Development of measures to improve economic sustainability. Company diversification strategy as a mechanism for increasing the economic sustainability of the company Effectiveness of introducing a mechanism for increasing economic sustainability

Purpose of the study: systematization of scientific approaches to economic sustainability, analysis of the economic situation and financial sustainability of the enterprise, substantiation of mechanisms and methods for increasing the sustainability of the enterprise.

1. Theoretical aspects of the sustainability of an enterprise in market conditions.

1.1. Investigation of unfavorable factors that threaten the stability of the enterprise; the essence of the economic sustainability of enterprises.

1.2. Factors determining economic sustainability.

1.3. Methods for assessing the economic and financial stability of enterprises.

2. Analysis of the economic sustainability of the enterprise.

2.1. Assessment of the economic situation of the enterprise.

2.2. Research of factors of influence of the external environment on the economic stability of the enterprise.

2.3. Analysis of the financial stability of the enterprise.

8. PERSONNEL MANAGEMENT IN THE ORGANIZATION

Relevance of topics.Modern management organically includes personnel management. Its main task is the effective use of employees of the enterprise with knowledge, experience, personal qualities and properties, as well as information and productive force. Personnel management functions: staff formation; establishing a system of relations between people; their inclusion in the creative process of collective labor activity. therefore topical issues for each organization are such as empowering personnel, promoting their development, training and growth, including the promotion of employees through planning and career development.

Research objectare work collectives and individual workers, personnel management system.

Subject of study- the organization of social and labor relations at the enterprise, the effectiveness and efficiency of labor.

Topic 23. "Motivation for effective performance of state (municipal) employees"

Purpose of the study: determining the place of motivation in the general concept of management functions; study of the evolution of theories of motivation; analysis of the motivational climate in the organization, methods of influence of the manager on subordinates, forms of remuneration; development of recommendations for improving the motivation mechanism and stimulating the effective activity of state (municipal) employees. "

1. Theoretical aspects of motivating effective performance of state (municipal) employees.

1.1 Needs and motivational behavior.

1.2. Theories of work motivation.

1.3. Motivation and efficiency of professional activity.

1.4. Methods for studying motivation and motives.

2. Analysis of the system of labor organization and motivation in state (municipal) institutions and organizations.

2.1. Analysis of the motivational climate in state (municipal) institutions and organizations.

2.2. Characteristics of the labor organization system.

2.3. The system of incentives and rewards in the organization.

Send your good work in the knowledge base is simple. Use the form below

Students, graduate students, young scientists using the knowledge base in their studies and work will be very grateful to you.

Posted on http://www.allbest.ru/

Ministry of Education and Science of the Russian Federation

Federal State Budgetary Educational Institution of Higher Professional Education

Russian Economic University named after G.V. Plekhanov "

Faculty of Management

Comprehensive interdisciplinary coursework

in the disciplines "Strategic Management", "Workshop" Educational Corporation "," Quality Management "

Diversification strategy of the company as a mechanism for increasing the economic stability of the company

Completed:

Mateyunaite Alexandra Alexandrovna

Kireeva Tatiana Vladislavovna

Scientific adviser from the department

ph.D. Associate Professor M.E. Anokhina

Moscow - 2015

business diversification strategy

Introduction

Chapter 3. Formalization of a diversification strategy on the example of Henkel

3.1 Development of a strategic map and KPIs

3.2 Development of a strategic risk map

3.3 Description of the company's business processes

Conclusion

Bibliography

Applications

Introduction

Relevance of the topic. In modern market conditions, there is a huge increase in competition between organizations, as a result of which managers are forced to constantly find new management tools and levers to increase competitiveness. Therefore, it is impossible at the present time to imagine the effective operation of an enterprise without a competent strategy.

If at the first stage of market reforms the main direction was to change the environment for the functioning of enterprises, at the moment the focus is on the issues of reforming enterprises themselves. So one of the most effective options for this solution is the diversification of the enterprise. The diversification strategy makes it possible to increase the efficiency of enterprises, both at the current time and in the long term, reduce the number and magnitude of entrepreneurial risks, expand the scope of activities (including using the synergy effect), increase the flexibility and speed of the enterprise's response to changes in the market ...

Out of a wide variety of diversified organizations, this paper takes an in-depth look at Henkel's operations and analyzes the effectiveness of strategy implementation within the enterprise.

The purpose of the work is to study the formation of a diversification strategy at the enterprise, the main approaches to its definition, as well as the reasons forcing the enterprise to engage in diversification; research on the classification of diversification strategies; analysis of the main features, tools and methods used in the implementation of the diversification strategy.

This goal predetermined the formulation and consistent solution of the following tasks:

consider different approaches to defining a diversification strategy;

to study the essence of the formation of this strategy;

identify the features of the strategy, its positive and negative sides;

consider the types and types of diversification strategies;

analyze the main tools and methods used in the implementation of diversification;

analyze the effectiveness of the implementation of the implementation of the strategy;

make suggestions for improving Henkel's strategic management system;

formalize the diversification strategy;

develop a strategic map of the company and assign KPI indicators;

review the main business processes of Henkel.

The object of work is the implementation of Henkel's diversification strategy.

The subject of work is the formation of a diversification strategy.

The structure of the work consists of an introduction, three chapters, conclusion, bibliography and appendices.

Chapter 1. Theoretical Foundations of Diversification Strategy

1.1 Basic approaches to defining a diversification strategy

Based on the various studies on this topic, several different approaches can be identified to define diversification.

The term "diversification" and understanding of its essence have undergone a natural development in the historical process and continue to remain ambiguous. For example, R. Pitts and H. Hopkins define diversification as the simultaneous conduct of several types of business. Boose, Alain, Hamilton - as a way to expand the main business in order to grow or reduce risk, which:

1) includes all investments, with the exception of those directly aimed at maintaining the competitiveness of the existing business;

2) can take the form of investments in new products, services, market segments and geographic markets;

3) can be achieved in several ways, including internal development, acquisitions, joint ventures, licensing agreements. Makarov, A.V. Diversification as a tool for the development of a modern enterprise / A.V. Makarov, A.R. Garifullin // Proceedings of the USUE. - 2010. - Issue. 1. - S. 27-36.

In the work of V. Ramanyam and P. Wadarajan, diversification is considered as the entry of a company or business unit into new areas of activity through both internal growth and acquisitions, which causes changes in the administrative structure and other management processes Ramanamujam, V. Research on corporate diversification : a synthesis / V. Ramanamujam, P. Varadarajan // Strategic Management Journal. - 2006. - Vol. 10, No. 6. - P. 39-50. ...

F. Kotler defines a firm's diversification strategy as an opportunity to develop and release new products for new markets.

A. Thompson Jr. and A. Strickland characterize diversification as the process of a firm's penetration into other industries. At the same time, they note that the diversification strategy is used to reduce the risk of dependence on one industry, as well as as a mechanism for obtaining additional profits, since the main industries of the company have already ceased to bring sufficient profit Thompson, A.A. Strategic management: concept of the situation / A.A. Thompson, A.J. Strickland. - Textbook for universities / per. from the 9th eng. ed. - M .: INFRA-M, 2000 .-- 248 p. ...

The very concept of diversification is gaining more and more relevance and is being transformed into a qualitatively new, more advanced category, represented by a complex of multifunctional mechanisms that provide a real multiplier effect from their implementation. These mechanisms are focused on a more complete use of the economic reserves and organizational resources of companies, their competitive advantages. A review of the most recent studies on diversification reveals the following new positions.

N. Rudyk connects diversification as a process of corporation penetration into new industries and geographic market segments in order to reduce the risk of operations and stabilize cash flows coming from these operations Rudyk, N.B. Conglomerate mergers and acquisitions: a book on the benefits and harms of non-core assets. - M .: Delo, 2005 .-- 238 p. ...

E. Novitsky understands diversification as the penetration of firms into industries that do not have a direct production link or functional dependence on their main industry; in a broad sense - the extension of economic activity to new areas Novitsky, E.G. Problems of strategic management of diversified corporations. - M .: Bukvitsa, 2001 .-- 365 p. ...

O. Vikhansky define diversification as a strategy for the development of a company, which is applied in the event that firms cannot develop in a given market with a given product within a given industry Vikhansky, O.S. Strategic management. Textbook. - Ed. 2nd, rev. and add. - M .: Gardarika, 2003 .-- 292 p. ...

For a clearer picture, let's draw up table 1.

Table 1. Comparison of approaches to the definition of diversification

		Basic concept
	R. Peits and H. Hopkins	simultaneous conduct of several types of business
	Boose, Alain, Hamilton	a way to expand your core business to grow or reduce risk
	V. Ramanyama and P. Vadarajana	entry of a company or business unit into new areas of activity through both internal growth and acquisitions
	F. Kotler	the ability to develop and release new products for new markets
	A. Thompson Jr. and A. Strickland, N. Rudyk	the process of penetration of the company into other industries
	E. Novitsky	penetration of firms into industries that do not have a direct production link or functional dependence on their main industry
	O. Vikhansky	the development strategy of a firm, applied in the event that firms cannot develop in a given market with a given product within a given industry

Based on the numerous approaches and definitions of the concept of diversification, we will focus on the following:

Diversification (from Lat. Diversus - different and facere - to do) is the expansion of the activity of large firms, associations, enterprises and entire industries beyond the main business, in order to ensure efficiency of work, to strengthen its position in various markets. Arkhipov A.I. Dictionary of Economics, 2nd edition - Moscow: Prospect Publishing House - 2013.

The main goal of diversification is to increase profits by using market chances and establishing competitive advantages, but the real ways of obtaining competitive advantages and their incentives are different Darovskikh, E.V. Diversification and integration of business entities as a factor in increasing their competitiveness // Journal of Higher Attestation Commission: Management of Economic Systems. - 2011.- Iss. 4. .

A diversification strategy is a strategy associated with a fundamental change in the strategic areas of the business and the product range of the company.

The diversification strategy involves the development of new types of products simultaneously with the development of new markets. Moreover, the goods can be new for all enterprises operating in the target market, or only for this enterprise. This strategy ensures profit, stability and stability of the company in the distant future. Businesses are diversifying to minimize the risk of capital investment. However, diversification itself is associated with certain risks and costs, and therefore requires careful preliminary analysis.

Diversification of the enterprise is forced by a number of reasons, including:

transformation of surplus financial resources exceeding those necessary to maintain a competitive advantage in the original areas of business;

the desire to survive and strengthen their position in a competitive environment;

an attempt to reduce entrepreneurial risks by distributing them between different areas activities;

the opportunity to get more profit than with a simple increase in production volumes. Karpenko, O. V. Diversification as a way to preserve the economic stability of the company // Scientific Bulletin of MGGU. - 2010. - No. 7. - S. 31-35.

We can say that some of the main reasons among the above are the desire to reduce or distribute risk, as well as the desire to leave stagnant markets and receive financial benefits from working in new areas. These factors are the main reasons for the diversification of Russian enterprises.

Naturally, diversification presupposes the identification of exactly the type of activity (product) in which the competitive advantages of the enterprise can be most effectively realized.

Being a real tool for eliminating the emerging imbalances in reproduction and optimal redistribution of various types of resources, the diversification of the enterprise is the most important coordinator of the direction of economic restructuring, putting forward various goals and objectives for the company.

So, the diversification processes are associated with the modification of the most important components of the company's activities: the finished product, the industry and the company's position in this very industry, as well as sales markets. In a dynamic macro environment, company diversification becomes the basic foundation for achieving a new level of internal and external market flexibility. A reasonable decision to diversify can be made based on current expectations and projections for the future. Deploying a diversification strategy is advisable if:

a significant reduction in the potential for business development;

the emergence of new opportunities for activities in other industries;

moving the current potential to the area of \u200b\u200bother industries;

reducing production costs;

the presence of super-resources (including organizational).

When developing a diversification strategy, the following criteria are taken into account:

current and future attractiveness of the industry;

calculation of the costs of the company's entry into the industry;

the presence of any additional benefits (synergistic effect).

Thus, the true concept of diversification is associated with the process of spreading the company's activities with a focus on the development of new spheres of influence. As long as the company accumulates excess profits through constant growth in the previously mastered industry, then diversification is not a strategically important goal.

1.2 Types and types of diversification strategies

There are 3 types of diversification:

The concentric diversification strategy is based on the search and use of additional opportunities in the existing business for the production of new goods, products, services similar to the goods, products, services of the enterprise. Typically, these products will attract the attention of new customer groups.

The horizontal diversification strategy involves looking for growth opportunities in the existing market through new products that are different from the current ones. Wherein new product or the product should be focused on previous customers. An important condition implementation of this strategy is a preliminary assessment of the enterprise's own capabilities in the production of new goods, products and services.

The strategy of conglomerate diversification is that the enterprise expands due to the production of new goods and products that are technologically unrelated to previous products and are sold on the markets.

This strategy is one of the most difficult development strategies, since its successful implementation depends on many factors: the competence of the existing personnel, the seasonality in the life of the market, the availability of the necessary financial resources for the implementation of innovations, the organization of marketing research, the organization of an advertising campaign and other factors.

Table 2. Comparison of concentric, horizontal and conglomerative diversification strategies.

Strategy type	Main functions
Concentric diversification (new products and markets on a common technology base)	Production Marketing	industrial electronics; space; microwaves; military production
Horizontal diversification (new products, new technology in the same market)	Production Marketing	Laser CD players in the audio market
Conglomerate diversification (acquisition of industries in foreign industries)		Acquisition of Columbia Pictures by Standard Oil

Diversification types:

unrelated (unrelated) diversification - achieving flexibility from the outside;

related (related) strategy of vertical and horizontal diversification - the implementation of strategic alignment and the achievement of internal flexibility;

combined diversification.

Unrelated diversification

This is a new activity, which assumes a complete absence of open links between strategic economic zones and existing business areas. We are talking about expanding the company's activities through the production of a new product that is technologically in no way connected with the current production, which is to be sold on a completely different market.

The choice of the direction of activity is carried out on the basis of the following criteria:

capital is invested only in attractive industries at relatively low entry costs;

priority is given to strategic areas with accelerated financial growth;

diversification is realized through acquisition strategic zonerather than considering their creation.

Unrelated diversification does not require revision with a stable growth of the company's profit, since it has sufficient advantages (external flexibility, efficient use of financial resources). However, it is the most difficult to implement, because it depends on many different factors.

Associated vertical and horizontal diversification

In turn, associated diversification can be vertical or horizontal. The main criterion for determining the type of diversification is the principle of merger. In a functional merger, enterprises connected in the production process are combined. In an investment merger, the merger takes place without a production community of enterprises.

Vertical integration.

Associated vertical diversification, or vertical integration, is the process of acquiring or incorporating into the enterprise of new industries that are part of the technological chain of production of the main product at the stages before or after the production process.

An integration strategy is justified when an enterprise can increase its profitability by controlling strategically important links in the chain of material and technical supply, production and distribution of products. At the same time, various types of vertical integration are possible:

full integration of production activities;

partial integration, in this case, part of the necessary components is purchased from other enterprises;

quasi-integration - the creation of strategic alliances of enterprises interested in integration without the transfer of ownership.

Depending on the direction of integration and the position of the enterprise in the production chain, two forms of related diversification are distinguished: integration "forward", or direct integration; integration "back", or reverse integration.

A reverse integration strategy is used to protect a strategically important source of supply or to gain access to new technology that is essential to core operations.

In reverse integration, the enterprise incorporates functions that were previously performed by suppliers, i.e. acquires (establishes) control over the sources of raw materials and the production of components. Direct integration consists in the acquisition or strengthening of control over the structures between the enterprise and the end user, namely the system of distribution and sale of goods. This type of strategy is used when a business cannot find intermediaries with a quality level of customer service or is seeking to get to know consumers better.

Horizontal integration

Linked horizontal diversification, or horizontal integration, is the amalgamation of businesses operating and competing in the same area of \u200b\u200bactivity.

the main objective horizontal integration - strengthening the position of the firm in the industry by absorbing certain competitors or establishing control over them.

Horizontal merging allows you to achieve economies of scale, expand the range of products and services, and thus gain an additional competitive advantage. Geographic expansion of markets is often the main reason for horizontal diversification. In this case, companies are united that produce the same type of products, but act in different regional markets.

A classic example of horizontal and vertical diversification is the penetration of American breweries into the production and distribution of soft drinks. In this case, diversification is associated with the expansion of the range of products intended for a similar circle of consumers.

In Russia, horizontal mergers are characteristic of the banking sector. Here they are aimed at expanding the range of banking services and geographic expansion of activities.

Mixed (combined) diversification

Often, for the diversified growth of a company, one of the options for a mixed (combined) type of diversification can be implemented. The choice between types of diversification depends on the comparison of profitability growth and additional management costs.

An alternative to diversification is the creation of a strategic alliance between companies using new business opportunities for each of them. The company is initiating the creation of a diversified growth strategy that best suits its position in the market.

