Undergraduate practice report of a financier. Practice report: Complete financial analysis of the enterprise

URAL SOCIO-ECONOMIC INSTITUTE

ACADEMIES OF LABOR AND SOCIAL RELATIONS

Department of Financial Management

Specialty "Finance and Credit"

Report on the passage of undergraduate practice on the example of Oscar-Inform LLC

Chelyabinsk 2009

Introduction

1. Brief description of Oscar-Inform LLC

2. Balance sheet figures of Oscar-Inform LLC (by periods)

2.1 Analysis of the sources of funds of the enterprise

Oscar-Inform LLC

Oscar-Inform LLC

4.5 Structural characteristics of financial resources (liabilities)

Oscar-Inform LLC

5. Assessment of the solvency of Oscar-Inform LLC

Oscar-Inform LLC

Oscar-Inform LLC)

Oscar-Inform LLC

Conclusion

Today, founders, investors, foreign creditors need information about the real financial situation of enterprises, the source of which is financial statements. In addition, the founders and owners of enterprises, using the economic analysis of financial statements, identify urgent problems of increasing the efficiency of functioning capital, choosing a source for extracting optimal or maximum profit.

The effectiveness of financial analysis largely depends on the organization and perfection of its informative base. The main source of information for the implementation of financial analysis is the accounting balance sheet and annexes to it.

The purpose of the work is to analyze the financial condition of the company Oscar-Inform LLC. In connection with this goal, a number of tasks should be solved:

- to study the balance cost indicators of the enterprise;

- assess the liquidity of the balance sheet of the enterprise;

- evaluate and diagnose the financial stability of the enterprise;

– analyze the solvency of the enterprise;

– study and analyze the financial needs for current assets;

– evaluate the efficiency and quality of the enterprise;

- to give a comprehensive assessment of the financial and economic efficiency of the enterprise.

The object of the study is the company Oscar-Inform LLC.

Brief description of Oscar-Inform LLC

Limited Liability Company Consulting Center "Oskar-Inform", established in accordance with the Civil Code Russian Federation and the Federal Law "On Limited Liability Companies". Location of the company: 454091, Chelyabinsk, Lenin Ave., 21-V.

The form of ownership is private. The firm owns separate property reflected on its own balance sheet, including property transferred by the founders. The Company has bank accounts in the Russian Federation. The purpose of the company is to make profit. The main activity of the company is:

- provision of recruitment services;

– provision of personal services;

– consulting in the field of organizing the production of goods and services.

The organizational structure of the enterprise LLC Consulting Center "Oscar-Inform" is presented in Appendix 2.

The authorized capital of the organization consists of the contributions of the founders (owners) in monetary terms to the property of Oscar-Inform Consulting Center LLC to ensure its activities in the amounts determined by the constituent documents.

LLC Consulting Center "Oscar-Inform" has a wide range of partnerships. Partners of the firm are professionals in their field. Such cooperation allows us to provide clients with truly high quality services.

The high professional level of the employees of Oscar-Inform Consulting Center LLC is maintained and developed in a system of continuous training and advanced training, which are presented in various forms: on-the-job training, mentoring, in-house seminars and trainings.

LLC Consulting Center "Oscar-Inform" strives to expand and strengthen its position, which ensures more successful operation of this trade enterprise in the market of the city of Chelyabinsk.

Balance sheet figures of Oscar-Inform LLC (by periods)

Table number 1. Analytical balance sheet of Oscar-Inform LLC (Asset)

Table number 2. Analytical balance sheet of Oscar-Inform LLC (Passive)

For analysis, data on the balance sheet currency at the beginning and end of the reporting period were compared. At the same time, the decrease in absolute terms of the balance sheet currency for the reporting period clearly indicates a reduction in the economic turnover of the enterprise, which could lead to its insolvency.

When analyzing the increase in the balance sheet for the reporting period, the impact of the revaluation of fixed assets, when the increase in their value is not associated with the development of production activities, is taken into account. It is most difficult to take into account the influence of inflationary processes, however, without this it is difficult to make an unambiguous conclusion about whether the increase in the balance sheet is a consequence of only the rise in the cost of finished products under the influence of inflation of raw materials, or it also indicates the expansion of the economic activity of the enterprise.

To ensure comparability of the studied data on balance sheet items and sections at the beginning and end of the reporting period, the analysis is carried out on the basis of specific indicators calculated for the balance sheet currency, which is taken as 100 percent. At the same time, both changes in these indicators in the structure of the balance sheet for the period under review and the direction of changes, namely an increase, a decrease, will be determined.

The study of the structure of the balance sheet liability allows us to establish one of the possible reasons for the financial instability of the enterprise, which led to its insolvency. Such a reason may be an irrationally high share of borrowed funds in the sources attracted to finance economic activities. When determining the ratio of own funds and borrowed funds, it should be taken into account that, as a rule, long-term loans and borrowings are equated to sources of own funds.

Based on the balance sheet, an analysis was carried out the following characteristics enterprises:

The increase in the share of own funds at the expense of any of the listed sources contributed to the strengthening of the financial stability of the enterprise. At the same time, the presence of retained earnings can be considered as a source of replenishment. working capital enterprises and reduce the level of short-term accounts payable.

When analyzing the structure of the sources of funds of the enterprise, the coefficients characterizing the structure of capital, calculated on the balance sheet liabilities, which indicate the organization's own long-term and short-term sources of funds, the ratio between them indicates the financial independence, stability of the organization.

2.2 Analysis of the structure of enterprise assets

The assets of the enterprise and their structure are investigated both from the point of view of their participation in production, and from the point of view of assessing their liquidity.

The change in the structure of the enterprise's assets in favor of increasing the share of working capital indicates the following:

- the formation of a more mobile structure of assets, contributing to the acceleration of the turnover of the company's funds;

- the diversion of a part of current assets for lending to consumers of goods, works and services of the enterprise, subsidiaries and other debtors, which indicates the actual immobilization of this part of working capital from the production process;

- curtailment of the production base;

- distortion of the real assessment of fixed assets due to the existing procedure for their accounting.

2.3 Analysis of fixed assets and other non-current assets of the enterprise

Given the fact that specific gravity fixed assets may also change due to the impact of external factors, paid special attention to the change in absolute indicators for the reporting period, which reflects the movement of fixed assets.

When analyzing the first section of the balance sheet asset, attention was drawn to the trends in changes in such elements as equipment for installation and capital investments in progress, since these assets do not participate in the production turnover and, therefore, under certain conditions, an increase in their share may adversely affect the financial and economic performance. enterprise activities.

2.4 Analysis of the structure of working capital of the enterprise

The turnover rate of the company's current assets is one of the qualitative characteristics of the ongoing financial policy: the higher the turnover rate, the more effective the chosen strategy. Therefore, the absolute and relative growth of working capital indicates not only the expansion of production or the effect of the inflation factor, but also a slowdown in their turnover, which objectively causes the need to increase their mass.

To determine the trends in the turnover of working capital, the turnover ratio was calculated as the ratio of proceeds from the sale of products to the amount of working capital of the enterprise. The decrease in the coefficient calculated at the end of the reporting period, compared with the coefficient calculated at the beginning of the reporting period, indicates a slowdown in the turnover of working capital.

When studying the structure of inventories and costs, the main attention is paid to identifying trends in changes in such elements of current assets as inventories, work in progress and finished products.

An increase in the share of inventories indicates:

- on increasing the production potential of the enterprise;

- about the desire to protect the monetary assets of the enterprise from depreciation due to inflation due to investments in inventories;

– about the irrationality of the chosen economic strategy, as a result of which a significant part of current assets is immobilized in reserves, whose liquidity may be low.

Much attention in the study of trends in changes in the structure of working capital of the enterprise is given to the section "Cash, settlements and other assets", especially in terms of settlements with debtors.

The high growth rates of receivables for goods, works and services, bills received indicate that this company is actively using the strategy of commodity loans for consumers of its products. By lending to them, the company actually shares with them part of its income. At the same time, in the event that payments to the enterprise are delayed, it is forced to take out loans to ensure its economic activities, increasing its own accounts payable.

The analysis of the balance cost indicators of the enterprise "Oscar-Inform" LLC was carried out on the basis of appendices 1–3. The analytical balance of the enterprise for the asset is given in Table. 1, for liabilities - in table. 2.

According to table 1 and table. 2, it can be seen that the balance sheet in 2006 compared with 2005 decreased by 43,625 rubles. from 1017664 rub. in 2005 to 973843 rubles. in 2006. However, in 2007 the balance sheet increases and is already 1,171,664 rubles. Compared to 2005, it increased by 154,183 rubles; compared to 2006, by 197,807 rubles.

This indicates the expansion of the company's activities and the expansion of production volumes. The data in Table 1 indicate that in the overall structure of the enterprise's assets, the largest share is occupied by current assets. Their share was 56.3%, 56.0% and 65% in 2005, 2006 and 2007 respectively.

The share of non-current assets is 44%, 44.0% and 35% in 2005, 2006 and 2007 respectively. Thus, there is a trend towards an increase in current assets and a decrease in non-current assets. Among the current assets of the enterprise, the largest share in 2005-2007. are inventories and receivables. Moreover, there is a trend towards an increase in the share of inventories and a decrease in the share of receivables. The share of other components of receivables and Money insignificant. Analysis of the table. 2 shows that among the general structure of the company's liabilities, the largest share is occupied by equity. Its share in 2007 increased by 5% compared to 2005 and amounted to 669,667 rubles. Among the company's liabilities, the largest share belongs to short-term ones - 31%, and 27% in 2005 and 2007, respectively. The share of long-term liabilities for the period from 2005 to 2007 decreased from 15% to 13%.

2.5 Index analysis of absolute balance sheet values

According to Table. Table 3 shows that the main growth index was observed in the line of cash and equivalents, which in 2007 was 11.929, which indicates that the company had an increase in cash on hand and on the current account.

3. Estimation of the liquidity of the balance sheet of Oscar-Inform LLC (2007)

Analysis of the table. 4 showed that the structure of the most liquid assets increased in 2007 by 1.3% compared to 2005.

The structure of hard-to-sell assets of the enterprise decreased, if in 2005 it was 15.1%, then in 2007 it was 9%.

Slowly sold assets in 2005 amounted to 41.1%, in 2007 - 12.8%. There was a decrease in the structure of slow-moving assets.

Hard-to-sell assets amounted to 43.7% in 2005 and 35.4% in 2007, which indicated a decrease in the structure of hard-to-sell assets.

Table data. 5 show that the structure of the most urgent liabilities decreased and amounted to 24.8% in 2007.

The structure of short-term liabilities remained unchanged, as in 2005 it was 2.6% and in 2007 - 2.6%.

Long-term liabilities amounted to 14.9% in 2005 and 12.8% in 2007, which indicates a decrease in borrowed funds.

3.1 Local and comprehensive assessment of asset liquidity

Table No. 6

Payment surplus (+), deficiency (-) is defined as the difference between the asset of the corresponding classification group

As can be seen from the above calculations on the structure of assets and liabilities in the corresponding classification group "A1-P1" there is a payment gap. In the A2-P2 group, on the contrary, a payment surplus is formed. In the combined group "A1A2‑P1P2" - also there is a payment surplus. What speaks about the irrational use of the assets of the enterprise.

4. Assessment of the financial stability of Oscar-Inform LLC

4.1 Structural characteristics of property potential (assets) Oscar-Inform LLC

Table number 7

Financial stability is such a financial condition of an enterprise in which it is able, through the rational management of material, labor and financial resources, to create such an excess of income over expenses, in which a stable cash inflow is achieved, allowing the enterprise to ensure its current and long-term solvency, as well as to satisfy investment expectations of the owners.

An analysis of the financial condition of an enterprise involves assessing and diagnosing the state of property or assets of an enterprise in conjunction with an analysis of the structure of assets and the structure of capital or liabilities, through which these assets are formed.

Financial stability characterizes the stability of the financial position of the enterprise, provided by a high share of equity capital in the total amount of financial resources used.

An analysis of the stability of the financial condition on a particular date allows you to answer the question: how correctly did the company manage financial resources during the period preceding this date. It is important that the state of financial resources meet the requirements of the market and meet the needs of the enterprise's development, since insufficient financial stability can lead to the enterprise's insolvency and lack of funds for the development of production, and excessive financial resources hinder development, burdening the enterprise's costs with excessive stocks and reserves.

To analyze the financial stability of the enterprise, a structural characteristic of the property potential of the enterprise is given in Table. 7.

Table data. 7 show that the share of fixed assets in the property of the enterprise in 2005 was 0.303, in 2006 - 0.317, in 2007 - 0.257, which indicates a reduction in the investment activity of the enterprise.

The share of working capital in the property of the enterprise increased by 0.08 compared to 2005 and in 2007 amounted to 0.646. - this indicates an increase in the production program, its expansion.

Raw materials, materials, finished products increased significantly in the inventory item due to sales difficulties, if in 2005 they amounted to 0.22, then in 2007 - 0.32.

The share of long-term investments in the company's assets was 0.118 in 2005, 0.123 in 2006, and 0.098 in 2007. This indicates that the company does not have enough cash.

Assessment of the state of fixed assets of the enterprise carried out in table. eight.

4.2 Assessment of the state of fixed assets of Oscar-Inform LLC

Table No. 8

Table data analysis. 8 show that the investment ratio was in the norm of 1 from 2005 to 2007. The investment ratio shows what share of the main assets is formed at the expense of equity capital.

The permanent asset index for all analyzed periods is below the norm. If the coefficient is less than one, this indicates that all non-current assets and part of current assets are financed from equity.

4.3 Assessment of the condition and use of current assets Oscar-Inform LLC

Table No. 9

Assessment of the state and use of the current assets of the enterprise is carried out in table. 9.

Table data. 9 show that the turnover ratio of current assets has increased, that is, 1 ruble of current assets accounts for 1 ruble 32 kopecks in 2005, and 2 rubles 60 kopecks in 2007. This indicates the efficiency of the use of current assets.

The duration of one turnover of the enterprise's current assets in 2005 was 273 days, in 2006 - 230 days, in 2007 - 139 days. The duration of the turnover is reduced - this is a positive factor, since the decrease occurs due to an increase in the turnover ratio.

The load factor of current assets in the turnover of the enterprise was 76 kopecks in 2005, 64 kopecks in 2006, and 38 kopecks in 2007. The coefficient decreases - this is a positive factor, that is, the company needs less cash to receive 1 ruble of sales proceeds.

The ratio of current assets to short-term liabilities of the enterprise in 2005 was 1 ruble 83 kopecks, in 2006 - 1 ruble 92 kopecks, in 2007 - 2 rubles 35 kopecks. The positive moment is the increase of the index by 2007 by 52 kopecks. This suggests that each ruble of short-term liabilities is covered by 52 kopecks more at the expense of current assets.

4.4 Assessment of the use of net working capital (own working capital) of Oscar-Inform LLC

Table number 10

Analysis of the use of net working capital of the enterprise carried out in Table. ten.

Table data. 10 show that the level of net working capital shows what percentage of the company's working capital is financed by its own capital, that is, 1 ruble of the balance sheet contains 26 kopecks in 2005, 27 kopecks in 2006, and 37 kopecks of net working capital in 2007. capital.

There was an increase in the stability coefficient of the structure of current assets of the enterprise shows that 1 rub. working capital was financed in 2005 by 45 kopecks, in 2006 by 48 kopecks, in 2007 by 58 kopecks at the expense of the company's own capital - a positive indicator, since it means that there is no shortage of fixed working capital.

The coefficient of financial maneuverability shows that 1 rub. sales proceeds financed from own working capital in 2005 amounted to 0.3, in 2006 - 0.3, in 2007 - 0.2.

