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The overall financial result of economic activity. The concept and economic essence of the financial results of the enterprise. Assignment for term paper

The financial result contains all the necessary information on the activities of the organization and is classified into certain categories of income and expenses provided for the reporting year.

Depending on the efficiency of the entire company, the object of checking the financial result is accounting items income or expenses, which are the financial result determined for each reporting period on the basis of accounting.

The financial result is the degree of efficiency of the company in the field of production and economic direction, the increase or decrease in the amount of income (losses) for a certain period of time. The final financial result is calculated in accordance with the value of goods or services sold, the volume of fixed assets of the corporation, as well as non-operating income.

Attention! Income or expenses in the activities of an organization is nothing more than the difference between the amount of income from the sale of goods or services at a market price and the costs of production and sale!

The financial results of the organization are provided in several forms - profit and expenses. And if the income of the enterprise exceeds the costs of production, then the entire activity of the organization is considered effective. If there is a level of costs that exceeds the amount of income of the enterprise, the work is treated as unprofitable.

Profit is the final positive financial result of the organization's performance, and the loss is negative.

The profit of any organization is formed due to the following sources:

From the sale of goods or the provision of services, which are the operating activities of the company. It shows the final result from the main field of activity of the organization in the market and its profile;
From the sale of property - characterized by the sale of tangible and intangible assets, securities, and so on;
From non-operating transactions. This includes interest on purchased shares, income from the use of debt obligations, and so on.

There are the following types of profit:

Gross profit (the main type of profit among others) is income from the sale of goods, services or work minus the cost of the object sold;
Revenue from sales. To determine what is the profit from sales, it is necessary to subtract the expenses (both administrative and commercial) from the gross profit;
Balance sheet profit - income from sales, excluding the balance of other items of income and expenses;
Profit from taxation;
Net profit of the reporting period.

The main functions of profit are:

Estimated- the essence of which is that with the help of relative and absolute parameters of profitability, you can find out the actual performance of the organization, quality and overall activity. In addition, according to the income item, you can find out such aspects as the quality of the enterprise's resources (labor, material and production) and labor productivity;
stimulating, which shows the degree of satisfaction of the employees of the organization with their work, whether their social needs are taken into account, as well as the procedure for paying dividends.

Indicators of financial performance of the enterprise

All these important values for the organization show the absolute effectiveness of the management of the organization in all areas of activity: financial, production, marketing, investment and supply. They form an assessment of the economic management of the company, as well as its relationship in a market economy.

Attention! To analyze the financial results, appropriate coefficients are applied to adjust the values of the financial statements. Its key components are the analysis and calculation of the efficiency of resource use, as well as profitability.

Evaluate the activities of the enterprise in terms of financial values possible due to relative and absolute indicators. The first includes all possible ratios of profits and costs.

The key place here is occupied by indicators of profitability. From an economic point of view, their essence is to make a profit from the funds invested in the company. The list of absolute indicators includes profit (balance sheet and gross), income and expenses associated with non-operating activities.

Analysis of the efficiency of the use of enterprise resources is formed on the basis of such indicators as the coefficient:

asset turnover;
current liquidity;
Quick liquidity;

Profitability analysis is based on three groups values, the calculation of which depends on:

Production assets - the ratio of net profit to assets (for example, production) or capital (equity, investment, and so on);
Profits - reflects the profitability of services or goods sold;
Cash flow (cash), with which you can understand how the company will meet its obligations in cash.

Attention! Profitability can be defined both in percentage terms and as a coefficient.

Every month, company accountants calculate the financial result of the life of their organization, correlating the turnover on accounts 90 and 91. The result is recorded on account 99 “Profit and Loss”. The order in which it is defined is as follows:

The result from the main field of activity is taken into account on account 90, and the item of other income and expenses is entered on account 99, which in turn shows income tax and penalties associated with tax violations. In other words, account 99 forms a debit or credit balance, which is written off by the final entry of the reporting year on account 84 “Uncovered loss (retained earnings)”.

For example, if at the end of the year the company made a profit, then they make the corresponding posting, the order of which is as follows: The net profit of the reporting period is written off. In case of a loss, the net loss of the reporting period is reflected.

Reflection of the financial result of the organization's activities

The financial results of the company's operation are among the key indicators economic efficiency, in accordance with which management decisions are made. The financial result is an increase or decrease in the price equity enterprises based on the activity for the reporting year.

Account 99 called "Profit and Loss" is used to collect information about the creation of the final financial result of the enterprise for the reporting period.

Attention! The final financial result consists of such values as the results from the main and secondary activities, accrued income tax and the amount of tax sanctions.

The financial result of the reporting year as a separate value in the balance sheet is not taken into account, but is included in the number of residual profits for the entire life of the organization.

In the accounting of the company, accounting entries are reflected in the debit and credit accounts.

This type of activity of the corporation includes an economic conclusion, expressed in monetary terms. It can be both positive and negative.

The profit that the organization receives can be used to satisfy various needs (for example, to create the company's financial resources that are aimed at ensuring activities).

And in conclusion, it is worth adding that the company's income is not only the final indicator of activity, but also the object of distribution, in which two stages are distinguished:

Distribution of the total profit;
Distribution, as well as the use of profits that are at the disposal of the company.

Important! Profit from the point of view of the final result of the functioning of the organization is the difference between the total amount of revenue and production losses, as well as the costs of implementing various kinds of business transactions and their content.

The financial results of the organization's activities are characterized by the amount of profit received and the level of profitability. Organizations receive profit mainly from the sale of goods, works and services, as well as from other activities (renting fixed assets, commercial activities on stock and currency exchanges, etc.).
Profit is a part of the net income created in the production process and realized in the sphere of circulation, which organizations directly receive. Quantitatively, it is the difference between revenue (after paying value added tax, excise tax and other deductions from revenue to budget and extra-budgetary funds) and the full cost products sold(services). This means that the more an organization sells cost-effective products (services), 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 (services).
The main objectives of the analysis of financial performance are:
systematic control over the implementation of plans for the implementation of communication services and profit;
determination of the influence of both objective and subjective factors on the volume of sales of communication services and financial results;
identification of reserves for increasing the organization's income and the amount of profit;
assessment of the organization's work on the use of opportunities to increase revenues, profits and profitability;
development of measures for the use of identified reserves.
The following profit indicators are used in the analysis: balance sheet profit, profit from the sale of works and services, non-operating profit, taxable profit, net profit.
Financial results are those indicators that characterize the profitability or unprofitability of the release or sale of products. These include:
1) absolute indicators:
- balance sheet profit (loss);
- results from implementation;
- results from non-sales operations;
- marginal income.
Margin is marginal income. Marginal income includes fixed costs and profits.
2) relative indicators:
- indicators of profitability, i.e. profitability of sales, costs, products, etc.
The balance sheet income includes all profits and losses, both related and non-sales. For analysis, balance sheet profit is usually divided into 3 groups (parts):
financial results from the implementation of GWS;
financial results from other sales (if credit turnovers exceed debit turnovers, then there will be a profit from other sales, losses from other sales may be as a result of incomplete depreciation, incomplete depreciation of fixed assets, as well as when selling fixed assets, below the original or book value );
non-operating income and expenses (Non-operating income includes: % receivable, fines, penalties, income from securities, income from equity participation, receipt of previously written off debts, profit of previous years revealed in the reporting year, positive exchange rate difference. In general, non-operating expenses include: penalties, fines, payment or cancellation of debts, losses of previous years identified in the reporting year, losses from emergencies, disasters, negative exchange differences.).
The organization is an open system consisting of numerous interdependent parts that are closely intertwined with the outside world.
Financial performance is influenced by external and internal factors that are part of the external and internal environment organizations.
Internal variables are situational factors within an organization. Because organizations are human-made systems, internal variables are primarily the result of management decisions. This, however, does not mean that all internal variables are fully controlled by management. Often the internal factor is something "given" that management must overcome in their work.
The main variables in the organization itself are goals, structure, tasks, technology and people.
Goals
An organization, by definition, is at least 2 people with conscious common goals. Organization can be seen as a means to an end that enables people to do collectively what they could not do individually. Goals are specific end states or desired outcomes that a group seeks to achieve by working together.
Structure
The structure of the organization reflects the allocation that has developed in the organization individual divisions, communications between these divisions and association of divisions in a single whole.
The structure of an organization is a logical relationship between levels of management and functional areas, built in a form that allows you to most effectively achieve the goals of the organization.
Tasks
Another direction of the division of labor in the organization is the formulation of tasks. A task is a prescribed job, a series of jobs, or a piece of work that must be completed in a predetermined manner within a predetermined timeframe. From a technical point of view, tasks are assigned not to the employee, but to his position. Based on management's decision on structure, each position includes a number of tasks that are seen as a necessary contribution to the achievement of the organization's objectives. It is believed that if the task is completed in such a way and in such time as prescribed, the organization will operate successfully.
The tasks of the organization are traditionally divided into three categories. This is work with people, objects, information. For example, on a typical factory assembly line, the work of people consists of working with objects. The task of the master is mainly to work with people. At the same time, the tasks of the corporate treasurer are mainly related to information.
Technology
Technology as a factor in the internal environment is much more important than many think. Most people view technology as something to do with inventions and machines, such as semiconductors and computers. However, sociologist Charles Perrow, who has written extensively on the impact of technology on organization and society, describes technology as a means of transforming raw materials - be they people, information, or physical materials - into desired products and services.
Technology implies standardization and mechanization. That is, the use of standard parts can greatly facilitate the process of production and repair. Nowadays, there are very few goods whose production process is not standardized.
At the beginning of the century, such a concept as assembly conveyor lines appeared. Now this principle is used almost everywhere, and greatly increases the productivity of enterprises.
Technology as a factor that strongly influences organizational effectiveness, requires careful study and classification. There are three categories of technologies: Single, small-scale or individual production where only one product is produced at a time.
Mass or large-scale production is used in the manufacture of a large number of products that are identical to each other or very similar.
Continuous production uses automated equipment that runs around the clock to continuously manufacture the same product in large volumes. Examples are oil refining, the operation of power plants.
People
People are the backbone of any organization. Without people, there is no organization. People in an organization create its product, they shape the culture of the organization, its internal climate, they determine what the organization is.
People working in an organization differ greatly from each other in many ways: gender, age, education, nationality, marital status, abilities, etc. All of these differences can have a major impact on both performance and behavior. individual worker and the actions and behavior of other members of the organization. Unlike a machine, a person has desires, and it is characteristic for him to have an attitude towards his actions and the actions of others. And this can seriously affect the results of his work.
It should be remembered that in control, internal variables should never be considered separately. All internal variables are interconnected and affect each other.
This diagram is a model showing the relationship of internal variables: goals, structure, tasks, technology and people. But we must not forget that the organization is an open system. And therefore, this diagram cannot be an adequate complete model of the variables that affect the success of the organization's actions, because it shows only internal variables. It is more correct to consider this figure as a model of internal socio-technical subsystems of the organization. Internal variables are usually called sociotechnical subsystems because they have a social component (people) and a technical component (other internal variables).
The external environment of an organization includes elements such as customers, competitors, government agencies, suppliers, financial institutions, and sources. labor resources relevant to the organization's operations.
Factors external environment are divided into two main groups - microenvironment and macroenvironment, or direct and indirect effects.
The direct impact environment is also called the direct business environment of the organization. This environment forms such subjects of the environment that directly affect the activities of a particular organization - suppliers, consumers, trade unions, laws and government agencies, competitors.
Suppliers
From point of view systems approach organization is a mechanism for transforming inputs into outputs. The main types of inputs are materials, equipment, energy, capital and labor. Suppliers provide the input of these resources. Receiving resources from other countries can be more profitable in terms of prices, quality or quantity, but at the same time dangerously increase environmental factors such as fluctuations in exchange rates or political instability.
All suppliers can be divided into several groups - suppliers of materials, capital, labor resources.
Laws and government bodies
Many laws and state institutions affect organizations. Each organization has a specific legal status, being a sole proprietorship, a company, a corporation or a non-profit corporation, and it is this that determines how an organization can conduct its business and what taxes it must pay. No matter how the management treats these laws, it has to adhere to them or reap the benefits of refusal to comply with the law in the form of fines or even a complete cessation of business.
The state in a market economy has both an indirect influence on organizations, primarily through the tax system, state property and the budget, and a direct one - through legislative acts.
Consumers
All the variety of external factors is reflected in the consumer and through him affects the organization, its goals and strategy. The need to meet the needs of customers affects the interaction of the organization with suppliers of materials and labor resources. Many organizations focus their structures on the large customer groups on which they are most dependent.
They acquire importance in modern conditions and various associations and associations of consumers that influence not only demand, but also the image of firms. It is necessary to take into account the factors influencing the behavior of consumers, their demand.
Competitors
The impact on the organization of such a factor as competition cannot be disputed. The management of each enterprise clearly understands that if the needs of consumers are not met as effectively as competitors do, the enterprise will not stay afloat for a long time. In many cases, competitors rather than consumers determine what kind of performance can be sold and what price can be asked.
Environment of indirect influence
Indirect environmental factors or the general external environment usually do not affect the organization as noticeably as direct environmental factors. However, management needs to take them into account.
The indirect impact environment is usually more complex than the direct impact environment. Therefore, its study is usually based primarily on forecasts. The main environmental factors of indirect impact include technological, economic, socio-cultural and political factors, as well as relationships with local communities.

