Subject. Analysis of the financial condition of the enterprise. Analysis of current assets of an enterprise Why is profit analysis carried out?

Tutorial. Taganrog: TRTU Publishing House, 1999

Chapter 11. Statistical indicators of products, labor resources and production efficiency

11.6. Statistics of the financial activities of the enterprise. Profit and profitability indicators

Various aspects of the production, economic and financial activities of the enterprise are reflected in the system of indicators of financial results. This system is formed by indicators of profit and profitability, as well as gross income - revenue from sales of products (works, services).

In a market economy, the basis for the economic development of an enterprise is profit. Profit indicators become the most important for assessing the production and financial activities of enterprises as independent commodity producers.

Profit is the main indicator of the efficiency of an enterprise, the source of its life. Profit growth creates the basis for self-financing of the enterprise's activities, expanded reproduction and satisfaction of the social and material needs of the workforce. At the expense of profits, the enterprise's obligations to the budget, banks and other organizations are fulfilled. Several profit indicators are calculated.

The final financial result of an enterprise is balance sheet profit (loss). Balance sheet profit is the sum of profit from sales of products (works, services), profit (or loss) from other sales, income and expenses from non-sales operations. The calculation of balance sheet profit can be presented as follows:

PB=PR+PP+PVN,
where PB is balance sheet profit (loss);
PR – profit (or loss) from the sale of products (works, services);
PP – the same from other sales;

Profit from the sale of products (works, services) constitutes, as a rule, the largest part of the entire balance sheet profit of the enterprise. It is defined as the difference between revenue from sales of products at wholesale prices of the enterprise (excluding VAT) and its full cost. If the cost of production exceeds its value in wholesale prices, then the result of the enterprise’s production activities will be a loss. Calculation of profit from product sales can be presented as a formula

PR = VD-Z pr -VAT,

where VD is gross income (revenue) from the sale of products (works, services) at current wholesale prices;
Zpr – costs of production and sales of products (full cost of production);
VAT – value added tax.

Gross income expresses the completion of the enterprise’s production cycle, the return of funds advanced for production into cash and the beginning of a new turnover. Gross income also characterizes the financial results of the enterprise. At manufacturing enterprises, revenue consists of amounts received in payment for products, work, and services to the enterprise's accounts in banking institutions or directly to the enterprise's cash desk. For trade and public catering enterprises, gross income from the sale of goods is defined as the difference between the sales and purchase costs of goods sold. For non-self-supporting organizations, gross income is income from economic and other commercial activities.

Production costs (Z pr) of sold products (works, services) include the full actual cost of sold products (works, services), i.e. the cost of raw materials, the cost of paying production workers, as well as overhead costs associated with the management and maintenance of production: for the maintenance of management personnel, rent, electricity, maintenance and repairs. Subtracting all these expenses from sales revenue, we obtain profit from the sale of products (works, services), i.e.

Profit (loss) from other sales is the balance of profit (losses) from the sale of products (works, services) of ancillary, auxiliary and service industries that are not included in the volume of sales of the main commercial products. The financial results of the sale of excess and unused material assets are also reflected here. They are defined as the difference between the sale (market) price of the property and the original or residual value of the property, adjusted for the inflation index.

Income (expenses) from non-sales operations combine various income, expenses and losses not related to the sale of products. This indicator includes:
1) the amount of economic sanctions and compensation for losses. This is the total amount of fines, penalties, penalties and other economic sanctions received and paid, with the exception of those contributed to the budget in accordance with the law. The latter are attributed to the profits remaining at the disposal of the enterprise. Such sanctions include the withdrawal to the budget of profits received as a result of violation of state price discipline, non-compliance with standards and technical conditions, a fine in the amount of illegally obtained profits, as well as the amount of financial sanctions collected by tax authorities, etc.;
2) income (losses) of previous years identified in the reporting year;
3) losses from natural disasters;
4) losses from writing off debts and receivables;
5) receipts of debts previously written off as bad;
6) income from the rental of property;
7) income received from equity participation in joint ventures;
8) dividends on shares, bonds and other securities owned by the enterprise;
9) other expenses, income and losses attributed in accordance with current legislation to the profit and loss account.

Net profit (NP) is the profit remaining at the disposal of the enterprise. It is defined as the difference between the taxable balance sheet profit (PB") and the amount of taxes taking into account benefits (N"):

PE = PB"-N".

To determine taxable profit, balance sheet profit is increased (decreased) by the amount of excess (decrease) in labor costs of the enterprise personnel engaged in the main activity in the structure of the cost of goods sold compared to their standard value. The following are excluded from the amount of profit received:

rent payments made to the budget from profits in the prescribed manner;

income (dividends, interest) received on shares, bonds and other securities owned by the enterprise;

income from equity participation in other enterprises; profit from insurance activities; other income from non-operating operations; the amount of contributions to the reserve fund and other similar funds, the creation of which is provided for by law; income tax benefits.

General schemes for the formation and use of profit and net income are presented in Fig. 11.5 and 11.6.

Rice. 11.5. Formation and use of profit in market conditions.

Rice. 11.6. Formation and use of net income in a market economy.

Currently, the direction of use of net profit is determined by the enterprise independently.

State influence on their choice is carried out through taxes, tax fees and economic sanctions. In the future, a transition from profit tax to corporate income tax is envisaged.

Profit indicators characterize the absolute efficiency of the enterprise's economic activities.

Along with this absolute assessment, relative indicators of business efficiency are also calculated - profitability indicators (R).

Depending on what indicators are used in the calculations, several profitability indicators are distinguished. The numerator usually contains one of three values: profit from sales (PR), balance sheet profit (PB) or net profit (NP). The denominator is one of the following indicators: production costs of sold products, production assets, gross income, equity, etc.

Specifically, the following indicators are calculated in this way.

Profitability of production is the ratio of book profit to the average cost of production assets:

where is the average cost of production assets (fixed and working capital).

The indicator characterizes the amount of profit per one ruble of the cost of production assets.

Profitability of core activities - the ratio of profit from sales to production costs of sold products (works, services):

This indicator allows you to judge how much profit each ruble of production costs generates.

Product profitability is the ratio of profit from product sales to sales revenue as a whole (RP):

In countries with a market economy, to characterize the profitability of investments in a particular type of activity, the return on equity (R s.c.) and the return on fixed (advanced) capital (R s.c.) are calculated:

where is the average annual cost of investments in assets (determined according to the annual balance sheet of the enterprise);

– average annual cost of equity capital (also determined according to the enterprise’s annual balance sheet).

Since in the structure of balance sheet profit the largest share is given to profit from the sale of commercial products (works, services), the main attention in the analysis process should be paid to the study of the factors of change in this particular indicator. These include:
1) increase or decrease in selling prices for sold products, tariffs for services and work;
2) dynamics of the cost of sold products (works, services);
3) increase or decrease in the volume of products (works, services) sold;
4) change in the structure (composition) of sold products (works, services).

To identify the degree of influence of these factors, it is necessary to recalculate the proceeds from the sale of products (works, services) of the reporting period at prices of the base period and the cost of actually sold products (works, services) in the reporting period at the cost of the base period. An example of such a recalculation is given in table. 11.5.

Table 11.5

Factors influencing profit from sales of products (works, services)

From the data in table. Table 11.5 shows that profit from sales of products (works, services) compared to the previous period increased by 2,072 thousand rubles. We find this change as follows:

Here DP is the change in profit from sales of products (works, services);
P 1 – profit of the reporting period;
P 0 – profit of the base period.