Table No. 11

Table data. 13 show the actual excess of the normative value of the autonomy coefficient and its stable dynamics and indicates that the share of equity capital in the structure of financial capital in 2007 amounted to 60 kopecks.

The share of short-term liabilities in the financial resources of the enterprise in 2005 was 0.308, in 2006 - 0.291, in 2007 - 0.275. The less short-term and long-term liabilities an enterprise has, the better; therefore, a decrease in the indicator by 0.033 by 2007 is a positive factor.

The share of bank borrowings in the balance sheet totaled 0.173 in 2005, 0.179 in 2006, and 0.155 in 2007. The decrease indicates that the company does not actively use bank loans.

4.6 Assessment of the market stability of Oscar-Inform LLC

The data in Table 11 show that the coefficient of financial dependence has decreased and amounted to 1.675 in 2007, which is below the normative value of 2.0. The coefficient shows that in 2007 1 ruble 67 kopecks was raised for 1 ruble of own capital.

The coefficient of financial tension shows how many rubles of loans are attracted per 1 ruble of equity capital. The coefficient was -0.835 rubles in 2005, 0.795 rubles in 2006, and 0.675 rubles in 2007, which is below the standard value. The coefficient shows that in 2007 67 kopecks of credits were attracted for 1 ruble of own capital.

The financial burden coefficient shows how much bank loans and credits are attracted per 1 ruble of equity, and is 32 kopecks in 2005, 32 kopecks in 2006, and 26 kopecks in 2007. This suggests that in 2007, 26 kopecks of bank credits and loans are attracted for 1 ruble of equity capital.

The ratio of "long" and "short" bank borrowings in 2005 was 5 rubles 57 kopecks, in 2006 - 5 rubles 54 kopecks, in 2007 - 4 rubles 85 kopecks. This suggests that the company's bank borrowings have decreased, which is a positive factor.

Solvency assessment of Oscar-Inform LLC

Table No. 13

Solvency is the ability of an enterprise to timely and fully pay creditors for its short-term financial obligations, using current assets as sources, including certain elements of working capital.

To assess the solvency of the enterprise made the calculations given in table. 13.

Table data analysis. 13 shows that the current liquidity ratio of the enterprise for the period from 2005 to 2007 increases from 1.840 to 2.353. this indicator exceeded its normative value of 1.5, that is, the company's current assets exceed its short-term liabilities. This testifies to the stability of the enterprise.

The critical liquidity ratio for the period from 2005 to 2007 decreased from 0.496 to 0.377 and does not reach its standard value of 0.7–0.8. This is a negative point in the work of the enterprise. However, the absolute liquidity ratio increased from 0.004 in 2005 to 0.05 in 2007. According to the standard, it should be in the range of 0.1 - 0.7. Although this indicator does not reach its standard, there is a tendency to increase it.

5.1 Identification of the level of real solvency of Oscar-Inform LLC by cash inflow (outflow)

Table No. 14

Based on the analysis of the data in Table No. 14, we can conclude that Oscar-Inform LLC, with a cash inflow coverage ratio (V.Kh. Beaver ratio) equal to 0.454, belongs to the low risk of loss of solvency group. This is a positive moment for the company, because with such a low “risk group”, banks will be more willing to provide loans to this organization. However, the self-financing interval is much lower than the normative one, it is 28,729 days, while at least 360 days is considered a normal interval. To increase the interval, it is necessary to increase the volume of liquid elements of working capital and reduce the total cost of services provided.

6. Forecasting the probability of bankruptcy of Oscar-Inform LLC

Table No. 15

Bankruptcy is the result of the development of a financial crisis, when an enterprise goes from episodic to persistent (chronic) inability to meet the requirements of creditors, including mandatory payments to the budget and extra-budgetary funds.

The financial condition of the enterprise, its stability largely depend on what property the enterprise has, in what assets the capital is invested, and what income they bring. Therefore, it is very important to diagnose the probability of bankruptcy.

Table No. 15 predicts the probability of bankruptcy of Oscar-Inform LLC according to the data for 2005 using the Altman formula:

Z = 1.2 K1 + 1.4 K2 + 3.3 K3 + 0.6 K4 + K5 (1)

where K1 is the share of net working capital in assets;

K2 - the ratio of accumulated profit to assets;

K3 - economic profitability of assets;

K4 - the ratio of the value of issued shares to the borrowed funds of the enterprise;

K5 - asset turnover (business activity).

E. Altman's formula based on the data of successfully operating, but bankrupt US industrial enterprises.

To assess the probability of bankruptcy, the following algorithm is used:

Table No. 16

According to Table No. 16, Oscar-Inform LLC has an average probability of bankruptcy.

It is also possible to diagnose the probability of bankruptcy of Oscar-Inform LLC using the Toffler Formula, using data for 2007:

Z = 0.53 K1 + 0.13 K2 + 0.18 K3 + 0.16 K4 (2)

where K1 - operating profit / short-term liabilities;

K2 - current assets / debt capital;

K3 - short-term liabilities / balance sheet currency;

K4 - revenue (net) / assets (capital).

The calculation of the bankruptcy forecasting of Oscar-Inform LLC is made in Table No. 17.

Table No. 17

When making decisions, the criteria are:

Z > 0.3 - good long-term financial prospects are diagnosed;

Z< 0,2 – диагностируется высокая вероятность банкротства;

0,2 < Z < 0,3 – «серая зона», требующая дополнительных исследований.

In this case, Oscar-Inform LLC has good long-term financial prospects.

7. Financial requirements for current assets

7.1 Determination of cycles of movement of working (cash) funds

Table No. 18

7.2 Comprehensive management of current assets and current liabilities Oscar-Inform LLC

Table number 20

There is a relationship between the solvency and current assets of the enterprise, since solvency uses the current assets of the enterprise as sources.

To analyze the integrated management of current assets and current liabilities, the value of own working capital is calculated based on the value of permanent capital, i.e. the calculation takes into account the amount of long-term borrowed capital, which in this case is equal to equity capital. The calculation results are presented in Table. twenty.

The positive value of current financial needs indicates that it is necessary to attract short-term borrowings to finance non-monetary current assets, since accounts payable are not enough for this.

According to Table. 20, it can be seen that the company's current financial needs have increased.

On fig. 1 clearly shows the situation that developed in 2007 in relation to the ratio of own working capital, current financial needs and cash.

Rice. 1 - Correlation between the needs and resources of the enterprise in 2007

Despite the fact that current financial needs have grown, the need for short-term loans and credits to finance non-monetary current assets has not decreased, but rather increased. Thus, in 2006, the need for short-term loans and credits amounted to 19,399 thousand rubles, in 2007 - 15,041 thousand rubles.

Table No. 21 presents the sources of financing of defense funds of Oscar-Inform LLC in 2007.

Table No. 21

8. Evaluation of the efficiency and quality of the work of Oscar-Inform LLC

8.1 Assessment of capital turnover (diagnostics of activity Oscar-Inform LLC)

Table No. 22

Financial and economic efficiency is the ability of an enterprise to generate financial results, including intermediate and final results, by attracting financial resources into the turnover of the enterprise and using assets in the process of carrying out financial and economic activities.

Evaluation of the financial and economic efficiency of the enterprise is based on the consideration of two groups of indicators: business activity and profitability.

The business activity of an enterprise is the ability of an enterprise, by attracting financial resources into circulation and using real assets, to generate revenue from the sale of goods, products, works, services in the process of financial and economic activities. The turnover of capital affects the solvency of the enterprise, since the minimum required amount of borrowings and the financial costs associated with them for servicing the debt, the need for additional sources of financing, the amount of costs associated with the possession and storage of inventory items, etc. depend on the speed of turnover.

Efficiency of capital use is the ability of an enterprise to generate gross profit in the process of financial and economic activities through the attraction and use of capital.

Efficiency in the use of equity capital is the ability of an enterprise to generate net profit in the process of financial and economic activities through the attraction and use of equity capital.

Managers of the enterprise are primarily interested in maximizing economic profitability; financial profitability - the owners of the enterprise.

Table data. 22. show that in 2007 business activity decreased in relation to 2005 by 0.598 (0.781–0.183). The decline in business activity negatively affects the quality of financial results generated by the enterprise, as it requires the involvement of additional capital in the enterprise's turnover.

The turnover ratio of own capital in 2007 increased in relation to 2005 by 1.446 (2.807–1.361). This indicates the effective use of working capital.

In 2007, the turnover ratio of fixed capital decreased compared to 2005 by 1.321 (0.465–1.786), which indicates an increase in the period of turnover of fixed capital.

In 2007, the decrease in the turnover ratio of working capital was 1.631 (3.018–1.387). An increase in the turnover ratio of working capital indicates a decrease in the period of its turnover.

8.2 Estimating the profitability of economic activity

Table #23

Profitability indicators are relative characteristics of the financial results and performance of the enterprise. They characterize the relative profitability of the enterprise, measured as a percentage of the cost of funds or capital from various positions.

The main profitability indicators can be grouped into the following groups:

- profitability of sales - indicators for evaluating the effectiveness of management;

- profitability of investments in enterprises - profitability of economic activity.

Return on sales shows how much profit falls on a unit of goods sold. The growth of this indicator is a consequence of rising prices at constant costs for the sale of sold products, works, services at constant prices, that is, a decrease in demand for the company's products, as well as a faster increase in prices than costs.

The return on investment of an enterprise is the next indicator of profitability, which shows the efficiency of using all the property of an enterprise.

Among the indicators of profitability of the enterprise, the main ones are:

- the total return on investment, showing what part of the balance sheet profit falls on 1 rub. property of the enterprise, that is, how effectively it is used;

- return on investment in terms of net profit;

- return on equity, showing the efficiency of using equity;

- profitability of current assets, showing how much profit the company receives from one ruble invested in current assets.

Return on costs shows how many rubles of profit before tax are received from one ruble of current costs associated with the sale of services. According to Table. 23 it can be seen that in 2007 compared to 2005 there was an increase in return on costs by 0.043 (0.117–0.074), which indicates the ability of the enterprise to pay off debts and pay dividends. In 2007, the profitability of turnover increased compared to 2005, which indicates an increase in profit from the company's sales by one ruble of proceeds from the sale of goods. In 2007, the rate of return compared to 2005 increases by 0.068 (0.080–0.012), which indicates an increase in net profit received from each ruble of sales proceeds. The level of self-sufficiency of an enterprise is the ratio of revenue to cost, that is, an assessment of the ability of an enterprise to cover its current costs through income from sales. The level of self-sufficiency of the enterprise decreased from 2005 to 2007 by 0.064 (1.310 - 1.246).

8.3 Estimating return on capital use

Table No. 24

Table data. 24 show a decrease in economic profitability in 2007 by 108.454 (24.164–132.618) compared to 2005, which is a negative fact.

An increase in financial profitability is observed, so in 2007 in relation to 2005 it amounted to 0.123 kopecks (0.225–0.102), that is, 22.5 kopecks. in 2007, net profit falls on the ruble of equity.

The profitability of permanent capital shows that for every ruble of fixed capital in 2005, 0.034 kopecks, in 2007 0.269 kopecks of profit before tax, that is, the growth in the profitability of permanent capital amounted to 23.5 kopecks (0.269–0.034).

8.4 Evaluation of the commercial effectiveness of the enterprise

Table data. 24 show that the interest coverage ratio in 2007 increased by 10.75 compared to 2005. That is, the enterprise in 2007 will be able to cover interest payments more by 10 rubles 75 kopecks.

The debt service ratio increased, in 2007 it amounted to 9 rubles 31 kopecks. In 2007, there is an increase in the coefficient of mobilization of accumulated capital by 1 ruble 76 kopecks.

9. Comprehensive assessment of financial and economic efficiency Oscar-Inform LLC

9.1 Determining the creditworthiness of the borrowing enterprise

Table #25

To characterize the financial and economic condition of an economic entity requires reliable information contained in the financial statements of the enterprise.

Based on the study of the absolute values ​​of the main balance cost indicators of the enterprise, as well as their dynamics, one can judge the financial health of the enterprise.

The definition of the creditworthiness class of the enterprise-borrower is presented in Table. 25.

According to the table, it can be seen that a high class of creditworthiness has a quick liquidity ratio and a level of permanent capital.

Analysis of the financial balance of the enterprise is presented in table. 21.

Thus, as can be seen from Table. 21, the liquidity criterion in 2005 was 1.8, in 2006 it was 1.9, in 2007 it was 2.3, which is more than 1.0 and indicates the liquidity of the enterprise.

The solvency criterion in 2005 was 1.2, in 2006 it was 1.3, in 2007 it was 1.6, which indicates an improvement in the solvency of the enterprise.

The criterion for the formation of net working capital in 2005 was 1.6, in 2006 it was 1.6, in 2007 2.0, this indicates that the criterion is in the norm.

9.2 Estimation of the financial balance of Oscar-Inform LLC

Table No. 26

Criteria of financial well-being	Calculation algorithm	Formula	Absolute values ​​by periods	Standard values
2005	2006	2007
Liquidity criterion			1,826	1,921	2,352	over 1.0
Solvency criterion			1,237	1,263	1,603	over 1.0
Financial self-sufficiency criterion			1,198	1,257	1,482	over 1.0
The criterion for the formation of net working capital			1,583	1,609	2,048	over 1.0

The data in Table 26 show that all criteria are above the standard value. This suggests that the company is absolutely liquid and solvent.

9.3 Assessment of the prospects of the enterprise from the standpoint of investment attractiveness

Table number 27

Interpretation:

· The first group (the sum of points from 21 to 25) – the enterprise has great chances for further development.

· The second group (scores from 11 to 20) - work with the enterprise requires a balanced approach.

· The third group (the sum of points from 4 to 10) - investments in the enterprise are associated with increased risk.

· The fourth group (the sum of points from 3 to 0) – the enterprise is in a deep financial crisis.

As can be seen from Table No. 27, Oskar-Inform LLC belongs to the second group of investment attractiveness, from which we can conclude that investors will invest their funds in the enterprise with caution.

9.4 Indicators of efficiency and quality of the enterprise in 2006

Table number 28

As we can see from table No. 28, the “Golden Rule of Business” is fully observed, but financial and economic profitability indicators are not observed, because. Oscar-Inform LLC has a too low financial profitability index.

Conclusion

Based on the results of the financial and economic analysis, the dominant trends that emerged in retrospect for 2005–2007 at Oscar-Inform LLC were substantiated, while both negative and positive factors were identified.

The positive aspects of the activities of the company "Oscar-Inform" are:

- the balance sheet currency in 2006 compared to 2005 decreased by 43,625 rubles, from 1,017,664 rubles. in 2005 to 973843 rubles. in 2006. However, in 2007 the balance sheet increases and is already 1,171,664 rubles. Compared to 2005, it increased by 154,183 rubles; compared to 2006, by 197,807 rubles.

– in 2007, compared to 2005, there was an increase in return on costs by 0.043, which indicates the ability of the enterprise to pay off debts and pay dividends.

– in 2007, the profitability of turnover increased compared to 2005, which indicates an increase in profit from the company's sales by one ruble of revenue from the sale of services.

- in 2007, the rate of return compared to 2005 increases by 0.068, which indicates an increase in net profit received from each ruble of sales proceeds.

– there is an increase in financial profitability, so in 2007 in relation to 2005 it amounted to 0.123.

– profitability of permanent capital in the assessment of profitability is defined as the ratio of profit before tax to the indicator of permanent capital. In 2007, the absolute increase in this indicator compared to 2005 was 0.235.

– in 2007, the turnover ratio of fixed capital decreased in relation to 2005 by 1.321, which indicates an increase in the period of turnover of fixed capital.

- the liquidity criterion in 2005 was 1.8, in 2006 it was 1.9, in 2007 it was 2.3, which is more than 1.0 and indicates the liquidity of the enterprise.