1.3 Features, tools and methods used in the implementation of the diversification strategy

In further analysis, it should be taken into account that the diversification strategy has its positive and negative sides. The main danger of diversification is associated with the dispersion of forces, as well as with the problems of managing diversified enterprises. Because of this, enterprises may have problems with business development and profitability, since the losses of unpromising or new directions are covered at the expense of profitable industries, etc.

Speaking of the positive aspects, do not forget that diversified companies are more sustainable, because as they say, "one head is good, and two is better." And when there are many of these heads or areas of activity, the company or group of companies becomes more resistant to crisis phenomena, raider seizures, etc. That is, diversification of activities allows you to protect investments and capital.

The pros and cons of diversification are discussed in more detail in Table 3.

Table 3. Pros and cons of a diversification strategy

Cons of diversification	Diversification benefits
The presence of planning and budgeting problems for the development of various business areas	Good financial stability of the company in the event of crises, raider takeovers
Poor management of various unrelated lines of business	The ability to effectively distribute funds between areas in order to invest in new types of business
Risks of investing in unprofitable lines of business and companies, which will reduce the total profit and profitability of the company	The emergence of assortment advantages over other companies in connection with the possibility of offering new services, goods, expanded assortment
The emergence of difficulties in the centralization of processes and settlements between different business areas	Possibility of borrowing between different companies, directions

The modern features of diversification were formed in conditions of the most complex development under the influence of global macro- and microeconomic criteria. The global evolution of ideas, from manipulating a range of goods to manipulating a set of countries, can be put into a kind of formula, the elements of which are: a commodity set, a set within an entire industry, a set of industries and spheres of influence, a set of countries.

Accordingly, each subsequent stage on the way to achieving the diversification goal will be distinguished by a change in priorities in the further development of the business.

Any proposed strategy needs special tools for its implementation. The complex of these tools allows us to fully develop the company under the conditions of our chosen strategy. It includes the following groups of tools:

Monitoring tools;

Analytical tools;

Operational tools;

Control tools.

The specificity of the tools that provide the diversification strategy is that they are designed to assess and practically ensure the main economic effect of the diversification strategy, which is to accelerate and catalyze further business development, reduce aggregate risks, and reduce transaction costs caused by the external environment. We will consider tools in more detail in Chapter 2 of our work.

Considering the issues of practical implementation of diversification strategies, we suggest using the following diversification methods:

Expansion of the range and range of products;

Updating (improving) products;

Coverage of new market segments;

Territorial expansion of markets;

Creation of our own raw material or sales base (with the ability to provide services to other enterprises);

Organization of a new production at an existing enterprise;

Creation of new enterprises (including branches and subsidiaries);

Purchase of operating enterprises (competitors or not related to the activities of their own enterprise);

Consolidation with other companies, mergers and acquisitions;

Creation of alliances between enterprises without transfer of ownership;

Acquisition of debt obligations or production facilities of bankrupt enterprises.

In practice, the mechanism of hostile takeovers is often used to diversify activities, but this is largely due to the beginning of the formation of a legal and institutional culture. business activities.

The most promising method, from our point of view, is diversification through outsourcing. This method allows you to save enterprise resources, reduce the risks of production activities, and increase the flexibility of diversification management.

Thus, it is advisable to consider the diversification of an enterprise's activities as a tool for managing its development, and the types of diversification depend on the scope of activity, size, resources and strategic goals of the enterprise. The choice of the direction and depth (or degree) of diversification, as well as the moment of the beginning of the implementation of the chosen diversification strategy, depends on the stage life cycle products (according to the nomenclature and assortment). Out of the complex of diversification methods, the most promising method is diversification based on outsourcing.

Chapter 2. Efficiency Analysis of Henkel's Diversification Strategy Implementation

2.1 Organizational and economic characteristics of Henkel

Concern Henkel - German chemical companyoperating in three directions: cleaning and detergents, cosmetics and personal care products, bonding technology. The company is ranked 486 in the FortuneGlobal 500.

In 1876, in the city of Aachen, a young merchant, Fritz Henkel, together with two friends, founded the Henkel & Cie company. The partners presented Universal wasch mittel, the first universal washing powder made from silicate, to the local community. For several decades, the company has been developing rather calmly. But in 1907, the firm introduced the Persil brand, which gave impetus to Henkel's rapid growth. By advertising their products, Henkel owners were the first among other German companies to start informing buyers about the composition and characteristics of the products. By the end of the 20th century, Henkel had grown into a large international corporation.

On December 29, 1979, the local production of the most popular in the USSR Moment glue was started. The glue was produced under Henkel license on specially purchased equipment in Germany and based on the Pattex glue recipe. This date can be considered the date when Henkel entered the Russian market. In 1995, the company added the Thomsit line of flooring products to its range. It should be noted that the first three years were actually spent on the formation of a new market for Russia. Sales growth began only in 1998-1999.

Henkel employs more than 2,000 people in Russia. The company provides Russians with high-quality and at the same time affordable products. The company's civic duty is to help those people who are least protected in socially... Since the beginning of its activity in Russia, it has been developing and implementing social programs, sponsoring cultural and socially significant events, and supporting charity events in various cities of Russia.

At the moment, the company does not stand still and is constantly improving, introducing new developments and innovations. She listens to her customers and employees and carefully studies the needs of consumers. With the goal of helping people in their daily chores, Henkel uses every means to keep pace with the times: the company develops new brands, improves existing ones, and creates more efficient production methods. Their key strengths are a deep understanding of the local market and a focus on local traditions, as well as the use of world-class expertise to meet the needs of buyers in each country.

Mission of the company: "To create products that will help make life better, easier and more beautiful." Henkel's mission is in line with its current position in the market, hundreds of millions of people around the world use products every day, and the company, in turn, tries to make its products more attractive, more environmentally friendly and at a good affordable price.

Every day, around 160 million people worldwide use Henkel products to meet their needs. Therefore, in order to meet the expectations of its consumers, the company has a clear vision that sets the goals and objectives of the enterprise:

We work every day to make a better future.

We help people feel better, look better, and get more out of life by making our brands and our services good for them and others.

We will inspire people every day to do small things that can contribute to big changes around the world.

Become a global leader in brands and technology. Henkel's plan for sustainable development and quality of life.

The company's responsibility grows as the business grows. Therefore, in a series of global changes, challenges and problems of climate change, the company is taking certain actions that are integral part its whole essence. This is reflected in the company's vision, which is trying to reduce the negative impact of its activities on the environment and make its products more environmentally friendly.

The goal is to improve the well-being of the community through trademarks, commercial transactions and relationships, voluntary contributions and donations. A corporate goal is a way of seeing a business. It is complemented by the Code of Business Conduct, which sets out the standards of conduct that are mandatory for all Henkel employees around the world. The Code of Principles also includes our commitment to comply with the laws of the country in which it operates and our corporate responsibility.

Charitable foundation Henkel The Henkel Friendship Initiative (HFI) is an independent charitable association founded by Henkel with current and former employees to help those affected by disasters and natural disasters. The HFI initiative is one of the three components of the Henkel Smile program, which brings together all of the company's social programs and projects around the world. The mission of the Charitable Foundation is to improve the quality of life by providing sanitary and hygienic conditions, access to clean water, healthy eating and improve self-esteem.

Henkel is committed to doubling its business while reducing its environmental impact and increasing its positive social impact. The Henkel Charitable Foundation is one of the key instruments that will help us achieve our ambitious goal of helping more than one billion people take action to improve their health and well-being and create a sustainable future.

Henkel's product portfolio ranges from expensive care products to affordable powders, adhesives, soaps, bacterial sprays and more. Billions of people use their products every day.

This diversification strategy allows Henkel to own multiple market segments, making it one of the world leaders in Fast Moving Consumer Goods.

The company not only occupies a leading position in terms of sales, production and sales of all products in general, but also for each segment in particular. See the product range in Appendix 1.

Henkel has a functional management structure. Under the leadership of the CEO, there are seven departments: Marketing, Customer Service, Food Service, Finance, and information technologies, supply department, personnel and corporate relations department. The organizational structure is shown in Figure 1.

Figure 1. Organizational structure of Henkel

The marketing department at Henkel has three areas: Adhesives Sealants & Functional coatings, Home care, Beautycare.

The personnel department has three divisions, the main task of which is: management of the company's performance; selection and recruitment of personnel; motivation and retention of employees; personnel training and development; maintaining a policy of compensation and benefits; personnel administration.

The main tasks of the supply department are depicted in Figure 2.

Figure 2. Supply chain

The corporate relations department is responsible for relations with government agencies and the media.

As you can see, the organizational structure is quite simple. A similar structure can be found in many companies.

It can be concluded that this structure suitable for Henkel, since with this management system the company successfully operates in the market, due to which it occupies one of the leading positions.

Overall, Henkel's strategy focuses on economic, social and environmental dimensions. A special long-term strategy was developed for the company "to become the World Leader in Brands and Technologies", which stands on the four pillars of "Outperform" "Globalize" "Simplify" "Inspire":

Make the most of the potential in product categories;

Focus on regions with high potential;

Improve operational efficiency;

Strengthen the global team.

And indeed it is. Henkel is constantly looking for ways to improve its business. Also, the company's benchmark is customer satisfaction (high customer focus). To this end, Henkel creates and improves the best brands, making it the world market leader.

This business model of the company was designed to ensure sustainable growth while caring for the environment, people and the world in general.

One of the main goals of the strategy is to create strong brands available to consumers. The company invests quite a lot in brands, making them more sustainable, and monitors the profitability of products.

The company's employees are constantly on the lookout for product quality improvements and innovations. Thus, the number of the company's consumers is growing and currently stands at about 2 billion.

Naturally, for a company to function successfully, it must have the right people, whose values \u200b\u200bwould be consistent with the values \u200b\u200band culture of the company. Therefore, Henkel is using a strategy to attract the best talent in the world.

Also, one of the priority strategies of the company is to care for the environment and set the following goals for 2020:

1) reduce the widow's level of greenhouse gas emissions throughout its life cycle;

2) halve the amount of water consumed when using the product;

3) a twofold decrease in the volume of waste associated with product disposal.

These goals meet the SMART criteria.

"S" Specific - the target is specifically defined;

"M" Measurable - all goals are measurable; this is a two-fold reduction in gas emissions, the volume of consumed water and a decrease in waste.

"A" Achievable - all goals are achievable.

The first goal is achieved by changing the product formulas, for example, the formulas have been changed for more than 95% of washing powders; and Henkel encourages consumers to wash at the correct dosage and temperature to reduce the greenhouse gas emissions from washing. To reduce emissions from production, the company plans to open new plants that have a lower impact on the environment, as well as now use renewable energy sources, and wants to increase this figure to 40%, which is 13.7% higher compared to 2012. To reduce the volume of greenhouse gases from transport by 40%, the company intends to reduce the mileage of trucks, use cars with lower emissions and use alternative means of movement such as water transport and railways.

To reduce the use of water volumes, it is planned to: reduce the volume of water during production; development of comprehensive plans in conjunction with agricultural suppliers and partners; create a wide range of products that are easy to wash off.

"R" Relevant - the goals are relevant, since recently more and more attention from companies and consumers is paid to the environment. The company makes sure that the products are more environmentally friendly, as well as cleaner in their manufacture.

"T" Time-bound is the time to complete the 2020 goals. Also, each goal has its own short-term sub-goal, which is also determined in time and some have already been achieved. For example, the goal to change product formulas to reduce greenhouse gas emissions by 15% by 2012 has been achieved. Laundry detergents (95%) have been formulated in 14 countries, which has reduced greenhouse gas emissions by 15%.

Look at the pyramid of goals in Figure 3.

Figure 3. Henkel Goal Pyramid

Other components of the strategy are effective pricing, investment in marketing and innovation, and increased sales growth.

Henkel has become the leader in the Household Chemicals category and is the only company in the sector to be included in the Dow Johnson European and World Sustainability Rankings. The company's high performance has been recognized in the economic, environmental and social activities.. The company has been on the FTSE4Good ethicalindex list for 12 consecutive years. Henkel Annual Report and Accounts 2012. Henkel has a strong position in the market, which can be clearly seen in table 4 on the company's profit.

Table 4. Profit of Henkel for 2010-2012

Turnover increased by 5.7% to € 16.5 billion, including the positive impact of a 2.2% increase in the foreign exchange rate and 1.1% of acquisitions. The increase in turnover indicates high consumer loyalty, new buyers and increasing demand for products.

Underlying sales growth was 6.9%, including a 3.4% increase in sales volume and a 3.3% increase in prices. Underlying sales growth in emerging markets is 11.4%, accounting for 55% of turnover.

Net earnings per share rose 12.5% \u200b\u200bto € 0.72.

As can be seen from the table, profit indicators have been growing for three years, which proves the company's stable position and the effectiveness of the applied strategy and management.

2.2 Performance Analysis of Henkel's Diversification Strategy Implementation Process

To analyze the effectiveness of the applied diversification strategy, it is necessary to analyze the external and internal environment of the company, as well as its main competitors, their strengths and weaknesses, and market position.

To analyze the external environment and the market, a STEEPLE analysis (Appendix 2), a qualitative and quantitative PEST analysis were carried out, and an EFAS summary was drawn up (see Appendix 3).

There are many STEEPLE factors that can have both a positive and a negative impact on Henkel, however, it is worth remembering that most of these factors will have almost the same impact on competing companies, since they all operate in the same environment. ... For example, a factor such as “political instability” or “change in tax rates” will affect both Henkel and P&G in the same way, since these are completely external factors that these companies have no influence on.

The qualitative PEST analysis table shows which of the factors make it possible for a more efficient operation, and which are a threat and can cause difficulties for the company. Since they cannot be prevented, certain actions should be planned in advance so that they have as little impact as possible.

For example, in the event of an unstable economic situation or a crisis, the company should create a cash reserve, stock of products and resources in advance, so as not to overstate the prices greatly and not to lay off valuable employees, since there will be insufficient finance to pay for labor and purchase raw materials.

Quantitative PEST analysis makes an assessment of the importance of factors, their impact on the industry and on the company, thereby allowing you to analyze the factors that have more and less impact.

Thus, the following factors have the greatest negative impact on Henkel: political instability, economic instability, crisis and changes in consumer preferences. And such factors as a change in tax policy (tax cuts), a decrease in prices for energy resources and raw materials, an increase in consumer activity, on the contrary, provide opportunities. A detailed summary of the capabilities and threats can be seen in Table 3 of Appendix 3 of the EFAS Summary.

Thus, the most favorable opportunity out of the listed is "Reducing the price of raw materials", as this will bring many benefits to Henkel, including: reduced production costs, increased production, more profit. The biggest threat is "Increased hostility between countries", because it is this factor that can carry such threats as "political and economic instability."

An analysis of the internal environment of an enterprise is impossible without comparing Henkel with its main competitors.

Thus, Henkel's main competitors are:

Procter & Gamble is an American company founded in 1837 that competes with Henkel in the Personal Care, Home Care brands such as Fairy, Ariel, Mr. Proper, Myth, Tide, Ace, Lenor, Comet, Dreft, Londatrend, Pantene, Shamtu, Herbal Essences, Camay, Secret, Safeguard, OldSpice, MaxFactor, Olay.

Colgate-Palmolive is an international company founded in 1806 that manufactures soaps, oral hygiene products, toothpastes and brushes, pet food, and household chemicals. Brand competitors: Colgate, Palmolive, Lady Speed \u200b\u200bStick, Mennen, Protex, Ajax.

L "Oreal is a leader in the perfumery and cosmetics market, a French company founded in 1909. Brands: L" Oreal Paris, Garnier, Maybelline, Kerastase, Lancome, Biotherm, Ralph Lauren, Yves Saint Laurent, GIORGIO ARMANI, Cacharel, Diesel.

Unilever - Founded in 1930 as a result of the merger of the Dutch margarine manufacturer Margarine Unie and the British soap industry pioneer Lever Brothers, now one of the main and even the main competitor with the following brands: Cif, Glorix, Domestos, Sun, Dove, Timotei, Ax, TIGI , Sunsilk, rexona, Clearvita Abe, Kalina (Black pearl, Pure line, etc.).

Comparison of the positions of these companies with Henkel in terms of product quality and price can be seen on the map of strategic groups (Fig. 4). The development of the map of strategic groups was carried out on the FMCG market. Today the Russian FMCG market is developing rapidly. This market mainly includes consumer goods. They include wide range frequently purchased consumer goods such as beverages and food items; household products; personal hygiene items; cosmetics; products for cleaning teeth and shaving; detergents, etc.

In the figure, the following companies are indicated under the numbers:

4 - Colgate-Palmolive;

Figure 4. Map of strategic groups

Conclusions based on the analysis of strategic groups:

The company's most direct competitor is Procter & Gamble, which has the largest market share and is the leader in FMCG;

Different companies in different strategic groups have different competitive advantages and potential profitability. It is necessary to identify the key factors that lead to the success of Procter & Gamble. These conditions can be, for example, access to cheap raw materials, to exclusive distribution channels, or simply competence in promoting their goods and services.

Changes in market conditions will have different effects for all strategic groups.

The market is overflowing with competitors and the increase in the number of companies in the industry will only intensify competition.