The task of statistics is to assess the influence of each of the four factors mentioned above on this result.

1. Impact of changes in prices (tariffs) (DP(P)):

Let's compare the revenue from the actual sales of products (works, services) in current prices with the revenue from the actual sales of products (works, services) in prices of the previous period:

Consequently, as a result of an increase in prices (tariffs) for sold products, the enterprise received an additional 5,972 thousand rubles. arrived.

2. We will determine the impact of changes in the cost of sold products (work, services) (DP(Z)) by comparing the actual costs of sold products (work, services) with conditional costs for the same products at the cost of the previous period:

Increase in cost by 5,546 thousand rubles. led to a decrease in profit for the enterprise in the same amount.

3. Impact of changes in the volume of sales of products (works, services) (DP(q)).

To determine the influence of this factor, we calculate the index of the physical volume of sales (I q):

The volume of products sold (works, services) increased by 14.09%. Consequently, profit due to this factor increased in the same proportion. We will make the calculation as follows:

4. The impact of changes in the structure of sold products (works, services).

In determining the impact of this factor on changes in profit, we will reason as follows.

While maintaining the range of sold products (works, services) at the level of the previous period, every thousand rubles of sales must contain

arrived; with the actual assortment this ratio was

those. by 0.18999 thousand rubles. more. Based on the actual sales volume in prices of the previous period, we obtain the following effect of changes in the assortment on the amount of profit:

The influence of all the considered factors on the change in the total amount of profit from the sale of products (works, services) is reflected in table. 11.6.

Table 11.6

Influence of factors determining changes in profit from sales of products (works, services) in the reporting period

Table data 11.6 show that the amount of profit increased mainly due to changes in the volume and range of products sold. The total change in profit was +2,072 thousand rubles.

As already mentioned, profit is the main indicator characterizing the financial and economic activities of an enterprise. However, based on this indicator alone, taken in isolation, it is impossible to draw reasonable conclusions about the level of profitability. Profit of 2 million rubles. can be the profit of enterprises of different scales of activity and size of invested capital. Accordingly, the degree of relative weight of this amount will be different. Therefore, when analyzing profitability, indicators are used that characterize the amount of profit per ruble of resources used or costs incurred. Most often, profitability analysis is carried out according to the following indicators:

profitability of production, calculated as the ratio of balance sheet profit to the average annual cost of fixed production assets and material circulating assets (inventories and costs);

The factors influencing the profitability of production include the profitability of products sold, the capital intensity of products (capital productivity), the coefficient of fixation of working capital (working capital turnover). To identify the influence of these factors, we transform the formula for calculating production profitability:

Let's divide both the numerator and the denominator by the amount of revenue from product sales:

We get R - profitability of products sold, or the share of profit per 1 ruble. sold products; F e – capital intensity, which can also be obtained as 1/N; N – level of capital productivity;

Kz is the fastening coefficient, which can also be found as 1/K; K – turnover ratio.

The study of factors influencing the production profitability indicator is carried out in dynamics (in comparison with data for previous years). When assessing the influence of these factors, the following calculations should be performed. Overall change in production profitability (DR pr):

Including:

1) due to changes in product profitability –

2) due to changes in the capital intensity of products (capital productivity):

3) due to a change in the consolidation (turnover) coefficient of working capital:

The total influence of three factors will give the overall change in production profitability:

Let's consider the presented analysis methodology using a specific example (Table 11.7).

The level of production profitability for the reporting year increased by 0.84 points: DR pr = 12.93-12.09 = 0.84. The influence of individual factors was as follows.

1. An increase in the profitability of sold products (works, services) led to an increase in the level of profitability of production by 0.31 kopecks. for every ruble of resources used:

2. Reducing capital intensity, i.e. an increase in capital productivity of fixed production assets led to an increase in production profitability by 0.47 kopecks. for every ruble:

Table 11.7

Production profitability and its determining factors for the enterprise for the year	Index Conditional about-	values Previous	this year Report-
new year 1. Revenue from sales of products (works, services) in wholesale prices (excluding VAT), thousand rubles. 2. Balance sheet profit, thousand rubles. 3. Average annual cost 4. Average annual cost 5. Average annual cost 6. Capital intensity of products (page 3:page 1), kopecks. for 1 rub. 7. Fastening coefficient (page 4: page 1), kopecks. for 1 rub. 8. Product profitability (page 2:page 1), kop. for 1 rub.	9. Profitability of production (page 2: page 5 or page 8 / (page 6 + page 7)), kop. RP + PB 1/N 1 TO R	212 352 26 164 187 428 29 014 216 442 88,26 13,66 12,32 12,09	223 430 28 238 188 836 29 480 218 316 84,52 13,19 12,64 12,93

3. Reducing the coefficient of consolidation of working capital, i.e. acceleration of their turnover led to an increase in production profitability by 0.06 kopecks:

Thus, the overall increase in profitability for all factors analyzed

for every ruble of resources used.

This is the general change in production profitability compared to the data for the previous year (12.93-12.09 = 0.84 kopecks)

The profitability of individual products depends on their market prices and costs.

Let us consider the influence of these factors using the following example (Table 11.8).

Table 11.8

The influence of the market price and cost of the product on its profitability

The profitability of the product increased by 2%, this change was influenced by an increase in prices and higher costs. To determine the influence of each factor, we will make the following calculations.

where DR(Р) – change in the profitability of the product as a result of price changes;

– conditional profitability of the product at the base cost and price of the reporting year;

Consequently, an increase in the market price led to an increase in the profitability of the product by 10.6%.

The increase in the cost of the product reduced its profitability by 8.6%.

The overall change in profitability for both factors was (%): 10.6+(-8.6) = 2, which corresponds to the data in Table. 11.8. (Note that an alternative analysis gives )

The profitability of products must be analyzed over a number of years, identifying the influence of relevant factors.

This may be of interest (selected paragraphs):
- Indicators of the use of working time. Working time funds
-

Current assets are the most mobile part of capital, the state of which largely determines the financial condition of the enterprise as a whole.

Classification of current assets

Signs of classification of current assets	Classification groups	Name of certain types of current assets or corresponding sections and items of the balance sheet
Depending on the functional role in the production process	a) working capital	raw materials, materials, fuel, work in progress, semi-finished products of own production, deferred expenses
Depending on the functional role in the production process	b) circulation funds	finished products, shipped goods, funds in accounts and in the cash register, funds in settlements with other enterprises and organizations
Depending on the sources of working capital formation	a) own working capital	the difference between the total of section III of the balance sheet “Capital and reserves” and section I of the balance sheet “Non-current assets”
Depending on the sources of working capital formation	b) borrowed funds	bank loans, accounts payable
Depending on liquidity (rate of conversion into cash)	a) absolutely liquid funds
	b) quickly realizable working capital	normal accounts receivable
	c) slowly realized working capital	inventories less deferred expenses
Depending on the risk of capital investment	a) capital with minimal investment risk	cash, short-term financial investments
	b) capital with low investment risk	accounts receivable excluding doubtful, industrial inventories minus stale ones, finished goods minus those not in demand
	c) capital with average investment risk	work-in-process inventories, low-value and wear-and-tear items
	d) capital with a high investment risk	deferred expenses, doubtful accounts receivable, stale inventories, products that are not in demand

The stability of the structure of current assets indicates a stable, well-established process of production and sales of products and, conversely, significant structural changes are a sign of unstable operation of the enterprise.

