed income.

The authorized capital of the LLP is equal to the sum of the contributions of the founders. The formation of the authorized capital was made in accordance with the constituent documents. Azimut-SV LLP does not create reserve capital.

Shares of participants in the charter capital and property of the LLP, as well as the composition and procedure for their contributions to the charter capital are determined by the constituent agreement of the participants of the LLP. Shares of participants in the authorized capital and, accordingly, in the property of the LLP are proportional to their contributions to the authorized capital of the LLP.

The authorized capital of an LLP can be replenished at the expense of additional contributions of participants, both in money and in property. Contributions of participants in kind or in the form of property rights are valued in cash by decision of the general meeting of participants in the Partnership. If the value of the deposit exceeds an amount equivalent to twenty thousand monthly calculation indices, its assessment must be confirmed by an independent expert. Participants of the Partnership within five years from the date of such assessment shall be jointly and severally liable to the creditors of the Partnership within the amount by which the assessment of the contribution is overestimated.

The duties of employees are regulated by job descriptions. The partnership independently determines the forms and system of remuneration, provides for the size of tariff rates and salaries in contracts, while considering state tariffs as a minimum guarantee of remuneration for employees and specialists of appropriate qualifications.

Employees of the Partnership are subject to compulsory social insurance.

The partnership is obliged to ensure safe working conditions for all employees, and is liable in accordance with the procedure established by law for damage caused to their health and ability to work.

In modern conditions, the capital structure is the factor that has a direct impact on the financial condition of the enterprise - its long-term solvency, income, profitability.

The capital of any enterprise can be represented by two components: own and borrowed funds.

Therefore, the analysis of the availability, sources of formation and placement of capital is extremely important. Analysis tasks:

The study of the composition, structure and dynamics of the sources of formation of the capital of the enterprise;

Identification of factors of change in their value;

Determination of the cost of individual sources of capital raising and its weighted average price, as well as factors of change in the latter;

Assessment of the changes that have taken place in the liabilities side of the balance sheet in terms of increasing the level of financial stability of the enterprise;

Substantiation of the optimal variant of the ratio of own and borrowed capital.

Capital is the means that a business entity has to carry out its activities in order to make a profit.

The capital of the enterprise is formed both at the expense of its own (internal) and borrowed (external) sources.

The degree of optimality of the ratio of own and borrowed capital largely depends on the financial position of the enterprise and its sustainability.

Table 2.1 shows that in Azimut-SV LLP the main share in the sources of asset formation is occupied by equity capital, although in 2009 its share decreased by 6%, while borrowed capital, respectively, increased.

Table 2.1 - Analysis of the dynamics and structure of capital sources in Azimut-SV LLP.

In the process of subsequent analysis, it is necessary to study in more detail the dynamics and structure of equity and debt capital.

Table 2.2 - Dynamics of the equity capital structure in Azimut-SV LLP

The data in Table 2.2 show changes in the size and structure of equity capital: the amount and share of retained earnings have increased significantly, while the share of authorized and reserve capital has decreased.

The total amount of equity in 2009 increased by 10,100 thousand tenge, or 32%.

It is easy to establish the factors of change in equity capital according to analytical accounting data, reflecting the movement of authorized, reserve and additional capital, retained earnings.

Table 2.3 - Movement of funds and other funds in Azimut-SV LLP, in thousand tenge.

Before assessing changes in the amount and share of equity capital in the total balance sheet currency, it is necessary to find out due to what factors these changes occurred. It is obvious that the increase in equity through the reinvestment of profits and through the revaluation of fixed assets will be considered differently when assessing the ability of an enterprise to self-finance and increase equity. Capitalization (reinvestment) of profits helps to increase financial stability, reduce the cost of capital, since rather high interest rates must be paid for attracting alternative sources of financing.

At the enterprise under consideration, equity capital increased by 3850 thousand tenge due to the property revaluation fund, and by 5925 thousand tenge, or 18.8%, due to profit capitalization.