After determining the group in which Henkel is located, you can already make decisions about the strategy of competitive struggle and promotion of the company.

Table 5. Henkel's Strategic Performance Indicators

In 2012, the company's market share was 9.0% and has been growing steadily since 2009. Sales growth also increased by 6.9%, double the increase in 2009. The increase in net profit in 2012 is large, only 31%, however, and this figure is growing. Judging by Table 4, all performance indicators had an increase, thus it can be concluded that when successful strategy and management, Henkel will continue to grow with sales growth and market share.

To analyze the company's position in the market and the effectiveness of the diversification strategy used, a SWOT analysis was carried out (see Appendix 4). The internal factors of the company were analyzed to identify competitive advantages and weaknesses, as well as external factors, to study the threats that may arise, and the possibilities that the company can use to its advantage to increase competitiveness.

Based on the SWOT analysis data, we can conclude that Henkel has many strengths, including a strong brand, a wide range of products, and a large number of distribution channels, high profits and financial sources; however, among the small number of weaknesses, “the presence of strong competitors like Procter Colgate-Palmolive poses the greatest threat, since it is with these companies that Henkel is fighting for leadership in their respective market segments.

But the indisputable advantage over these companies is active social politics in the field of maintaining cleanliness and hygiene of the consumer, as well as the impact on the environment and ecology. In more detail, the goals and main provisions of this social policy are spelled out in the company's strategy discussed above.

And also it is a high customer focus and focus on the company's employees. She deeply understands the needs of consumers and tries to satisfy them, with the help of conscientious and quality products at the right price. And also there are certain products designed exclusively for a certain circle of consumers.

In terms of internal management and employee orientation, Henkel strives to provide as flexible working hours as possible, including work from home, internships for students, training and education, internships. Most importantly, this system works, as the company has over 40,000 people and continues to work and grow successfully.

As for the threats, they are more of a political and economic nature at the level of government, and the company cannot influence them in any way. The only thing that is needed in this situation is to be able to predict and adapt to the current situation, which will not be difficult for Henkel, since flexibility in management and adaptation to the environment are its strengths.

The company still has many opportunities and potential for business development and expansion. You can find a way to reduce costs, thereby increasing profits, or focus on product differentiation and entry into new markets.

To conduct a correlation SWOT analysis, several factors were analyzed, for the most detailed look in Appendix 5. The most important are: strong brand, favorable image and active social policy. Among the weaknesses, competitors have the most impact.

Based on the above table, it is possible to draw conclusions for individual groups of factors, identify actions that form a growth strategy (S + O), actions that form a strategy for protection (W + O), as well as actions for protection, to overcome weaknesses and threats.

For example, with an active social policy (S5), despite the strengthening of the position of competitors (T5), Henkel will not lose its position, since this strength implies certain measures, which, in turn, will dispose consumers in favor of purchasing Henkel products. ...

The conclusions of the SWOT analysis for other groups of factors, see table. 6.

Table 6. Conclusions on the group of factors of the Henkel SWOT analysis

Factor name
	Favorable image, market leadership	By leveraging the ability to minimize waste and emissions, Henkel will further enhance its image and be more socially responsible. This makes the company more competitive and maintains market leadership.
	Reducing waste and emissions
	Well-established distribution channels	If Henkel finds a way to serve new customer groups (groups in 3 countries or vice versa for luxury products), then the company will have increased distribution channels and a stable position
	Ability to serve new customer groups
	Strong competitors	Reducing waste and emissions will help the company increase its competitiveness, thereby reducing the number of existing competitors
	Reducing waste and emissions
	Active social policy of the company	Henkel's proactive social policy will help avoid the loss of customer numbers if living standards decline. The company will have a good image and consumers will be loyal to it.
	Decrease in living standards of the population
	Availability of substitute products ...

Send your good work in the knowledge base is simple. Use the form below

Students, graduate students, young scientists using the knowledge base in their studies and work will be very grateful to you.

Introduction

In market relations, an enterprise occupies a special place, by definition, it is a separate specialized unit, the basis of which is a professionally organized labor collective, capable, using the means of production at its disposal, to manufacture the products of the appropriate profile and assortment that consumers need. An indicator of market stability is the ability of an enterprise to successfully develop in the face of changing external and internal environments. A feature of the functioning of industrial enterprises in modern conditions is their constant dependence on all subjects of a set of common infrastructure. In the process of production and economic activity, the enterprise constantly enters into direct and indirect relationships with suppliers of raw materials (materials), components, consumers of finished products and competitors. The latter, proceeding from the goal of any enterprise - to retain their consumer, try to strengthen their position in the market, thereby weakening the position of other enterprises. In such conditions, their activities cannot be protected from unwanted shocks. But it is the firm position of the enterprise in the market that is the guarantee of the enterprise's survival. Therefore, there are problems of protection of the enterprise from the negative influences of the external environment, as well as the ability to quickly eliminate different threats or adaptation to existing conditions that do not adversely affect its activities. The solution to these issues is the economic security of the enterprise. Thus, the relevance of this topic is justified by the need to create a system of measures that could ensure economic stability (sustainability of the enterprise). This work is devoted to the latter problem.

The importance of the study of economic sustainability is explained by the fact that it is it that is the basis on the basis of which the main directions of the financial and economic policy of the enterprise are developed, and the effectiveness of the management decisions taken depends on how well it is produced. Currently, first of all, it is necessary to achieve confidence in the actions of enterprises in market conditions. Therefore, the present work is aimed at improving the situation.

In the modern economic literature, there is no clear definition of the concept of "economic sustainability", and different opinions are expressed about the set of indicators that allow it to be determined. These circumstances have led to a certain scientific interest in the study of this problem. In particular, the works of scientists Yu.P. Anisimova, A.S. Bulatova, I.A. Blank, S.N. Chuprova, B.N. Gerasimova, M.N. Rubtsova, I.N. Omelchenko, P.V. Okladsky.

The purpose of the thesis is to consider the theoretical aspects of the study of the economic sustainability of an enterprise, in accordance with them to develop recommendations for increasing the economic sustainability of a particular enterprise.

To achieve this goal, it is necessary to perform the following tasks:

1) consider the concept of economic sustainability from the point of view of various authors;

2) identify a set of external and internal factors that determine the economic stability of the enterprise;

3) explore methodological approaches to assessing the economic sustainability of an enterprise;

4) conduct an analysis of economic sustainability at a specific enterprise;

5) identify ways to improve the economic sustainability of the enterprise.

The subject of research of the thesis is the economic sustainability of the enterprise, methods of its determination and evaluation.

The object of the research is the machine-building enterprise OJSC Vodmashoborudovanie.

Theoretical and methodological basis work served as the fundamental provisions of economic theory, legislative regulations of the bodies of the Russian Federation, the results of scientific research by Russian and foreign scientists.

The information base of the thesis is the following data:

1) Balance sheet (form No. 1);

2) Statement of profit and loss (form No. 2);

3) Statement of capital flows (form No. 3);

4) Statement of cash flows (form No. 4);

5) Appendix to the balance sheet (form No. 5);

6) Information from periodicals and Internet sites.

In the course of the analysis, materials of financial and economic activities of enterprises, data from periodicals were used. A systematic approach, methods of economic and statistical, financial analysis, economic and mathematical modeling using a PC and MS Excel software were used as a methodological toolkit for solving the assigned tasks at various stages of the study.

1 . Theoretical provisions researching the economic sustainability of an enterprise

1.1 The concept of economic sustainability of the enterprise

Currently, under the influence of environmental conditions, enterprises are becoming more complex systems. There is a process of integration of business units through mergers and acquisitions. This happens both on a voluntary and compulsory basis. All this makes new demands on the methods of enterprise activity management in modern conditions. In this regard, one of the most important problems for any modern enterprise is to ensure its economic stability in the short and long term.

For the first time, the term "economic sustainability" arose in connection with the consideration of the problem of limited resources, which was a consequence of the global energy crises of 1973 and 1979. then this direction of economic thought turns into a separate discipline, which is called "ecosestate", which in translation means the economic stability of the state. She began to consider issues of sustainable economic development mainly at the level of the country or region.

However, in recent years, it has become more and more obvious that sustainable economic development of both the country and its regions is achievable only with the economic stability of such structural elements as industries, enterprises and organizations. The economic stability of each individual enterprise allows all the country's economic system not only to maintain its potential, but also to ensure its qualitative rise and entry into international markets with new competitive goods.

Currently, there are many points of view of various authors on the definition of the concept of "economic sustainability of the enterprise". Some of them are presented in Table 1.

Table 1 - Approaches to the definition of the concept of "economic sustainability of the enterprise"

	Definition of the concept
O.G. Bodrov, V.A. Malygin, V.T. Timiryasov	Enterprises that, in conditions of uncertainty, market instability, are becoming economically stable, to the greatest extent provide the modern organization of scientific and reproductive activity (the definition is given based on the reproductive approach)
N.N. Pogostinskaya R.L. Zhambekova	The activity of the economic system will be economically sustainable if the system corresponds to the formed resulting vector of goals, and possible unfavorable situations are neutralized by an adequate response of the system due to the reserves and reserves created by it
S.N. Nikeshin	An enterprise is economically sustainable if it is able to find the optimal ratio between all its elements, to establish connections between them, which make it possible to maintain vital parameters at a given level as long as possible, effectively counteracting the disturbing influence of the external environment (the definition is given from the standpoint of economic cybernetics)
V.D. Kamaev	Economic sustainability is the stability of an organization's receipt of sales revenue.
I.V. Bryantseva	Economic sustainability is a state of an enterprise in which the socio-economic parameters characterizing it retain their initial equilibrium and are within specified boundaries under the influence of the internal and external environment (the definition proceeds from the enterprise planning system and finding it in an equilibrium, in terms of planned indicators, state)
P.V. Okladsky	Economic sustainability is the dynamic correspondence (adequacy) of the parameters of the state of the system (enterprise) to the state of the external and internal environment, which ensures its effective functioning in conditions of disturbing influences
IN AND. Zakharchenko	The economic stability of an enterprise is a complex of properties of organizational, innovative, logistics, production, financial and credit activities, taking into account their mutual influence and interaction
A.S. Barkanov	The economic sustainability of an enterprise is the presence of an innovative potential for sustainable development and its effective use to neutralize external influences and factors of destabilization
I. N. Omelchenko E. V. Borisova	Organizational and economic stability is financial and economic stability (sustainability), namely the ability of an industrial enterprise to maintain its financial stability with a constant change in market conditions by improving and purposeful development of its production, technical and organizational structure using methods logistics-oriented management

In order to formulate your own concept of economic sustainability, it is necessary to analyze the components of this concept.

The management system (of the enterprise) must ensure acceptable efficiency within the framework of the deviations that occur, which can be characterized as a state of equilibrium or stability.

There are different interpretations of the concept of "enterprise sustainability". Thus, in the Big Encyclopedic Dictionary "a sustainable enterprise is a legal entity whose structure of the ratio of assets and liabilities is such that, under all normal conditions, the proceeds from the sale or use of assets are sufficient to cover all liabilities", and in the Big Economic Dictionary, stability is considered as stability , consistency, not subject to the risk of loss and damage. Proponents of systems analysis substantiated the conclusion that "stability" should be defined as some kind of regular recurrence (ie, the property to repeat itself unchanged) and, accordingly, instability - as a condition that occurs sporadically and may not repeat itself. From the standpoint of the theory of profit maximization, the supporters of which were A. Smith, A. Marshall, D. Keynes and other well-known economists, the stable state of an enterprise is such a state in which it is able to maintain profit at a given level. V. Loginov, A. T. Cheblokov under the stability of an enterprise understands the complex of properties of its production, innovation, organizational, financial and credit activities, their mutual influence and interaction, the quality and novelty of the products, the scientific and technical level of the material and technical base of the enterprise, the stability of its resource provision, the state of human and intellectual potential , character innovation management ... AND I. Bogdanov believes that the stability of an enterprise reflects the strength and reliability of its elements, vertical, horizontal and other connections within the system, the ability to withstand internal and external loads.

V. Solntsev believes that the enterprise is stable when it makes a profit, if there is no profit, then the indicator of the low efficiency of its activity is the losses incurred by it. And it must change its economic policy, reduce costs, reduce the number of employees, or take other measures to improve its health. Otherwise, it will go bankrupt and disappear from the market. V. Lapin believes that sustainability primarily depends on the competent management of the enterprise. L.N. Khramova understands a stable state as the ability of a system to function stably in a dynamic external environment by achieving its maximum organization (the correspondence of the internal elements of the system to each other and to the parameters of the external environment. The above definitions consider stability as the ability of the system to maintain its existence (to function stably).

Thus, stability characterizes the state of an object in relation to external influences. A more stable state is one that, with equal external influences and internal shifts, is subject to smaller changes, deviations from the previous one. The condition for resistance to external influences is the internal properties of the object itself. Stability is an external manifestation of the internal structure of an object. In order to increase its resistance to the effects of various factors, it is necessary, first of all, to improve the object itself.

The stability of an economic object is a set of separate, individual and partial equilibria. It is higher when the set of stable equilibria of an economic object exceeds the number of unstable ones. The economic condition of an enterprise can vary from extremely unstable, in which it is on the verge of bankruptcy, to relatively stable.

In the case of a violation of stability, the direction of the process is essential: an increase in instability or its weakening. At the level of business entities, a conflict can also be a source of progressive development, although a competitive environment reproduced on the basis of supply and demand constantly upsets the equilibrium, undermines the economic stability of some, while increasing the stability of other entities.

IN general view under the state of stability economic system its ability, after an unfavorable deviation beyond the permissible value, is understood to return to a state of equilibrium at the expense of its own and borrowed resources.

I believe that economic sustainability implies not only maintaining a positive level of indicators characterizing it, but also includes development, which manifests itself in economic growth, i.e. tendencies of positive changes in the aggregate indicators of the development of the enterprise for a certain period of time, usually for a year. To characterize economic growth, both general and specific indicators are used.

Consider the definitions of financial stability, or financial stability, from the point of view of various authors, presented in table 2.

Table 2 - Definitions of "financial stability" (or "financial stability")

	Definition of the concept
R.R. Akhmetov	Financial stability is the stability of financial relations and connections of an object or system can be considered as financial stability.
O. A. Lakshina, E.N. Chekmareva	Financial stability is a situation in which the financial system is able to perform well all the functions assigned to it and in which no changes in the nature of the financial system are expected in the near future.
V.V. Khrestinin	The stable financial condition of a company is a characteristic of its financial competitiveness, the use of financial resources and capital, the fulfillment of obligations to the state and other business entities
A.M. Kovaleva	The financial condition of the company, its stability depend on the results of its production, commercial and financial activities. The results show the firm's stability and ultimately contribute to its development (sustainability)
Dictionary of Economics and Finance	The financial stability of an enterprise is a characteristic of the level of risk of an enterprise in terms of balance or excess of income over expenses.

Comparing the concepts of economic sustainability and financial sustainability (stability), we can conclude that most authors identify these concepts. The rationale for this is the statement that the position of an enterprise in the market, first of all, depends on the availability and directions of use of financial resources. Assessment of the financial situation of the enterprise allows you to determine the "bottlenecks" in business, as well as find ways to prevent unfavorable trends in the development of the enterprise. Thus, the financial stability of an enterprise allows an objective assessment of the tactics of enterprise management.

Consider the mechanism for managing economic sustainability at an enterprise, shown in Figure 1.

The governing body (organizational management structure) ensures that the deviations from the specified parameters of the system are kept within the permissible values \u200b\u200band time intervals. The stability of the organizational management system is the ability to keep the object of management in the area of \u200b\u200bequilibrium provided for by the rules of functioning.

Figure 1 - Stability of the control system

The sustainable activity of an enterprise depends on internal capabilities to effectively use all the resources at its disposal, so you should find out what is meant by economic resources.

Economic resources are understood as all natural, human and man-made resources that are used to produce goods and services. They are shown in Figure 2.

Economic resources are understood as all types of resources used in the production of goods and services. In essence, these are the goods that are used to produce other goods. Therefore, they are often called production resources, production factors, factors of production, factors of economic growth.

Figure 2 - Types of economic resources

In essence, these are the goods that are used to produce other goods. Therefore, they are often called production resources, factors of economic growth. The production resources of the enterprise in material and material and monetary form are presented in Table 3.

Table 3 - Production resources of the enterprise

Material form	Monetary form
	In the accepted reporting	In market conditions

Work force	Wage fund	Variable capital
Tools	Fixed assets	Main capital
Objects of labor	Revolving funds	Working capital
Finished products	Circulation funds Money in circulation	Working capital in the sphere of circulation Working capital in cash
Natural conditions of production		Main capital

Thus, the concept of economic sustainability of an enterprise can be formulated as an equilibrium balanced state of economic resources, which ensures stable profitability and normal conditions for sustainable economic growth in the long term, taking into account the most important external and internal factors.