Let's give example of assessing the composition and structure of current assets in dynamics for the reporting period using the example of a conditional enterprise.

An example of assessing the composition and structure of current assets

Indicators	Absolute values, thousand rubles.		Specific gravity, %		Dynamics
Indicators	for the beginning of the year	at the end of the year	for the beginning of the year	at the end of the year	in absolute terms	in specific gravity	as a percentage of the change in total assets
Reserves	112470	134445	80,30%	84,00%	21975	3,60%	109,30%
VAT on purchased assets	2445	3542	1,70%	2,20%	1097	0,50%	5,50%
Accounts receivable for which payments are expected in more than 12 months.	0	0	0,00%	0,00%	0	0,00%	0,00%
Accounts receivable for which payments are expected within 12 months.	24973	21631	17,80%	13,50%	-3342	-4,30%	-16,60%
Short-term financial investments	0	0	0,00%	0,00%	0	0,00%	0,00%
Cash	145	528	0,10%	0,30%	383	0,20%	1,90%
Other current assets	0	0	0,00%	0,00%	0	0,00%	0,00%
Total current assets	140033	160146	100,00%	100,00%	20113	0,00%	100,00%

Elements of working capital continuously move from the sphere of production to the sphere of circulation and return to production again. Part of the working capital is constantly in the sphere of production (inventory, work in progress, finished products in the warehouse, etc.), and the other part is in the sphere of circulation (shipped products, accounts receivable, securities, cash, etc. ). Therefore, the composition and size of the organization’s working capital are determined not only by the needs of production, but also by the needs of circulation.

The need for working capital for the sphere of production and for the sphere of circulation is not the same for different types of economic activity, and even for different organizations of the same industry. This need is determined by the material content and speed of turnover of working capital, production volume, technology and organization of production, the procedure for selling products and purchasing raw materials and other factors.

Methods for determining the need for working capital

To calculate the financial and operational requirement (FEP) for working capital, the following methods are used: analytical, direct counting, coefficient.

Analytical (experimental-statistical) method lies in the fact that FEP are calculated over a number of years (3-5 years) and averaged. Calculations are based on the relationship:

FEP = 3 + Db - Kp

where, 3 - inventories and other current assets from section II of the balance sheet asset; DB - accounts receivable; Kp - short-term liabilities (results of section V of the balance sheet).

Direct counting method is that, using standards, they calculate the need for each element of working capital:

productive reserves;
expected work in progress;
expected balances of finished products in the warehouse;
expected receivables;
necessary funds and securities.

Coefficient method consists in the fact that the calculations are first carried out using the direct counting method, and then adjusted in accordance with the expected dynamics of production growth. Depending on the characteristics of formation, working capital is divided into standardized and non-standardized. Normalized working capital includes, as a rule, all working capital, as well as that part of the circulating capital that is in the form of remnants of unsold finished products in the organization’s warehouse. Standardized working capital is reflected in the financial plans of the organization. Non-standardized working capital includes all other elements of circulation funds, i.e. products sent to consumers but not yet paid for, and all types of funds and settlements.

Accelerating the turnover of working capital and accounts receivable helps reduce the need for working capital (absolute release), increase production volumes (relative release), and increase profits, which creates conditions for improving the overall financial and economic condition of the enterprise. To assess the efficiency of using working capital, we apply the following indicators:

1. Working capital turnover ratio(Kob), showing the number of revolutions made by working capital during the reporting period, the calculation formula is as follows:

Kob = Vr/Oss

where, Вр - sales revenue minus value added tax and other mandatory payments; OSS is the average cost of the enterprise's working capital for the analyzed period (year).

2. Duration (value) of turnover in days (Dlo) is the time during which working capital is returned to cash:

Dlo = Oss*D/Vr

where, D is the number of days in the reporting period.

In the practice of calculations when calculating turnover indicators, to simplify them, it is customary to consider the duration of any month as 30 days, any quarter as 90 days and a year as 360 days.

The peculiarity of this indicator in comparison with the turnover ratio is that it does not depend on the duration of the period for which it was calculated. For example, two turnovers of funds in each quarter of the year will correspond to eight turnovers per year, with a constant duration of one turnover in days.

3. Working capital consolidation ratio(Kzo), shows the amount of working capital per 1 rub. sales revenue:

Kzo = Oss/Vr

The economic meaning of the working capital consolidation coefficient is that it characterizes the amount of the average balance of working capital per one ruble of sales revenue.

Quantitative calculation of the capital turnover indicators of the conditional enterprise is carried out in the table according to the data of forms No. 1 and No. 2.

No.	Indicators	Previous period	Reporting period	Dynamics
1	2	3	4	5
1	Revenue (net) from sales, rub.	329 352	319 580	-9772
2	Number of days in the reporting period	360	360	X
3	One-day sales turnover (one-day sales), thousand rubles. (item 01/item 02)	915	888	-27,14
4	Average cost of working capital, thousand rubles.	179 460	150 089	-29371
5	Working capital turnover ratio (item 01/item 04)	1,84	2,13	0,29
6	Working capital consolidation ratio (clause 04/clause 01)	0,54	0,47	-0,08
7	Duration of one turnover of funds in days (clause 04/clause 03)	196	169	-27,09
8	The amount of all working capital released (-) or additionally attracted (+) compared to the previous year, thousand rubles. (clause 07, gr. 5 * clause 03, gr. 4)	X	X	-24046

When assessing profitability levels, the following indicators are used:

overall production profitability, calculated as the ratio of book profit to the average annual cost of fixed production assets, inventories and costs;

profitability of sold products, calculated as the ratio of profit from sold products in wholesale prices of the enterprise.

The analysis of the level of profitability is carried out according to the elements included in the formula, i.e. the impact of changes in the amount of profit from the sale of the value of OPF and NOS at the level of profitability is revealed. Such analysis often distorts the economic meaning, because The values of fixed assets and normalized working capital in themselves do not show the efficiency of their use. Any increase in the cost of PF reduces the level of profitability.

The study of factors influencing the production profitability indicator is carried out in dynamics (in comparison with data for previous years).

The profitability of products must be analyzed over a number of years, identifying the influence of relevant factors.

Factors that mainly affect production profitability include:

profitability of products sold;

coefficient of capital intensity of production;

working capital consolidation ratio.

Let us now consider these factors in more detail.

Let's divide both the numerator and the denominator by the amount of revenue from product sales:

We get R - profitability of products sold, or the share of profit per 1 ruble. sold products; Fe is the capital intensity, which can also be obtained as 1/N; N - level of capital productivity; Kz is the fastening coefficient, which can also be found as 1/K; K - turnover ratio.

1) due to changes in product profitability -

1) due to changes in product profitability –

2) due to changes in the capital intensity of products (capital productivity):

3) due to a change in the consolidation (turnover) coefficient of working capital:

Let's consider the presented analysis methodology using a specific example (Table 1.1).

The level of production profitability for the reporting year increased by 0.84 points: DRpr = 12.93-12.09 = 0.84. The influence of individual factors was as follows.

