The essence of this technique lies in the classification of enterprises according to the degree of risk based on the actual level of indicators financial stability and the rating of each indicator, expressed in points. In particular, in the work of L.V. Dontsova and N.A. Nikiforova proposed the following system of indicators and their rating, expressed in points.
The grouping of enterprises by classes depending on the value of financial indicators is shown in the table.
Table - Grouping of indicators according to rating criteria
|
Index |
Class boundaries according to criteria, value (score) |
|||||
|
Coefficient absolute liquidity | ||||||
|
Quick liquidity ratio | ||||||
|
Current liquidity ratio | ||||||
|
Coefficient financial independence | ||||||
|
SOS security factor | ||||||
|
SK reserve ratio | ||||||
|
Minimum border value | ||||||
Class I - enterprises with a good margin of financial stability, allowing you to be sure of the return of borrowed funds;
Class II - enterprises that demonstrate a certain degree of debt risk, but are not yet considered risky;
Class III - troubled enterprises. There is hardly any risk of loss of funds, but the full receipt of interest seems doubtful;
Class IV - enterprises with a high risk of bankruptcy even after taking measures for financial recovery. Lenders risk losing their funds and interest;
V class - enterprises of the highest risk, practically insolvent;
VI class - crisis enterprises.
Methodology for assessing the creditworthiness of the Moscow Industrial Bank
Specialists of JSCB "Moscow Industrial Bank" proposed a rating system for borrowers based on three indicators in accordance with the instructions "Granting loans legal entities JSCB "MIB"
|
Index | ||||
Table - Scoring coefficients
|
Index |
Number of points per category |
|||
|
Overall creditworthiness (sum of points) | ||||
|
Credit rating |
High level |
Average level |
Low level |
The client is not creditworthy |
L.V. Dontsova N.A. NIKIFOROVA
ANALYSIS OF FINANCIAL STATEMENTS
TUTORIAL
2nd edition
Moscow
"Business and Service"
2004
Dontsova L.V., Nikiforova N.A.
Analysis financial reporting: Tutorial. - 2nd ed. - M .: Publishing house "Delo and Service", 2004. - 336 p.
ISBN 5-8018-0191-X
AT study guide the theoretical, methodological and practical provisions of the modern concept of the analysis of the financial statements of economic entities are substantiated. Based on the latest normative documents the authors describe in detail the methodology for compiling and analyzing Form No. 1 "Balance Sheet", Form No. 2 "Profit and Loss Statement", Form No. 3 "Statement of Changes in Capital", Form No. 4 "Statement of Money", Form No. 5 "Appendix to balance sheet", Form No. 6 "Report on intended use funds received” by quarters and in general for the reporting period. The presented material is illustrated through a digital example.
The publication is addressed to teachers and students. economic universities, employees accounting services, financial directors, as well as students in the system of training and certification professional accountants and auditors.
Full or partial reproduction or reproduction in any way of this publication is allowed only with the written permission of the publishing house "Delo i Service".
Publishing house "Delo i Service"
Dontsova L.V., Nikiforova N.A.
ISBN 5-8018-0191-X
FOREWORD
1. FINANCIAL (ACCOUNTING) REPORTING - INFORMATION BASE FOR FINANCIAL ANALYSIS
1.1. Purpose, basic concepts, objectives of the analysis of financial statements
1.2. The concept, composition and procedure for filling out financial (accounting) reporting forms
1.2.1. About volume financial statements
1.2.2. Requirements for the reliability of reporting
1.2.3. Users of financial statements
1.2.4. Reporting period and reporting date
1.2.5. The procedure for compiling reporting forms
1.2.6. The role of the explanatory note in disclosure
1.2.7 Procedure for signing financial statements
1.2 8. Addresses and deadlines for submission of financial statements
1.2.9. The procedure for making changes to the reporting of the organization
1.2.10. Publicity of financial statements
1.2.11. Audit of financial statements
1.4. Sequence of analysis of financial statements
1.5. Effect of inflation on financial statement data
1.5.1. Comparability of reporting data
1.5.2. Inflation and financial reports
Chapter 1 Checklist
2. METHODOLOGICAL BASIS FOR FINANCIAL ANALYSIS
Chapter 2 Checklist
3. ANALYSIS OF FORM No. 1 "BALANCE SHEETS"
3.1. Overall score the structure of the organization's property and its sources according to the balance sheet
3.2. The results of the general assessment of the structure of assets and their sources according to the balance sheet
3.3. Balance sheet liquidity analysis
3.4. Calculation and evaluation financial ratios solvency
3.5. Criteria for assessing the insolvency (bankruptcy) of organizations
3.6. Determination of the nature of the financial stability of the organization, calculation and evaluation of financial ratios of market stability according to the reporting data