– the criterion of solvency in 2005 was 1.2; in 2006 it was 1.3; in 2007 it was 1.6, which indicates an improvement in the solvency of the enterprise.

The negative aspects are:

– the current financial needs of the enterprise have increased. If in 2005 they amounted to 286,821 thousand rubles, and in 2007 their value reached 450,044 thousand rubles. The reason for this is the growth of non-monetary current assets, but not the reduction of accounts payable.

– in 2007 business activity decreased in relation to 2005 by 0.598. The decline in business activity negatively affects the quality of financial results generated by the enterprise, as it requires the involvement of additional capital in the enterprise's turnover.

Bibliography

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3. Regulation on accounting "Accounting statements of the organization" (PBU 4/99), approved by order of the Ministry of Finance of the Russian Federation of July 6, 1999

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University of Economics and Management

Department of Finance and credit

Faculty: Economics

Vіddіlennya: day and in absentia

Program

vocational practice of students

Galuzan knowledge "Economics and business"

Direct training 6. 03050801: FINANCY AND CREDIT

Simferopol 2013

1. The purpose and objectives of the production practice

Internship students of the 4th year of the specialty "Finance and Credit" is held at the enterprise, in the organization and institution to study in practice the organization of finance using practical financial reporting.

The purpose of the field trip is the further consolidation of theoretical knowledge and the acquisition of the necessary skills and abilities in the organization of finance in a market economy. The acquisition of practical skills will later serve as the basis for writing theses in the fifth year of the university.

Main tasks work experience are:

Familiarization with the charter of the enterprise (organization, institution);

familiarization in practice with regulations, regulations, instructions that regulate the financial and economic activities of the state, business entities;

introduction to the organization financial work in financial departments, enterprises, institutions and organizations various forms property;

study of methods and ways of organizing financial work;

performance of individual tasks, which are prepared in accordance with the specifics of the enterprise (organization, institution);

mastering methods for evaluating the results of financial and economic activities and the financial condition of enterprises, organizations, institutions.

2. Organization and management of the practice

The organization and control over the production practice is carried out by the dean's office of the Faculty of Economics. Educational and methodological guidance and control over the quality and timing of the implementation of the practice program by students of the specialty "Finance and Credit" is assigned to the teaching staff of the Department "Finance and Credit".

The direct management of the practice and control over its implementation at the base enterprises is assigned to the scientific supervisors of the production practice from the department and to the employees of financial departments or departments from the practice base.

1. Head of industrial practice, appointed by the Department of Financeand credit" must:

1. Before conducting an internship, provide practical assistance to the student on issues for practical study by the student during the internship and reflect them in the internship diary, which is issued to the student by the dean's office.

2. Systematically monitor the implementation of the internship program within the time frame stipulated curriculum and in accordance with the individual calendar plan - work schedule.

3. Advise students - trainees on the issues of passing industrial practice, keeping a diary, selecting the necessary materials to complete the tasks of industrial practice.

4. Control the correctness and timeliness of completing tasks in the diary, check the current work of trainees and the quality of reporting documentation.

5. Actively participate in the briefing on the practice and give a written assessment in the diary of the work performed in accordance with the practice program.

6. At the end of the internship, analyze the completeness and quality of the prepared report on the internship, as well as give a written opinion on the results of the internship.

2. The head of the base practice enterprise is obliged to:

1. After a brief introduction of the student-trainee with the organizational and managerial structure, as well as the structure of the financial department, the distribution of duties of financial workers; assist the trainee in drawing up an individual work schedule for the entire period of practice. The calendar schedule for the internship is prepared by the student and the head of the internship from production.

2. Provide each student with a workplace and qualified guidance, as well as the necessary financial reporting forms.

3. Systematically manage the practice, give the trainees the necessary explanations, demand from them the timely and high-quality completion of tasks. Daily check the correctness of the entries in the diary and evaluate the work of the student-intern for each day when signing the diary.

4. Provide assistance to the student - trainee:

When conducting mandatory briefings on labor protection and safety;

When selecting materials for internship;

When studying the issues of industrial practice.

5. At the end of the practice, check and endorse the report drawn up by the student, write a review about the professional activities of the student-trainee and prepare a written reference, which is signed by the head of the enterprise and stamped.

3. A student sent to an internship must:

1. Before starting practice:

Study the Regulations on the conduct of practice by a student of a higher educational institution, approved by order of the Ministry of Education of Ukraine dated 08.04.1993. and in accordance with the schedule of the educational process of UEU for 2012 - 20 13 academic year;

Study the practice program;

Provide a choice of issues that need to be worked out in practice, taking into account the specifics of the financial and economic activities of the enterprise.

2. During practice:

Arrive at the place of internship on time;

Upon arrival at the place of practice, the student must ensure that the director of the enterprise issues an order to enroll him as an intern in the financial department of the accounting department of the enterprise and to appoint an employee of the financial department (and in the absence of the financial department of an accounting employee) as the direct supervisor of the practice;

Compose individual plan work for the entire period of internship, having previously agreed it with the head of the internship from production;

From the first day of practice, every day at the end of the working day, write down in your diary information about the work performed, as well as your observations and comments regarding the correctness of the formulation of financial issues and tasks;

Daily provide a diary to the head of practice from production to check the quality of the work performed, grading and signing;

Comply with the internal regulations established at the enterprise and obey them on an equal basis with all employees. Don't break labor discipline to be an example in everything and always;

Conscientiously follow all the instructions of the head of the practice from the enterprise and the university, as well as the orders of the head of the enterprise to fulfill the duties assigned to him;

During the period of internship, the student is obliged to draw up a report on industrial practice in his free time;

Receive written feedback on the results of the student's internship from the internship supervisor from the practice base: the following aspects should be reflected in the review:

the total time during which the student actually went to practice;

place of practice and position of the trainee;

the nature, volume and quality of the student's work;

student's attitude to performance functional duties in a specific position;

assessment of the level of theoretical knowledge of the student;

fulfillment and execution of an individual task in accordance with the requirements of the program.

In the course of practical training, students must practically consolidate the theoretical and methodological knowledge they received in accordance with the curriculum in a higher educational institution.

Individual tasks for students of the specialty "Finance":

1. During the internship at the enterprise (regardless of the form of ownership):

1.1. To study the charter and organizational structure of management at the enterprise.

1.2. Familiarize yourself with the activities of the enterprise (organization, institution) and the main indicators of the results of financial indicators.

1.3. To characterize the information base of the financial statements of the enterprise, the procedure for filling it out.

1.4. Familiarize yourself with the main types of financial statements in the enterprise.

1.5. Familiarize yourself with operational, current and strategic financial plans.

1.6. Familiarize yourself with the methodology of financial analysis, which is carried out at the enterprise.

1.7. To study the procedure and mechanism for determining the final results of the enterprise (profit, profitability), factors that affect their change.

1.8. To study the methods for estimating the cash flows used by the enterprise.

1.9. To consider the main directions of use of profit at the enterprise.

1.11. Familiarize yourself with the sources of self-financing of the enterprise.

1.12. Determine the composition, structure and turnover of current assets.

1.13. Investigate non-current assets, their depreciation, calculate indicators: return on assets, capital-labor ratio and capital intensity, as well as their impact on the growth of production.

1.14. Determine indicators of solvency and liquidity.

1.15. Characterize the types of financial condition of the enterprise and determine the type of financial stability.

1.16. To study the structure of the company's obligations, the composition and structure of accounts payable and receivable.

1.17. Determine the sources of capital formation of the enterprise.

2. When doing an internship in an institution that is on an estimated financeandrovaniya (budgetary institution):

2.1. Study the charter of a budgetary institution.

2.2. Familiarize yourself with the structure of the institution.

2.3. To study in practice with the procedure for compiling estimates of a budgetary institution.

2.4. To study the procedure for planning income and expenses for the general fund of the estimate of the institution.

2.5. To study the composition and structure of own revenues of a budgetary institution.

2.6. Familiarize yourself with the procedure for planning income and expenses for the special fund of the institution.

2.7. To study the procedure for planning expenses for the wages of employees of a budgetary institution.

2.8. To study the procedure for financing a budgetary institution.

2.9. Familiarize yourself with the treasury system of cash execution of estimates of a budgetary institution.

2.10. Familiarize yourself with the procedure for determining budget obligations.

2.11. Describe the composition of the documents that are necessary to ensure payments for budget obligations.

2.12. To study the procedure for determining actual and cash costs in a budgetary institution.

2.13. Familiarize yourself with the reporting forms of a budgetary institution and the procedure for filling them out.

2.14. Based on the reporting, analyze the execution of the budget of a budgetary institution in the context of functions, subfunctions, codes of economic classification and programs, and in dynamics for 2 years.

2.15. Based on the results of the analysis, prepare appropriate proposals.

3. When completing an internship in financial management (Ministry of Finance of the ARC, city or district financial management; village councilor City Council of cities of regional subordination).

3.1. Examine the Regulations on the relevant financial management (Council).

3.2. Familiarize yourself with the structure of the financial body (Council).

3.3. Familiarize yourself with the budgetary powers of the Council.

3.4. Familiarize yourself with the procedure for determining and formula calculations of the volume of income and expenses for the corresponding budget.

3.5. Examine the decision to approve the relevant budget and its annexes.

3.6. Give a description of the volume of the budget and protected items of expenditure.

3.7. Familiarize yourself with the procedure for compiling a budget list, study the monthly breakdown of income and expenses and indicate the sources of balancing income and expenses during the year by months.

3.8. To study the procedure for budgeting funding.

3.9. Familiarize yourself with the procedure for providing interest-free treasury loans to cover temporary cash expenses of local budgets.

3.10. Familiarize yourself with the treasury system of cash execution of local budgets.

3.11. To study the forms and types of budget reporting on the execution of the local budget.

3.12. Analyze the report on the execution of the local budget in terms of revenues, determine their composition and structure.

3.13. To study budget expenditures, the main directions of spending budgetary resources in the context of functions, economic classification (for at least 2 years).

3.14. Familiarize yourself with the procedure for reviewing and approving reports on the execution of the local budget.

4. During internship in the bodies of the State Treasury:

4.1. Study the Regulations on the relevant state treasury body (for the Autonomous Republic of Crimea, city or district).

4.2. Familiarize yourself with the structure of the relevant body of the State Treasury, job responsibilities.

4.3. Familiarize yourself with the procedure for opening accounts with the State Treasury for income and expenses.

4.4. To study the procedure for transferring income to various levels of budgets.

4.5. To study what types of accounts are opened in the State Treasury for budget execution and for budget managers.

4.6. Determine the order of documents that are submitted to the State Treasury to pay the bills of budgetary institutions.

4.7. To study the procedure for registering budget obligations.

4.8. To study the procedure for providing interest-free treasury loans to cover temporary cash expenses of local budgets.

4.9. To study the forms and procedure for filling out reports on the execution of the State and local budgets.

4.10. Analyze annual reports on the execution of revenues and expenditures of the general fund of the State Budget (by territory) for 2 years.

4.11. Analyze annual reports on the execution of income and expenditures of the special fund of the State Budget (by territory) for 2 years.

4.12. To study the types of special equipment according to the State budget (by territory).

5. During the internship in the tax authorities:

5.1. Study the Regulations on Tax Administration of the State Tax Administration (Inspectorate).

5.2. Familiarize yourself with the structure of the relevant tax authority, job responsibilities.

5.3. To study the procedure and mechanism for preparing declarations on taxes and fees.

5.4. Familiarize yourself with the procedure for desk audits of declarations by the tax authorities.

5.5. To study the main shortcomings that the tax authorities reveal during a desk audit of reports and declarations of payers.

5.6. To study the procedure for compiling reports on the effective tax rate for personal income tax.

5.7. To study the procedure for conducting personal payers for the payment of taxes and fees, the procedure and mechanism for calculating penalties for late payments.

5.8. Familiarize yourself with the procedure for conducting audits by the tax authorities directly at the enterprise.

5.9. To get acquainted with the materials of audits of the tax authority, to study the main violations committed by taxpayers.

5.10. To study the procedure for compiling tax reporting on tax receipts by tax authorities.

5.11. Familiarize yourself with the procedure for reconciling tax reporting (in the contingent) with the reporting of the State Treasury of Ukraine on the State and local budgets.

6. During the internship in the banking sector:

6.1. To study the legal framework for the functioning of a commercial bank.

6.2. Familiarize yourself with the regulation on the regulation of the activities of a commercial bank.

6.3. Examine the bank's financial statements.

6.4. Consider the deposit policy of a commercial bank.

6.5. Determine the structure of bank deposits in the context of legal and individuals, types of deposits and in dynamics (at least 2 years).

6.6. Consider the loan portfolio of a commercial bank (by types, terms, status).

6.7. Familiarize yourself with the organization of the bank's work on the return of loans in the conditions of the global financial crisis.

6.8. To study the cash operations of banks.

6.9. Analyze the bank's income, their composition and structure.

6.10. Analyze the main directions of use of the bank's financial resources.

6.11. Determine the solvency of the bank.

6.12. Determine the liquidity of a credit institution.

6.13. Determine the types of taxes that the bank pays and their share in the bank's income.

The student performs individual tasks on industrial practice according to the list of questions defined in Section 3 in accordance with the specifics of the financial and economic activities of enterprises, organizations and institutions where the student is doing practice. The results of the study and analysis are drawn up in the form of tables, figures, graphs and diagrams and conclusions on them.

4. Results of practice. Requirements for the report on the completed individual task

The report must contain a list of tasks completed by the student during the internship.

The report should reflect the work in accordance with the individual task in the amount of 20 - 25 pages of printed text.

In practice, 2-3 days are allotted for the preparation of the report. The report is checked by the head of practice from the enterprise, institution, organization or governing body and the head of practice from the university. The report is used in the defense of production practices.

The internship report should include:

Where, in what period, and in what position did the student practice;

The degree of implementation of the program (individual task) practice, conclusions;

Analysis of the organization of work at the enterprise, in the institution (in the department); analysis of best practices in production management, equipment for educational and material and production facilities;

What events were organized and conducted by the student personally;

What participation did he take in the development of documents, in the development and implementation of activities that are carried out at the place of practice;

General results of practice and suggestions.

The form of the title page of the report on production practice is attached (Appendix No. 1).

An exemplary sample of the preparation of a report on production practices is given in annexes No. 2 and 3.

5. Protecting a report on field trips

The student's defense of the report on work experience is carried out by the head of the department with the participation of the teachers of the department.

When determining the score, the following is taken into account:

The degree and quality of processing by the student of the program and individual tasks for the internship;

Review and evaluation of the leader from the base of practice;

The state of the student's labor discipline during the period of internship.

The defense of the practice report is evaluated on a point system: excellent, very good, good, satisfactory, sufficient and unsatisfactory.

The grade is put in the statement and the student's record book, and is also put down in the practice diary.

A student who, without good reason, did not complete the internship program may be granted the right to repeat the internship if the conditions determined by the higher education institution are met. Repeated internship must be scheduled outside of school hours. A student who repeatedly receives an unsatisfactory grade is expelled from a higher educational institution.

6. Classes and excursions during the period of practical training

Excursions and classes during the period of industrial practice are held in order to acquire by students the most complete understanding of the bodies or institutions in which the student is doing practice, their structures, the interaction of their departments, the current management system. During the period of practice, classes can also be held in the form of lectures, seminars, practical works that contribute to in-depth theoretical training using the material base of the institution where the practice is carried out. The number of hours allocated for classes and excursions should not exceed 6 hours per week.

Attachment 1. Title page of the reportpractice

Ministry of Education and Science of Ukraine

University of Economics and Management

REPORT

FROMstudent _____________________________________________

(FULL NAME.)