The growth rate of own capital (the ratio of the amount of capitalized profit of the reporting period to equity capital) depends on the following factors:

The share of net income in the total amount of gross income before interest and taxes (DIT);

Profitability of turnover (Rob) - the ratio of net profit to revenue;

Capital turnover (Cob) - the ratio of revenue to the average annual amount of capital;

Capital multiplier (MC), which characterizes the financial activity of the enterprise to attract borrowed funds (the ratio of the average annual amount of balance sheet assets to the average annual amount of equity capital);

Shares of deductions of net profit for the development of production (DKP) (the ratio of reinvested profit to the amount of net profit).

The following model can be used to calculate the impact of these factors on changes in equity growth rates:

T SK \u003d Pk / SK \u003d (ChP / BP) * (BP / V) * (V / KL) * (KL / SK) * (Pk / ChP) \u003d Dchp * Rob * Kob * MK * Dkp

T SK - growth rate of own capital;

PC - the amount of capitalized profit;

SC - equity;

PE - net profit;

B - revenue;

KL - total amount of capital.

The first factor reflects the impact of the level of tax and percentage withdrawal of profits on the growth rate of own capital. The second and third factors reflect the impact of the marketing policy of the enterprise. Correctly chosen structural and pricing policy, expansion of markets lead to an increase in sales and profits of the enterprise, an increase in the level of profitability of sales and the rate of capital turnover. The fourth and fifth factors characterize the impact of financial policy, which can either enhance or reduce the positive result of the previous factors.

Table 2.4 - Initial data for factor analysis of the rate of sustainable growth of equity capital in Azimut-SV LLP.

We will calculate by the method of chain substitution:

T CK0 = 0.65 * 22.7 * 2.0 * 1.466 * 0.4347 = 18.8%;

T SKusl1 \u003d 0.66 * 22.7 * 2.0 * 1.466 * 0.4347 \u003d 19.1%;

T SKusl2 \u003d 0.66 * 22.9 * 2.0 * 1.466 * 0.4347 \u003d 19.3%;

T SK3 \u003d 0.66 * 22.9 * 1.8 * 1.466 * 0.4347 \u003d 17.4%;

T SCusl4 \u003d 0.66 * 22.9 * 1.8 * 1.4782 * 0.4347 \u003d 17.5%;

T CK1 \u003d 0.66 * 22.9 * 1.8 * 1.4782 * 0.4535 \u003d 18.25%.

The total change in the growth rate of equity capital is

18,25-18,8 = - 0,55%,

The given data show that the rate of equity capital growth is lower than last year, mainly due to the slowdown in capital turnover, since other factors had a positive impact on its level.

The composition and structure of borrowed funds have a great influence on the financial condition of the enterprise in question, i.e. the ratio of long-term, medium-term and short-term financial liabilities.

Table 2.5 - Dynamics of the structure of borrowed capital of Azimut-SV LLP.

Table 2.5 shows that in 2009 the amount of borrowed funds increased by 9,900 thousand tenge, or by 73.3%. Significant changes also took place in the structure of borrowed capital: the share of long-term bank loans decreased, while short-term ones increased.

Attracting borrowed funds into the turnover of an enterprise is a normal phenomenon, contributing to a temporary improvement in the financial condition, provided that these funds are not frozen for a long time in circulation and are returned in a timely manner. Otherwise, overdue accounts payable may arise, which ultimately leads to the payment of fines and a deterioration in the financial situation.

2.3. Profit analysis of Azimut-SV LLP.

The composition of profit, its structure, dynamics and implementation of the plan for 2008 and 2009 are presented in Table 3.1

Table 3.1 - Analysis of the dynamics and composition of profits of Azimut-SV LLP

As Table 3.1 shows, the total amount of gross profit for the study period increased by 50.84%. The largest share in its composition is occupied by profit from the provision of services (83.6%). The share of other financial results is only 16.4%, which is slightly more than in 2008.

Profit from the provision of services for the whole enterprise depends on three factors of the first level of subordination: the volume of services rendered (VRP); prime cost (C i) and the level of average selling prices (C i).