As a result of consideration in this section the concept of economic sustainability was substantiated the position that one of the most important problems for modern enterprises is to ensure their economic sustainability in the short and long term. The points of view of various authors on the concept of "economic sustainability" were also analyzed. Based on their comparison with the content of the concept of "financial stability", it was concluded that both concepts are identical, and a justification was given for it. The mechanism of managing economic stability is analyzed and its own definition is given to the concept under consideration, based not only on maintaining a positive level of indicators of economic stability, but also on its growth.

1.2 Factors determining the economic sustainability of an enterprise

Economic sustainability is formed under the influence of a complex of factors. Their ratio, interaction, interconnection are extremely important and relevant not only for individual subjects, but also for the entire economic system. Over time, the influence of some factors increases, while others weaken.

There are various approaches to the classification of factors affecting economic sustainability. The most common is a classification that subdivides all factors according to the way they influence the factors of direct and indirect impact. It is shown in Figure 3.

Figure 3 - Factors affecting economic sustainability, depending on the type of impact

The reaction of the enterprise to the factors of direct and indirect impact is different. The enterprise can react to changes in the factors of direct influence in two ways: it can rebuild the internal environment and begin a policy of both adaptation and a policy of active or passive opposition. The enterprise is forced to adapt its goals, objectives, structure, technology, personnel to the factors of indirect influence.

There is a classification that divides all factors into two main groups - internal and external in relation to the enterprise. It is shown in Figure 4.

Posted on http://www.allbest.ru/

Figure 4 - Factors affecting economic sustainability, depending on the type of environment

Environmental factors have different levels and directions of influence. They can be divided into three levels: regional, national and international. In their direction, the factors are stabilizing and destabilizing.

On the basis of the dynamics of external factors, the strengths and weaknesses of the position of the enterprise in a developing market are determined, proactive measures for its development are developed and appropriate management decisions are made. The impact of environmental factors makes the balance and stability of economic entities and industries less stable, and leads to an increase in the dependence of the national economy on them as a whole.

The ability of an enterprise to overcome crises, win the competition, maintain economic stability largely depends on the action of an internal group of factors - on the state of its internal environment. The internal group of factors includes goals, objectives, structure, technology, personnel of the enterprise, production capacity and potential of the enterprise.

In countries with stable economies, the ratio of external and internal factors is in favor of the latter. Thus, the analysis of bankruptcy of enterprises in developed countries shows that 1/3 external and 2/3 internal factors are involved in bankruptcy. In a stable economy, the main obstacles hindering the development of an enterprise, as a rule, lie in the sphere of its own activities and contain internal discrepancies and contradictions about the goals of the enterprise, means of achieving them, resources, methods of organizing activities, and management to achieve goals.

Ensuring economic sustainability will require enterprises to forecast and take comprehensive account of market requirements, the actions of competitors, suppliers, the state of the macroeconomic environment for doing business, and management organization based on a strategic approach.

This approach will allow enterprises to take into account the factors of the external and internal environment and develop comprehensive measures that take into account the long-term strategic goals of the further sustainable development of the enterprise.

The main problems of the economic sustainability of industrial enterprises that hinder their development and functioning in modern conditions are:

a) a high degree of wear and tear of fixed assets and a shortage of investment resources;

c) high energy intensity of energy systems, several times higher than the specific energy intensity of the economy of developed countries;

d) the lack of developed and stable legislation adapted to the conditions and specifics of the functioning of industrial enterprises.

This variety of factors also subdivides resistance itself into species. So, in relation to the enterprise, it can be: depending on the factors affecting it: internal and external, general (price), financial.

1 Internal stability is such a general financial condition of the enterprise, which ensures a consistently high result of its functioning. Its achievement is based on the principle of active response to changes in internal and external factors.

2 The external stability of an enterprise is due to the stability of the economic environment in which its activities are carried out. It is achieved by an appropriate system of market economy management throughout the country.

3 The overall stability of an enterprise in a market environment requires, first of all, a stable receipt of revenue, moreover, sufficient in size to pay off the state, suppliers, creditors, employees. At the same time, for the development of the enterprise, it is necessary that after all the calculations and fulfillment of all obligations, it has a profit that allows it to develop production, modernize its material and technical base, and improve the social climate of the enterprise. In other words, the overall stability of the enterprise presupposes, first of all, such a movement of cash flows that ensures a constant excess of the receipt of funds (income) over their expenditure (costs).

4 Financial stability is a reflection of a stable excess of income over expenses, provides free maneuvering of the enterprise's funds and, through their effective use, contributes to the uninterrupted process of production and sales of products. Therefore, financial stability is formed in the process of all production and economic activities and is the main component of the overall stability of the enterprise. Financial stability is characterized by the state and structure of the organization's assets, their provision with sources. It is the main criterion for the reliability of an organization as a commercial partner. The study of financial stability allows you to assess the ability of the organization to ensure the smooth process of financial and economic activities and the degree of coverage of funds invested in assets by its own sources.

Of interest is the classification, which is based on the factors contributing to the bankruptcy of the enterprise, since it is it that is more consistent with the approach I have chosen to study the economic stability of the enterprise. It is presented in Appendix M.

Bankruptcy is understood as the inability of an enterprise to satisfy the claims of creditors for payment for goods (works, services), including the inability to ensure obligatory payments to the budget and extra-budgetary funds.

This choice is motivated by the fact that bankruptcy is based mainly on financial reasons that upset the equilibrium state of economic resources, thereby undermining the economic stability of the enterprise.

From the standpoint of determining the economic stability of an enterprise, bankruptcy characterizes an imbalance in economic resources. The main reasons are:

Serious violation of the financial stability of the enterprise, impeding the normal implementation of its economic activities. The realization of this catastrophic risk is characterized by the excess of the financial obligations of the enterprise over its assets;

Significant imbalance over a relatively long period of cash flow volumes. The realization of this catastrophic risk is characterized by a prolonged excess of the volume of negative cash flow over positive and the absence of prospects for a reversal of this negative trend;

Long-term insolvency of the enterprise caused by the low liquidity of its assets. The realization of this catastrophic risk is characterized by a significant excess of urgent financial liabilities of the enterprise over the amount of the balance of its cash and assets in a highly liquid form, which is chronic in nature.

In the process of studying and evaluating, the factors contributing to the bankruptcy of the firm are divided into two groups:

a) not dependent on the activities of the enterprise (external or exogenous factors):

1) general economic factors;

2) market factors;

3) other factors.

b) depending on the activities of the enterprise (internal or endogenous factors):

1) operational factors;

2) investment factors;

3) financial factors.

The factors contributing to the bankruptcy of an enterprise can be classified depending on the stage of the enterprise's life cycle. This approach is based on the concept of "competitive advantage of the company", which assumes a stable financial position of the company, in which the needs for financial resources for the current and, especially, for strategic, long-term development are met completely and mainly at the expense of its own funds. The life cycle of a firm's competitive advantage includes several stages.

The emergence of the firm's competitive advantage. Investments are directed primarily to the most significant elements of strategic potential that can, in a short time, create a basis for the company's competitiveness. At the same time, the firm makes efforts to find and implement the most preferable conditions for itself, formed by the determinants of the "national diamond".

Accelerating the growth of the firm's competitive advantage. This stage is characterized by a significant increase in the strategic potential of the firm due to the intensification of investment activity, stimulated by the parameters of demand for the firm's products. Separate elements of the strategic potential of the firm are formed into a system, between them there are stable links that allow to obtain the effect of integrity, which significantly enhances the competitive advantage of the firm. In addition, the firm's interaction with related and supporting industries increases and the degree of aggressiveness of the firm's competitive strategy increases.

Slowdown in the growth of the firm's competitive advantage. It may be a consequence of the beginning of penetration into the market of a larger than before, the number of competitors, the emergence of stronger rivals. The company is forced to invest additional funds in updating the technical base, increasing the level of technology and organization of production, improving human resources... All this somewhat reduces the profitability of production. However, the rivalry in the competition is not yet strong enough to deprive a firm of leadership.

The maturity of the firm's competitive advantage. It comes as a result of the tension of all the main forces of the company. Some rival firms, unable to withstand the competition, left the market. The incident helped the firm use unconventional means of production. The government changed monetary policy, which allowed the firm to obtain more favorable terms the credit required to maintain the essential elements of strategic capacity at an appropriate level. All this made it possible to achieve the highest knowledge of the level of the company's competitive advantage and to maintain a certain period maximum productivity of using your resources. At the same time, by the end of this period, negative trends became noticeable, indicating the "beginning of the end" of competitive advantage - more powerful rivals began to occupy a dominant position in the market.

Decline (loss) of the firm's competitive advantage. Comes due to the aggressive policies of rival firms, as well as due to the increasing aging of the firm. This applies to both material (material) and personnel, information, and organizational resources. The management and management services of the firm were unable to take adequate measures in a timely manner for a kind of remarketing or supportive marketing of the firm's competitive advantage.

Taking into account the stages of the life cycle of the enterprise's competitive advantage, Table 4 lists the factors contributing to the bankruptcy of the enterprise.

Table 4 - Factors contributing to the bankruptcy of the enterprise, depending on the stage of the life cycle of the enterprise

Enterprise life cycle stage	Factors contributing to the bankruptcy of an enterprise
Stage of origin	1) definition of the mission and production profile of the enterprise; 2) low entrepreneurial ability; 3) low qualification of management personnel; 5) a high proportion of borrowed capital; 6) low qualification of performers.
Growth acceleration stage	1) a high proportion of borrowed capital;
Growth retardation stage	1) loss of flexibility in management;
Maturity stage	1) aging of management personnel; 2) aging of equity capital;
Decline stage	1) aging of fixed capital, a high proportion of borrowed capital;

As a result of considering the factors affecting the economic sustainability of the enterprise, their classification was carried out depending on the type of impact (on direct and indirect impact), on the type of environment (internal and external). The relationship between the life cycle of an enterprise and factors influencing the decline in economic stability is considered. For the purpose of using in this study, a classification has been selected, which is based on the allocation of factors contributing to the bankruptcy of an enterprise.

1.3 Methods and indicators for assessing the economic sustainability of an enterprise

The level of economic sustainability can be assessed using various methods of financial analysis. Financial analysis is a method of assessing and forecasting the financial condition of an enterprise based on its financial statements; the process of researching the financial condition and the main results of the financial activity of an enterprise in order to identify reserves for further increasing its market value. Financial analysis can be defined as a way of accumulating, transforming and using information of a financial nature, with a purpose. Financial analysis functions are shown in Figure 5.

Posted on http://www.allbest.ru/

Figure 5 - Functions of financial analysis

The main methods of analyzing the financial condition of an enterprise include:

Horizontal (temporary) - comparison of each reporting item with the previous period. Horizontal analysis consists in the construction of one or more analytical tables, in which the absolute balance sheet indicators are complemented by the relative growth (decline) rates;

Vertical (structural) - determination of the structure of financial indicators with the identification of the impact of each reporting item on the result as a whole. Such an analysis allows you to see the share of each balance sheet item in its overall total;

Trend analysis - comparing each reporting item with a number of previous periods and determining the trend, i.e. the main trend of the indicator dynamics, cleared of random influences and individual characteristics of individual periods. With the help of the trend, the possible values \u200b\u200bof indicators are formed, and therefore, a forward-looking, predictive analysis is carried out;

Coefficient - calculation of reporting relationships, determination of the relationship of indicators;

Comparative (spatial) analysis - analysis of individual financial indicators of subsidiaries, divisions, workshops, as well as comparison of financial indicators with those of competitors, with the industry average and average general economic data;

Factor analysis - analysis of the influence of individual factors (causes) on the effective indicator. Factor analysis can be either direct, i.e. splitting the effective indicator into its component parts, and inverse (synthesis), i.e. combining its individual elements into a general effective indicator.

In the process of assessing and analyzing financial resources, various methods of analysis are used. The method of analysis is a way to study the dynamics of an economic indicator and the reasons for this dynamics.

The main techniques of financial analysis are: comparison of indicators, summary and grouping, calculation of average indicators and relative values, reception of balance linkage, elimination (reception of chain substitution, reception of differences, balance reception, reception of equity participation, integral reception), graphical reception, correlation and regression analysis. The characteristics of the analysis techniques are presented in Appendix H.

The principles on which the methodology for assessing the economic sustainability of an enterprise should be based are presented in Appendix O. The main ones are the principle of reliability, sufficiency, efficiency, priority, resource security.

The problem of determining the level of economic sustainability has not yet been sufficiently studied. Based on different approaches to defining the concept of "economic sustainability", the authors propose different methods for assessing economic sustainability.

There are a number of approaches to assessing financial stability presented in Appendix P.

One of the criteria for assessing the financial stability of an organization is the surplus or lack of sources of funds for the formation of stocks (material working capital).

In the works of M.I. Bakanova, A.D. Sheremet, V.V. Kovalev and other scientists indicate that the provision of reserves with sources of formation is the essence of financial stability, while solvency is its external manifestation.

There are usually four types of financial stability.

1 The absolute stability of the financial condition is observed when the amount of own circulating assets and short-term loans and borrowed funds exceeds the need for reserves, and is calculated by the formula (1):

where Ko is the ratio of the supply of reserves with sources of funds

2 Normal stability, the value of which guarantees payment, is displayed in the formula (3):

EZ \u003d EU + SZK at Ko \u003d (EU + SZK) / EZ \u003d 1

The volume of reserves allows you to cover short-term loans and borrowings and have your own working capital.

3 Unstable financial condition, in which the balance of payments is disturbed, but it remains possible to restore the balance of means of payment and payment obligations by attracting temporarily free sources of funds into the organization's turnover (reserve capital, accumulation and consumption fund, bank loans and borrowed funds for temporary replenishment of working capital and etc. - sources that weaken financial tension) is presented in the formula (4):

The balance of payments in this situation can be ensured by overdue payments for wages, bank loans and borrowed funds, suppliers, taxes and fees, etc.

Abryutina M.S. examines the assessment of the level of economic sustainability in the framework of express - analysis, suggesting a scale of financial and economic sustainability based on deviations from the equilibrium point. This technique is based on the statement that an individual point of financial and economic equilibrium can be determined for each economic entity. It is expressed not in the fact that a given subject has no debts (obligations) at all and all capital in circulation is its own, but in the fact that equity capital enough to finance non-financial (productive, real) assets. Then financial assets will certainly be enough to cover all liabilities, since the sum of all economic assets and all capital is the same. Equilibrium means that even in the event of force majeure circumstances, this enterprise will be able to quickly return all debts, without resorting to urgent sale of stocks or equipment, which would disrupt the course of production and could cause losses. One of the central concepts used by the author is the concept of an indicator of financial and economic sustainability (FEU) of an enterprise in the express analysis system. In this case, the formula (6) of financial and economic stability has the form:

I \u003d SK - ON,

where I is the PMT indicator;

SK - equity capital;

NA - non-financial assets.

Kulbaka N.A. proceeds from the statement of the possibility of using the methodology for diagnosing bankruptcy to determine the economic stability of the enterprise. Business activity of joint-stock enterprises is characterized by the degree of sustainability of economic development or growth. Depending on the goals and methods of implementation, the diagnostics of the bankruptcy of an enterprise is divided into a system of express diagnostics of bankruptcy and a system of fundamental diagnostics of bankruptcy. Express diagnostics characterizes the system of regular assessment of the crisis parameters of the financial development of an enterprise, carried out on the basis of its financial accounting data according to standard analysis algorithms. In the process of analyzing individual aspects of the crisis financial development of an enterprise, standard methods of financial analysis are used. Thus, the system of express-diagnostics of bankruptcy provides early detection of signs of crisis development of the enterprise and allows you to take prompt measures to neutralize them.

In the event of a deep financial crisis or financial catastrophe, the express diagnostic system must be supplemented with a fundamental diagnostic system.

In the process of performing fundamental analysis, a number of basic methods are used.

1 Analysis of financial ratios characterizing the financial stability of the enterprise, its liquidity and solvency.

Financial stability along with absolute indicators is characterized by a system of financial ratios.

The relative ratios of financial stability are shown in Table 5.

Table 5 - Relative ratios of financial stability

Indicator name	Calculation method	Normative value

1 Ratio of autonomy (financial independence)	equity / balance sheet currency
2 Financial debt ratio ( financial risk)	borrowed capital / equity
3 Self-financing ratio	equity / debt capital
4 Financial stress ratio	borrowed capital / balance sheet currency
5 Equity capital flexibility ratio	own working capital / equity
6 Coefficient of provision of current assets with own working capital	own working capital / current assets
7 Coefficient of supply of stocks and costs with own working capital	own working capital / total inventory
8 Real estate ratio	non-current assets + inventory / balance sheet

The autonomy ratio (financial independence) - characterizes the share of own funds in the total amount of assets.

Financial debt (financial risk) ratio - it shows how much borrowed funds the company has attracted for 1 p. own funds invested in assets.

Self-financing ratio - shows how many times the receipts to own sources of funds exceed the borrowed funds. The larger its value, the higher the level of self-financing.

Financial stress ratio - shows how much borrowed funds are attracted for 1 p. equity capital.

Equity capital flexibility ratio - shows what part of equity capital is used to finance current activities, i.e. invested in working capital, in the most flexible part of assets.