Course ___________ group

faculty

on the internship from "__" ___ 200__ by "__"___ 200__

in the position ___________________________________________

on the ____________________________________________________

(name of institution)

Simferopol 20__

Annex 2. Sample Field Trip Reporte

Plan

Introduction

Section 1. Characteristics of the object of study

1.1 Main activities of the enterprise

1.2 Financial statements of the enterprise

1.3 Main indicators financial activities enterprises

Section 2. Independent calculations and conclusions made by the student during the internship

2.1 Profitability calculation

2.2 Analysis of current assets

2.3 Study of non-current assets and performance indicators of their use

2.4 Analysis of solvency and liquidity indicators

2.5 Indicators of financial soundness

Section 3. Proposals based on the results of the analysis of certain financial indicators of Southern Lights LLC

Applications

Introduction

The internship took place in the limited liability company "Southern Lights" (specify the enterprise).

During the period of the production practice, all the issues provided for by the methodological guidelines on production practice were studied and considered. In particular, the following questions were considered and studied:

Charter and organizational structure enterprise management;

The main activities of the enterprise;

The main financial indicators of the enterprise;

Types of financial statements at the enterprise;

Operational, current and strategic financial plans;

The methodology of financial analysis, which is carried out at the enterprise;

Methods for estimating cash flows used by the enterprise;

The main directions of the use of profit in the enterprise;

Sources of self-financing of the enterprise.

The following work has been done independently:

Analyzed profit in general and by type of activity;

The profitability of the enterprise, products, sales, fixed production assets was calculated;

The structure of current assets was analyzed;

Calculated the turnover of current assets (turnover ratio and the duration of one turnover in days);

The impact of changing the duration of one turnover in days on the volume of product sales was determined;

Non-current assets have been investigated, depreciation of fixed assets has been determined; return on assets, capital-labor ratio and capital intensity are calculated;

The influence of capital productivity and change in fixed production assets on the output (volume of sales) of products was determined;

The main indicators of solvency and financial stability are calculated;

The structure of accounts payable was determined;

The structure of total and equity capital is determined.

The results of independent work are presented in the form of tables and diagrams.

Chapter1. Characteristics of the object of study

1.1 Main activities of the enterprise

LLC "Southern Lights" is located in the city of Kerch, st. Cement Slobidka.

Southern Lights LLC was founded in May 2003 on the basis of the Kerch subsidiary of the private company Rhodes.

The purpose of the activities of LLC "Southern Lights": the implementation of entrepreneurship in the field of industrial production, construction, trade and intermediary activities, scientific and research activities in the field of providing consumer services that do not contradict the law in order to obtain the appropriate profit.

The company specializes in the production of plastic products, such as containers and food packaging.

LLC carries out its activities in accordance with the charter (you can attach a copy of the charter of the enterprise).

The main activities of Southern Lights LLC are: production of disposable plastic utensils; production of plastic products, without the production of gramophone records, magnetic and compact discs; intermediary services in the purchase and sale of consumer goods; trading activities, including wholesale, small wholesale, retail, commission, trade-purchasing and trade-intermediary activities, sale of various goods through its own trading network; organization and work of the enterprise Catering; forwarding services.

The organizational structure of Southern Lights LLC is shown in Figure 1.

Rice. 1.1. Organizational structure of the management of Southern Lights LLC

1. 2 Enterprise financial statements

Financial reporting is a set of reporting forms based on financial accounting data in order to obtain by the user generalized information about the financial condition and activities of the enterprise, as well as changes in its financial condition for the reporting period in the prescribed form for this user to make business decisions.

The forms and procedure for compiling these reports are contained, respectively, in P (S) BU No. 2-5, approved by order of the Ministry of Finance of Ukraine dated March 31, 1999 No. 87, and the requirements for the content of information given in the Notes to the reports - in all P (S) BOO.

Southern Lights LLC prepares the following forms of financial statements:

* Balance, f. #1

* Report on financial results, f. No. 2.

* Cash flow statement, f. Number 3.

* Statement of equity, f. No. 4.

* Attachments to reports.

1.3 Key indicators of the financial performance of the enterprise

Table 1.1. The main indicators of the financial activity of Southern Lights LLC for 2010 - 2011

Having considered the main financial indicators of the work of Southern Lights LLC, we can draw the following conclusions:

In 2011, there was a decrease in net income from the sale of products compared to 2010 by UAH 8583.2 thousand, or by 36.9%. Decreased and the cost of production by 4651.8 thousand UAH. or by 22.0%. However, this decrease did not cover the shortfall in net income, resulting in a gross loss in the amount of UAH 3,931.4 thousand in 2011.

There is a net loss: in 2010 in the amount of 777.4 thousand UAH. and in 2011 - UAH 4357.8 thousand.

Chapter2 . Independent calculations and conclusions made by Art.atdentduring an internship

2.1 Profitability calculation

Profitability is a relative indicator that measures the effect obtained with the costs or resources used to achieve this effect.

Profitability is calculated as the ratio of profit (gross, operating, profit before tax and net profit) to the sum of costs or resources (capital, average cost fixed production assets, etc.). Profitability is determined as a percentage.

Based on report No. 2 and the balance sheet, we calculate the profitability of products, sales, capital and fixed production assets.

So, for 2010:

a) the gross margin of production was:

gross profit (line 050, column 4 f.2) x 100%: production cost (line 040, column 4 f.2)

UAH 2142.3 thousand : 21127.7 thousand UAH x 100% = 10.1%.

b) gross margin of sales:

gross profit (line 050, column 4 f.2) x 100%: net proceeds from the sale of products (services) - (line 035, column 4 f.2)

UAH 2142.3 thousand : 23270.0 thousand UAH x 100% = 9.2%.

c) gross profitability of fixed production assets:

gross profit (line 050, column 4 f.2) x 100%: average cost of fixed assets ((line 031 group group 3 + line 031 group 4) : 2)

UAH 2142.3 thousand x 100% : ((20102.5 + 30167.5) : 2) = 8.5%.

2.2 Analysis of current assets

Current assets are reflected in the balance sheet of the enterprise.

Table 2.1 Structure of current assets of Southern Lights LLC

In the structure of current assets, the largest share is occupied by receivables. At the same time, at the end of 2011, compared with the presence at the beginning of 2011, its share in the total volume of current assets increased from 48.7% to 62.7%. The share of finished products for the analyzed period decreased by 10.6 percentage points.

The share of inventories amounted to 18.9% at the beginning of 2011 and 16.6% at the end of 2011, i.e. decreased by 2.3 percentage points.

Cash and other current assets make up a small share (0.8% and 0.5%).

The structure of current assets can be visualized in the form of a diagram.

Indicators of the efficiency of the use of current assets are:

turnover ratio;

Duration of one turnover in days or turnover in days.

The turnover ratio of working capital is defined as the ratio of net income from the sale of products (works, services) e - line 035 f. 2 to the average value of current assets (line 260 f.1 group 3 + group 4): 2.

The turnover ratio of working capital for 2011 is: UAH 14686.8 thousand. : ((5228.7 thousand UAH + 4969.1 thousand UAH) :2) = 14686.8: 5098.9 = 2.88.

For 2010, the turnover ratio of working capital is 5.2 (UAH 23270.0 thousand : UAH 4468.8 thousand)

The duration of one turnover or turnover in days is determined by the ratio (in the numerator, the period in days (when analyzed for a year) is 360 days, and in the denominator, the turnover ratio of working capital). In Southern Lights LLC, the turnover in days for 2011 will be: 360: 2.88 = 125 days. For 2010, this figure is 360: 5.2 = 69.2 days.

The amount of released (-) or additionally attracted funds (+) is determined by multiplying the one-day proceeds from the sale of products (line 035 f. 2) by the amount of slowdown or acceleration in the turnover of working capital.

In 2011, compared to 2010, the duration of one turnover of working capital slowed down by 55.8 days (125 - 69.2) at the analyzed LLC. As a result of the slowdown in the turnover of working capital, the LLC additionally attracted working capital in the amount of UAH 2276.5 thousand. (55.8 days x (UAH 14686.8 thousand: 360).

The slowdown in the turnover of working capital had a negative impact on the volume of sales.

Let's determine the impact of the turnover of current assets on the volume of sales.

2.3 researchednienon-negotiableXassetss and indicators of the effectiveness of their use

Non-current assets are reflected in section 1 of the balance sheet.

In Southern Lights LLC, in the structure of assets, non-current assets accounted for at the beginning of 2011 - 82.2% and at the end of 2011 - 81.0%

Table 2.2 Asset structure of Southern Lights LLC

The percentage of depreciation of fixed assets is determined by the ratio of the accrued depreciation of fixed assets (line 032 f. 1) to the amount of the initial cost of fixed assets (line 0.31 f. 1) and multiplied by 100%.

Fixed assets, according to the balance sheet at the end of 2011, were depreciated by one third or by 33.2% (UAH 10,267.1 thousand x 100%: UAH 30,961.5 thousand).

One of the main indicators that characterize the efficiency of the use of fixed assets is the return on assets, that is, the production or sale of products per hryvnia of fixed production assets.

It is defined as the ratio of the volume of output (sales) of products to the average cost of fixed production assets (line 035 f. 2: ((line 030 group 3 f. 1 + line 030 group 4 f. 1) : 2).

In Southern Lights LLC, the return on assets for 2011 amounted to (UAH 14686.8 thousand: ((UAH 23726.9 thousand + UAH 20694.4 thousand) : 2)) = 14686.8: 22210.65 = 0.66 UAH. In 2010, the return on assets amounted to (UAH 23270.0 thousand: ((UAH 16549.2 thousand + UAH 23726.9 thousand): 2)) = 23270.0: 20138.05 = UAH 1.16.

It can be concluded that in LLC the volume of sales per hryvnia of fixed assets in 2011 compared to 2010 decreased by UAH 0.5 (UAH 0.66 - UAH 1.16).

We determine the impact of capital productivity on the volume of output or the volume of sales.

In 2011, the volume of sales of products in LLC compared with 2010 decreased by UAH 8583.2 thousand. (UAH 14686.8 thousand - UAH 23270 thousand). This happened due to the following factors:

1) decrease in capital productivity (0.5 UAH x 20138.05 thousand UAH) - 10069.0 thousand UAH.

2) an increase in the average cost of fixed assets by UAH 2,072.6 thousand. (UAH 22210.65 thousand - UAH 20138.05 thousand) had a positive impact on the volume of sales. This made it possible to increase the volume of product sales by UAH 2394.8 thousand.

The capital-labor ratio is an indicator opposite to the return on assets and shows how many fixed production assets are accounted for per hryvnia of output (sales) of products.

In LLC capital-labor ratio is for 2010 - 0.86 UAH. (1: 1.16), for 2011 - UAH 1.5. (1: 0.66), i.e. it increased against 2010 by UAH 0.74.

Capital intensity is calculated as the ratio of the average cost of fixed production assets to the number of workers.

2. 4 Analysisindicatorhersolvencyand liquidity

When assessing liquidity and solvency, enterprises analyze absolute (balance sheet liquidity analysis) and relative indicators.

The analysis of absolute indicators (liquidity analysis of the balance sheet) consists in comparing the funds for an asset, grouped by the degree of liquidity, with liabilities for liabilities, which are grouped by their maturity.

Balance sheet assets are divided into 4 groups according to the degree of liquidity:

1) Absolutely liquid assets (A1) for 2011 amounted to:

UAH 15.9 thousand (p. 230,240 f. 1)

2) Marketable assets (A2) amounted to:

For 2011 = 182.0 + 2862.30 + 14.40 + 8.0 + 0.70 = 30267.40 thousand UAH. (p. 160+ p. 170 + p. 180 + p. 250 + p. 270 f. 1)

3) Slowly realizable assets (A3):

2011 = 824.40 + 991.20 + 14.60 = 1830.20 thousand UAH (p. 100 + p. 130 + p. 140 f. 1)

4) Hard-to-sell assets (A4):

2011 = UAH 21140.20 thousand (p. 080 f.1).

Balance sheet liabilities are also divided into 4 groups:

1) The most urgent obligations (P1). These include accounts payable for purchased goods and current settlement obligations (line 530 + lines: 540, 550, 560,570,580,590,600 f. 1)

2011 = 9847.20 + 47.40 + 33.30 + 77.50 + 134.90 = 10140.30 thousand UAH.

2) Short-term loans (P2) are bank loans, current debt on long-term liabilities and other current liabilities (lines: 500, 510, 610 f. 1).

2011 = 6100.00 + 332.10 = 6432.10 thousand UAH,

3) Long-term liabilities (P3). These are long-term liabilities of the enterprise, as well as Article II of the liability section of the balance sheet (line 480 + line 430 f.1).

2011 = UAH 10747.50 thousand,

4) Permanent liabilities (P4). These are articles of the I section of the liabilities side of the balance sheet (p. 380 f. 1).

2011 = (-1209.90) thousand UAH

The balance is considered absolutely liquid if the following ratio is observed:

The calculated data are entered in Table 2.3.

Since for the analyzed year 2011 the normative ratio was not met, it means that the balance sheet is not considered to be absolutely liquid.

Table 2.3 Absolute indicators of liquidity and solvency of Southern Lights LLC for 2011

Relative indicators for assessing the liquidity and solvency of an enterprise can be reflected through the calculation of liquidity ratios: current liquidity ratio, quick (urgent) liquidity and absolute liquidity. Normal value: 2 or more.

The current liquidity ratio is defined as the ratio of current assets and deferred costs (numerator (line 260 + 270 f. 1) to short-term liabilities and deferred income (denominator line 530 + line 630 f. 1)

2011 = (4969.1+0.7) : 16572.4 = 0.3

During the analyzed period, current liabilities exceed current assets in size, which indicates a high financial risk associated with the fact that the company is not able to consistently pay current bills.

Fast (urgent) coefficient liquidity ratio (intermediate liquidity ratio) takes into account the quality of current assets and is a more “strict” indicator of liquidity, since its calculation takes into account the most liquid current assets (stocks are not taken into account). The standard value is 1 - 1.5, but for our country the theoretically acceptable value is 0.7 - 0.8.

It is defined as the ratio of current assets minus inventories and goods (numerator: line 260 + (line 100 - line 140) f. 1) to current liabilities and deferred income (denominator - line 540 + line 550 + line .560 + p. 570 + p. p. 580 + p. 590 + p. 600 + p. 610 + p. 630)

2011 = (4969.1 - (824.4 - 14.6) +0.7) : 16572.4 = 0.2

The value of the quick liquidity ratio does not meet the standard value. This means that the probability of repayment of short-term obligations and the reliability of the enterprise as an economic entity is reduced. To increase the level of urgent liquidity, the enterprise should take measures aimed at increasing its own working capital and attracting long-term loans and borrowings.

The absolute liquidity ratio, which shows the share of immediate repayment of current liabilities at the expense of available funds, is defined as the ratio of cash (numerator - line 230 + line 240 f. 1) to current liabilities and deferred income (denominator - line 540 + p.550 + p.560 + p.570 + p.p.580 + p.590 + p.600 + p.610 + p.630)

The value of this coefficient is recognized as theoretically sufficient if it exceeds 0.2 - 0.35, since the payment terms do not fall on one day. But a few enterprises maintain the established norm of the coefficient. On the one hand, this situation can be viewed as a negative moment, on the other hand, it means that the company does not keep the funds frozen, but actively uses them.

2011 = 15.9: 16572.4 = 0.0009

The value of the coefficient does not correspond to the standard and is in the area of ​​critical values. The lack of working capital indicates the inability of the company to repay short-term liabilities in a timely manner.

2.5 Indicators of financial soundness

work practice report financial

The financial stability of an enterprise is an economic category that reflects the state of capital in the process of its circulation and the ability of a business entity to self-develop at a fixed point in time.