1. An increase in the profitability of sold products (works, services) led to an increase in the level of profitability of production by 0.31 kopecks. for every ruble of resources used:

2. Reducing capital intensity, i.e. an increase in capital productivity of fixed production assets led to an increase in production profitability by 0.47 kopecks. for every ruble:

Table 1.1. Production profitability and its determining factors for the enterprise for the year

3. Reducing the coefficient of consolidation of working capital, i.e. acceleration of their turnover led to an increase in production profitability by 0.06 kopecks:

Thus, the overall increase in profitability for all factors analyzed

for every ruble of resources used.

This is the general change in production profitability compared to the data for the previous year (12.93-12.09 = 0.84 kopecks)

The profitability of individual products depends on their market prices and costs.

Let us consider the influence of these factors using the following example (Table 1.2).

Table 1.2. The influence of the market price and cost of the product on its profitability

where DR(P) is the change in the profitability of the product as a result of a change in price; economic financial profitability competitive

Conditional profitability of the product at the base cost and price of the reporting year;

Consequently, an increase in the market price led to an increase in the profitability of the product by 10.6%.

The increase in the cost of the product reduced its profitability by 8.6%.

The overall change in profitability for both factors was (%): 10.6+(-8.6) = 2, which corresponds to the data in Table. 1.2. (Note that an alternative analysis gives)

Thus, conducting an in-depth financial analysis of the enterprise’s activities will allow us to determine the potential capabilities of the company and their compliance with the current market conditions.

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where PZ is the average annual amount of inventory for the analyzed period, rub.

4.Coefficientconsolidationnegotiableassets (TO zoa) is calculated as the ratio of the average annual value of current assets to net revenue (Vn). The economic content of this coefficient is that the amount of working capital required to receive 1 ruble of net revenue (fixed) is determined. Current assets for calculation are taken on an average annual basis.

5.Coefficientturnoverowncapital (TO osk).

This coefficient is calculated as the ratio of net revenue for the analyzed period to the average annual value of equity capital and shows how much net revenue is contained in each ruble of equity capital, and what is the period of its circulation. The inverse value of this coefficient and multiplied by 365 reflects the duration of one turnover of equity capital in calendar days (O sq).

Let's calculate turnover indicators based on data from the balance sheet and profit and loss statement of Vulcan LLC.

1. Coefficientturnoveraccounts receivabledebt

Current period

Previous period

About dz = 716 days - previous period

2. Coefficientturnovercreditordebt

Current period

O short = 151 days - current period

K okz = 2.13 - previous period

O short = 171 days - previous period

3.Coefficientturnoverproductionreserves:

Current period

O pz = 5 days - current period

To OZ = 13.27 - previous period

O pz = 28 days - previous period

Coefficientconsolidationnegotiableassets (TO zoa)

Current period

K zoa = 4.73 - previous period

Coefficientturnoverowncapital (TO osk).

Current period

About sk = 365 / 0.45 = 811 days - current period

K osk = 0.31 - previous period

About sk = 1177 days - previous period

Conclusion: when analyzing accounts receivable turnover, it should be noted that net revenue this year increased compared to the previous year from 54,081,741 rubles. up to 80,065,410 rubles, as well as the average annual accounts receivable increased. And the accounts receivable turnover decreased from 0.51 to 0.48. In the previous year, on average, the receivables turnover turnover occurred in 716 days, and in the current year in approximately 760 days.

The company's turnover period for accounts payable decreases from 171 days to 151 days, as the turnover ratio increases from 2.13 to 2.42. This is a positive moment for activity, since Vulcan LLC will be able to pay off its obligations faster.

If we compare inventory turnover, we can see that the operating cycle of the previous year is higher than that of the current year. In the previous period it was 28 days, and in the current year - 5 days.

Analyzing the coefficient of fixation of current assets, it can be seen that in the previous year it was 4.73, in the current year it was 2.07. This means that in one ruble of net revenue there are approximately 2 rubles. current assets (current period) and almost 5 rubles. current assets (previous year).

If we talk about the efficiency of using equity capital, we can say that this year it is used more efficiently. Turnover in the current year is 811 days (turnover ratio - 0.45), and in the previous year - 1177 days (0.31).

1.4 Analysisprofitability

Profitability indicators play an important role in assessing investment attractiveness, as well as in determining the impact of implemented investment projects on changes in the investment attractiveness of an enterprise. Among them:

Profitability of economic activities (return on property or assets);

Product profitability;

Financial profitability;

Return on current assets;

Profitability of production;

Return on equity;

Sales profitability.

Return on assets is an indicator that comprehensively characterizes the efficiency of an enterprise. With its help, you can evaluate the effectiveness of management, since obtaining high profits and a sufficient level of profitability largely depends on the correctness of choice and the rationality of management decisions made, based on an analysis of indicators of the investment attractiveness of the enterprise and its financial stability.

By the value of the level of profitability, one can assess the long-term well-being of the enterprise, that is, the ability of the enterprise to obtain the expected rate of return on investments in a sufficiently long term. For creditors and investors who invest money in an enterprise, this indicator is a reliable indicator that guarantees the required rate of return, which is based on the financial stability of the enterprise and the liquidity of individual balance sheet items.

When determining the profitability of assets, one should proceed from the fact that the numerical value of the property value does not remain unchanged during the period of commissioning of new fixed assets or disposal of property. Therefore, when calculating the return on assets, their average value should be determined.

All profitability indicators calculated in the course work can be divided into the following:

1. Indicators of profitability of economic activities (return on assets or property).

2.Indicators of financial profitability.

3. Product profitability indicators.

1.Calculationindicatorsprofitabilityeconomicactivities.

When calculating return on assets ratios, various indicators of enterprise income can be used: total profit, the sum of profit and depreciation, net profit, profit from sales, the sum of net profit and depreciation. In our case, to assess the investment attractiveness of an enterprise and calculate return on assets, the amount of net profit and interest paid for using the loan is used as an indicator of income for the efficiency of economic activity. Taking this into account, the profitability indicator of economic activity is coefficientprofitabilityassets (TO ra) - can be defined as follows:

where PE is net profit, rub.;

Pr - interest paid for using loans, rub.;

A ng., A k.g. - value of assets at the beginning and end of the year, rub.

In the absence of additional information, external subjects of analysis can only use the net profit indicator. Accordingly, the calculation formula will take the form:

Along with the indicated indicator, they calculate coefficient profitabilitynegotiableassets (TO roa) And coefficient profitabilityproduction (TO rp) according to the following formulas:

where OA n.g., OA k.g. - value of current assets at the beginning and end of the year, rub.;

PF n.g., PF k.g. - cost of production assets at the beginning and end of the year, rub.;

2. Indicatorsfinancialprofitability.

Financial profitability characterizes the effectiveness of the investments of the owners of the enterprise, who provide resources to the enterprise or leave at its disposal all or part of their profits. In its most general form, financial profitability is determined using coefficientprofitability owncapital (TO rsk) as the ratio of the amount of net profit (NP) to the average annual value of the company’s equity capital according to the following formula:

where SK ng., SK k.g. - equity capital of the enterprise at the beginning and end of the analyzed year, thousand rubles.

When calculating profitability, the value of equity capital should be calculated as the average value for the period, since during the year equity capital can be increased through additional cash deposits or through the use of profits generated in the reporting year, or reduced in the presence of losses or a reduction in the amount of the authorized capital of the enterprise .

3.Calculationindicatorsprofitabilityproducts.