The concept of financial results - approaches of various authors

In the process of production and marketing activities in each commercial organization, based on the results of the reporting period, financial results are formed, as profit or loss. Historically, profit as the difference between income and costs has been the most common criterion for the expediency of an enterprise from an economic point of view. A positive financial result acquires special significance in conditions of market economy, as it receives the property of uncertainty and how the owners of the enterprise dispose of it depends on its further activities.

Financial results, as noted N.I. Sagadeeva, is one of the main indicators characterizing the efficiency of any enterprise. That is why a lot of attention is paid to the study of the essence, the procedure for determining, as well as the methodology for accounting for financial results in the economic literature. The financial result that determines the effectiveness of the organization is profit.

P.S. Ryabets and T.N. Bondarenko think that " financial results The activity of the company is the economic result of its financial and economic activities and manifests itself in the form of a loss or profit, calculated as the difference between the expenses and income of the company, as well as directly affecting the size of its own capital.

G. V. Savitskaya expresses the opinion that financial results The activities of the enterprise are characterized by the amount of profit received and the level of profitability, understanding the profit as part of the net income that the owners receive after the sale of goods produced and services provided.

As rightly emphasizes A.N. Usatenko, financial results completes the cycle of the company's activity, which is associated with the purchase and sale of products and at the same time is a necessary condition for the next round of its activity.

V.V. Woodwood notes that “one of the goals of the activity of any commercial enterprise is to obtain the highest possible financial result from the main activity, under the financial result of financial and economic activity, she understands the final result of the enterprise, calculated as the difference between income and expenses received in the course of the operation of the enterprise ".

O.M. Aleshchenko notes that "profit is final financial result which determines the production and economic activities of the entire organization, forms the basis of its economic development.

The concept of " profit” must be distinguished from the concept of “income”. In order to plan your budget, you must clearly distinguish between these two concepts. Income is the money received at the disposal of the enterprise for the products sold or services rendered. Profit is the income of the business minus various kinds costs.

Starting from 2000, organizations form accounting information on income and expenses in accordance with the procedure established by the Ministry of Finance of Russia in the relevant Accounting Regulations "Income of the organization" (hereinafter RAS 9/99) and "Expenses of the organization (hereinafter - PBU 10/99 ), approved by Orders No. 32n and No. 33 of May 6, 1999.

In this way, modern approaches to the definition concepts and essence of financial results reduced, to a greater extent, to the procedure for calculating profits (as positive result) or loss (negative result) of the organization.

Goals and objectives of increasing the profit of the enterprise

Financial results are the results of production, marketing, financial and other activities of enterprises and organizations. main goal of any enterprise is to obtain maximum profit, which forms the basis for the possibilities of its stable functioning and economic development, as well as strengthening financial relations with partners. The efficiency of the production and marketing activities of an enterprise depends on the knowledge of the market situation by the owners and managers and the ability to adapt the development of activities to constant changes.

Increasing financial results, that is, increasing profitability, is the material basis for realizing the interests of both enterprises and the state as a whole. The interests of the state are achieved by accruing and collecting tax payments through the system of tax authorities. The economic interests of enterprises are realized through the amount of profit remaining at its disposal for the expansion of production and social development. The role and importance of financial results for the development of enterprises, as well as for the formation of budgets different levels, determine the need to organize high-quality, objective accounting and control over their formation and use.

Basic company mission is not only profit maximization, but also cost minimization in order to obtain the highest values of financial results

Level and value of financial results are different indicators. So, if the value of financial results implies, in monetary terms, an assessment of the profit or loss received by the enterprise following the results of a certain period, then the level of financial results is always a relative indicator and is evaluated through a system of profitability indicators.

Types of financial results according to the "Report on financial results"

In the economic literature, there are many approaches to the classification of financial results, however, in order to study the features of formation and their assessment, the classification presented is the most appropriate. in the income statement.

Gross profit (loss)

Gross profit (loss)- this is one of the interim types of financial results reflected in the income statement. Accordingly, this financial result is determined according to accounting data and represents the proceeds from the main type (s) of activity, reduced by the cost.

The price of goods (works, services) sold is inextricably linked with investments in their cost. The cost is made up of a set of costs different types(material, labor and other resources). Gross profit reflects the profitability of sales (both all and broken down by type of activity) and allows you to determine how rationally each of the company's resources is used. However, disaggregated information by activity is generally not presented in the income statement. In this connection, for a more detailed analysis of gross profit, additional, internal sources information that may be a trade secret of the enterprise.

Gross profit is determined by subtracting from the proceeds from the sale of goods (works, services) the costs of their manufacture (rendering) or acquisition. Revenue includes all amounts received from sales of core activities. They are taken into account without VAT. The cost of manufactured (or purchased) goods includes all costs incurred for its production (acquisition). If the company provides services (performs work), then when calculating their cost (and subsequently gross profit), all costs associated with their provision are taken into account.

However, the cost price when calculating gross profit is not included (clause 23 PBU 4/99):

- business expenses;

- administrative expenses.

Gross profit usually determined at the end of the month, quarter or year, but it can be calculated at any frequency and at any point in time - it all depends on the goals and objectives of the company, as well as the characteristics of its management accounting.

Profit (loss) from sales

The next type of financial results is profit (loss) from sales. This indicator just takes into account commercial and administrative expenses. In fact, by subtracting selling and administrative expenses from gross profit, one can calculate the profit (loss) from sales. In trading enterprises, as a rule, commercial expenses are represented by distribution costs, it is in their composition, in contrast to manufacturing enterprises and service industries, includes expenses for wages and deductions for social needs of sales personnel.

In addition to the main types of activities enshrined in the Charter, an enterprise can engage in additional activities, carry out various financial transactions for the sale and purchase of assets and liabilities, as well as participate in the capital of other companies. It is these activities that form indicators such as:

— income from participation in other organizations;

- interest receivable;

- Percentage to be paid;

- other income and expenses.

Calculation of the following indicator of financial results - profit (loss) before tax is based on the summation of the above listed income and the deduction of expenses associated with other activities of the enterprise. Profit before tax is the basis for the formation of income tax or tax associated with the use of other taxation regimes, such as the simplified tax system or unified agricultural tax.

Net profit

The indicator that most fully reflects the results of the production, marketing and other business activities of the company is net profit. This indicator reflects the amount of profit, which, according to the results of the reporting period, was formed by an economic entity after deducting all costs and tax payments. It is the net profit that remains at the disposal of the owners of the enterprise, who decide where to send it. As a rule, already in the process of creating an enterprise, the owners set the direction of profit distribution.

An example of an analysis of enterprise profit indicators

Table 1 - Dynamics of the financial results of LLC "XXX" (taking into account the allocation of commercial expenses) for 2016 - 2018, thousand rubles.