Coefficient of autonomy (financial independence), which characterizes the share of the company's own funds (own capital) in the total amount of funds advanced in its activities. This indicator indicates the prospects for changes in the financial situation in the near future. The coefficient is calculated according to the following formula:

K FA \u003d SC / A,

The higher the value of this ratio, the more financially stable, more stable and more independent of the external creditors of the enterprise. In practice, it is established that the total amount of debt should not exceed the amount own sources funding, i.e. sources of financing of the enterprise (total amount of capital) must be at least half formed at the expense of own funds. Thus, the permissible value of this indicator (> 0.5), critical (= 0.5).

The concentration ratio of attracted funds is calculated by the formula:

K KZS \u003d O / A,

where K KZS - the coefficient of concentration of attracted funds;

A - the value of total assets (balance sheet currency), UAH.

The value of this coefficient shows the share of borrowed capital of the enterprise in the total cost of funds invested in its activities. The sum of the coefficients of autonomy and the concentration of borrowed funds is equal to 1:

K KZS + K FA = 1,

where K FA - coefficient of autonomy (financial independence);

To GLC - the coefficient of concentration of attracted funds.

The coefficient of financial dependence is the reciprocal of the coefficient of autonomy. The product of these coefficients is equal to one and is calculated by the formula:

K FZ \u003d A / SK,

K FZ - coefficient of financial dependence;

SC - own capital, UAH;

A - the value of total assets (balance sheet currency), UAH.

The critical value of the coefficient of financial dependence - (2). the growth of this indicator in dynamics means an increase in the share of borrowed funds in the financing of the enterprise, and, consequently, the loss of financial independence. If its value decreases to one, then this means that the owners fully finance their enterprise.

The financial risk ratio characterizes the ratio of attracted funds and equity and is calculated by the formula:

K FR \u003d O / SK,

where K FR - coefficient of financial risk;

O - total liabilities (borrowed capital), UAH;

SC - equity, UAH.

This ratio gives the most general assessment of financial stability. It has a fairly simple interpretation: it shows how many units of borrowed funds account for each unit of own funds. The growth of the indicator in dynamics indicates an increase in the dependence of the enterprise on external investors and creditors, i.e. about a decrease in financial stability, and vice versa. The optimal value of this coefficient is (<0,5), критическое - (= 1).

Absolute indicators of financial stability:

The presence of own working capital (SOS) is calculated by the formula (1.1.):

SOS 2009 = 1934.7 - 16915.5 = -14980.8 thousand UAH,

SOS 2010 = 1153.8 - 24166.7 = -23012.9 thousand UAH,

SOS 2011 = -1209.9 - 21140.2 = -22350.1 thousand UAH,

Since this indicator characterizes net working capital, we can say that not only does it decrease every year, but it is also sorely lacking.

The presence of own and long-term sources of formation of reserves and costs (OSI FZ), determined by the formula (1.2.):

OSI FZ 2009 = (1934.7 + 12644.1) - 16915.5 = -2336.7 thousand UAH,

OSI FZ 2010 = (1153.8 +14106.5) - 24166.7 = -8906.4 thousand UAH,

OSI FZ 2011 = (-1209.9 + 10747.5) - 21140.2 = -11602.6 thousand UAH,

The total value of the main sources of formation of reserves and costs (OI FZ), determined by the formula (1.3.):

OI FZ 2009 = (1934.7 + 12644.1) - 16915.5 + 0 = -2336.7 thousand UAH,

OI FZ 2010 = (1153.8 +14106.5) - 24166.7 + 0 = -8906.4 thousand UAH,

OI FZ 2011 = (-1209.9 + 10747.5) - 21140.2 + 0 = -11602.6 thousand UAH,

Since there were no short-term liabilities at the enterprise for the analyzed year, the calculated indicator will be equal to the previous one.

Surplus (+) or shortage (-) of working capital is determined by the formula (1.4):

± SOS 2009 = -14980.8 - (-2336.7) = -12644.1 thousand UAH,

± SOS 2010 = -23012.9 - (-8906.4) = -14106.5 thousand UAH,

±SOS 2011 = -22350.1 - (-11602.6) = -10747.5 thousand UAH,

During the analyzed period (2009-2010) there is a lack of own working capital for the formation of reserves and costs due to the fact that the company did not take advantage of the possibility of obtaining a short-term bank loan.

Surplus (+) or shortage (-) of own working capital and long-term borrowed sources for the formation of reserves and costs (± OSI FZ) is determined by the formula (1.5):

± OSI FZ 2009 = (-2336.7) - (-2336.7) = 0

± OSI FZ 2010 = (-8906.4) -(-8906.4) = 0

± OSI FZ 2011 = (-11602.6) - (-11602.6) = 0

At the enterprise for the analyzed years, stocks and costs are covered at the expense of own working capital and long-term borrowed funds, and without a balance.

Surplus (+) or shortage (-) of the total value of the main sources for the formation of reserves and costs (± OI FZ) is determined by formula (1.6):

± OI FZ 2009 =((-14980.8)+(- 2336.7)+0) - (-2336.7) =

UAH 14980.8 thousand,

± OI FZ 2010 =((-23012.9)+(- 8906.4))+0) - (-8906.4) =

UAH 23012.9 thousand,

± OI FZ 2011 =((-22350.1)+(-11602.6)+0) - (-11602.6)=

UAH 22350.1 thousand,

Having calculated three indicators of the provision of reserves and costs with the sources of their formation, we can say that the enterprise is in a crisis financial condition (crisis financial stability), and for all the analyzed years.

The data obtained can be entered in table 2.4.

Southern Lights LLC is on the verge of bankruptcy. In this situation, cash, short-term securities and receivables of the enterprise do not even cover its accounts payable

Table 2.4 Crisis financial condition (crisis financial stability) of Southern Lights LLC for 2008-2011

Table 2.5 Auxiliary table for calculating the financial stability of Southern Lights LLC for 2009 - 2011

2) Analysis of relative indicators of financial stability

The coefficient of autonomy (financial independence) is produced according to the formula (1.7.):

K FA 2009 = 1934.7 / 20628 = 0.09

K FA 2010 = 1153.8 / 29400.2 = 0.04

K FA 2011 = (-1209.9) / 26110 = 0.05

Since the calculated coefficient does not withstand the standard value (> 0.5; = 0.5), this indicates that the amount of debt exceeds the amount of own sources of financing, i.e. Southern Lights LLC is significantly dependent on external creditors, its work is not stable, and it is also financially unstable.

Concentration coefficient of borrowed funds, which is calculated by the formula (1.8.):

To the GLC 2009 = 12644.1 / 20628 = 0.61

To the GLC 2010 = 14106.5 / 29400.2 = 0.48

To GLC 2011 = 10747.5 / 26110 = 0.41

There is a downward trend, which indicates that investors and creditors can participate in financing this enterprise, because share of attracted capital in 2010 - 2011 does not exceed 50%, as for 2009, more stringent lending conditions are already applied here, since it is becoming more and more risky for creditors to participate in the financing of an enterprise.

The coefficient of financial dependence is the reciprocal of the coefficient of autonomy and is calculated by the formula (1.10.):

To the Federal Law 2009 = 20628 / 1934.7 = 10.7

To the Federal Law 2010 = 29400.2 / 1153.8 = 25.5

To the Federal Law 2011 = 26110 / (-1209.9) = 21.6

Decline of this ratio in 2009 and 2011 compared to 2010 (decrease by 3.9, respectively), indicates a decrease in the share of borrowed funds in the financing of the enterprise.

The growth of the financial dependence ratio in 2010 (increased by 14.8 compared to 2009) means an increase in the share of borrowed funds in the financing of the enterprise, and, consequently, the loss of financial independence.

The financial risk ratio is calculated according to the formula (1.11.):

To FR 2009 = 12644.1 / 1934.7 = 6.5

To FR 2010 = 14106.5 / 1153.8 = 12.2

To FR 2011 = 10747.5 / (-1209.9) = (-8.9)

In 2009, 6.5 UAH of attracted funds accounted for 1 UAH of own funds, in 2010 - 12.2 UAH. in 2011 - 8.9 UAH. respectively. Since every year there is a decrease in this indicator, this indicates a weak financial stability and a significant dependence of the enterprise on investors and creditors.

The ratio of working capital to own working capital is calculated by the formula (1.12.):

To the Environmental Protection Agency 2009 = -14980.8 / 3708.8 = -4.04

To the environmental protection 2010 = -23012.9 / 5228.7 = -4.4

To the Environmental Protection Agency 2011 = -22350.1 / 4969.1 = -4.5

Negative values ​​of the ratio of own working capital for all analyzed years indicate that even non-current assets are not financed by own capital.

The coefficient of provision of reserves and costs with own funds is calculated according to the formula (1.13.):

K FHSES 2009 = -14980.8/468.4 = -31.9

K OZZSOS 2010 = -23012.9 / 929.1 = - 24.8

K FHSES 2011 = -22350.1/809.8 = -27.6

Because the amount of own working capital is less than the amount of reserves and costs, the company has an unstable financial condition, in this case, it is necessary to attract borrowed funds.

We enter the obtained data in table 2.6.

The dynamics of the capitalization ratios of Southern Lights LLC for 2009 - 2011 can be represented graphically.

Table 2.6 Calculation data for the capitalization ratio of Southern Lights LLC

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student of the Faculty of Economics, group FK DO5598 Smirnov Gennady.

Murmansk 2003

I, Smirnov Gennady Vyacheslavovich, did an internship at the Kola Center for Assessment and Consulting LLC for 5 weeks from February 22 to March 28 in accordance with the content, goals, objectives and requirements that are provided for by the program in the specialty 060400 “Finance and Credit”.

During the internship, the subject of professional study was the issue related to regional forecasting systems in the Murmansk region.

Appeal to the study of this issue is due to the fact that the problem of choosing directions and mechanisms for the development of regional socio-economic systems, which is especially relevant at the stage of reforms, is indicated in numerous concepts of their development. At the same time, at present, a holistic, based on the achievements of modern economic theories methodology for the formation of a strategy for the development of regional socio-economic systems, in particular:

The study of the principles and mechanisms of sustainable development has not yet developed into a separate branch of science and does not reflect the whole variety of types of regional socio-economic systems, although it is more advanced abroad in comparison with domestic economic science;

The main properties of regional socio-economic systems have not been fully identified and systematized, the possibilities of their use as criteria for choosing priorities for regional development have not been explored;

Methods for evaluating the development strategy of regional economic systems have not been developed, which allow “removing” the limitations of known methods for evaluating local investment projects.

Starting to study this issue, I set myself the following tasks:

Analyze the content of the strategy for the development of regional socio-economic systems;

Formulate goals and principles, propose mechanisms for sustainable regional development;

To identify patterns of progressive technical and economic development and their influence on the formation of a regional development strategy;

Explore the region's economy from a systemic standpoint in order to determine priorities and criteria for strengthening its properties;

Substantiate the conditions and mechanisms necessary for the implementation of the regional development strategy.

The solution of the tasks set was based on the study of “The main directions of the development strategy of the Murmansk region for the period up to 2015”, “Report on the results of the socio-economic development of the Murmansk region in 2002”, periodicals: “Murmansk Bulletin”.

As a result of studying the theoretical aspects of the topic were:

1. Theoretical provisions on the essence of the development strategy, the properties of the regional economy are developed

2. The main properties of the region (first of all, flexibility, economy, self-development) have been identified, which makes it possible to fully explore its features and essence, to propose criteria and an organizational and economic mechanism for the formation of specified properties;

3. The priority directions, elements of the organizational mechanism and some parameters of the economic strategy of the Murmansk region, which correspond to the peculiarities of its economy, are substantiated;

4. Methodological problems of forecasting the development of the economy of the Murmansk region are identified.

5. It was found that the strategy for the development of the region is based on the concept-idea of ​​the development of the region. On the basis of the concept, sectoral and territorial programs are developed - target complex documents in which the positions of the concept receive a detailed and specific justification, as well as the coordination of problematic issues.

One of the important methodological principles for the development of the concept is its from the hierarchical rank of the region. The highest link in this hierarchy is the socio-economic system of the country, followed by large economic regions, which currently largely correspond to interregional associations of economic interaction - "North-West", "Center", "Chernozemie", "Big Volga" , "Ural", "Siberian agreement", etc.

The next link is the subjects of the Russian Federation: the republics of the Russian Federation, territories, regions, autonomous regions, autonomous districts, cities of federal subordination. The lowest hierarchical links in the regional hierarchy are municipalities. The higher the rank of an object, the more stable and predictable its development trends, the less dependence on external, random factors, the more reliance on its own development resources.

Concept structure. In accordance with the purpose, the concept consists of four content blocks. In the first block, the target one, the “starting” level of the socio-economic development of the region is studied, the trends and the main problems of the region are identified. In the ranking process, two or three main problems are identified that determine the nature and direction of the region's development. In fact, we are talking about those problems for which the priority concentration of scarce resources is expedient. The logical conclusion of the target block is the formation of a subordinated system of short-term goals. This is necessary so that the subsequent stages of concept development have an active, purposeful character.

The correctness of the choice of the system of goals depends to a greater extent on how correctly the problem situations are established for the base and forecast periods. This is precisely the basis for taking into account the natural, socio-economic and geopolitical specifics of the region, and for assessing the resources that are actually usable. The quality of concept development will improve if intermediate problem situations are identified. Establishing them will facilitate the procedure for eliminating (eliminating) the final problem situation, setting the “key national economic problem” of the region's development in the billing period.

Based on the results of the implementation of the target block, the main provisions of the concept are formed, that is, an aggregated presentation of ideas about the main problems, principles, goals and methods of the socio-economic development of the region, the possibilities of resource provision, mechanisms for direct and indirect control of all processes occurring in public life region. During the discussion of the main directions, the circle of problem situations is specified, the main provisions are formed and become the starting point from which the substantive part of the concept of the socio-economic development of the region originates.

The second block is predictive and analytical, it summarizes the results of previously developed forecasts for the development of the region. Mutual linking of forecasts is carried out at the “exit” from the block, that is, when forming an integral system of preliminary forecasts for the long-term development of the region. This consistency makes it possible to minimize the need for multiple adjustments to specific forecasts. It is impossible to have, for example, a forecast of the socio-demographic situation without taking into account migration, and the latter cannot be predicted without an economic forecast. The latter, in turn, is inconceivable without an assessment of the economic potential, which includes the following set of elements of the productive forces:

Fuel and energy and mineral and raw material bases;

Basic production assets, their technical level, that is, physical and moral deterioration;

industrial and social infrastructure, its technical level;

demographic potential;

scientific, technical and educational potential;

financial and investment potential;

market potential.

The market potential of the region is a new category for our country. It can be determined on the basis of analysis, synthesis and forecast of the development of the wholesale market, the retail network, the functioning of commodity and stock exchanges, the banking system, the securities market, and the information system. Each of the listed elements must be analyzed, synthesized and predicted both individually and in combination, moreover, as part of a regional system. It is in the process of this research work there is a fundamental linkage between the system of goals and the system of forecasts.

The third block is devoted to taking into account external factors, which, of course, were taken into account earlier, in other blocks, but it is here that they are studied in the most detailed way, since they have the greatest impact on the choice of options for the economic and social development of the region in the long term. At this stage, the final coordination of goals and resources is carried out, and it is possible to reduce the number of goals and / or change their subordination. The development of this block ends with the interconnection of the economic, social and environmental aspects of regional development.

The fourth block is conceptual. It is formed on the basis of a system of preliminary forecasts with adjustments arising from the consideration of external factors, in accordance with the system of goals. In other words, this block is the final, summary. During the development of this block, the concept of regional development acquires, on the one hand, a highly aggregated, and on the other hand, targeted character. Some sections from this block are moving into the category of targeted complex programs, but the specific development and implementation of these programs is beyond the scope of the concept.