The efficiency of the enterprise’s core activities in the production and sale of goods, works and services is characterized by coefficientprofitabilityproducts (TO rpr). It is determined by the ratio of potential profit (P p) to the total cost of production (C p). This indicator can be widely used for analytical purposes, as it allows calculations to be made by correlating various profit indicators with various indicators of product costs.

Profitabilityimplementedproducts is determined by the ratio of profit from sales (P pr) to the total cost of production, including commercial and administrative expenses (Seb.full):

The full cost of products sold is determined by summing lines 020, 030, 040 of the profit and loss report. This indicator characterizes the real amount of profit that each ruble of costs incurred for its production and sale brings to the enterprise. When calculating the profitability of products sold, the enterprise's net profit is sometimes used in the numerator. But the product profitability indicator, calculated on the basis of net profit, is influenced by factors related to supply, sales and other activities of the enterprise. In addition, taxation influences the net profit indicator, so it is advisable to use the following indicators for calculating: profit from sales, profit before tax.

The profitability indicator of products sold is used both to monitor not only the cost of products sold, but also to monitor changes in pricing policy.

4. Coefficientprofitabilitysales (Krpod) is determined by the ratio of net profit (NP) to the amount of revenue from sales without indirect taxes (Vn):

Based on the dynamics of this indicator, an enterprise can make decisions to change its pricing policy or strengthen control over product costs. The indicator can be determined for products as a whole or for individual types.

Let us determine the above profitability indicators.

1. Coefficientprofitabilityassets:

Current period

K pa = 0.03 - previous period

2. Coefficientprofitabilitynegotiableassets:

Current period

K roa = 0.06 - previous period

3. Coefficientprofitabilityowncapital

Current period

K rsk = 0.04 - previous period

4.Coefficientprofitabilityproducts

Current period

K rpr = 0.37 - previous period

5. Coefficientprofitabilitysales

Current period

K rprod = 0.14 - previous period

Conclusion: the values of the return on assets and return on current assets ratios decreased this year compared to the previous year due to a decrease in net profit by almost 3 times. Return on equity also decreased, but only by 0.01. This was due to a decrease in both the average annual cost of equity capital and net profit. The product profitability ratio remained virtually unchanged, while the sales return ratio decreased by almost 5 times due to a slight increase in net revenue and a significant decrease in net profit.

2. Analysis of the effect of financial leverage (effect of financial leverage)

To increase the rate of return on equity, the owners of an enterprise are sometimes interested in attracting credit sources into circulation, and potential creditors are interested in how many loans the enterprise has already received and how the amounts of principal and interest on them were repaid. At the expense of credit resources, an enterprise can quickly receive the necessary funds, however, on the terms of payment and repayment within the terms specified in the loan agreement. The use of borrowed funds allows you to increase the efficiency of using the company's own capital. This mechanism for increasing the rate of return is called in economics effectfinanciallever(EGF), or the effect of financial leverage.

The effect of financial leverage is an increase in the profitability of equity through the use of credit resources, despite the payment of the latter.

To use the financial leverage mechanism, the following conditions must be met:

· the level of interest rates on loans should be lower than the profitability of production, calculated by profit after tax;

· relatively high degree of stability of economic activity;

· the availability of opportunities for owners to invest their saved capital on conditions that increase the level of profitability.

The low cost of money encourages the use of borrowed sources in the enterprise's turnover to obtain the difference between borrowed and allocated capital and thereby increase the rate of return on equity capital. The use of borrowed funds in circulation, the interest rate of which is lower than the return on equity, allows you to reduce financial expenses and use tax savings. The impact of debt obligations on the rate of return will be greater, the higher the debt.

The effect of financial leverage is positive only when the difference between the after-tax profitability of production and the interest rate is positive. If market conditions are stable and allow accurate calculations of future income, then the presence of significant debt on loans does not cause concern. And if there is a significant difference between profitability and interest rates, the amount of debt can be increased. During economic instability, large debt or its growth increases the risk associated with a decrease in the business activity of the enterprise.

The effect of financial leverage, reflecting the level of additionally generated profit on equity capital at different shares of borrowed funds, is calculated using the following formula:

where EFR is the effect of financial leverage, consisting in an increase in the return on equity ratio (or the strength of the impact of financial leverage),%;

N pr - profit tax rate, in fractions of a unit;

E Ra - economic return on assets, %;

With PSA - average calculated interest rate, %

DO - long-term liabilities, rub.;

KO - short-term liabilities, rub.

ZK - borrowed capital, rub.;

SK - equity capital, rub.

Let's consider each component of formula 2.1.

1. In the above formula, the income tax rate is a constant value, depends on changes in tax legislation and for 2009 is 20%.

2. Data on debt and equity capital are taken from Form No. 1 “Balance Sheet”.

3. Economic return on assets can be calculated taking into account accounts payable and without it. In international practice, there are two methods for calculating the effect of financial leverage. According to the first of them, borrowed funds are understood as the totality of directly borrowed capital and accounts payable. According to the second method, accounts payable are not taken into account. But then accounts payable must be excluded from the denominator of the formula for calculating the economic return on assets. According to the second method, the EGF is slightly overestimated.

calculation of economic profitability without taking into account accounts payable,

where P r - profit before tax, rub. (according to Form 2 of the Profit and Loss Statement - line No. 140), rub.;

A is the value of assets at the end of the period, rub. (according to Form 1 - “Balance Sheet”), rub.

KZ - accounts payable, rub.

calculation of economic profitability taking into account accounts payable

4. The average calculated interest rate is determined based on the data of the loan agreement (loan amount, financial costs of the loan, annual interest rate for the loan):

where P k is the amount of interest on the loan, rub.;

And k - financial costs for loans, rub.;

Kr - loan amount, rub.

Thus, formula 2.1 is transformed as follows:

Taking into account accounts payable

Excluding accounts payable

From the given formulas 2.5, 2.6, three components can be distinguished:

· tax corrector of financial leverage (1 - N pr), which shows to what extent EFR is manifested in connection with different levels of profit taxation;

· differential (strength) of financial leverage (E Ra - C srp), which characterizes the difference between the profitability ratio and the average interest rate for the loan;

· coefficient (leverage) of financial leverage (LC/SC), which characterizes the amount of borrowed capital used by the enterprise per unit of equity capital.

Isolating these components allows you to purposefully manage the EGF in the process of financial activity of the enterprise.

The tax corrector of financial leverage practically does not depend on the activities of the enterprise, since the profit tax rate is established by law. At the same time, in the process of managing financial leverage, a differentiated tax adjuster can be used in the following cases:

· if differentiated rates of profit taxation are established for various types of activity of the enterprise;

· if the enterprise has tax benefits on profits for certain types of activities;

· if divisions of the enterprise operate in free economic zones where benefits apply.

In these cases, by influencing the sectoral or regional structure of production (and, consequently, the composition of profit according to the level of its taxation), it is possible, by reducing the average rate of profit taxation, to increase the impact of the tax corrector of financial leverage on its effect.

The financial leverage differential is the main condition that forms a positive EGF. The higher the positive value of the differential, the greater the effect. Receiving a negative differential always leads to a decrease in return on equity. This is due to a number of circumstances.

During a period of deterioration in financial market conditions and a reduction in the supply of free capital, the cost of borrowed funds may increase sharply, exceeding the level of profitability of production.

