Evaluation of the effectiveness of the financial and economic activities of the enterprise. Criteria and indicators for assessing the effectiveness of the financial and economic activities of an enterprise The main stages in determining the financial efficiency of an organization

Information base for the analysis of indicators for evaluating business performance

The well-being of the enterprise depends on the effectiveness of the main economic activity, this is an important condition for its continuous functioning, which in modern conditions serves as a guarantee of survival and the basis for a stable position of the enterprise.

Evaluation of business performance has an impact on the economic, investment and production activities of the enterprise, so it is necessary to analyze the indicators for evaluating business performance.

In this regard, we will consider the methodology for analyzing indicators for assessing business performance and determine the information base for such an assessment.

The main information base for evaluating business performance is financial statements. The purpose of financial statements is to present information about the financial position, results of operations and changes in the financial position of the company. This information is needed by a wide range of users to make economic decisions.

The balance sheet is a document that reflects the results of the calculation and double decomposition of the company's capital at the reporting date. Capital is the only independent and backbone indicator of the balance sheet, which determines the composition and grouping of all its articles and final indicators. Therefore, it would be more correct to say that the balance reflects the state of capital, and not a certain financial state.

The financial result is the main criterion for business efficiency. In addition, a company's net income shown on the income statement is the upper limit of the funds that can be distributed as dividends to shareholders.

Assessing the performance of the business as a whole over the past period is the most important task solved by using data from the income statement.

In this way, information about past transactions and other events is provided, which is extremely important for users in making economic decisions.

Evaluation of the effectiveness of the enterprise based on information from financial reporting the enterprise should help in determining the criteria aspects, on the basis of which it is possible to draw conclusions regarding the objective efficiency of the economic activity of the enterprise.

"Reporting is based on the facts that have already happened and reflects the state of capital at the reporting (already past) date and its changes for the reporting (already past) period" . Therefore, the predictive reporting function is not the main one, but a side one. Forecasts, among other things, are based on past events, on already accumulated resources.

In the context of evaluating the performance of an enterprise, the purpose of accounting reports is to provide users with useful information. At present, almost all enterprises have recognized the feasibility and necessity of meeting the information needs of numerous users, which can be grouped into three main groups:

1. Working directly at this enterprise;
2. Those outside the business but having a direct financial interest in the business;
3. Having an indirect interest in the business.

Information about the financial position of the enterprise is presented in the form of a balance sheet, balance sheet. This report shows assets i.e. what the enterprise owns and sources of its financing from accounts payable or equity. The balance serves as an indicator for assessing the financial condition of the enterprise. It is intended to assist the user in assessing the ability of an enterprise to meet its obligations.

Assets include equipment, long-term receivables, current receivables, inventories, cash and bank account funds, advance expenses. Liabilities (liabilities) include equity, short-term loans and liabilities, accounts payable, debts to the budget and personnel of the enterprise.

Assets give a certain idea of ​​the economic potential of the enterprise, liabilities show the amount of funds received by the enterprise and their sources. The structure of the asset balance can be represented in the form of a diagram shown in fig. one.

Rice. 1. The structure of the asset balance

The liabilities side of the balance reflects the sources of funds of the enterprise on a certain date. They are divided into sources of own funds (capital and reserves), long-term liabilities (credits and loans) and short-term liabilities (credits, loans, settlements and other liabilities).

Sources of own funds include: authorized capital, additional capital, reserve, accumulation and social funds, targeted financing and retained earnings of previous years. Borrowed funds include: long-term and short-term loans and borrowings, accounts payable, other liabilities.

The structure of the balance sheet liability can be represented as a diagram shown in fig. 2.

Rice. 2. The structure of the balance sheet liability

Reporting - a set of information about the results and conditions of the enterprise for the past time, submitted by the relevant economic entity for the purpose of analysis, control and management of activities. The financial statements contain information about products sold, works and services, the cost of their production, the state of economic assets and the sources of their formation, the financial results of the work.

Methodology for analyzing indicators for assessing the effectiveness of an enterprise

The assessment of business performance is based on the data of the balance sheet and income statement, which present the most important results of the business entity. However, depending on the purpose of the assessment, different users are interested in certain indicators of financial results. The main managers of the enterprise are interested in the amount of profit received and its structure, as well as factors influencing its size. Tax office - the amount of taxable profit. Shareholders - net profit and the amount of dividends paid per share, the possibility of making a profit in the near and foreseeable future. However, regardless of the purpose of the assessment, the performance indicators of the economic activity of the enterprise are a criterion aspect of the company's efficiency.

To assess the performance of a commercial enterprise, it is not enough to use the analysis of absolute profit values, since the presence of profit does not mean that the enterprise is working well. The absolute amount of profit does not allow us to judge the degree of profitability of an enterprise, transaction, idea. Many commercial enterprises, which received the same amount of profit, have different sales volumes, different costs.

"To determine the effectiveness of the costs incurred, to assess the effectiveness and economic feasibility of the enterprise's activities, it is not enough just to determine the absolute indicators, it is necessary to use a relative indicator" . Therefore, to assess the level of work efficiency, the result - profit - is compared with the costs or resources used, which allows you to get a more objective picture. Comparison of profit with costs or resources is characterized by profitability indicators. "Profitability is a relative indicator of economic efficiency that shows the efficiency, profitability, profitability of an enterprise or entrepreneurial activity. This indicator characterizes the level of return on costs and the degree of use of funds" . Thus, profitability indicators are relative characteristics of the financial results and performance of the enterprise.

There are profitability indicators used to assess the effectiveness of advanced resources and costs used in economic activity, and indicators on the basis of which the profitability and efficiency of capital use are determined.

The return on capital characterizes the amount of profit from each ruble invested in the enterprise's funds.

The main indicators of return on capital are:

• profitability of assets (property);
• profitability of current assets;
• profitability equity.
• return on investment.

The profitability of the property is calculated as follows:

P property \u003d Profit at the disposal of the enterprise / Average value of assets * 100%

This indicator reflects how many units of profit are received from a unit of asset value, regardless of the source of funds raised. This indicator serves to determine the efficiency of capital use. different organizations and industries, since it gives a general assessment of the profitability of capital invested in production, both own and borrowed, attracted on a long-term basis.

Under the profit at the disposal of the enterprise understand the profit remaining after the payment of taxes and repayment of expenses attributable to net income.

The profitability of current assets can be determined by the formula:

P current assets \u003d Profit at the disposal of the enterprise / Average value of current assets * 100%

An indicator of assessing the degree of return on invested capital is the return on equity. The return on equity is expressed as the ratio of net profit (Pch) to sources of equity (Is). This indicator characterizes the amount of profit per ruble of own funds. The return on equity ratio also plays an important role in assessing the level of quotation of the company's shares on the stock exchange.

Return on equity (Rsk) is expressed by the formula:

Rsk \u003d Pch / Is * 100%

If an enterprise focuses its activities on the future, it needs to develop an investment policy. In this case, investment refers to long-term financing. Information about the funds invested in the enterprise can be calculated from the balance sheet as the sum of own sources of funds and long-term liabilities or as the difference between the total amount of assets and short-term liabilities. Return on investment (Ri) is calculated as follows:

Ri \u003d Pdn / (B - Ok) * 100%

where Pdn is profit before tax,

B - balance sheet currency,

OK - short-term liabilities.

The indicator of return on investment is considered in the practice of financial analysis as a way to assess the "skill" of financial managers in managing investments. Since the company's management cannot influence the amount of taxes paid, for a more accurate calculation of the indicator, the numerator uses the amount of profit before income taxes.

The difference between the profitability of all assets and equity is due to the attraction external sources financing. If borrowed funds bring more profit than paying interest on this borrowed capital, then the difference can be used to increase the return on equity. However, in the event that the return on assets is less than the interest paid on borrowed funds, the impact of the funds raised on the activities of the enterprise should be assessed negatively.

Return on sales and return on costs are also calculated. Return on sales (Rp) characterizes the ratio of net profit (Pch) to the amount of sales proceeds (VR), expressed as a percentage:

Rp \u003d Pch / Vr * 100%

The profitability of sales is an estimated indicator of the production and economic activities of a business entity. It reflects the level of demand for products, works and services, how correctly the business entity determines the product range and product strategy.

Return on costs (Rz) characterizes the ratio of net profit to the sum of production and sales costs (R), expressed as a percentage:

Rz \u003d Pch / Z * 100%

Return on costs demonstrates the efficiency of economic activity in general, the calculation takes into account the cost, selling and administrative expenses. The cost-effectiveness indicator shows how many kopecks of profit fall on the ruble of expenses.

The dynamics of changes in profitability indicators depends, on the one hand, on factors affecting the value of the numerator of the profit indicator, on the basis of which it is calculated: sales profit, taxable, net. On the other hand, it depends on the factors influencing the value of the denominator: the sum of assets, investments, sales, total cost. The main factor in the growth of profitability is the implementation of measures to improve the efficiency of the enterprise's economic activities.

Practical aspects of the analysis of business performance indicators

Consider on practical example methodology for assessing the effectiveness of the enterprise. To do this, we will analyze the profit indicators of a conditional enterprise in order to evaluate the income received by the enterprise, reduced by the amount of expenses incurred, in the context of reporting and analytical data. Evaluation of the effectiveness of the enterprise's business will be carried out based on the position that the dynamics of profit indicators of an economic entity characterizes its business activity and financial independence. The positive dynamics of absolute profit indicators creates the basis for self-financing of the economic activity of the enterprise on the principles of economic calculation.

The summary analytical table shows the dynamics of the company's profit indicators for 3 years.

Dynamics of profit indicators of the enterprise for three years

Indicators				absolute change	Growth rate
Cost price
Gross profit
Selling expenses
Management expenses
Profit (loss) from sales
Other income
other expenses
Profit before tax
Income tax and other similar payments
Net income (retained earnings)

Now let's analyze business performance indicators for this conditional enterprise.

Analyzing the data in the table, it should be noted that the enterprise has shown an improvement over the three-year period key indicators arrived. Gross profit was an exception, since, starting from 2014, administrative expenses are partly recognized as part of the cost, partly transferred to selling expenses. The result was a significant cost growth rate that outpaced revenue growth and a decline in gross profit.

The increase in revenue in 2015 compared to 2013 amounted to almost 1.8 billion rubles, the growth rate reached a level of 34.62%. The cost price increased by more than 2 billion rubles, the growth rate was 43.5%. However, taking into account the internal reasons for the increase in the cost price, it can be judged that there is no negative structural influence of this factor. At the same time, it is not possible to objectively assess the ratio of the dynamics of profit from sales, the growth of which amounted to 21.28%, an increase of 93.7 million rubles, compared with commercial and administrative expenses, for the same internal reasons. However, given the lag in the growth rate of profit from sales from the growth rate of revenue, it can be judged that the company did not use internal reserves to increase the final financial result, a relative reduction in cost, as well as the rational optimization of commercial and administrative expenses.

Over the analyzed period, other expenses and income showed a strong decline, but other expenses in 2015 almost doubled other income, which affected the slowdown in the growth rate of profit before tax, which amounted to only 11.38%.

It should also be noted that the net profit of the enterprise for the analyzed period increased by 57 million rubles, the growth rate was 19.75%, which, against the background of lower tax payments, indicates the successful use of preferential mechanisms to reduce tax payments and improve the efficiency of the financial discipline of the enterprise.

For the period from 2013 to 2015, there are no probabilistic or stochastic fluctuations in terms of profit from sales, profit before tax and net income. This indicates the effective economic activity of the enterprise as a whole and the implementation of a consistent policy regarding economic development as an independent economic entity. In addition, for this period there is no steady negative trend in all indicators of profit, which characterizes the maintenance of the profitability of the enterprise by the presence of prospects for economic activity in the future.

Further, it is necessary, taking into account the specifics of the enterprise, its scope of economic activity and characteristics of indicators, to assess the effectiveness of the business, taking into account the factors of increasing sales and net profit and factors that prevented a more significant increase in profits. If enterprise performance evaluation showed the unsatisfactory state of the business, appropriate conclusions should be drawn about the unfavorable prospects of the organization.

As an example of the factors of increase or decrease in sales and net profit, we give the following:

• significant expansion or contraction of activities;
• change in the structure of income and expenses;
• change financial policy enterprises;
• increase or decrease costs.

Profitability indicators characterize the efficiency of the enterprise. Profitability is a relative indicator of the level of profitability of production activities. Unlike profit, which characterizes the absolute results of activities, profitability shows the ratio of the effect to the amount of costs incurred, thereby determining the level of financial security and strength of the position.

Using formulas (1), (2), (3), (4), (5) and (6), we calculate the profitability indicators based on the data above and present the results in the table.

Analyzing the results of the calculations, it should be noted the negative change in all profitability indicators in 2015, both in comparison with 2014 and in comparison with 2013. Therefore, business performance evaluation shows the unsatisfactory state of economic activity of the enterprise.

When evaluating business performance, it should be taken into account that the level and dynamics of profitability indicators at an enterprise are objectively influenced by the entire set of internal production and economic factors:

• the level of organization of economic activity;
• the structure of capital and its sources;
• degree of use of available resources;
• volume of sales;
• the amount of costs incurred.

The profitability of property, which characterizes the return on each ruble invested in the assets of the enterprise, makes it possible to judge the decrease in the operating efficiency of the enterprise. In addition, it is necessary to take into account the extremely low value of the indicator, which indicates an insufficient level of rationalization of the financial and economic activities of the enterprise, since overall score the return on capital invested in production, both own and borrowed, attracted on a long-term basis, is a little more than 6 kopecks for each invested ruble.

The profitability of current assets, which demonstrates the ability of the enterprise to provide a sufficient amount of profit in relation to the current assets used, allows us to conclude that the return on the use of current assets is relatively low.

The return on equity, which makes it possible to determine the real efficiency of the use of capital invested by the owners of the enterprise, indicates a fairly high return on equity compared to other indicators. It should be noted that the observed negative dynamics of changes in this indicator in the long term can significantly complicate the financial and economic activities of the enterprise.

The return on investment, which characterizes the profitability of capital investments and is a financial and economic reflection of the competitiveness of the enterprise, in connection with the observed dynamics of the decrease in the indicator, makes it possible to judge the decrease in the potential level of competitiveness of the enterprise. At the same time, the long-term nature of the company's activities partially explains the long periods of negative dynamics, but is not a factor that neutralizes unfavorable prospects.

The dynamics of profitability of sales, which characterizes the economic efficiency of the main activity of the enterprise, indicates a slight decrease in demand for the results of economic activity. Despite a slight increase in the profitability of sales in 2014, in 2015 this indicator decreased, which suggests that the economic activity of the enterprise is not sufficiently objectified and the need to revise the strategy for further development is necessary.