P = ∑ .

The calculation of the influence of these factors on the amount of profit can be performed by the method of chain substitution.

Table 3.2 - Initial data for the analysis of profit from the provision of services of Azimut-SV LLP, in thousand tenge.

First you need to find the amount of profit with the actual amount of work performed and the base value of other factors. To do this, calculate the index of sales (services rendered), and then adjust the base amount of profit to its level.

The index of sales volume (services rendered) is calculated by comparing the actual sales volume with the base one in value terms. At Azimut-SV LLP, its value is:

I rp \u003d VRP 1 / VRP 0 \u003d 18450 / 20500 \u003d 0.9.

If the value of other factors did not change, then the amount of profit would have to decrease by 10% and amount to 11,925 thousand tenge. (13250 * 0.9).

Then you should determine the amount of profit with the actual volume and structure of products sold, but at a basic level of cost and prices. To do this, from the conditional revenue, you need to subtract the conditional amount of costs:

∑(VRP i 1 * Цi 0) - ∑(VRP i 1 * Сi 0) = 81032 - 65534 = 15498 thousand ten.

It is also required to calculate how much profit the enterprise could receive with the actual volume of sales and prices, but at the base level of production costs. To do this, subtract the notional amount of costs from the actual amount of revenue:

∑(VRP i 1 * Цi 1) - ∑(VRP i 1 * Сi 0) = 97120 - 65534 = 31586 thousand ten.

The procedure for calculating the data is presented in Table 3.3

Table 3.3 - Calculation of the influence of factors of the first level on the change in the amount of profit from the provision of services for the whole enterprise.

According to table 3.3, it is possible to establish how the amount of profit has changed due to each factor. Change in the amount of profit due to:

Services rendered

∆P v rp = P conv1 - P 0 = 11925 - 13250 = -1325 thousand shadow;

∆P c = P conv3 - P conv2 = 31586 - 15498 = +16088 thousand tenge;

Cost of goods sold (services rendered)

∆P s \u003d P 1 - P cond3 \u003d 18597 - 31586 \u003d -12989 thousand ten.

Total + 1774 thousand ten.

The results of the calculations show that the increase in profits is mainly due to an increase in average selling prices. Due to the increase in cost, the amount of profit decreased by 12,989 thousand tenge. But since the growth rate of prices for the company's products was higher than the growth rate of its cost, in general, the dynamics of profit is positive.

2.4 Analysis of the profitability of the enterprise.

In the process of analysis, it is necessary to study the dynamics of return on capital indicators, establish trends in their change, and conduct a comparative analysis of their level in order to more fully assess the effectiveness of the enterprise.

Table 3.4 - Indicators of the efficiency of using the capital of the enterprise LLP "Azimut-SV".

We will carry out a factor analysis of changes in the level of these indicators, which will help to identify the strengths and weaknesses of Azimut-SV LLP.

First of all, it is necessary to study the factors of change in the profitability of operating capital, since they form the basis for the formation of other indicators of return on capital. Its value directly depends on the rate of capital turnover in the operating process and on the level of profitability of the services provided:

ROK \u003d (Prp / OK) \u003d (Vrp / OK) * (Prp / Vrp) \u003d Kob * Rob

ROK - return on operating capital;

Prp - profit from the sale of products;

OK - the average amount of operating capital;

GRP - proceeds from the sale of products (rendering services);

Cob - operating capital turnover ratio;

Rob - profitability of turnover.

The total change in the level of this indicator is:

∆ROKtotal = ROK1 - ROK0 = 46.0 - 41.2 = +4.8%;

including by changing:

operating capital turnover ratio:

∆ROKob = ∆Kob * Rob0 = (2.4 - 2.5) * 16.48 = -1.6%;

return on turnover:

∆ROKRob = Kob1 - ∆Rob = 2.4 * (19.15 - 16.48) = +6.4%.

The calculation results show that the return on operating capital of Azimut-SV LLP has increased.