Coefficient of provision of circulating assets with own circulating capital - characterizes the share of own circulating assets in all circulating assets of the enterprise.

Coefficient of provision of stocks and costs with own working capital - characterizes the amount of coverage of stocks and costs by own working capital.

The coefficient of real property - shows the share of the means of production in the value of property, the level of the production potential of the enterprise, the provision of production means of production.

You should also analyze the indicators of business activity, the calculation methodology and the essence of which are presented in the table in Appendix R.

For a complete assessment of economic sustainability, one should analyze profitability indicators, the essence and calculation method of which is presented in Appendix C.

2 Comprehensive analysis based on the use of empirical coefficients.

An empirical assessment of the possibility of bankruptcy can be carried out on the basis of a foreign approach (model Z - accounts of E. Altman), the model of O.P. Zaitseva and Saifullin.

The general economic meaning of the Z model - E. Altman's accounts is a function of some indicators characterizing the economic potential of the enterprise and the results of its work over the past period. The Z-score scale is shown in Table 6.

Formula (7) for calculating the modified five-factor Altman model has the form:

Z \u003d 0.717 * X1 + 0.847 * X2 + 3.107 * X3 + 0.42 * X4 + 0.995 * X5,

where X1 is the working capital to the sum of the assets of the enterprise. The indicator assesses the amount of the company's net liquid assets in relation to total assets;

X2 - undistributed profit to the sum of the company's assets, reflects the level of the company's financial leverage;

X3 - profit before tax to total assets. The indicator reflects the efficiency of the company's operating activities;

X4 - book value of equity / borrowed capital;

X5 - the volume of sales to the total assets of the enterprise characterizes the profitability of the assets of the enterprise.

Table 6 - Assessment of the probability of bankruptcy

Russian scientists R.S. Saifullin and G.G. Kadykov made an attempt to adapt E. Altman's Z-score model to Russian conditions.

They proposed using the rating number to assess the financial condition of enterprises, determined by the formula (8):

where Ko is the ratio of the provision of own funds, is defined as the ratio of own circulating assets to the value of the company's current assets (Ko\u003e \u003d 0.1);

Ктл - current liquidity ratio (Ктл\u003e \u003d 2);

Ki is the rate of intensity of the turnover of the advanced capital, which characterizes the volume of products sold per one ruble of funds invested in the activities of the enterprise (Ki\u003e \u003d 2.5);

Км - management coefficient, characterizes the ratio of profit from sales to the amount of proceeds from sales;

Kpr - return on equity - the ratio of balance sheet profit to equity (Kpr\u003e \u003d 0.2).

If the financial ratios fully comply with their minimum standard levels, the rating number will be equal to one and the organization will have a satisfactory state of the economy. The financial condition of enterprises with a rating number of less than one is characterized as unsatisfactory.

Beaver's model allows you to assess the financial condition of a company in terms of its possible future bankruptcy. The bankruptcy risk assessment scale is based on comparing the actual values \u200b\u200bof indicators with the recommended ones. It is presented in Table 7. Column 3 - for prosperous enterprises, 4 - 5 years before bankruptcy, 5 - 1 year before bankruptcy. The probability of bankruptcy of a company is assessed by one of the groups of possible states, where most of the calculated values \u200b\u200bof indicators are located.

Table 7 - U. Biver's system of indicators for diagnosing bankruptcy

Index		Value of indicators
1. Beaver coefficient	(Net profit + Amortization) / (Long-term + short-term liabilities)
2. Return on assets	(Net Income / Assets) * 100%
3. Financial leverage	(Long-term + Short-term liabilities) / Assets
4. Coverage ratio of assets by net working capital	(Equity - non-current assets) / Assets
5. Coverage ratio	Current assets / Current liabilities

In order for the analysis of the financial condition of the company to be complete, you should also conduct an analysis of profitability and business activity. The indicators that need to be calculated for this are presented in Appendix P and C.

Fundamental diagnostics of bankruptcy allows you to get the most detailed picture of the crisis financial state of the enterprise, and diagnostics of bankruptcy should combine two main approaches to get a clearer picture.

3 Factor analysis, which evaluates the impact of individual factors on the financial development of the enterprise.

An increase in the volume of an enterprise's activities (production and sales of products) depends on the growth of its property, i.e. assets. This requires additional financial resources. The inflow of these resources can be ensured by internal and external sources financing. Internal sources include, first of all, profit directed to the development of production (reinvested profit) and accrued depreciation. They supplement the company's equity capital. But it can also be increased from the outside by issuing shares. In addition, an additional inflow of financial resources can be ensured by attracting sources such as bank loans, loans, creditors' funds. At the same time, the growth of borrowed funds should be limited to a reasonable (optimal) limit, since with an increase in the share of borrowed capital, lending conditions are tightened, the company incurs additional costs, therefore, the likelihood of bankruptcy increases. The sustainability of economic growth suggests that the company is not in danger of bankruptcy. Unsustainable development implies the likelihood of bankruptcy. The coefficient of sustainability of economic growth shows the average rate at which the economic potential of the enterprise increases.

Factor analysis of the degree of sustainability of economic growth of an enterprise is carried out by the method of chain substitutions based on the formula (9):

1.1 The importance of economic sustainability

The economic sustainability of an enterprise is a generalizing indicator of its activities, which is formed in the process of production and sale of products and depends on its production sustainability and financial and commercial sustainability.

Production sustainability is the stability of production, guaranteed by the availability of orders, a high technical level of production, progressive technological processes, efficient use of fixed and circulating assets, a rational system of organization of production and labor, an optimal production management system. Production sustainability is influenced by the potential of the enterprise and the results of its production activities.

The growth of the enterprise's potential depends on the growth of its technical level, the progressiveness of fixed assets and the efficiency of their use, on the introduction of investments, innovations and new technical and organizational solutions.

The growth of the efficiency of the production activity of the enterprise is influenced by:

· The optimal structure and range of products, the level of progress and quality of products, their renewal, the degree of certification and exportation;

· Optimal structure of personnel: high level of qualifications, stability of personnel, maximum use of working time, growth of labor productivity, rational use of the wage fund, reduction of unproductive payments and additional payments;

· Reduction of production costs.

Financial and commercial stability is a reflection of the stable excess of income over expenses of the enterprise, which ensures the free circulation of its funds. This is a state of the process of formation and use of financial resources of an enterprise, which ensures its development based on an increase in profits and cost of capital, while maintaining an appropriate level of solvency and creditworthiness.

The indicators of the financial and commercial stability of the enterprise are influenced by the results:

· Efficiency of management, expressed in the growth of profits and profitability of the enterprise;

· Financial activity, predetermining the stability of the financial condition, normal financial stability, solvency, creditworthiness, liquidity of the balance sheet and balance sheet assets, market stability, business activity, high rating, high coefficient of economic growth stability.

1.2 Purpose, objectives and tools of economic sustainability

The process of assessing the economic sustainability of enterprises is carried out in stages. During the preparatory phase, the need for an economic sustainability assessment is determined. The economic sustainability of an enterprise is assessed in the following cases:

When creating a new promising area of \u200b\u200bactivity,

With changes in existing types of activities in order to increase their competitiveness.

When increasing the efficiency of the enterprise,

When asking potential investors,

When closing unpromising activities.

The object of assessing economic sustainability is the economic activity of an enterprise associated with the external environment: potential customers, suppliers, competitors and government agencies. The subject of the assessment of economic sustainability is the enterprise that is being analyzed.

The main purpose of assessing economic sustainability is to increase the economic sustainability of the subject of the assessment based on the study of the needs of society, the market, analysis of competitors and the economic activities of business structures, processing the results obtained and creating a plan of practical measures for both the short and long term.

When analyzing economic sustainability, the following tasks are solved:

the needs of society and the market are determined, implemented by the subject and its competitors;

the factors that influence positively and negatively on the subject of assessment are highlighted;

determined different kinds reserves that can later be used to increase the economic stability of the enterprise;

on the basis of the identified reserves, a plan is formed to improve economic stability.

Given that the reasons for the unstable position of modern organizations are within them, in order to guarantee the sustainable development of the enterprise, it is advisable to carry out activities to increase the economic stability of the enterprise in the following directions:

ensuring market orientation and competition;

increasing the manageability and flexibility of the organizational structure;

creation of mechanisms to reduce the risk of losses;

increasing investment and innovation activity;

ensuring profitability;

cost reduction;

maintaining liquidity, etc.

Management tools to ensure the achievement of the set goals, sustainable development and functioning of modern enterprises are:

1. Monitoring the activities of the enterprise, the purpose of which is to research, evaluate and communicate to the managers and / or owners of the enterprise information about the adequacy and effectiveness of the functioning of the departments; ensuring the timely fulfillment of financial and contractual obligations of the analyzed enterprise; forecasting the economic development of this enterprise. The functions and tasks of monitoring are: preparation of analytical information necessary for making rational and timely management decisions, an objective assessment of the results of economic activities of the enterprise as a whole and its individual divisions, analysis of factors affecting the result of the operation of the enterprise, identification of internal production reserves, economic justification of investment projects ...

Management accounting, the purpose of which is to provide a full range of actual, planned and forecast data on the characteristics of the functioning of an enterprise as an economic and production unit, including the provision of data on the enterprise as a whole, as well as in the context of structural and production units, centers of responsibility.

3. Budgeting, the purpose of which is to provide the production and commercial process with the necessary financial resources both in structure and in volume; improving the efficiency of cash management of a modern enterprise. The functions and tasks of budgeting are: establishing budgeting objects, developing a budget system, calculating budget indicators, determining the required amount of cash resources, calculating the amount of external and internal financing, identifying reserves for their additional attraction, forecasting income and expenses of an enterprise.

Controlling, its goal is to create a management system for the current goals of the enterprise, making timely decisions to optimize the activities of the enterprise. Controlling functions are: investment planning, financial planning, internal control, organization of information flows, coordination of business processes, development of recommendations for decision making.

Marketing, the purpose of which is the formation of the image of products (works, services) and the enterprise itself, the development of a distinctive advantage.

6. Logistics, its purpose is planning, organization, management and control of the movement of material and information flows. ...

1.3 Types of economic analysis

In analytical practice, various types of economic analysis depending on the timing, objects and subjects, the content of analytical programs and other features. Table 1 shows the types of analysis in accordance with their classification feature.

Table 1. Typology of types of applied economic analysis

Classification attribute	Analysis type

Management objects	Technical and economic; financial and economic; socio-economic; managerial; marketing; economic and statistical; economic and environmental, etc.
Subjects of management and stakeholders of its implementation	Analysis by management, functional services; owners; suppliers; buyers; credit institutions; audit firms; financial recovery and bankruptcy agencies; judicial authorities, etc.
Users (consumers) of analysis	Internal and external analysis
Frequency of carrying out	Annual, quarterly, monthly, daily, shiftable, one-time
Spatial	On-farm and off-farm
Industry	Sectoral and cross-sectoral
Completeness of coverage of objects	Solid and selective; local and thematic
Temporary sign	Subsequent (retrospective, historical, "posthumous"); preliminary (promising, strategic); operational (situational), express analysis
Research methodology	Comparative, including benchmarking, diagnostic, deterministic factor, stochastic (correlation), marginal, commercial risks, functional-cost, complex, systemic
Information sources	Financial, management, investment, innovation, tax

Distinctive features of each type of analysis are: its target orientation and objectives; research objects and sources of information; methodology. For example, the tasks of operational analysis are to track the magnitude of deviations from the normal course of activities; quick identification of internal and external reasons that caused deviations; assessing the current situation from the standpoint of fulfilling external obligations; preparation of options for management decisions, depending on the parameters of deviations and the need for the intervention of managers of different levels.

Operational analysis is largely focused on assessing the performance of hourly, shift and daily tasks and, as a rule, is carried out according to a limited and periodically revised range of indicators and parameters in order to quickly respond to managers.

The sources of information are: primary and statistical accounting; operational accounting by centers of responsibility and costs; taking into account changes in norms and deviations from them, if a normative method of cost accounting and calculation is actually implemented; materials of direct observation of activities; conversations with heads of departments and performers; assessments of expert experts, etc.

An independent type of operational analysis is selective express analysis.

Operational analysis closely correlates with predictive analysis for a short period, for the remaining days of the month, quarter.

Predictive (strategic) analysis in modern conditions is of particular importance. Intensification of pre-production research, analytical and predictive support occupy a leading place in the mechanism of strategic management. Analytical and predictive work is carried out in the following areas: marketing research; analysis of the situation in the company; analysis (scanning) of the external environment.

Marketing research includes the study of: trends in the development of demand and the formation of new needs from buyers; competitive positions of the company, etc.

Analysis of the situation in a firm is associated with identifying problems and opportunities for using internal resources based on comparing the main characteristics of the firm with the corresponding parameters of the main competitors; with the study of problem areas for further management actions and developments.

Scanning the external environment provides for: economic scanning (analysis of the dynamics of macroeconomic indicators, the economic and competitive situation in the industry, the situation in the financial markets, etc.); technical scanning (change in the course of scientific and technical competition, the emergence of fundamental innovations, non-traditional use of known technologies, etc.); political scanning (assessment of the general political situation, the stability of governments, the system of state regulation of the economy, the stability and rationality of economic regulation of the economy; the effectiveness of economic legislation; the degree of political risk of investment in a given region, etc.).

As you can see, the target orientation and tasks of predictive analysis, the diversity of the objects of its research are very difficult. Among the methods of economic analysis used in forecasting, a significant role belongs to qualitative and substantive aspects with an auxiliary role quantitative methods analysis.

Modern comparative analysis has a special effective direction - benchmarking, which is based on comparing the activities of not only competing enterprises, but also advanced firms in other industries. The peculiarity of this type of analysis lies in the fact that strategic planning is based not on tasks determined from what has been achieved, but on researching the most successful parameters both in one's own industry and in other industries. The purpose of the comparative analysis is to optimize the economic strategy and develop measures to close the gap in the indicators of their own business and leaders, aimed at obtaining the highest effect from innovations in economic activity.

The development of a methodology and improvement of benchmarking as a special direction of strategic analysis will allow adopting a new philosophy of assessing the competitiveness of a business, when its highest level is associated with constant improvement of the best, with the ability to work ahead of schedule.

With the undoubted independent role of predictive analysis in the mechanism of strategic management, one must not forget that it is closely related to the subsequent retrospective analysis. Strategic business management is impossible without using the results of retrospective analysis, the content and methodology of which is given much attention in the subsequent chapters of the textbook.

Modern business is associated with the increasing role of this type of analysis as functional and cost. Its basic principle is to study the functionality of the objects of analysis and the costs of their implementation in order to minimize the latter with high quality products, goods, works and services. This type of analysis is distinguished by the creative nature of analytical research, innovative thinking, and the widespread use of heuristic methods.

The commercial activity of organizations contributes to the widespread use of marginal analysis - the so-called CIR-analysis (Cost-Volume-Profit Analysis), based on the study of the relationship and ratio of costs, volume and profit, on dividing costs into fixed and variable. This sensitive analysis, widely used in foreign practice, makes it possible to manage profit in business, optimize its parameters depending on deviations in the levels of volume indicators, specific variable costs, unit prices, etc.

In the stage of formation, from the point of view of the development of special methods, there is an analysis of commercial risks, which is of great practical importance, since the activities of organizations are carried out in conditions of uncertainty, in the presence of risky business situations.

2. Analysis of economic sustainability

2.1 Brief description of JSC "Irbitskiy Khimfarmzavod"

Irbit Chemical-Pharmaceutical Plant Open Joint Stock Company was established in accordance with Federal law "On Joint Stock Companies", the Civil Code of the Russian Federation and other current legislative acts of the Russian Federation as a result of the privatization of the leased enterprise "Irbitsky Chemical-Pharmaceutical Plant" and is its full legal successor. The society is a commercial organization.

Irbitskiy Khimfarmzavod OJSC is a legal entity and owns separate property recorded on its independent balance sheet, can acquire and exercise property and non-property rights on its own behalf, bear obligations, be a plaintiff and a defendant in court.

The company has civil rights and bears the obligations necessary to carry out any types of activities not prohibited by federal laws.

The company has a round seal containing its full name in Russian and an indication of its location.

The company has stamps and letterheads with its name, its own logo and other means of visual identification. The company has its own trademark.

OJSC Irbit Chemical and Pharmaceutical Plant was founded in 1942 on the basis of the Akrikhin plant near Moscow evacuated to the Urals.

For more than half a century, the Irbit Chemical and Pharmaceutical Plant was known as a manufacturer of substances. Since 1991 the production of finished dosage forms has been established at the enterprise. Today, the production of tablet medicines is dominant and occupies 78% of the plant's volume. There are two production workshops at the enterprise: a tableting workshop (CT), an organic synthesis chemistry workshop (TsPHOS).

The number of employees at OJSC Irbitskiy Khimfarmzavod is 929 people.

The nomenclature includes funds from the list of "Essential Medicines". The plant's products are certified in all respects. Today the company supplies more than 300 wholesale companies in the Russian Federation and CIS countries.