Indicators	2016	2017	2018


Trade turnover	87347	117376	108907
Cost price	61699	88788	80797
Gross profit	25648	28588	28681
Distribution costs	19325	20046	21301
Revenue from sales	6323	8542	7380
Other income	11	118	145
other expenses	221	14176	11675
Profit (loss) before tax	6113	-5566	-4150
UTII	794	1228	1308
Net profit (uncovered loss)	5319	-6794	-5458

Conclusion: At XXX LLC, following the results of the reporting period of 2016, a profit was generated in the amount of 5319 thousand rubles, and in 2017 and 2018 the company received a high level of uncovered loss. So the amount of uncovered loss in 2017 amounted to 6,794 thousand rubles, and in 2018, 5,458 thousand rubles. The final financial results of the enterprise in 2017-2018 were significantly affected by the high level of other expenses, the value of which in 2017 compared to 2016 increased by 13,955 thousand rubles. In 2018, the amount of other expenses decreased compared to 2017, but still their high level led to a significant decrease in the company's profit.

Directions of distribution of the net profit of the enterprise

The company's net profit can be distributed to a reserve fund, an accumulation fund, a consumption fund, or represent retained earnings. The profit distribution mechanism may differ in accordance with the organizational and legal form of the organization, its internal structure.

Directions for the distribution of profits of a trading enterprise are shown in Figure 1.

Profit distribution directions

Currently, the problem of improving financial results occupies an important place in the commercial activities of almost every economic entity. As a rule, the success of the functioning of an enterprise is associated with the right choice of the sphere and type of activity of the company, the availability of the necessary funds and the ability to function in a modern market economy.

Perhaps it will be useful for you:

In this way, in general terms, in the economic literature, the financial result is understood as a qualitative and quantitative indicator of the performance of the economic activity of an enterprise or its divisions, which is expressed as the difference between the income and expenses of an enterprise for a certain reporting period (increase or decrease in the value of the enterprise's own capital due to activities in the reporting period ).

them. N.P. Ogaryova

Faculty of Economics

Department of Economics and Logistics

COURSE WORK

Financial results of the enterprise

Speciality 340100 « Quality control »

Designation of term paper__ KR-2069965-EUO-5-03

Coursework Supervisor _ E.A. Lyamanova

Grade ____________

Saransk 2004

MORDOVIAN STATE UNIVERSITY

them. N.P. Ogaryova

Faculty of Economics

Department of Economics and Logistics

Task for coursework

Students Zvonovoy E.Yu. group 216

1. Topic: "Financial results of the enterprise"

2. Deadline for submission of work for defense ____________________

3. Initial data for scientific research: works of domestic foreign scientists-economists, primary documents of the enterprise

4.1. Financial results of the activity of an economic entity.

4.2. Analysis of the financial results of JSC " Sun Interbrew»

4.3. Reserves for improving the financial performance of the enterprise.

5. List of graphic material 1 table 5 drawings

Work manager E.A. Lyamanova

The task was accepted for execution by ________ ____________

date signature

abstract

Course work contains 62 pages, 1 table, 5 figures, 22 used sources.

Profitability, profit, analysis, income, loss, efficiency, indicator, formation.

Object of research: financial results of JSC "SunInterbrew".

The purpose of the work: the study of the essence, structure and formation of the financial results of the enterprise.

Research methods: economic and statistical analysis, complex analysis and synthesis.

Degree of implementation: partial.

Scope: in production activities enterprises.

Introduction

1. Financial results of the activity of an economic entity

1.1. The income of the enterprise, its essence and significance

1.2. The procedure for the formation of income of an economic entity

1.3. Mechanisms for the formation and use of enterprise profits

1.4. Profitability, calculation procedure

2. Analysis of the financial results of JSC "SunInterbrew"

2.1. Formation and use of profit

2.2. Analysis of profit dynamics

2.3. Profitability - an indicator of the efficiency of the work of OJSC "SunInterbrew"

3. Reserves for improving the financial performance of the enterprise

3.1. Factors influencing the formation of financial results

3.2. The main ways to improve financial performance

Conclusion

Annex A

Introduction

In a market economy, the efficiency of production, investment and financial activities expressed in financial results.

In market conditions, each business entity acts as a separate commodity producer, which is economically and legally independent. An economic entity independently chooses a business area, forms product range, determines costs, forms prices, takes into account the proceeds from sales, and therefore, reveals profit or loss based on the results of activities. In market conditions, making a profit is the direct goal of the production of a business entity. The realization of this goal is possible only if the business entity produces products (works, services) that, in terms of their consumer properties, meet the needs of society. Society does not need ruble equivalents, but specific commodity and material values. The act of selling a product (works, services) also means public recognition. Receiving revenue for manufactured and sold products does not mean making a profit. To identify the financial result, it is necessary to compare the revenue with the costs of production and sales:

The essence of the activity of each enterprise determines the features of its functioning, the content and structure of assets, in particular fixed assets; forms a significant part of the final financial result.

Thus, consideration of the issue of the nature and formation of the financial results of an economic entity is important and relevant in a market economy.

The relevance of this issue determines the choice of topic and the content of this work.

The aim of the work is to study the essence, structure and formation of the financial results of the enterprise.

In accordance with the goal, the following tasks are to be solved:

Consider the theoretical aspects of the economic content of financial results.

Analyze the formation of financial results at a separate enterprise.

Develop proposals to improve the financial performance of the enterprise.

The object of the study is the financial results of the activities of SunInterbrew OJSC.

The subject of the study is the mechanism of formation and use of the financial results of the enterprise.

Materials and data from the annual reports of JSC "SunInterbrew" were used in the work.

1. Financial results of the activity of an economic entity

1.1. The income of the enterprise, its essence and significance

The efficiency of production, investment and financial activities is expressed in financial results.

To identify the financial result, it is necessary to compare the revenue with the costs of production and sales: when the revenue exceeds the costs, then the financial result indicates a profit. With the equality of revenue and costs, it is only possible to reimburse costs - there is no profit, and therefore, there is no basis for the development of an economic entity. When costs exceed revenue, the business entity receives losses - this is an area of critical risk, which puts the business entity in a critical financial position that does not exclude bankruptcy. Losses highlight mistakes, miscalculations in directions of use financial resources organization of production, management and marketing of products.

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

Profit is a surplus product produced and necessarily realized. It is created at all stages of the reproduction cycle, but it receives its specific form at the stage of implementation. Profit is the main form of net income (along with excises and VAT).

The amount of profit, its dynamics is influenced by factors both dependent and independent of the efforts of the economic entity.

Factors of the internal environment are studied and taken into account in economic practice, they can be influenced in terms of increasing profits. Internal factors include: the level of management, the competence of the manager, the competitiveness of products, wages, the level of prices for products sold, the organization of production and labor.

Practically outside the sphere of influence are environmental factors: the level of prices for consumed resources, competitive environment, barriers to entry, tax system, public administration, political, social, cultural, religious and others.

The amount of profit depends on the activities of the economic entity: production, commercial, technical, financial and social.

Profit as a result of financial activity performs certain functions. Profits reflect economical effect obtained as a result of the activities of a business entity. It forms the basis of the economic development of a business entity. Profit growth creates a financial base for self-financing, expanded reproduction, and solving social and material problems labor collective. At the expense of profit, the obligations of enterprises (firms) to the budget, banks and other organizations are fulfilled. Profit is not only a financial result, but also the main element of financial resources. It follows that profit performs reproductive, stimulating and distributive functions. It characterizes the degree of business activity and financial well-being of the enterprise. Profit determines the level of return of advanced funds in the return on investment in assets.

In the conditions of market relations, a business entity should strive, if not to obtain the maximum amount of profit, then to the amount of profit that will ensure the dynamic development of production in a competitive environment, allow it to maintain its position in the market for this product, ensure its survival. The solution of these problems involves not only knowledge of the sources of profit formation, but also the determination of methods for their optimal use. Profit management acts as one of the two basic directions of financial policy and aims to maximize income from the available sources of financial results while expanding the general range of these sources.

Profit is possible due to the monopoly position or the uniqueness of the product in the market of a particular product. The implementation of this source is possible due to the constant updating of the product and the retention of the share of production and sales. However, one should take into account the influence of such factors as growing competition from other business entities and the antimonopoly policy of the state.

Making a profit, concerning almost all enterprises and firms, is associated with production and entrepreneurial activities. The implementation of this source is possible under the appropriate conditions of today's market research. The amount of profit in this case depends on the correct choice of business, on the creation of competitive conditions for the sale of goods, on production volumes, on the magnitude and structure of production costs.

In modern conditions, the most important source of increasing profits is innovation. The implementation of this source involves permanent job to change the consumer properties of products, works and services.

1.2. The procedure for the formation of income of an economic entity

The main aspect in the formation and taxation of enterprise profits should be considered the answer to the following question: what funds received by the enterprise during its creation and in the process of financial and economic activities, both in cash and in tangible form, should be considered income subject to taxation income tax, and what expenses that reduce the profits of the enterprise.

The composition of an enterprise's income and expenses for tax purposes in Russia is determined by the Tax Code of the Russian Federation (Part II, Chapter 25), which provides for a detailed grouping of income and expenses, discussed below.

The income of the enterprise in the form of proceeds from the sale of products, works, services, other property and property rights is a source of covering the costs of production and sale of products and non-operating expenses and profit by the enterprise.

The income of the enterprise includes those determined on the basis of primary documents and documents tax accounting sales income and non-operating income.

Fig 1.1 - The composition of the company's income

Sales income is recognized as proceeds from the sale of goods, works, services, proceeds from the sale of property (including securities) and property rights, determined on the basis of all receipts related to settlements for goods and property sold or property rights and expressed in cash or in kind .

Non-operating income is income that is not indicated in income from sales, in particular, income:

From equity participation in other organizations;

From foreign currency purchase and sale transactions that occur when the exchange rate is higher or lower than the official exchange rate of foreign currency against the Russian ruble, established by the Central Bank of the Russian Federation on the date of the transaction;

In the form of fines, penalties, sanctions for violation of contractual obligations and amounts of compensation for losses and damages;

From renting or subleasing property;

From granting for use the rights to the results of intellectual activity and equated means of individualization, patents for inventions, industrial designs and other types of intellectual property;

In the form of interest received under loan, credit, bank account, bank deposit agreements, as well as on securities and other debt obligations;

When receiving free of charge property, works, services, and the assessment of income is carried out on the basis of market prices;

In the form of income distributed in favor of the enterprise with its participation in a simple partnership;

In the form of income of previous years, identified in the reporting period;

In the form of a positive exchange difference received from the revaluation of property, claims and liabilities, the value of which is expressed in foreign currency, including foreign currency bank accounts;

In the form of a positive difference received from the revaluation of property, carried out in order to bring the value of such property to the current market price;

In the form of amounts of accounts payable and liabilities to creditors written off due to the expiration of the limitation period or for other reasons;

In the form of income received from operations with financial instruments of forward transactions;

In the form of the cost of surplus inventory items identified as a result of the inventory.