3.6.1. Analysis of financial stability indicators
3.6.2. Analysis of the sufficiency of funding sources for the formation of reserves
3.7. Classification financial condition organizations according to the consolidated criteria for assessing the balance sheet
3.8. Analysis of indicators of intra-annual dynamics
3.9. Overall rating business activity organizations. Calculation and analysis of the financial cycle
Chapter 3 Checklist
4. ANALYSIS OF FORM No. 2 "PROFIT AND LOSS STATEMENT"
4.1. Level and dynamics analysis financial results according to reporting
4.2. Analysis of the costs incurred by the organization
4.2.1. The main types and features of the organization's expenses classification
4.2.2. Analysis of expenses by elements
4.3. Analysis of the influence of factors on profit
4.4. Analysis of profit dynamics
4.5. Factor analysis of the profitability of the organization
4.6. Summary system of indicators of profitability of the organization
4.7. Assessing the impact of financial leverage
4.7.1. The essence of financial leverage
4.7.2. Relationship between economic profitability and profitability equity
4.7.3. Calculation of the coefficient of financial leverage
Chapter 4 Checklist
5. ANALYSIS OF FORM No. 3 "REPORT ON CHANGES IN CAPITAL"
5.1. Sources of asset financing
5.2. Assessment of the composition and movement of equity capital
5.2.1. Analysis of the composition and movement of equity capital
5.2.2. Calculation and valuation of net assets
Chapter 5 Checklist
6. ANALYSIS OF FORM No. 4 “CASH FLOW STATEMENT”
6.1. Cash flow analysis of the submitted reports
Chapter Checklist
7. ANALYSIS OF FORM No. 5 "APPENDIX TO ACCOUNTING BALANCE SHOULD"
7.1. Composition and assessment of the movement of borrowed funds
7.2. Analysis of receivables and payables
7.2.1. Accounts receivable analysis
7.2.2. Analysis of accounts payable
7.3. Analysis of depreciable property
7.3.1. Analysis of intangible assets
7.3.2. Fixed asset analysis
7.4. Analysis of the movement of funds long term investment and financial investments
7.4.1. The essence and differences between the concepts of investment and financial investments
7.4.2. Tasks of investment analysis
7.4.3. The main indicators of the analysis of the profitability of securities
7.5. Explanatory note to the annual financial statement
Chapter 7 Checklist
8. PREPARING FORECAST BALANCE
Chapter 8 Checklist
9. FEATURES OF PREPARATION AND ANALYSIS OF CONSOLIDATED REPORTING
9.1. Essence and basic concepts consolidated reporting
9.2. Procedures and principles for the preparation and presentation of consolidated financial statements
9.3. Primary Consolidation Methods
9.4. Subsequent consolidation
9.5. Consolidated reporting analysis
Chapter 9 Checklist
10. SPECIFICITY OF SEGMENTAL REPORTING OF THE ORGANIZATION
10.1. The essence and purpose of segment reporting
10.2. Disclosures by reportable segments
10.3. Stages of creating an organization's segment reporting
Chapter 10 Checklist
APPS
1. Balance sheet
2. Profit and loss statement
3. Statement of changes in equity
4. Cash flow statement
5. Appendix to the balance sheet
6. Report on the intended use of funds received
7. Dynamics of balance sheet indicators by quarters of the reporting year
8. Dynamics of indicators of the profit and loss statement of the organization in the reporting year
LITERATURE
Educational edition
Dontsova Ludmila Vasilievna
Nikiforova Natalya Alexandrovna
- Workshop - Dontsova L.V., Nikiforova N.A. - 2004
Presented in the workshop examples, exercises and tasks are intended for an in-depth study of the methodology for analyzing the financial statements of economic entities. The workshop contains a set of tasks covering the main theoretical and applied aspects of analysis standard forms reporting: forms No. 1 “Balance sheet”, forms No. 2 “Profit and loss statement”, forms No. 3 “Statement of changes in equity”, forms No. 4 “Cash flow statement”, forms No. 5 “Appendix to the balance sheet ".
The publication is addressed to teachers and students of economic universities, employees of accounting services, as well as students in the system of training and certification of professional accountants, financial analysts and auditors.
Dontsova L.V., Nikiforova N.A.
Analysis of financial statements: Workshop.
Moscow: Delo i Service Publishing House, 2004. - 144 p.
ISBN 5-8018-0244-4
BBK 65.053
Foreword
Section 1. ANALYSIS OF FORM No. 1 "ACCOUNTING BALANCE SHEET"
1.1. General assessment of the structure of the property of the enterprise and its sources according to the balance sheet.?.
1.2. Analysis of the liquidity of the balance sheet and assessment of the solvency of the enterprise
1.3. Assessment of the probability of insolvency (bankruptcy) of the enterprise
1.4. Determining the nature of the financial stability of the enterprise. Calculation and evaluation according to the balance of financial ratios of market stability
1.5. Classification of the financial condition of the enterprise according to the summary criteria for assessing the balance sheet
Section 2 ANALYSIS OF FORM No. 2 "PROFIT AND LOSS STATEMENT".
