Analysis of the results of financial economic activity is short. Analysis of the financial and economic activities of the enterprise (31) - abstract. Analysis of the liquidity of the enterprise for relative indicators

Introduction…………………………………………………………………………2

Chapter 1. Theoretical Justification of the Afhd Enterprise.

The concept and principles of AFCH .................. .. ........................... 4

Method of AFCH ............................................................ .6

Indicators ..................................................................... 8.

Chapter 2. AFCH on the example of OJSC "Svyaznaya NN"

2.1 Brief description of the enterprise ...................................13

2.2 Analysis of the main indicators ................................. .. ......... 14

2.3 Analysis of the financial condition of OJSC "Svyaznaya NN" ...... .. ...... ..17

2.4 Evaluation of business activity and profitability ........................ .34

Chapter 3. Ways to increase the effectiveness of the FCD OJSC Svyaznaya NN

3.1 General conclusions ............................................................... ..40

3.2 Proposals for the improvement of the FCD OJSC "Svyaznaya NN" ............ ..41

Conclusion……………………………………………………………………...44

List of used literature ......................................................... ..45

Appendix No. 1.

Appendix No. 2.

Introduction

An analysis of financial and economic activities allows us to assess the economic viability of the enterprise at the moment and foreseeable perspective. The values \u200b\u200bof the financial stability of business entities increase dramatically. All this significantly increases the role of analyzing their financial condition: availability, placement and use of funds.

The solvency and financial stability are the most important characteristics of the financial and economic activity of the enterprise in a market economy. If the enterprise is financially sustainable, solvent, it has an advantage over other enterprises of the same profile in attracting investments, in obtaining loans, in choosing suppliers and in the selection of qualified personnel. Finally, it does not conflict with the state and society, since it pays timely taxes to the budget, contributions to social funds, wages - working and employees, dividends to shareholders, and banks guarantees the return of loans and pay interest on them. The higher the sustainability of the enterprise, the more it is independent of the unexpected changes in market conditions and, therefore, the less risk to be on the edge of bankruptcy.

The object of study of this work is the Nizhny Novgorod branch of OJSC "Svyaznaya NN".

The purpose of the study of the course work is the financial condition of the Nizhny Novgorod branch of OJSC "Svyaznaya NN" and the rationale for its improvement.

Based on the goals set, you can form currency tasks:

Explore theoretical foundations;

Give a characteristic of the enterprise;

Determine the effectiveness of its work;

Develop measures to improve the financial and economic activities of the enterprise;

To solve the above tasks, the annual accounting statements of the Nizhny Novgorod branch "Svyaznaya NN" for 2007, namely, was used.

accounting balance (form number 1 in OKUD);

profit and Loss Statement (Form No. 2 for OKUD);

REPORT ON CAPITAL METHOD (FORM №3 OKUD);

report on cash flow (form number 4 by OKUD);

appendix to the accounting balance (form number 5 in OKUD);

Chapter 1.Theoretical Justification of the Afhd Enterprise.

1.1 The concept and principles of the analysis of the FCD

The content and main target setting of financial analysis is an assessment of the financial condition and identifying the possibility of improving the efficiency of the economic entity with the help of rational financial policies. The financial condition of the economic entity is the characteristics of its financial competitiveness (ie solvency, creditworthiness), the use of financial resources and capital, fulfilling obligations to the state and other business entities 1.

In a traditional understanding, a financial analysis is a method for assessing and predicting the financial condition of the enterprise based on its financial statements. It is customary to allocate two types of financial analysis - internal and external. Internal analysis is carried out by employees of the enterprise (financial managers). External analysis is carried out by analysts that are unauthorized persons for the enterprise (for example, auditors).

An analysis of the financial condition of the enterprise has several goals:

determination of the financial situation;

identifying changes in financial condition in a space-time section;

identification of the main factors causing changes in financial condition;

forecast of the main trends of financial condition.

Analysis of the financial state is based on certain principles 2:

1. State approach. In assessing economic phenomena and processes, it is necessary to take into account their compliance with state economic, social, international politics and legislation.

2. Scientific.The analysis should be based on the provisions of the dialectical theory of cognition, take into account the requirements of economic laws of production.

3. Complexity. The analysis requires a comprehensive study of the causal dependencies in the enterprise economy.

4. Systems approach. The analysis should be based on the understanding of the object of the study as a complex dynamic system with the structure of the elements.

5. Objectivity and accuracy. Information used to analyze should be reliable and objectively reflect reality, and analytical conclusions must be justified by accurate calculations.

6. Effectiveness. The analysis should be effective, i.e., actively influence the course of production and its results.

7. Plannedness. For the effectiveness of analytical measures, the analysis should be carried out systematically.

8. Efficiency. Analysis efficiency is much increasing if it is carried out quickly and analytical information quickly affects managerial solutions of managers.

9. Democracy. It intends to participate in the analysis of a wide range of workers and, therefore, a more complete identification of intra-economic reserves.

10. Efficiency. The analysis should be effective, i.e. the costs of its conduct should give a multiple effect.

1.2 Methodology AFCHD

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

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

For a general detailed analysis of the financial and economic activity of the enterprise, information on established forms of accounting reporting is required, namely:

form No. 1 Accounting Balance

form number 2 Profit and Loss Statement

form number 3 Report on Capital Movement

form number 4 report on cash flow

form number 5 Appendix to the accounting balance

An analysis of the financial and economic activity of the enterprise is carried out in three stages 3.

At the first stage, a decision is made to appropriate financial reporting analysis and its readiness for reading is checked. The task of the expediency of the analysis allows you to solve familiarization with the audit conclusion. There are two main types of audit conclusions: standard and non-standard. The standard audit report is a unified briefly stated document containing a positive assessment of the audit firm on the accuracy of the information presented in the report and its compliance with the current regulatory documents. In this case, the analysis is advisable and possibly possible, since the reporting in all significant aspects objectively reflects the financial and economic activities of the enterprise. A non-standard audit conclusion is drawn up in cases where the audit company cannot compile a standard audit conclusion due to a number of reasons, namely: some errors in the financial statements of the company, various uncertainty of financial and organizational nature, etc. In this case, the value of the analytical conclusions compiled under this reporting decreases. Checking readiness readiness for reading is technical and is associated with visual inspection of the presence of the necessary reporting forms, details and signatures on them, as well as the simplest counting test of intermediate results and balance currencies.

The purpose of the second stage is to familiarize yourself with an explanatory note to the balance sheet, this is necessary in order to assess the conditions for the functioning of the enterprise in this reporting period and take into account the analysis of the factors of which entailed changes in the property and financial position of the Organization and which were reflected in the explanatory note. The third stage is the main thing in the analysis of economic activities.

The purpose of this stage is to assess the results of economic activities and the financial states of the economic entity. It should be noted that the degree of detailing of the analysis of financial and economic activity may vary depending on the goals set. At the beginning of the analysis, it is advisable to characterize the financial and economic activity of the enterprise, to indicate industry affiliation and other distinctive features.

An analysis of the financial and economic condition of the enterprise is generally of the following main components:

Analysis of financial sustainability

Analysis of liquidity and creditworthiness

Analysis of business activity

Profitability analysis

1.3. EFCHD indicators

Analysis of the liquidity of the enterprise is based on the calculation of the following indicators 4:

Maneuverability of functioning capital. Characterizes that part of its own working capital, which is in the form of funds, i.e. means of absolute liquidity. For a normally functioning enterprise, this indicator usually changes from zero to one. Upcable conditions, the growth of the indicator in the dynamics is considered as a positive trend. An acceptable approximate value of the indicator is established by the enterprise independently and depends, for example, on how high the daily need of an enterprise in free monetary resources.

Current liquidity ratio. It gives a general assessment of the liquidity of assets, showing how many rubles of current assets of the enterprise accounts for one ruble of current obligations. The logic of the calculation of this indicator lies in the fact that the company reaches short-term obligations mainly due to current assets; Therefore, if current assets exceed the magnitude of the current liabilities, the company can be considered as a successful functioning (at least theoretically). The size of exceeding and is set by the current liquidity ratio. The value of the indicator may vary by industry and types of activities, and its reasonable growth in dynamics is usually considered as a favorable trend. In Western accounting and analytical practice, the critical lower value of the indicator - 2 is given; However, this is only an indicative value indicating an order of indicator, but not on its exact regulatory value.

Fast liquidity ratio. By semantic purposes, the indicator is similar to the current liquidity ratio; However, it is calculated on a narrower circle of current assets, when the least liquid part is excluded from the calculation - production reserves. The logic of such an exception consists not only in a significantly less liquidity of reserves, but, which is much more important, and in the fact that cash that can be rescued in the case of forced implementation of production reserves may be significantly lower than the costs of their acquisition. In particular, in the conditions of a market economy, a typical situation is when 40% and less from the accounting cost of stocks are eliminated. In Western literature, the approximate lower value of the indicator is 1, however, this assessment is also conditional. In addition, analyzing the dynamics of this coefficient, it is necessary to pay attention to the factors that caused its change.

The ratio of absolute liquidity (solvency). Is the most rigid criterion of liquidity of the enterprise; It shows which part of short-term borrowed obligations may be repaid immediately if necessary. The recommendation lower boundary of the indicator given in Western Literature is 0.2. In domestic practice, the actual mean values \u200b\u200bof the considered liquidity ratios are usually significantly lower than the values \u200b\u200breferred to in Western Literary Sources. Since the development of industry standards of these coefficients is a matter of the future, it is desirable to analyze the dynamics of these indicators, complementing its comparative analysis of available data on enterprises with similar orientation of its economic activity.

The proportion of own working capital in the coating of stocks. It characterizes the part of the value of reserves, which is covered with its own working capital. Traditionally, it is of great importance in analyzing the financial condition of trade enterprises; The recommended lower limit of the indicator in this case is 50%.

Reserves coating coefficient. It is calculated by the correlation of the magnitude of the "normal" sources of the coating of stocks and the amount of stocks. If the value of this indicator is less than one, then the current financial condition of the enterprise is considered unstable.

One of the most important characteristics of the financial condition of the enterprise is the stability of its activities in the light of the long-term perspective. It is associated with the general financial structure of the enterprise, the degree of its dependence on creditors and investors.

Financial stability in the long term is characterized, consequently, the ratio of own and borrowed funds. However, this indicator provides only a general assessment of financial stability. Therefore, in world and domestic accounting and analytical practices, a system of indicators is developed.

Coefficient of own capital concentration. It characterizes the proportion of the enterprise owners in the total amount of funds advanced in its activities. The higher the value of this coefficient, the more financially stable, stable and independently of the enterprise's foreign loans. Supplement to this indicator is the coefficient of the concentration of attracted (borrowed) capital - their sum is 1 (or 100%).

The coefficient of financial dependence. It is back to the coefficient of own capital concentration. The growth of this indicator in the dynamics means an increase in the share of borrowed funds in the financing of the enterprise. If its value is reduced to one (or 100%), this means that the owners fully finance their enterprise.

The coefficient of maneuverability of equity. It shows which part of the equity is used to finance current activities, i.e., it is invested in working capital, and which is capitalized. The value of this indicator may vary significantly depending on the structure of capital and industry affiliation of the enterprise.

The coefficient of the structure of long-term investments. The logic of the calculation of this indicator is based on the assumption that long-term loans and loans are used to finance fixed assets and other capital investments. The coefficient shows which part of fixed assets and other non-current assets are financed by external investors, i.e. (in some sense) belongs to them, and not to the owners of the enterprise.

The ratio of own and attracted funds. Like some of the above indicators, this coefficient gives the most overall assessment of the financial stability of the enterprise. It has a fairly simple interpretation: its value, equal to 0.25, means that each ruble of its own funds invested in the assets of the enterprise is 25 kopecks. borrowed money. The growth of the indicator in the dynamics indicates the strengthening of the enterprise's dependence on external investors and lenders, that is, about a decrease in financial stability, and vice versa.

Indicators of a group of business activity characterize the results and effectiveness of the current main production activity. The generalizing indicators of the evaluation of the efficiency of resource resources of the enterprise and the dynamicity of its development include the resource project ratio and the coefficient of sustainability of economic growth 6:

Resistance statement (coefficient of outbuilding capital). It characterizes the amount of products implemented on the ruble of funds invested in the activities of the enterprise. An indicator growth in the dynamics is considered as a favorable trend.

The coefficient of sustainability of economic growth. Shows what an at average the company can develop in the future, without changing the current ratio between various sources of financing, fund-student, production profitability, etc.

When analyzing profitability, the following main indicators used in countries with a market economy are used to characterize the profitability of investments in the activities of a particular type:

1. Profitability of advanced capital and profitability of equity. The economic interpretation of these indicators is obvious - how many rubles arrivals fall on one ruble of advanced (own) capital. When calculating, you can use either the overall profit of the reporting period, or net profit.

Chapter 2. AFCH on the example of OJSC "Svyaznaya NN"

2.1 Brief description of the enterprise.

"Svyaznoy" is a federal retail network specializing in the sale of cellular operators, personal communications, accessories, portable digital audio and photographic equipment. The company is the official distributor of the leading manufacturers of GSM phones and DECT standard phones, as well as the dealer of the largest cellular operators 7.