The proceeds from the sale of products is an important factor in the formation of the financial results of the enterprise, so it is important to correctly determine it. There are two methods for determining it.

1. The cash method is that the revenue is formed as it is paid: for non-cash payments - as funds for goods are received on the accounts, and for cash payments - upon receipt of funds at the cash desk of the enterprise. The method has been used for a long time and is convenient, the enterprise can dispose of the funds actually received in the bank account or in the cash desk of the enterprise.

Accrual method, in which the proceeds from the sale of products is determined as the shipment of goods (performance of work, services) and the presentation of the buyer (customer) settlement documents. This method is based on the fact that at the time of shipment of products, the company loses ownership of it. The disadvantage of this method is that the proceeds from the sale of products as they are shipped will be taken into account in the financial statements, the company is obliged to pay taxes, and real cash the account may be credited for various reasons with a great delay or not received at all, for example, due to the bankruptcy of the buyer.

The enterprise independently chooses the method of determining the proceeds from the sale based on the conditions of management and the contracts concluded. However, the chosen method should be established for a long time and reflected in the accounting policy of the enterprise.

When using the accrual method in the accounting and reporting system, the calculation of proceeds from the sale of products (works, services) is made, respectively, from the earlier date:

Receipt of prepayment (advance);

Shipment of products, performance of work or provision of services. In this case, the date of shipment of products is the day of transfer of the relevant document of title, the date of performance of work or provision of services is the day when they were actually completed.

Therefore, there are a number of features in determining the tax base for various methods of determining sales proceeds and enterprise income.

Rice. 1.2 - Determination of the moment of sale and proceeds from the sale of products and the formation of financial results

The procedure for recognizing income under the accrual method:

1) income is recognized in the reporting period in which they occurred, regardless of the actual receipt of funds, other property, works, services and property rights (accrual method);

2) on income related to several reporting tax periods
odes, and if the relationship between income and expenses cannot be
clearly defined or determined indirectly, income is distributed by the enterprise independently, taking into account the principle of uniform recognition of income and expenses;

3) for income from sales, the date of receipt of income is the day
shipment of goods, works, services, property rights. The day of shipment is the day of sale of these goods, regardless of the actual receipt of funds to pay for them;

4) for non-operating income, the date of receipt of income is the date of signing by the parties of the act of acceptance and transfer of property (acceptance and delivery of works, services);

5) when receiving income from the sale of services by a financial agent
financing against the assignment of a monetary claim, as well as income from
sale of financial services by a new creditor who has received the specified claim, the date of receipt of income is determined as the day following
more concessions this requirement or performance by the debtor of this
requirements. When an enterprise - the seller of the right to claim a debt is assigned to a third party, the date of receipt of income from the assignment of the right to claim is determined as the day the parties sign the act of assignment of the right to claim;

6) under credit and other similar agreements concluded for a period of more than one reporting period, income is recognized as received and included in the relevant income on a quarterly basis. In this case, the income is determined by the enterprise independently as a share of the income stipulated by the terms of the contract, attributable to the corresponding quarter.

The procedure for recognizing expenses under the accrual method.

1. Expenses accepted for taxation purposes are recognized as such in the reporting period to which they relate, regardless of the time of actual payment of funds or another form of payment. Expenses are recognized in the reporting period in which these expenses arise based on the terms of transactions (for transactions with specific deadlines) and the principle of uniform and proportional formation of income and expenses. When income is received over several reporting periods and when the relationship between income and expenses cannot be clearly defined or is determined indirectly, the expenses are distributed by the enterprise independently, taking into account the principle of uniform recognition of income and expenses. The expenses of the enterprise, which cannot be directly attributed to the costs of a particular type of activity, are distributed in proportion to the share of the corresponding income in the total volume of all income of the enterprise.

2. The date of implementation of material expenses is the date of transfer of raw materials and materials to production - in terms of raw materials and materials attributable to the goods (works, services) produced, and the date of signing by the enterprise of the act of acceptance and transfer of services and works - for services and works of a production nature.

3. Depreciation is recognized as an expense on a monthly basis based on the amount of accrued depreciation.

4. Labor costs are recognized as an expense on a monthly basis.

5. Expenses for the repair of fixed assets are recognized as an expense in the reporting period in which they were incurred, regardless of their payment.

6. Expenses for compulsory and voluntary insurance and non-state pension provision are recognized as an expense in the reporting period in which, in accordance with the terms of the contract, the enterprise transferred (issued from the cash desk) funds to pay contributions.

7. Under credit and other similar agreements concluded for a period of more than one reporting (tax) period and not providing for uniform distribution expenses, the expense is recognized as incurred and included in the relevant expenses on a monthly basis. In this case, the expense is determined by the enterprise independently as a share stipulated by the conditions of the contract of expenditure attributable to the respective month. An expense incurred in the form of interest or a portion of the accumulated coupon (interest) income is recognized on the date the interest income is paid or the date the security is sold, whichever is earlier.

The procedure for determining income and expenses under the cash method:

1) organizations have the right to determine the date of receipt of income and
carrying out expenses on a cash basis, if, on average, over the previous four quarters, the amount of proceeds from the sale of goods (works, services) of these organizations, excluding value added tax and sales tax, did not exceed 1 million rubles. for each quarter;

2) the date of receipt of income is the day of receipt of funds for
accounts in banks or at the cash desk, receipts of other property and property rights (cash method);

3) expenses of enterprises are recognized as expenses after their actual
payment. The termination of the counter obligation by the enterprise - the purchaser of the specified goods and property rights to the seller, which is directly related to the supply of these goods, the performance of work, the provision of services, the transfer of property rights, is recognized as payment for the goods.

In this case, the costs are taken into account taking into account the following features:

Material costs, as well as labor costs, are taken into account as expenses at the time of debiting funds from the company's current account, payment from the cash desk, and in case of another method of debt repayment - at the time of such repayment;

Depreciation is accounted for as part of expenses in amounts accrued for the reporting (tax) period. In this case, depreciation is allowed only for depreciable property paid for by the enterprise and used in production;

Expenses for the payment of taxes and fees are taken into account as expenses in the amount of their actual payment by the enterprise. If there is a debt to pay taxes and fees, the costs of its repayment are taken into account as expenses within the limits of the actually repaid debt and in those reporting periods when the enterprise repays the specified debt;

If an enterprise that switched to determining income and expenses on a cash basis exceeded the maximum amount of proceeds from sales during a tax period, then it is obliged to switch to determining income and expenses on an accrual basis from the beginning of the tax period during which such an excess was allowed.

1.3. The mechanism for the formation and use of enterprise profits

Profit is the primary incentive to create new or develop existing enterprises. The opportunity to make a profit encourages people to look for more effective ways combination of resources, to invent new products for which demand may arise, to apply organizational and technical innovations that promise to increase production efficiency. Working profitably, each enterprise contributes to the economic development of society, contributes to the creation and enhancement of social wealth and the growth of the well-being of the people.

Profit is a multivalued economic category. From her depth
knowledge and rationality of use depends on the effectiveness of commercial calculation, pricing and other economic levers
management. As a source of production and social
development, profit takes leading place in ensuring self-financing of enterprises and associations, the possibilities of which are largely determined by how much income exceeds costs.

As a result of the above, the "analysis" of profit in the enterprise today becomes extremely relevant. Profit analysis allows you to identify the main factors of its growth, efficient use of resources, the potential of the enterprise, as well as determine the impact of external and internal factors on the amount of profit, the order of its distribution.

Profit is the monetary expression of the main part of the savings created by enterprises of any form of ownership.

As an economic category, it characterizes the financial result of the entrepreneurial activity of the enterprise. Profit is an indicator that most fully reflects the efficiency of production, the volume and quality of manufactured products, the state of labor productivity, and the level of cost. At the same time, profit has a stimulating effect on the strengthening of commercial calculation, the intensification of production under any form of ownership.

Profit is one of the main financial indicators of the plan and evaluation of the economic activity of enterprises. At the expense of profits, financing of measures for the scientific, technical and socio-economic development of enterprises, an increase in the wage fund of their employees is carried out.

Profit is the difference between the total amount of income and expenses for the production and sale of products, taking into account losses from various business operations. Thus, profit is formed as a result of the interaction of many components, both positive and negative.

First, it is an indicator that most fully reflects the efficiency of production, the volume and quality of manufactured products, the state of labor productivity, and the level of cost. Profit indicators are 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. The level of return of advanced funds and the profitability of investments in the assets of the enterprise are determined by profit. Profit also has a stimulating effect on the strengthening of commercial calculation, the intensification of production.

Secondly, profit has a stimulating function. Its content is that profit is both a financial result and the main element of the financial resources of the enterprise. The actual provision of the principle of self-financing is determined by the profit received. The share of net profit remaining at the disposal of the enterprise after paying taxes and other obligatory payments should be sufficient to finance the expansion of production activities, the scientific, technical and social development of the enterprise, material incentives for employees.

Profit growth determines the growth of the enterprise's potential, increases the degree of its business activity, creates a financial base for self-financing, expanded reproduction, and solving the problems of social and material needs of labor collectives. It allows you to make capital investments in production (thereby expanding and updating it), introduce innovations, solve social problems at the enterprise, to finance activities for its scientific and technical development. In addition, profit is an important factor in assessing the company's capabilities by a potential investor, serves as an indicator of the efficient use of resources, that is, it is necessary to assess the company's activities and its capabilities in the future.

Thirdly, profit is one of the sources of formation
budgets at different levels. It goes to the budget in the form of taxes and
along with other revenues is used to finance and meet common public needs,
ensuring the fulfillment by the state of its functions, state
investment, social and other programs, takes part in
formation of budgetary and charitable funds. At the expense of profit, a part of the enterprise's obligations to the budget is also fulfilled,
banks, other enterprises and organizations.