2.1. General assessment of the organization's business activity. Calculation and analysis of the financial cycle
2.2. Analysis of the level and dynamics of financial results according to reporting data
2.3. Analysis of the influence of factors on profit
2.4. Factor analysis of the profitability of the organization
Section 3 ANALYSIS OF FORM No. 3 "REPORT ON CHANGES IN CAPITAL".
3.1. Assessing sources of asset financing
3.2. Analysis of the composition and movement of equity capital. Net asset valuation
Section 4 ANALYSIS OF FORM No. 4 "CASH FLOW REPORT".
4.1. Analysis of cash flow according to reporting.
Section 5 ANALYSIS OF FORM No. 5 "APPENDIX TO THE BALANCE SHEET"
5.1. Analysis of the movement of borrowed funds
5.2. Analysis of receivables and payables
5.3. Analysis of depreciable property.
5.4. Analysis of the movement of funds for financing long-term investments and financial investments
Section 6 FEATURES OF THE ANALYSIS OF THE CONSOLIDATED REPORTING
6.1. Analysis of consolidated reporting.
Applications
Literature
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Dear readers!
We offer you a new book on analysis financial reporting enterprises.
The textbook, consisting of 10 chapters, substantiates the theoretical, methodological and practical provisions of the modern concept analysis financial reporting business entities.
Based on the latest regulatory documents, the authors describe in detail the methodology for compiling and analysis Form No. 1 " Accounting balance”, Form No. 2 “Profit and Loss Statement, Form No. 3 “Statement of Changes in Equity”, Form No. 4 “Cash Flow Statement”, Form No. 5 “Appendix to accounting balance”, form No. 6 “Report on the targeted use of funds received” by quarters and in general for the reporting period.
In the first chapter financial reporting organization is considered from the point of view of a source of information on financial and economic activities and as a basis for carrying out financial analysis.
The second chapter is devoted methodological foundations analysis financial reporting. It gives a description of the main techniques and methods financial analysis.
The following chapters provide a specific comprehensive analysis all forms financial (accounting) reporting organizations from analysis financial states up to analysis specific articles and sections reporting. Features are also considered analysis consolidated reporting and specifics analysis segment reporting of organizations.
We offer you an excerpt from the chapter " Analysis Form No. 2 "Profit and Loss Statement"".
4.1. Analysis of the level and dynamics of financial results according to reporting data
The financial result of the enterprise is expressed in the change in the value of its own capital for the reporting period. The ability of an enterprise to ensure the steady growth of its own capital can be assessed by a system of indicators of financial results. Summarized most important indicators the financial results of the enterprise are presented in form No. 2 of annual and quarterly financial statements.
Indicators of financial results (profit) characterize the absolute efficiency of the management of the enterprise in all areas of its activity: production, marketing, supply, financial and investment. They form the basis economic development enterprise and strengthening it financial relations with all participants in the business.
Profit growth creates financial base for self-financing, expanded reproduction, solving the problems of social and material incentives for personnel. Profit is also the most important source of budget revenues (federal, republican, local) and repayment of the organization's debt obligations to banks, other creditors and investors. Thus, profit indicators are the most important in the system for assessing the effectiveness and business qualities of an enterprise, the degree of its reliability and financial well-being as a partner.
Profit is a positive financial result of the organization. A negative result is called loss .
Profit Loss) is the difference between all the income of the organization and all its expenses.
From a philosophical point of view, profit can be defined as follows: "It's a function of time and a reward for patience".
The analysis of each component of the enterprise's profit is not abstract, but quite specific, because it allows the founders and shareholders, the administration to choose the most important directions for revitalizing the organization.
Analysis of the financial performance of the organization includes:
- Study of changes in each indicator for the current analyzed period (horizontal analysis, calculation in column 5 of Table 4.1).
- Study of the structure of the relevant indicators and their changes ( vertical analysis, calculation in columns 6, 7, 8 of Table 4.1).
- Studying the dynamics of changes in indicators for a number of reporting periods (trend analysis).
- Study of the influence of factors on profit (factorial analysis).
During the analysis, the following indicators are calculated:
1. Absolute deviation:
±ΔP \u003d P 1 _ P 0,
where P 0 - profit of the base period;
P 1 - profit of the reporting period;
Δ П - profit change.