In this course, an analysis of the financial condition of the Nizhny Novgorod branch of OJSC "Svyaznaya NN" is carried out. Society registered by the ICC of Russia in the Soviet district of Nizhny Novgorod July 05, 2004. Legal address: 603105 Nizhny Novgorod region, G. N. Novgorod, ul. Oshhar, house 95. Actual location: 603000, Nizhny Novgorod region, G. N. Novgorod, ul. Maxim Gorky, D.117, Office 805. The society has separate divisions in the cities of Nizhny Novgorod, Saratov, Penza, Kirov regions and in the cities of the republics of Mordovia and Komi.

The average number of personnel of OJSC "Svyaznaya NN" for 2007 amounted to 1080 people, which is 240 more than a similar indicator for 2006. The increase in the average number is due to the further expansion of the activities of OJSC "Svyaznaya NN" and an increase in separate units in which a new one was recruited staff.

The main activities of the Company are:

1.Thechno-procurement activities, including:

Wholesale and retail trade in industrial goods, including technical products;

2. Organization and provision of services, including:

Mediation in various fields.

The authorized capital of the Company is 1,500,000 rubles.

Currently, "connected" offers customers the following products and services:

mobile communications and accessories;

phones of DECT-Standard, personal audio equipment and accessories;

digital voice recorders, photographic equipment and accessories;

connection to national and local cellular operators;

acceptance of payments for payment of mobile communication (without commission);

receiving payments for payment of long-distance and international negotiations (without commission);

sale of express pay cards, IP telephony, internet access;

registration of mandatory auto insurance policies;

making a subscription to satellite TV;

sale of mobile content 8.

2.2. Analysis of the main indicators.

The state of financial and economic activities of the enterprise can be appreciated based on the study of the financial results of its work, which depend on the set of conditions for the implementation of monetary turnover, the cost consumption, the movement of financial resources and financial relations in the economic process. An analysis of the financial performance of the enterprise involves the study of the "Balance of the Enterprise" (Form No. I), the "Report on Financial Results" (Form No. 2), the "Capital Movement Report" (Form No. 3), "Cash Movement Report" (Form No. 4) and the primary reporting of the enterprise.

The main indicators of the financial performance of the enterprise include revenue from the sale of products (works, services), net revenue (general revenue minus VAT, excise taxes and similar obligatory payments), balance profit, net profit. The financial results of the company's activities depend on such indicators as the cost of sales (works, services), commercial and managerial expenses, other operating income and expenses, non-revenue income and expenses, the amount of distracted funds, income tax. An example of analyzing the dynamics of financial performance of the enterprise is given in Table. №1.

Indicators	at the beginning of the reporting period	at the end of the reporting period	Absolute change, thousand rubles.



Revenue from the sale of goods, products, works, services, thousand rubles.
Cost of goods sold, products, works, services, thousand rubles
Specific cost (cost per groove of revenue), rub / rub.
Gross profit (margin income), thousand rubles
Gross profit (margin income) for one ruble revenue, rub / rub.
Commercial and managerial expenses, thousand rubles.
Profit from sales, thousand rubles.
Profitability Sales,%
Interest to payment, thousand rubles.
Revenues from participation in other organizations, thousand rubles.
Other revenues, thousand rubles.
Other revenues, thousand rubles.
Other expenses, thousand rubles.
Profit before taxation, thousand rubles.

According to the data of the table, compared with the beginning of the year, the gross income increased by 589863 thousand rubles or 32.8% with a simultaneous increase in cost at 488164 thousand rubles or 34.1%. Despite the increase in the revenue of the reporting period compared with the previous one, the main rate for any enterprise is the profit of sales, significantly decreased and amounted to a negative value. Commercial expenses have also increased by 217835 thousand rubles and amounted to 182% of the value at the beginning of the reporting period.

The cost cost per 1 ruble revenue increased by 1Qop., It shows that to obtain 1 ruble revenue, costs per 1Kop are required. More at the end of the year compared to the beginning. Margin income increased by 27.6%, that is, the company has increased the ability to cover permanent costs and profit.

Margin income per 1 ruble revenue decreased, which indicates a decrease in the dependence of increasing profits from reducing variable costs. Sales profitability decreased by 89.5%, which indicates a strong decrease in the efficiency of the enterprise.

Profit to taxation also significantly decreased due to the growth of the costs of the reporting period.

2.3. Analysis of the financial condition of OJSC "Svyaznaya NN"

Analysis of the financial condition of the enterprise is based on the calculation of a number of indicators:

indicators of financial stability (independence coefficient, share of borrowed funds, the ratio of own and borrowed funds, the share of receivables, the proportion of own and long-term borrowed funds);

solvency indicators (absolute liquidity ratio, total coating coefficient, liquidity ratio of commodity values);

indicators of business activity (total turnover coefficient, stock turnover, turnover of own funds, productivity).

Analysis of the financial condition of the enterprise is advisable to perform in stages. It includes consistent analysis:

Indicators of solvency (liquidity), financial sustainability, business activity;

The creditworthiness of the enterprise and the liquidity of its balance.

The overall analysis and evaluation of financial and economic activities are carried out according to the enlarged (aggregated) balance of the enterprise (Table No. 2), which does not include decrypting assets and liabilities of the lines following the words "including:".

In this regard, the enlarged balance will include the lines of the actual balance of the enterprise, the numbers of which are multiple 5.

Aggregated analytical balance of OJSC Svyaznaya NN, thousand rubles.






Total by R.ι.			Total by R.ιιιι.

			Total by r.ιv



P.260 +270.
Total by R.ιι.			TOTAL BY R.V.
Balance currency			Balance currency

The enlarged balance is typical of a small enterprise, since it presents all lines usually the production potential of the enterprise: industrial equipment and intangible assets in the section of non-current assets and material and production reserves in the current assets section.

It should be especially evaluated by the dynamics of the BBA currency. The increase in WB indicates the expansion of economic activities, although the causes of growth may be different: reassessment of fixed assets, inflation, an increase in the terms of calculations with debtors and creditors. But in order to objectively assess the financial condition, it is advisable to compare changes over several reporting periods of the value of the WB, with changes in sales revenue from sales and profit from PP sales.

For this purpose, three coefficients are calculated, which are called increment ratios (despite the fact that these coefficients may have a negative sign):

property growth ratio:

KV b \u003d (WBO-VBB) * 100% / VBB;

revenue growth rate Find, using the indicators of F.№2 "Profit and Loss Report":

Kv \u003d (in - WB) * 100% / WB;

profit growth ratio also find with the help of F.N.2 indicators:

KP n \u003d (PPO - PPB) * 100% / PPB, where

WBO, in, PPO - respectively, the currency of the balance, revenue and profits from sales of the reporting period (for 31.12. 2007)

BBB, WB, PPB - accordingly, the same indicators of the base period (as of 01.01.2007).

If the values \u200b\u200bof the KV and KP n are higher than the sq b, this indicates the more rational use of the enterprise's economic funds compared with the previous period. For the enterprise "Svyaznaya NN" coefficients will be equal:

KV b \u003d (738620-569390) * 100% / 569390 \u003d 29.7%

KV \u003d (2388895-1799032) / 1799032 * 100% \u003d 32? 8%

KP n \u003d (13947-102189) / 102189 * 100% \u003d - 86.4%

In this case, despite the increase in the balance currency and revenue, the company failed to increase profits from sales, on the contrary, its value was negative, therefore, the economic funds were more efficiently used in the previous period than in the previous one. To improve the state, the company should significantly reduce costs.

2.3.1. Calculation of financial stability indicators.

In market conditions, when the company's economic activity and its development is carried out at the expense of self-financing, and in case of inadequate financial resources, due to the borrowed funds, an important analytical characteristic is the financial stability of the enterprise.

Financial stability- This is a certain state of the accounts of the enterprise, guaranteeing its constant solvency. As a result of the implementation of any economic operation, the financial condition of the enterprise can remain unchanged or improved, or worse. The flow of economic operations performed daily is as it were, as it were, the "disturbant" of a certain state of financial stability caused the transition from one type of sustainability to another. Knowledge of marginal boundaries change sources of funds to cover capital investment in fixed assets or production reserves allows you to generate such streams of economic operations that lead to an improvement in the financial condition of the enterprise, to an increase in its sustainability.

The task of analyzing financial stability is the assessment of the magnitude and structure of assets and liabilities. It is necessary to answer the questions: how important the organization is independent of a financial point of view, the level of this independence is growing or declining and whether the state of its assets and liabilities is responsible for the tasks of its financial and economic activities.

In practice, various methods for analyzing financial stability are applied. Let us analyze the financial stability of the enterprise using absolute indicators.

The generalizing indicator of financial stability is surplus or lack of sources of funds for the formation of reserves and costs, which is determined in the form of a difference in the value of the sources of funds and the amount of stocks and costs.

The total amount of stocks and costs is equal to the sum of the strings 210 and 220 of the balance of the balance (ZZ).

To characterize stock formation sources and costs, several indicators are used, which reflect various types of sources:

The presence of own working capital (string 490 - line 190);

The presence of own and long-term borrowed sources of stock formation and costs or functioning capital (line 490 + Row 590 - line 190);

The total value of the main sources of stock formation and costs (line 490 + line 590 + Row 610 - line 190). Due to the lack of short-term borrowed funds (line 610), this figure is total equal to the second.

The calculated indicators are shown in Table 1.

From table 11, it can be seen that none of the above sources is missing or at the end of the year.

With the help of these indicators, a three-component indicator of the type of financial situation  9 

It is possible to allocate 4 types of financial situations:

1. Absolute stability financial condition. This type of situation is extremely rare, represents the extreme type of financial stability and meets the following conditions: FS  0; FT  0; FO 0; those. S \u003d (1,1,1);

Table 1

Determination of the type of financial condition of the enterprise (thousand rubles)

Three indicators of the presence of sources of stock formation and costs correspond to three indicators of stocks and costs of formation sources:

2. Normal stability financial condition that guarantees solvency: FS

3. Unstable financial condition Conjugate with a violation of solvency, but at which the possibility of restoring equilibrium is still preserved by replenishing sources of own funds by reducing receivables, accelerating stock turnover: FS

4. Crisis financial condition in which an enterprise on the verge of bankruptcy, since in this situation, funds, short-term securities and receivables do not even cover its accounts payable: FS

In the Nizhny Novgorod branch "Svyaznaya NN" a three-component indicator of the financial situation S \u003d (0; 0; 0). Thus, financial stability at the beginning and at the end of the reporting period can be considered critical.

Relative indicators were also used to analyze the financial stability of the Nizhny Novgorod branch of the "Svyaznaya NN". These coefficients are calculated in Table 2.

Table number 2. Indicators of financial stability.

	Name indicator	Method of calculation		Explanation	For the beginning of the year	At the end of the year	Deviation of the year
	1. Independence ratio			Shows the share of own funds in the total amount of the enterprise.
	2. The ratio of own and borrowed funds			Shows how many borrowed funds attracted an enterprise to 1rub. nested in assets
	3. The coefficient of long-term attraction of borrowed funds			Shows how many long-term loans are attracted to finance assets along with their own means
	4. Coefficient of own funds			Characterizes the degree of mobility of use of own funds
	5. Providing a coefficient of own funds			Shows the proportion of SOS acquired at their own expense
6. The coefficient of the real value of fixed assets and material working capital in the property of the enterprise			Shows the share of the property of industrial purposes (real assets) in the total property of the enterprise.
7. The coefficient of the real value of fixed assets in the property of the enterprise			Shows the specific weight of fixed assets in the property of the enterprise.

From these tables, you can draw conclusions about the state of each coefficient and the financial stability of the enterprise as a whole.

Independence Coefficient at the enterprise for 2007

The value of the coefficient of the ratio of borrowed and own agents significantly exceeds the norm, which indicates that the enterprise of OJSC "Svyaznaya NN" is very dependent on the funds raised. In the future, it is necessary to increase the share of own funds.

The long-term attracting coefficient of borrowed funds suggests that long-term loans have been attracted to finance assets.

The coefficient of mannel of own funds and the coefficient of provision of own means comply with the norm. However, the value of the coefficient of the provision of own means at the end of the period is reduced, which indicates a decrease in its own working capital.

The coefficient of the real value of basic and material working capital is less than the norm, but at the end of the period it increases.

The coefficient of the real value of fixed assets at the end of the period is 0.05%, which indicates a lack of fixed assets in the property of the enterprise.

2.3.2 Assessment of solvency of OJSC "Svyaznaya NN"

Practically solvency of the enterprise is expressed through the liquidity of its balance. The main task of the analytics in calculating the liquidity of the balance is to establish the value of the coverage of the enterprise's obligations to its assets. At the same time, the term of transformation of assets into cash ideally must correspond to the maturity date.

When analyzing the assets and liabilities of the balance are grouped by the degree of loss of liquidity and by the degree of urgency of payment of obligations, respectively. The grouping is conveniently carried out in the analytical table (see Table No. 3).

Grouping asset and balance liability when evaluating liquidity

Assets	Legend degree of liquidity	Passive	Symbol urgency repayment of obligations

The most liquid assets: cash and short-term financial investments		The most urgent obligations: debt to staff, tax debt and fees, debt to extrabudgetary funds and other accounts payable
Funralizable assets: short-term receivables		Short-term liabilities: other obligations from the V section of the balance
Medlenealizable assets: MPZ		Long-term liabilities: ιv section of the balance
Intelligent assets: non-current assets		Permanent liabilities: Capital and reserves - the balance of the balance

The balance is considered absolutely liquid under the following conditions:

The first two inequalities characterize the current liquidity of the enterprise, and the last two are promising.