Profit provides the needs of the enterprise itself and the state as a whole. Therefore, first of all, it is important to determine the composition of the profits of the enterprise. The total profit of the enterprise is gross income. The amount of gross income is influenced by a combination of many factors that depend and do not depend on entrepreneurial activity.

For a deeper analysis of profit, it is advisable to use accounting data, information that is placed in primary documents on the financial results of the enterprise.

The distribution and use of profits is an important economic process that provides both coverage of the needs of organizations and the formation of income for the Russian state. The mechanism for distributing profits must be constructed in such a way as to contribute in every possible way to increasing the efficiency of production and to stimulate the development of new forms of management.

Depending on objective conditions social production at various stages of the development of the Russian economy, the profit distribution system has changed and improved. One of the most important problems of profit distribution, both before the transition to market relations and in the conditions of their development, is the optimal ratio of the share of profit accumulated in budget revenues and remaining at the disposal of business entities. With the development of privatization and corporatization, organizations have the right to use the received profit at their own discretion, except for that part of it that is subject to mandatory deductions, taxation and other areas in accordance with the law.

Thus, there is a need for a clear system of profit distribution, primarily at the stage preceding the formation of net profit, that is, profit remaining at the disposal of enterprises and organizations.

The principles of profit distribution can be formulated as follows:

The profit received by the enterprise as a result of production, economic and financial activities is distributed between the state and the enterprise as an economic entity;

Profit for the state goes to the relevant budgets in
the form of taxes and fees, the rates of which can be arbitrarily changed. The composition and rates of taxes, the procedure for their calculation and contributions to the budget
established by law;

The amount of profit the company has left at its disposal
after taxes, should not reduce its interest in increasing the volume of production and improving the results of production, economic and financial activities;

The profit remaining at the disposal of the enterprise is primarily directed to accumulation, which ensures its further development, and only in the rest to consumption.

The profit distribution mechanism can be presented in fig. 1.3.

Rice. 1.3 - Profit distribution mechanism

An economically justified system of profit distribution should first of all guarantee the fulfillment of financial obligations to the state and maximally ensure the production, material and social needs of enterprises and organizations. Note how the balance sheet profit is adjusted in the distribution process.

The balance sheet profit is reduced by the amount of profit taxed at various income tax rates, deductions are made to reserve or other similar funds, and the amount of profit for which tax benefits are established is excluded.

The balance sheet profit remaining after these adjustments is subject to taxation and is referred to as taxable profit. After paying the tax, what remains is the so-called net profit. This profit is at the complete disposal of the organization and is used by it independently.

Having paid the appropriate income tax to the budget (with the exception of tax benefits), the organization receives at its disposal the remaining so-called net profit. This profit is used by her
independently and is directed to the further development of entrepreneurial activity. Market conditions of management determine the priority areas for the use of own profits. The development of competition necessitates the expansion of production, its improvement, and the satisfaction of the material and social needs of labor collectives.

In accordance with this, as it becomes available, the net profit of the organization is directed to finance R&D, as well as work on the creation, development and implementation of new technology, to improve technology and organization of production; to modernize equipment, improve product quality; technical re-equipment, reconstruction of existing production. Net profit is a source of replenishment of own working capital. In addition to direct use for production needs, net profit is a source of payment of interest on loans received to fill the lack of own working capital, to purchase fixed assets, as well as interest on overdue and deferred loans. Along with the financing of production development, the profit remaining at the disposal of the enterprise is directed towards satisfying consumer and social needs.

Providing production, material and social needs at the expense of net profit, the organization should strive to establish the optimal ratio between the fund of accumulation and consumption in order to take into account market conditions and, at the same time, stimulate and encourage the results of the work of its employees.

An enterprise can use net profit through the previous formation of target funds or by directing money directly to finance costs.

The profit remaining at the disposal of the organization serves as a source of financing not only for production and material development, as well as material incentives, but also in cases of violation current legislation- payment of various fines and sanctions. Thus, fines are paid out of net profit in case of non-compliance with security requirements. environment from pollution, sanitary norms and rules. When regulated prices for products (works, services) are overstated, illegally obtained profits are collected from net profit.

In the conditions of transition to market relations, it becomes necessary to reserve funds in connection with risky operations and, as a result, loss of income. Therefore, when using net profit, the organization has the right to create a financial reserve, that is, a risk (reserve) fund.

The reserve fund is created by business entities in case of termination of their activities, to cover accounts payable. It is obligatory for joint-stock companies, cooperatives, enterprises with foreign investments. Joint-stock companies also credit share premium to the reserve fund, that is, the amount of the difference between the sale and par value of shares received from their sale at a price exceeding their par value. This amount is not subject to any use or distribution, except in cases of sale of shares at a price below par value. reserve fund joint-stock company used to pay interest on bonds and dividends on preferred shares in case of insufficient net profit for these purposes.

The amount of the reserve must be at least 15% of the authorized capital. Every year, the reserve fund is replenished by deductions that amount to almost at least 5% of the profit remaining at the disposal of the organization. In addition to covering possible losses from business risks, the financial reserve can be used for additional costs of expanding production and social development, for the development and implementation of new equipment and technology, for increasing own working capital and filling their shortfall, for other costs due to socio-economic development team.

Table 1.1 provides a brief description of the distribution of balance sheet profit.

Table 1.1 - Brief description

distribution of book profit

The accumulation fund and the consumption fund are funds special purpose. They are formed if it is provided for by the constituent documents. The accumulation fund is a source of funds of an economic entity, accumulating profits and other sources for creating new property, acquiring fixed assets, working capital, etc. The accumulation fund shows the growth of the property status of the economic entity, the increase in its own funds. At the same time, the operation to acquire and create new property of an economic entity does not affect the accumulation fund. The accumulation fund may decrease in the following cases:

Write-offs of costs associated with the creation of new property, but in accordance with the established procedure, not included in the initial cost of this property (for personnel training);

Its distribution among legal entities - founders;

Repayment of the loss of an economic entity identified based on the results of work for the year.

The consumption fund is a source of funds of an economic entity, reserved for the implementation of measures for social development and material incentives for the team. The following payments in cash and in kind are transferred to the consumption fund:

Amounts accrued for wages (FOT);

Income (dividends, interest) on shares of members of the labor collective and contributions of members of the labor collective to the property of an economic entity, accrued for payment to employees;

The amounts of labor and social benefits provided by the economic entity, including material assistance.

to labor and social benefits relate:

Payment of additional leave provided under a collective agreement (in excess of that provided for by law) to employees, including women raising children;

Pension supplements, lump-sum benefits for retired labor veterans;

Payment for travel to the employee's family members to the place of use of the vacation and back;

Scholarships for students and students sent by an economic entity to study at higher and secondary specialized educational institutions, paid at the expense of an economic entity;

Payment for vouchers for employees and their children for treatment, recreation, excursions and travel at the expense of the economic entity;

Compensation for the rise in the cost of food in canteens, buffets,
dispensaries;

Expenses for repayment of loans allocated to employees for improvement
living conditions, purchase of garden houses.

With the expansion of sponsorship, part of the net profit can be directed to charitable needs, assistance to theater groups, organizing art exhibitions and other purposes.

Effective use of profits is possible only if the actions of the system of economic levers are coordinated. At the same time, the sale of products is of paramount importance.

First, because in the process of selling goods on the market, the means of production used up are replaced.

Secondly, the sale of products is the moment when the manufactured product is recognized in the market. Any hitch in the implementation causes a violation of the rhythm of production, and therefore leads to a decrease in the efficiency of the enterprise.

Since profit reflects the results of all activities of the enterprise - production, non-production and financial, this means that all aspects of the enterprise's activities are reflected in the amount of profit.

1.4. Profitability, its types and calculation procedure

The meaning of any entrepreneurial activity is to achieve a positive economic effect in the form of an absolute indicator - profit or relative - profitability. Thus, profitability is the main object and goal of financial management of enterprises. The more attention is paid to profitability, the more successfully the enterprise functions.

One way or another, profitability is the ratio of income and capital invested in the creation of this income. By linking profits to capital invested, profitability compares the rate of return of an enterprise with alternative uses of capital or the return received by the enterprise under similar risk conditions. Riskier investments require higher returns to be profitable. Since capital always makes a profit, in order to measure the level of return, the profit as a reward for risk is compared with the amount of capital that was needed to generate this profit. Profitability is an indicator that comprehensively characterizes the efficiency of the enterprise.

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

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

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

Besides, great importance profitability has to make decisions in the field of investment, planning, budgeting, coordinating, evaluating and monitoring the activities of the enterprise and its results.

Thus, it can be concluded that the profitability
characterize financial results and performance
enterprises. They measure the profitability of the enterprise from various positions and are systematized in accordance with the interests of the participants in the economic process.

The sources for calculating profitability ratios are the data of accounting and financial statements, internal accounting registers at the enterprise. Unfortunately, the published accounting and financial statements do not allow to accurately assess the profitability of the enterprise, since on its basis it is impossible to determine the structure of manufactured (sold) products, its cost and selling price. borrowed money and expenses associated with the return of borrowed funds for each credit and loan, the composition and structure of fixed assets, the amount of their depreciation. The source for calculating the profitability ratios is the balance sheet (form No. 1), the statement of financial results (form No. 2), the appendix to the balance sheet (form No. 5).

Indicators of profitability of economic activity;

Indicators of financial profitability;

Product profitability indicators.

Analysis of the profitability of economic activity.

The profitability of economic activity (R) characterizes the rate of compensation (remuneration) for the entire set of sources used by the enterprise, i.e., it is the ratio of the sum of income of depositors and creditors to the sum of their capital invested:

(1)

where P is the sum of income of depositors and creditors;

IC is the amount of capital invested by them.

When assessing the effectiveness of economic activity, it is necessary to use the sum of all assets as the invested capital, since their total value takes into account all the debts of the enterprise, including those for operation.

Some economists suggest that dormant and redundant fixed assets should be excluded from total assets. production means, equipment to be installed, cash, intangible assets, i.e. funds that do not contribute to profit. However, this approach is not sufficiently justified, and the indicator is not widely used in practice. This is due to the fact that the management of the enterprise must not only effectively use assets in its activities, but also monitor the composition of assets, without creating excessive stocks of equipment, materials, etc.