Table 4.1
Profit Analysis
| Name of indicator | Line code | During the reporting period | For the same period last year | Deviation (+,-) | Level in % of revenue in reporting period | Level in % of revenue in the base period | Level deviation |
| 1 | 2 | 3 | 4 | 5 = 3-4 | 6 | 7 | 8 = 6-7 |
|
Revenue (net) from the sale of goods, works, services (net of VAT, excises and similar obligatory payments (B) |
010 | 106969 | 99017 | +7952 | 100 | 100 | — |
|
Cost of goods sold, products, works, services (С) |
020 | 69744 | 70203 | -459 | 65,2 | 70,9 | -5,7 |
| Including: | |||||||
| finished products | 011 | 88988 | 80504 | +8484 | 83,2 | 81,3 | +1,9 |
| goods | 012 | 12533 | 14652 | -2119 | 11,7 | 14,8 | -3,1 |
| industrial services | 013 | 5448 | 3861 | +1587 | 5,1 | 3,9 | +1,2 |
| Selling expenses (KR) | 030 | 5562 | 594 | + 4968 | 5,2 | 0,6 | +4,6 |
| Management expenses(UR) | 040 | 3102 | 198 | +2904 | 2,9 | 0,2 | +2,7 |
| Profit (loss) from sales (line 010-020-030-040) (PP) | 050 | 28561 | 28022 | +539 | 26,7 | 28,3 | -1,6 |
| Interest earned (% floor) | 060 | 1610 | 4654 | -3044 | 1,5 | 4,7 | -3,2 |
| Interest payable (%oupl) | 070 | 3102 | 4188 | -1086 | 2,9 | 4,2 | -1,3 |
| Income from participation in other organizations (OF) | 080 | 4814 | 1064 | +3750 | 4,6 | 1,1 | +3,5 |
| Other operating income(PROD) | 090 | 749 | 600 | +149 | 0,7 | 0,6 | +0,1 |
| Other operating expenses (OpOR) | 100 | 11344 | 3584 | +7760 | 10,6 | 3,6 | +7,0 |
| Other non-operating income (GNI) | 120 | 1604 | 495 | +1109 | 1,5 | 0,5 | +1,0 |
| Other non-operating expenses (VnR) | 130 | 642 | 1715 | -1073 | 0,6 | 1,7 | -1,1 |
| Profit (loss) before tax (lines 050+060-070+080+090-100+120-130) (PB) | 140 | 22250 | 25348 | -3098 | 20,8 | 25,6 | -4,8 |
| Income tax (n/a) | 150 | 6675 | 8872 | -2197 | — | — | |
| Profit (loss) from ordinary activities(UNDER) | 160 | 15575 | 16476 | -901 | 14,6 | 16,6 | -2 |
| Extraordinary Income (N.H. | 170 | — | — | — | — | — | |
| Extraordinary expenses (CR) | 180 | — | — | — | — | — | — |
| Net profit ( retained earnings(loss) of the reporting period) (lines 160+170-180) (HR) | 190 | 15575 | 16476 | -901 | 14,6 | 16,6 | -2 |
3. The level of each indicator to the sales proceeds (in %)
The indicators are calculated in the base and reporting periods.
(the level of the reporting period is the level of the base period).
5. Factor analysis.
The amount of profit of the organization is influenced by various factors. In fact, these are all factors of the financial and economic activities of the organization. Some of them have a direct impact, and their impact can be determined quite accurately using factor analysis methods. Others have an indirect impact through some indicators (Fig. 4.1). In this case, the magnitude of the impact can only be determined with a certain degree of probability or not at all.
The amount of net profit is influenced by all the factors-indicators that determine it:
This is a factorial model of an additive kind.
where ПВ — gross profit;
P P - profit from sales;
ПБ - accounting profit (before taxation);
P OD - profit from ordinary activities;
P H - net (retained) profit.
Rice. 4.1.
4.2. ANALYSIS OF COSTS CAUSED BY THE ORGANIZATION
4.2.1. The main types and features of the organization's expenses classification
The main factors affecting the profit of the enterprise are, first of all, the proceeds from the sale of products, goods (works, services) or income from core activities and expenses (cost and others). As for revenue, its volume is influenced by such indicators as the number of products sold(goods) and selling price. We will give the calculation of the impact of revenue on the profit of the organization in another paragraph, and now about the costs.
Having only the “Profit and Loss Statement” (form No. 2), it is possible to analyze the impact of changes in costs on profit, but it is impossible to assess the impact of factors on changes in the costs themselves. For such an analysis, it is necessary to have data management accounting and form No. 5. Paragraph 6 of form No. 5 reflects the expenses incurred by the organization in the reporting and last year, grouped by economic elements. Figure 4.2 shows the scheme for classifying the composition of costs according to various criteria.
Signs of cost classification
Before proceeding to the analysis of costs, it is necessary to determine the differences in the concepts: payments, cost, expenses, costs.
Pay is a transfer (cash payment) or transfer (non-cash payment) of funds from an organization to another organization or to an individual with the complete alienation of these funds.
Production cost are the monetary costs of the business certain period time for the manufacture of products at various stages of readiness: in work in progress, in the warehouse of finished products shipped to the buyer in this period). Distinguish between the total cost of production and the cost of a unit of production. The higher production costs, the higher the cost. Cost price- these are the costs of simple reproduction, the current costs of a particular manufacturer.
organization expenses a decrease in economic benefits is recognized as a result of the disposal of assets (cash, other property) and (or) the emergence of liabilities, leading to a decrease in the capital of this organization, with the exception of a decrease in contributions by decision of the participants (property owners).