The dynamics of return on costs, which determines the efficiency of economic activity as a whole, demonstrates a similar trend as the return on sales. It should be noted that the decrease in the value of this indicator is a consequence of a decrease in the efficiency of using own and borrowed funds for the implementation of the main economic activity of the enterprise.

Thus, it can be judged that the decrease in profitability indicates that the enterprise has difficulties that the enterprise is experiencing in relation to the effective implementation of the main economic activity. It can be judged that there is an objective need to revise the company's policy regarding the main commercial matters in order to increase profits.

Based on the results of the assessment of indicators, in order to improve the efficiency of the business, the enterprise needs to find possible ways to increase the efficiency of using net profit.

conclusions

Analysis of indicators for evaluating business performance in the framework of the analysis of financial statements is necessary for managing the main economic activity of an enterprise based on making informed management decisions.

Information base for the analysis of indicators business performance evaluations serves as financial statements, which provide information about the financial position, results of operations and changes in the financial position of the company. The balance sheet shows assets, i.e. what the enterprise owns and sources of its financing from accounts payable or equity. The balance serves as an indicator for assessing the financial condition of the enterprise. For the purposes of evaluating business performance, financial statements are the main source of information that contains the entire set of information about the results and operating conditions of the enterprise over the past time.

Business performance assessment according to financial statements is used to analyze, control and manage the business activities of the enterprise.

Analysis of business performance indicators is not an end in itself.

Based on the results of the analysis, conclusions are drawn about possible ways to improve the efficiency of the economic activity of the enterprise. The methodology for analyzing indicators for evaluating business performance makes it possible to identify possible directions, ways of developing and improving the economic activity of an enterprise in accordance with the results obtained.

Literature

1. Dontsova L.V., Nikiforova N.A. Analysis of accounting (financial) statements. – M.: Business and service, 2015.
2. Tolpegina O.A., Tolpegina N.A. Comprehensive economic analysis of economic activity. – M.: Yurayt, 2013.
3. Gubina O.V., Gubin V.E. Analysis of financial and economic activity. – M.: Infra-M, 2014.
4. Lyubushin N.P. Comprehensive analysis of financial and economic activities. – M.: Finance and statistics, 2014.
5. Petrova A.N. The economic content of the income statement. // Economic sciences. - 2012. - No. 7. - P. 157-159.
6. Chechevitsyna L.N. Analysis of financial and economic activity. - Rostov-on-Don: Phoenix, 2014.
7. Kuter M.I. Theory of accounting. – M.: Finance and statistics, 2013.

Introduction

1. Theoretical and methodological foundations for assessing the effectiveness of the financial and economic activities of an enterprise

3.2 Development of measures to improve the efficiency of financial and economic activities of PSC "TAIF-NK"

Conclusion

The relevance of the study is due to the fact that the market economy is associated with the need to improve the efficiency of production, the competitiveness of products and services based on a systematic analysis of the financial and economic activities of the enterprise. An analysis of financial and economic activity makes it possible to develop the necessary strategy and tactics for the development of an enterprise, on the basis of which a production program is formed, reserves for increasing production efficiency are identified.

The purpose of the analysis is not only to establish and evaluate the effectiveness of the financial and economic activities of the enterprise, but also to constantly carry out work aimed at improving it.

An analysis of the effectiveness of the financial and economic activities of the enterprise shows in what areas this work should be carried out, makes it possible to identify the most important aspects and the weakest positions in the financial condition of the enterprise. In accordance with this, the results of the analysis provide an answer to the question of what are the most important ways to improve the financial condition of an enterprise in a particular period of its activity. But the main purpose of the analysis is to timely identify and eliminate shortcomings in financial activities and find reserves to improve the financial condition of the enterprise and its solvency.

The analysis of the effectiveness of the financial and economic activities of the enterprise is carried out by the managers and relevant departments of the enterprise, as well as the founders and investors, in order to study the efficiency of the use of resources, banks to assess the conditions for granting a loan and determine the degree of risk, suppliers to receive payments in a timely manner, tax inspectorates to fulfill the plan budget receipts, etc.

Financial analysis is a flexible tool in the hands of business leaders. The efficiency of the financial and economic activity of the enterprise is characterized by the placement and use of the enterprise's funds. This information is presented in the balance sheet of the enterprise.

The main factors determining the effectiveness of the financial and economic activities of the enterprise are, firstly, the implementation financial plan and replenishment, as the need arises, of your own working capital at the expense of profit and, secondly, the speed of turnover of working capital (assets).

The signal indicator, which shows the efficiency of financial and economic activity, is the solvency of the enterprise, which means its ability to meet payment requirements on time, repay loans, pay staff, make payments to the budget.

The analysis of the effectiveness of the financial and economic activities of the enterprise includes an analysis of the balance sheet of liabilities and assets, their relationship and structure; analysis of the use of capital and assessment of financial stability; analysis of the solvency and creditworthiness of the enterprise, etc.

Thus, it is clear how important the assessment of the effectiveness of the financial and economic activities of an enterprise is, and that this problem is even more relevant in the transition to a developed market economy.

The purpose of the thesis is to conduct a general analysis of the effectiveness of the financial and economic activities of the enterprise PSC "TAIF-NK" and identify ways to improve it.

Based on the goal, the following tasks were formulated:

Consider the theoretical foundations of the analysis of the financial and economic activities of the enterprise;

To study methods for assessing the financial and economic activities of the enterprise;

Give a comprehensive assessment of the effectiveness of the financial and economic activities of the enterprise;

Develop measures to improve the efficiency of the financial and economic activities of the enterprise.

The object of the study is the financial and economic activity of TAIF-NK OJSC.

The subject of the study is the efficiency of the financial and economic activities of the enterprise.

When covering the theoretical issues of assessing the effectiveness of the financial and economic activities of an enterprise, various study guides, legislative acts of the Russian Federation, statistical and reference materials published both in periodicals and on the Internet. In the course of the work, the works of such authors as Kovalev V.V., Volkova O.N., Selezneva N.N., Terekhova V.A., Fashchevsky V.N., journals "Economic analysis", "Economist" and information sources of the enterprise: "Balance sheet of the enterprise", "Profit and Loss Statement", etc.

The conducted research is based on the integrated use of a systematic approach to the analysis of the processes and phenomena under consideration, methods of statistical and factor analysis.

Methods of economic and graphical analysis were used as tools.

The thesis consists of an introduction, three chapters, a conclusion, a list of references and literature and applications.

The first chapter of the thesis reveals the economic essence and significance of assessing the effectiveness of financial and economic activities, studying methods for assessing the financial and economic activities of an enterprise.

The second chapter provides a comprehensive assessment of the effectiveness of the financial and economic activities of TAIF-NK PSC.

The third chapter summarizes foreign experience in the field of enterprise performance management and presents ways to improve the efficiency of financial and economic activities of TAIF-NK PSC.

1. Theoretical and methodological foundations for assessing the effectiveness of the financial and economic activities of an enterprise

1.1 The economic essence and significance of assessing the effectiveness of the financial and economic activities of the enterprise

Ensuring the effective functioning of organizations requires economically competent management of their activities, which is largely determined by the ability to analyze it. By using complex analysis development trends are studied, the factors of change in performance results are deeply and systematically studied, business plans and management decisions are substantiated, their implementation is monitored, reserves for increasing production efficiency are identified, the results of the enterprise are evaluated, and an economic strategy for its development is developed.

Analysis of the financial and economic activities and financial results of the enterprise involves the study of the technical level of production, quality, and competitiveness of products, the provision of production with labor, material and financial resources and the efficiency of their use. They are based on a systematic approach, comprehensive consideration of various factors, high-quality selection of reliable information and are an important management function.

The purpose of the analysis of financial results and economic activity of the enterprise is to increase the efficiency of its work on the basis of a systematic study of all types of its activities. In the process of analysis, a set of technological, socio-economic, legal and other processes, patterns of formation, construction and functioning of management systems are studied: the principles of building organizational structures, the effectiveness of the methods used.

Rationalization is called upon to play an important role in solving emerging problems. information support, because in the current economic conditions, enterprises are experiencing an increasing need to obtain comprehensive information about financial and economic processes.

In this regard, there has been an increase in the popularity of various types of management information systems, the basis for which is data generated in the accounting process. So, in the West, to meet a variety of information needs, they usually create a management information system, which consists of interconnected subsystems that provide information necessary for managing a company.

At the same time, the accounting subsystem is the most important, since it plays a leading role in managing the flow of economic information and directing it to all departments of the company, as well as to interested parties outside the company. In our country, the division of accounting into financial and managerial, and, accordingly, the division of information into those used for management purposes and traditionally formed in accounting, is not common. In accordance with the definition of the American Institute of Chartered Accountants, the function of accounting is to provide quantitative information, mainly of a financial nature, about business entities in order to use this information to make management decisions.

The financial result as an integrated indicator of the organization's activities determines the effectiveness of the enterprise as a whole.

The financial result is an increase (decrease) in the value of the organization's own capital, formed in the course of its entrepreneurial activities for the reporting period.

From the point of view of accounting, the final financial result of the enterprise is the difference between income and expenses. This indicator is the most important in the activity of the enterprise and characterizes the level of its success or failure.

From the point of view of accounting, the final financial result of the enterprise's activity is expressed in terms of profit or loss, formed on account 80 Profits and losses and reflected in the financial statements.

From the point of view of tax accounting, accounting profit is recalculated in connection with adjustments to profit from the sale of fixed assets and other property (with the exception of options and futures contracts, securities).

For taxation purposes, the difference (excess) between the sale price and the original or residual value of funds is taken into account, taking into account their revaluation, increased by the inflation index, calculated in accordance with the requirements of the Government of the Russian Federation. Up to 10 types of expenses are subject to conversion into amounts exceeding the established limits: travel expenses, compensation for the use of personal cars for business trips, entertainment expenses (in excess of the amounts established by law), etc.

From point of view management accounting You can calculate several indicators of profit for different purposes.

The final financial result of the activities of enterprises is the subject of research by many authors. Their understanding of the essence of this concept is far from unambiguous.

So, for example, Kozlova E.P., Parashutin N.V. , believe that the summary (integrating) indicator characterizing the financial result of the enterprise is the balance (gross) profit or loss. Kamyshanov P.I. believes that the final financial result of the enterprise is expressed in terms of profit and loss. According to Litvinenko M.I. , in the regulatory documents governing taxation, profit is identified with income. She writes that they are not the same. After all, income is interpreted as a flow of funds coming into the reserve of the state, enterprise or individual in the process of distributing national income.

Income in the narrow sense can be regarded as a synonym for any of its forms (profit, rent, wages and interest). In a broad sense, the concept of income covers all funds in various forms at the disposal of the enterprise.

Today, in addition to profit, income (interest, dividends) from securities of other issuers plays an increasingly important role in the company's income. In this regard, it would be more correct to call the end result of its financial and economic activity not balance sheet profit, but balance sheet income (balance sheet income), since the name of the indicator should reflect its economic essence.

Very interesting in considering the essence of the concept of financial result is the approach of N.A. Breslavtseva. She writes that the practice dictates the need to search for a more general indicator than the financial result, which would reflect the state of the property and the dynamics of the authorized capital, giving a complete picture of the financial solvency of the institutional unit. She calls it a measure of global financial performance. From her point of view, it allows you to understand, calculate, analyze and explore the following phenomena and processes:

Capitalization management;

Formation of profit;

The concept of monetary and non-monetary financial result;

The concept of profit in ensuring the welfare of an institutional unit;

General concept of economic profit;

Financial performance management;

Management of financial flows;

Use of the tax control system.

Thus, the financial result is defined as an increase or decrease in the value of property with constant capital at the beginning and end of the period.

However, one often comes across the opinion that net profit and profit remaining at the disposal of the enterprise are one and the same. But that's not the case at all. Let's try to give definitions to various indicators characterizing the financial results of the enterprise.

The most important economic category that characterizes the financial result of firms is profit. Profit is the main source of formation of the revenue part of budgets of different levels, capital increment of an economic entity, social development and growth in the wealth of owners. In a market economy, one of the goals of entrepreneurial activity is to make a profit, increase the material interest of business participants in the results of financial and economic activities. Therefore, profit maximization is the primary task of financial managers. Making a profit allows not only to support the production activities of a commercial organization, but also to satisfy its various social interests. Therefore, organizations strive to increase their profits. Profit is equal to the difference between income and production costs. In microeconomics, the following types of income are distinguished: gross (cumulative), average and marginal income.

A significant number of indicators characterizing the financial results of the enterprise's activities create methodological difficulties for their systematic consideration.

Differences in the purpose of indicators make it difficult for each participant in the commodity exchange to choose those of them that best satisfy his needs for information about the real state of a given enterprise. For example, the administration of an enterprise is interested in the amount of profit received and its structure, as well as the factors affecting its value. The tax inspectorate is interested in obtaining reliable information about all components of the balance sheet profit, etc. .

It should be noted that the views of experts on the problem of determining the economic essence of the concept of financial result are very diverse. In modern conditions of Russia's transition to market relations, the problem of determining the essence of various indicators related to the financial results of an enterprise is very relevant, since often even in the regulations governing accounting and taxation, different interpretations of the same concept are given.

In the next paragraph, we will consider information support for the analysis of the financial and economic activities of an enterprise.

1.2 Information support for the analysis of the effectiveness of the financial and economic activities of the enterprise

Determining the quality of the financial condition, studying the reasons for its improvement or deterioration over the period, preparing recommendations to improve the financial stability and solvency of the enterprise are the main points of the analysis of the financial condition. The detailing of the procedural side of the methodology of financial analysis depends on the goals set, as well as various factors of information, time, methodological and technical support. The effectiveness of financial analysis directly depends on the completeness and quality of the information used. Currently, in some publications on financial analysis, there is a simplified approach to the information support of financial analysis, focusing on the use of exclusively accounting (financial) statements or, more broadly, on accounting data.

Analysis of the financial condition of the enterprise is integral part general financial analysis. The financial results of the enterprise are characterized by the amount of profit and the level of profitability. Profit is the real part of the net income created by surplus labor. Only after the sale of the product (works, services) net income takes the form of profit. The amount of profit is determined as the difference between the proceeds from the economic activities of the enterprise (after paying value added tax, excise tax and other deductions from proceeds to budget and extra-budgetary funds) and the sum of all costs for this activity.

Indicators of financial results (profit) characterize the absolute efficiency of the management of the enterprise in all areas of its activity: production, marketing, supply, financial and investment. They form the basis for the economic development of the enterprise and the strengthening of its financial relations with all participants in the commercial business. Making a profit is the main goal of any business entity.