The considered concept formation scheme has the necessary flexibility, that is, it takes into account local specifics and allows making the necessary adjustments during its development. Let us pay attention to the presence in the concept of the development of the region of three different levels, but at the same time interrelated aspects: macrostructural, intersectoral and territorial.

6. The procedures necessary for the implementation of the strategic goals of the region have been identified:

assessment and analysis of external development factors;

study of resource opportunities and limitations;

study of proposals given in territorial designs (regional programs, master plans of cities, etc.);

the choice of a regional development strategy, that is, the determination of the main development priorities, means and methods for achieving goals;

forecasting development scenarios and stages of implementation of the strategic plan.

7. The types of regional forecasting are determined: socio-demographic, forecast of natural resource potential, economic, environmental, technological, informational.

The result of the practical part of the work was the study of the results of the socio-economic development of the Murmansk region in 2002.

Were considered:

Industry (chemical, fish, electric power);

Investments;

Agriculture;

Transport (volume of traffic, cargo turnover);

Demography, employment of the population;

Standard of living;

Price and tariff index;

Consumer market.

The development strategy of the Murmansk region for the period up to 2015 was studied.

Particular attention was paid to the study of the basic sectors of the economy of the Murmansk region:

Fuel and energy complex;

Agro-industrial complex;

mining complex;

Transport and communication complex;

Fishery complex;

The studied strategy can be used by the Government of the Murmansk region for planning the economy of the region.

The reason for the development of the Regional Development Strategy for a 15-year period is a number of circumstances:

Firstly, the need to have targets for the long-term socio-economic development of the region, with clear ideas about the basic principles, main priorities, sources and mechanisms for their implementation.

Secondly, the need for certainty, clarity, predictability of the state and regional socio-economic policy, its comprehensibility for the population.

Thirdly, the peculiarity of the specialization of the region's economy, focused on the extraction and primary processing of raw materials, which has a high capital intensity, energy intensity and long payback periods for capital investments in production.

Fourth, feature geographical location an area of ​​geostrategic importance, severe climatic conditions that place high demands on the creation of appropriate conditions for the life and work of the population living in the area and their future generations.

The principal feature of the Strategy is that it is necessary to make a certain strategic choice of the type of regional economy that should be created in the next 15 years: traditional raw materials or innovative industrial with elements of post-industrial information technologies.

The internship made it possible to systematize knowledge on the regional economy, to study in more detail the economy of the Murmansk region; consider the basic industries of the region; gain useful practical experience with the regulatory framework and other sources of information.

In any university, in the process of learning, students need to undergo an internship in order to consolidate their theoretical knowledge and gain practical work skills. For the entire period of study, they undergo introductory (educational) and pre-diploma practice. The completion of the internship requires writing a report, which is accompanied by a diary and a description from the place of internship. To write a practice report yourself, you need to know the features of each type of practice.

Educational or fact-finding practice becomes the first test for students. It is passed on the 1st or 2nd course. The goal is to consolidate the general theoretical knowledge gained in the course of study, as well as to obtain a general idea of ​​the chosen specialty. During the internship, students are given the opportunity to get acquainted with the work of the enterprise through lectures and excursions, as well as see the work of employees of your chosen specialization.

Internship takes place in the 3-4 course and is the next step in mastering the profession. Interns are given the opportunity to study the work of the enterprise from the inside under the supervision of a curator, study and analyze documentation, and collect materials.

Undergraduate practice is the final stage of learning. Based on the information received at the enterprise, it will be necessary. The report on undergraduate practice is often the second chapter of the diploma and is an analysis of the work of the enterprise.

The report on the work of the enterprise must comply with the requirements of the practice program of your university (See also:), as a rule, it contains:

- calendar plan;

- a diary;

- a description from the place of internship

— introduction;

- the main part;

- conclusion;

- bibliography;

- applications

Title page drawn up according to the model from the methodological instructions. The title page contains data on the name of the university, the type of practice (educational, introductory, industrial, undergraduate), the topic of practice, specialty, student, leader, place and year of writing.

Title page sample

Calendar plan is drawn up in the form of a table, contains data on the type, timing and place of work performed by you at the enterprise. Sometimes included in the diary.

An example of a practice report schedule

Practice diary- similar to the calendar plan. The diary is the main document, along with the report, according to which the student reports on the implementation of the practice program.

The trainee writes down every day what he did or studied today. Arranges everything in the form of a table.

An example of filling out a practice diary

Characteristic from the place of industrial, educational or diploma practice should reflect data on the knowledge, skills and abilities of the trainee. About the level of his professional training, personal qualities, as well as about the work and assignments that the student performed during his visit to the enterprise. And, of course, the recommended rating.

The student must receive a characteristic from his supervisor and attach to the report. But in practice, the leader shifts this responsibility to the student.

Sample characteristics from the place of internship

Sample Practice Report Content

Introduction contains:

• information about the place of internship;
• its goals and objectives, which are indicated in the guidelines;
• object and subject of research;
• assessment of the current state of the topic under study;
• may contain the expected results of the internship.

Introduction Example

Main part is divided into chapters. Contains theoretical and practical parts. The practical part describes the structure and activities of the enterprise. Analysis is underway. There are positive and negative sides in the operation of an enterprise or institution. All calculations, graphs and tables are given.

Conclusion written on the basis of the studied material. Contains answers to the tasks set in the introduction. Includes all conclusions obtained in the main part. You can include an assessment of your own work and give recommendations for improving the activities of the enterprise.

Practice Report Conclusion Sample

Bibliography contains all the sources used in writing the work, including those specified in . according to methodical instructions or GOST. It can include the names of documents received from the enterprise, as well as regulatory literature, Internet sources.

Applications include any data that can be referred to when writing the work, in the text of the work. This may be reporting, the organizational structure of the enterprise, extracts from the legislation, questionnaires, drawings, diagrams, tables. Everything, the documents that you found at the enterprise and which were useful for writing the reporting work.

Writing a practice report on your own is very interesting and informative. But if you have any difficulties with writing or you did not manage to complete an internship at the enterprise, you can always turn to our specialists for help and get qualified advice.

Introduction

In modern business conditions main task of any enterprise is the skillful disposal of available financial and other resources for the implementation of effective activities that bring the desired result - making a profit.

Financial management is engaged in organizing the management of financial resources in an enterprise in order to most effectively use its own and borrowed capital.

The financial manager manages the financial activities of the enterprise. He organizes financial work at the enterprise, analyzes the financial condition of the enterprise, based on the results of which plans and forecasts for the use of financial resources are developed.

The planning of financial activities is reduced to the foresight of income, expenses and the results of the enterprise's activities in the future.

Financial planning is the process of developing financial plans and targets to provide the enterprise with financial resources and increase the efficiency of its activities over a certain period of time.

The issues of financial planning are especially relevant today, since the implementation of effective activities is more successful for enterprises whose management looks two steps ahead, avoiding unforeseen situations.

But, unfortunately, the importance of planning in enterprises is often underestimated. Especially the shortage of enterprises that consciously organize the financial planning system is observed in the industry Agriculture, which have not yet fully passed into the time of market relations.

Therefore, it is advisable to study the organization of financial work and financial planning in the course of practice at one of the agricultural enterprises.

The object of the study was the educational and experimental farm "Prigorodnoye" of the Altai State Agrarian University.

The study period covers 2005–2007.

The subject of the study is general organization financial work and the procedure for implementing financial planning, as well as the financial condition of the enterprise in question.

The purpose of the practice is to consolidate theoretical knowledge and gain practical skills in organizing financial work at the enterprise.

The objectives of the internship are:

determination of the general economic characteristics the object under consideration - the educational and experimental farm "Prigorodnoye" of the ASAU;

familiarization with the structure of the financial service of the enterprise;

study of the procedure for the implementation of financial planning in the enterprise and the proposal of measures to improve its efficiency;

familiarization with the content of operational and financial work on opening bank accounts and carrying out operations on them;

· assessment of the results of financial and economic activities and the financial condition of the enterprise;

· summarizing the conclusions made in the course of practice about the current financial situation of the enterprise and proposals for improving financial work.

During the practice, methods of synthesis and analysis, the tabular method, the methods of horizontal and vertical analysis, the method of financial ratios, the method of grouping, the method of complex assessment were used.

1.1 Brief description of the educational and experimental farm "Prigorodnoye"

The Federal State Unitary Enterprise Educational and Experimental Farm "Prigorodnoye" of the Altai State Agrarian University, hereinafter referred to as the "Prigorodnoye" Uchhoz, acquired this status in accordance with the Civil Code of the Russian Federation and was issued by order of the Ministry of Agriculture and Food of the Russian Federation (Ministry of Agriculture and Food of Russia) dated August 1 1997 No. 345.

In 1956, in the suburbs of Barnaul, on the basis of four economically weak collective farms with the addition of state fund lands, the Prigorodny dairy and vegetable state farm was formed, which in 1958 was transferred to the Altai Agricultural Institute to organize the Prigorodnoye educational and experimental farm on its basis.

At the time of its organization, the Prigorodnoye educational farm had 30,720 hectares of land, including 16,629 hectares of arable land.

The lands were not compactly located, the management of such a large farm was complex and ineffective. Therefore, in 1961, its disaggregation began. In 2005, the Barnaulsky state farm was separated from the educational farm, as a result of which land area uchhoza was reduced almost in 2 times.

At present, the total land area of ​​the Prigorodnoye educational farm is 10,429 hectares, including 9,144 hectares of agricultural land, of which 7,209 hectares are arable land. This pattern of land use is indicative of a high degree of land use.

The lands are predominantly represented by medium loamy leached chernozems and gray forest soils.

By climatic conditions the territory of the educational and experimental farm belongs to the insufficiently moistened forest-steppe zone.

The location of the farm is favorable. Transport routes connect the farm with the city of Barnaul and other settlements.

Location of the educational institution: 656022, Barnaul-22, Prigorodny settlement.

Full official name of the farm: federal state enterprise educational and experimental farm "Prigorodnoye" of the Altai State Agrarian University.

Short name: Uchkhoz "Prigorodnoye" AGAU.

The property of an educational institution is federal property and is assigned to it on the basis of the right of economic management.

The founder of the educational farm is the Ministry of Agriculture and Food of Russia.

Being an educational and experimental farm of the university, the educational farm performs the functions of a base for practical training of students, retraining and advanced training of specialists and conducting research work of the university.

Uchkhoz "Prigorodnoye" performs the following tasks:

Provides conditions for practical training of students;

Produces agricultural products based on the use of modern scientific and technological achievements and zonal agricultural technologies;

Creates conditions for scientific research, production testing of new scientific developments;

It produces science-intensive products: elite seeds of grain and fodder crops, breeding young cattle.

The statutory fund of the educational institution as of the moment of registration is 22,000,000 (twenty-two million rubles).

The sources of formation of the property of the educational farm, which is at its independent disposal, are:

Cash, property and other objects of property transferred by individuals and legal entities in the form of a gift, donation, earmarked contribution or by will;

Other sources not prohibited by applicable law.

The Uchkhoz independently disposes of the products obtained as a result of economic activity, profit.

Control and revision of educational and research activities is carried out by the Altai State Agrarian University.

A comprehensive audit of the financial and economic activities of the educational institution (audit) is carried out by a body authorized by the owner, no more than once a year.

The head of the educational farm is the director, who is appointed and dismissed by the Ministry of Agriculture and Food of the Russian Federation on the recommendation of the university.

Uchkhoz "Prigorodnoye" is a fairly large farm, as evidenced by the indicators in Table 1.

Table 1 - The size of the production of the educational and experimental farm "Prigorodnoye" for 2005–2007.

From the table it follows that the gross output of the economy changes slightly. In 2007, it increased by 1% compared to 2005, but decreased by 1.3% compared to the previous year. The cost of commercial products for 3 years increased by 15.1%. It is worth noting the constant growth in the value of fixed assets. For 3 years it has increased by 7.9%. There is a decrease in the total number of farm workers (by 15.3% over 3 years), the area of ​​agricultural land remains constant.

The specialization of the economy is characterized by the structure of marketable products, which is discussed in Table 2.

Marketable products are sold products from the total volume of manufactured products.

The largest share in the structure of marketable products of the economy over the past three years has been occupied by livestock products (72%). From it: milk (52%), cattle meat (15%). From crop production, the greatest preference is given to the production of grain crops (21% of all marketable products).

From this we can conclude that the production direction of the economy is meat and dairy with a developed seed production of grain crops. The combination of industries in the economy corresponds to its location and natural conditions. Therefore, his specialization will not change in the coming years.

Table 2 - The structure of commercial products of the educational and experimental farm "Prigorodnoye" for 2005–2007.

It can be noted that the total cost of marketable products increased in 2007 by 15.1% compared to 2005. For crop production, 2007 was the most productive year, income from marketable crop production increased by 55.3%. The maximum income from livestock products was also in 2007 (for 3 years it increased by 2.4%).

Table 3 shows the final indicators of the economic activity of the Prigorodnoye educational and experimental farm for 2005–2007.

According to these indicators, one can judge the stability and profitability of production, the financial condition of the enterprise.

Table 3 - Indicators of production and economic activities of the educational and experimental farm "Prigorodnoye" for 2005–2007

These figures indicate the unprofitability of the economy. The level of profitability in 2007 is -0.3%, which indicates low production efficiency (for every 100 rubles of expenses, 0.3 rubles of loss was received). Here it is more appropriate to say that the level of recoupment of the current costs of the economy is 99.7%. This is mainly due to the inefficient use of funds and, as a result, the high cost of production. But we can note a favorable trend towards an increase in the level of profitability compared with the indicators of previous years.

1.2 The structure of the financial service of the enterprise

The efficiency of financial work and the quality of financial analysis largely depends on the correct organization of the financial service, on its structure and the distribution of responsibilities within the individual units of the service.

Depending on the size of the enterprise and the volume of tasks to be solved by the financial service, it can take various organizational forms: from the chief accountant or manager in small enterprises to entire financial departments in large organizations.

The enterprise under consideration, the Prigorodnoye educational and experimental farm, belongs to the category of medium-sized enterprises.

The volume of financial work is not too large, the operations performed are mostly of the same type, therefore the organizational structure of the financial service is limited to two departments:

- economic department

- accounting.

Economic work is carried out by 1 person - the chief economist. His responsibilities include assessing the financial condition of the farm and drawing up planning documents - financial plans, investment plans, balance of income and expenses (Appendix 1) - based on the considered indicators, taking into account their impact on the activities of the farm.

The accounting staff consists of 9 people: chief accountant, deputy chief accountant, cashier, 2 branch accountants, garage accountant, payroll accountant, utility bill accountant and materials accountant.

The accounting department is headed by the chief accountant. He, like the chief economist, is entrusted with carrying out analytical work.

The results of analytical studies of the activities of the economy are documented. For external users, an explanatory note is drawn up, which is attached to the annual report and contains general questions reflecting the economic level of development of the enterprise. The farm draws up annual production and financial plans for the activity of the farm.

The accounting department keeps records of all business operations of the enterprise in order to form accounting and financial statements.

2. Organization of financial planning at the enterprise

Financial planning is one of the most important aspects of the activity of any enterprise that sees its goal in making a profit and existing in the market in modern conditions.

In a market economy, the role of planning is increasing every year. It allows you to formulate strategic goals for the development of the enterprise and embody them in the form of specific indicators. Planning allows, firstly, to prevent possible errors in financial activities, and secondly, to use all available opportunities to achieve the best results.

Agriculture is a branch of the economy, the development of which in recent years has been directed by the efforts of the state, various measures of state support. Therefore, planning should play a major role here.

At the state level, there are long-term plans containing financial indicators of the development of the industry, but this is not enough for their effective implementation. A reasonable organization of financial planning is necessary for each individual enterprise.