Expenses - this is the value of any resources (material, labor, financial) expressed in monetary terms, used to ensure the process of expanded reproduction. Unlike general concept"Costs" (except distribution costs) the concept of "costs" in accounting refers primarily not to absorbing objects, but to absorbing resources. The concept of "costs" is broader than the concept of "cost", which is the cost of simple reproduction, the current costs of a particular manufacturer. Costs increase the value of a certain type of asset (for example, work in progress). In this case, either the value of other assets (for example, inventory items) decreases, or the obligations payable increase. The costs are reflected in the debit turnovers of the corresponding active accounts: 20 "Main production", 21 "Semi-finished products of own production", 23 " Auxiliary production", 25 "General production costs", 26 " General running costs”, 29 “Service industries and farms” and others. The category of expenses also includes assets accounted for on account 44 “Sales expenses”.
Figure 4.2 shows one of the possible options for classifying the expenses of an enterprise according to various criteria.
4.2.2. Analysis of expenses by elements
The quality of cost analysis depends on the quality of the underlying information. It is not possible to perform a complete cost analysis on the basis of financial statements. To do this, it is necessary to have analytical and synthetic accounting. In order to analyze costs by type, by product, and by cost centers, you can compile the appropriate analytical tables.
Using the data of clause 6 of form No. 5, we will compile table 4.2. In the reporting year, compared with the previous year, the expenses of the enterprise increased by 7413 thousand rubles, or by 10.4%. There have been some changes in the composition of all cost elements. Thus, in the reporting year, material costs decreased by 19.3% compared to last year, and their share decreased by 17.5 percentage points. Other elements of the organization's costs increased in the reporting year. The amount of labor costs increased by 7647 thousand rubles. or by 57.5%, and their share increased by 7.98 percentage points compared to the previous year. Social contributions and depreciation of fixed assets also increased by 66.7% and 57.8%, respectively. A significant growth rate of other expenses of the organization (2 times) occurred due to a significant increase in management expenses (in particular, general business expenses), as well as other indirect expenses.
Table 4.2
Analysis of the expenses of the organization by elements(thousand roubles.)
|
Cost types |
For the previous year |
Behind reporting year |
Deviations |
||||
| Sum | Amount in % | Sum | Amount in % | Sum | Oud. weight, % | ||
| 1. Material costs | 46142 | 64,9 | 37239 | 47,49 | -8903 | -17,50 | 80,7 |
| 2. Labor costs | 13295 | 18,73 | 20942 | 26,71 | +7647 | +7,98 | 157,5 |
| 3. Deductions for social needs | 5603 | 7,89 | 9339 | 11,92 | +3736 | +4,06 | 166,7 |
| 4. OS depreciation | 4147 | 5,84 | 6542 | 8,34 | +2395 | +2,50 | 157,8 |
| 5. Other costs | 1808 | 2,55 | 4346 | 5,54 | +2538 | +2,99 | 204,4 |
| 70995 | 100 | 78408 | 100 | +7413 | — | 110,4 | |
4.3. Analysis of the influence of factors on profit
The methodology for calculating the impact of factors on profit from ordinary activities includes the following steps (data from table 4.1):
1. Calculation of the influence of the factor "Proceeds from the sale".
The calculation of the influence of this factor must be decomposed into two parts. Since the organization's revenue is the product of the quantity and price of products sold, we first calculate the impact on profit from sales of the price at which products or goods were sold, and then calculate the impact on profit of a change in the physical mass of products sold.
When conducting factor analysis, it is necessary to take into account the influence of inflation. Assume that product prices in the reporting period increased by an average of 19% compared to the base period.
Then the price index 
Therefore, the proceeds from the sale in the reporting period in comparable prices will be equal to:
where В´ is the proceeds from the sale in comparable prices;
In 1 - proceeds from the sale of products in the reporting period.
For the analyzed organization, the revenue in comparable prices will be:
(thousand roubles.)
Consequently, the proceeds from the sale of products in the reporting year increased compared to the previous period due to an increase in prices by 17,079.1 thousand rubles:
The reduction in the number of products sold led to a decrease in revenue in the reporting period by 9127.1 thousand rubles, while the total increase in revenue (+7952 thousand rubles) was due to a 19% increase in prices. In this case, the increase in the qualitative factor blocked the negative impact of the quantitative factor.
To determine the degree of influence of a change in price on a change in the amount of profit from the sale, it is necessary to make the following calculation:
Thus, the increase in prices for products in the reporting period compared to the previous period by an average of 19% led to an increase in the amount of profit from the sale by 4833.4 thousand rubles.