Currently, the company produces finished dosage forms - more than 60 names of tablets (coated tablets, enteric-coated tablets), 16 types of tinctures and alcohol solutions, and also synthesizes 19 pharmaceutical substances for its own production of finished dosage forms and for sale.

The company's right to manufacture, store and distribute medicinal products is confirmed by a license.

The main goal of OJSC “Irbitskiy Khimfarmzavod” is to generate profit through the sale of pharmaceuticals and other activities.

The types of activities that Irbitskiy Khimfarmzavod OJSC is engaged in are:

· Production of medicines;

· Manufacture of other pharmaceutical products and medical products;

· Production of basic pharmaceutical products;

· Wholesale of pharmaceutical and medical goods;

· Storage and warehousing;

· Activities of the canteen at JSC "Irbitskiy Khimfarmzavod";

· Transportation of goods by all types of transport, including international transport, both on our own and on attracted vehicles;

· Export-import operations and other foreign economic activity in accordance with the current legislation.

2.2 Analysis and assessment of balance

2.2.1 Vertical analysis balance

To determine the structure of the final financial indicators, we will conduct a vertical analysis of the balance sheet of OJSC IKhFZ for 3 years. Such an action will reveal the influence of individual parts of the balance sheet on the final result of the activity. To do this, we will determine the proportion of individual items in the overall structure. The final results are shown in table 4.

Table 4. Vertical balance sheet analysis

	Balance line number	2011 thousand rubles	Specific gravity%	2012 thousand rubles	Specific gravity%	2013 thousand rubles	Specific gravity%

Non-current assets including:
Fixed assets
Financial investments
Current assets, including:


Accounts receivable

Balance (asset)
Capital and reserves, including:


Reserve capital


Borrowed funds


Borrowed funds
Accounts payable
Balance (liability)

In the structure of assets of the balance sheet of OJSC Irbitsky Khimfarmzavod, a significant share belongs to current assets. In 2011, the share of current assets is 84.77% of the total assets, and the share of non-current assets is 15.23%. But over time, there is a decrease in current assets and an increase in non-current assets. So, in 2013, the share of non-current assets is already 28.42%. The increase in the share of non-current assets is due to a significant increase in fixed assets, so in 2009 fixed assets amounted to 13.52%, in 2012 already 27.03%, and in 2013 - 28.42%. The increase in the share of fixed assets in the structure of the balance sheet indicates that the company has high overhead costs and OJSC Irbitsky Khimfarmzavod is sensitive to changes in revenue. In order for OJSC IKhFZ to maintain its financial stability in the future, it is necessary that the share of equity capital in funding sources be high.

The composition of current assets also includes reserves, the following trend is observed at OJSC Irbitskiy Khimfarmzavod: in 2011 the share of reserves is 45.33%, in 2012 - 42.29%, but in 2013 there is an increase in reserves by 35,962 thousand rubles. and is 49.70%. The growth of inventories can be assessed positively if, at the same time, there is an increase in the volume of production, which is what happens at the enterprise in question.

The balance sheet liabilities are the following items: capital and reserves, long-term liabilities and short-term liabilities.

In 2011, the largest share fell on short-term liabilities - 55.98%. In 2012, the largest share belongs to capital and reserves - 47.87%. In 2013, this trend continues: the item capital and reserves is growing and is 56.36%. The increase in capital and reserves is due to the growth of retained earnings: from 26.01% in 2011 to 45.40% in 2013, in turn, the growth of retained earnings indicates the efficient operation of the enterprise.

Long-term liabilities grow at OJSC ICFZ from 4.36% in 2011 to 19.01% in 2013.The increase in long-term liabilities is due to the growth of borrowed funds, if in 2011 there were no borrowed funds at the enterprise, then in 2012 they amounted to 64,573 thousand rubles. or 10.02%, and in 2013 their share increased to 16.32% or 101,338 thousand rubles.

At Irbitskiy Khimfarmzavod there is a decrease in short-term liabilities, in 2011 they amounted to 278958 thousand rubles. or 55.98%, in 2012 - 38.35% or 247,174 thousand rubles, and in 2013 - 24.63% or 152,916 thousand rubles. At the same time, the decrease occurs due to a decrease in borrowed funds from 32029 thousand rubles. in 2011 to zero in 2013. Accounts payable at the same time also decreases from 246,629 thousand rubles. in 2011 up to 152,916 thousand rubles. in 2013, it can be concluded that the share of short-term borrowed funds at OJSC Irbitsky Khimfarmzavod decreases and the share of long-term borrowed funds increases.

2.2.2 Horizontal Balance Analysis

When conducting a horizontal analysis of the balance sheet, each item of the article is compared to the data of previous periods, while it becomes possible to identify the names of the dynamics of the reporting indicators over time. To do this, when conducting horizontal analysis, the balance sheet data for a certain date (reference base) is taken as 100%, then the dynamic series of articles and sections of the balance sheet are built as a percentage of their base values.

A horizontal analysis of the organization's balance sheet is presented in table 5.

Table 5. Horizontal balance sheet analysis

				Absolute deviation, thousand rubles 2011-2012	Absolute deviation, thousand rubles 2012-2013	% of completion 2011-2012
	2011, thousand rubles	2012, thousand rubles	2013, thousand rubles

Non-current assets including:
Fixed assets
Financial investments
Current assets, including:

Value added tax on acquired valuables
Accounts receivable
Cash and cash equivalents
Balance (asset)
Capital and reserves, including:
Authorized capital (share capital, authorized capital, contributions of comrades)
Additional capital (without revaluation)
Reserve capital
Retained earnings (uncovered loss)
Long-term liabilities, including:
Borrowed funds
Deferred tax liabilities
Short-term liabilities, including:
Borrowed funds
Accounts payable
Balance (liability)

Consider the data in Table 5. According to these data, the amount of funding sources at the beginning of 2012 increased in comparison with 2011 by 146,289 thousand rubles. (by 29.36%), and at the beginning of 2013 decreased by 23,738 thousand rubles. (by 3.68%). This is due to the fact that in 2012 there was a significant increase in non-current assets by 103,635 thousand rubles. (by 136.55%) and retained earnings - by 110,954 thousand rubles. (85.59%) compared to 2011 Decrease in sources of financing in 2013 is due to a decrease in accounts receivable, if in 2012 the decrease in accounts receivable was 2.49%, then in 2013 the decrease in accounts receivable is 29 , 78% or 55576 thousand rubles.

Fixed assets also changed significantly: in 2012, compared to 2011, there is an increase in fixed assets by 158.63% or 106,885 thousand rubles, but in 2013, fixed assets increased by only 2,183 or 1.25%.

In terms of financial investments at the Irbit Chemical Pharmaceutical Plant, a downward trend is observed, so in 2012 compared to 2011 they decreased by 3250 thousand rubles. (by 38.18%), and in 2013 there are no financial investments.

Current assets at the enterprise in 2012 compared to 2011 increased by 42654 thousand rubles. or 10.10%. But in 2013, current assets as well as non-current assets decreased by 20659 thousand rubles. or 4.44%. The decrease in current assets is associated with a significant decrease in accounts receivable.

There is an increase in capital and reserves, in 2012 they increased by 110,954 thousand rubles. or 56.14%, in 2013 compared to 2012, capital and reserves increased by 41309 thousand rubles. or 13.39%. Capital and reserves are increasing due to the growth of retained earnings: in 2012 compared to 2011, retained earnings increased by 110,954 thousand rubles. or 85.59%, and in 2013 retained earnings increased by 41309 thousand rubles. or 17.17%.

Long-term liabilities at the enterprise are also growing: in 2012 they increased by 67,015 thousand rubles. or 308.71%, in 2013 long-term liabilities increased by 29,315 thousand rubles. or 33.04%. The growth of long-term liabilities is associated primarily with the appearance in 2012 of borrowed funds.

On the contrary, short-term liabilities at the enterprise tend to decrease: in 2012, compared to 2011, there is a decrease by 31,784 thousand rubles. or 11.39%, in 2013 compared to 2012 short-term liabilities decreased by 94,258 thousand rubles. or 38.13%. This is due to the fact that borrowed funds are decreasing, in 2013 they are equal to zero, and accounts payable are also decreasing.

2.2.3 Comparative balance sheet analysis

Based on the horizontal and vertical analyzes of the balance sheet, you can easily build a comparative analytical balance, which will reflect the indicators of three groups:

Balance sheet structure indicators,

Balance dynamics indicators,

· Indicators of the structural dynamics of the balance.

To carry out such a comparative analysis, we will build a table, which will reflect the data from tables 4 and 5, while taking for the beginning of the period December 31, 2011, the end of the period will be December 31, 2013. Comparative analysis is presented in table 6.

Table 6. Comparative analysis of balance

Indicators	Absolute indicators		Relative Indicators,%		Changes
	At the beginning of the period, thousand rubles	At the end of the period, thousand rubles	At the beginning of the period	At the end of the period	Absolute indicators	Relative indicators	In% to the value at the beginning of the period

Non-current assets including:
Fixed assets
Financial investments
Current assets, including:

Value added tax on acquired valuables
Accounts receivable
Cash and cash equivalents
Balance (asset)
Capital and reserves, including:
Authorized capital (share capital, authorized capital, contributions of comrades)
Additional capital (without revaluation)
Reserve capital
Retained earnings (uncovered loss)
Long-term liabilities, including:
Borrowed funds
Deferred tax liabilities
Short-term liabilities, including:
Borrowed funds
Accounts payable
Balance (liability)

Comparative analysis of the balance sheet of OJSC ICFZ shows that for the period from 2011 to 2013, the balance sheet of the enterprise increased by 122551 thousand rubles. During this period, the share of non-current assets increased. At the beginning of the periods, non-current assets amounted to 15.23% in the structure of the balance sheet, at the end of the period - 28.42%. The growth of non-current assets is associated with the growth of fixed assets, fixed assets changed their value by 109,068 thousand rubles, but at the same time, at the end of the period, there is a lack of financial investments at JSC Irbitsky Khimfarmzavod. The growth of non-current assets is due to the fact that the enterprise in these years is renovating old premises for the production of medicines.

Current assets for 2013 increased and in absolute terms the increase amounted to 21,995 thousand rubles. The share of current assets in the balance sheet structure decreased by 13.19%. The decrease in the specific share of current assets is associated with a decrease in accounts receivable by 60346 thousand rubles. or 17.3%. Decrease in accounts receivable indicates a decrease in the amount of debts owed to the company.

Comparative analysis shows the growth of capital and reserves by 152,263 thousand rubles. The growth is associated with an increase in retained earnings - by 152,263 thousand rubles.

At OJSC Irbitskiy Khimfarmzavod, long-term liabilities increase and short-term liabilities decrease, which testifies to the implementation of a competent credit policy at the enterprise.

2.3 Analysis of financial activity using the method of financial ratios

Financial stability is understood as a state of the enterprise in which the solvency is constant over time, and the ratio of equity and debt capital provides this solvency. A system of coefficients is used to assess financial stability.

The financial condition of the enterprise is determined by the indicators of its balance sheet with the involvement of other reporting materials.

The financial stability of an enterprise is determined in two ways:

) availability and adequacy of equity capital;

) the degree of coverage of reserves by sources of funds.

The main coefficients by which the financial stability of the enterprise is determined are:

Capitalization ratio,

The ratio of provision with own sources of financing,

Financial independence ratio,

Financing ratio,

· The coefficient of financial stability.

The capitalization ratio (leverage of financial leverage) shows how much borrowed funds the organization attracted for 1 ruble of its own funds invested in assets:

U 1 \u003d Kzaem. / Ksobs. \u003d (P. 1400 + p. 1500) / p. 1300 (1)

U 1 - no more than 1.5

U 1 2011 \u003d (21708 + 278958) / 197647 \u003d 1.52

U 1 2012 \u003d (88723 + 247174) / 308601 \u003d 1.09

U 1 2013 \u003d (118038 + 152916) / 349910 \u003d 0.77

The ratio of provision with own sources of financing shows what part of current assets is financed from own sources:

U 2 \u003d (Ksobst. - Outside A) / Rev. A \u003d (p. 1300 - p. 1100) / p. 1200 (2)

Optimally U 2 ≥ 0.5

U 2 2011 \u003d (197647 - 75894) / 422419 \u003d 0.29

U 2 2012 \u003d (308601 - 179529) / 465073 \u003d 0.28

U 2 2013 \u003d (349910 - 176450) / 444414 \u003d 0.39

The financial independence ratio shows the share of own funds in the total amount of funding sources:

U 3 \u003d Ksobst. / Balance currency \u003d p. 1300 / p. 1700 (3)

4 ≤U 3 ≤0.6

U 3 2011 \u003d 197647/498313 \u003d 0.40

U 3 2012 \u003d 308601/644602 \u003d 0.48

U 3 2013 \u003d 349910/620864 \u003d 0.56

The financing ratio shows what part of the activity is financed from own funds, and what part is financed from borrowed funds:

U 4 \u003d Ksobst. / Kzayem. \u003d P. 1300 / (p. 1400 + p. 1500) (4)

U 4 ≥ 0.7, optimal ≈ 1.5

U 4 2011 \u003d 197647 / (21708 + 278958) \u003d 197647/300666 \u003d 0.66

U 4 2013 \u003d 349910 / (118038 + 152916) \u003d 349910/270954 \u003d 1.29

The financial strength ratio shows what part of the asset is financed from sustainable sources:

U 5 \u003d (Ksobst + Debt. Obligation) / Currency balance \u003d (page 1300 + page 1400) / page 1700 (5)

U 5 2011 \u003d (197647 + 21708) / 498313 \u003d 219355/498313 \u003d 0.44

U 5 2012 \u003d (308601 + 88723) / 644602 \u003d 397324/644602 \u003d 0.62

U 5 2013 \u003d (349910 + 118038) / 620864 \u003d 467948/620864 \u003d 0.75

Changes in financial stability indicators of OJSC Irbitskiy Khimfarmzavod from 2011 to 2013 are presented in Table 7.

Table 7. Change in financial stability indicators

Financial soundness indicators		Liquidity indicators, per year


Capitalization ratio	U 1 - no more than 1.5
Coefficient of provision with own sources of financing	Optimal U 2 ≥0.5
Financial independence ratio	0.4 ≤U 3 ≤0.6
Funding ratio	U 4 ≥ 0.7, optimally ≈1.5

Let us consider the dynamics of financial stability indicators at OJSC Irbitsky Khimfarmzavod. For the indicated periods, according to table 6, it can be seen that the capital structure has changed: the share of equity capital increases, and the share of borrowed capital decreases.

The capitalization ratio has an optimal value of no more than 1.5. If in 2011 the capitalization ratio exceeded the optimal value and was equal to 1.52, then in 2012 it decreases and is already 1.09, this trend continues and in 2013 the capitalization ratio for 2013 is already 0, 77. A decrease in the capitalization ratio indicates, first of all, an increase in the financial stability of an enterprise due to a decrease in the organization's dependence on borrowed capital. In world practice, the value of this indicator is considered to be less than or equal to one, which is what happens in 2013.

Figure 1 - Change in the capitalization ratio

The ratio of own funding sources in 2011 was 0.29, in 2012 the ratio slightly decreased and amounted to 0.28, in 2013 the ratio of own funding sources increased by 0.11 and amounted to 0.39. But the optimal value of this coefficient is considered to be a value greater than or equal to 0.5, which is not observed in the analyzed periods. Therefore, although in 2013 the specified ratio increased, one can still speak of a lack of own funds to finance current assets. The change in the ratio of provision with own sources of financing is shown in Figure 2.

Figure 2 - Change in the ratio of provision with own sources of financing

The financial independence ratio for 2011 is 0.40, in 2012 the coefficient is growing and is 0.48, this trend continues in 2013, the coefficient increases by 0.08 and is 0.56. In all analyzed periods, the financial independence ratio fits into optimal values, which indicates the sufficiency of the share of own funds in the total amount of funding sources. But if the growth trend continues, then the coefficient of financial independence may go beyond in 2014 upper limit optimal values \u200b\u200bof 0.6, which will indicate that the company's own funds have a significant share in the total amount of funding sources, which indicates an insufficiently thought out policy for using borrowed funds. The dynamics of the financial independence ratio is shown in Figure 3.

Figure 3 - Change in the financial independence ratio

The financing ratio for the analyzed periods is increasing, so in 2011 it amounted to 0.66, in 2012 it increased by 0.26 and amounted to 0.92, in 2013 the financing ratio increased by 0.37 and amounted to 1.29 ... The stable growth of the financing ratio indicates that if in 2011 IKhFZ OJSC mainly used borrowed funds to finance its activities, then in 2012 and 2013 there is an increase in equity capital, which the company uses to finance its activities. Further, if the funding ratio in 2014 also grows steadily, it will reach its optimal value of 1.5. Change in the financing ratio for 2011-213 reflected in Figure 4.