The results of calculating the liquidity of the balance are shown in Table .№4:

Table number 4. Results of calculating the liquidity of the balance of OJSC "Svyaznaya NN"

Assets	as of 01.01.07	12/31/07	Passive	As of 01.01.07	12/31/07	Paying surplus (+), Payment deficiency (-)

Analysis and assessment of the liquidity of the balance of OJSC Svyaznaya NN.

To determine the liquidity of the balance, it is necessary to compare Total for each group of assets and liabilities.

At the beginning of the reporting period, the following ratios are performed:

The ratios confirm the lack of current liquidity from the enterprise at the beginning of the reporting period and the presence of promising liquidity. Whether such liquidity of the balance is satisfactory for OJSC "Svyaznaya NN" will show the analysis of relative liquidity ratios.

It can be argued that by the end of the reporting period above the specified ratios acquired a view:

The first ratio shows that the company cannot repay all its most urgent obligations in the coming deadlines: to the staff on wage, tax and fees, etc. But at the same time, its receivables are enough for repayment of urgent obligations to suppliers and contractors. At the same time, the third relation confirms that slowly implemented assets is enough to pay for urgent obligations.

Finally, the fourth ratio indicates the presence of own working capital of CO or own working capital (this indicator is sometimes called "pure working capital"), since non-current (immobilized) assets AB (A4) of the enterprise is significantly less than the value of its own capital of the SS (P4).

Since its own working capital by the end of the reporting period decreased (the penultimate lines in STB. 7 and 8 Table .№4), the liquidity of the balance of OJSC "Svyaznaya NN" decreased.

For a comprehensive study of the financial situation of the enterprise, it is advisable to calculate several financial coefficients. This will allow us to evaluate the ratio of each type of current assets with short-term obligations in terms of their further repayment. The calculation is based on varying degrees of liquidity of each type of assets - from absolutely liquid funds to stocks. Since these indicators are constantly changing, they should be calculated several times within the reporting period, for example, at the end of each month or quarter. As a result, it is possible to build dynamic series in liquidity and solvency indicators. The calculation of financial coefficients is recommended in the analytical table (see Table No. 5).

Calculation of financial coefficients for estimating liquidity and solvency

Index	Formula

The ratio of absolute liquidity	Cal \u003d a1 / (p1 + p2), where A1 is cash and short-term financial investment; P1 + P2 - all short-term liabilities (V r. Balance with the exception of strings 640 and 650)	Determines part of the short-term debt, which an enterprise can pay off at the nearest date of the balance sheet. Recommended value from 0.15 to 0.2.
The coefficient of current liquidity	CTL \u003d (A1 + A2) / (P1 + p2), where A2 - the short-term receivables of the enterprise	Shows the predictable payment abilities of the enterprise, subject to timely settlements with debtors. Recommended value - in the range from 0.5 to 0.8.
The coefficient of general liquidity	Count \u003d (A1 + A2 + A3) / (p1 + p2)	Indicates the adequacy of the working capital of the enterprise to cover short-term liabilities. It characterizes the supply of financial strength as a result of exceeding current assets over short-term obligations. Recommended value - in the range from 1 to 2.
The coefficient of own solvency	KSP \u003d CO / (P1 + P2), where CO is the value of its own working capital (pure working capital)	Determines the proportion of own working capital in short-term liabilities of the enterprise. Indicator Individual for each enterprise.

Sequence of calculations (Table No. 6):

1) Cal \u003d A1 / (P1 + P2),

As of 01.01.07: Cal \u003d 89675 / (4641 + 459713) \u003d 89675/464354 \u003d 0.19

12/31/07: Cal \u003d 150077 / (530730 + 101125) \u003d 150077/631855 \u003d 0.24

2) CTL \u003d (A1 + A2) / (P1 + P2),

As of 01.01.07: KTL \u003d (89675 + 55879) / (4641 + 459713) \u003d 145554/464354 \u003d 0.31

To 01/31/07: KTL \u003d (150077 + 132166) / (530730 + 101125) \u003d 282243/631855 \u003d 0.45

3) count \u003d (A1 + A2 + A3) / (p1 + p2)

As of 01.01.07: Col \u003d 542410/464354 \u003d 1,17

12/31/07: count \u003d 697512/631855 \u003d 1,10

4) KSP \u003d CO / (P1 + P2),

As of 01.01.07: KSP \u003d 78056/464354 \u003d 0.17

12/31/07: ksp \u003d 65657/631855 \u003d 0.10

Let us bring the results in Table No. 6:

Table number 6. Results of calculations of relative liquidity and solvency coefficients

The following conclusions follow from the calculations.

The absolute liquidity ratio at the beginning of the reporting period reaches the recommended values \u200b\u200band is 0.19, but at the end of the analyzed period this coefficient is growing, that is, the solvency increased by 0.4. This means that the enterprise can pay off 24% of its compiling reporting Short-term obligations.

The current liquidity ratio during the reporting period is lower than the range of recommended values, which indicates a lack of enterprise's payment abilities during timely calculations with debtors.

The values \u200b\u200bof the total liquidity coefficient at the beginning and the end of the reporting period are in the range of recommended values, which indicates a sufficiency as a whole working capital to cover short-term liabilities and for the availability of the financial strength of the enterprise.

The self-financing coefficient by the end of the reporting period is somewhat reduced (as well as the liquidity of the balance as a whole), but its values \u200b\u200bat the beginning and end of the period confirm the sufficiency of own working capital from OJSC "Svyaznoy" to compensate for short-term debts.

2.3.3. Company creditworthiness.

In case of lack of funds to cover the obligations, the company's management may contact the Commercial Bank's credit department to meet the need for cash. Each loan agreement is associated with the risk of non-repayment of the loan, non-payment of interest, violations of the terms of contractual obligations. The presence of risk due to many factors led to the electoral approach of banks to its customers, which is based on the system of indicators with which the ability of each client to fulfill the terms of the loan agreement.

The creditworthiness of the enterprise is its ability in a timely manner and fully calculated on its debt obligations to the bank.

The credit rating is a comprehensive study of the financial condition, which allows to substantiate the issue of issuing a loan or on the inexpediency of continuing relations with the borrower.

To determine the creditworthiness of the client, the credit ratings of the borrower are used. Customers depending on creditworthiness are divided into three classes (see Table, No. 7). Criteria at the level of average values \u200b\u200ballow you to attribute the borrower to the second class, above the average - to the first, below average - to the third.

Table number 7. Classes of creditworthiness of borrowers

Factors	Classes
Factors
		From 0.15 to 0.2
		From 0.5 to 0.8

		From 0.5 to 0.6

For OJSC "Svyaznaya NN", the summary table of indicators' coefficients to determine the creditworthiness of the borrower looks like this (see Table No. 8)

Table number 8.

Summary table of indicators for calculating the creditworthiness of OJSC "Svyaznaya NN"

Make conclusions.

From the consolidated table, it can be seen that by the end of 2007 it is impossible to make an unambiguous conclusion about the belonging of OJSC "Svyaznaya NN" to a certain class on creditworthiness.

By Cal. and KFN The company refers to the first class CTL to the third and Count to the second. This suggests that lending OJSC "Svyaznaya NN" requires additional verification.

2.4 Evaluation of business activity and profitability.

Calculation of business activity coefficients.

Index	Formula	Characteristic

Indicators of the turnover of assets (property)
The turnover coefficient of assets	CoA \u003d V / ASR, where: in - net - revenue of the enterprise (p. 010 f. No. 2); A. -The estimation of assets *	Shows the speed of turnover of all assets of the enterprise for the reporting period (the number of revolutions)
Duration of one turn day in days	PD \u003d d / koa, where: d - number of calendar days ** in the reporting period	Shows the duration of one turn in the days
Coefficient of receivable receivables (DZ)	Kodz \u003d V / DZSR, where DZ is receivables * for the reporting period (the sum indicators p. 230 and 240 f..№1)	Shows the number of accounts of receivables for the reporting period. When the turnover is accelerated, the indicator is increased, which confirms the improvement of the state of settlements with debtors
Duration of one turnover of receivables in days	PDZ \u003d D / Kodz	Characterizes the duration of one turnover of receivables. The decrease in the indicator is a favorable trend
Indicators of turnover sources (liabilities)
Own capital turnover coefficient	Kos C \u003d V / USSR where: SS - the cost of equity * for the period - (p. 490 F.№1)	Reflects the activity of the use of equity. The growth of the indicator indicates an increase in the efficiency of using equity
Duration of own capital turnover in days	PS C \u003d d / ss	Characterizes the speed of turnover of equity. Reduced indicator - favorable trend
Credit Reference Coefficient (KZ)	Cockfish \u003d V / CWSR, where: KZ is payables * for the period - (the sum indicators p. 610, 620, 630, 660 f. No. 1)	Reflects the rate of turnover of payable debt in the reporting period. Acceleration of turnover leads to a decrease in liquidity. If Cox
The duration of one turnover of accounts payable in days	PKZ \u003d D / COKK	Characterizes the ability of the enterprise for the reporting period to cover urgent debt to creditors. Reducing the duration of the turnover of the CW is always favorable for the enterprise

** - The number of calendar days for the annual reporting period is usually 365.

1) Co. \u003d V / ASR,

As of 01.01.07: Co. \u003d 1799032/569390 \u003d 3.1

12/31/07: Coach \u003d 2388895/738620 \u003d 3.2

2) PD \u003d d / koa,

As of 01.01.07: PD \u003d 365 / 3.1 \u003d 117.7

12/31/07: PD \u003d 365 / 3.2 \u003d 114

3) Kodz \u003d V / DZSR,

As of 01.01.07: Kodz \u003d 1799032/55879 \u003d 32.2

12/31/07: Kodz \u003d 2388895/132166 \u003d 18

4) PDZ \u003d D / Kodz

As of 01.01.07: PDZ \u003d 365 / 32.2 \u003d 11.3

12/31/07: PDZ \u003d 365/18 \u003d 20.3

5) Kos C \u003d V / USSR

As of 01.01.07: Cosos \u003d 1799032/105036 \u003d 17,1

12/31/07: Cosos \u003d 2388895/106765 \u003d 22.4

6) PS C \u003d d / s

As of 01.01.07: PSS \u003d 365/17, \u003d 21.3

12/31/07: PSS \u003d 365 / 22.4 \u003d 16.3

7) Cocks \u003d V / CWS,

As of 01.01.07: Cocks \u003d 1799032/464354 \u003d 3.8

12/31/07: Cocks \u003d 2388895/631855 \u003d 3.7

8) PKZ \u003d d / coke

As of 01.01.07: PKZ \u003d 365 / 3.8 \u003d 96

12/31/07: PKZ \u003d 365 / 3.7 \u003d 98.6

Calculations of the considered indicators at the beginning and end of the analyzed period for OJSC "Svyaznaya NN" are presented in Table No. 10

The results of calculations of the business activity coefficients of OJSC "Svyaznaya NN"

Index	As of 01.01.07	12/31/07

Table №11. Calculation of profitability indicators of the enterprise

Indicators	Calculation	At the beginning of the period	At the end of the period

1. Sign from the sale of goods, products, works, services (without VAT, excise taxes and similar obligatory payments)
2. Profit (loss) from sales
3. Balance Profit
4. Net profit	P. 140 - p. 150
Estimated indicators (%)
1. Profitability of all products implemented.	p. 050.
2. Total profitability.	p. 140.
3. Profitability profitability.	page (140 - 150)p. 010

On the basis of calculations, the following conclusions can be drawn:

The total profitability indicator at the end of the reporting 2007 decreased dramatically from 0.5 to 0.004, that is, decreased by 99%. This suggests that at the end of 2007, each ruble of implementation began to bring less than 0.004 penny from sales.

The profitability indicator of net profit sales also dropped sharply at the end of the reporting period from 0.04 to 0.0007. This suggests that the demand for products has declined sharply. Thus, at the end of 2007, each ruble of realized products began to bring to 0,0007 kopecks less than profit from sales.

The profitability of all products has decreased dramatically. Its value suggests that at the end of 2007, the company had 0.004 kopecks of net profit per 1 ruble of realized products.

As can be seen from the above, all product profitability indicators are very low.

Chapter 3. Ways to improve efficiency financial and economic activities of OJSC "Svyaznoy".

3.1. General conclusions.

After analyzing all the calculations about the financial and economic activities of OJSC "Svyaznaya NN", the following conclusions can be drawn.

Despite the increase in revenue by 589863 thousand rubles or 24.5%, the main indicator for any enterprise is a profit from sales, significantly decreased and amounted to a negative value.

Balance profit in the Nizhny Novgorod branch of the branch "Svyaznaya NN" at the horses of 2007 decreased significantly compared with the beginning of 2007 by 79152 thousand rubles or 90%.

Its reduction contributed to an increase in the cost of goods sold at 488164 thousand rubles, commercial expenses for 217835 thousand rubles or 82% and other expenses by 3864 or 3.4 times.

Its increased contributed to the growth of other income on 77094 thousand rubles or 97%.

Thus, the factors increasing the balance profit in the amount were significantly blocked by the action of its reducing factors, which ultimately led to a reduction in the balance profit at the end of 2007 compared with the beginning of the year by 90%.