Return on total capital (VER) in terms of its synthesis is a more complex indicator. Its value depends not only on the return on operating capital (ROK) and the factors that form its level, but also on the share of operating capital (URok) in it, as well as on the profit structure (Wn - the ratio of the total amount of gross profit and operating profit):

VER \u003d (BP / KL) \u003d (BP / Prp) * (Prp / OK) * (OK / KL) \u003d Wn * ROK * Fishing Rod \u003d Wn * Rob * Kob * Fishing Rod

VER - return on total capital;

BP - total gross profit before interest and taxes;

KL - the average amount of total capital.

According to Table 16, the total change in the return on total capital of Azimut-SV LLP is:

∆VERtot = BEP1 - VER0 = 41.2 - 36.7 = +4.5%,

including by changing:

profit structures

∆VERw = ∆W * Kob0 * Rb0 * Udok0 = (1.1964 - 1.1132) * 2.5 * 16.48 * 0.8 = +2.70%;

operating capital turnover ratio

∆VERb = W1 * ∆Kob * Rb0 * Udok0 = 1.1964 * (2.4 - 2.5) * 16.48 * 0.8 = -1.58%;

profitability of turnover

∆VERRob \u003d W1 * Kob1 * ∆Rob * Udok0 \u003d 1.1965 * 2.4 * (19.15 - 16.48) * 0.8 \u003d + 6.13%;

share of operating capital in total capital

∆VERUDok = W1 * Kob1 * Rb1 * ∆Udok = 1.1965 * 2.4 * 19.15 * (0.75 - 0.8) = -2.75%.

The calculation data show that the return on equity of Azimut-SV LLP increased in 2009. The increase in profits from investment and financial activities contributed to the growth of the value of Wn, and, consequently, the return on total capital. A decrease in the share of operating capital and an increase in the share of non-performing assets that do not bring any income to the enterprise reduced the return on total capital by 2.75%.

3. Ways to improve the financial results of the enterprise.

To improve the financial results of the enterprise, it is necessary to increase the volume of services provided. In the process of financial activity, the enterprise should receive profit, which should not only reimburse the costs of production, but also be used for further expanded reproduction. The most important results of the activity of each enterprise are profit and profitability, which mainly depend on the cost and sales price of products.

Azimut-SV has developed a methodology for determining reserves for profit and profitability growth.

The main sources of reserves for increasing the amount of profit: increasing the volume of sales, reducing costs, identifying new sales markets, improving service, etc. (Fig. 1).

Rice. 1 - The main directions of the search for reserves to increase profits of Azimut-SV LLP.

The main sources of reserves for increasing the level of profitability of products are an increase in the amount of profit from the provision of services and a reduction in cost.

To improve the financial condition of Azimut-SV LLP, it is necessary to achieve a reduction in costs, or an increase in own working capital or short-term loans. For example, in order to reduce the volume of costs, it is possible to offer an inventory of stocks in order to identify illiquid stocks that are not needed by the enterprise, but burden its balance; or the development of measures to reduce the need for these reserves and costs, including by reducing the consumption of materials, energy intensity of production, and other measures.

A set of such proposals received from the financial manager by the head of the enterprise will allow the latter to choose the most realistic and affordable option for solving the financial problems of an economic entity.

It also seems necessary to make a number of proposals to improve the financial results of Azimut-SV LLP, which can be applied both in the short and medium term, and in the long term:

Improving the quality of services provided;

Consider and eliminate the causes of overspending of financial resources on administrative and commercial expenses.

Improve enterprise management.

Implement an effective pricing policy;

Improving the skills of workers, accompanied by an increase in labor productivity;

Develop and introduce an effective system of material incentives for personnel.

Conclusion

Having written a term paper on the topic “Profit and Profitability Analysis” using the example of Azimut-SV LLP, we will draw conclusions.