Figure 4 - Change in funding ratio

The financial stability ratio in 2011 was 0.44, which is lower than the optimal value of 0.6 and indicates a lack of the specific weight of those sources of financing that the company can use in its activities for a long time. But already in 2012, the financial stability ratio increases by 0.18 and is 0.62, in 2013 the trend of growth of the ratio persists, it increases by 0.13 and is 0.75. Values \u200b\u200bof the financial stability ratio for 2012 and 2013 fit into the optimal values \u200b\u200band indicate that at the Irbit Chemical Pharmaceutical Plant there is a stable growth of sustainable sources of financing, namely its own funds, medium- and long-term liabilities.

Figure 5 - Change in the financial stability ratio

2.4 Analysis of solvency and liquidity

The liquidity of the balance sheet means the degree of coverage of liabilities by its assets, the period of transformation of which into monetary form corresponds to the maturity of the liabilities.

Asset liquidity is the reciprocal of the balance sheet liquidity in terms of the time the assets turn into cash. The less time it takes for a given type of asset to acquire a monetary form, the higher its liquidity.

The liquidity of an economic entity is a more general concept than balance sheet liquidity. Balance sheet liquidity presupposes the search for means of payment from internal sources (sale of assets), but an economic entity can attract borrowed funds subject to its creditworthiness, a high level of investment attractiveness and an appropriate image.

Solvency depends on the degree of liquidity of the balance. At the same time, liquidity characterizes both the current state of settlements and prospects.

An enterprise may have solvency at the reporting date and at the same time unfavorable future opportunities and vice versa.

The liquidity of the balance sheet is the basis of the solvency and liquidity of an economic entity. Liquidity is a way to maintain solvency.

Depending on the degree of liquidity, assets can be divided into the following groups:

Most liquid assets: A1 \u003d Short-term financial investments + cash

Quickly realizable assets: A2 \u003d Accounts receivable

Slowly traded assets: A3 \u003d Inventories

· Hard-to-sell assets: A4 \u003d Non-current assets.

Balance sheet liabilities are grouped according to the urgency of their payment:

Most urgent liabilities: P1 \u003d Accounts payable

Short-term liabilities: P2 \u003d Short-term liabilities

Long-term liabilities: PZ \u003d Long-term liabilities

· Permanent, or stable, liabilities: P4 \u003d Equity.

In order to determine the liquidity of the balance sheet of the Irbitskiy Khimfarmzavod, it is necessary to compare the results of the given groups by asset and liability. An organization is considered liquid if its current assets exceed its current liabilities. The real degree of liquidity and solvency can be determined based on the balance sheet liquidity. The balance is considered absolutely liquid if the following ratio is met: A1\u003e \u003d P1; A2\u003e \u003d P2; AZ\u003e \u003d PZ; A4\u003e \u003d A4. Let's summarize the results obtained in Table 8.

Table 8. Assessment of balance sheet liquidity

Checking the fulfillment of conditions
As of December 31, 2011	As of December 31, 2012	As of December 31, 2013

Not performed, since 200<246929	Not performed, since 2174<247174	Not executed, since 2928<152916
Not performed, since 191416<278958	Not executed, since 186646<247174	Not performed, since 131070<152916
In progress because 225897≥21708	In progress, since 272580≥88723	{!LANG-fc2a91dbd106b7e275156b89f699af27!}
{!LANG-2d39ee17bd0d9f861591ae6320173ba3!}<197647	{!LANG-e92b888b7ecc0bc2f5c813659b38b107!}<308601	{!LANG-01fa9dc3ca99bea14c42c634b4245f71!}<349910

{!LANG-26a73cb55cbf632c4b1b1e96411a4641!}

{!LANG-a36bb047ed2ff16295dbd9eb44f79a46!}

{!LANG-17c8de8debf5d723580a0297fc23ed99!}

{!LANG-582ccc4d5d4ebc2a10fb46cbb75e7c0a!}

{!LANG-52b65400d242ad0ed67e4f746f3a833b!}

{!LANG-36e8a1933c2dec046f2aaa8f10d8d619!}

{!LANG-9784f0b81c0f9f4ad73cf8e297dbfcd2!}

{!LANG-1097418535e987a7f8525dd7c41aca00!}

{!LANG-274f4bb34855d3286c88a8bcd01596fd!}

{!LANG-d790af49b868ad1e675936a8595a4b0d!}

{!LANG-df6983d9b60bb3369787e41a1ce77684!}

{!LANG-807f18f9421a9434d8337aecbf29378c!}

{!LANG-5cfe5e81d9b4fe77084b7179b25b6832!}

{!LANG-3e90b2c05473a1a26529262861f5f05b!}

{!LANG-c473917d9e6b4bb3253b849b35eafbf1!}

{!LANG-9246d25953cb63b07245ea88a199367c!}

{!LANG-4e4dbeaed51bb0f4d2f343e885215862!}

{!LANG-e45b1d47c851a7fc1d0b39d56b8d0540!}

{!LANG-f00a9a77203ec0f2d7b9dbffadf9c5b0!}

{!LANG-060f6ac35a91843407d96746f2485ecf!}

{!LANG-6cf205881982a15815071182402cc7e4!}

{!LANG-5b5205187a0a3260ba412d411737410e!}

{!LANG-c44f009342ae3ed8d8311cd24b11ca33!}

{!LANG-627a0e8bbb7349a74db4fb0db195ddbe!}

{!LANG-f826245dd938eb3da0db169b3169b00a!}

{!LANG-a5e5ced5b662e07253016705c1d8e5e4!}

{!LANG-17252ebc4704c45a444b2de29b4bcafe!}

{!LANG-5bd251f720112886df4d780fc9987927!}

{!LANG-c444a5590083bef29e471061806265fd!}

{!LANG-5deaac1bb34ae2e2a19c68a7a1a8f2e2!}

{!LANG-97ee0bf103033099f1c379beeaece94f!}

{!LANG-3931918779adfeb3637db7f0c816251e!}

{!LANG-7e55c37b7dc5c874060ca44a12471ff9!}

{!LANG-1580cdad7d18bb27e05aae5c3c8fd18b!}

{!LANG-287bb5e5245abc663cdab9d606c18449!}

{!LANG-5d2f75e6fd096f625e004911925d13e9!}

{!LANG-85b0db7d01ad84b7290a4db7c2b9d11c!}

{!LANG-475e242f07c47e2ee9b23d90080cdac0!}

{!LANG-706e3dc80193720d52792d4ad1186c16!}

{!LANG-c6eb25de0f40efd527448bd33d07ca23!}

{!LANG-b778bfd8f840ebef1191c6dbbbef64ab!}

{!LANG-3917432c009987577be125d469a1e6e2!}

{!LANG-e08d7065b0a9b89393425c556d344c5a!}

{!LANG-f8f33ad55f56fcaad24e38b6258e76cc!}

{!LANG-1aea2c97b8548a897f1c02fb5e5ab7ff!}

{!LANG-f0b2bc64b197ef8308593391bbaa6fc7!}

{!LANG-a052b10e5c425f33c45ba579713d7edc!}

{!LANG-8cd0b93ca5c9f3923e120fcc92e17f07!}

{!LANG-0fd9a337e88e5353410ed754d8cca806!}

{!LANG-5a7e5eef5a23b37f8216a7348e23f597!}

{!LANG-88e3ac1257653c032b339379cd4b5b13!}

{!LANG-92cb229c813079a5cf99d42c97d0b347!}

{!LANG-36e575a6ae838be2a781ef2a91f6ca47!}

{!LANG-78ed84337e5b02ae10a595df0f577769!}

{!LANG-38ee61fa517fc4b165dd64a92fd97cab!}

{!LANG-2c680546e87024ed4a85b1c8269e462f!}

{!LANG-ce3699acc1a9b12b5ef57cdbda434b1c!}

{!LANG-c5caf45e696c97690c37b8e27498340b!}

{!LANG-c4c1b40ddd781131197b5563b06895f1!}

{!LANG-e6dbe13876196847268d879b5ef29b9c!}

{!LANG-544ca73765b55e65eb04db56df6f11f0!}

{!LANG-388c26fd839e8742e6a1a6abc062e8cf!}

{!LANG-aba4c2466992326f8f81bd9b9c0e5f59!}	{!LANG-737f06a17606b3694eae450dd25629be!}


{!LANG-3e5b189032d6a9b7e2c23be5b103c113!}
{!LANG-7680dbced825102d4174448636f180eb!}
{!LANG-b43ba109ea59f09d9bd17a9fbaf125ae!}
{!LANG-50f9ec4931b58d5b176dd2ffe69d628f!}	{!LANG-11446adb73cc95d6adc4904363d6c874!}
{!LANG-bc37ffc788da29256e0c631e430fa35e!}
{!LANG-30229727d672c562aec0399476df1fb2!}

{!LANG-5ffe0e925a5ae71bb2bf8eb269da06b1!}

{!LANG-bd9bbaa5b1f99be0d446923f6f4e1d88!}

{!LANG-7abbf54e8f295c6c2ade95237944e644!}

{!LANG-86a04d439e58583f79bf9cf32a48c36c!}

Indicators	{!LANG-bc1ed02ae821bf31e5b33b928bf948e3!}


{!LANG-23fdaa654e59908567f307fde572024a!}
{!LANG-a042834bf88dd4e3705ace2a41a27cd2!}
{!LANG-f53846568f8bca2676e92ab136231c95!}
{!LANG-e0db24d5fd76ef01dbecdca9ea504dbd!}
{!LANG-6bc0b2f8096058fc552932f9742b6f6c!}
{!LANG-bd726fa97c5f8b5dee428d9a7964058f!}
{!LANG-b7489bd63a76cb7bf50f5511c4002207!}
{!LANG-7cba0d513c93b20bfd619ca786400fa3!}
{!LANG-ae0ba737eb69235a94387b5f2c7b5b4e!}
{!LANG-58e3587b4e78f33696a9042115a20b70!}
{!LANG-30aa4cf59d928df4897e94284388ae39!}
{!LANG-35d386a1d50ab20ffa581330944efa33!}