In the end of 2007, the company received revenue from the sale of products, works, services in the amount of 2,388,895 thousand rubles. Sales structure looks like this:

Wholesale trade - 1.22%,

Mediation services - 0.55%,

Retail trade - 98.23%.

The size of net assets was at the end of 2007 according to accounting data 106,765 thousand rubles.

For 2007, the balance sheet currency of the joint stock company increased by 29.71% or 169,230,000 rubles.

The structure of the balance currency at the end of 2007 is as follows: 94.4% are mobile assets and 5.6% - immobilized.

Overseas assets for the year increased by 14,128 thousand rubles, by purchasing new fixed assets.

As part of working capital in 2007, investments in stocks of 17,892 thousand rubles increased or 9.82%. Data analysis indicates that reserves increased by the acquisition of raw materials and materials - by 2,032 thousand rubles and due to an increase in stocks of goods for resale in warehouses by 15,862 thousand rubles.

Receivables increased by 74,814 thousand rubles.

In the structure of the balance liability at the end of 2007, the share of borrowed capital is 85.72%.

In the composition of borrowed capital, accounts for accounts are 89.12%.

3.2. Proposals for improving the financial condition of Svyaznaya NN OJSC

For more efficient financial and economic activities of Svyaznaya NN, the following measures can be taken:

Reducing the cost of products, namely:

Sales network. The expansion of the network of branded shops will allow you to increase the share of the enterprise in the local market and thus increase the sales volumes.
Search for new suppliers. Raw materials and materials are included in the cost of their acquisition, taking into account the cost of transportation, therefore, the right choice of suppliers of materials affects the cost of production.

Urgent reduction of commercial expenses, namely:

sales costs (marketing operations)

costs for containers and packaging of products in warehouses of finished products (packaging paper, wood, twine, services of their auxiliary workshops for the manufacture of containers and packaging, payment of rapidation, etc.)

costs for product delivery;

other expenses associated with the sale of products (storage, part-time, deported, product analysis, etc.).

It is necessary to eliminate or, at least reduce the receivables of the enterprise, which will reduce significant funds for the enterprise (76,287 thousand rubles).

Repayment of payables. Payments for interest on loans.

Profit extension from sales. In general, these events may be the following nature:

an increase in production;

improving product quality;

sale of excessive equipment and other property or rental;

reducing the cost of production due to the more rational use of material resources, production capacity and area, labor and working time;

expansion of the sales market and others.

From this list of activities implies that they are closely related to other events in the enterprise aimed at reducing costs. In the conditions of market relations, the enterprise must strive not only to obtain maximum profits, but also to rational, optimal use of the profit already received. This will allow not only to keep its position in the market, but also to ensure the dynamic development of its production in competition.

Conclusion.

In this paper, an analysis of the return on the Nizhny Novgorod branch of OJSC "Svyaznaya NN" was carried out.

In general, the financial condition of the enterprise for the 12 months of 2007 was estimated with the help of liquidity indicators, financial stability and profitability of investments. Liquidity and financial stability is determined by the balance sheet structure: assets composition and coating sources. An analysis of profit and profitability was carried out. Based on this analysis, the following conclusions were made.

The financial stability of the enterprise has deteriorated on a number of indicators. The company needs a greater amount of working capital, because They constitute a slight proportion in the composition of the property. All indicators characterizing solvency are at the level below the norm, which is explained mainly by the existence of a significant amount of payables.

Balance profit at the end of 2007 decreased by 90%. In addition, the company is lossed by sales due to cost growth, therefore in the future period of OJSC "Svyaznaya NN" should increase sales profits and reduce most of the costs.

To restore solvency and increase profitability

The Nizhny Novgorod branch "Svyaznaya NN" it is necessary to provide breaklessness and a fairly high profitability of investments, as well as a positive profit from sales.

The profit is guided mainly to pay off payables, first of all, the creditor of CJSC "Svyaznoy Logistics" and the payroll to the workers.

List of references.

Tax Code of the Russian Federation Part 1 and 2 with changes and additions. - M.: "Prospekt", 2007. - 788 p.

Bakanov M.I., Sheremet A.D. Theory of Economic Analysis: Tutorial. - M.: Finance and Statistics, 2005.- p.288

Berdnikova TB Analysis and diagnosis of financial and economic activity of the enterprise: studies. Manual. - M.: Infra-M, 2007.-215С.

Efimova 0. V. How to analyze the financial position of the enterprise. - m .:, 2003

Kovalev V.V. Financial Analysis: Capital Management. Choosing an investment. Analysis of reporting. - M.: Finance and Statistics, 2004. - p.432

Molyakov D.S. Finance of enterprises of the sectors of the national economy. - M.: FIS, 2004

Savitskaya G.V. Analysis of the economic activity of the enterprise. - M: Infra-M, 2008.- p.288.

Quirkin E. M. Methods of financial and commercial calculations. -M.: Phoenix, 2003.

Sheremet A.D., Saifulin R.S. Methods of financial analysis. - M.: Infra- M, 2005. - p.176

Methods of economic analysis of the activities of the industrial enterprise / under. Ed. A. I. Buzhinsky, A. D. Sheremet - M.: Finance and Statistics, 2003.

Financial Management: Theory and Practice / Ed. E.S. owned - M.: Perspective, 2005.

Sight www.svyaznoy.ru.

1 Berdnikova TB Analysis and diagnosis of financial and economic activity of the enterprise: studies. Manual. - M.: Infra-M, 2005. -Sp.24.

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An assessment of the effectiveness of production and economic, financial activities is reduced to the analysis of the profitability of a type of activity of the organization, that is, aims to maximize financial results.

The effectiveness of the financial and economic activity of the enterprise is estimated by absolute and relative indicators.

The effectiveness of the functioning of the enterprise can be assessed by several groups of indicators. The most commonly used profit and profitability indicators, depending on the organization of the economic process, the effectiveness of the use of certain types of property potential, that is, from the dynamics of financial and economic activities.

Evaluation of business activity is aimed at analyzing the results and the effectiveness of current production activities.

The assessment of business activity at a qualitative level can be obtained as a result of comparing the activities of this enterprise and related enterprises. Such high quality criteria are: the latitude of market sales markets; availability of products supplied for export; The reputation of the enterprise, expressing, in particular, the firm of customers who use the services of the enterprise, and others. Quantitative assessment is made in two directions:

o The degree of implementation of the plan (established by a higher organization or independently) on the main indicators, ensuring the given growth rates;
o The level of efficiency of using various resources of the enterprise.

To implement the first direction of analysis, it is also advisable to take into account the comparative dynamics of the main indicators. In particular, the most optimally the following ratio:

T PB\u003e T p\u003e T AK\u003e 100%, (1.4)

where T PB\u003e T R -, T AK - respectively, the rate of changes in profits, implementation, advanced capital (database).

This dependence means:

a) the economic potential of the enterprise increases;
b) compared with an increase in economic potential, the volume of implementation increases with higher rates, i.e. enterprise resources are used more efficiently;
c) Profit increases with an advanced pace, which indicates, as a rule, the relative decrease in production and circulation costs. 17, p. 44-48.

At the same time, deviations from this ideal dependence are also possible, and they should not always be considered as negative, for such reasons are: the development of new prospects for the application of the capital application, reconstruction and modernization of existing industries, etc. This activity is always associated with significant investments of financial resources, which for the most part do not give quick benefits, but in the future they can completely pay off.

To implement the second direction, various indicators can be calculated, characterizing the efficiency of use, material, labor and financial resources. The main ones are the production, foundation, turnover of production reserves, the duration of the operational cycle, the turnover of advanced capital.

When analyzing the turnover of working capital, special attention should be paid to production reserves and receivables. The less financial resources are defammed in these assets, the more efficiently they are used, turn around faster, bring new and new profits to the enterprise. 18, p. 24-25

The turnover is evaluated by comparing the indicators of medium residues of current assets and their revolutions for the analyzed period. Turns when evaluating and analyzing turnover are:

o for production reserves - the cost of manufactured products;
o For receivables - sales of non-cash payment products (since this indicator is not reflected in the reporting and can be identified according to accounting data, in practice it is often replaced by the revenue from implementation).

The generalized characteristic of the duration of the defense of financial resources in current assets is the duration of the operational cycle, i.e. How many days on average runs from the moment of cash investment in the current production activity until the return of them in the form of revenues to the current account. This indicator largely depends on the nature of production activities; Its reduction is one of the main inhuman tasks of the enterprise.20, p. 14-15.

The performance indicators of the use of certain types of resources are summarized in the indicators of the turnover of equity and turnover of fixed capital, which are characterized by the return of the owner invested invested in the enterprise, respectively; b) all means, including attracted. The difference between these coefficients is due to the degree of attraction of borrowed funds to finance production activities.

The generalizing indicators of assessing the efficiency of the use of resources of the enterprise and the dynamicity of its development include the resource project ratio and the coefficient of sustainability of economic growth.

Resistance report (or coefficient of advanced capital turnover). It characterizes the amount of products implemented on the ruble of funds invested in the activities of the enterprise. The growth of this indicator in the dynamics is considered as a favorable trend.

The coefficient of sustainability of economic growth. The coefficient shows what an at average the company can develop in the future, without changing the current ratio between various sources of financing, fund-student, production profitability, dividend politics, etc.

Evaluation of profitability

The main indicators of this block used in the countries with a market economy to characterize the profitability of investments in the activities of a species include the profitability of advanced capital and profitability of equity. The economic interpretation of these indicators is obvious - how many rubles arrivals fall on one ruble of advanced (own) capital.

Evaluation of the situation in the securities market is carried out in companies registered on stock exchanges and their securities listed there. The analysis cannot be performed directly according to financial statements - additional information is needed. Since the terminology on securities in our country has not yet definitively, the cited names of the indicators are conditional.

Income per share. Represents the ratio of net profit, reduced by the amount of dividends on preferred shares, to the total number of ordinary shares. It is this indicator that significantly affects the market price of shares. The main drawback in the analytical plan is spatial incomparableness due to the unequal market value of the shares of various companies. 19, p. 64-95

Value shares. It is calculated as a private from dividing the market price of an action to income per share. This indicator serves as an indicator of demand for the shares of this company, since it shows how much agrees to pay investors at the moment by one ruble arrived per share. The relatively high growth of this indicator in the dynamics indicates that investors expect faster growth in the profit of this company compared to others. This indicator can already be used in spatial (inter-farm) comparisons. Companies with relatively high value of the coefficient of sustainability of economic growth are typically as a rule, the high value of the indicator of the "Value of the Promotion".

Dividend profitability of the action. It is expressed by the attitude of the dividend paid for the shares to its market price. In companies that expand their activities by capitalizing most of the profits, the value of this indicator is relatively small. The dividend yield of the action characterizes the percentage of return to capital invested in the company's shares. This is a direct effect. There is also indirect (income or loss), expressed in changing the market price of shares of this company.

Dividend output. It is calculated by dividing the dividend paid by the action to income per share. The most visual interpretation of this indicator is the proportion of net profit paid by shareholders in the form of dividends. The value of the coefficient depends on the investment policy of the company. With this indicator, the reinvestment coefficient of profits is closely connected, which characterizes its share aimed at the development of production activities. The sum of the values \u200b\u200bof the dividend exit indicator and the profit reinvestment coefficient is one.

Promotion quotes coefficient. Calculated by the ratio of the market price of the action to its accounting (book) price. The book price characterizes the share of equity coming per share. It develops from the nominal value (i.e. the costs made on the form of the shares on which it is taken into account in the share capital), the share of emission profits (the accumulated difference between the market price of stocks at the time of their sale and their nominal value) and the share of accumulated and nested In the development of profit firm. The value of the quotation coefficient is greater than the unit means that potential shareholders acquiring the share is ready to give a price for it exceeding the accounting assessment of real capital, which is at the moment at the moment.

In the process of financial analysis, rigidly deterministic factor models may also be used, allowing to identify and give a comparative characteristic of the main factors that influenced the change in one or another indicator.

The above system is based on the following rigidly deterministic factor dependence:

where KFZ is a coefficient of financial dependence, VA - the amount of assets of the enterprise, SC - own capital.

From the above-presented model, it can be seen that the profitability of equity depends on three factors: the profitability of economic activities, resource statement and the structure of advanced capital. The significance of the selected factors is explained by the fact that in a certain sense summarize all parties to the financial and economic activity of the enterprise, in particular accounting (financial) reporting: the first factor summarizes the form of "Profit and Loss Statement", the second is the balance of the balance, the third is the balance sheet.

Determination of the unsatisfactory structure of the enterprise balance.

Currently, most enterprises in Russia are in a difficult financial condition. Mutual non-payment between business entities, high tax and bank interest rates lead to the fact that enterprises are insolvent. The external sign of insolvency (bankruptcy) of the enterprise is to suspend its current payments and the inability to satisfy the claims of creditors within three months from the date of the onset of their fulfillment.

In this regard, the issue of assessing the balance of the balance sheet acquires particular relevance, as the decisions on the insolvency of the enterprise are made to recognize the unsatisfactory accounting balance of the accounting balance.

The main purpose of the preliminary analysis of the financial condition of the enterprise is the rationale for the decision to recognize the structure of the balance sheet of unsatisfactory, and enterprises are solvent. The main sources of analysis are the accounting balance of the company and the report on financial results.

Analysis and assessment of the structure of the enterprise's balance sheet are carried out on the basis of the following indicators: the coefficient of current liquidity; Property ratio of own means.