At the enterprise in question, the Prigorodnoye educational and experimental farm, financial planning is carried out, which consists of the following stages:

1. Analysis of the financial performance of the enterprise for the previous year on the basis of the balance sheet, income statement, cash flow statement. The main attention is paid to the volume of products sold, the cost of their production and profits. Conclusions are drawn about the results of the work and the existing problems.

2. Planning the volume of production and sales of products and other indicators of the production and financial activities of the enterprise.

3. A financial plan is drawn up. First, the planned receipt of funds and results from the sale of products are calculated (form No. 29, appendix 1). Further, a planned profit and loss statement is drawn up (form No. 30), a calendar of planned settlements with creditors (form No. 31) in order to pay off the accounts payable of the enterprise. The final document of the annual financial plan is the balance of income and expenses (Form No. 32).

4. There is a combination of indicators of the production program, pricing plan, investment and financial plan developed at the enterprise.

5. Implementation of operational financial planning by developing operational financial plans of the company.

6. Implementation of the current production, commercial and financial activities of the enterprise, which determines the final financial results of its activities.

7. Analysis and control of the implementation of plans. The actual final financial results of the enterprise are determined, compared with the planned indicators, the reasons for deviations from the planned indicators are identified, and measures are developed to eliminate negative phenomena.

Planning of financial indicators is carried out using several methods:

1) methods of economic analysis - allow you to determine trends and patterns of changes in indicators over several months or years, to identify reserves for improving indicators;

2) normative method - based on established norms(deductions to the budget and extra-budgetary funds, depreciation rates, loan rates) the need for financial resources and sources of their formation is determined;

3) balance method - drawing up balances in which needs and sources of satisfaction of these needs are determined, i.e. the amount of receipts of funds and the costs of their payment are compared.

Table 4 analyzes the implementation of the plan according to the financial results of the enterprise.

Table 4 - Implementation of the plan for the financial results of the educational and experimental farm "Prigorodnoye" for 2005–2007, thousand rubles.

When analyzing table 4, one can trace the relationship between planned indicators and indicators achieved in the previous year.

Focusing on the plan, the enterprise one way or another goes to positive result. In 2007, the profit figure even exceeded the plan by 2,721 thousand rubles. (or more than 5 times) due to receiving greater amount subsidies from the state and reduction of other expenses.

In general, at the enterprise under consideration, financial planning is carried out smoothly and in a timely manner. But, in my opinion, the techniques and methods of planning are somewhat outdated.

For example, one can offer such modern planning methods as the cash flow method and economic and mathematical modeling.

The cash flow method helps in predicting the timing and size of the receipt of the necessary financial resources. It is based on the expected receipt of funds on a certain date and adjusting all costs and expenses to this. The cash flow method provides more complete information than the balance sheet method.

This relationship is expressed through an economic-mathematical model, which is an accurate mathematical description of economic processes using graphs, tables, equations and inequalities. This method is becoming more widespread in the context of automation of accounting and planning and is developing along with software computer systems.

3. Organization of operational and financial work at the enterprise

3.1 Opening bank accounts by the enterprise

The organization keeps free cash in the bank on a current account. The current account receives funds from buyers for the products sold to them, cash contributions from the cash desk, payments to pay off receivables. From the current account, payment is made for the acquired inventories, the issuance of funds to the cash desk, and the transfer of payments to the budget.

To open a current account, the company submits the following documents to the bank:

Application for opening a current account in the prescribed form;

Document on state registration of the enterprise;

A copy of the charter (notarized);

Document confirming the authority of the director of the enterprise;

Document confirming the powers of the chief accountant of the enterprise;

Card with samples of signatures of the first officials enterprise with an imprint of its seal (notarized) (standard form - appendix 3);

A certificate from the tax inspectorate on the company's registration as a taxpayer and the assignment of a TIN;

Certificates from the Pension Fund, the Employment Fund, the Social Insurance Fund and the Compulsory Medical Insurance Fund, indicating the registration of the enterprise in these organizations;

Registration card of statistical authorities.

Opening a current account in a bank is accompanied by the conclusion between the enterprise and the bank of a bank account agreement, which fixes the mutual obligations of the parties, their responsibility for conducting operations on the account. The bank account agreement contains the following sections:

1. The Subject of the Agreement.

2. Rights and obligations of the parties.

3. Payment for services.

4. Responsibility of the parties.

5. The term of the contract and the procedure for termination.

6. Special conditions.

7. Legal addresses of the parties.

Payments are made in non-cash form on the basis of documents:

Payment order - a written order of the account holder to the bank servicing him to transfer a certain amount of money from his account to the account of the recipient of funds (standard form - Appendix 4);

Payment request - a document containing the requirement of the recipient of funds to the payer to pay a certain amount of money through the bank. The payer must give written consent (acceptance) to the payment or declare a refusal to pay. It is possible to write off funds without acceptance, provided for by the terms of the bank account agreement (Appendix 5);

Letter of credit - an obligation of a bank to make a payment to its client (beneficiary) on behalf of a client of another bank (payer) upon presentation by the recipient of the relevant documents (Appendix 6);

Collection order - a settlement document on the basis of which funds are debited from the payer's account in an indisputable manner (Appendix 7);

A check is a written instruction from the drawer to the bank serving him to transfer a certain amount of money from his current account to the account of the holder of the check.

The organization's cash flow is reflected in bank statements, which indicate the amounts of receipts and payments and the documents on the basis of which the entries were made.

In the educational and experimental farm "Prigorodnoye" a computer system for remote payments "Client-Bank" was installed (using the Internet).

The "Client-Bank" system is designed for the Bank's Clients to carry out operations on their accounts. It provides a wide range of functions for prompt formation and secure exchange of financial documents between the Bank and Clients remotely.

The Client-Bank system allows you to quickly and easily create payment orders and send them to the Bank without leaving your workplace. At any time the Client can receive a statement of his accounts and information about the documents sent to the Bank. The Client-Bank system allows the Client to monitor the status of their accounts in real time. The system guarantees a high level of security in the exchange of information between the Client and the Bank. Protection of documents from falsification and unauthorized access is carried out with the help of Electronic Digital Signature and Encryption programs.

The Prigorodnoye educational and experimental farm has a current account with the Zernobank JSCB.

Current account number: 40502810400000001005

According to Art. 855 of the Civil Code of the Russian Federation, payments from the current account are made in the following order:

1) writing off under executive documents providing for the transfer or issuance of funds from the account to satisfy claims for compensation for harm caused to life and health, as well as claims for the recovery of alimony;

2) writing off under executive documents providing for the transfer or issuance of funds for settlements on the payment of severance benefits and wages with persons working under an employment contract, including under a contract, for the payment of remuneration to the authors of the results of intellectual activity;

3) debiting according to payment documents providing for the transfer or issuance of funds for payroll settlements with persons working under an employment contract (contract), as well as for contributions to the Pension Fund of the Russian Federation, the Social Insurance Fund of the Russian Federation and compulsory medical insurance funds;

4) write-offs under payment documents providing for payments to the budget and extra-budgetary funds, deductions to which are not provided for in the third priority;

5) writing off under executive documents providing for the satisfaction of other monetary claims;

6) write-off under other payment documents in the order of calendar priority.

Analysis of cash flows is carried out in table 5.

Table 5 - Cash flow by type of activity of the educational and experimental farm "Prigorodnoye" in 2005–2007, thousand rubles.

Cash flows from current activities are balanced. In 2007, the value of net cash is much higher than in previous years.

Investment activity does not bring profit, because. the company does not sell fixed assets, does not make financial investments.

The company timely pays for the obligations of financial activities. In 2007 alone, he was left with a debt for a loan received in 2006 in the amount of 1,700 thousand rubles.

3.2 Organization of settlements with suppliers and buyers

Uchkhoz "Prigorodnoye" produces products both for own consumption and for sale. The company also purchases the necessary products from other agricultural producers. Consequently, there are relationships with contractors - suppliers and buyers.

For a complete list of suppliers see balance sheet on account 60.1 (appendix 8), the list of buyers - respectively in the balance sheet on account 62.6 (appendix 9).

Settlements with suppliers and buyers are made:

- in cash through the cashier;

- by non-cash payments through a current account;

- using reciprocity.

Main distribution channels:

milk: AKGUP Firm "Modest", LLC "AltaiAgroLux" (mutual offset for gasoline), retail outlets;

grain: Sorochino LLC (offset for wheat seeds), Novoaltaysky Khlebokombinat OJSC (for fuels and lubricants), Soyuzmuka CJSC (for bran);

peas: STAR COMMEN OJSC.

Main suppliers: AltaiAgroLux LLC, Aktiv-Trade LLC, IP Startsev O.V., Altayagrotekh LLC, Altaienergosbyt OJSC.

Contracts of sale and purchase are concluded with counterparties, which establish the subject of the contract, the price and delivery procedure, the responsibility of the parties, the duration of the contract and the procedure for resolving disputes.

Examples of concluded contracts:

1) an agreement for the sale of wheat seeds to an individual entrepreneur, the head of the KFH Neyfeld Ya.A. (app. 10);

2) an agreement for the purchase of sunflower oil from OOO Gorchichnik with an act of mutual offsets attached (Appendix 11).

The attractiveness of the enterprise for new suppliers and buyers depends on the correct conduct of settlements with counterparties.

Here you should consider the state of receivables and payables and assess their turnover.

In table 6, we consider the dynamics of receivables and payables.

Table 6 - The state of receivables and payables of the educational and experimental farm "Prigorodnoye" in 2005–2007, thousand rubles.

The amount of receivables must be in line with accounts payable.

Based on table 6, we can conclude that there is an imbalance in receivables and payables, which adversely affects the overall financial condition of the enterprise. Accounts receivable decreased by 39.2%. This leads to the inability of the company to pay off its debts. Accounts payable by the end of 2007 increased by 18.3% compared to the level of 2005.

You should also assess the turnover of receivables and payables (table 7).

Table 7 - Estimated turnover of receivables and payables of the educational and experimental farm "Prigorodnoye" in 2005–2007

Indicators		2005	2006	2007	changes,
1. Accounts receivable turnover, times		47,3	58,9	89,4	42,1
2. Period of repayment of receivables, days		7,7	6,2	4,1	-3,6
3. Share of accounts receivable in total current assets, %		2,8	2,3	1,5	-1,3
4. The ratio of the average value of receivables to sales proceeds		0,021	0,017	0,011	-0,01
5. Accounts payable turnover, times		1,45	1,41	1,41	-0,04
6. Average maturity of accounts payable, days		251,7	258,9	258,9	7,2
7. Share of accounts payable in total liabilities, %		153,4	153,7	147,5	-5,9
8. The ratio of the average value of accounts payable to sales proceeds		0,69	0,71	0,71	0,02

Based on table 7, we conclude that accounts receivable is only 1.5% of current assets. The company has reduced the sale of products on credit (in installments), and the period of repayment of receivables has decreased to 4 days. For 1 rub. proceeds from the sale of products account for 1.1 kopecks. accounts receivable.

The amount of accounts payable exceeds current liabilities by 1.5 times. By the end of 2007, the rate of debt payment slowed down and the maturity increased to 259 days. For 1 rub. proceeds from the sale of products account for 71 kopecks. accounts payable.

3.3 Investment activity of the enterprise

Investments are long-term investments of private or public capital in various sectors of the national (domestic investment) or foreign (foreign investment) economy for the purpose of making a profit. They are divided into real, financial and intellectual.

Real (direct) investments - capital investment in updating the material and technical base, increasing production volumes, developing new types of activities.

Financial investments - investments in financial institutions, i.e. investments in shares, bonds and other securities issued by private companies or the state, in bank deposits.

Intellectual investments - training of specialists in courses, transfer of experience, licenses and know-how, joint scientific developments, etc.

In the Prigorodnoye training and experimental farm, real investments are made in the acquisition of fixed assets (agricultural machinery), as well as intellectual investments (on retraining of the chief accountant - 1 time in 2 years).

The company's main sources of funding are:

- profit remaining at the disposal of the enterprise;

- depreciation deductions;

- loans from commercial banks.

But agriculture today is low-profit - profits remain low, depreciation for renewal technical means are partially used. Therefore, it is necessary governmental support updating the technical base from the federal and regional budgets. The measures of such support in recent years have been reimbursement of expenses for the purchase of equipment, leasing of equipment, subsidizing the interest rate for a bank loan.

On this basis, leasing has become a necessary and effective mechanism for supporting agricultural producers.

And the educational and experimental farm "Prigorodnoye" also uses this source of funding to upgrade its material and technical base.

Leasing allows you to have the necessary amount of agricultural machinery in stock, perform a larger amount of mechanized work and, accordingly, produce a larger volume of products; spend limited financial resources to replenish working capital (seeds, fertilizers, fuel and lubricants, etc.).

The subject of leasing can be any non-consumable things, including enterprises and other property complexes, buildings, structures, equipment, vehicles and other movable and immovable property that can be used for business activities.

The subjects of leasing are the lessor, the lessee, the seller (supplier).

The lessor is an individual or entity which, at the expense of borrowed and (or) own funds, acquires property in the course of the implementation of a leasing agreement into ownership and provides it as a subject of leasing to the lessee for a certain fee, for a certain period and under certain conditions for temporary possession and use with or without transfer to the lessee of ownership of the leased asset.

Lessee - a natural or legal person who, in accordance with the leasing agreement, is obliged to accept the object of leasing for a certain fee, for a certain period and under certain conditions for temporary possession and use in accordance with the leasing agreement.

Seller (supplier) – a natural or legal person who, in accordance with the sale and purchase agreement with the lessor, sells the property that is the subject of leasing to the lessor within the stipulated period. The seller is obliged to transfer the object of leasing to the lessor or lessee in accordance with the terms of the contract of sale.

Between the lessor and the lessee, a financial lease (leasing) agreement is concluded (Appendix 12) stating that the lessor undertakes to acquire ownership of the property (leased item) and provide the lessee with this item for a fee for temporary use.

Further, a tripartite supply agreement (Appendix 13) is concluded between the buyer (lessor), supplier and lessee that the supplier undertakes to transfer the goods to the buyer for a fee, which is then transferred to the lessee on the terms of financial lease (leasing) fixed in the relevant agreement.

The lessee may also enter into a financial sublease (subleasing) agreement (Appendix 14).

Subleasing is a type of sublease of the subject of leasing, in which the lessee, under a leasing agreement, transfers to third parties (lessees under a subleasing agreement) for possession and use for a fee and for a period in accordance with the terms of the subleasing agreement the property previously received from the lessor under a leasing agreement and constituting the subject leasing. When transferring property to subleasing, the right to claim against the seller passes to the lessee under a subleasing agreement.

4. Assessment of the financial condition of the enterprise

4.1 Evaluation of financial results and performance of the enterprise

The first step in determining the financial condition and efficiency of the economy is to study the structure and dynamics of the assets and liabilities of the balance sheet (Appendix 2). They reflect the placement and use of the property of the economy, as well as the sources of formation of this property.

To do this, it is necessary to build a comparative analytical balance by grouping balance sheet items into groups. Asset items are grouped on the basis of liquidity, and liability items - on the maturity of liabilities (tables 8, 9).

Table 8 - Analytical grouping and evaluation of assets of the balance sheet of the educational and experimental farm "Prigorodnoye" for 2005-2007.

Table 9 - Analytical grouping and evaluation of liabilities balance sheet of the educational and experimental farm "Prigorodnoye" for 2005-2007.

From the analytical balance sheet, we can conclude that all items have increased, with the exception of receivables and long-term liabilities. By the end of the year, the cash item increased the most. But this is only in relative terms, in absolute terms there was a slight increase (by 47 thousand rubles).

Accounts payable increased by 37.4% due to the accumulation of debts on taxes and fees to government off-budget funds and to suppliers and contractors. The balance currency increased by 9.1%.