On the one hand, profit is an indicator of the effectiveness of the enterprise, because. it depends mainly on the quality of the enterprise, increases the economic interest of its employees in the most efficient use of resources, tk. profit is the main source of production and social development of the enterprise. On the other hand, it serves as the most important source of formation of the state budget. Thus, both the enterprise and the state are interested in the growth of profit amounts.

Economic analysis occupies an intermediate place between the collection of information and the adoption of managerial decisions, therefore its complexity, depth and effectiveness largely depend on the volume and quality of the information used. Economic analysis not only acts as a consumer of information, but also creates it for its own needs and for making managerial decisions. Information is usually understood as ordered information about the processes and phenomena of the external world, the totality of any knowledge, data.

The value of economic information can be considered in three aspects: consumer - its usefulness for management, economic - its cost and aesthetic - its perception by a person. The value of information is usually determined economic effect functioning of the control object, caused by its use value. The main requirement for information is its usefulness in decision-making. To ensure this requirement, the information must be understandable, relevant, reliable, and also comply with the idea of ​​harmonization and standardization.

An important place in the organization of economic analysis at the enterprise is occupied by its information support. The analysis uses not only economic data, but also technical, technological and other information. All sources of data for analysis are divided into normative-planned, accounting and extra-accounting.

Regulatory planning sources include all types of plans that are developed at the enterprise, as well as regulatory materials, estimates, etc. Accounting information sources are all data that contain accounting, statistical and operational accounting documents, as well as all types of reporting, primary accounting documentation. Extra-accounting sources of information are documents regulating economic activity, as well as data characterizing changes in the external environment of the enterprise. These include:

Official documents that the enterprise is obliged to use in its activities: laws of the state, orders of the president, government decrees, acts of audits and inspections, orders and orders of managers, etc .;

Economic and legal documents: contracts, agreements, decisions of the judiciary;

Scientific and technical information;

Technical and technological documentation;

Data on the main competitors, information on suppliers and buyers;

Data on the state of the market of material resources (market volumes, the level and dynamics of prices for certain types of resources).

Thus, the information base for financial analysis is the entire Information system companies that include:

Statistical reporting package;

Financial reporting package;

Internal documents of the enterprise;

Accounting registers;

Primary accounting documents;

Constituent documents;

Planning documentation;

Explanatory note to the annual accounting report.

Currently, the organization's financial (accounting) statements are formed taking into account modern standards, since accounting is a tool for collecting, processing and transmitting information about the activities of an economic entity so that interested parties can better invest the funds at their disposal.

An organization's financial statements can be used as information support for economic analysis: balance sheet, income statement, statement of changes in capital, cash flow statement.

The main requirement for information presented in reporting is that it be useful to users, that is, that this information can be used to make informed business decisions. To be useful, information must meet the following criteria:

Relevance means that this information is significant and influences the decision made by the user. Information is also considered relevant if it provides the possibility of prospective and retrospective analysis;

The reliability of information is determined by its truthfulness, the predominance of economic content over the legal form, the possibility of verification and documentary validity;

Information is considered true if it does not contain errors and biased assessments, and also does not falsify the events of economic life;

Neutrality implies that financial reporting does not focus on meeting the interests of one group of users of general reporting to the detriment of another;

Understandability means that users can understand the content of the reporting without professional specific training;

Comparability requires that data about the activities of the enterprise be comparable with similar information about the activities of other firms.

The analysis of financial indicators should be carried out according to such sources: "Report on financial results and their use", "Balance sheet of the enterprise", as well as according to accounting data, working materials of the financial department (service) and the legal adviser of the enterprise. For comparative analysis it is recommended to use comprehensive information from other enterprises with similar activities, which characterizes their financial performance.

The financial result of the enterprise is expressed in the change in the value of its own capital for the reporting period. The ability of an enterprise to ensure the steady growth of its own capital can be assessed by a system of indicators of financial results. Summarized the most important indicators of the financial results of the enterprise are presented in the form No. 2 of the annual and quarterly financial statements.

These include: profit (loss) from sales; profit (loss) from financial and economic activities; profit (loss) of the reporting period; retained earnings (loss) of the reporting period.

Directly according to the data of form No. 2, the following indicators of financial results can also be calculated; profit (loss) from financial and other operations; profit remaining at the disposal of the organization after paying income tax and other obligatory payments (net profit); gross income from the sale of goods, products, works, services. Form No. 2 also provides comparable data for the same period last year for all the listed indicators.

The financial results of an enterprise are expressed in the ability of a certain enterprise to increase its economic potential.

The analysis of economic activity is an important element in the production management system, an effective means of identifying on-farm reserves, the basis for the development of scientifically based forecast plans and management decisions and monitoring their implementation in order to increase the efficiency of the enterprise.

In modern conditions, the independence of enterprises in making and implementing management decisions, their economic and legal responsibility for the results of economic activity is increasing. Objectively, the importance of the financial stability of economic entities is increasing. All this enhances the role of financial analysis in assessing their production and commercial activities and, above all, the availability, placement and use of capital and income. The results of such an analysis are necessary, first of all, for owners (shareholders), creditors, investors, suppliers, tax services managers and business leaders.

Thus, information support for the analysis of the effectiveness of an enterprise's activity is the most important characteristic in assessing the economic activity of an enterprise. Next, consider the methods for assessing the financial and economic activities of the enterprise.

1.3 Methods for assessing the financial and economic activities of the enterprise

The main purpose of the analysis of the financial and economic activities of the enterprise is to obtain objective evaluation their solvency, financial stability, business and investment activity, performance efficiency.

The optimal list of indicators that most objectively reflect the trends in the financial condition is formed by each enterprise independently.

However, with all the possible variety of indicators, they are usually divided into four groups:

Indicators of financial stability;

liquidity indicators;

Profitability indicators;

Indicators business activity.

Different authors offer different methods of financial analysis. The detailing of the procedural side of the methodology of financial analysis depends on the goals set, as well as various factors of information, time, methodological and technical support.

Consider indicators of financial stability. They are divided into absolute and relative.

Absolute indicators of financial stability are indicators that characterize the degree of supply of inventory with sources of their formation.

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

Availability of own working capital. This indicator is defined as the difference between equity and long-term assets. It characterizes own working capital. Its increase compared to the previous period indicates further development enterprise activities.

Availability of own and long-term borrowed sources of inventory formation. This indicator is determined by increasing the previous indicator, i.e. own working capital, for the amount of long-term liabilities.

The total value of the main sources of inventory formation is determined by increasing the previous indicator by the amount of short-term loans.

The calculation of three indicators of the availability of inventories with sources of their formation allows us to classify financial position enterprises according to the degree of its stability into the following four types:

a) the absolute stability of the financial situation develops when the situation is characterized by inequality:

From this condition it follows that all stocks are fully covered by their own working capital. Such a situation is extremely rare in practice and is not considered ideal, because. means that external sources of funds are not used for core business;

b) the normal stability of the financial situation is characterized by inequality:

This situation indicates a successfully functioning enterprise, which uses "normal" sources of funds to cover its reserves - its own and attracted;

c) an unstable financial situation develops when the current situation is characterized by the following inequality:

Inventory > Inventory Sources

This provision is characterized by a violation of the solvency of the enterprise, when the enterprise is forced to attract additional sources of coverage that are not "normal", i.e. to cover the reserves. justified;

d) a critical financial situation is characterized by a situation where, in addition to the previous inequality, the enterprise has loans and loans not repaid on time, as well as overdue accounts payable. This situation means that the company cannot pay its creditors on time, it is on the verge of bankruptcy, i.e. cash, short-term securities and receivables do not even cover his accounts payable and delinquent loans.

The most important indicator characterizing the financial stability of an enterprise is the indicator of the share of the total amount of equity capital as a result of all funds advanced to the enterprise, i.e. the ratio of the total amount of equity capital to the balance sheet of the enterprise. This indicator is called the coefficient of independence. It is used to judge how much an enterprise is independent of borrowed capital.

For the coefficient of independence, it is desirable that it exceeds 50% (0.5) in its value. Its growth indicates an increase in the financial independence of the enterprise, a decrease in the risk of financial difficulties in future periods.

Derivatives of the coefficient of independence are the coefficient of financial dependence and the ratio of borrowed and own funds. The ratio of borrowed and own funds is determined by the ratio of all attracted capital to own.

This ratio indicates how much borrowed funds the company has attracted for one ruble of its own funds invested in assets. The normal value of this coefficient should be less than one.

The investment coverage ratio characterizes the share of own and long-term borrowed funds in the total (advanced) capital.

The normal value of the coefficient is 0.9; its decrease to 0.75 is considered critical.

The current assets security ratio shows what part of working capital is formed at the expense of own capital, and is equal to the ratio of own working capital to current assets.

The ratio of the provision of inventories with own working capital shows the extent to which inventories are covered by their own sources and do not need to attract borrowed funds. It is believed that the norm of this indicator should be at least 0.5.

The coefficient of maneuverability of equity capital shows what part of the company's own funds is in a mobile form, allowing you to freely maneuver these funds. Providing own current assets with own capital is a guarantee of the stability of the financial condition with an unstable credit policy. High values ​​of the maneuverability coefficient positively characterize the financial condition.

After the analysis of financial stability, an analysis of the liquidity of the balance sheet and the solvency of the enterprise is carried out.

Solvency assessment is carried out on the basis of the characteristics of the liquidity of current assets, i.e., the time required to turn them into cash. The concepts of solvency and liquidity are very close, but the second is more capacious. Solvency depends on the degree of liquidity of the balance sheet. At the same time, liquidity characterizes not only the current state of settlements, but also the prospects.

Depending on the degree of liquidity, i.e., the rate of conversion into cash, the assets of the enterprise are divided into groups.

The most liquid assets (A1) are the amounts of all cash items that can be used to perform current settlements immediately. This group also includes short-term financial investments (securities), which can be equated to money.

Marketable assets (A2) are assets that require a certain amount of time to turn into cash. This group may include accounts receivable (payments due within 12 months after the reporting date) and other assets.

Slowly realizable assets (A3) - item II of the balance sheet asset section "Inventories" and the item "Long-term investments" (reduced by the amount of investment in the authorized capital of other enterprises) of section I of the balance sheet asset minus the item "Deferred expenses".

Difficult-to-sell assets (A4) are assets that are intended to be used in economic activities for an extended period. In this group, you can include articles of the I section of the asset, with the exception of the articles of this section, included in the previous group.

Liabilities of the balance are grouped according to the degree of urgency of repayment of obligations.

The most urgent liabilities (P1) are accounts payable, other short-term liabilities, as well as loans not repaid on time (according to the appendices to the balance sheet).

Short-term liabilities (P2) - short-term loans and borrowings, as well as loans to employees.

Long-term liabilities (LL) - long-term loans and borrowings.

Permanent liabilities (P4) - articles of section I of the liability "Equity". In order to maintain the balance of assets and liabilities, the total of this group is reduced by the amount of the item "Deferred expenses" of the asset balance.

A firm is considered liquid if its current assets exceed its current liabilities. A firm may be liquid to a greater or lesser extent. To assess the real degree of liquidity of the company, it is necessary to analyze the liquidity of the balance sheet. Balance sheet liquidity is defined as the extent to which a firm's liabilities are covered by its assets, the maturity of which is equal to the maturity of the liabilities.

Analysis of the liquidity of the balance sheet consists in comparing the funds of the asset, grouped by the degree of their liquidity and arranged in descending order of liquidity, with the liabilities of the liability, grouped by their maturity and arranged in ascending order of maturity. To determine the liquidity of the balance sheet, one should compare the results of the above groups for assets and liabilities. The balance is considered absolutely liquid if the following ratios take place:

Liquidity ratios are used to assess a firm's ability to meet its short-term obligations. They give an idea not only about the solvency of the enterprise at the moment, but also in case of emergency.

The overall assessment of solvency is given by the current liquidity ratio (solvency, coverage). If the current ratio is less than one, then this indicates a problem. The normal value for this indicator is greater than or equal to 2 .

Coefficient quick liquidity(strict liquidity, critical evaluation). It is similar in meaning to the previous indicator, however, this coefficient is calculated for a narrower range of current assets, when the least liquid part of them - inventories - is excluded from the calculation. The logic behind this exclusion is not only that inventory is significantly less liquid, but, more importantly, that the cash that could be raised in the event of a forced sale production stocks, can be significantly lower than the cost of their acquisition.

The absolute liquidity ratio is calculated as the ratio of cash, marketable securities to current liabilities. This indicator is the most stringent criterion for the liquidity of an enterprise; shows what part of short-term debt obligations can be repaid immediately if necessary.

The financial position of the enterprise is directly dependent on how quickly the funds invested in assets are converted into real money.

Accelerating the turnover of working capital reduces the need for them: less stocks of raw materials, materials, fuel, work in progress are required, and therefore, leads to a decrease in the level of costs for their storage, which ultimately contributes to an increase in profitability and an improvement in the financial condition of the enterprise, an increase in production - technical potential of the enterprise.

The slowdown in the turnover time leads to an increase in the required amount of working capital and additional costs, and hence to a deterioration in the financial condition of the enterprise.

Turnover indicators show how many times during the analyzed period certain assets of the enterprise are "turned around". The reciprocal value, multiplied by 360 days (or the number of days in the analyzed period), indicates the duration of one turnover of these assets. The most common is the asset turnover ratio. This indicator should be considered only with the qualitative characteristics of the enterprise: a significant asset turnover can be observed not only due to the efficient use of assets, but also due to the lack of investments in the development of production capacities.

The ratio of income from sales to the total amount of funds characterizes the efficiency of the enterprise's use of all available resources, regardless of the sources of their formation.

Thus, this coefficient shows how many times during the analyzed period a full cycle of production and circulation is completed, bringing the corresponding effect in the form of income, or how many monetary units of sold products were brought by each unit of assets.

The equity turnover ratio characterizes various aspects activities: with financial point view it determines the rate of turnover of equity capital, from the economic point of view - the activity of funds that the shareholder risks.

The turnover ratio of permanent capital shows the rate of turnover of capital in the long-term use of the enterprise. It should be borne in mind that the denominator is calculated as an average annual value.

Important in the analysis of the financial condition of the enterprise are indicators of turnover of working capital and their components: inventory and receivables. An assessment of business activity at a qualitative level can be obtained by comparing the activities of this enterprise and related enterprises in terms of capital investment. Such qualitative criteria are: the breadth of product sales markets; availability of products for export; reputation of the enterprise, expressed, in particular, in the popularity of customers using the services of the enterprise. Asset turnover ratio (transformation ratio) - the ratio of proceeds from sales of products to the total assets of the balance sheet. It characterizes the efficiency of the company's use of all available resources, regardless of the sources of their attraction. The coefficient varies depending on the industry, reflecting the characteristics of the production process. When comparing the indicator for different enterprises, it is necessary to take into account the method of depreciation and the degree of depreciation of fixed assets.