The basis for recognizing the structure of the balance of the enterprise is unsatisfactory, and enterprises - insolvent is one of the following conditions:

* If the current liquidity coefficient at the end of the reporting period has

value less than 2; (To TL);

* If the coefficient of own means at the end of the reporting period is less than 0.1. (To OSS).

The main indicator that characterizes the existence of a real opportunity to restore (or lose) its solvency for a certain period is the recovery coefficient (loss) of solvency.

If at least one of the coefficients less than the standard (k<2, а К осс <0,1), то рассчитывается коэффициент восстановления платежеспособности за период, установленный равным шести месяцам.

If the current liquidity coefficient is greater than or equal to 2, and the coefficient of the provision of own means is greater than or equal to 0.1, the loss of loss of solvency for the period set by equal three months is calculated.

The coefficient of recovery of solvency to Bas is defined as the ratio of the estimated coefficient of current liquidity to its standard.

The estimated current liquidity ratio is defined as the sum of the actual value of the current liquidity ratio at the end of the reporting period and changes in the value of this coefficient between the end and the beginning of the reporting period in terms of the period of recovery of solvency set equal to six months:

where to the NTL is the regulatory value of the current liquidity coefficient,

To NTL \u003d 2; 6 - a period of recovery of solvency for 6 months;

T - reporting period, month

The coefficient of recovery of solvency, which makes a value of greater than 1, indicates the presence of a real opportunity to restore its solvency.

The coefficient of recovery of solvency, which makes a value of less than 1, indicates that the enterprise has no real opportunity to restore solvency in the next six months. 10, p. 34-50

The loss coefficient of solvency to y is defined as the ratio of the estimated current liquidity ratio to its established value. The estimated current liquidity ratio is defined as the sum of the actual value of the current liquidity coefficient at the end of the reporting period and changes in the value of this coefficient between the end and the beginning of the reporting period in terms of the period of loss of solvency established by equal three months:

where T y is the period of loss of solvency of the enterprise, month.

The calculated coefficients are recorded in Table 1.1.

Table 1.1. Evaluation of the Balance Structure of the Enterprise

Summarizing theoretical aspects of studying the effectiveness of financial and economic activities, we will make some conclusions.

Under financial analysis, as a rule, they understand the external and internal analysis of the results and financial condition of the enterprise, as well as financial relations, financial resources and their streams during production and economic activities.

An analysis of the effectiveness of the financial and economic activity of the enterprise shows which areas it is necessary to conduct this work, makes it possible to identify the most important aspects and the weakest position in the financial condition of the enterprise. In accordance with this, the results of the analysis give an answer to the question of what is the most important ways to improve the financial condition of the enterprise in a specific period of its activities. But the main purpose of the analysis is to identify and eliminate the disadvantages in financial activities and find reserves for improving the financial condition of the enterprise and its solvency.

The informational base of financial analysis is accounting (financial) reporting.

The results of financial analysis are used as internal users (management, managers), and external (owners, lenders, suppliers and buyers, consultants, securities exchanges, lawyers, press).

Under the financial condition means the ability of the enterprise to finance its activities. It is characterized by the security of financial resources necessary for the normal functioning of the enterprise, the appropriateness of their placement and efficiency of use, financial relations with other legal entities and individuals, solvency and financial stability.

The economic potential of the organization may be characterized by two: from the position of the property status of the enterprise and from the position of its financial situation.

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

The assessment of business activity is aimed at analyzing the results and the effectiveness of the current main production activity.

Thus, financial analysis is a fairly flexible tool in the hands of the highest management of the enterprise. The effectiveness of the financial and economic activity of the enterprise is characterized by the placement and use of the means of the enterprise. This information is submitted in the accounting balance of the enterprise under study.

The main factors that determine the effectiveness of the financial and economic activity of the enterprise are, firstly, the fulfillment of the financial plan and replenishment, as the need for the need for their own working capital due to profits and, secondly, the speed of turnover of working capital (assets).

Information base for analyzing business performance evaluation indicators

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

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

In this regard, consider the methodology for analyzing the indicators of business efficiency assessment and determine the information base for such an assessment.

The basic informational basis for assessing business efficiency is accounting reporting. The purpose of financial statements is to submit information about the financial position, the results of activities and changes in the financial position of the company. This information is needed a wide range of users to make economic decisions.

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

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

Evaluation of business efficiency as a whole over the past period is the most important task solved through the use of data from the income statement.

Thus, information is provided on past operations and other events, which is extremely important for users when making economic decisions.

Evaluation of the effectiveness of the enterprise Based on information from the financial statements of the enterprise should help in identifying criterion aspects, on the basis of which it is possible to draw conclusions regarding the objective effectiveness of the enterprise's economic activity.

"The reporting is based on already accomplished facts and reflects the state of capital for the reporting (already passed) the date and its changes for the reporting (already past) period." Consequently, the forecast reporting function is not the main, but side. Forecasts, among other things, are based on the already accomplished events on already accumulated resources.

In the context of assessing the effectiveness of the enterprise, the purpose of accounting reports is to provide users with useful information. Currently, almost all enterprises recognize the feasibility and the need to meet the needs of numerous users who can be combined into three main groups:

Working directly at this enterprise;
Located outside this enterprise, but having direct financial interest in business;
Having indirect interest in business.

Information about the financial position of the enterprise is presented in the form of a balance sheet, balance. This report shows the assets, i.e. What the enterprise owns and sources of its financing from payables or share capital. Balance serves as an indicator to assess the financial condition of the enterprise. He is designed to help the user in assessing the ability of the enterprise to fulfill its obligations.

Assets include equipment, long-term receivables, current receivables, inventory, cash and funds on a bank account, advanced costs. Liability (obligations) include their own capital, short-term loans and liabilities, accounts for payment, debt to the budget and staff of the enterprise.

Assets give a certain idea of \u200b\u200bthe economic potential of the enterprise, liabilities show the amount of funds received by the enterprise and their sources. The structure of the balance of the balance can be represented as a scheme shown in Fig. one.

Fig. 1. Balance Asset Structure

In the balance of the balance, sources of funds of the enterprise at a specific date are reflected. They are divided into sources of equity (capital and reserves), long-term liabilities (loans and loans) and short-term liabilities (loans, loans, calculations and other liabilities).

Sources of own funds include: authorized capital, additional capital, reserve, funds of accumulation and social sphere, targeted financing and retained earnings of past years. The borrowed funds include: long-term and short-term loans and loans, payables, other liabilities.

The structure of the balance liability can be represented as a scheme shown in Fig. 2.

Fig. 2. Balance liabilities structure

Reporting is a set of information about the results and conditions of the enterprise for the expired time submitted by the appropriate economic entity in order to analyze, monitor and managing activities. Accounting contains information about the products, works and services, the cost of their production, the state of economic funds and the sources of their education, financial results of work.

Methodology for analyzing the indicators of the effectiveness of the enterprise

Evaluation of business performance is based on the balance sheet data and income statement, in which the most important results of the activities of the business entity are presented. However, depending on the purpose of the assessment, various users are interested in certain indicators of financial results. The main managers of the enterprise are interested in the amount of profit and its structure, as well as the factors affecting its magnitude. Tax inspection - the amount of taxable profits. Shareholders are the net profit and amount of dividend paid per share, the possibility of producing profit in the nearest and foreseeable perspective. However, regardless of the evaluation objectives, the performance indicators of the economic activity of the enterprise are a criteria aspect of the company's effectiveness.

To assess the effectiveness of the work of a commercial enterprise, it is not enough to use the analysis of absolute values \u200b\u200bof profit, since the presence of profit does not mean that the company works well. The absolute amount of profit does not allow to judge the degree of profitability of a particular enterprise, transaction, ideas. Many commercial enterprises that have received the same amount of profit have various sales volumes, different costs.

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

Allocate profitability indicators used to assess the effectiveness of the economic activities of advanced resources and costs, and indicators on the basis of which determine the profitability and efficiency of capital use.

Profitability of capital characterizes the magnitude of the profit from each embedded ruble to the means of the enterprise.

The main indicators of capital profitability are:

profitability of assets (property);
profitability of current assets;
profitability of equity.
investment profitability.

The profitability of property is calculated as follows:

R property \u003d profit at the disposal of the enterprise / average value of assets * 100%

This indicator reflects how many income units are obtained from the value of assets, regardless of the source of attracting funds. This indicator is used to determine the efficiency of capital use of different organizations and industries, since it gives a general assessment of the yields invested in the production of capital, both its own and borrowed, attracted on a long-term basis.

For profit at the disposal of the enterprise understand the profit remaining after the payment of taxes and repay the costs attributable to net profit.

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

P of current assets \u003d profit at the disposal of the enterprise / The average value of current assets * 100%

An indicator of assessing the degree of profitability of nested capital is the profitability of equity. The profitability of equity is expressed by the ratio of net profit (IF) to sources of equity (IP). This indicator characterizes the magnitude of the profit for one ruble of its own funds. The profitability ratio of equity is also an important role in assessing the level of stock quotes of an enterprise on the stock exchange.

The profitability of equity (RSK) is expressed by the formula:

RSK \u003d PC / IP * 100%

If the company focuses on the future, it needs to develop investment policies. In this case, long-term financing is understood. Information on funds invested in the enterprise can be calculated according to the balance sheet as the amount of own sources of funds and long-term liabilities or as a difference in total assets and short-term liabilities. The profitability of investments (RI) is calculated as follows:

Ri \u003d PDN / (B - OK) * 100%

where PDN is profit before tax,

B - Balance currency,

OK - short-term obligations.

The profitability indicator of investments is considered in the practice of financial analysis as a way of evaluating the "skill" of financial managers in investment management. Since the management of the company cannot affect the amount of taxes paid, for a more accurate calculation of the indicator in the numerator, the amount of profit is used before tax payments.

The difference between profitability indicators of all assets and equity is due to the involvement of external sources of financing. If borrowed tools bring big profits than paying interest on this borrowed capital, then the difference can be used to increase the return of equity. However, in the event that the profitability of assets is less than the percentages paid for borrowed funds, the influence of the funds raised on the activities of the enterprise must be appreciated negatively.

Also calculated indicators of profitability of sales and cost profitability. Profitability of sales (RP) characterizes the ratio of net profit (IF) to the amount of revenue from sales (BP), expressed as a percentage:

RP \u003d PC / BP * 100%

Sales profitability is an estimated indicator of production and economic activities of the business entity. It reflects the level of demand for products, work and services, how much is the right business entity determines the commodity range and product strategy.

The cost-effectiveness (RZ) characterizes the ratio of net profit to the amount of production costs and sales (s), expressed as a percentage:

RZ \u003d PC / s * 100%

Profitability of costs demonstrates the effectiveness of economic activity in general, the cost of the cost, commercial and management costs is taken into account. The cost profitability indicator shows how many profits kopecks fall on the ruble of expenses.

The dynamics of changes in profitability indicators depends on the one hand, from factors affecting the value of the number of profit indicator, on the basis of which it is calculated: profit from sales, taxable, clean. On the other hand, from factors affecting the value of the denominator: amounts of assets, investments, sales, full cost. The main increase in profitability growth is the implementation of measures to improve the efficiency of economic activity of the enterprise.

Practical aspects of analyzing business performance evaluation indicators

Consider a practical example of an enterprise efficiency assessment methodology. To do this, analyze the indicators of the profits of the conditional enterprise to evaluate the income received by the enterprise, reduced by the amount of costs, in the context of reporting and analytical data. Evaluation of the effectiveness of the business of the enterprise will be carried out on the basis of the provision that the dynamics of profit indicators of the economic entity characterizes its business activity and financial independence. The positive dynamics of absolute profit indicators creates a base for self-financing the economic activity of the enterprise on the principles of economic calculation.

The consolidated analytical table shows the dynamics of the company's profits for 3 years.

Dynamics of indicators of profit of the company in three years

Indicators				absolute change	Growth rate
Indicators

Cost price
Gross profit
Commercial expenses
Management expenses
Profit (loss) from sales
Other income
other expenses
Profit before tax
Profit Tax and Other Similar Payments
Net profit (retained earnings)

Now analyze indicators of business efficiency assessment For this conditional enterprise.

Analyzing the data of the table, it should be noted that the enterprise for the three-year period demonstrated the improvement of key profit indicators. The exception was gross profit, since, starting in 2014, managerial expenses are partially taken into account in the cost of cost, partially transferred to the composition of commercial expenses. The result was a significant rate of growth in cost, exceeding the growth rate of revenue, and a decrease in gross profits.

Increased revenue in 2015 compared with 2013 amounted to almost 1.8 billion rubles, the growth rate reached at 34.62%. The cost increased more than 2 billion rubles, the growth rate was 43.5%. However, given the internal causes of cost growth, it is possible to judge the absence of a negative structural influence of this factor. At the same time, it is not possible an objective assessment of the ratio of the dynamics of profits from sales, the growth of which was 21.28%, an increase of 93.7 million rubles, compared with commercial and managerial expenses, according to the same internal reasons. However, given the lag of growth rates of profit from sales from the growth rate of revenues, one can judge that the enterprise did not use internal reserves to increase the final financial result, relative reduction in cost, as well as rational optimization of commercial and management costs.

For the analyzed period, other expenses and income demonstrated a strong decline, but other expenses in 2015 almost doubled other income, which affected the slowdown in the growth rate of profits before tax, which was only 11.38%.