A decrease in the financial stability of an enterprise in the process of increasing the share of borrowed capital used leads to an increase in the risk of bankruptcy of the enterprise. This forces lenders to increase the interest rate on the loan for the additional financial risk. At a certain level of this risk, the financial leverage differential can take a zero value and even have a negative value.

When product market conditions deteriorate, the volume of product sales decreases, and, consequently, the profit margin. Under these conditions, a negative value of the financial leverage differential can be formed at constant interest rates for the loan due to a decrease in production profitability.

With a positive differential value, any increase in the financial leverage ratio will cause an even greater increase in the return on equity ratio. With a negative differential value, an increase in the financial leverage ratio will lead to an even greater rate of decline in the return on equity ratio. Consequently, with a constant value of the differential, the financial leverage ratio is the main generator of both the increase in profit on equity and the financial risk of loss of profit.

Many Western economists believe that the value of the financial leverage effect should fluctuate between 30-50 percent, i.e. The EFR should optimally be equal to one third to half the level of economic profitability of assets. In this case, tax deductions are compensated and a decent return on your own funds is provided.

Knowledge of the mechanism of influence of financial leverage on the level of return on equity capital and the level of financial risk allows you to purposefully manage both the cost and capital structure of the enterprise.

Next, we will calculate the effect of financial leverage based on the balance sheet at the end of the reporting period, taking into account and without taking into account accounts payable, using the example of VULKAN OJSC. Financial costs at the end of the reporting year amount to 3% of the balance of credit funds in the company’s accounts. The balance sheet and profit and loss account are shown in Appendix 1.

Exercise 2. The company plans to receive bank loans in the current financial year. Calculate the effect of financial leverage for the current year based on the balance sheet at the end of the reporting year with and without accounts payable. Finance costs amount to 8% of the loan balance at the end of the period.

Credit agreement №1.

Duration - 4 years

Interest - 7% per annum.

The amount of the principal loan debt is RUB 1,500,000.

1. Determine the average calculated interest rate (C ps). To do this, we will calculate the amount with interest that we must return

S = P *(1+i) = 1,500,000 rub. *(1+9%/12 months*4 years*12 months) = 1,950,000 rubles.

interest amount = S - P = 1,950,000 -1,500,000 = 450,000 rub.

2. Let us determine the economic profitability of assets (Era) using formula 2.2 and 2.3, taking into account and excluding accounts payable at the end of the reporting period:

- With taking into account creditor debt:

- without accounting creditor debt:

3. Let us determine financial costs (Ik) using formula 2.4 with and without accounts payable:

- With taking into account creditor debt

And to =3%*(DO con per + KO con per + Credit) = 3% * (35202229 + +65348712 + 1500000) = 100595941 rub.

- without accounting creditor debt:

And k1 =3%*(DO con per + KO con per + Credit - KZ con per) = 3% * (35202229 + 65348712 + 1500000 - 30323848) = 101141225.6 rub.

- With taking into account creditor debt:

- without accounting creditor debt:

- With taking into account creditor debt:

ZK = 35202229+65348712+1500000 = 102050941 rub.

- without accounting creditor debt:

ZK 1 = 35202229+65348712+1500000 - 3032348 = 99018593 rub.

- With taking into account creditor debt:

- without accounting creditor debt:

Credit agreement №2.

Duration - 2 years

Interest - 11% per annum.

The payment procedure is monthly, starting from the first month.

The amount of the principal loan debt is RUB 6,500,000.

1. Let's determine the average calculated interest rate (ASRP). To do this, we will calculate the amount with interest that we must return

S = P *(1+i) = 6,500,000 rub. *(1+11%/12m.*2g*12m.) = 7,800,000 rub.

amount of interest = S - P = 7800000-6 500 000 = 1300000 rub.

2. Let us determine the economic profitability of assets (Era) using formula 2.2 and 2.3, taking into account and excluding accounts payable at the end of the reporting period:

- With taking into account creditor debt:

- without accounting creditor debt:

3. Let us determine financial costs (IK) using formula 2.4 with and without accounts payable:

- With taking into account creditor debt

IK = 3%*(DO con per + KO con per + Credit) = 3% * (35202229 + +65348712 + 6500000) = 100745941 rub.

- without accounting creditor debt:

Ik1=3%*(DO con per + KO con per + Credit - KZ con per) = 3% * (35202229 + 65348712 + 6500000 - 30323848) = 106141225.6 rub.

4. Let’s determine the average calculated interest rate on a loan with and without accounts payable:

- With taking into account creditor debt:

Ssrp = = 1.7

- without accounting creditor debt:

Ssrp1 = = 1.8

5. Let’s determine borrowed capital with and without accounts payable:

- With taking into account creditor debt:

ZK = 35202229+65348712+6500000 = 107050941 rub.

- without accounting creditor debt:

ZK1 = 35202229+65348712+6500000 - 3032348 = 104018593 rub.

6. Using formulas 2.5 and 2.6, we determine the effect of financial leverage with and without accounts payable:

- With taking into account creditor debt:

EGF = (1 - 0.20) * (0.02 - 0.7) * 107050941/180959910 = 0.80 * (-0.68) * 0.6= - 0.32 = -32%

- without accounting creditor debt:

EGF = (1-0.20) * (0.022 - 0.8) * 104018593/180959910 = 0.80*(-0.8)*0.6=-0.39 = -39%

In this case, it is not advisable to take out a loan, because the company will not have enough money to repay it (negative EFR value due to the negative value of the differential (strength) of financial leverage).

3. Analysisratiosvolumesales,cost,arrivedAndpointsbreak-even

Analysis of the ratio of sales volume, cost and profit consists of determining the break-even point - such a ratio of the three listed indicators that ensures the break-even functioning of the enterprise. This material is devoted to calculating the break-even point for enterprises producing a different range of products, i.e. being multi-nomenclature.

As an example, let's consider the methodology for determining the break-even point for a multi-product enterprise, which reflects the most common approach to solving this problem.

It is proposed to calculate the break-even point in physical terms in two ways. According to the first method, to determine the break-even point, the coefficient (K t) is calculated, showing the ratio of fixed costs (3 post) and marginal income (D m) from the sale of the entire range of products for the analyzed period:

Then for the i-th type of product the sales volume ensuring break-even (K cr i), can be defined as the product of the K T coefficient and the sales volume of the i-th type of product for the analyzed period in physical terms ( To i).

K cr i= K t * k i (3.2)

According to the second method, the break-even point is calculated in value terms, i.e., the amount of revenue from sales at the break-even point is determined (Vcr).

V cr = W post / K dm = W post / D m * V r, (3.3)

K dm = D m /V r., (3.4)

where K dm is the marginal income coefficient;

In p - revenue from the sale of the entire assortment sold, rub.

Кр = Врт/?к i*ts i (3.5)

K cr i = K cr * k i , (3.6)

where c i- unit price of product of the i-th type, rub.;

Kcr is a coefficient reflecting the ratio of sales volume at the break-even point to the total sales volume.

The disadvantage of the proposed methodology is the assumption that the structure of production and sales of products that developed in the period under review will remain in the future, which is unlikely, since demand, volume of orders, and product range are changing.

Let's consider calculating the break-even point for a multi-product enterprise using an example, the initial data for which is reflected in Table 1.