Equity turnover ratio - the ratio of sales proceeds to the amount of equity capital.

Accounts receivable turnover ratio - the ratio of proceeds from the sale of products to the average annual value of net receivables. Shows the number of times, on average, receivables (or only customer and customer accounts) have been converted to cash during the reporting period. Comparison base - industry average coefficients. Usually compared to the accounts payable turnover ratio.

The accounts payable turnover ratio is the ratio of the cost of goods sold to the average annual cost of accounts payable. Shows how many turnovers the company needs to pay its bills.

The inventory turnover ratio is the quotient of the cost of goods sold divided by the average annual cost of inventories. Increasing the turnover of inventories is especially important in the presence of significant debt in the liabilities of the enterprise.

Turnover ratios can be used to calculate the turnaround time of the respective assets in days. The turnaround time is determined by dividing 360 (365) days by the calculated coefficients.

Profitability ratios (profitability) show how profitable the company's activities are. Calculated as the ratio of profit (net, taxable) to the funds spent, or sales proceeds.

If net profit is considered as profit, then the corresponding coefficients are net profitability coefficients. Three indicators are commonly used in financial management.

The profitability ratio of all assets of the enterprise (economic profitability) is defined as the ratio of net profit (or taxable profit) to the average annual value of all assets of the enterprise, regardless of the sources of their formation. One of the most important indicators of the competitiveness of an enterprise.

(6)

Sales profitability ratio (transformation ratio) - the ratio of profit (gross or net) to the volume of products sold.

The return on equity ratio is the ratio of profit (usually net) to the company's equity capital.

Return on current assets - is defined as the ratio of net profit to the average value of current assets.

The return on investment ratio is the ratio of taxable profit to the difference between the average value of assets and short-term liabilities.

(10)

Analysis of solvency indicators characterize the ability of the enterprise to repay its short-term obligations.

General (current) liquidity ratio is the quotient of dividing current assets by short-term liabilities (normative values ​​1 - 2).

The quick liquidity ratio is the quotient of the division of cash, short-term financial investments and receivables into short-term liabilities (the standard value is more than one, in Russia 0.7 - 0.8).

(12)

The absolute liquidity ratio is the quotient of cash and short-term fixed assets divided by short-term liabilities (in Russia, the standard is 0.2-0.25).

(13)

Indicators of financial results characterize the absolute efficiency of the management of the enterprise. The most important among them are indicators of profitability, which in the conditions of transition to a market economy form the basis of the economic development of the enterprise.

Income growth creates a financial base for self-financing, expanded production, and solving the problems of the social and material needs of the workforce. At the expense of income, a part of the enterprise's obligations to the budget, banks and other enterprises and organizations are also fulfilled.

Financial performance indicators characterize the efficiency of the enterprise's economic activity in all main areas of the enterprise's work: construction, financial, investment. They form the basis for the development of the organization, are the most important in the system for assessing the results of the enterprise, in assessing the reliability and its financial well-being.

Thus, financial results, which are one of the central indicators of the activity of enterprises, are used today as a guideline that reflects the direction of development of the enterprise. They are included in the enterprise development program, showing the final value of the implementation of a set of strategic and tactical tasks.

The analysis of financial indicators should be carried out according to such sources: "Profit and Loss Statement", "Balance Sheet of the Enterprise", as well as according to accounting data, working materials of the financial department (service) and the legal adviser of the enterprise. AT market conditions management, any enterprise is interested in obtaining a positive result from its activities, since due to the value of this indicator, the enterprise is able to expand its capacity, materially interest the personnel working at this enterprise.

Therefore, profitability indicators become the most important for assessing the production and financial activities of the enterprise. They characterize the degree of his business activity and financial well-being.

2. Comprehensive assessment of the effectiveness of financial and economic activities of PSC "TAIF-NK"

2.1 general characteristics financial and economic activities of TAIF-NK OJSC

Open Joint Stock Company "TAIF-NK", hereinafter referred to as the "Company", was established in accordance with Civil Code of the Russian Federation, the Federal Law "On Joint Stock Companies" on the basis of the decision of the Board of Directors of TAIF OJSC dated June 17, 1998.

TAIF-NK OJSC was registered by the State Registration Chamber under the Ministry of Justice of the Republic of Tatarstan on July 29, 1998 under registration number 1018/k.

TAIF-NK OJSC is guided in its activities by the Civil Code of the Russian Federation, the Federal Law "On Joint Stock Companies", and other regulatory and legal acts of the Russian Federation.

Location of OJSC "TAIF-NK" - Russian Federation, Republic of Tatarstan, Neftekamsk, Industrial Zone, JSC "TAIF-NK".

The main goal of TAIF-NK PJSC is to make a profit.

Oil refining, sale of oil products and their derivatives;

Construction and operation of industrial petrochemical plants;

Other activities not prohibited current legislation.

Certain types of activities, the list of which is determined by federal laws, PSC "TAIF-NK" may be engaged only on the basis of a special permit (license).

PSC "TAIF-NK" carries out all types of foreign economic activity not prohibited by the current legislation of the Russian Federation.

The range of manufactured products for 2006 - 2008 presented in table 2.1.

Table 2.1 - The range of products manufactured by TAIF-NK OJSC

Name	2006		2007		2008
	Quantity, tons		Quantity, tons		Quantity, tons
fuel oil	2 137 511	30,7	1 959 429	27,1	1 871 598	25,2
Diesel fuel	1 807 924	25,9	1 714 843	23,7	1 918 103	25,8
Straight-run gasoline	1 188 555	17,1	1 238 844	17, 1	1 333 858	17,9
Vacuum gas oil	866 959	12,4	690 873	9,6	662 055	8,9
Automobile gasolines	272 275	3,9	488 692	6,8	627 050	8,4
Domestic stove fuel	280 943	4,0	413 575	5,7	382 318	5,2
Kerosene	292 680	4,2	384 093	5,3	268 959	3,6
Road bitumen	-	-	60 386	0,8	75 202	1,0
Other products	121 586	1,7	280 677	3,9	295 228	4,0
Total raw materials	6 968 432	100	7 231 412	100	7 434 371	100

The governing bodies of TAIF-NK OJSC are:

General Meeting of Shareholders;

Board of Directors;

sole proprietorship executive agency(General director or managing organization, manager);

The authorized capital of the company is fully formed at the expense of the monetary contribution of the sole founder - PSC "TAIF". There are no contributions to the authorized capital of other founders.

In August 2005, in accordance with the decision of the Security Council of the Republic of Tatarstan No. 24 dated June 09, 2005 "On the implementation of the Program for the Development of the Petroleum and Gas Chemical Complex of the Republic of Tatarstan for 2004-2008," TAIF-NK OJSC acquired ownership of fixed assets for production oil products that make up the basic complex of the Neftekamsk oil refinery, on the basis of which the formation of the largest complex of oil refineries in the Republic of Tatarstan began.

Thus, starting from September 2005, TAIF-NK PJSC has been carrying out oil refining and commercial sales of oil products, while being their owner.

In December 2005, a gasoline production plant was put into operation, which was leased to TAIF-NK OJSC for commercial operation.

The first batch of gasoline meeting all design requirements was received in February 2006. In July 2006, the first products were received at the gas condensate processing plant

TAIF-NK OJSC invests heavily not only in the construction of new facilities, but also in the modernization and expansion of existing production facilities. In 2007, work was carried out to complete the construction of a jet fuel preparation and storage unit.

Start-up and adjustment works and activities for certification and putting products into industrial production have begun. At the same time, design, equipment supply, construction, installation and commissioning work on the modernization of the bitumen plant were completed. The launch was carried out in February 2007.

The commissioning of these facilities made it possible to additionally produce aviation kerosene of jet fuel grades, Jet A-1 and oxidized bitumen that meet international quality standards.

All this has expanded the range of products and increased the depth of processing of raw materials.

Open Joint Stock Company "TAIF-NK" is one of the most dynamically developing enterprises of the universal fuel and raw material direction, created in order to meet consumer demand for petroleum products and provide petrochemical industries of the Republic of Tatarstan with raw materials. Capacity of primary oil refining units, as well as catalytic cracking units in the reporting year were fully loaded. The primary refining capacity of TAIF-NK PJSC is 3% of the maximum total capacity of the Russian oil refining industry, while in 2006-2007 the refining of TAIF-NK PJSC amounted to 3.3% of the all-Russian and 97.8% of Tatarstan oil refining.

In 2008, TAIF-NK OJSC strengthened its position and remained one of the largest and dynamically developing enterprises in the oil refining industry of the Republic of Tatarstan.

The close relationship between oil refining and petrochemistry, implemented on the basis of TAIF-NK OJSC and Neftekamskneftekhim OJSC, makes it possible to produce additional volumes of raw materials, thereby obtaining a synergistic effect from the implementation of new projects.

Let's consider the technical and economic indicators of TAIF-NK OJSC for 2006-2008. in table 2.2. Analyzing the indicators of the table, we see that in 2007 marketable products in the amount of 65.4 billion rubles, which is more than the level of 2006 by 10.5 billion rubles, as for 2008, there is also a positive trend. In 2008, compared to 2007, marketable products were produced by 23.8 billion rubles more. In comparable prices of 2007, the output of marketable products compared to the level of 2006 amounted to 119.1%, in 2008 to the level of 2007 amounted to 136.4%. In 2008, products and services were sold in the amount of 89.1 billion rubles, which is by 24.5 billion rubles. year, the cost of capital investments of the Company increased by 6993 million rubles, in 2008 in relation to 2007 it decreased by 6.7 billion rubles. , and in 2008 in relation to 2007 by 3 kopecks, which is a positive moment in the activity of the enterprise.

Table 2.2 - Technical and economic indicators of PSC "TAIF-NK"

Index	2006	2007	Deviation 2007 to 2006		2008	Deviation 2008 to 2007
			Absol. deviation	%		Absol. deviation	%
Output of marketable products, mln.	54877	65358	10481	119,1	89131	23773	136,4
Sales of products, million rubles	55465	64621	9156	116,5	89149	24528	137,9
including export sales, million rubles	29016	35 241	6225	121,5	43 793	8552	124,3
Costs per 1 rub. commodity prod., cop.	88	83	-5	94	80	-3	96
Net profit, million rubles	1954	4582	2628	234,5	5272	690	115,1
Capital. investments, million rubles	1739	8732	6993	502,1	2027	-6705	23,2
Net assets, million rubles	1440	5436	3996	377,5	16557	11121	304, 6
Monthly salary, in rubles	21532	23562	2030	109,4	28249	4687	119,9
Average number of employees, pers.	2428	2616	188	107,7	2718	102	103,9

Dynamics of the main technical and economic indicators of TAIF-NK OJSC for 2006-2008 is clearly shown in Figure 2.1.

Figure 2.1 - Dynamics of the main technical and economic indicators of TAIF-NK OJSC for 2006-2008, billion rubles.

One of the main directions of the analysis of the economic activity of the enterprise is the horizontal and vertical analysis of the financial statements of the enterprise.

Table 2.3 - Composition and structure of the balance sheet asset of TAIF-NK PJSC

Balance asset	2006		2007		2008
	thousand roubles.	%	thousand roubles.	%	thousand roubles.	%
Fixed assets	11 047 393	48,4	18 255 249	49,6	19 482 402	56,4
current assets	11 788 610	51,6	18 551 416	50,4	15 052 116	43,6
Total property	22 836 003	100,0	36 806 665	100,0	34 534 518	100,0

Let's consider the composition and structure of the asset balance of TAIF-NK OJSC for 2006-2008. (table 2.3). The presented data allow us to draw the following conclusions:

The data in the table show that in 2007 the value of property increased by 13,970,662 thousand rubles or by 61.2% compared to 2006, and in 2008 the value of the company's property decreased by 2,272,147 thousand rubles compared to 2007 (6.2%) and amounted to 34,534,518 thousand rubles.

For clarity of changes in the assets of the enterprise, we present their dynamics in Figure 2.2, for the analyzed period.

Figure 2.2 - Dynamics of changes in the assets of TAIF-NK PSC for 2006-2008, billion rubles.

Sum non-current assets in 2007 compared to 2006 increased by 7,207,856 thousand rubles, and in 2008, compared to 2007, the amount of fixed capital placed in the form of non-current assets increased by 1,227,153 thousand rubles and amounted to 19,482,402 thousand rubles.

In 2007, there is an increase in the amount of current assets compared to 2006 by 6,762,806 thousand rubles, and in 2008 the amount of working capital decreased by 3,499,300 thousand rubles compared to 2007 and amounted to 15,052,116 thousand rubles. The decrease in the amount of current assets is due to a decrease in inventories from 4,915,930 thousand rubles to 2,818,155 thousand rubles and a decrease in accounts receivable by 2,096,089 thousand rubles, according to Appendix A.

It is also necessary to note the increase in short-term financial investments in 2008 compared to 2007 by 1,370,754 thousand rubles.

The main source of capital formation are borrowed and own funds. The composition and structure of the balance sheet liability of TAIF-NK PJSC is presented in Table 2.4.

Table 2.4 - Composition and structure of liabilities in the balance sheet of TAIF-NK PJSC

An analysis of the indicators in the table shows that in 2007, the value of liabilities increased by 13,970,662 thousand rubles, or by 61.2%, compared to 2006, and in 2008, the value of the company's liabilities decreased by 2,272,147 compared to 2007. thousand rubles (6.2%) and amounted to 34,534,518 thousand rubles.

In 2007, compared to 2006, the amount of capital and reserves increased by 3,996,145 thousand rubles, and in 2008, compared to 2007, the amount of capital increased by 11,121,560 thousand rubles (204.6%) and amounted to 16,557,481 thousand rubles.

In 2007, there is an increase in the amount of long-term liabilities compared to 2006 by 864,048 thousand rubles, and in 2008 the amount of long-term liabilities increased by 3,757,985 thousand rubles (40.5%) compared to 2007 and amounted to 13,047 728 thousand rubles. It should also be noted a significant decrease in the amount of short-term liabilities in 2008 compared to 2007 by 77.6% or 17,151,692 thousand rubles.

Figure 2.3 shows the change in the amount of liabilities in the balance sheet of the enterprise under study, the dynamics is not stable.

Figure 2.3 - Dynamics of changes in the balance sheet liability of TAIF-NK OJSC for 2006-2008, billion rubles.

Let us analyze the return on assets and capital intensity of the enterprise under study for the period 2006-2008. The return on assets is an indicator of the efficiency of the use of fixed assets, calculated as the annual output divided by the cost of fixed assets with which this product was produced. Capital intensity is an indicator that characterizes the efficiency of the economic activity of an enterprise, calculated as the ratio of the cost of annual output to the cost of fixed assets.