It should also be noted that the net profit of the enterprise for the analyzed period increased by 57 million rubles, the growth rate was 19.75%, which, against the background of reducing tax payments, testifies to the successful application of preferential mechanisms to reduce tax payments and increase the efficiency of the company's financial discipline.

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

Next, it is necessary, given the specifics of the enterprise's activities, its spheres of economic activity and characteristics of indicators, to evaluate the effectiveness of the business, taking into account the factors of increasing sales and net profit and factors that prevented a more significant increase in profits. If evaluation of the effectiveness of the enterprise showed unsatisfactory state of business, appropriate conclusions should be made about the unfavorable prospects of the organization.

As an example of the factors of increasing or decreasing sales and net profit, we present the following:

substantial expansion or reduction of activities;
changing the structure of income and expenses;
changing the financial policy of the enterprise;
increase costs or reduced them.

Profitability indicators characterize the efficiency of the enterprise. Profitability is a relative indicator of the level of profitability of production activities. In contrast to profits, which characterizes the absolute performance results, profitability shows the ratio of the effect with the amount of costs incurred, thereby determines the level of financial safety and strength of the situation.

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

Analyzing the results of the calculations made, it should be noted a negative change in all profitability indicators in 2015, as compared with 2014, and compared with 2013. Consequently, evaluation of business efficiency Shows the unsatisfactory state of economic activity of the enterprise.

When evaluating the effectiveness of the business, it should be borne in mind that the level and dynamics of profitability in the enterprise has an objective impact of an entire set of internal production and economic factors:

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

The profitability of the property, which characterizes the return from each ruble embedded in the assets of the enterprise, allows to judge the decline in the operating efficiency of the enterprise. In addition, it is necessary to take into account the extremely low value of the indicator, which indicates the insufficient level of rationalization of the financial and economic activity of the enterprise, since the overall assessment of the yields invested in the production of capital, both its own and borrowed, attracted on a long-term basis, is a little more than 6 kopecks For each nested ruble.

The profitability of current assets that demonstrate the possibilities of the enterprise in ensuring sufficient profits with respect to the working capital used allows us to conclude a relatively low return on the use of current assets.

The profitability of equity, allowing to determine the real efficiency of capital use, invested by the owners of the enterprise, indicates a sufficiently high return of own funds compared with the rest of the indicators. It should be noted that the observed negative dynamics of changes in this indicator in the long term can significantly complicate the financial and economic activities of the enterprise.

The profitability of investments, which characterizes the profitability of capital investments and is a financial and economic reflection of the competitiveness of the enterprise, due to the observed dynamics of decline in the indicator, allows to judge the reduction in the potential level of enterprise competitiveness. At the same time, the long-term nature of the enterprise partially explains the long periods of negative dynamics, but it is not a factor of adverse perspectives.

The dynamics of sales profitability, which characterizes the economic efficiency of the company's main activity, indicates a slight decrease in demand for the results of economic activity. Despite the small increase in sales profitability in 2014, in 2015 this figure declined, which makes it possible to judge the insufficient objectification of the enterprise's economic activity and the need to revise the further development strategy.

The cost of cost profitability, which determines the efficiency of economic activity as a whole, demonstrates a similar trend as the profitability of sales. It should be noted that the reduction in the value of this indicator is a consequence of a decrease in the efficiency of using its own and attracted funds to implement the main economic activity of the enterprise.

Thus, it can be judged that a decrease in profitability indicates the presence of the enterprise of the difficulties that the company is experiencing in relation to the effective implementation of the main economic activity. It is possible to judge the presence of an objective need for a revision of policies in relation to major commercial issues in order to increase the amount of profit.

According to the results of the evaluation of indicators, the company needs to find possible areas of increasing the efficiency of clean profits to improve the efficiency of business.

findings

Analysis of indicators of assessing business efficiency in the analysis of accounting reporting is necessary to manage the main economic activity of the enterprise based on the adoption of suspended management decisions.

Information database for analyzing indicators evaluation of business efficiency The accounting reports that represents information about the financial position, the results of activities and changes in the financial position of the company. Balance report shows assets, i.e. What the enterprise owns and sources of its financing from payables or share capital. Balance serves as an indicator to assess the financial condition of the enterprise. For the purpose of assessing business efficiency, accounting reporting is the main source of information that contains the entire set of information on the results and conditions of the enterprise for the expired time.

Evaluation of business efficiency According to accounting reporting, it is used to analyze, control and manage the economic activity of the enterprise.

Analysis of indicators of business efficiency assessment is not an end in itself.

Based on the results of the analysis, conclusions are made on possible ways to increase the efficiency of economic activity of the enterprise. The methodology for analyzing the indicators of business efficiency assessment allows you to identify possible areas, ways to develop and improve the economic activity of the enterprise in accordance with the results obtained.

Literature

Dontsova L.V., Nikiforova N.A. Analysis of accounting (financial) reporting. - M.: Case and Service, 2015.
Tolpegin O.A., Tolpegin N.A. Comprehensive economic analysis of economic activities. - M.: Yurait, 2013.
Gubina O.V., Gubin V.E. Analysis of financial and economic activities. - M.: Infra-M, 2014.
Lyubushin N.P. Comprehensive analysis of financial and economic activities. - M.: Finance and Statistics, 2014.
Petrova A.N. Economic content of the income statement. // Economic sciences. - 2012. - № 7. - P. 157-159.
Chechevitsyn L.N. Analysis of financial and economic activities. - Rostov-on-Don: Phoenix, 2014.
Kurta M.I. Accounting theory. - M.: Finance and Statistics, 2013.

Introduction .................................................................................... 3.

General characteristics of the analysis of the FCD enterprise ........................... ..4

1.1 The concept and principles of the analysis of the FCD ................................................ 4

1.2 Types of Analysis FCD .................................................................. .6

1.3 Methods of Analysis of the FCD .......................................................................... ..9

Analysis of the FCD JSC "Center of Informatics" ....................................... 19

2.1 General characteristic of the organization ..............................................19

2.2 ………………………………………20

2.3 Analysis of liquidity .................................................................24

2.4 ………………………………………..26

2.5 Analysis of business activity ...................................................... ..28

2.6 Analysis of profitability ............................................................ .30

2.7 Summary ....................................................................................32

Conclusion ................................................................................. 3 33.

Appendix ............................................................................................ ..34.

Literature ..................................................................................38

Introduction

Currently, with the transition of the economy to market relations, the independence of enterprises increases, their economic and legal liability. The values \u200b\u200bof the financial stability of business entities increase dramatically. All this significantly increases the role of analyzing their financial condition: availability, placement and use of funds.

The results of this analysis are needed primarily to owners, as well as lenders, investors, suppliers, managers and tax services. In this paper, a financial analysis of the enterprise is carried out from the point of view of the owners of the enterprise, that is, for internal use and operational finance management.

home target This work is to explore the financial condition of the enterprise Center of Informatics, to identify the main problems of financial activities and provide recommendations on financial management.

Based on the goals set, you can formulate tasks:

Analysis of the dynamics of balance sheet items
Analysis of the property
Analysis of liquidity
Analysis of financial sustainability
Analysis of business activity
Profitability analysis

To solve the above tasks, the annual accounting reporting of the Center for Informatics JSC was used for 1997.

Thus, this paper describes theoretical issues of the analysis of the financial and economic activity of the company and a practical analysis of the enterprise was carried out.

1. General characteristic of the analysis of the FCD enterprise

1.1 The concept and principles of the analysis of the FCD

An analysis of the financial condition of the enterprise has several goals:

Determination of the financial situation;

Identifying changes in financial condition in a space-time section;

Identification of the main factors causing changes in financial condition;

Forecast of the main trends of financial condition.

Analysis of the financial condition is based on certain principles.

State approach.

In assessing economic phenomena and processes, it is necessary to take into account their compliance with state economic, social, international politics and legislation.

Scientific.

The analysis should be based on the provisions of the dialectical theory of cognition, take into account the requirements of economic laws of production.

Complexity.

The analysis requires a comprehensive study of the causal dependencies in the enterprise economy.

Systems approach.

The analysis should be based on the understanding of the object of the study as a complex dynamic system with the structure of the elements.

Objectivity and accuracy.

Information used to analyze should be reliable and objectively reflect reality, and analytical conclusions must be justified by accurate calculations.

Effectiveness.

The analysis should be effective, i.e., actively influence the course of production and its results.

Plannedness.

For the effectiveness of analytical measures, the analysis should be carried out systematically.

Efficiency.

Analysis efficiency is much increasing if it is carried out quickly and analytical information quickly affects managerial solutions of managers.

Democracy.

It intends to participate in the analysis of a wide range of workers and, therefore, a more complete identification of intra-economic reserves.

Efficiency.

The analysis should be effective, i.e. the costs of its conduct should give a multiple effect.

1.2 Types of Analysis FCD

Due to multifaceted analysis of the financial condition, it is necessary to differentiate on species.

Analysis of economic activity is classified:

By industry attribute:

industry, whose specificity takes into account the features of individual sectors of the national economy (industry, agriculture, transport, etc.)
inter-sectoral, which takes into account the relationships and structure of sectors of the economy and is the methodological basis for general analysis of economic activities

By sign of time:

preliminary (promising), - is carried out before the implementation of economic operations to justify management decisions.
operational, it is carried out immediately after the commissioning operations for the operational identification of deficiencies in the process of financial and economic activity. Its purpose is to ensure the control function - regulation.
the subsequent (retrospective, final) is carried out after the commission of economic acts. It is used to control the financial and economic activities of the enterprise.

By spatial sign:

outdoority, studies the activities of the business entity and its structural units
inter-farm, analyzes the interaction of an enterprise with counterparties, competitors, etc. and allows you to identify best practices in the industry, reserves and deficiencies of the organization.

On management facilities

technical - economic analysis, which studies the interaction of technological and economic processes and establishes their impact on the economic results of the enterprise.
financially - economic analysis, which special place pays for financial results of the company's activities, namely, the fulfillment of the financial plan, the efficiency of using its own and borrowed capital, profitability indicators, etc.
socio - economic analysis, which studies the relationship of social and economic processes to improve the efficiency of the use of labor resources, labor productivity, etc.
economic - statistical analysis is used to study mass social and economic phenomena.
economic - Environmental analysis examines the interaction of environmental and economic processes for a more rational and gential use of environmental resources.
marketing analysis, which is used to study the external environment of the functioning of the enterprise, markets of raw materials and sales, etc.

According to the method of studying objects:

a comparative analysis, uses the method of comparing the results of financial and economic activities in the periods of economic activity.
factor analysis is aimed at identifying the magnitude of the influence of factors on the increase and the level of productive indicators.
diagnostic, aimed at identifying a violation in the mechanism of functioning of the organization by analyzing typical features characteristic of this violation only.
margin analysis is a method of assessing and justifying the effectiveness of management decisions based on causal relationships between sales volume, product costs and profits.
economic - mathematical analysis allows you to identify the most optimal solution for the decisions of the economic problem with the help of mathematical modeling.
stochastic analysis is used to study stochastic dependencies between the studied phenomena and the processes of financial and economic activities of the enterprise.
functional and cost analysis is focused on optimizing the performance of functions that are performed at various stages of the life cycle of products.

According to analysis subjects:

internal analysis, which is made by special structural divisions of the enterprise for the needs of the management.
western Analysis, which is produced by government agencies, banks, shareholders, investors, counterparties, audit firms on the basis of the financial and statistical reporting of the enterprise.

a comprehensive analysis in which the organization's activities are being studied comprehensively.
thematic analysis, in which these parties are studied, representing the greatest interest at the moment.

1.3 Methodology Analysis of the FCD.

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

Detailing the procedural side of the methodology for analyzing financial and economic activity depends on the goals and various factors of information, methodological, personnel and technical support. Thus, there is no generally accepted methodology for analyzing the financial and economic activity of the enterprise, but in all significant aspects, procedural sides are similar.

Important for analysis has its informational support. This is due to the fact that in accordance with the Law of the Russian Federation "On Informatization and Information Protection", an enterprise may not provide information comprising a commercial secret. But usually, for the adoption of many solutions, potential partners of the firm is sufficient to conduct an express analysis of financial and economic activities. Even for the detailed analysis of financial and economic activities, it is often not necessary for information component commercial secrecy. For a general detailed analysis of the financial and economic activity of the enterprise, information on established forms of accounting reporting is required, namely:

form No. 1 Accounting Balance

form number 2 Profit and Loss Statement

form number 3 Report on Capital Movement

form number 4 report on cash flow

form number 5 Appendix to the accounting balance

This information, in accordance with the Decree of the Government of the Russian Federation of December 5, 1991. №35 "On the list of information that cannot be a commercial mystery" cannot be a commercial secret.

An analysis of the financial and economic activity of the enterprise is carried out in three stages.

A non-standard audit conclusion is drawn up in cases where the audit company cannot compile a standard audit conclusion due to a number of reasons, namely: some errors in the financial statements of the company, various uncertainty of financial and organizational nature, etc. In this case, the value of the analytical conclusions compiled under this reporting decreases.

Checking readiness readiness for reading is technical and is associated with visual inspection of the presence of the necessary reporting forms, details and signatures on them, as well as the simplest counting test of intermediate results and balance currencies.