Table 1 Initial data for calculating the break-even point for a multi-product enterprise

Indicators	Quantity, units	Unit price, rub.	Cost, rub.
1. Sales
1.1 Product A
1.2 Product B
1.3 Product B
1.4 Products D
1.5 Total
2. Variablesexpenses
2.1 Product A
2.2 Product B
2.3 Product B
2.4 Products D
2.5 Total
3. Marginalincome
Total (page 1.5 - page 2.5)
4. Are commonpermanentexpenses

Let's calculate the break-even point using the first method, using formulas (3.1) and (3.2):

K T = W post / D m = 108000/82800 = 1.304

K cr i= K T * k i

K crA = 1.304 * 300 = 391.2 units.

K crB = 1.304 * 480 = 626 units.

K crV = 1.304 * 600 = 782 units.

K crG = 1.304 * 120 = 156 units.

Let's calculate the break-even point using the second method, using formulas (3.3), (3.4), (3.5), (3.6):

K dm = D m / V p = 82800/288000 = 0.2875

In cr = Z post / K dm = 108000/0.2875 = 375652.170 rub.

Кр = Врт/?к i*ts i = 375652,17/288000 = 1,304

K cr i= K cr * k i

K crA = 1.304 * 300 = 391.1 units.

K crB = 1.304 * 480 = 626 units.

K crV = 1.304 * 600 = 782 units.

K crG = 1.304 * 120 = 156 units.

To check the correctness of the calculations, you can use Table 2.

Table 2. Checking the correctness of calculations of the break-even point for a multi-product enterprise

Indicators

1. Sales revenue
2. Variable costs
3. Marginal income
4. General post. expenses
5. Profit

To achieve break-even operation of the enterprise, it is recommended to produce product A with a volume of at least 391.1 units, product B with a volume of at least 626 units, product C with a volume of at least 782 units, and product D with a volume of at least 156 units.

The third method of determining the break-even volume is carried out by distributing fixed costs between types of products in proportion to variable costs.

Determining the break-even production volume can be carried out in several stages. In the first of them, the total amount of fixed costs is distributed between types of products in proportion to the selected distribution base, which in this case is taken to be the value of variable costs. At the second stage, the break-even volume of production and sales for each type of product (K cr i) is calculated using the formula:

K cr i= 3 post i/(ts i- Z lane i), (3.7)

where is post 3 i- the amount of fixed costs related to the i-th type of product, rub.

This approach eliminates the drawback noted above and allows us to solve the problem of determining the break-even sales volume of an enterprise with a multi-item production.

Let's carry out the calculation using this method using the data in table.

1. Let's distribute fixed costs in proportion to variable costs between types of products: (product cost of the i-th cost at variable costs * fixed costs).

A = 18000/205200 * 108000 = 9474 rub.

B = 43200/205200 * 108000 = 22737 rub.

B = 14400/205200 * 108000 = 7579 rub.

G = 129600/205200 * 108000 = 68211 rub.

2. Let’s calculate the break-even point for each type of product:

K cr i= 3 post i/(ts i - Z lane i) (3.8)

K crA = 9474/(108 - 60) = 9474/48 = 197.38 units.

KcrB = 22737/(120 - 90) = 22737/30 = 757.9 units.

KcrV = 7579/(42 - 24) = 7579/18 = 421 units.

K KrG = 68211/(1440 - 1080) = 68211/360 = 189.48 units.

The accuracy of the calculations is checked in Table 3.

Table 3 Checking the correctness of calculations of the break-even point for each type of product

Indicators

1. Sales revenue
2. Variable costs
3. Marginal income
4. General post. expenses
5. Profit

According to the table, it can be seen that, as follows from the definition of the break-even point, at critical sales volumes of types of products A, B, C, D and the costs of their production and sales, the profit is zero.

According to this method, in order to achieve break-even operation of the entire enterprise, it is recommended to produce product A with a volume of at least 197.38 units, product B with a volume of at least 757.9 units, product C with a volume of at least 421 units, and product D with a volume of at least 189.48 units.

Next, we will consider the problem of determining sales volume with a planned profit level using the example of a multi-product enterprise. If the management of an enterprise sets the task of obtaining a certain amount of profit, then sales revenue (V p) for a given amount of profit (P) can be calculated using the already known formula:

The volume of production and sales of products in physical terms (Kt), at which the enterprise will receive a profit in the planned amount, will then be:

The method for determining sales volume with a planned amount of profit for multi-product enterprises is as follows.

1. The volume of sales in value terms corresponding to the planned profit (V p) is determined by the formula:

V p = (3 post + P)/D m0 * V 0, (3.11)

where B 0 is the sales volume in the base period, rub.;

D m0 - marginal income in the base period, rub.

2. Sales volume in physical terms required to obtain the planned profit (K p i), is equal to:

K p i= K * k i , (3.12)

where K = (3 post + P)/D m;

To i- sales volume of the i-th product in physical terms, units.

Using the data in Table 1 and the condition that the planned amount of profit should be 200,000 rubles. (before taxation), we determine the volume of sales in value terms corresponding to the planned profit.

V p = (3 post + P)/D m0 * V 0

In n = (108000 + 200000)/ 82800 * 288000 = 11130434.78 rub.

Let's calculate the marginal income growth index (K) according to the plan in relation to the base period.

K = (3 post + P)/D m

K = (108000 + 200000)/ 82800 = 3.7

Then you can determine the sales volume in physical terms for each type of manufactured and sold product in order to obtain the planned amount of profit:

K p i= K * k i

K pA = 3.7 * 300 = 1110 units.

K pB = 3.7* 480 = 1776 units.

K pV = 3.7* 600 = 2220 units.

K pG = 3.7* 120 = 444 units.

After checking, substituting the planned sales volume, we get the planned profit.

Table 4 Checking the correctness of the calculation of sales volume corresponding to the planned profit amount

Indicators

1. Sales revenue
2. Variable costs
3. Marginal income
4. General post. expenses
5. Profit

In order for the enterprise to receive a planned profit of 200,000 rubles, it is necessary to produce product A with a volume of at least 1110 units, product B with a volume of at least 1776 units, product C with a volume of at least 2220 units, product D with a volume of at least 444 units.

4. AnalysisinfluenceByfactorsonchangepointsbreak-even

Factors that influence the critical sales volume include:

· unit price;

Variable costs per unit of production;

· fixed costs per unit of production;

· fixed costs.

The relationship between the listed factors and the general indicator can be expressed by the following already known formula:

K kr = 3 post /(ts i- Z lane i) (4.1)

If we consider sequentially the change in the value of only one of the listed factors, then the break-even point will be calculated as follows.

When the product sales price changes, the critical sales volume will be equal to:

V kr(ts) = 3 post0 /(ts 1 - 3 per0), (4.2)

where V kr(ts) - sales volume at the break-even point at price (ts 1), rub.

The change in the break-even point due to deviations in the selling price (? In kr(ts)) will be:

In kr(ts) = In kr(ts1) - In kr(ts0), (4.3)

where B kr(t1) and B kr(t0) are sales volumes at the break-even point at prices c 1 and c 0, rub.

When variable costs per unit of production change, the break-even point will be:

In cr(lan) = Z post0 /(ts 0 - Z lane1), (4.4)

where V kr(per) - sales volume at the break-even point with variable costs (per1), rub.