When calculating profitability, it must be borne in mind that the amount of capital invested in an enterprise changes during the period of income, so it should be determined as its average value. In this case, the most correct is the calculation of the average chronological value of the invested capital.

It should be noted that when calculating the profitability ratios, various indicators of the enterprise's income can be used: gross profit, net profit, profit from sales. The most justified approach in assessing the effectiveness of economic activity is to use the amount of net profit and interest paid for the use of the loan. With this in mind, the main indicator of profitability of economic activity can be defined as follows:

(2)

where R A - return on assets;

PE - net profit;

P r - interest paid for the use of loans;

C n - income tax rate in the coefficient;

A is the average annual value of assets.

However, determining the level of profitability using this formula is difficult because the interest for using loans is included in the cost of production, and is not reimbursed from profit. When conducting an internal profitability analysis, such calculations become possible. In the absence of information, external subjects of analysis can only use the net profit indicator. But the net profit cannot be accurately calculated according to the current reporting, since it does not allocate payments to the budget at the expense of the net profit remaining at the disposal of the enterprise. Net profit can be determined approximately by deducting income tax from the profit of the reporting period. The result obtained has an overestimated value, which can be clarified only during the internal analysis.

To characterize the rate of return on the cost of working capital as invested capital is used working capital, i.e.:

If in the calculation we use the volume of sold products as an additional value, then the formula for the profitability of production activities can be represented as follows:

(5)

where R PD - profitability of production activities;

RP - the volume of products sold;

OF - the average annual cost of fixed assets;

MS - the average annual cost of material working capital;

P - gross profit.

From the above formula it follows that the profitability of production activities depends on changes in two factors:

Realizations per ruble of production assets;

Profits per ruble of sales.

The first factor characterizes the efficiency of the use of production assets, i.e., their return on assets, expressed through the volume of sales. The second factor characterizes the level of profitability of sold products. The influence of these factors can be determined by the method of chain substitutions.

The change in profitability due to the influence of capital productivity from one ruble of production assets is equal to:

It should be noted that each of the considered factors is complex, depending in turn on a number of other factors of the second order. So, for example, the implementation per one ruble of production assets depends on the efficiency of the use of fixed assets and material circulating assets. The change in the level of profit attributable to one ruble of sales depends on the level of cost and the structure of the range of products sold, on changes in product quality and prices, on the results of other operating and non-operating activities of the enterprise.

To determine the separate impact of the return on assets of fixed assets and the turnover of material working capital on the profitability of production, the equity method is used. According to this method, the deviation of the profitability of the reporting period from the base period due to a change in sales by one ruble of funds is distributed between the return on assets of fixed production assets and the turnover of material working capital in proportion to the change in their value, taking into account changes in the volume of products sold.

The change in the second aggregated factor (profit per one ruble of sales) also depends on the action of second-order factors. These include all factors that affect the change in gross profit, except for changes in the volume of sales. The profit received due to the growth in the volume of sales does not affect the amount of profit attributable to one ruble of sales, since with an increase in volume, both the gross profit (the numerator of the calculation formula) and the sales of products (the denominator of the formula) change proportionally.

The influence of second-order factors on the profitability of production is also determined by the method of equity participation. The impact on profitability is distributed among the factors in proportion to their impact on gross profit.

Financial profitability analysis:

Financial profitability characterizes the effectiveness of the investments of the owners of the enterprise, which provide the enterprise with resources or leave at its disposal all or part of their profits. The system of indicators of financial profitability is formed as the ratio of profit to various indicators of advanced funds, of which the most important are: all assets of the enterprise; investment capital (own funds + long-term liabilities); share (own) capital. And:

where PE - net profit;

SC is the average annual cost of equity capital.

It should be noted that when calculating profitability, the cost of equity should be calculated precisely as an average value for the period, since during the year equity can be increased by additional cash deposits or by using the profit generated in the reporting year.

Analysis of product profitability

The efficiency of the main activity of the enterprise for the production and sale of goods, works and services is characterized by the indicator of product profitability. It is determined by the ratio of profit to the total cost of production. This indicator can be widely used for analytical purposes, as it allows you to make calculations, _ correlating different profit indicators with different indicators of product costs. For example:

This indicator characterizes the real amount of profit that each ruble of the costs incurred for its production and sale brings to the enterprise. Sometimes, when calculating this indicator, the net profit of the enterprise is used in the numerator. But the indicator of profitability of products, calculated on the basis of net profit, is influenced by factors related to the supply and marketing and other activities of the enterprise. In addition, taxation also affects the indicator.

To control not only the cost of goods sold, but also changes in the pricing policy, the return on sales indicator (R RP) is calculated - It is determined by the ratio of net profit (NP) or profit from sales (P RP) to the amount of sales proceeds (In RP ):

(12)

According to the dynamics of this indicator, the enterprise can make a decision to change the pricing policy or strengthen control over the cost of production. The indicator can be determined as a whole for products or for its individual types.

So, the main task of the enterprise in a market economy is to fully satisfy the needs of the national economy and citizens in its products, works and services with high consumer properties and quality at minimal cost. To implement its main task, the company provides an increase in the financial results of its activities. Analysis of the financial results of its activities is of great importance for assessing the efficiency of the enterprise's production.

2. Analysis of the financial results of JSC " Sun Interbrew »

2.1. Formation and use of profit

The Saransk branch of Sun Interbrew OJSC is one of the most successfully developing enterprises in the Republic of Mordovia. The products of the brewery are sold not only in Mordovia, but also abroad.

This enterprise is profitable, and the production of beer products is constantly being improved, the range is expanding, new personnel management systems, production and product quality are being introduced. Thanks to constant progress, OJSC "Sun Interbrew" is currently one of the most profitable in the Volga region. Its profit is estimated in million rubles. That is why it is necessary to consider the mechanism of formation and use of the profit of this enterprise.

The profit of this enterprise performs certain functions:

1) characterizes the economic effect obtained as a result of the activity of the enterprise;

2) has a stimulating function;

3) is one of the sources of formation of budgets of different levels.

In the first half of 2004, the volume of sold products amounted to 9.7 million hectoliters. This volume of SunInterbrew beer sales in the first half of 2004 increased by 37% compared to 4.98 million hectoliters in the first half of 2003.

Due to the increase in sales, the company's sales revenue for the first half of 2004 amounted to 349.4 million rubles.

The cost of goods sold amounted to 250.24 million rubles: of which

153.8 million rubles raw material costs;

87.64 million rubles workers' wages;

1.2 million rubles depreciation;

3.72 million rubles payment for electricity and heat;

0.48 million rubles travel expenses;

2.8 million rubles payment for communication services;

0.6 million rubles information and consulting services.

Gross profit was:

349.4 - 250.24 \u003d 99.16 million rubles.

This profit is not end result financial activities, tk. the enterprise has commercial and administrative expenses, which for the first half of 2004 amounted to 31.25 million rubles: of which

24.15 million rubles business expenses;

7.1 million rubles management expenses.

Business expenses include:

Expenses for the maintenance of premises for the storage of products - 10.91 million rubles;

Other expenses associated with the sale of products - 3 million rubles;

Expenses for loading and unloading operations - 2.34 million rubles.

Management expenses:

Payment for audit services - 0.9 million rubles;

Salary management personnel- 6.2 million rubles.

Having made these calculations, we will receive a profit (loss) from sales, which will be 99.16 - 31.25 = 67.94 million rubles.

To determine the amount of taxable income, it is necessary to calculate and take into account operating and non-operating income (expenses).

In the process of functioning, the company has the need or opportunity to conduct various business operations that are not related to the main activity. The resulting income and expenses are called operating expenses.

Operating activities include:

Provision for a fee for temporary use of the company's assets and intellectual property rights;

Participation in authorized capital other enterprises, including the receipt and payment of interest or other income and expenses on securities;

Sale of non-used in the main activity or obsolete and replaceable fixed assets and other assets;

Payment (or receipt) of interest for the provision of funds to an enterprise (enterprise).

For the reporting period, operating expenses amount to 2.83 million rubles; expenses - 3.49 million rubles.

In addition to the above operating, there are non-operating and extraordinary income and expenses.

Non-operating income and expenses include: fines, penalties and forfeits for violation of contracts with numerous counterparties - suppliers, household and commercial intermediaries, consumers, etc.; the value of assets received or given away free of charge, including under a donation agreement; exchange differences; the amount of depreciation of assets, the amount of debts that are unrealistic to collect, etc.

Non-operating income - 2 million rubles, expenses - 1.5 million rubles.

Extraordinary income and expenses are the consequences of extraordinary circumstances of economic activity - natural disasters, accidents, fires, nationalization, etc.; as income, one can consider the amount of insurance indemnities, the cost of material assets remaining from the write-off of assets unsuitable for recovery.

During the reporting period, no natural disasters, accidents, fires occurred, so the amount of extraordinary income and expenses is zero.

The algebraic sum of profits and losses received in the course of economic activity is the profit of the reporting period, which serves as the basis for calculating income tax.

67,94 – 3,49 + 2,83 + 2 – 1,5 = 67,78

Profit for the reporting period amounted to 67.78 million rubles.

This profit is subject to tax, which must be paid to the company.

The profit remaining after the payment of income tax is called retained earnings. After appropriate payments to the founders in the form of dividends or shares, it is used by the enterprise to increase its own capital and is called net (reinvested) profit.

The procedure for using this profit remaining at the disposal of the enterprise may be determined by constituent or planning documents. AT founding documents for the purpose of carrying out by the enterprise of the financial and social policy determined by the founders, standards for deductions from the profits received to the fund may be established social sphere and to the reserve fund, which allows you to create savings for the renewal of fixed assets and other investments.

SunInterbrew JSC considers the following areas for using net profit:

¨ modernization or reconstruction of the company's fixed assets and the acquisition of new ones;

¨ an increase in own working capital, which may be due to both inflation and the expansion or diversification of production;

¨ repayment of credits and loans, as well as payment of interest on them, if interest rates exceed the normative ones;

¨ environmental protection;

¨ social and cultural needs;

¨ material incentives for personnel, etc.