The third stage is the main thing in the analysis of economic activities. The purpose of this stage is to assess the results of economic activities and the financial states of the economic entity. It should be noted that the degree of detailing of the analysis of financial and economic activity may vary depending on the goals set.

At the beginning of the analysis, it is advisable to characterize the financial and economic activity of the enterprise, to indicate industry affiliation and other distinctive features.

Then analyzes the state of "patients of reporting articles", namely, losses (form No. 1 - strings 310, 320, 390, form number 2 - 110, 140, 170), long-term and short-term loans of banks and loans outstanding in strings ( Form No. 5 of the line 111, 121, 131, 141, 151) of overdue receivables and payables (form No. 5 of the line 211, 221, 231, 241) as well as overdue bills (Form No. 5 line 265).

In the case of the presence of sums on these articles, you need to study the reasons for their appearance. Sometimes information in this case can only be given further analysis and final conclusions can be done later.

An analysis of the financial and economic condition of the enterprise is generally of the following main components:

Analysis of the property
Analysis of liquidity
Analysis of financial sustainability
Analysis of business activity
Profitability analysis

These components are closely interconnected by interact and their separation is necessary only for a clearer separation and understanding of conclusions on analytical procedures for analyzing the financial and economic activities of the organization.

Analysis of the property status is made up of the following components:

Analysis of assets and balance liabilities
Analysis of property indicators

When analyzing the assets and liabilities of the balance, the dynamics of their status in the analyzed period are traced. It should be borne in mind that in conditions of inflation, the value of the analysis in absolute indicators is significantly reduced and the analysis should also be carried out on the relative indicators of the balance structure.

In assessing the dynamics of property, the condition of all property in the composition of immobilized assets (I section of the balance) and mobile assets (II section of the balance - stocks, receivables, other current assets) at the beginning and end of the analyzed period, as well as the structure of their increase (decline) are traced.

Analysis of the indicators of the property situation is to calculate and analyze the following main indicators:

Analysis of the liquidity of the enterprise is based on the calculation of the following indicators:

Maneuverability of functioning capital. Characterizes that part of its own working capital, which is in the form Monetary funds, i.e. means of absolute liquidity. For a normally functioning enterprise, this indicator usually Changes in The limits from zero to one. All other things being equal, the growth of the indicator in the dynamics is considered as a positive trend. The extensive value of the indicator is established by the enterprise independently and depends, for example, on how high the daily need of an enterprise in free monetary resources.
The coefficient of current liquidity. It gives a general assessment of the liquidity of assets, showing how many rubles of current assets of the enterprise accounts for one ruble of current obligations. The logic of the calculation of this indicator lies in the fact that the company reaches short-term obligations mainly due to current assets; Therefore, if current assets exceed the magnitude of the current liabilities, the company can be considered as a successful functioning (at least theoretically). The size of exceeding and is set by the current liquidity ratio. The value of the indicator may vary by industry and types of activities, and its reasonable ROSVT dynamics is usually considered as a favorable trend. In Western accounting and analytical practice, the critical lower value of the indicator - 2 is given; However, this is only an indicative value indicating an order of indicator, but not on its exact regulatory value.
Fast Liquidity coefficient. By semantic purposes, the indicator is similar to the current liquidity ratio; However, it is calculated on a narrower circle of current assets, when the least liquid part is excluded from the calculation - production reserves. The logic of such an exception consists not only in a significantly less liquidity of reserves, but, which is much more important, and in the fact that cash that can be rescued in the case of forced implementation of production reserves may be significantly lower than the costs of their acquisition. In particular, in the conditions of a market economy, a typical situation is when 40% and less from the accounting cost of stocks are eliminated. In Western literature, the approximate lower value of the indicator is 1, however, this assessment is also conditional. In addition, analyzing the dynamics of this coefficient, it is necessary to pay attention to the factors that caused its change.
Absolute liquidity ratio (solvency). Is the most rigid criterion of liquidity of the enterprise; It shows which part of short-term borrowed obligations may be repaid immediately if necessary. The recommendation lower boundary of the indicator given in Western Literature is 0.2. In domestic practice, the actual mean values \u200b\u200bof the considered liquidity ratios are usually significantly lower than the values \u200b\u200breferred to in Western Literary Sources. Since the development of industry standards of these coefficients is a matter of the future, it is desirable to analyze the dynamics of these indicators, complementing its comparative analysis of available data on enterprises with similar orientation of its economic activity.
The proportion of own working capital in stock coverage. It characterizes the part of the value of reserves, which is covered with its own working capital. Traditionally, it is of great importance in analyzing the financial condition of trade enterprises; The recommended lower limit of the indicator in this case is 50%.
Reserves coating coefficient. Calculated by the correlation of the magnitude of the "normal" sources of the coating of stocks and the amount of stocks. If the value of this indicator is less than one, then the current financial condition of the enterprise is considered unstable.

Coefficient of own capital concentration. It characterizes the proportion of the enterprise owners in the total amount of funds advanced in its activities. The higher the value of this coefficient, the more financially stable, stable and independently of the enterprise's foreign loans. Supplement to this indicator is the coefficient of the concentration of attracted (borrowed) capital - their sum is 1 (or 100%).
Financial dependence coefficient. It is back to the coefficient of own capital concentration. The growth of this indicator in the dynamics means an increase in the share of borrowed funds in the financing of the enterprise. If its value is reduced to one (or 100%), this means that the owners fully finance their enterprise.
Coefficient of own capital maneuverability. It shows which part of the equity is used to finance current activities, i.e., it is invested in working capital, and which is capitalized. The value of this indicator may vary significantly depending on the structure of capital and industry affiliation of the enterprise.
The coefficient of the structure of long-term investments. The logic of the calculation of this indicator is based on the assumption that long-term loans and loans are used to finance fixed assets and other capital investments. The coefficient shows which part of fixed assets and other non-current assets are financed by external investors, i.e. (in some sense) belongs to them, and not to the owners of the enterprise.
The ratio of own and attracted funds. Like some of the above indicators, this coefficient gives the most overall assessment of the financial stability of the enterprise. It has a fairly simple interpretation: its value, equal to 0.25, means that each ruble of its own funds invested in the assets of the enterprise is 25 kopecks. borrowed money. The growth of the indicator in the dynamics indicates the strengthening of the enterprise's dependence on external investors and lenders, that is, about a decrease in financial stability, and vice versa.

Indicators of a group of business activity characterize the results and effectiveness of the current main production activity.

Resistance statement (coefficient of outbuilding capital). It characterizes the amount of products implemented on the ruble of funds invested in the activities of the enterprise. An indicator growth in the dynamics is considered as a favorable trend.
The coefficient of sustainability of economic growth. Shows what an at average the company can develop in the future, without changing the current ratio between various sources of financing, fund-student, production profitability, etc.

When analyzing profitability, the following main indicators used in countries with a market economy are used to characterize the profitability of investments in the activities of a particular type: profitability of advanced capital and profitability of equity. The economic interpretation of these indicators is obvious - how many rubles arrivals fall on one ruble of advanced (own) capital. When calculating, you can use either the overall profit of the reporting period, or net profit.

2. Analysis of the FCD JSC Center of Informatics

2.1 General characteristics of the organization

JSC "Center of Informatics" was created on March 20, 1993 and was registered by the decision of the head of the administration of Pyatigorsk №235.

JSC "Center of Informatics" is a commercial organization of the goal of activity, which is profit by the implementation of the following activities:

Learning services
Sale of computers and office equipment
Repair of office equipment
Software production

2.2 Analysis of the property

At the beginning of the analysis of the property status of JSC "Center of Informatics", it is necessary to analyze the dynamics of the company's balance sheets.

Table 1 Analysis of the Balance Articles JSC "Center of Informatics"

Article	At the beginning, thousand rubles.	At the end, thousand rubles.	Change Absol., Thousand rubles	Change relates%
Assets
1. Overseas assets
1.1 Intangible assets
1.2 Fixed assets
1.3 Unfinished construction
1.4 Long-term Financial Investments
1.5 Other non-current assets
Total to section 1
2. Current assets
2.1 Stocks and costs
2.2 Accounts receivable
2.3 Cash and Equivalents
2.4 Other reverse assets
TOTAL in section 2
Total assets
Passive
1. Own capital
1.1 Authorized and Extreme Capital
1.2 Funds and reserves
Total to section 1
2. Attracted capital
2.1 Long-term liabilities
2.2 Short-term liabilities
TOTAL in section 2
Total liabilities

Increasing the currency of the Balance of JSC "Center of Informatics" indicates increasing the production potential of the company.

The growth of intangible assets (from 2536 thousand rubles to 31125 thousand rubles) is due to an increase in the scope of the software for their own needs, as well as improving the skills of specialists.

Fixed assets decreased somewhat (from 124300 thousand rubles. Up to 94562 thousand rubles. - by 24%) (mainly due to the disposal of outdated computer equipment).

Long-term financial investments have increased from 65296 thousand rubles. Up to 154700 thousand rubles. (by 137%) due to the growth of the investment of the company into promising directions for the development of software.

The current assets of JSC "Center of Informatics" increased by 244% (from 32152 thousand rubles. To 110653 thousand rubles). This dynamic is due to the main increase in reserves (from 32152 thousand rubles to 110653 thousand rubles).

The liability analysis indicates a sharp increase in the short-term liabilities of the company, which significantly weakens the financial sustainability of the organization.

For a more complete analysis of the property provision, special indicators must be calculated.

Table 2 Summary table of analytical indicators of the group of property status

Index	Value		Norm
Index	At the beginning	Finally	Norm

1.2 Share of fixed assets in assets
1.3 Share of the active part of fixed assets
1.4 The coefficient of depreciation of fixed assets			Reduced
1.5 Wear coefficient of active part of fixed assets			Reduced
1.6 Update coefficient
1.7 Retirement coefficient			reduced

As a result of the analysis of the indicators of the property, the following main trends were revealed:

The amount of economic funds at the disposal of the enterprise increased from 224909 thousand rubles. up to 391482 thousand rubles. What can be qualified as a positive phenomenon.

The active part of fixed assets is about 50%, which speaks of some excessive capitalization of assets

Depreciation of fixed assets slightly increased (from 21% to 30%), but nevertheless remains at the normal level

The coefficient of wear of the active part of fixed assets has also increased (from 13% to 32%)

The update coefficient was 27%, and the disposal ratio of 37% indicates several adverse dynamics of the value of fixed assets.

2.3 Analysis of liquidity

To analyze the liquidity of the Center for Informatics JSC, it is necessary to calculate the following indicators.

Table 3 Summary table of analytical indicators of a group of liquidity

Index	Value		Norm
Index	At the beginning	Finally	Norm
2.1 Value of own working capital
2.2 Maneuverability of own working capital
2.3 Current liquidity ratio
2.4 Fast liquidity ratio
2.5 absolute liquidity ratio
2.6 Share of working capital in assets
2.7 The proportion of own working capital in their total amount
2.8 Share of reserves in current assets
2.9 Share of own working capital in stock coverage
2.10 Reserves coating coefficient

The value of own working capital JSC "Center of Informatics" is a negative value (at the end of the analyzed period - 113242), which indicates the extremely illiquid position of the organization.

This state is confirmed by liquidity coefficients.

Thus, the coefficient of current liquidity at a rate of more than 2 was only 0.5, the rapid liquidity ratio at a rate of more than 1 was only 0.002, and the absolute liquidity ratio is generally close to zero.

The coefficient of stock coverage decreased from 0.13 at the beginning of the period to -0.69 at the end, which suggests that if "normal" sources covered stocks by 13%, now reserves are 69% financed by short-term debt.

This suggests that if an enterprise in the near future does not change the dynamics of indicators in a favorable side, then he will have serious problems in calculating creditors.

2.4 Analysis of financial stability

Calculate analytical indicators that characterize the financial stability of the Center for Computer Science JSC.

Table 4 Consolidated table of analytical indicators of a group of financial stability

Index	Value		Norm
Index	At the beginning	Finally	Norm
3.1 Own concentration coefficient
3.2 Financial Dependency Coefficient
3.3 The coefficient of own capital maneuverability
3.4 The coefficient of the structure of long-term investments
3.5 The coefficient of long-term attraction of borrowed funds
3.6 The coefficient of the structure of the borrowed capital
3.7 coefficient of borrowed and own funds			reduced

After analyzing the financial stability of the Center for Informatics JSC, it can be stated that for the analyzed period, the financial sustainability of the enterprise decreased. This is evidenced by the dynamics of the following indicators:

The concentration coefficient of equity fell from 0.73 to 0.43 with a normative value of more than 0.6.
The financial dependence ratio increased from 1.36 to 21.34 at a rate of less than 1.4.
The coefficient of the ratio of borrowed and own funds also increased from 0.36 to 1.34.

The company JSC "Center of Informatics" practically does not use long-term loan capital when financing assets, which also adversely affects the financial sustainability of the company.

2.5 Business Analysis

To determine business activity, we calculate the following main indicators.