Fo 2006 = 54 877/9 167 = 5.9

Fo 2007 = 65 358/17 198 = 3.8

Fo 2008 = 89 131/15 167 = 5.8

Fe 2006 =9,167/54,877= 0.16

Fe 2007 =17 198/65 358= 0.26

Fe 2008 =15 167/89 131= 0.17

On the whole, one can note the fact that in 2007 the efficiency of the use of fixed assets decreased, but already in 2008 this indicator has a positive trend, which certainly indicates an improvement in the use of fixed assets.

2.2 Analysis of the dynamics and structure of profit

The financial results of the enterprise can be characterized by the amount of profit and the level of profitability.

The relevance of studying the analysis of financial results lies in the fact that it allows you to determine the most rational ways to use resources and form the structure of the enterprise's funds and activities in general.

Profit is a part of net income, which is directly received by business entities after the sale of products. Quantitatively, it is the difference between net revenue (after paying VAT, excise tax and other deductions from revenue to budget and non-budget funds) and full cost sold products. The more the company sells cost-effective products, the more profit it receives, the better its financial condition. Therefore, the financial performance should be studied in close connection with the use and sale of products. The volume of sales and the amount of profit, the level of profitability depend on the production, supply, marketing and financial activities of the enterprise.

Let's analyze the composition and dynamics of the formation of financial results (table 2.5). Profit and loss statement allows you to evaluate the activities of the enterprise for a certain period. Unlike the balance sheet, which gives an idea of ​​the state of funds and their sources on a certain date, the income statement characterizes the dynamics of the business process.

Table 2.5 - Composition and dynamics of formation of financial results

Profit from the sale of products is the difference between the amount of gross profit and fixed costs of the reporting period. In 2007, the profit from sales increased compared to the previous year, the total change in profit from the sale of goods, products, works, services for the year amounted to:

In absolute terms: 9168000 thousand rubles. - 5598000 thousand rubles. = -3570000 thousand rubles.

In relative terms: 9168000 / 5598000 * 100% = 163.8%

Those. in 2007, profit from the sale of goods, products, works, services increased by 3,570,000 thousand rubles. (or 63.8%).

In 2008, the profit from sales increased compared to 2007, the total change in profit from the sale of goods, products, works, services for the year amounted to:

In absolute terms: 10695000 thousand rubles. - 9168000 thousand rubles. = -1527000 thousand rubles.

In relative terms: 10695000 / 9168000 * 100% = 116.7%

Those. in 2008, profit from the sale of goods, products, works, services increased by 1,527,000 thousand rubles. (or 16.7%).

The change in this indicator may be due to the influence of the following factors:

a) an increase in the volume of sales;

b) increase in the structure of implementation;

c) changes in selling prices for products sold;

d) changes in prices for raw materials, materials, fuel, energy and transportation tariffs;

e) change in the level of costs of material and labor resources.

The interest receivable by the organization includes:

Interest due to the organization on loans issued by it;

Interest and discount receivable on securities (for example, bonds, promissory notes);

Interest on commercial loans granted by transferring an advance, prepayment, deposit;

Interest paid by the bank for the use of funds in the organization's current account.

Change in interest receivable in 2007 compared to the previous year:

In absolute terms: 47239 thousand rubles. -24780 thousand rubles. = 22459 thousand rubles.

In relative terms: 47239 / 24780 * 100% = 190.6%

Those. in 2007 interest receivable increased by 22,459 thousand rubles (or 90.6%).

In absolute terms: 247570 thousand rubles. - 47239 thousand rubles. = 200331 thousand rubles.

In relative terms: 247570 / 47239 * 100% = 524%

Those. in 2008 interest receivable increased by 200,331 thousand rubles. (or 424%).

The interest payable by the organization includes:

Interest paid on all types of loan obligations of the organization (including commodity and commercial loans, bond and promissory note loans), in addition to the part that, in accordance with accounting rules, is included in the cost of an investment asset or used to prepay for material and production stocks, other valuables, works, services;

The discount payable on bonds and promissory notes, in addition to the part of it that is included in deferred expenses in accordance with the entity's accounting policy.

Accrued interest on loans provided by suppliers (commercial credit) relates to the actual cost of acquiring inventories.

Change in interest payable in 2007 compared to the previous year:

In absolute terms: 1,046,056 thousand rubles. –1301596 thousand rub. = - 255540 thousand rubles.

In relative terms: 1046056 / 1301596 thousand * 100% = 80.4%

Those. in 2007 interest receivable decreased by 255,540 thousand rubles. (or 19.6%).

Change in interest receivable in 2008 relative to 2007:

In absolute terms: 779866 thousand rubles. –1,046,056 thousand rubles = = -266190 thousand rubles.

In relative terms: 779866 / 1046056 * 100% = 74.5%

Those. in 2008 interest receivable decreased by 266,190 thousand rubles. (or 25.5%).

Operating income - the income of the enterprise, due to the conduct of financial, production, business operations for a certain period. Operating income data is published in the annual income statement.

Change in operating income in 2007 compared to the previous year:

In absolute terms: 54951884 thousand rubles. - 42096562 thousand rubles. = 12855322 thousand rubles.

In relative terms: 54951884 thousand rubles. / 42096562 thousand rubles * 100% = 130.5%

Those. in 2007 operating income increased by 12855322 thousand rubles. (or 30.5%).

Change in operating income in 2008 compared to the previous year:

In absolute terms: 57090472 thousand rubles. - 54951884 thousand rubles. = 2138588 thousand rubles.

In relative terms: 57090472 thousand rubles. / 54951884 thousand rubles * 100% = 103.9%

Those. in 2008 operating income increased by 2138588 thousand rubles. (or 3.9%).

Operating expenses - costs and payments associated with the conduct of financial, production, business operations for a certain period of time.

Operating expenses include production and sales costs, administrative and financial expenses. Operating expenses are published in the annual income statement.

Change in operating expenses in 2007 compared to the previous year:

In absolute terms: 54878283 thousand rubles. - 42148660 thousand rubles. = 12729623 thousand rubles

In relative terms: 54878283 thousand rubles. / 42148660 thousand rubles * 100% =130.2%

Those. in 2007, operating expenses increased significantly by 12,729,623 thousand rubles. (or 30.2%).

Change in operating expenses in 2008 compared to 2007:

In absolute terms: 59909421 thousand rubles. - 54878283 thousand rubles. = 5031138 thousand rubles.

In relative terms: 59909421 thousand rubles. / 54878283 thousand rubles * 100% =109.2%

Those. in 2008, operating expenses increased by 5,031,138 thousand rubles (or 9.2%).

The income and expenses of the enterprise are clearly presented in Figure 2.4.

Figure 2.4 - Income and expenses of TAIF-NK PSC for 2006-2008, billion rubles

Net profit is the profit that remains at the disposal of the enterprise after paying all taxes, economic sanctions and deductions to charitable foundations. From net profit, dividends are paid to shareholders, reinvestments are made in production and the formation of funds and reserves.

Change in net profit in 2007 compared to the previous year:

In absolute terms: 4582285 thousand rubles. - 1953795 thousand rubles. = 2628490 thousand rubles.

In relative terms: 4582285 thousand rubles. / 1953795 thousand rubles * 100% = 234.5%

Those. in 2007, net profit increased strongly by 2,628,490 thousand rubles (or 134.5%).

Change in net profit in 2008 compared to 2007:

In absolute terms: 5271560 thousand rubles. - 4582285 thousand rubles. = 689275 thousand rubles.

In relative terms: 5271560 thousand rubles. / 4582285 thousand rubles * 100% = 115% i.e. in 2008, net profit increased by 689,275 thousand rubles (or 15%). is clearly shown in Figure 2.5.

Figure 2.5 - Net profit of TAIF-NK OJSC for 2006 - 2008, billion rubles.

Thus, the financial results of the enterprise can be characterized as positive. However, profit cannot be considered as a universal indicator of production efficiency. In market conditions, the company seeks to maximize profits, which can lead to negative consequences. Therefore, to assess the intensity and efficiency of production, indicators of profitability and solvency are used.

2.3 Profitability and solvency analysis of PSC "TAIF-NK"

The financial position of TAIF-NK PJSC largely depends on its ability to bring the necessary profit.

The purpose of the profitability analysis of TAIF-NK PSC is to assess the ability of the enterprise to generate income for the capital invested in the enterprise.

Profitability indicators more fully than profit characterize the final results of management, because their value shows the ratio of the effect to the cash or resources used.

They are used to assess the activities of the enterprise and as an instrument of investment policy and pricing.

The level of profitability of TAIF-NK OJSC depends investment attractiveness organizations, the amount of dividend payments.

When studying the final financial results of TAIF-NK PJSC, it is important to analyze not only the dynamics, structure, factors and reserves of profit growth, but also the ratio of the effect (profit) with the available or used resources, as well as with the income of the enterprise from its ordinary and other economic activities. activities. This ratio is called profitability and can be represented by three groups of indicators:

Profitability indicators characterizing the profitability of sales or the profitability of products sold;

Profitability indicators characterizing the profitability of production and ongoing investment projects;

Profitability indicators that characterize the profitability of capital and its components such as equity and borrowed capital.

Profitability is one of the main cost qualitative indicators of the efficiency of an enterprise, characterizing the level of return on costs and the degree of use of funds in the process of production and sale of products (works, services).

Profitability indicators are expressed in coefficients or percentages and reflect the share of profit from each monetary unit of costs. Thus, more fully than profit characterize the final results of management.

The amount of profit and the level of profitability of TAIF-NK PJSC depend on the production, marketing and commercial activities of the enterprise, i.e. these indicators characterize all aspects of management.

The main objectives of the analysis of the financial performance of TAIF-NK PJSC are:

Control over the implementation of plans for the sale of products and profit, the study of the dynamics of indicators;

Determination of the influence of both objective and subjective factors on the formation of financial results;

Identification of profit growth reserves;

Evaluation of the enterprise's work on the use of opportunities to increase profits and profitability;

Development of measures for the use of identified reserves.

The main goal of financial analysis is the development and adoption of sound management decisions aimed at improving the efficiency of an economic entity.

The transition to market relations in the national economy strengthened the role of economic laws and financial categories. And this requires more significant economic knowledge, and a qualitatively new analytical understanding of the existing processes and business conditions.

The financial results of TAIF-NK OJSC are expressed in the ability of a certain enterprise to increase its economic potential.

In general, the performance of any enterprise can be assessed using absolute and relative indicators.

The financial results of the enterprise are determined primarily by the quality indicators of the products manufactured by the enterprise, the level of demand for these products, since, as a rule, the bulk of the financial results is profit (loss) from the sale of products (works, services).

The financial result of the enterprise's activities serves as a kind of indicator of the importance of this enterprise in the national economy.

In market economic conditions, any enterprise is interested in obtaining a positive result from its activities, since due to the value of this indicator, the enterprise is able to expand its capacity, materially interest the personnel working at this enterprise, pay dividends to shareholders, etc.

The indicators of financial results characterize the effectiveness of the economic activities of TAIF-NK PJSC in all main areas of its work: construction, financial, investment.

They form the basis for the development of the organization, are the most important in the system for assessing the results of the enterprise, in assessing the reliability and its financial well-being.

A whole set of indicators evaluates the profitability or profitability of an enterprise by type of activity and areas of investment for a specific time period.

Calculation of these indicators of TAIF-NK OJSC for 2006-2008. presented in table 2.6.

Table 2.6 - Calculation of profitability indicators of TAIF-NK OJSC for 2006-2008, %

Index	The formula for calculating the indicator according to reporting data	Estimated values ​​of the indicator
		2006	2007	2008
1. Return on assets (economic profitability ratio)	Page 190 f.2/ Page 300 f.1	9	13	15
2. Return on equity (financial profitability ratio)	190 f.2/ (p.490-p.450) f.1	136	84	32
3. Profitability of implementation (commercial profitability ratio)	Page 050 f.2/ Page 010 f.2	7	11	12
4. Profitability of current costs	(p.020+p.030+p.040) f.2	8	12	13
5. Profitability of non-current assets	Page 190 f.2	18	25	23

The main indicators of the profitability of the enterprise are:

return on assets;

Return on equity;

Profitability of implementation;

Profitability of current costs;

Return on invested (used) capital.

Let's present these indicators in the form of a diagram (Figure 2.6).

Figure 2.6 - Dynamics of indicators of the level of profitability of TAIF-NK PJSC for 2006-2008, %

Analyzing the data presented in Table 2.6 and Figure 2.6, the following should be noted: according to the reporting data, the enterprise of PSC TAIF-NK uses its assets quite efficiently and share capital, since the profitability ratios of its assets and equity in 2006 amounted to 9 and 136%, respectively.

In 2007, there was an increase in the return on assets by 4% and a decline in the return on equity to 84%, in 2008 the return on assets increased by 2%, and the equity ratio also continues to decline.

Let's analyze the profitability from ordinary activities of this enterprise. The profitability of sales in the reporting period was 12%, in the previous period - 11%. Return on operating costs in 2008 was 13%, in the previous 2007 - 12%. These are not bad indicators - the average for the industry. The profitability of non-current assets increases in 2007 and decreases in the reporting period. A more detailed analysis is the solvency ratios, which determine the degree and quality of coverage of short-term debt obligations by liquid assets. In other words, an enterprise is considered liquid when it is able to meet its short-term obligations by realizing current assets.

Various solvency indicators not only characterize the stability of the financial condition of the organization with different methods of accounting for the liquidity of funds, but also meet the interests of various external users of analytical information. So commercial Bank, providing a loan to an enterprise, pays close attention to the value of the quick liquidity ratio, since the amount of receivables can be used as collateral when issuing a loan. Based on the balance sheet data in TAIF-NK OJSC, the coefficients characterizing solvency have the following values ​​(table 2.7).

Table 2.7 - Solvency indicators of PSC "TAIF-NK" for 2006-2008

The data in Table 2.7 show an increase in the liquidity ratios of TAIF-NK OJSC from year to year. In 2007, the absolute liquidity ratio increased by 0.13 points. It shows that by the end of 2007, TAIF-NK PSC could pay off 17% of its short-term liabilities through the use of cash and securities. If we compare the value of the indicator with the recommended level (0.2-0.3), we can note that the company has enough cash to cover current liabilities. This circumstance may inspire confidence in this enterprise on the part of suppliers of material and technical resources. The quick liquidity ratio shows that at the end of 2006, short-term debt obligations were covered by 54% in cash, securities and funds in settlements. By the end of 2008, the coefficient increased by 1.78 points. This shows that current liabilities can be redeemed by the most liquid assets and fast-realizable assets by 232%. Total liquidity ratio for 2006-2008 increased by 2.14 points compared to 2006 to 3.05 points by the end of the year. The company covers short-term debt obligations with liquid assets. This circumstance testifies to the low financial risk associated with the fact that the company is not able to pay its bills. Thus, the company of TAIF-NK PSC can be characterized as profitable and solvent. During the period from 2006 to 2008, TAIF-NK PJSC has a tendency to increase the level of profitability and solvency.