Thus, one part of the profit is involved in the process of accumulation and increases the property of the enterprise, the second part is used for consumption. At the same time, not all profit allocated for accumulation is used in full in the next reporting period. The balance is important as a reserve and can be used in subsequent periods to cover possible losses and finance costs. The net profit used for accumulation and the net profit of previous years testify to the financial stability of the enterprise, the availability of a source for further development.

Rice. 2.1. Use of net profit.

The distribution of profits remaining at the disposal of the enterprise is one of the directions of intra-company planning. The income statement is a natural basis for the formation of a profit budget. Even if the same actions are planned for the upcoming period as in the reporting period, profits may change under the influence of external and internal conditions. Inflation, changes in foreign exchange relations, in the field of taxation or in the field of economic legislation, changes in the structure of consumption and changes in the conditions of competition - this is not an exhaustive list. external causes to change earnings. Within the enterprise, decisions can be made on new investments, on the production of a new product, on changing the structure of personnel, marketing policy, etc.

2.2. Analysis of profit dynamics

For the most full assessment financial results of JSC "SunInterbrew" for the reporting period use the analysis of profit dynamics.

Profit from the sale of products occupies the largest share in the structure of the profit of the reporting period, and its value depends mainly on three factors - costs, production volume (sales) and the level of current prices.

The division of production costs into variable and semi-fixed allows the analysis of profit dynamics at SunInterbrew OJSC when the listed factors change. For the most accurate analysis, the company uses a number of assumptions:

The change in variable costs is proportional to the change in the volume of production;

The volume of production is equal to the volume of sales (sales volume);

The prices of products and the prices of resources in the process of analysis are unchanged, so the incoming revenue is proportional to the growth in sales;

The range of manufactured products is constant.

Based on the definition of variable and fixed costs and equating the volume of total costs and revenues (pieces / period), we obtain a formula for determining the critical volume of sales.

where is the total marginal profit, d.u./period;

Planned sales revenue, m.u./period.

Then the critical volume of sales in terms of value (profitability threshold) is found through the coverage ratio, multiplying both sides of equation 13 by the unit price

this means that a fall in sales by (relative to ) will not result in a loss.

The different degree of influence of variable and fixed costs on the amount of profit when changing production volumes causes the effect operating lever. It consists in the fact that any change in sales volume causes a stronger change in profits. The force of the operating lever is defined as

(17)

where is the value of marginal profit;

The value of profit from sales for a given value of sales volume.

The operating leverage ratio shows that for a 1% change in sales volume, profit changes by %.

The closer the planned sales volume is to the critical one, the less amount profits and, consequently, greater operating leverage, and even a small drop in sales can cause a very significant drop in profits from sales.

Index	Indicator value
Critical sales volume L/half year	254482000/21-14=2712008
Coverage ratio	21-14/21=0,33
Critical sales volume RUB/six months	254482000/0,33=77115757
Margin of financial strength Rub/six months, %	349400000-77115757=272284243 (272284243/349400000)*10072
The strength of the operating lever	(254482000+4596003)/4596003=43
Total costs	143637000+254482000=305400000
Profit from sales, rub./six months	349400000-305400000=44000000

Analyzing the indicators of this table, we can draw the following conclusion: In the first half of 2004, SunInterbrew OJSC received a profit of 44 million rubles; total costs - 305400000. The company can reduce the amount of revenue by 72% while not leaving the profitability zone. The strength of the operating leverage shows that the degree of entrepreneurial risk is high.

2.3. Profitability is an indicator of the efficiency of the JSC " Sun Interbrew »

The market imposes certain requirements on business entities in terms of organizing and implementing a particular type of business. The dynamism of market relations causes the adoption of extraordinary decisions related to the financial performance.

To assess the level of work efficiency, SunInterbrew OJSC compares the result - profit with costs or resources used. Profitability characterizes the degree of profitability, profitability and profitability. Therefore, to identify the results of the activities of SunInterbrew OJSC, such an indicator as profitability is used. Profitability is a relative indicator that has the property of comparability. The profitability indicator allows you to evaluate how much profit SunInterbrew OJSC has from each ruble of funds invested in assets.

When evaluating the financial results of a given enterprise, profitability indicators are distinguished that are used to assess the effectiveness of advanced resources and costs used in production, commercial and other activities, and indicators on the basis of which the profitability and efficiency of using the enterprise's property are determined.

(18)

One of the main estimated indicators of the production and economic activities of OJSC "SunInterbrew" is the indicator of profitability of sales. It reflects the level of demand for products, work and services, how correctly this enterprise determines the product range and product strategy. Return on sales characterizes the ratio of profit to the amount of proceeds from the sale of products (works, services), expressed as a percentage.

where - net profit;

The volume of sold products, works, services.

One of the conditions for the prosperity of SunInterbrew OJSC is the expansion of the product sales market by reducing the price of goods. However, this process is not accompanied by a decrease in prices for consumed resources, the role of the price deflator in the formation of profitability decreases. This switches the scope of efforts of the SunInterbrew management to control internal factors of profit growth, reduce material consumption, labor intensity, increase the return on assets of fixed assets and to the volume, quality and structure of products, the level of organization and management, the structure of capital and its sources, profit by type of activity and its use.

OJSC «SunInterbrew» produces several types of products, so it is necessary to determine the impact of the profitability of individual products on the overall profitability of products. To carry out this operation, several points are initially performed at SunInterbrew OJSC:

1. The share of each type of product in the volume of sales is determined.

3. The value of the influence of the profitability of individual products on its average value is determined.

To do this, it is necessary to multiply the value of individual profitability by the share of products in total volume sold products.

(19)

where - profitability types of products;

The share of the product type in the total sales volume;

The number of manufactured products.

Let's consider the profitability of sales of two types of beer "Grechishnoe" brand "Tolstyak" and "Yantarnoe" brand "Siberian Crown".

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:

return on assets (property);

Profitability of current assets;

return on investment;

return on equity.

This indicator reflects how many units of profit are received from a unit of asset value, regardless of the source of funds raised.

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

For SunInterbrew OJSC, the main indicator for assessing the degree of return on invested capital is the return on equity

This indicator characterizes the amount of profit per ruble of own funds. The return on equity ratio plays an important role in assessing the level of stock quotes on the stock exchange.

Having calculated and analyzed the profitability indicators of SunInterbrew OJSC, we can safely say that this enterprise is profitable.

So, the analysis of the financial results of the activities of JSC "SunInterbrew" is important in a market economy. The analysis carried out shows that OJSC "SunInterbrew" is a successfully developing enterprise. The following figures were obtained during the analysis:

Revenue from sales of products - 349.4 million euros;

Cost of goods sold - 250.24 million euros;

Profit for the reporting period - 67.78 million euros.

3. Reserves for improving the financial performance of the enterprise

3.1. Factors influencing the formation of financial results

To manage profit, it is necessary to reveal the mechanism of its formation, to determine the influence and share of each factor of its growth or humiliation.

Important profit growth factors that depend on the activities of the organization (they are called internal) are the growth in the volume of products manufactured in accordance with contractual terms, the reduction in its cost, the improvement of quality, the improvement of the assortment, the increase in the efficiency of the use of production assets, the growth of labor productivity, the competence of management.

These factors can be conditionally divided into three groups: industrial, commercial, financial.

Production factors are associated with the volume of production, its rhythm, material, scientific, technical and organizational and technical equipment, respectively, the quality parameters of products, their assortment and structure, etc.

Commercial factors, as it were, lead to financial factors and cover the concept of marketing in a broad sense: the conclusion of business contracts on the basis of the closest study of the current and prospective market conditions, price regulation of sales, its direction and organizational and economic support.

The reliability of the forecast of commercial factors is based, on the one hand, on risk insurance (mainly the risks of loss of property, disruption of supplies, distance or refusal of payment), on the other hand, on attracting reputable, solvent customers (customers, buyers), which, in turn, , requires known non-production costs (representation, advertising, etc.).

Financial factors, covering both the proceeds from the sale of products and services, and entrepreneurial income from all types of activities, include, respectively: forms of payment (provided by the contract or determined promptly); price regulation, including markdowns in case of slowdown in sales; attracting a bank loan or funds from centralized reserves; application of penalties; study and collection of receivables, as well as ensuring the liquidity of other assets; stimulating the attraction of financial resources in the financial markets - income from securities, deposits, deposits, rent and other financial investments. The principle “time is money” is important here: the faster and more complete the receipt of income, the more effective all activities. Therefore, one should not neglect differentiated markdowns depending on the timing of implementation and the forecast of market saturation, including seasonal, periodic or one-time (a temporary drop in income will pay off with the release of funds by accelerating their turnover), preferential shipment of their products to the most reliable and fastest payers and other measures. impact.

To factors that do not depend on the activities of organizations (external),
include changes in state regulated prices for products sold, the level of taxes and tariffs, depreciation rates
deductions, the impact of natural, geographical, transport, specifications on the production and sale of products, as well as other factors (Fig. 3.1).

Rice. 3.1 - Factors affecting the amount of profit

Internal factors are divided into production and non-production. Production factors characterize the availability and use of means and objects of labor, labor and financial resources and, in turn, can be divided into extensive and intensive.

Extensive factors include factors that reflect the volume of production resources (for example, changes in the number of employees, the cost of fixed assets), their use over time (changes in working hours, equipment shift ratio, etc.), as well as unproductive use of resources (costs of materials for marriage, losses due to waste)

Intensive factors include factors that reflect the efficiency of resource use or contribute to this (for example, improving the skills of workers, equipment productivity, the introduction of advanced technologies, accelerating the turnover of working capital, reducing the material intensity and labor intensity of products).

Non-production factors include, for example, supply and marketing and environmental activities, social working and living conditions, etc.

These factors affect profit not directly, but through the volume of products sold and the cost, therefore, in order to identify the final financial result, it is necessary to compare the cost of the volume of products sold and the cost of costs and resources used in production.

Profit from the sale of products, works, services occupies the largest share in the structure of the balance sheet profit of the enterprise. Its value is formed under the influence of a number of factors, the most important of which are: cost, sales volume, the level of current prices.

The most important of these is the cost. Under the cost of production understand all the costs of the enterprise for the production and sale of products, namely: the cost of natural resources, raw materials, basic and auxiliary materials, fuel, energy, fixed assets, labor resources and other operating costs.