The financial condition of an enterprise is a characteristic of its competitiveness (ie, solvency, creditworthiness), the use of financial resources and capital, and the fulfillment of obligations to the state and other organizations. The growth of profits creates a financial basis for the implementation of expanded reproduction of the enterprise and the satisfaction of the social and material needs of the founders and employees;

The main purpose of profit in modern economic conditions is a reflection of the effectiveness of the production and marketing activities of the enterprise. This is due to the fact that the amount of profit should reflect the correspondence of the individual costs of the enterprise associated with the production and sale of its products and acting in the form of cost, socially necessary costs, an indirect expression of which should be the price of the product;

The financial result from the sale of products (works, services) is defined as the difference between the proceeds from the sale of products (works, services) excluding VAT and excises and the costs of production and sale of these products (works, services), included in the cost of production and taken into account when determining the taxable arrived;

Profit from other sales represents profit received from the sale of fixed assets and other property, intangible assets. Profit from other sales is defined as the difference between the proceeds from the sale and the cost of this sale;

Profit from the sale of fixed assets and other property is determined as the difference between the sale price and the residual (or initial) value of these funds and property increased by the inflation index established by the Republic of Belarus;

It should be noted that profitability is an indicator of the effectiveness of one-time and ongoing costs. In general, profitability is determined by the ratio of profit to one-time and current costs, due to which this profit was obtained. Distinguish profitability of production and profitability of production;

The profitability of production shows how effectively the property of the enterprise is used, and the profitability of products shows the effectiveness of current costs;

The main task of analyzing the distribution and use of profits is to identify trends and proportions that have developed in the distribution of profits for the reporting year compared to the previous year. Based on the results of the analysis, recommendations are developed on changing the proportions in the distribution of profits and its most rational use;

To improve the efficiency of the production of an enterprise, it is very important that there is a well-defined tax policy, and taxes must be clear and stable. It is stability that will lead to an increase in the profit (income) of the enterprise. If the state imposes high taxes on enterprises, then this does not stimulate the development of production, and, as a result, the flow of funds to the budget. Therefore, it is necessary to improve the tax policy, it is unstable and very complex.

3.2. Calculation of reserves for increasing the amount of profit and profitability

To determine the profit growth reserves due to the reserves for increasing the volume of sales, it is necessary to multiply the previously identified reserve for the growth in the volume of sales of products by the actual profit per unit of production of the corresponding type:

At the enterprise under consideration, with the existing equipment and the level of organization of production, the maximum production volume can reach 2200 thousand tenge. in year.

Thus, the reserve for growth in the volume of sales of products is:

2200 - 1985.584 = 214.416 thousand tenge.

In the reporting year, the amount of profit per unit of production amounted to:

2198.470 thousand tenge. / 1985.584 thousand ten. = 1.107

The profit growth reserve is:

214.416 * 1.107 = 237.405 thousand tenge.

The reserves for increasing profits by reducing the cost of commercial products and services are calculated as follows: the previously identified reserve for reducing the cost of each type of product is multiplied by the possible volume of its sales, taking into account the reserves for its growth:

With a decrease in cost by 0.20 tenge, profit will increase by the following amount:

0.20*(1985.584 + 214.416) = 440.000 thousand tenge.

As for such a factor as product quality, in this case it is inappropriate to consider it, since the enterprise provides services.

In the same way that the reserve for increasing profits by reducing costs was calculated, it is possible to calculate the reserve for increasing profits by increasing prices.

At the end of the analysis, it is necessary to summarize all the identified reserves for profit growth.

Table 3.1.-Influence of profit growth reserves on its change

The main sources of reserves for increasing the level of profitability of sales are an increase in the amount of profit from the sale of products and a reduction in the cost of commercial products. The following formula can be used to calculate reserves:

,

where PR is the profitability growth reserve;

R in - possible profitability;

R f - actual profitability;

RP - a reserve for the growth of profit from the sale of products;

VRP in i - the possible volume of sales of products, taking into account the identified reserves of its growth;

C in i - the possible level of cost of i-th types of products, taking into account the identified reduction reserves;

Pf - actual profit from the sale of products;

If - the actual amount of costs for sold products.