2.4 Assessment of business activity of TAIF-NK OJSC

Evaluation and analysis of the effectiveness of financial and economic activities is carried out on the basis of an assessment of the business activity of the enterprise. The effectiveness of the use of financial resources and financial stability. Business activity is a real manifestation of actions consisting in mobility, enterprise, initiative.

The business activity of an enterprise can be represented as a system of quantitative and qualitative criteria. Qualitative criteria are the breadth of sales markets (internal and external), the reputation of the enterprise, competitiveness, the presence of stable suppliers and consumers. Quantitative criteria are determined by a number of indicators, among which the most common are:

Funds turnover indicators;

Indicators of profitability of the enterprise.

Calculate turnover rates. These include:

Total asset turnover ratio for the billing period;

Equity turnover ratio.

"Profit and Loss Statement" is presented in Appendix B. The turnover of all used assets in 2008 amounted to 2.51 points. Each ruble of the company's assets turned over about two and a half times in the reporting year. In 2007 - about 1.75 times, in 2006 - 2.43 times. There is a trend towards an increase in asset turnover (from 1.75 to 2.51), due to a significant increase in the volume of sales of products (from 55,465.217 to 64,620.590 million rubles). since 2006 by 1.2, and in 2008 it was equal to 4.6. Inventory turnover in 2008 increased by 1.12 points compared to 2007. The calculation of business activity indicators of the enterprise under study is given in Table 2.8.

Table 2.8 - Indicators of business activity of TAIF-NK PJSC for 2006-2008

Indicators	Calculation formula	2006	2007	2008
Total capital turnover ratio	cf. balance sheet total	2,43	1,76	2,58
Mobile asset turnover ratio	Revenue from product sales cf. asset total 2	4,7	3,48	5,9
Inventory turnover ratio	Revenue from product sales cf. stocks (lines 210+220)	11,6	10,9	24,6
Accounts receivable turnover ratio	Revenue from product sales cf. balance of accounts receivable	8,54	7,32	15,6
Accounts receivable turnover period (days)	365*sr. balance of accounts receivable Revenue from product sales	43	50	23,4
Accounts payable turnover ratio	Revenue from product sales cf. balance of accounts payable	6,5	3,5	18,1
Accounts payable turnover period (days)	365*sr. balance of accounts payable Revenue from product sales	56,6	105,3	20,2
Equity turnover ratio	Revenue from product sales cf. total liability 3	38,51	11,9	5,4

In general, one can note an increase in the turnover of receivables and payables in 2008 compared to 2007. A sufficiently high value of this ratio confirms the favorable characterization of the financial condition, made on the basis of the indicators calculated in the previous section. Figure 2.7 shows the dynamics of the turnover of accounts payable and receivable.

Figure 2.7 - Dynamics of turnover of accounts payable and receivable of TAIF-NK PSC for 2006-2008, days

The turnover of accounts receivable in 2008 amounted to 8.23 ​​times, and the time of its circulation - 48 days. The turnover of working capital was 11.4, i.е. each type of current assets was consumed and renewed almost 11 times a year. As a result of the analysis, I would like to note that the amount of non-current assets in 2007 compared to 2006 increased by 7,207,856 thousand rubles, and in 2008 compared to 2007 year, the amount of fixed capital placed in the form of non-current assets increased by 1,227,153 thousand rubles and amounted to 19,482,402 thousand rubles. long-term liabilities compared to 2007 increased by 3,757,985 thousand rubles (40.5%) and amounted to 13,047,728 thousand rubles. It should also be noted a significant decrease in the amount of short-term liabilities in 2008 compared to 2007 by 77.6% or by 17,151,692 thousand rubles. , in 2008, the return on assets ratio increases by 2%, and the equity ratio also continues to decline.

3. The main directions of increasing the efficiency of financial and economic activities of PSC "TAIF-NK"

3.1 Features of foreign experience in assessing the effectiveness of the financial and economic activities of enterprises and its use in Russia

An important direction in the study of the evaluation and analysis of financial results is the study of foreign experience and an attempt to adapt elements of foreign methods at domestic enterprises.

When developing the concept of evaluating the effectiveness of financial and economic activities at Russian enterprises, the experience of foreign firms is useful, where these issues have been studied since the 50s and 60s (50s and 60s - strategic planning; 70s and 80s - strategic management and strategic management). Aspects of strategic planning and selection of effective strategies are reflected in the scientific works of many foreign scientists: Ansoff I., Porter M., Keaney R.L., RaifaH. and etc.

It is possible to single out some characteristic features of assessing the effectiveness of the financial and economic activities of enterprises, depending on the goals:

In American companies, the main thing is the unification of the strategies of all departments and the allocation of resources;

In English companies - orientation to the distribution of resources;

In Japanese companies - focus on innovation and improving the quality of solutions.

In foreign firms, long-term planning is carried out from the bottom up or from the top down. In the first case, the company's management puts forward strategic ideas and develops a general development forecast, and a small planning department establishes a single form of planning documents, methods of calculations and economic justifications, and also coordinates the work of structural units. This procedure is common in large joint-stock companies. In the second case, the planning department informs the workshops and industries of the initial information for the development of plans and sets targets for the most important indicators (sales volume, spending limit, profit).

Labor productivity in enterprises largely depends on the efficiency organizational structure, from the balance of various areas of activity within the enterprise. In the Western business world, labor productivity is seen as the relationship between products, production system and the cost of producing these products. The system introduces costs in the form of labor (labor resources), capital (material and financial resources, fixed assets), energy, information. These resources are converted into products

Labor productivity planning is related to the issues of product quality management, the process of evaluating the economy (i.e. measuring labor costs and developing estimates), accounting and financial control and personnel service (in charge of the quality of working life).

Property management includes control over the value of property, assets and distribution of profits, determining the marketing strategy and updating production. At the same time, the function of strategic management is performed at the headquarters of the corporation, and operational management remains at the plant, transferred to grass-roots cells, workshops, integrated teams and other divisions. There is no difference between American and Japanese firms in this. Grassroots cells began to order materials themselves, produce and ship products. As a result, in the US, for example, corporations have cut 25% of their management staff.

The role of financial departments in the development of strategic goals is being strengthened. Under the conditions of computerization financial service combined with accounting. In the absence of electronic computers, the significantly increased volume of accounting work begins to slow down the entire work of the company. In developed countries, 92% of firms have abandoned the manual issuance of documentation, calculations, etc. In essence, a complete computerization of these processes is being introduced. There is also a division of the tasks of prospective (for 5 years or more) and current (for 1-3 years) profit maximization.

Thanks to a different strategic orientation, Japanese corporations have significantly pushed the United States out of the world market. In the 80s. they had superiority in terms of such indicators as capital-labor ratio (2-5 times), average age of metalworking equipment (9.5 years compared to 17.5), the share of costs for the renewal of production (research and development, marketing, design and advertising, development market after the start of sales), the share of new products, the cost of preventing defects, etc. At the same time, US corporations have a higher turnover rate, current profitability total assets, the share of equity and borrowed capital compared to loans.

American scientists interpret strategic planning as "... a set of actions and decisions taken by management that lead to the development of specific strategies designed to help the organization achieve its goals", or: "a strategic plan is a statement that reflects the organization's mission and direction its development, short-term and long-term goals, as well as strategy".

In turn, the strategy is understood as "a detailed comprehensive comprehensive plan designed to ensure the implementation of the mission of the organization and the achievement of its goals", or "a management plan aimed at strengthening the position of the organization, meeting the needs of its customers and achieving certain results of activity". Thus, according to American scientists, a strategy is a general direction or a combination of a number of directions in which ways to achieve goals should be sought.

In Japan, strategy is understood as the ability to adapt, readiness for change in order to survive at a particular moment and in the long term. Strategy for Japanese managers is more of a form of refining past accomplishments than outlining a plan for the future.

In the process of making a decision, the thought of the head of a Japanese company is directed more towards finding the right response to unpredictable events and actions than to developing a management strategy under conditions of uncertainty. The information base in Japan is the key to understanding this provision. The main condition for increasing the reliability of the system at Japanese enterprises is to reduce costs, improve quality and improve consumer properties of products.

To achieve these goals, the improvement of technology and the improvement of the quality of labor are aimed. There are, of course, a number of features (lifetime employment, wages depending on length of service, age, etc., a recruitment system depending on the educational potential and moral and ethical qualities of an employee, a quality control mechanism by promoting rationalization proposals upwards and etc.), which enhance the adaptability and competitiveness of Japanese business.

Particular attention should be paid to such an aspect of the strategic work of Japanese firms as the advance, thoughtful introduction into the creation of people of the essence of the necessary changes, as well as the importance of their implementation. Such a strategy requires a large margin of safety, that is, firms are objectively interested in capacity building - human and technological.

An analysis of the experience of leading American, Western European and Japanese corporations shows that planning is generally accepted in their practice. There are several stages in the development of strategic planning in foreign corporations.

Initially, the function of corporate planning for the development of American firms in the external environment was in the form of long-term planning (50-60 years). Methods of long-term planning were based mainly on the extrapolation of the past structural characteristics and development trends of the firm, with the introduction of some estimates of the future. The developed plans using extrapolation methods gave positive results. This was explained by the fact that the instability of the external environment at that time was characterized by a slow increase. During this period, the principle of the sliding formation of long-term plans of the corporation, which is still used today, was formed. When developing long-term plans, economic and mathematical methods were widely used, as well as methods of market forecasting and the development of complex financial models of corporate activities.

In the 60-70s. there was a rapid development of technology and technology, increased international competition, market saturation. Integration processes began to play the most important role in the industrial development of Western Europe, the United States and Japan, reflecting the need to expand production through large-scale investment in already known technologies and production infrastructure, the distribution of goods and services, and the creation of subsidiaries in the most attractive foreign markets. As part of large corporations their own economic and financial structures were formed, including a bank, a sales organization, an insurance company, a non-state pension fund, etc. Outstripping growth becomes the main trend of corporate development market capitalization compared to turnover and profit. Cardinal changes in the external environment in the 60-70s. led to the fact that, often, the planned indicators sharply diverged from the actual result. There was a slowdown in the growth of many firms. During this period, strategic planning methods began to be introduced based on the use of the concept of the organization as an "open" system. A feature of this concept was the focus on the external economic, scientific, technical, socio-political environment of the organization.

As I. Ansoff notes in his work, “Strategic planning is a much more multifaceted, complex and time-consuming process than long-term planning. This was another innovation in a series of others that had no guarantees that the company’s significant costs for its implementation will be justified". The differences between the long-term and strategic planning processes are described by Ansoff.

In a long-term planning system, goals are translated into action programs, budgets, and profit plans, developed for each of the main departments of the organization, which execute them. In the strategic planning system, extrapolation has been replaced by extended strategic analysis, which links perspectives and goals together to develop a strategy. Strategic programs and budgets aim to achieve the long-term profitability of the organization. Current programs and budgets guide operational units in their day-to-day work and are designed to ensure ongoing profitability.

As the experience of foreign organizations has shown, the introduction of strategic planning requires costs, which may not always be effective. Under certain circumstances, it takes time for the manager's efforts to yield positive results. Even a very well-managed organization can face adverse and unpredictable circumstances. It is the responsibility of management to take action to compensate for the negative impact of unexpected adverse conditions by implementing strategic planning and using business approaches that would help overcome the consequences of an unfortunate set of circumstances. Thus, for example, the leading American company General Electric, currently successfully using strategic planning, made two unsuccessful attempts to implement it.

Analysis evaluation methods the level of solvency of enterprises used in Europe and the USA and a comparison of these methods with domestic ones shows that the main methodological provisions of both approaches basically coincide. Differences and features are manifested in the following. Firstly, in Russia, in the course of balance sheet analysis, the main focus is on the calculation of solvency ratios. Obviously, insufficient attention is paid to the analysis of the structure and especially the dynamics of the property of enterprises and its real value. This is due to the fact that up to now, modern banking legislation provides for the possibility of providing a loan without securing it with property.

In addition, Russia already has a very wide network of specialized voucher investment funds, and other financial institutions, working with checks, shares and other securities.

Under these conditions, we are talking about the real value of securities, that is, their real security with property. Secondly, abroad, great importance is given to taking into account the impact of information on the financial position of the organization.

In our country, this issue is not sufficiently developed in theoretical and practical terms. Thirdly, computerization of calculations for analysis and financial condition is of great importance for Russia, in contrast to the countries of Europe and the USA, in which this process has reached a high level. For Russian science and practice, the automation of economic analysis is one of the independent topical areas of development. For us, this can be one of the main, independent and important areas.

Studies of the problem of the efficiency of the financial and economic activities of enterprises and the mechanisms for its recovery were widely carried out in Russia back in the nineties of the XX century in relation to the then crisis conditions of management. The works of M.I. Bakanova, A.P. Gradova, V.V. Kovaleva, V.M. Rodionova, R.S. Saifulina et al., devoted to this problem, have gained wide popularity, because. their results were in great demand in economic practice. However, the problem under consideration in those years, as a rule, was not linked to the task innovative development enterprise, which at the end of the last century was practically not studied by domestic scientists.

During the period of growth of the Russian economy in 1999 - 2007. in many scientific works, the task of innovative transformation of the national economy began to be substantiated. However, it was considered in isolation from the problem of the financial recovery of enterprises, the severity of which somewhat decreased in these years, since the Russian economy showed high growth rates (an average of 7% per year).

As a result, an erroneous, from our point of view, theoretical approach has developed, according to which the problem of the financial recovery of enterprises must be solved during an economic crisis, and the task of their innovative development - during its sustainable growth. The implementation of this approach in the works of many Russian scientists has led to the fact that most of the results of their earlier studies in modern conditions cannot become a theoretical basis for the revival of the Russian economy, which implies not only the financial recovery of enterprises, but also their further innovative activity. This approach corresponded to the "raw material" model of the country's economic development implemented by the state. Therefore, the solution to the problem of financial recovery of enterprises did not develop into the development of mechanisms for their post-crisis innovative development.

The noted circumstance played its negative role in the fact that, unlike many countries of the world, the basis of the economic growth of our state at the beginning of the XXI century. was the rent from natural resources, which gave at least 75% of all net profit. The pace of Russia's economic development in these years was ensured by almost 70% by an increase in prices for exported raw materials and a hidden inflationary component.