Quantitatively, the cost price occupies a significant share in the price structure, so it significantly affects the growth of profits, other things being equal.

The indicators of cost reduction include the following indicators:

Indicators related to the improvement of the technical level of production (introduction of a new progressive technology, modernization of equipment, changes in the design and technical characteristics of products);

Indicators related to improving the organization of labor and management (improving the organization, maintenance and management of production, reducing management costs, reducing losses from marriage, improving labor organization).

The main objectives of the analysis of the cost of industrial products are:

Establishment of the dynamics of the most important cost indicators;

Determination of costs per ruble of marketable products;

Identification of reserves to reduce costs.

An analysis of production costs by elements and costing items is carried out in order to identify deviations, determine the composition of the elements and costing items, the share of each element in the total amount of production costs, study the dynamics over a number of past years, identify factors that caused changes in the elements and items costs and affected the cost of production.

An important factor affecting the amount of profit from the sale of products is the change in the volume of production and sales of products. A fall in output under current economic conditions, apart from a number of counteracting factors such as rising prices, inevitably entails a reduction in profits. This leads to the conclusion that it is necessary to take urgent measures to ensure the growth of the volume of production on the basis of technical renewal and an increase in production efficiency.

The dependence of the amount of profit on the volume of sales, other things being equal, is directly proportional. As a result, the indicator of changes in the balances of unsold products is of no small importance in market conditions; the higher it is, the less profit the company will receive. The amount of unsold products depends on a number of reasons due to the current market conditions, production and commercial activities enterprise, conditions for the sale of products. First, capacity this market always has a marginal value, and, as a result, there is a risk of commodity glut; secondly, an enterprise can produce more products than it sells due to an inefficient marketing policy. In addition, the proportion of more profitable products may increase in the unsold balances of finished products, which will lead to a total increase in these balances in value terms based on lost future profits. In order to increase profits, the enterprise must take appropriate measures to reduce the balance of unsold products, both in kind and in monetary terms.

The amount of proceeds from the sale of products and, accordingly, profit depends not only on the quantity and quality of manufactured and sold products, but also on the level of prices applied.

Free prices in the conditions of their liberalization are set by the enterprises themselves, depending on the competitiveness of this product, the demand and supply of similar products by other manufacturers (with the exception of monopoly enterprises, the price level for whose products is regulated by the state). Therefore, the level of free prices for products to a certain extent is a factor depending on the enterprise.

During the production cycle, the level of profitability is affected by a number of factors (Fig. 11), which can be divided into external - related to the impact on the activities of the enterprise market, state, geographical location, and internal: production and non-production. Identification in the process of analysis of internal and external factors affecting profitability, makes it possible to "clear" performance indicators from external influences.

Let us first consider the factors directly related to the activities of the enterprise, which it can change and regulate depending on the goals and objectives set for the enterprise, i.e., internal factors that can be divided into production factors directly related to the main activity of the enterprise, and outside production factors which are not directly related to the production of products and the main activities of the enterprise.

Non-production factors include supply and marketing activities, that is, the timeliness and completeness of the fulfillment by suppliers and buyers of obligations to the enterprise, their remoteness from the enterprise, the cost of transportation to the destination, and so on; environmental measures that are necessary for enterprises in a number of industries, such as the chemical, engineering industries, and entail significant costs; fines and sanctions for late or inaccurate fulfillment of any obligations of the company, for example, fines to the tax authorities for late settlements with the budget. The financial results of the company's activities, and, consequently, the profitability are indirectly affected by the social conditions of work and life of employees; financial activities of the enterprise, i.e. management of own and borrowed capital for the enterprise and activities in the securities market, participation in other enterprises, etc.

Production factors include the availability and use of means of labor, objects of labor and labor resources. These factors are the main factors in the growth of profits and profitability of the enterprise, it is with an increase in the efficiency of their use that the processes of intensification of production are associated.

The influence of production factors on the result of activity can be assessed from two positions: as extensive and as intensive. Extensive factors are associated with a change in the quantitative parameters of the elements of the production process, they include:

Changes in the volume and operating time of the means of labor, i.e., for example, the purchase of additional machine tools, machines, the construction of new workshops and premises, or an increase in the operating time of equipment to increase the volume of output;

Change in the number of objects of labor, unproductive use of means of labor, i.e., an increase in stocks, a large proportion of defects and waste in the volume of output;

Change in the number of workers, working time fund, unproductive costs of living labor (downtime).

A quantitative change in production factors must always be justified by a change in the volume of output, i.e., the enterprise must ensure that the rate of profit growth does not decrease relative to the growth rate of costs.

Intensive production factors are associated with an increase in the quality of the use of production factors, these include:

Improving the quality characteristics and productivity of equipment, i.e. timely replacement of equipment with a more modern one with greater productivity;

Use of progressive materials, improvement of processing technology, acceleration of material turnover;

Improving the skills of workers, reducing the labor intensity of products, improving the organization of labor.

In addition to internal factors, the profitability of an enterprise is indirectly affected by external factors that do not depend on the activities of the enterprise, but often quite strongly affect the result of its activities. This group of factors includes: the geographical location of the enterprise, i.e. the region in which it is located, the remoteness of the enterprise from raw materials sources, from regional centers, natural conditions; competition and demand for the company's products, i.e. the presence on the market of effective demand for the company's products, the presence on the market of competing firms that produce a product similar in consumer properties, the situation in related markets, for example, in the financial, credit, securities market, commodity markets, since a change in profitability in one market entails a decrease in profitability in another, for example, an increase in the yield of government securities leads to a reduction in investment in the real sector of the economy; state intervention in the economy, which manifests itself in a change in the legislative framework for the activity of the market, a change in the tax burden on enterprises, a change in refinancing rates, etc.

3.2. The main ways to improve financial results

The main reserves for increasing balance sheet profit are as follows:

Under stable economic conditions of management, the main way to increase profits from the sale of products is to reduce the cost in terms of material costs.

In industries oriented to the end consumer, the volumes of production and sales of products, determined by demand, the level of cost, but without compromising the quality of consumer goods, are of decisive importance;

The amount of profit from the sale of products is affected by the composition and size of unrealized balances at the beginning and end of the reporting period. A significant amount of balances leads to an incomplete receipt of revenue and a shortfall in expected profit;

The reserve for increasing the balance sheet profit may be the profit received from the sale of fixed assets and other property of the enterprise. If earlier operations related to the disposal of fixed assets did not have a noticeable impact on financial results, now that enterprises have the right to dispose of their property, it makes sense to get rid of excess and uninstalled equipment, having previously weighed what is more profitable - to sell it or rent it out . Other transactions, such as the gratuitous transfer of fixed assets to the enterprise, are not charged to balance sheet income, but are reimbursed from net income intended for accumulation;

improvement organizational structure enterprises, reducing labor costs;

Improving the quality of products and optimizing the range;

Conclusion

The main task of the enterprise in a market economy is to fully satisfy the needs of the national economy and citizens in its products, works and services with high consumer properties and quality at minimal cost, increasing the contribution to accelerating the socio-economic development of the country. To implement its main task, the company provides an increase in the financial results of its activities.

The analysis of the financial performance of SunInterbrew OJSC is of great importance in a market economy.

The analysis carried out in the course work shows that OJSC "SunInterbrew" is a successfully developing company in the Republic of Mordovia. The production is profitable and profitable. The management of the company is constantly working to stimulate the development of the enterprise.

The analysis yielded the following financial results for the first half of 2004:

Sales revenue amounted to 349.4 million euros.

The cost of goods sold is 250.24 million euros.

Gross profit - 99.16 million euros.

Profit for the reporting period - 67.78 million euros.

The profit left by the company after paying the tax was sent to: 32.48 million euros - an accumulation fund; 11.52 million euros - consumption fund.

Changes in financial results are affected by the following factors: sales volume, cost, assortment.

Thus, in order to increase financial results, it is proposed to develop a set of measures at the enterprise:

The main way to increase profits from the sale of products is to reduce material costs;

Reducing material consumption and labor intensity;

Introduction of new technologies and equipment;

Improving the quality of products;

Range optimization;

Increasing the turnover of working capital.

The company will be able to increase profitability and profit by following these recommendations.

List of sources used

1) Abryutina M.S., Grachev A.V. "Analysis of the financial and economic activities of the enterprise"

2) Kovalev A.I., Privalov V.P. "Analysis of the financial condition of the enterprise" M .: Center for Economics and Marketing, 2001 - 256 p.

3) Krylov E.I. "Analysis of the financial condition and investment attractiveness of the enterprise" M .: Finance and statistics, 2003 - 192 p.

4) Berzin I.E. "Enterprise Economics" M.: Drofa, 2003 - 367 p.

5) A.A. Firsova, E.A. Tatar "Enterprise Finance" M.: Alfa - Press, 2004 - 384 p.

6) Semyonov V.M. "Enterprise Economics" M.: Center for Economics and Marketing, 2001 - 300 p.

7) Chuev I.N., Chechevitsyna A.N. "Enterprise Economics" M.: Dashkova and Co., 2003 - 416 p.

8) Krutik A.B., M.M. Khaikin "Fundamentals of financial activity of the enterprise". - SP.: Business - press, 1998 - 445 p.

9) Grachev A.V. "Analysis and management of the financial stability of the enterprise." - M.: Fin-press, 2002 - 208 p.

10) E.I. Krylov, V.M. Vlasova, M.G. Egorova "Analysis of the financial condition of the enterprise." - M.: Finance and statistics, 2003 - 192 p.

11) K.A. Rantsky "Economics of Organizations" M.: Dashkov and Co., 2003 - 1012 p.

12) I.V. Sergeev "Enterprise Economics", Moscow: Finance and Statistics, 2001 -304 p.

13) A.S. Pelikh "Enterprise Economics", Rostov-on-Don: Phoenix, 2002 - 416 p.

Annex A

Factors affecting the level of profitability

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The overall financial result of economic activity. The concept and economic essence of the financial results of the enterprise. Assignment for term paper

Indicators of financial performance of the enterprise

Reflection of the financial result of the organization's activities

More on the topic Financial performance of the organization: a system of indicators, determining factors.:

The concept of financial results - approaches of various authors

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Gross profit (loss)

Profit (loss) from sales

Net profit

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COURSE WORK

Saransk 2004