The impact on the amount of profit from sale (PP) of a change in the quantity of products sold can be calculated as follows:
where ΔP P(K) is the change in profit from the sale under the influence of the “quantity of products sold” factor;
AT 1 and AT 0 - proceeds from the sale in the reporting (1) and base (0) periods, respectively;
Δ AT q - indicator (*), change in sales proceeds under the influence of price;
R 0 p - profitability of sales in the base period (Table 3.1).
For the analyzed organization:
Thus, the influence turned out to be negative, i.e. as a result of a decrease in the volume of revenue received in comparable prices in the reporting period, the amount of profit from the sale decreased by 2583 thousand rubles, because in addition to the price, revenue is also affected by the number of products (goods) sold:
It is carried out as follows:
where US 1 and US 0 — cost levels in the reporting and base periods, respectively.
Care must be taken here when analyzing Expenses are inverse factors in relation to profits. If we look at Table 4.1, we will see that the cost in the reporting period decreased by 459 thousand rubles, and its level in relation to sales revenue decreased by 5.7 percentage points. That's why savings led to an increase in the amount of profit from the sale by 6097 thousand rubles.
For the calculation, a formula similar to the previous one is used:
where UKR 1 and UKR 0 are the levels of commercial settlements in the reporting and base periods, respectively.
Thus, overspending on commercial expenses in the reporting period and an increase in their level by 4.6% points led to a decrease in the amount of profit from the sale by 4920.3 thousand rubles.
where CRM 1 and CRM 0 are the levels of administrative expenses in the reporting and base periods, respectively.
This means that overspending on administrative expenses in the reporting period compared to the previous one and an increase in their level by 2.7 percentage points reduced the amount of profit by 2888.1 thousand rubles.
The remaining indicators are factors from other operating and non-operating activities and extraordinary - do not have such a significant impact on profits as factors in the economic sphere. However, their impact on the amount of profit can also be determined. In this case, the method of balance linking is used, a factorial model of net profit of the reporting period of an additive type.
The influence of the factor is determined by column 5 in Table 4.1 (absolute deviations). All indicators must be divided into factors of direct and reverse influence in relation to profit. How much does it increase (decrease) indicator-factor of "direct action", the profit increases (decreases) by the same amount. “Reverse action” factors (expenses) affect the amount of profit in the opposite way.
Thus, it is possible to summarize the influence of factors affecting the profit from the sale and, consequently, the profit of the reporting period.
Table 4.3
Summary table of influence of factors on net profit reporting period
| Indicators-factors | Amount, thousand rubles |
| 1. Quantity of sold products (works, services) | -2583,0 |
| 2. Change in prices for sold products | +4833,4 |
| 3. Cost of sold products, goods, works, services | +6097 |
| 4. Selling expenses | -4920,3 |
| 5. Management expenses | -2888,1 |
| 6. Interest receivable | -3044 |
| 7. Interest payable | +1086 |
| +3750 | |
| +149 | |
| -7760 | |
| +1109 | |
| 12. Other non-operating expenses | +1073 |
| 13. Income tax | +2197 |
| Cumulative influence of factors | -901 |
4.4. Analysis of profit dynamics
Using interim profit and loss reports, you can analyze the intra-annual dynamics of changes in the profit and profitability of the organization.
According to Appendix 8, it is possible to calculate the influence of factors on the change in the organization's profit (see Table 4.4).
According to table 4.4, the following conclusions can be drawn: in the first quarter of the reporting year, the organization's profit decreased by 28,151 thousand rubles. as a result of the negative influence of all factors except prices. The largest decrease in profit was due to a sharp reduction in the number of products sold (by 13,201 thousand rubles) and due to an increase in the cost of goods sold by 18.258% (by 9,953.8 thousand rubles).
In the II quarter the downward trend in profits continued, but not so sharply (_3024 thousand rubles). This was mainly affected by an increase in the levels of production costs (by 3.401%) and commercial expenses (by 2.298%), and as a result of these changes, profit decreased by 2271.3 and 1534.6 thousand rubles.
In the third quarter, there was a turning point in the organization's activities towards improvement. For the first time in a year, profit increased by 15,744 thousand rubles. This happened mainly due to a decrease in the level of production costs (by 16.151%) and a decrease in the level of administrative expenses of the organization (by 2.876%). Due to the change in these factors, the profit increased by 14359.4 and 2556.8 thousand rubles, respectively.
In the fourth quarter, the position of the organization further strengthened, and the increase in profits amounted to 15970 thousand rubles. Due to a decrease in the cost of products sold by 11.208%, profit increased by 11988.8 thousand rubles, due to an increase in the number of products sold - by 1836.6 thousand rubles, due to a decrease in the level of management expenses, the increase in the organization's profit amounted to 1613.2 thousand roubles.
Rice. 4.3. Dynamics of profit from sales and factors influencing it
In general, for the reporting year, the increase in the organization's profit amounted to +1.92%, or 539 thousand rubles.