At the same time, in highly developed countries, 80% of their economic growth was provided by innovative activities of enterprises. As a result, in 2008, in terms of competitiveness, according to the World Economic Forum, the Russian economy dropped to 58th place in the world. The products of 80% of Russian enterprises are currently competitive only within the country and in the markets of the CIS countries. In the states of the European Union, only 5% of Russian enterprises were competitive, in the countries of North America - 3%.

This was largely due to the low innovative activity of domestic enterprises, which is most fully characterized by the share of enterprises' expenses on in-house R&D in sales volume. According to this indicator, Russia lagged behind not only highly developed, but also many developing countries. For example, in China it was 2.5% in 2008, in Brazil - 0.9%, in India - 0.46%, and in Russia - only 0.3%. At the same time, more than 60% of Russian enterprises have not carried out innovation activities at all for the last ten years, because in our country at the beginning of the 21st century. it was very costly and risky.

The innovation policy pursued by the state turned out to be ineffective, because it was mostly declarative. As a result, Russian enterprises lagged far behind in terms of the efficiency of their activities. For example, JSC "Severstal" in output per employee is four times inferior to the Chinese corporation Shanghai Baosteel Group Corporation and 20 times - to the Japanese company Nippon Steel. OAO Avtovaz in this indicator is 10 times inferior to the Indian company Mahindra & Mahindra and 22 times inferior to the German corporation Porsche, OAO Gazprom is four times inferior to the Brazilian company Petrobras, etc. .

The global financial and economic crisis, which began in 2008 and engulfed more than 130 states, manifested itself most strongly in our country. In view of the fact that the structural, technological and institutional transformation of the Russian economy was carried out at the beginning of the XXI century. slowly, as well as for a number of other reasons, in 2009 Russia became the leader among the states of the world in terms of the relative rate of economic decline compared to the pre-crisis period. The decline in Russian GDP relative to its last year's growth exceeded 12% in 2009. In the rest of the CIS countries, this decline will be 9.3%, in the countries of the European Union - 6.5%, in Brazil - 6.4%, the USA - 3.7%, in India - 1.9%, in China - 1, 5%. According to the Ministry of Economic Development of Russia, production in our country in 2009 decreased by 9%, in 2010 it will begin to grow, but it will not reach the pre-crisis level until 2013-2014.

The financial and economic crisis that began in 2008 clearly showed that the Russian economy has no real growth prospects without its innovative modernization, and this circumstance must be taken into account when choosing mechanisms for the financial recovery of enterprises. The accelerated innovative development of Russian enterprises should become the basis for this modernization.

If the model of economic development of our country is not changed, then the Russian economy will turn into a raw material appendage of highly developed countries, because in 2008, the share of fuel and energy resources in total exports Russian goods amounted to 68.6%, ferrous and non-ferrous metals - 11.7%, and machinery and equipment - only 4.9%. World practice shows that the economic crisis is most successfully overcome by the introduction of innovations that create new production opportunities, the development of which ensures the transition to economic growth. Therefore, the Program of Anti-Crisis Measures of the Government of the Russian Federation for 2010 notes: "The crisis is not a reason to abandon the long-term priorities of modernizing the country. Such work will be intensified and accelerated. The main modernization task of the Government is to change the existing model of economic growth. towards innovation."

Thus, in the context of the formation of the market and the development of new areas in the field of accounting and analysis in Russia, there is a need for a deeper study of the features of accounting and analysis used in the practice of countries with developed market economies.

Particular attention should be paid to the analysis of the structure of enterprises' property and its real value, which will allow banks to provide loans secured by property.

Based on the foregoing, it is necessary to develop measures to improve the efficiency of the financial and economic activities of the enterprise under study.

3.2 Development of measures to improve the efficiency of financial and economic activities of PSC "TAIF-NK"

Solving the problems faced by TAIF-NK PJSC in the conditions of the global economic crisis requires strengthening the role of the analysis of the financial condition, as well as the use of universal and standard measures that ensure the stabilization of financial and economic activities during the financial crisis. The totality of these measures forms measures to improve the efficiency of the financial and economic activities of the enterprise. At the same time, these measures should be considered not only from the standpoint of their current effect, but also from the point of view of analyzing the potential opportunities they create for further post-crisis innovative development of TAIF-NK PSC.

The financial condition of the enterprise is constantly changing. To identify the causes of financial problems of TAIF-NK PJSC, it is necessary to regularly analyze financial and economic activities. The analysis of the financial and economic activities of TAIF-NK PJSC is based on the calculation key parameters, giving a picture of profits and losses, changes in the structure of assets and liabilities, in settlements with debtors and creditors, etc.

The assessment of the financial and economic activity of TAIF-NK OJSC is carried out on the basis of an analysis of the economic situation by examining various parameters of its functioning and comparing them with standard values. This analysis intended to reveal the content economic factors and reasons affecting TAIF-NK PJSC, and is aimed at comprehending their results and consequences. Its use helps to discover weak sides PSC "TAIF-NK" (sources of possible financial problems in the future), as well as to identify it strengths on which to rely in the future. In addition, it allows you to perform a comparative and comparative assessment of the financial and economic activities of PSC "TAIF-NK" in time.

Methods and techniques for analyzing the financial and economic activities of TAIF-NK PJSC make it possible to evaluate its financial activities in dynamics. However, it is not always possible to correctly eliminate the influence of the past on the state of the enterprise in the present. The current system for analyzing the financial and economic activities of TAIF-NK PJSC determines the current financial position and projects it for the near future, as a rule, unchanged, without taking into account possible options strategic development enterprise, including its innovative activity in the post-crisis period. Consequently, the difficulty of predicting the possible results of the financial and economic activities of TAIF-NK PSC in the future is one of the main shortcomings of the current system for analyzing its financial condition.

The development of measures to improve the efficiency of financial and economic activities of TAIF-NK PSC is possible using universal and standard measures. The systems of these measures, implemented on the basis of appropriate scientific and methodological support and aimed at achieving certain goals, form mechanisms for ensuring financial stability.

The main types of measures to improve the efficiency of financial and economic activities of TAIF-NK PSC are:

operational activities;

Tactical activities;

strategic activities.

Operational measures to improve the efficiency of financial and economic activities of TAIF-NK include measures aimed at reducing the size of the company's current financial liabilities in the short term and at increasing the volume of monetary assets that ensure the urgent repayment of these liabilities. The essence of this mechanism is to reduce the size of current financial needs and certain types liquid assets. The main content of operational measures to improve the efficiency of financial and economic activities of TAIF-NK PSC is to ensure the balance of monetary assets and short-term financial liabilities of the enterprise.

The choice of certain measures to improve the efficiency of the financial and economic activities of TAIF-NK PSC is determined by the level of solvency of the enterprise.

Taking into account the value of the net current solvency ratio, the measures to improve the efficiency of the financial and economic activities of TAIF-NK PJSC may include the following measures:

Ensuring accelerated liquidity of current assets (with Kpl> 1);

Accelerated disinvestment of non-current assets (at Kpl<1);

A sharp reduction in the amount of short-term financial liabilities of the enterprise.

Ensuring accelerated liquidity of current assets of TAIF-NK PSC will contribute to the growth of positive cash flow in the short term. The solution of this problem is possible due to the implementation of the following activities by TAIF-NK PJSC:

Growth of receivables turnover;

Increasing the price discount when paying for products sold;

Reducing the terms of granting a commodity loan.

Accelerated deinvestment of non-current assets of TAIF-NK PJSC can be achieved through the following measures:

Implementation of the highly liquid part of the investment portfolio;

Sale of unused equipment;

Renting equipment instead of buying it;

Carrying out leaseback operations.

The reduction of the amount of short-term financial liabilities of TAIF-NK PJSC is facilitated by the implementation of the following measures:

Postponement of settlements on certain forms of domestic accounts payable;

Prolongation of short-term financial loans;

Restructuring the portfolio of short-term financial loans, etc.

The purpose of the implementation of operational measures to improve the efficiency of the financial and economic activities of TAIF-NK PSC is to eliminate the current insolvency of the enterprise. It is achieved if the volume of cash receipts exceeds the volume of urgent financial obligations of TAIF-NK PSC in the short term. In this case, the threat of bankruptcy of TAIF-NK OJSC in the current period is eliminated, but does not completely disappear. To completely eliminate it, it is necessary to use tactical measures to improve the efficiency of financial and economic activities, which are a system of measures that contribute to the achievement of financial balance of TAIF-NK PSC in the planned period. The purpose of the implementation of these measures is to maintain financial balance and financial stability.

Opportunities to increase the volume of generation of own financial resources of enterprises in a crisis are limited. At this time, the strategy of TAIF-NK OJSC is to reduce the consumption of its own financial resources. It is associated with a decrease in the volume of operating and investment activities and is characterized by the term "compression of the enterprise."

It is possible to ensure the generation of own financial resources of TAIF-NK PSC through the implementation of the following measures to improve the efficiency of financial and economic activities:

Reducing fixed and variable costs;

Minimization of tax payments in relation to the amount of income and profit of the enterprise;

Accelerated depreciation of the active part of fixed assets;

The volume of consumption of own financial resources of TAIF-NK PJSC can be reduced in the following ways:

Decrease in investment activity;

Renovation of non-current assets;

Implementation of the dividend policy corresponding to the crisis economic phenomena;

Rejection of non-productive programs funded by profits;

The purpose of the implementation of tactical measures to improve the efficiency of financial and economic activities of TAIF-NK PSC is to maintain financial balance and financial stability.

Strategic measures to improve the efficiency of financial and economic activities are a system of measures that ensure the maintenance of the achieved financial balance of an enterprise in the long term and its economic development in the future. They are based on the model of sustainable economic growth of an enterprise, which has various mathematical forms of expression depending on the basic indicators of the financial strategy used. The purpose of the implementation of strategic measures to improve the efficiency of financial and economic activities of TAIF-NK PSC is to increase its market value in the long term by accelerating the pace of sustainable economic growth.

In the event that TAIF-NK PJSC fails to reach the planned rate of increase in the volume of sales of products, it needs to make adjustments to its strategic measures to improve the efficiency of financial and economic activities. Therefore, the model of sustainable economic growth can be used by TAIF-NK PJSC as a regulator of the optimal pace of development of the enterprise's operating activities (increase in sales volume) and the main parameters of its financial development. It allows you to consolidate the financial balance of the enterprise in the long term of its economic development.

Sustainable economic growth of TAIF-NK OJSC is determined by the profitability of product sales; capitalization of net profit; formation of a rational capital structure and sources of financing assets; asset turnover; efficiency of investment activity of the enterprise. By changing these parameters of measures to improve the efficiency of financial and economic activity, it is possible to ensure acceptable rates of economic development in conditions of financial equilibrium.

The parameters of the sustainable economic growth model of TAIF-NK PJSC must be periodically adjusted taking into account the internal conditions for the development of the enterprise and changes in environmental factors. Consequently, the parameters of the financial strategy of the enterprise in the process of anti-crisis management should also change due to the adjustment of the growth rate of sales volumes.

In our opinion, the following sequence of actions of TAIF-NK PJSC is expedient when choosing measures to improve the efficiency of financial and economic activities, taking into account its further innovative development:

Determining acceptable options for solving problems to improve the efficiency of financial and economic activities and choosing the main measures to improve financial stability;

Evaluation of alternative options for improving the efficiency of financial and economic activities according to various criteria;

Analysis of the possible consequences of the implementation of selected activities under various conditions;

Formation of a strategy and program of measures to improve the efficiency of financial and economic activities;

Development of a strategy for innovative development of the enterprise.

PJSC "TAIF-NK" needs to actively develop and make wider use of measures to improve the efficiency of financial and economic activities and improve the process of managing the financial condition, primarily through the wider use of analysis methods that combine retrospective and prospective analysis of time series, as well as the use of economic mathematical models. They allow you to establish the extent to which the indicators characterizing the bottlenecks in the economic activity of the enterprise are regular. Of particular interest in this regard is, for example, an analysis technique based on the use of analytical matrix models, a system of integral assessments for groups of indicators of enterprises' performance.

The creation of mathematical models in the field of measures to improve the efficiency of financial and economic activities is caused by the need for a formalized analysis of the parameters of its financial condition. When modeling, it is necessary to constantly refine the assumptions made, correct subjective assessments, check the adequacy of the model, since it should reflect the probabilistic nature of the operation of the enterprise and the multivariance of its development.

Along with measures to improve the efficiency of financial and economic activities, TAIF-NK PSC should also consider, from our point of view, investment and dividend policies. With an integrated approach to improving the management of financial and economic activities of TAIF-NK PJSC, the most important problem of informational linkage of all the above activities arises. In addition, it should be noted that modeling the tasks of managing the efficiency of financial and economic activities of TAIF-NK PJSC should be based on a large amount of initial information, as well as taking into account the peculiarities of its production and economic activities, the significant uncertainty of its conditions, various disturbing effects on it. , the complexity of financial relations and the large dimension of the financial problems being solved.

Conclusion

An analysis of the financial and economic activities of an enterprise involves a comprehensive study of the technical level of production, the quality and competitiveness of products, the provision of production with material, labor and financial resources and the effectiveness of their use. It is based on a systematic approach, comprehensive consideration of various factors, high-quality selection of reliable information and is an important management function.

Based on the results of the study, the following conclusions can be drawn:

Financial results, which are one of the central indicators of the activity of enterprises, are used today as a guideline that reflects the direction of development of the enterprise. They are included in the enterprise development program, showing the final value of the implementation of a set of strategic and tactical tasks.

Of particular importance in connection with the foregoing are the procedure for the formation and analysis of financial results, forecasting the results of enterprises, as well as the role of financial results in relation to the task of enterprise management.

The following sources serve as the information base for analyzing the financial results of the enterprise: "Report on financial results and their use", "Balance sheet of the enterprise", as well as accounting data, working materials of the financial department (service) and the legal adviser of the enterprise. To conduct a comparative analysis, it is recommended to use versatile information from other enterprises with similar activities, which characterizes their financial performance.

Indicators of financial results characterize the absolute efficiency of the management of the enterprise. The most important among them are indicators of profitability, which in the conditions of transition to a market economy form the basis of the economic development of the enterprise. Income growth creates a financial base for self-financing, expanded production, and solving the problems of the social and material needs of the workforce. At the expense of income, a part of the enterprise's obligations to the budget, banks and other enterprises and organizations are also fulfilled.

Open Joint Stock Company "TAIF-NK" is one of the most dynamically developing enterprises of the universal fuel and raw material direction, created in order to meet consumer demand for petroleum products and provide petrochemical industries of the Republic of Tatarstan with raw materials.

In 2008, TAIF-NK OJSC strengthened its positions and remained one of the largest developing enterprises in the oil refining industry of the Republic of Tatarstan.