The reserve for increasing the level of profitability will be:

PR \u003d (2198.470 + 1007.405) * 100 / (2200 * 4.393) - (2198.470 / 8722.240) \u003d 32.92%

We see that after the implementation of the measures described above, the profitability of production activities can increase by 32.92% and amount to: 25.20 + 32.92 = 58.12%

Conclusion

So, we will try to highlight the main tasks of financial analysis in relation to the activities of Kazakhstani enterprises:

Assessment of the current solvency of the company, the ability to repay short-term obligations in a timely manner;

Assessment of financial stability, that is, the ability to repay long-term loans, incur losses without the risk of a complete loss of one's own investments;

Evaluation of the effectiveness of property and borrowed capital management;

Assessment of profitability from production and physical activities;

Analysis of the effectiveness of the use of property;

Assessment of the riskiness of the enterprise's activities;

Assessment of the capabilities of the enterprise under the condition and deterioration of certain conditions of activity.

The indicator of profitability of production is especially important in modern, market conditions, when the management of the enterprise needs to constantly make a number of extraordinary decisions to ensure profitability, and, consequently, the financial stability of the enterprise (firm).

The financial condition of the organization, its sustainability and stability depend on the results of production, commercial and financial activities. If the production and financial plans are successfully implemented, then this has a positive effect on the financial position of the organization. On the contrary, as a result of the recession, there is an increase in cost, a decrease in revenue and the amount of profit and, as a result, a deterioration in the financial results of the organization.

Azimut-SV LLP was registered by the Department of Justice of the city of Pavlodar on July 12, 2007 (registration certificate No. 14802-1945-TOO). The form of ownership is private.

The purpose of the LLP is to extract income from the main activity and use it in the interests of the founders of the LLP.

The income of an enterprise is recognized as gross, systematic and regular receipts of economic benefits arising from the following operations and events:

International freight transportation;

Provision of services, performance of works under the contract.

The total amount of gross profit in Azimut-SV LLP for 2009 increased by 50.84%. The largest share in its composition is occupied by profit from the provision of services (83.6%). The share of other financial results is only 16.4%, which is slightly more than in 2008.

Profit growth was mainly due to an increase in average selling prices. In connection with the increase in the cost of production, the amount of profit decreased by 12989 thousand tenge. But since the growth rate of prices was higher than the growth rate of its cost, in general, the dynamics of profit is positive.

The main sources of reserves for increasing the amount of profit: increasing the volume of sales, reducing costs, identifying new sales markets, improving service, etc.

To improve the financial condition of Azimut-SV LLP, it is necessary to achieve a reduction in costs, or an increase in own working capital or short-term loans.

List of used literature

1. Kovalev VV Financial analysis: Methods and procedures. - M.: Finance and statistics, 2002. - 512 p.

2. Chuev I. N., Chechevitsina L. N. Economics of the enterprise. - M.: Izd.-torg. corporation "Dashkov and Co", 2003. - 416 p.

3. Sheremet A.D., Saifullin R.S. Enterprise finance. - M.: INFRA, 2002.

4. Economics of the firm. / Ed. prof. V. Ya. Gorfinkel, prof. V. A. Shvandar. - M.: Unity, 2003. - 461s.

5. http://www.dmir.ru/journal/riz/

6. Grishchenko O.V. Analysis and diagnostics of the financial and economic activity of the enterprise .// http:/www.aup. en

7. Lyubushin N.P. Comprehensive economic analysis of economic activity.: Proc. allowance - 2nd ed. – M.: UNITI-DANA, 2007.

8. Savitskaya G.V. Analysis of economic activity: Textbook. - 3rd ed. correct and additional – M.: Infra-M, 2008.

9. Balance sheet of Azimut-SV LLP for 2008-2009

10. Profit and loss statement of Azimut-SV LLP for 2008-2009

11. Financial statements of Azimut-SV LLP for 2008-2009

12. Dyusembaev K.Sh. "Accounting and analysis of financial statements" - 1998