Table 4.4
Intra-annual dynamics of the influence of factors on the profit of the organization(thousand roubles.)
| Indicators | For the first quarter | For the second quarter | For the third quarter | For the fourth quarter | In a year |
| 52370,8 | 63356,7 | 84997,1 | 101875,2 | 89889,9 | |
| 2. Impact on revenue of price changes | 2147,2 | 3421,3 | 3909,9 | 5093,8 | 17079,1 |
| 3. Impact on revenue of changes in the number of products sold | -46646,2 | 8838,7 | 18219,1 | 12968,2 | -9127,1 |
| 4. Effect on profit of changes in the number of products sold | -13201,0 | -20,9 | -860,2 | 1836,6 | -2583,0 |
| 5. Effect on profit of price changes | 607,7 | -8,1 | -184,6 | 721,4 | 4833,4 |
| 6. Effect on profit of changes in the level of cost of goods sold | -9953,8 | -2271,3 | 14359,4 | 11988,8 | 6097,0 |
| 7. Effect on profit of changes in the level of selling expenses | -1079,9 | -1534,6 | -127,4 | -189,9 | -4920,3 |
| 8. Impact on profit of changes in the level of administrative expenses | -4524,0 | 810,9 | 2556,8 | 1613,2 | -2888,1 |
| 9. Change in profit (loss) of the organization for the reporting period | -28151,0 | -3024,0 | +15744,0 | +15970,0 | +539,0 |
* To calculate revenue in comparable prices, average consumer price indices for the quarters of 200__ were used: Q1 - 1.041, Q2 - 1.054, Q3 - 1.046, Q4 - 1.05, average for the reporting year - 1.19.
Figure 4.4 clearly reflects the change in the main indicators of profit (loss) of the organization.
Rice. 4.4
4.5. Factor analysis of the profitability of the organization
The third component of the concept of "performance" are the indicators of profitability or profitability.
According to the “Profit and Loss Statement” (Form No. 2), it is possible to analyze the dynamics of sales profitability, net profitability of the reporting period, as well as the influence of factors on the change in these indicators.
R P) is the ratio of the amount of profit from sales to the volume of products sold:From this factorial model, it follows that the profitability of sales is affected by the same factors that affect the profit from the sale. To determine how each factor affected the profitability of sales, it is necessary to carry out the following calculations.
1. Effect of changes in sales proceeds on R P:
where B 1 and B 0 - reporting and basic revenue;
C 1 and C 0 - reporting and basic cost;
CR 1 and CR 0 - reporting and basic selling expenses;
SD 1 and SD 0 - administrative expenses in the reporting and base periods.
2. The impact of changes in the cost of sale on R P:
R P:
R P:
The cumulative influence of factors is:
The profitability of sales in the reporting period decreased by 1.6% compared to the profitability of the previous period (Table 4.1).
The net profitability of the organization in the reporting period is calculated as the ratio of the sum of the net profit of the reporting period to the sales proceeds:
and, consequently, on this profitability ( R H) are influenced by factors that form the net profit of the reporting period.
The net profitability of the reporting period (RH) is influenced (except for the above) by changes in the levels of all indicators of factors:
Thus, the increase in the profitability of the reporting period by 1.5% of the point was mainly due to the decrease in the level of profitability of sales and the level of interest relative to receipts, as well as due to the relative overspending of other operating expenses.
Analysis of profitability dynamics
An analysis of the dynamics of the organization's profitability is also carried out on the basis of the calculated indicators of Appendix 8.
Rice. 4.5.
The influence of factors on the change in profitability is calculated using the chain substitution method. Table 4.5 shows the calculations of the influence of factors on the profitability of sales and the net profitability of the organization for each quarter of the reporting year and in general for the analyzed period. The activity of the organization was unprofitable in the first and second quarters of the reporting year, and profitable - in the third and fourth quarters.
Table 4.5
The dynamics of the influence of factors on the profitability of sales of the organization
|
Factors affecting profitability |
Calculation of the influence of factors |
||||
| 1 quarter | 2 quarter | 3 quarter | 4 quarter | Overall for the year | |
| 1. Sales proceeds | -58,523 | +18,403 | +26,065 | -42,699 | +5,330 |
| 2. Cost | +39,613 | -19,770 | -6,887 | +24,052 | +0,429 |
| 3. Selling expenses | -1,491 | -2,772 | -1,358 | +23,369 | -4,644 |
| 4. Management expenses | -8,135 | -0,346 | +1,063 | +7,817 | -2,715 |
| 5. Profitability (unprofitability) of sales | -28,537 | -4,485 | 18,884 | 12,538 | -1,600 |
| 6. Interest receivable | -4,308 | -0,246 | +0,156 | +1,203 | -3,195 |
| 7. Interest payable | -2,706 | +3,380 | +1,186 | -0,531 | +1,330 |
| 8. Income from participation in other organizations | -0,895 | -0,096 | -0,052 | +4,469 | +3,426 |
| 9. Other operating income | -0,567 | +0,062 | +0,130 | +0,470 | +0,094 |
| 10. Other operating expenses | -3,347 | -0,624 | -1,594 | -1,420 | -6,985 |
| 11. Other non-operating income | -0,401 | -0,065 | +0,947 | +0,518 | +1,000 |
| 12. Other non-operating expenses | -1,362 | +1,467 | -1,460 | +2,487 | +1,132 |
| 13. Income tax | +8,138 | +0,227 | -0,359 | -5,286 | +2,720 |
| 14. Extraordinary income | — | — | — | — | — |
| 15. Extraordinary expenses | — | — | — | — | |
| 16. Net profitability (loss ratio) | -33,984 | -0,380 | 17,838 | 14,447 | -2,079 |
4.6. Summary system of indicators of profitability of the organization
In addition to the analyzed profitability ratios, there are profitability of all capital, own funds, production assets, financial investments, permanent assets (Table 4.6).