In 2008, the output of marketable products increased by 136.4% and amounted to 89,131 million rubles. Net profit in 2008 increased compared to 2007 by 115.1%, or by 690 million rubles.

The financial results of the enterprise can be characterized as positive. However, profit cannot be considered as a universal indicator of production efficiency. In market conditions, the company seeks to maximize profits, which can lead to negative consequences. Therefore, to assess the intensity and efficiency of production, indicators of profitability and solvency are used.

The enterprise of TAIF-NK OJSC is quite profitable and solvent. For the period from 2006 to 2008, TAIF-NK PJSC has a tendency to increase the level of profitability and solvency.

In 2007, there was an increase in the return on assets by 4% and a decline in the return on equity to 84%, in 2008 the return on assets increased by 2%, and the equity ratio also continues to decline. From year to year there is an increase in the liquidity ratios of TAIF-NK OJSC. In 2007, the absolute liquidity ratio increased by 0.13 points. It shows that by the end of 2007, TAIF-NK OJSC could repay 17% of short-term liabilities through the use of cash and securities. An increase in the turnover of receivables and payables in 2008 compared to 2007 can be noted.

An analysis of methods for assessing the level of solvency of enterprises used in Europe and the United States and a comparison of these methods with domestic ones shows that the main methodological provisions of both approaches basically coincide. Differences and features are manifested in the following. Firstly, in Russia, in the course of balance sheet analysis, the main focus is on the calculation of solvency ratios. Obviously, insufficient attention is paid to the analysis of the structure and especially the dynamics of the property of enterprises and its real value. This is due to the fact that up to now, modern banking legislation provides for the possibility of granting a loan without securing it with property.

Based on the conclusions made, in order to improve the efficiency of the financial and economic activities of TAIF-NK PSC, it is proposed:

Getting rid of inefficient short-term financial investments;

Reducing insurance stocks of inventory items;

Optimization of pricing policy;

Sale of retired or unused property.

Reducing deductions to the reserve and other insurance funds, carried out at the expense of profits.

Extending the term for the provision of commodity credit by suppliers;

Analysis of activities and identification of the most acute financial problems;

These proposals will help TAIF-NK PJSC to improve its performance, increase the profit of the enterprise, and increase the level of profitability.

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The indicator, in the most general form, reflecting the effectiveness of the use of funds invested in the organization, is the return on investment (ROI). And in the practice of analyzing financial statements, it is used mainly to assess the effectiveness of the organization's management, its ability to provide the necessary return on invested capital and determine the calculation base for forecasting.

The ROI is seen as the simplest way to assess investment management prowess. The indicator is calculated by the formula

ROI = [Operating profit after tax (NOPAT) : Assets] x 100%.

At the same time, in some analysis methods, a slightly different formula can be used to determine the ROI indicator, taking into account the effect (income) from investments in the assets of owners and creditors in the numerator, and the amount of funds invested by owners and creditors in the denominator. At the same time, as a rule, accounts payable (to suppliers, personnel, budget, etc.) are excluded from the denominator of the formula, since it cannot be considered as an investment component.

As a result, the formula for calculating the return on investment takes the form:

ROI= [NOPAT Operating Profit : : (Assets - Accounts Payable)] x 100%.

It should be noted that this indicator is becoming more and more widespread in the Russian practice of analysis.

The traditional tool for evaluating the profitability of a particular investment project is the calculation of an indicator that characterizes the internal level of return on investment (IRR).

The latter can be defined as the discount rate at which the present value of investment returns exactly matches the investment cost of capital. The formula for calculating the net present value of a project (NPV) is as follows:

where C, - the difference between income and payments from investments in the period -;

Co - the amount of investment (in the case of one-time capital costs. If the investment process is extended in time, then to calculate NPV, the amount of investment in period t is multiplied by the discount factor of the corresponding period); - - specific period of project implementation; r is the discount rate.

By solving the equation for the rate r, an indicator is determined that characterizes the internal level of return on investment (IRR).

If we denote the level of return required by investors through y, then investment activity can be characterized as effective if the condition is met: r>j.

Based on the result of determining the internal level of return on investments, an assessment of their acceptability can be given. If the analyzed indicator corresponds to the level of return J required in specific conditions (i.e., r > j), then investments are recognized as appropriate. Investments, the internal rate of return of which is below the required level (r< j), оцениваются как неприемлемые.

This provision is fundamentally important for understanding the mechanism of the influence of investment activity profitability on the return on equity index. The fact is that the assessment of the required level of return on total capital (owners and creditors) includes the reimbursement of financial costs associated with raising borrowed capital, and the required level of return on equity, taking into account the risk of investing funds. Compliance of the internal level of return on investments r with the required level of return j means that the implementation of investment decisions provides the necessary return on the capital invested by the owners.

Financial Performance

The financial activity of the organization is connected with the attraction of external sources of funds. The key characteristics of the analysis of the profitability of financial activities and its impact on the return on equity are the structure of financing and the cost of its individual components.

In the system of indicators characterizing the profitability of financial activity, it is advisable to include the return on investment (ROI), the price (cost) of borrowed capital, as well as coefficients reflecting the ratio of equity and borrowed capital.

To determine the price of borrowed capital, an indicator characterizing the rate of borrowing can be used

The relationship between indicators of return on equity (ROE), amount of borrowed capital (D) and return on investment (ROI) is expressed by the following ratio used to assess the impact of the effect of financial leverage:

where E - equity;

Ka - the rate of attraction of borrowed capital (taking into account the factor of tax savings on borrowed funds).

This ratio defines the boundary of economic feasibility of attracting borrowed funds. Its meaning lies, in particular, in the fact that while the return on investment is higher than the rate of borrowing, the return on equity will grow the faster, the higher the ratio of borrowed and equity capital. But as soon as the return on investment falls below the level of the rate on borrowed funds, the return on equity will begin to fall the more, the higher the share of borrowed capital in total sources.

Data on the dynamics of the considered profitability indicators are given in Table. 6.7.

Table 6.7. System of indicators of profitability of OJSC "NLMK", %

All profitability indicators show a decline compared to the previous period. Thus, the return on equity decreased by 24.6%. The main reason for this was the reduction in net profit associated with a sharp deterioration in market conditions during the crisis year.

The drop in return on sales from 35.5% to 18.7% was due to a decrease in revenue, which occurred against the backdrop of a less significant reduction in costs. A significant reduction in return on sales, as well as a significant slowdown in asset turnover led to a decrease in return on assets by 18.8%. The slowdown in the turnover of assets was primarily affected by the slowdown in the turnover of current assets (see paragraph 6.3).

At the end of the analysis of the financial condition, it is useful to compile a final table that reflects the main ratios of the economic indicators of the analyzed organization.

Analysis of financial and economic activity plays an important role in increasing the economic efficiency of the organization, in its management, in strengthening its financial condition. It is an economic science that studies the economics of organizations, their activities in terms of evaluating their work on the implementation of business plans, assessing their property and financial condition and in order to identify untapped reserves to improve the efficiency of organizations.

Acceptance of justified, optimal ones is impossible without a preliminary comprehensive, in-depth economic analysis of the organization's activities.

The results of the economic analysis carried out are used to establish reasonable planning targets. The indicators of business plans are set on the basis of actually achieved indicators, analyzed in terms of opportunities for their improvement. The same applies to regulation. The norms and standards are determined on the basis of the previously existing ones, analyzed from the point of view of the possibilities for their optimization. For example, the norms for the consumption of materials for the manufacture of products should be established taking into account the need to reduce them without compromising the quality and competitiveness of products. Consequently, the analysis of economic activity contributes to the establishment of reasonable values ​​of planned indicators and various standards.

Economic analysis helps to improve the efficiency of organizations, the most rational and efficient use fixed assets, material, labor and financial resources, the elimination of unnecessary costs and losses, and, consequently, the implementation of the savings regime. The immutable law of management is to achieve the greatest results at the lowest cost. The most important role in this is played by economic analysis, which makes it possible, by eliminating the causes of excessive costs, to minimize and, consequently, maximize the value obtained.

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

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

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

The analysis of economic activity is also associated with statistical accounting (). information provided by statistical accounting and reporting is used in the analysis of the organization's activities. In addition, a number of statistical research methods are used in economic analysis. Economic analysis is interconnected with audit.

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

The analysis of economic activity is also associated with intra-economic planning.

The analysis of economic activity is closely connected with mathematics. When conducting research is widely used.

Economic analysis is also closely connected with the economy of individual sectors of the national economy, as well as with the economy of individual industries (engineering, metallurgy, chemical industry, etc.).

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

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

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

The objectives of the analysis of financial and economic activities

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

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

Methods of analysis of economic activity

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

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

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

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

In the process of conducting an analysis of economic activity, it is used a large number of special methods and techniques in which the systemic, complex nature of the analysis is manifested. Systemic nature of economic analysis It manifests itself in the fact that all economic phenomena and processes that make up the activity of the organization are considered as certain aggregates consisting of separate components, interconnected and generally with the system, which is the economic activity of the organization. When conducting an analysis, the relationship between the individual components of these aggregates, as well as these parts and the aggregate as a whole, and finally, between individual aggregates and the activities of the organization as a whole, is studied. The latter is considered as a system, and all of its listed components are considered as subsystems of various levels. For example, an organization as a system includes a number of workshops, i.e. subsystems, which are aggregates consisting of individual production sites and jobs, that is, subsystems of the second and higher orders. Economic analysis studies the interconnections of the system and subsystems of various levels, as well as the latter among themselves.

Analysis and evaluation of business performance

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

The main principle of economic efficiency is to achieve the greatest results at the lowest cost. If we detail this provision, then we can say that the effective activity of the enterprise takes place while minimizing the cost of manufacturing a unit of production in conditions of strict adherence to technology and production and ensuring high quality and.

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

These indicators include:

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

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

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

Private performance indicators of the financial and economic activities of the enterprise

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

All these changes, which took place compared with the previous period, indicate an increase in the efficiency of the enterprise.

As a generalizing indicator of the effectiveness of the financial and economic activities of the enterprise, we use the level as the ratio of net profit to the sum of fixed and current production means. This indicator combines a number of private performance indicators. Therefore, the change in the level of profitability reflects the dynamics of the efficiency of all aspects of the organization's activities. In our example, the level of profitability in the previous year was 21 percent, and in the reporting year 22.8%. Consequently, an increase in the level of profitability by 1.8 points indicates an increase in business efficiency, which is expressed in a comprehensive intensification of the financial and economic activities of the enterprise.

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

The effectiveness of the functioning of the organization is influenced by a large number of factors different levels. These factors are:

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

It is very important to improve the efficiency of the functioning of the enterprise is to improve the use of production resources. Any of the indicators we have named, reflecting their use ( , ) is a synthetic, generalizing indicator, which is influenced by more detailed indicators (factors). In turn, each of these two factors is influenced by even more detailed factors. Consequently, any of the generalizing indicators of the use of production resources (for example, capital productivity) characterizes the effectiveness of their use only in general.

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

The main private indicators characterizing the efficiency of the enterprise should be considered the return on assets, labor productivity, material efficiency and turnover of working capital. At the same time, the latter indicator, in comparison with the previous ones, is more general, directly reaching such performance indicators as profitability, profitability, and profitability. The faster the turnover of working capital, the more efficiently the organization functions and the greater the amount of profit received and the higher the level of profitability.

The acceleration of turnover characterizes the improvement of both the production and economic aspects of the organization's activities.

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

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

A systematic approach to the analysis of financial and economic activities

Systems approach to the analysis of the financial and economic activities of the enterprise suggests her study as a certain totality, as a single system. The system approach also assumes that an enterprise or other analyzed object should include a system of various elements that are in certain relationships with each other, as well as with other systems. Consequently, the analysis of these elements that make up the system should be carried out taking into account both intrasystem and external relations.

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

Under these conditions, economic analysis must, of course, be systemic, complex and multifaceted.

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

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

In the process of conducting a systematic, comprehensive analysis of the financial and economic activities of an enterprise, one can single out next steps. At the first stage the analyzed system should be divided into separate subsystems. At the same time, it should be borne in mind that in each individual case, the main subsystems may be different, or the same, but having far from identical content. So, in an organization that manufactures industrial products, the most important subsystem will be its production activity, which is absent in a trade organization. Organizations providing services to the population have a so-called production activity, which differs sharply in its essence from the production activity of industrial organizations.

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

At the second stage a system of economic indicators is being developed, which reflects the functioning of both individual subsystems of a given organization, that is, the system, and the organization as a whole. At the same stage, criteria for evaluating the values ​​of these economic indicators are developed based on the use of their normative and critical values. And finally, at the third stage of the implementation of a systemic, integrated analysis, the relationships between the functioning of individual subsystems of a given organization and the organization as a whole are identified, the economic indicators that express these relationships are determined and are under their influence. So, for example, they analyze how the functioning of the department for labor and social issues of a given organization will affect the value of the cost of manufactured products, or how the investment activity of the organization affected the amount of its balance sheet profit.

Systems approach to economic analysis enables the most complete and objective study of the functioning of this organization.

At the same time, one should take into account the materiality, significance of each type of identified relationships, the share of their influence on the total value of the change in the economic indicator. Subject to this condition, a systematic approach to economic analysis provides opportunities for the development and implementation of optimal management decisions.

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

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

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

Further, when conducting a systematic, comprehensive analysis, it is necessary to take into account that it is possible to obtain a holistic view of the organization's activities only as a result of studying all aspects of its activities (and the activities of its structural divisions), taking into account the relationships between them, as well as their interaction with external environment. Thus, in carrying out the analysis, we split the integral concept - the activity of the organization - into separate constituent parts; then, in order to verify the objectivity of analytical calculations, we carry out an algebraic addition of the results of the analysis, that is, individual parts, which together should form a complete picture of the activities of this organization.

The systemic and complex nature of the analysis of financial and economic activity is reflected in the fact that in the process of its implementation there is the creation and direct application of a certain system of economic indicators that characterize the activities of the enterprise, its individual aspects, the relationship between them.

Finally, the systemic and complex nature of economic analysis finds its expression in the fact that in the process of its implementation there is a complex use of the entire set of information sources.

Conclusion

So, the main content of the system approach in economic analysis is to study the influence of the entire system of factors on economic indicators based on intra-economic and external relations of these factors and indicators. At the same time, the analyzed organization, that is, a certain system, is divided into a number of subsystems, which are separate structural divisions and separate aspects of the organization's activities. In the course of the analysis, the complex use of the entire system of sources of economic information is carried out.

Factors to improve the efficiency of the organization

Classification of factors and reserves to improve the efficiency of the organization's economic activities

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

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

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

In the process of analyzing the organization's activities, even more detailed factors of the third, fourth, and higher orders can be distinguished.

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

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

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

The concept of efficiency

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