Table 5 Summary table of analytical indicators of a group of business activity

Index	Value		Norm
Index	At the beginning	Finally	Norm
4.1 Revenue from sales
4.2 Net profit
4.3 Labor Productivity
4.4 FDOOUTDACH
4.5 Turnover of funds in the calculations (in circulation)
4.6 Turnover of funds in the calculations (in days)			Reduced
{!LANG-43055e97bb3b6078fc67e3786d1c06c9!}
{!LANG-dccded8f5f05ad3ea5b2889c6ee1183a!}			Reduced
{!LANG-70d214b44304eaf1a6a7876dd01c3dbc!}			Reduced
{!LANG-0c5a2d696c77c80ac149c2a733bc97ce!}			Reduced
{!LANG-fda1311dd8f7e169f6dcf1bb9e94eb3f!}			Reduced
{!LANG-3be0d655cf64c3ed05acdf428ef24c62!}
{!LANG-85181c1d4ed7fcc82fe2185b50f9b51b!}
{!LANG-77d80d61ea2b51276f0c3babc10896c7!}

{!LANG-8ae7112c484feca169f2c102e0348fb2!}

{!LANG-db6c8f81255734c39543c94d29e7f9a1!}
{!LANG-43688867ac77cb07adf2881fe84a3c04!}
{!LANG-57d9b9c5eed138f79cd3719124aede7c!}
{!LANG-a1867f3ceec17f550040dfff165410f4!}

{!LANG-9e49a5f66e342e9df0afc7e88bf92417!}

{!LANG-c8bec812cf6ca26f4e2aaeb70bd0b148!}
{!LANG-38e5345a1da09d905a8cdd825023203e!}
{!LANG-8935dc79e438bbc3e7fbe184202b5d93!}

{!LANG-7e2def2e7efcaba8e0121a40ba09848d!}

{!LANG-73d190ab853a945f04e1c471f13675dd!}

{!LANG-12a4fabe51e5cf915e73a20be93688c3!}

{!LANG-8b9402445299e873c9a401464a3ce435!}

Index	Value		Norm
Index	At the beginning	Finally	Norm
{!LANG-a2b407cd73dfa320cc30c2aa2e911ec9!}
{!LANG-9a95b87d6ef4f6b284a3572febd29f40!}
{!LANG-e8bcc8dfaa60aaf99ea5ae9382472fe5!}
{!LANG-eb030a1765f54002c1c500539c40c595!}
{!LANG-0ec22248f1fc9e6c2374727ff9fe7371!}
{!LANG-db86a99d574f0f0e1d6d9fec490452f4!}			reduced

{!LANG-a839d33ff7c8bff875a7ca5499c07a88!}

{!LANG-078d456aba80abcc6ba9d68b7f601404!}

{!LANG-11a91fc2cd1a97415fdab4d6ab13fc1e!}
{!LANG-f5b07d080f80a810afc38adebf9d5306!}
{!LANG-e414a324ae1f031e436f21d8f4804c41!}
{!LANG-dcad803b1f8398709eade2b1d6273419!}
{!LANG-4dd28b7a1ba4ecab308f951d47f252c3!}

{!LANG-971f9728a02479a1b08110a12d13fe6e!}

{!LANG-5d6691ebe30c26fe13b927beaa2d4dac!}

{!LANG-ec2fe4855231274343ae7d9d8ecd6ed7!}

{!LANG-d166022c80708a6a3b787493e8a42a69!}

{!LANG-86f313cfb75a3e0643e9c691b7335d9f!}

{!LANG-37704cc53040e47dd3a06dcc1efbf9d3!}

{!LANG-241ba74aeed4e056fe8efa44e8b94c88!}

Conclusion

{!LANG-f9abfdf99d6bb2ec29ba5dbfe6358d46!}

{!LANG-d505523bcf89b6fe0dab247afa2ce0b8!}

{!LANG-cd4623d84a163694e820d177533e740c!}

{!LANG-c7aae35a29be987e366c31f7a053fdfa!}
{!LANG-73b2db28e9dfec1907a84e2e9892d181!}
{!LANG-09a22ec7d6329ab6aa4aa4e48360dab1!}
{!LANG-cc2675ca6c5ea27822bf5a0601ae94c8!}

{!LANG-2f42862f46c8f0c59e7af978a9637d68!}

{!LANG-3e397314ef1daac845eb2c416668d0f8!}

{!LANG-3e1a8059b10b0d7061d13c962cb4f27a!}

{!LANG-1c4d780b340f0a2b214fb3c6d205d9a4!}

{!LANG-1cdbe04c4cb3ae1738b3ef0f9a250ae0!}

{!LANG-733534f8fac539ead2fdd8ae40c0c274!}	{!LANG-a04978f28eee569376b2472e6beadb26!}	{!LANG-6fe5e252fb57e8c81bb4ea567b39c669!}	{!LANG-7f5626318f545bf74855e53dc5d85cd9!}.)

{!LANG-7b4b2133df249797d3d81b529b95271a!}	{!LANG-81580545ed8f06d2322a23f720fc2633!}

{!LANG-551e73ee90ed2d24dc646fa4d80a2a93!}{!LANG-cf99587cf8329028eae8cdf5693115aa!}

{!LANG-13a26391e7af1c69e407375e74c13da1!}

{!LANG-112755a0f93a8fda6dc0b6bc787d5470!}

{!LANG-6185d95e5276e787392a36c24aed5486!}

{!LANG-d70ed6ef1bb4c01ef7dcf2879f8b6a2b!}

{!LANG-0269aee46ecb666dbc89e7dbcb54292d!}

{!LANG-2e948b53629405ee180b345a0eeef9ed!}

{!LANG-0602a20be713fc1f9a10cdb44d8593a8!}

{!LANG-aa85bedee7c6c94974cd49b6f62dbbf9!}{!LANG-1300315706c10973f18ffec5a16ca62a!}

{!LANG-17a9bfbfe874711a977ee7c4a9b7a2f3!}

{!LANG-8b008166da7a25560dd9d99d0948da51!}

{!LANG-1edb0a8cc892c29b518f4d8437c58b67!}

{!LANG-0c16cc495210ef76d084f4869d858721!} , {!LANG-c7f78a01888a21aa3b35a0f9d6f28719!}

{!LANG-360754a47e2ce3bb58fc7197555ed63b!}

{!LANG-c70f9acedae429c8130a8d99c6520fab!}

{!LANG-0369956ea7aeb3f92762d70b3d2eccfb!}

{!LANG-fb4f87d1a0282b3ddbcb41f26c48c0ce!} {!LANG-ce6bf637fb798ea8e8815c853eba9bc0!}{!LANG-ca6e92b11c04009132165e871a793ed3!} {!LANG-1f75401beba14bce246a933bc89b9630!}{!LANG-7757209fceb70edfc58d98a9985e9b23!}

{!LANG-93f03f73d3f43c0cea44529edac75e3c!}

{!LANG-00e182efbc20a5aab5bfad1782288003!}

{!LANG-4f77c7ba2d5440cbb196d9fe063a2ec3!}

{!LANG-57fd4fcb53cda7cd34757c3b38326ea6!}{!LANG-a4d2161f2c73285baeda78165a16b25c!}

{!LANG-c57f8bfded820dd03f6c78efe2997cd7!}

{!LANG-2dd8e2536616a2bf654d786a8db9f44c!}
{!LANG-93d97757f372ad7cdba5997d1a2977eb!}
{!LANG-29c720193ef41df785f1f15c992b3422!}
{!LANG-17216a26b922bf48b67c253d3264e25d!}
{!LANG-eb5939dd03f91689f2d9b539a5ce0a09!}
{!LANG-73891d8a61e7ce5990c31a9cdb8455d7!}

{!LANG-504edf34e28f9b655740dc31a54e6b70!} {!LANG-584afd210b656624e6e6373db2adee60!}{!LANG-29733e0862812c86ec738d50d4f4b26b!}

{!LANG-265962e9c840da75105c5d7270f03ae5!}

{!LANG-0899b6517c8774aa2d7e9c489a59f73c!}

{!LANG-9c3878873bb2ba2e3569895e0dcf6350!}

{!LANG-2e35b4def6ea09ef00cbfd070741d401!}

{!LANG-cb7d1ea0a28af2b2886e566e0d9a1f05!}

{!LANG-52e61842679ff950ae8a09cbd7a316da!}
- {!LANG-0ec24bd124bbd2e3aaa9c46deb23918e!}
- {!LANG-db9daf8db71a47f87f9aef2a65661cb7!}
- {!LANG-d44b7e3574167acd8c86fb49c8e9a309!}
{!LANG-133b87290024ba1026a97645808a6e8d!}
{!LANG-e2b7c03435c291f64064e0bea444e4ed!}
{!LANG-5a82c500b8440e1550e1bee63b5e7481!}

{!LANG-244c0da40e5de0fab2a882d47d68e2f1!}

{!LANG-eb4c3a171dff180b4607533121ef94dc!}

{!LANG-7a439759c3abd11852d2a146b9ba9fce!}

{!LANG-e2f4f363d7e27a82a271a47a2b4c8563!}

{!LANG-3c8c1c466f8078b32752eb8d79ae2ed0!}

{!LANG-4b4d86daefa900f23db39df3500a97a7!}

{!LANG-3fd339c21174d66a8feeba1a2ec69cd6!}

{!LANG-3b9611b3a25d5938b085e9d6b5eaf40a!}

{!LANG-6926de695c57584d8c9274c033a14aa2!}
{!LANG-4651ef5ba0ba2eb8978b2e63c9678f0d!}
{!LANG-90041059b199ae51b6f97b8d0f2a9e47!}
{!LANG-90e9ae4014efb29a0890f06f02fc92ec!}
{!LANG-b732975de58eb444b3a9f64435f446a3!}

{!LANG-2dac518d99079f21ce164777ac378bd7!}

{!LANG-3843f6426bb36d7e625d5b289e73b735!}

{!LANG-be1acbdb0b64f7da4831e299c8ef8713!}

{!LANG-d4977ae21e7b60c093e6e9933cf77431!}

{!LANG-8708052d6c5110b0d2e7a33ac50328fe!}

{!LANG-7c9fb3f5a7d55b5633c5cd3c9fc8da30!}

{!LANG-98e964cee02c2310c05433508c829a17!}

{!LANG-cef51bd56f3afb4cf8d3ef1422ab7dcb!}{!LANG-c50c2ec1ef4384a3de4035bdd92fc768!} {!LANG-2668a1a83c097a18c06a94c405ac0106!}{!LANG-1cf70fc9d698116b5be02395f92e528b!} {!LANG-7b5022824dfba635da7268bb405c9290!}{!LANG-2fff39dfe3de767360ddd9f506e2ccc7!}

{!LANG-596e49ba211a07b338b37dce019ef9ee!}

{!LANG-f8809f5ff1db5252e9547978689d5f25!}

{!LANG-d98b0b76ab449d4e556d45fa8b089d2b!} {!LANG-a5d856c6ffd4bd10edf8cb42702e4b0d!}{!LANG-6493e78678aa0d8a57a4a3694ce5ddee!} {!LANG-cf0fb007f0e96d9c995ed45b63edf7f9!}{!LANG-7a54a6639a545bdb5d08f334d5ab0975!} {!LANG-affd8caf17ef645126a524b1d684545e!}{!LANG-5dd9103c4fb6ebcb1a3b45fc48d290d3!} {!LANG-d506429c24791c73a15118fdce853326!}{!LANG-99115521778d79cb966130497bbf5691!}

{!LANG-52b28b11a9b2cce01002a27bfe00b49f!}

{!LANG-453e1cbeb3cea552a87a3f0e5c2e7e3d!} {!LANG-f51e47fa27eebb25592c4b4d5d97d427!}{!LANG-861db4e8fba43bf3c8957a66b9385df4!}

{!LANG-6f60a0eed471daaa48b9f1eeef443523!}

{!LANG-c663db869b65dc0af49c93fbccf97fe7!}{!LANG-314eb932c4be6e3767ec8217a4f6e6a7!}

{!LANG-cef51bd56f3afb4cf8d3ef1422ab7dcb!}{!LANG-d2557a19e297447e7e0e5d1d41748730!} {!LANG-d1d26e1c1a8007bfc9a1066b53e617bb!}.

{!LANG-c6b5f11c5217855d5903823f1007ab48!}

{!LANG-9e6b27175b7c22463a5bc679e313a913!}

{!LANG-1d2181c5ddeb8ee493e3bb440fecae38!}

{!LANG-1f35172ced50acd4302d40d7312be76f!} {!LANG-fa62a30d27980a1710d413a264c950fe!}{!LANG-f7f47d7c64ed6f96e6c79dfd51941c2c!}

{!LANG-ee7a9604c3c7a74f9002c945a67ad43f!}

{!LANG-3a0314a387eb6e7fb0d5e0d57bd09310!}

{!LANG-ea446ba1cf4f3d8066bb57269966e56a!}

{!LANG-dbad225044aacd80f60370ce4d1eebe6!}

{!LANG-0b98b90adae34015283be9412a2ed201!}

{!LANG-be556468ed0f0d798a9909b3a74396fc!}

{!LANG-e36df5436b886915891a742090fcf230!}

{!LANG-db3e901c29a5639906c27ded3f3889b1!}

{!LANG-ba9f4279e0cf319e5cbc933e000549d2!}

{!LANG-4e32be250cee9fb9d247ea5308dfffee!}{!LANG-463dad0bf2623562241522edba8dcaf6!}

{!LANG-38e1df5e0811e4e39d6ff4622fc4c37e!}

{!LANG-2559f4ba6d06686ad6b97aee9f3ecee6!}

{!LANG-eac348137d484c93e4696700d2506ece!}

{!LANG-97d4ae1476d41003a70878e27a567008!}