{!LANG-a541923e27fd89e8c6836808161258c8!}

{!LANG-ad870515cc0258ea2cd27a3820077594!}

{!LANG-df10c3fafa7f23a0e448814851d5fce6!}

{!LANG-17469627544a83cd9a85a1f863b58337!}

{!LANG-6829eaeb8f186503e82373809e8de2a6!}

{!LANG-8107ca8e0c3c0062db9329ef722c6916!}

{!LANG-4abd630aedf9e826c1e080684e6714f9!}

{!LANG-480f735288c7b9f771b3599c5ab4e4fe!}

{!LANG-949a0cf3c723224fcc0d738c314f8b1c!}

{!LANG-e7431952f7850319150dddd0cae99c50!}

{!LANG-30b08a4eb5442e657432ff60df6df396!}

{!LANG-03dc1b703920d4fe25fb26b6ec8f7450!}

{!LANG-3d38e31acdf8818b2487c7c37ad202db!}

{!LANG-266b8bccbc780a0d144397984c205f33!}

{!LANG-b90ef48f1f0369d1882e2e60919ffdcd!}

{!LANG-c56c71a29e5eaeef18581692d7a2ac3d!}

{!LANG-968049f2346aa1458b960fe45ea86de1!}

{!LANG-adf2e29e2f267f7c9aed05b4ef1cb829!}

{!LANG-d2238aee7c7ffa8b1a2759449dff05b9!}

{!LANG-7062f399cae08098c9ad7c5f6a84a369!}

{!LANG-aa2d74a4ea0381e86383415002a0a2f9!}

{!LANG-01ebbf73a3a3c9aca9d7d8a23e930ea0!}

{!LANG-1becc0ee06f105cb127dd4cb13ff73f2!}

{!LANG-b6ccae0334035552d056f96daea42f25!}

{!LANG-2a6d5136e525a387150bbf13d68798d7!}

{!LANG-3eb3d00d2a8ee7ef1d34620d8373a562!}

{!LANG-34e5d18ce35868641cf5ff23b5a7f129!}

{!LANG-0285a2c7cd98b73bb027123b11f5a6f1!}

{!LANG-8f4b1e0b5faece9f5e2f02bfd1b57de1!}

{!LANG-8ecb9edc972020672ca9cda2fa8534e1!}

{!LANG-32ce4b2c2da83e6839f288fe79228760!}

{!LANG-74fbe874b234116b1b5098894d3c8331!}

{!LANG-ccdf29df905d0821e6dbed1dfe11b374!}

{!LANG-eec6cdcd3c9f344db3117e5846957c9e!}

{!LANG-c31857c74c9f055e149f72e805e728d4!}

{!LANG-62de820885807beb788fb08c71dcd053!}

{!LANG-351cddf96d6649c372031124dc95418a!}

{!LANG-877d9e73bbd1b20f74ad004c6286d32d!}

{!LANG-e3ce1588bf7e202556d9198be33d5cc4!}

{!LANG-7c84ef66bff689888fe269cd5adf1c5b!}

{!LANG-606921011f79d9479a1ca327c0958cde!}

{!LANG-5832a71b84bd242cea3ed96b016b84b1!}

{!LANG-4cbf7e0eb999fde77da5b66a9bdac872!}

{!LANG-3e4729dc5b1d58cffd4df0822e06f030!}

*360/360*1/498313+0,6*34/498313+(812506-15938)/498313*360/360=3,74

{!LANG-af0cb3c8eae4b7f2650285dfd7596cb2!}

*360/360*1/644602+0,6*24/644602+(995988-30915)/644602*360/360=3,61

{!LANG-9f1534396e1d9fb61285ba101c3f2535!}

{!LANG-a2ae7f7142048cccbadc244e6acb18e9!}

{!LANG-72155179d73fc6265ef778e88104bc2a!}

{!LANG-40fd4aafc5390948e3aeaeec74e4aed9!}

{!LANG-61cc7f6967d1988259d7af04fa1e3133!}

{!LANG-938ee07029aa4274182e3a60bb2e8267!}

{!LANG-243933c9b5c0c17454754833759d3d3f!}

{!LANG-e97a3a45007acdb2d3f8c40f937ae31e!}

{!LANG-2d21b3d2030015ea10efed9a8879b17e!}

{!LANG-3092f4219d0b785265d5ff51576327fc!}

{!LANG-c5e7210d786c5135f02baebbd9913ea8!}

{!LANG-689ebfe0a6e1d8c5690afd3191ddd40c!}

{!LANG-a679a8d80998a27855543a810c14bc9e!}

{!LANG-bb544a4a6c0316b37b003671d531d4bc!}

{!LANG-15d62f4ad156bf92b5d735eec75ff171!}

{!LANG-223d8a6d302a57ad1b9c3a9826ab1499!}

{!LANG-6d89f7401f88556743bf78457aae015d!}

{!LANG-35b1649cd496efed17856f47ca45ce42!}

{!LANG-a8b5717f92a091218fab391c0dd523af!}

{!LANG-887c163906e6f601293dedff78666384!}

{!LANG-259d828d222a23cffe03dc3fc65cefec!}

{!LANG-2e401bc55ea9599c1cfdc81d85d2973f!}

{!LANG-3e8679745eac0ae13132f1ccf006e4bd!}

{!LANG-063fb1fce53ca34b528afe315f9937b3!}

{!LANG-3e5d1664c0dbd5a4e01bb541a6640fe1!}

{!LANG-ad68a71fc55d93dffc8c4f7b94725cec!}

{!LANG-81243f89f0f7275f62d9dda933d8451c!}

{!LANG-ab7459b76af4f73dabf026bb6cb27033!}

{!LANG-06af6b216012d4c146ee6dfa01656dd7!}

{!LANG-148ba86cea16f1a0b8f9af23c37b9c06!}

{!LANG-66d69daa71b3bf8fb74a6c0b51713d68!}

{!LANG-f8f4c50580df05294103fae802291b70!}

{!LANG-f1ffb8f003541525e8c768601c11f46c!}

{!LANG-a8258cea90c9e42af85a14a0dfa4b9f7!}

{!LANG-9efaed00d75ecb0e255ebda117e13a85!}

{!LANG-3135ad282cac5e3b61786c3aa65320da!}

{!LANG-857a9e485db064300e43535df69499a4!}

{!LANG-78f1b4617696a16ed30fe2e3c93a2c6b!}

{!LANG-2ed8f3763b567a464c497c4608dd56df!}

{!LANG-f8ff2c6f01a03d28eff2d88acaeabca6!}

{!LANG-05ca09da834ee5536748b8bbf8604b58!}

{!LANG-8d20f0fd82ece1756db87c10dd6219cc!}

{!LANG-0fe62272d4ce5a436c03e283df157237!}

{!LANG-32c06eee97e9b3e3dcbfb4453542c10c!}

{!LANG-ec104767235dba8fa0a00525e4f634ca!}

{!LANG-6bbda21698ad1474845ea4dc71605d87!}

{!LANG-95ed8ef0a0a5ddcd4fa55f4c40dae8d2!}

{!LANG-3745342a6d00ed3b51459c637c13f28c!}

{!LANG-ebb7b3b78da672a3a0efbd1439a5e86a!}

{!LANG-e0cfa1e7c8691fafff7a7945ca1daa5e!}

{!LANG-fb59c4d0abfc960a1001ba8f1c4bbdf1!}

{!LANG-75cc54ffd174fb0e70bbec4c46320234!}

{!LANG-38ae4a0df53bf2993540bc1831dd0d48!}

{!LANG-c05b2f44b3dda0fe99e7d1fac8e2a1db!}

{!LANG-141a39d9bb788d20a0befb994c04d55b!}

{!LANG-9d3647422db2ed4015f53d5dba8d3f1c!}

{!LANG-95c00df9cb3eb0bda273c0206f31094a!}

{!LANG-8dabfcb4b2df3a54b87015fbe7b80e6e!}

{!LANG-37eae78eb47c09237d4e22d324b7cb32!}

{!LANG-8e4d523a360583e6bfbaec25cc5b8d5f!}

{!LANG-9200949c0244b0791f7d5a996a37a931!}

{!LANG-d9fb05ff5cd0f94d75b0549612d63b6c!}

{!LANG-f15b59454223615391780e36930d76a4!}

{!LANG-7ce339784d3a76580ff8e86cc026b799!}

{!LANG-d03d0ce0b0551eb2122390799e4e8ffc!}

{!LANG-371ce7c8541846b9a8ddfacf7c0583e1!}

{!LANG-54abbe4a31699da490b705086ae3b755!}

{!LANG-8df46c0a7d006a3799bcccf4c539969e!}

{!LANG-26f142c536c4fb67cd9153584e6824f4!}

{!LANG-9dffbdc203146e036ab2a323f3fd9937!}

{!LANG-2ea7291b202875cb1997a46fa9919fc4!}

{!LANG-bc5c36035f40432249176f31af107eec!}

{!LANG-017a941597666bcf18ba2f1b06060466!}

{!LANG-ef6ee7be95eca4936243260900a3b38a!}

{!LANG-ec59e60a0676c21b5a0ca88ea910ea89!}

{!LANG-8b8380aea9aa02c556b9e2e3a7bf7f0c!}

{!LANG-c22c2f9dbf63b9eb8525c2e563801d8f!}

{!LANG-83a4abfaefbecb3e154916d177ec3b91!}

{!LANG-47e72f8a1d99a170f4da35a8bdcb3e44!}

{!LANG-e0f8b4594ea1d3bb85dc05b70ef58e9b!}

{!LANG-10dfc6636f49622693a37804b01cff03!}

{!LANG-6a841e56911fa9b85967f9240dd66bd8!}

{!LANG-1af9f42bc9e66fb3580f25afb97fe8f3!}

{!LANG-5ab9a17dd28f1d8827e6e1baacb95979!}

{!LANG-947365e89428ac76a12d9620cd399446!}

{!LANG-2041618afd5334e87091a4d806800154!}

{!LANG-913b1aa4d8b5e2fa75ead80a0f238630!}

{!LANG-d7ae3d12059aa4a59acd22f9dd2dcf2d!}

{!LANG-820c26703ed31eaee356c8335cf060a8!}

{!LANG-9b5f47153e81644002931a3b3625cc92!}

{!LANG-9a1ec5f52a316be9baabc9d86a911486!}

{!LANG-2e87f8e51d4ca31cf79ed66807beab4f!}

{!LANG-9248ec37ed0b43a412c9d99cf962d1a2!}

{!LANG-7ed72481d32c782b79aa33146199638f!}

{!LANG-33f5853cb712fd9c79830a7560c99d19!}

{!LANG-cf89b6172ec0a59bd59a478bdbebbc9e!}

{!LANG-8ece73ed7419b64a14b8dfcbe28343f5!}

{!LANG-9edbd3ef8def1fb2a0432fc25b4fb84d!}

{!LANG-04c5d9d6a7dd282117a42e3ca809924b!}

{!LANG-c9cc34904cff6bf2db7e672b1abe16ab!}

{!LANG-593ccc8a9defafaa5f28b56383f9e789!}

{!LANG-abd9e838178f914206dfc0b6b0e00a7e!}

{!LANG-38c7bee65cf90b61977e77a7af3a33fb!}

{!LANG-bea223b65925f25a305088fe05221202!}

{!LANG-6b57fa6595fe14359460e2dfcb820a14!}

{!LANG-d7ce5001acedcf560fcc1a9236ea6748!}

{!LANG-01104b3122bd3b14628efb31bc460497!}

{!LANG-1b6e9ba7e9cd8696d267b9c4f7295be4!}

{!LANG-977c51df9036c83d766c1945ea6c3c73!}

{!LANG-de9722335d57f348392b0ee3dc14bc08!}

{!LANG-b3c84510ee98a04e30e0664f876b0102!}

{!LANG-d22650ed87d4c9990a0f9997fab59558!}

{!LANG-db06d8a4cc179f32f781e430cb953e8f!}

{!LANG-4e709747340bd55febeb2fe0588ac0e6!}

{!LANG-de389617ed14b82b7324d3a49fca66fa!}

{!LANG-c405b823b93940a496b98da476d99189!}

{!LANG-2d9611393e01ef71f1dc1c27d8fedf41!}

{!LANG-84276dd4df4274f999ad1dff91b031c9!}

{!LANG-a8c6eaef82dbccecb4d774f5349c3557!}

{!LANG-ed9eab7e8f7678ab8deac80debbfac45!}

{!LANG-4007584ebde4c0146b645e7429f699e9!}

{!LANG-ffc293c1fe9a5bd2722b5f508ac276ec!}

{!LANG-857155b05e919f505d099b1b6ff2ce50!}

{!LANG-25b6cc9a73826deeabc7bcb6c9be6416!}

{!LANG-571f905423536de75da6bef8442f8637!}

{!LANG-3095e916e8c5bf38612b6d3ca89e1ade!}

{!LANG-34268bc7b31026214e158bb92aadb6c8!}

{!LANG-cf33d43650101bccccaf0831006a7a65!}

{!LANG-b20fbbb9882a33c764bfd32071cc2b51!}

{!LANG-0270f07f02bc9bfd1b1e1b458ce675f3!}

{!LANG-d1336320bfb1efb696345af487fa1ce4!}

{!LANG-b4f36d68831089541df07af3b60f4675!}

{!LANG-1a5e9ede2fe836f5a8e1da59bbc4eeeb!}

{!LANG-15e506fa43f5128d7e19e59970cb2e17!}

{!LANG-92c0c69067b0723a26a702e12921b63b!}

{!LANG-a64ed5aca90572dc06e6b37dc4481261!}

{!LANG-5edb7c694e176a7572f5d19271dc9c1f!}

{!LANG-25d7664f6b08b14081b4bab5ffa50c04!}

{!LANG-bf5a07add7aff69a92ea4ac5cf24c990!}

{!LANG-997fe1f6df04a4f024718eb18c0db9c7!}

{!LANG-24cc65aa4aa4941dbccee6da6f549e12!}

{!LANG-99ea16989798ca4795f6246aa2aa1ca1!}

{!LANG-c824cdbb7be2fb97fa86e75ce0979f2e!}

{!LANG-7e7b4abdc10afedaf77b55d10c065929!}

{!LANG-d9364d1ec8624710dfd3ee5e1f313d85!}

{!LANG-9fd5042e9efefdf6bcb1c31ba70008a3!}

{!LANG-8dd3174d86b59ea200037cc159ab50a8!}

{!LANG-04b300dddb55f5f6e4a7cd34f739ab58!}

{!LANG-1aa3ae2764695f721c634bd5e51e369b!}

{!LANG-2badea2184d8d7b438ae482c2c4aa5b5!}

{!LANG-c371dc0d143fc051422f4213b5ea9710!}

{!LANG-198b977a5838b8d64fc3ba7e592d17d0!}

{!LANG-5641d68ead514b1845cee5d870251757!}

{!LANG-289af41d457669028a5c081b1850820b!}

{!LANG-0ecd64ceadc87706c9b07ee1d3c386a3!}

{!LANG-0ab19a1c4869e04408d6a7c85e02f42a!}

{!LANG-d1607e3f3da1adb7dcca28a63a3a3e94!}

{!LANG-25a18c72a90f476d52ef64661973c8f2!}

{!LANG-f2c7b83b87e16bc3d72b52229e978251!}

{!LANG-9fec8f43a77205a2f1db3e0e5d7d796e!}

{!LANG-114bff39093a73587b935a489072d3a6!}

{!LANG-a6dff621ee55d562dc7d835c7cd52a8a!}

{!LANG-03ccbd87a0a6165f49be732de77f8ccf!}

{!LANG-6c8feb00ce1e6cd5378eac49b656d65e!}

{!LANG-237db25b4ddfc65d0e4216d41c205f78!}

{!LANG-cc2cfad3cd0487f59c1600a3b1bd865e!}

{!LANG-bc0adb93ed5b7e52d976158231d0b301!}

{!LANG-c506bd76f7a5a4d8fb9432d2c3689cae!}

{!LANG-a06433557986294a316553f73149d7a9!}

{!LANG-c29df0f42ec455464172e217766c7f51!}

{!LANG-711a411b6ae267bebe988d8b61c30b47!}

{!LANG-71c78ddba5e92ba268fe9e9e4620b554!}

{!LANG-a8f6dc81f68b4939bef23053dde84273!}

{!LANG-d3768a272112493e23110c67dbbf4341!}

{!LANG-702b2ee8be6133c94032dcadedf45b8c!}

{!LANG-f4316b48b325977964b5d4b48cb562ff!}

{!LANG-f55b0eb0efbaa5ac4c9f7578021348bf!}

{!LANG-4a51e40cdd34f5aebfaa21860b8a7a25!}

{!LANG-73f5403613d13ae1bd076b0b939630da!}

{!LANG-6b67bdf9e856f796dd73f788cca27074!}

{!LANG-60a68a43b2cc580f683f538a72a04d83!}

{!LANG-dd2edad7395d35f6495d8246f48bf6fc!}

{!LANG-7ff77bcd280e284b332a4d8833b14348!}

{!LANG-d33678e5d8fa50378d4a2a0dc90f47de!}

{!LANG-833d6b1bbcd87076040597c305f7b908!}

{!LANG-4e2da544ab1657c19070b6083738cf5e!}

{!LANG-da2323ab2c8aedc049ec8520a32e1c12!}

{!LANG-4c95cd98010988cfb85d268a4c49d32b!}

{!LANG-0c6c270134b1b80a8cbdc4b82dfcaebd!}

{!LANG-96e50db7ed5364fad92c76e7b5b1a678!}

{!LANG-baa8116df3e60f87eeb67e83663a5177!}

{!LANG-95d09111b2e89c9c2d0acd1908990900!}

{!LANG-e8f82d0e09a8f5f4fa7e174b637411ee!}

{!LANG-8af3fd871a7a7c4e0ec41fad2e675127!}

{!LANG-b31e146775e25f721ebdfc07fba14dce!}

{!LANG-643eb437b18fd6c70544657827e33af5!}

{!LANG-7d336c572347e572a1853d49363a1124!}

{!LANG-d4f4a68ac8956e77227fb280055d0d44!}

{!LANG-3169f79769bf3d6aa42295fccfefca75!}

{!LANG-3d765aa5525fff9349e4107a56a5bc1d!}{!LANG-e8755cefeee820506106c01a43b28375!}

{!LANG-c928a93d0ad00657f35bd19fb3ffd842!}{!LANG-1f0b365da37c17ff472ae4314c8f16bd!}

{!LANG-248494aa725b982918b7e8a68db1a638!}

{!LANG-2ae58a2761acb69a36de019efcb331c8!}

{!LANG-ffc622a8b4495a1c1561266d22aebd9c!}

{!LANG-c72e7413a45d38491e4cb48d421de3d7!}

{!LANG-eca9e3abd976d2fef95de02d6b033055!}

{!LANG-725173c4eb8def3f6ecad0597f91aa41!}

{!LANG-91d20b6792d6866cc2f92e96959fff88!}

{!LANG-66bee26980b9b9de9d2d1e8595a7ca8a!}

{!LANG-5e7cdb03531345e8d3de06a53a5dfbd6!}

{!LANG-35e4bbe6bea3248f40253e28cabecebb!}

{!LANG-24fd3a42d339691c5f0cdf50f25198fb!}

{!LANG-2eeeb15ad7b4e5221769ba3558327887!}

{!LANG-41bce317e6ae979615af5bf12d093c80!}

{!LANG-4f8fdba20d7dfb39952ca12d163780ef!}

{!LANG-473419042340bb6251ff9127d18a0c41!}

{!LANG-0fa87dca76bec2d4d3c56855e156a943!}

{!LANG-fb342ba4936036fba36611b942712b7e!}

{!LANG-a7902be65cf28a4a53f88440bd7254c8!}

{!LANG-737aa51baefff878998c58f7cc2f1415!}

{!LANG-609d8be97db45ec9103932c8d308a5db!}

{!LANG-89de67c08b84f3ae475f8ebaef35b879!}

{!LANG-b85e846ff4b84c0660b2c2d7ec303713!}

{!LANG-d2b14c2df3307bc8d47cc369b7d2273d!}

{!LANG-e21d6542fcb74fbe98f5846cefec938b!}

{!LANG-d0a8959550bb91d9a2c0cfa2886a5441!}

{!LANG-ea5d2b37851e75a41f7315d0114c251e!}

{!LANG-cb84d1458f67723fe65870231a9317d8!}

{!LANG-f182232497bcb793d2b3a9f07ff8734e!}

{!LANG-87dd8535ca105dee3b27128375b10edb!}

{!LANG-b74f52a4ac8e178ad37a2e0da7a52f9d!}

{!LANG-1ea6279b35d2814f8285e02d7c36c95a!}

{!LANG-d394916a63b71f0f4f929f8dc7fd9c43!}

{!LANG-c24b695f9fa1a23e4720420310d5a79d!}

{!LANG-280bf8123be828b7dcc25f798088c9ac!}

{!LANG-be69c2ef3fd8cd102b20765235632dbc!}

{!LANG-1d49cd055f02889a72143bc780676b22!}

{!LANG-11a74ee81de51b22499ae551249d180d!}

{!LANG-a0d77b86c6f415c271804b3d223719b0!}

{!LANG-2f40f5c4beed590b0ba88236a498199f!}

{!LANG-97c9458f463f8f7795c23e261da926fa!}

{!LANG-5357ebe6c491775913915ac84c933dec!}

{!LANG-7702a7e08b73003acd6cfd05152dcb6e!}

{!LANG-4909a53d96a3da2bd98bce606c3abbb9!}

{!LANG-eb79b7041a36711370d745826d85fd93!}

{!LANG-0010fd10b7f736985dc09c6e49bf43b8!}

{!LANG-960bc7906157e31c7d0fe04ff3b2ec81!}

{!LANG-de4d42ac6dc1e4b5343c958cdaad89eb!}

{!LANG-43649ae89dd233145b23b1360e2dcc98!}

{!LANG-9a217da638aa424b085fb9798c0ed065!}

{!LANG-78722b6b1d6ae9942806adfabf6b3a6a!}

{!LANG-b8b3ae9f32022485bacb838596fcf7da!}

{!LANG-0b30dddeb18106ea6082e868894028db!}

{!LANG-73badb2a6895173ffe10b6f3fcf6172b!}

{!LANG-6d704d7e01e8cb64c04695848df67d87!}

{!LANG-de10cc04f7581a64e1774658fef26b25!}

{!LANG-9f7e2addd2bbbf3321057c674068ae75!}

{!LANG-2dbc596eb54ecbd6ca10d9659840adca!}
{!LANG-b2b3d141ec8aa43233d33c74dea9a88e!}
{!LANG-18b6abf92597f237b056a2b0715a035d!}
{!LANG-f7c46dce8fe6e0bf665d099dcad13889!}

Development of measures to improve economic sustainability. Company diversification strategy as a mechanism for increasing the economic sustainability of the company Effectiveness of introducing a mechanism for increasing economic sustainability

Send your good work in the knowledge base is simple. Use the form below

Similar documents

Send your good work in the knowledge base is simple. Use the form below

Similar documents

1.1 The importance of economic sustainability

1.2 Purpose, objectives and tools of economic sustainability

1.3 Types of economic analysis

2. Analysis of economic sustainability

2.1 Brief description of JSC "Irbitskiy Khimfarmzavod"

2.2 Analysis and assessment of balance

2.3 Analysis of financial activity using the method of financial ratios

2.4 Analysis of solvency and liquidity

{!LANG-5ffe0e925a5ae71bb2bf8eb269da06b1!}

{!LANG-32ce4b2c2da83e6839f288fe79228760!}

{!LANG-72155179d73fc6265ef778e88104bc2a!}

{!LANG-f8ff2c6f01a03d28eff2d88acaeabca6!}

{!LANG-05ca09da834ee5536748b8bbf8604b58!}

{!LANG-7ce339784d3a76580ff8e86cc026b799!}

{!LANG-1b6e9ba7e9cd8696d267b9c4f7295be4!}

{!LANG-702b2ee8be6133c94032dcadedf45b8c!}

{!LANG-6bc8d2fe18abb67700153bb7a0d2a733!}

{!LANG-907af812295e74df12c5e6626975f9b2!}