In the composition of the property of the enterprise, a large part (63%) is occupied by non-current assets, and the share of current assets accounts for 37%. The share of non-current assets is gradually decreasing (for 2 years the decrease was 1.7%). In the structure of property sources, the share of own capital is 65%, and attracted - 35%.

Own sources in the amount of 65% should be directed to the formation of non-current assets, and the rest - to the purchase of reserves. In the Prigorodnoye educational farm, about 79% of its own capital was directed to the formation of non-current assets:

VA = DO + SC

60676 = 11230 + SC

49446 / 62428 * 100% = 79,2%

This can lead to a reduction in asset turnover, which will affect the overall financial condition of the enterprise.

The negative point is the imbalance of receivables and payables.

Another important indicator of the financial condition of the enterprise is the availability of its own working capital:

SOS = pp. 490 - 190

At the enterprise under consideration, this indicator in 2005–2007 was -6227 thousand rubles, -7308 thousand rubles. and -6327 thousand rubles. respectively, which is also negative moment in assessing the financial condition.

To assess the efficiency of the economy, an absolute indicator is used - the amount of profit and a relative indicator - the level of profitability.

In 2007, the farm received a loss of 165 thousand rubles from the sale of products, works and services. The amount of net profit is 3056 thousand rubles. by receiving various kinds of subsidies under state programs to support agricultural producers.

Consider the profitability indicators that have developed in the economy (table 10).

Table 10 - Indicators of profitability of the educational and experimental farm "Prigorodnoye" for 2005–2007

Index	Calculation formula	2005	2006	2007
1. Return on assets		0,001	0,005	0,031
2. Profitability of non-current assets		0,002	0,008	0,049
3. Return on current assets		0,004	0,014	0,083
4. Return on equity		0,002	0,008	0,047
5. Return on operating capital		0,002	0,007	0,045
6. Profitability of sales		-0,031	-0,059	-0,003
7. Return on costs (production)		-0,030	-0,056	-0,003

All profitability indicators in 2007 improved significantly compared to previous years, but their value remains insufficiently high.

So, it can be noted that for 1 rub. products were received 0.3 kopecks. loss. This is a very low level of the indicator, but there is a positive trend towards its increase. The use of enterprise assets is cost-effective. So, for 1 rub. the value of the assets of the economy accounts for 3.1 kopecks. arrived. For non-current assets, this figure is 4.9 kopecks, for current assets 8.3 kopecks.

Return on equity can be determined using the DuPont formula:

RSK = RA + FL = RP + OA + FL

RSK = RP + +

RSK = 0.062 + 0.502 + 0.524 = 1.088

This formula also shows the low profitability of the enterprise.

The ratio of the amount of attracted and equity capital used in the formula is financial leverage. It shows that for 1 rub. own capital the enterprise attracts 52.4 kopecks. loan capital.

To determine the profitability threshold for the production of products with the current ratio of fixed and variable costs at the enterprise, we use break-even analysis or "costs - volume - profit"(Cost - Volume - Profit; CVP analysis).

CVP analysis allows you to determine:

Break-even sales volume (break-even point, profitability threshold), at which the proceeds from product sales are equal to total costs, i.e. the company does not receive any profit or loss;

Margin of financial strength - the amount of a possible decrease in the volume of sales of products, which will allow to carry out profitable activities;

The required volume of sales of products to obtain a given amount of profit, etc.

The break-even analysis is based on the contribution margin method.

Marginal income is the income that a company receives from the production and sale of one product. It can be found in two ways:

MD = Revenue - Variable Costs

MD = Profit + Fixed Costs

When a company earns marginal income sufficient to cover fixed costs, the break-even point is reached:

x =

Marginal income ratio- this is the ratio of marginal income to the volume of product sales (to determine the critical volume of sales in physical terms) or to sales revenue (to determine the critical amount of revenue).

To do this, all production costs are divided into cost of goods sold (variable costs) and management costs (fixed costs).

At the same time, fixed costs include salaries of the administrative apparatus, deductions for social needs and depreciation.

The calculation of the break-even point and the margin of financial safety is made in table 11.

Table 11 - Calculation of the break-even point and the margin of financial and economic stability of the educational and experimental farm "Prigorodnoye" for 2005–2007, thousand rubles.

The calculation showed that the company has been operating profitably since 2006. The break-even point at the end of 2007 was 37,010 thousand rubles. Those. at this level of revenue, the enterprise will have neither profit nor loss. Above this level, the company will make a profit. At the same time, the stock of financial and economic stability is equal to 15,778 thousand rubles. or almost 30%. These indicators are much higher than the data for previous years, which indicates favorable shifts in the work of the enterprise.

4.2 Assessment of the financial stability and liquidity of the enterprise

When analyzing the financial condition of the economy, it is necessary to investigate the indicators of its financial stability.

Financial stability is determined in accordance with the structure of the balance sheet by the ratio of reserves and costs and sources of their formation, i.e. according to the degree of solvency of the economy (sufficiency of the funds available to the enterprise to cover emerging obligations).

To calculate financial stability indicators, balance sheet data is used (Table 12).

Table 12 - Initial data for assessing the financial condition of the Prigorodnoye educational and experimental farm for 2005–2007, thousand rubles.

Table 13 - Calculation of indicators of financial stability of the educational and experimental farm "Prigorodnoye" for 2005–2007

The calculated indicators of financial stability allow us to draw the following conclusions.

The share of own capital in the structure of the balance at the end of 2007 is 65.2%, and the share of borrowed capital is 34.8%. This is a favorable ratio, because the normative value of the equity concentration ratio is 60%. But it can be noted that the value of this indicator has decreased compared to previous years.

The coefficient of financial dependence, equal to 1.53, shows that the enterprise attracts borrowed funds to finance its activities.

The ratio of own and borrowed capital is such that for 1 rub. own capital accounts for 53.3 kopecks. attracted capital, which also indicates an acceptable capital structure of the enterprise.

In the structure of attracted capital, 32.2% is occupied by long-term liabilities. They finance 17.8% of fixed assets.

At the end of the year, the enterprise has net assets in the amount of 13,467 thousand rubles. - the difference between current assets and liabilities - to maintain the level of own working capital and replenish it, if necessary, from own sources. But the level of the indicator is not high enough to ensure good capital maneuverability (20.7% against the standard value of 50%).

The company's own funds are very low (6.2% with a standard value of ≥10%), which indicates the impossibility of the company to pursue an independent financial policy.

The sustainable financing ratio shows that 76.4% of the company's property is financed from the operating capital (equity and long-term liabilities), i.e. its activities are quite independent of short-term liabilities.

At the same time, almost all equity goes to cover non-current assets - the immobile part of the property.

The liquidity of assets means their ability to turn into cash to pay off liabilities.

The assessment of the liquidity of the economy is made on the basis of the data of the balance sheet. At the same time, funds (balance sheet assets), grouped by the degree of their liquidity in descending order, and liabilities (balance sheet liabilities), grouped by maturity in ascending order, are compared.

Assets are divided into liquidity groups:

A1 - the most liquid assets - cash and short-term financial investments

A2 - fast selling assets - receivables (payments within 12 months)

A3 - slow-moving assets - stocks, VAT, receivables (payments in more than 12 months), other current assets

A4 - hard-to-sell assets - buildings, equipment, land and other non-current assets.

According to the urgency of repayment, liabilities are distinguished:

P1 - the most urgent obligations - accounts payable and debt to the founders for the payment of income

P2 - short-term liabilities - loans, credits and other short-term liabilities

P3 - long-term liabilities

P4 - permanent liabilities - equity

Table 14 - Assessment of the liquidity of the balance of the educational and experimental farm "Prigorodnoye" for 2005–2007, thousand rubles.

The following inequalities must be observed in the liquidity balance:

A1≥P1, A2≥P2, A3≥P3, A4≤P4.

Thus, we can say that the balance sheet of the Prigorodnoye educational farm has intermediate liquidity, since only 2 out of 4 conditions are met.

Table 14 shows that current payments are much higher than current receipts. In this regard, the economy does not have the opportunity to urgently pay off its obligations. Future repayment of liabilities is backed by assets, as evidenced by the last 2 inequalities.

A number of coefficients characterizing the liquidity of assets are also used (Table 15).

Table 15 - Calculation of liquidity indicators of the educational and experimental farm "Prigorodnoye" for 2005–2007

Liquidity indicators also indicate that the company's assets are not enough to cover liabilities. This is manifested in all periods of repayment of the enterprise's obligations, especially in the calculation of a certain date (quick liquidity).

A very small part of liabilities (2-4%) can be repaid with cash and receivables. Even the coefficient reflecting the general provision of the enterprise with working capital for doing business is below the norm. This indicates a low solvency of the enterprise and suggests its potential bankruptcy.

4.3 Assessing the potential bankruptcy of an enterprise

An enterprise is declared bankrupt if it is unable to fully satisfy the claims of creditors for monetary obligations or fulfill the obligation to make mandatory payments within three months from the date of their repayment (Federal Law “On Insolvency (Bankruptcy)”).

An enterprise is recognized as insolvent when an unsatisfactory structure of its balance sheet is revealed, i.e. such a state when the timely fulfillment of obligations to creditors cannot be ensured at the expense of property, due to the insufficient degree of its liquidity.

The structure of the balance sheet is considered satisfactory if at the end of the analyzed period 2 conditions are met:

1) the current liquidity ratio has a value greater than 2;

2) the coefficient of provision with own funds has a value greater than 0.1

Depending on the value of these indicators, the coefficient of loss (for a period of 3 months) or restoration (for a period of 6 months) of solvency is calculated.

It is necessary to evaluate the structure of the balance sheet of the enterprise under consideration (table 16).

Table 16 - Assessment of the structure of the balance of the educational and experimental farm "Prigorodnoye" for 2005–2007

The structure of the balance sheet of the Prigorodnoye educational farm was recognized as unsatisfactory, because both conditions are violated.

For example, the calculation for 2007 looks like this:

The solvency recovery ratio is less than its normative value (< 1). Это означает, что у предприятия отсутствует возможность восстановить свою платежеспособность в ближайшие 6 месяцев.

Also, to determine the degree of probability of bankruptcy of an enterprise, various models of foreign economists (Altman, Lis, Taffler) are used. They are based on the calculation of the integral indicator of the threat of bankruptcy Z according to formulas taking into account various factors.

Let's calculate the integral indicator according to the Altman model.

Z = 0.717*X1 + 0.847*X2 + 3.107*X3 + 0.42*X4 + 0.995*X5, where

X1 = (p. 490 - p. 190) / p. 300

X2 = p. 470 / p. 300

X3 = p. 140 (f.2) / p. 300

Х5 = line 010 (f.2) / line 300

The calculation results are summarized in Table 17.

Table 17 - Calculation of the probability of bankruptcy according to the Altman model

Z factor value< 1,23 является признаком высокой вероятности банкротства. Это подтверждает вывод, сделанный на основании анализа структуры баланса.

Now let's calculate the integral indicator according to the Fox model.

Z = 0.063*X1 + 0.092*X2 + 0.057*X3 + 0.001*X4, where

X1 = page 290 / page 300

Х2 = line 050 (f.2) / line 300

X3 = p. 470 / p. 300

X4 = p. 490 / (p. 590 + p. 690)

The results of the calculation are in table 18.

Table 18 - Calculation of the probability of bankruptcy according to the Fox model

The values ​​of the integral indicator calculated according to the Lis model are below the standard value in all years, i.e. bankruptcy of the enterprise is quite likely.

The Taffler model provides for another set of factors that show the probability of an enterprise going bankrupt:

Z = 0.53*X1 + 0.13*X2 + 0.18*X3 + 0.16*X4, where

Х1 = line 050 (f.2) / line 690

X2 = p. 290 / (p. 590 + p. 690)

X3 = p. 690 / p. 300

Х4 = line 010 (f.2) / line 300

The calculation of the integral indicator is made in table 19.

Table 19 - Calculation of the probability of bankruptcy according to the Taffler model

The results of calculating the Z indicator using the Taffler model were the final confirmation that the Prigorodnoye uchhoz of ASAU is an insolvent enterprise and there is a high probability of its bankruptcy.

5. General conclusions and suggestions for the internship

The development of an enterprise in the conditions of market relations is impossible without the effective management of the financial resources at its disposal. Each enterprise should carry out financial work covering current, investment and financial activities.

The implementation of financial work begins with the formation of the financial service.

At the enterprise under consideration, the “suburban” educational and experimental farm of ASAU, the financial service consists of an economic department and an accounting department. Financial planning is carried out by an economist and chief accountant.

Based on the analysis of the financial performance of the enterprise for the previous year, the volumes of production and sales of products in the next period are planned, the volume of receipts and expenditures of funds is determined, and a financial plan is drawn up.

Planning of financial indicators is carried out using the methods of economic analysis, normative and balance methods.

During the practice, it was proposed to use modern methods of planning and forecasting, such as the cash flow method and economic and mathematical modeling. Their application will allow to better balance the receipt and expenditure of funds, increase the efficiency of their use.

The analysis of cash flows showed their balance in current activities, relative equality in financial activities and the absence of income from investment activities. This indicates insufficient attention of management to this side of the enterprise.

Funding for the renewal of the material and technical base is carried out mainly through the leasing of agricultural machinery.

An analysis of the financial condition of the enterprise showed a complete imbalance of receivables and payables, as well as the lack of own working capital necessary for the normal functioning of the enterprise. The enterprise's debt to suppliers, as well as to the budget for the payment of taxes and fees, is very large.

Due to the low profit margin, the company's profitability is at a very low level.

But in general, the current activity of the enterprise does not bring losses. The analysis of the relationship between the volume of production, costs and profits showed that the margin of financial and economic stability is 30%.

An analysis of the financial stability of the enterprise showed that, in general, the capital structure is acceptable. But own working capital is not enough for the normal functioning and solvency of the enterprise.

Perhaps the enterprise has some unused facilities or buildings that are part of non-current assets or excess stocks of raw materials and materials in warehouses. In this case, fixed assets that are not used in production must be sold or found in another way in which they would bring income to the enterprise. In terms of stocks of raw materials and materials, it is possible to conduct an inventory, identify surpluses and take measures to prevent them in the next period.

The low level of liquidity indicators, indicating that the company is unable to repay its short-term obligations, leads to the thought of its potential bankruptcy.

The possibility of bankruptcy of the enterprise, due to the impossibility of restoring solvency in the next 6 months, confirmed the calculation of integral indicators according to the Altman, Lis and Taffler models.

Literature

1. Civil Code of the Russian Federation of November 30, 1994 (as amended by Federal Law No. 258-FZ of December 29, 2006)

2. "Regulations on non-cash payments in the Russian Federation", approved. Central Bank of the Russian Federation 03.10.2002 N 2-P (as amended on 02.05.2007)

4. Federal Law "On Financial Leasing (Leasing)" dated September 11, 1998 (as amended on July 26, 2006)

5. Banking: Textbook / ed. G.N. Beloglazova, L.P. Krolivetskaya, 2004

6. Bereslavsky V. Improving the system of leasing agricultural enterprises // Economics of agriculture in Russia, 2006 No. 1

7. Ilyin A.I. Planning at the enterprise: Proc. allowance. at 2 p.m. Strategic planning. - M .: Higher School, 2004

8. Kovalev V.V. Analysis of the economic activity of the enterprise: Textbook. - M.: Prospect, 2006

9. Lopushinskaya G.K. Planning in the market: Proc. allowance. - M .: Dashkov and Co., 2003

10. Razdorozhny A.A. Management of the organization (enterprise): Proc. allowance. - M .: Exam, 2006

11. Safronov N.A. Economics of the organization (enterprise): Proc. allowance for universities. - M.: Economist, 2004