The change in the break-even point due to changes in variable costs per unit of production (? In cr(per)) is equal to:

In kr(ln) = B kr(n ep 1) - In kr(ln0), (4.5)

where Bcr(p ep 1) and Bcr(per0) are sales volumes at the break-even point at the level of variable costs before the implementation of the event (per0) and after the implementation of the event (per1), rub.

When fixed costs change, the break-even point will be equal to:

To kr(post) = Z post1 /(ts 0 - Z per0), (4.6)

where Vcr(post) is the volume of sales at the break-even point at fixed costs (3 post1), rub.

The change in the break-even point due to changes in fixed costs (? In cr (post)) is:

In cr(post) = In cr(post1) - In cr(post0) (4.7)

The influence of these factors on the break-even point can be analyzed. Obviously, the break-even point reacts most sensitively to changes in the selling price of a unit of production. Moreover, these indicators are inversely related. If an enterprise operates at close to its full production capacity, then its management has virtually no ability to control the price downward, since the sales volume that is necessary to ensure cost recovery increases sharply and may exceed the production capacity of the enterprise. When the capacity utilization of an enterprise is low, a reduction in the selling price can be considered as a factor that can increase the profitability of the enterprise due to a possible increase in output and sales of products. The sensitivity of the break-even point to changes in variable costs per unit of production is also high. There is a direct relationship between this factor and the general indicator. Even a slight increase in variable costs has a negative impact on the results of the enterprise.

An increase in fixed costs leads to a higher break-even point and vice versa.

An analysis of the influence of all factors on the break-even point of one product is carried out using the technique of chain substitutions in a certain sequence. In this case, indicators with index 0 indicate the values of the base period, and with index 1 - the current (reporting) period. First, the change in the break-even point is determined by changing the level of fixed costs, then by changing sales prices and by changing variable costs per unit of product.

To kr(cond1) = Z post1 /(ts 0 - Z per0) (4.8)

To kr(cond2) = Z post1 /(ts 1 - Z per0) (4.9)

To kr(uslZ) = Z post1 /(ts 1 - Z per1) = To kr1 (4.10)

The change in the break-even point will be due to changes in:

a) the amount of fixed costs K cr(cond1) - K cr0;

b) sales prices of products K kr(usl2) - K kr(usl1);

c) variable costs K cr(yc l3) - K cr(cond2).

For enterprises with multi-product production, the analysis of the influence of factors on break-even sales volume should also take into account structural changes in the product range. The impact of changes in the product range in value terms is taken into account using the following formula:

B to p = Z post /?(y i* (ts i- Z lane i)/ts i) = Z post /? (y i* (1 - Z lane i/ts i), (4.11)

where y i= k i*ts i/?(To i*ts i) - the share of each type of product in the total amount of sales revenue;

3 post - fixed costs, rub.

Z lane i- variable costs of the i-th type of product, rub.

ts i- price of the i-th type of product, rub.

We will analyze the influence by factors on the change in the break-even point of a multi-product enterprise using the initial data accumulated in Table 5.

Table 5 Initial data for calculating the influence of factors on changes in the break-even point of a multi-product enterprise

Indicators		Actually
Fixed costs of the enterprise, thousand rubles.
Specific variable costs, thousand rubles.
Product A
Product B
Product B
Unit sales price, thousand rubles.
Product A
Product B
Product B
Number of products sold, units
Product A
Product B
Product B
Share in total revenue
Product A
Product B
Product B

B to p = Z post /?(y i* (ts i- Z lane i)/ts i) = Z post /? (y i* (1 - Z lane i/ts i) (4.12)

1. Let’s determine the level of the break-even point in value terms, which will be according to planned data (In cr0):

2. Let’s determine the level of the break-even point in value terms based on actual data (B cr1):

3. Let’s determine the change in the break-even point (?В кр) is equal to:

In cr = In cr1 - In cr0 = 6000 - 5617.98 = 382,02 thousand rub .

We will calculate the influence by factors using the method of chain substitutions in the following sequence.

1. Let’s determine the impact of changes in sales volume and product structure:

For product A:

Therefore, the impact of changes in volume and structure for product A is:

В?уА = В conv1 - В кр0 = 33222.59 - 36764.71 = -3542.12 thousand rubles.

For product B:

Therefore, the impact of changes in volume and structure for product B is equal to:

V?уБ = In condition2 - In condition1 = 970.09 - 4087.19 = -3117.1 thousand rubles.

For products B:

Therefore, the impact of changes in volume and structure for product B is equal to:

V?uv = V conv3 - V con2 = 5190.31 - 970.09 = 4220.22 thousand rubles.

Total factor of changes in the volume and structure of products, the impact on the break-even point is:

382,02 + (-3117,1) + 4220,22= 1485,14 thousandrub.

2. Let us consider the influence of the factor of unit variable costs on the break-even point in value terms.

For product A:

The effect of changes in unit variable costs for product A is equal to:

V?ZperA = In condition4 - In condition3 = 5190.31 - 5190.31 = 0 thousand rubles.

For product B:

The impact of changes in unit variable costs for product B is equal to:

V?ZperB = V condition5 - V condition4 = 4298 - 5190.31 = -892.31 thousand rubles.

For products B:

The effect of changes in unit variable costs for product B is equal to:

V?ZperV = In condition6 - In condition5 = 5597 -4298 = 1299 thousand rubles.

Total for the factor of change in unit variable costs, the impact on the break-even point is:

0+ (-892,31) + 1299= 406,69 thousandrub.

3. Let's consider the influence of the factor of changing the sales price of products.

For product A:

Therefore, the impact of a change in the selling price of product A is equal to:

V?tsA = In condition7 - In condition6 = 6550 - 5597 = 953 thousand rubles.

For product B:

Therefore, the impact of a change in the selling price of product B is equal to:

V?tsB = In condition8 - In condition7 = 6466 - 6550 = -84 thousand rubles.

For products B:

Therefore, the impact of a change in the selling price of product B is equal to:

V?tsV = In condition9 - In condition8 = 5000 - 6466 = -1466 thousand rubles.

The total impact on the break-even point by the factor of change in selling price is:

953 + (-84) + (-1466)= -597 thousandrub.

4. Let’s determine the impact of changes in fixed costs on changes in the break-even point:

?IN ?Zpost= V cr1 - V conv9 = 6000- 5000 = 1000 thousand roubles.

Let's check the calculations:

Вкр = Вкр1 - Вкр0 = ?В?уА + ?В?уБ + ?В?уВ + ?В?ЗперА + ?В?ЗперБ + ?В?ЗрВ + ?В?тсА + ?В?цБ + ? V?tsV + ?V?Zpost = 1485.14+406.69+(-597)+1000= 2294.83 thousand rubles.

In general, for the enterprise, changes in the break-even point were:

· decrease due to changes in the volume and structure of products - by 1485.14 thousand rubles;

· growth due to changes in unit variable costs - by 406.69 thousand rubles;

· reduction due to changes in sales prices - by (-597) thousand rubles;

· growth due to an increase in fixed expenses - by 1000 thousand rubles.

The total change was: + 2294.83 thousand rubles. (1485.14) + 406.69 + (-597)+1000= 2294.83 ...

Subject. Analysis of the financial condition of the enterprise. Analysis of current assets of an enterprise Why is profit analysis carried out?

Classification of current assets

An example of assessing the composition and structure of current assets

Methods for determining the need for working capital

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2. Analysis of the effect of financial leverage (effect of financial leverage)

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