It should be noted that in developed countries market relations typically, the chamber of commerce, industry associations, or government publishes information on "normal" profitability ratios each year. Comparison of their indicators with their allowable values allows us to draw a conclusion about the state of the financial position of the enterprise. In Russia, this practice is not yet available, so the only basis for comparison is information on the value of indicators in previous years.
Gross margin ( R 6) reflects the amount of gross profit in each ruble of sold products (works, services). In foreign practice, this indicator is called marginal income(commercial margin).
Of particular interest for an external assessment of the effectiveness of the financial and economic activities of an organization is the analysis of non-traditional indicators of profitability, such as cost-return ( R 7), which shows how much profit from the sale falls on 1 ruble of costs. More informative is the analysis of return on assets ( R 4) and return on equity ( R 5).
Open table 4.6 "Indicators characterizing profitability (profitability)" >>>
To assess the performance of the organization as a whole and analyze its strengths and weak sides, it is necessary to synthesize indicators, and in such a way as to identify causal relationships that affect financial position and its components.
One of the synthetic indicators economic activity the organization as a whole is the economic profitability (indicator R 4 in table 4.6), it is also commonly called the return on assets. This is the most general indicator that answers the question of how much profit an organization receives per ruble of its property. The amount of dividends on shares in joint-stock companies, in particular, depends on its level.
In terms of return on assets ( R 4) the result of the current activity of the analyzed period (profit) is compared with the organization's fixed and current assets (assets). With the help of the same assets, the organization will make a profit in subsequent periods of activity. Profit is mainly (almost 98%) the result of the sale of products (works, services). Sales proceeds is an indicator directly related to the value of assets: it is made up of the natural volume and sales prices, while the natural volume of production and sales is determined by the value of the property.
If you convert the formula for return on assets by entering a multiplier
then it will take the following form:
Thus, we arrive at the well-known formula developed by Dupont de Nemours. This DuPont formula allows you to determine which factors have the greatest impact on economic profitability.
We can say that the return on assets is an indicator derived from revenue.
The return on assets can increase with a constant return on sales and an increase in sales volume that outpaces the increase in the value of assets, i.e., an acceleration in asset turnover (resource return). And, conversely, with a constant resource productivity, the return on assets can also grow due to an increase in accounting (before tax) profitability.
Does it matter for the assessment of the financial and economic activities of the organization, due to what factors does the return on assets increase or decrease? Certainly has. Because different enterprises have different opportunities to increase the profitability of sales and increase the volume of sales.
Profitability of sales can be increased by increasing prices or reducing costs. However, these methods are temporary and not reliable enough in the current conditions. The most consistent policy of the organization, which meets the goals of strengthening the financial condition, is to increase the production and sale of those products (works, services), the need for which is determined by improving the market situation.
In theory financial analysis contains an assessment of the turnover and profitability of assets for its individual components: the turnover and profitability of material working capital, funds in settlements, own and borrowed sources of funds. However, in our opinion, these indicators in themselves are not very informative. Purely arithmetically, as a result of reducing the denominators in calculating these indicators compared to the denominator of the profitability or turnover of all assets, we have a higher profitability and turnover of individual elements of capital.
When analyzing economic profitability, of course, it is necessary to take into account the role of its individual elements. But dependence, in our opinion, should be built not through the turnover of elements, but through an assessment of the structure of capital in conjunction with the dynamics of its turnover and profitability. From the formula R4 possible ways to increase economic profitability are clearly visible - ways to increase the profitability of capital.
Return on equity (R5) allows you to establish the relationship between the amount of invested own resources and the amount of profit received from their use (Figure 4.6).
It should be noted that the factors presented in this diagram, both in terms of the level of values and the trend of change, are characterized by industry specifics, which should not be forgotten when conducting an analysis. So, the resource efficiency indicator (d1) can have a relatively low value with high capital intensity. Return on sales indicator (R1) while it will be high. Relatively low value of the financial independence ratio (U3) can only be in organizations that have a stable and predictable cash flow for their products (works, services). The same applies to the organization
