Analysis of the business activity of the enterprise. Assessing the business activity of an enterprise: the golden rule of economics Business activity in the financial aspect

The stability of the financial position of an enterprise in a market economy is determined to a large extent by its business activity, which depends on the breadth of markets for its products, its business reputation, the degree of implementation of the plan for key indicators of economic activity, the level of efficiency in the use of resources and the sustainability of economic growth.

The business activity of an enterprise in the financial aspect is manifested primarily in the speed of turnover of its funds. Analysis of business activity consists of studying the levels and dynamics of various turnover ratios, the main of which are:

- Asset turnover ratio;
- Working capital turnover ratio;
- Accounts receivable turnover ratio;
- Accounts payable turnover ratio;
- Inventory turnover ratio;
- Fixed asset turnover ratio;
- Equity capital turnover ratio;

The importance of turnover indicators is explained by the fact that the characteristics of turnover largely determine the level of profitability of the enterprise.

Asset turnover ratio

Asset turnover ratio - reflects the rate of turnover of the total capital of the enterprise, i.e. shows how many times during the period under review a full cycle of production and circulation occurs, bringing the corresponding effect in the form of profit, or how many monetary units of sold products each unit of assets brought:

Koa = Net revenue from sales of products / Average annual value of assets;

According to the balance:

Koa=f.2 row.035/f.1((row.280gr.3+ row.280gr4)/2); (For Ukrainian enterprises)

Koa=f.2 row.030/f.1((row.280gr.3+ row.280gr4)/2); (For small businesses in Ukraine)

Koa=f.2row.010/f.1((row.300gr.3+ row.300gr4)/2); (For Russian enterprises)

Working capital turnover ratio

The working capital turnover ratio characterizes the ratio of revenue (gross income) from sales of products, excluding value added tax and excise duty, to the amount of working capital of the enterprise. A decrease in this ratio indicates a slowdown in the turnover of working capital.

Koos= f.2row.035/((f.1row.260gr3+ f.1row.270gr3+ f.1row.260gr4+ f.1row.270gr4)/2); (For Ukrainian enterprises)

Koos = f.2row.030/((f.1row.260gr3+ f.1row.270gr3+ f.1row.260gr4+ f.1row.270gr4)/2); (For small businesses in Ukraine with reporting form “m”)

Koos=f.2row.030/((f.1row.260gr3+f.1row.260gr4)/2); (For small businesses in Ukraine with the reporting form “ms”)

Koos=f.2row.010/((f.1row.290gr3+f.1row.290gr4)/2); (For Russian enterprises)

Accounts receivable turnover ratio

In the process of economic activity, an enterprise provides trade credit to consumers of its products, that is, there is a gap in time between the sale of goods and receipt of payment for it, as a result of which accounts receivable arises. The accounts receivable turnover ratio shows how many times during the year the funds invested in the calculations were turned over. It is determined by the formula:

Kodz = Net revenue from sales of products / Average annual amount of receivables;

According to the balance:

Kodz= f.2row.035/(((f.1row.150gr3+f.1row.160gr3+f.1row.170gr3+f.1row.180gr3+f.1row.190gr3+f.1row.200gr3+ f.1row210gr3) + (form 1 row.150gr4+form 1row.160gr4+form 1row.170gr4+form 1row.180gr4+form 1row.190gr4+form 1row.200gr4+form 1row210gr4))/2); (For Ukrainian enterprises)

Kodz=f.2row.030/((f.1row.160gr3+f.1row.170gr3+f.1row210gr3+f.1row.160gr4+f.1row.170gr4+ f.1row210gr4)/2); (For small businesses in Ukraine with reporting form “m”)

Kodz=f.2row.030/((f.1row210gr3+f.1row210gr4))/2); (For small businesses in Ukraine with the reporting form “ms”)

Kodz=f.2row.010/((f.1row240gr3+f.1row240gr4))/2); (For Russian enterprises)

Typically, the higher the ratio, the better, because the business gets its bills paid sooner. On the other hand, providing goods credit to buyers is one of the sales promotion tools, so it is important to find the optimal length of the credit period.

Using this coefficient, you can calculate a more visual indicator - the collection period, i.e. the time it takes for the receivables to become funds. To do this, it is necessary to divide the duration of the analyzed period by the accounts receivable turnover ratio.

It is useful to compare accounts receivable turnover rates with accounts payable turnover. This approach allows us to compare the terms of commercial credit provided by the enterprise in question to its customers with the terms of credit that it uses from suppliers. To do this, it is necessary to determine the turnover ratio and the turnover period of receivables and payables for commodity transactions.

During economic diagnostics, it is advisable to compare the actual repayment terms of receivables with the duration of the deferred payment period provided to buyers, which will allow assessing the effectiveness of monitoring the state of settlements with debtors and drawing conclusions about the level of their creditworthiness.

Accounts payable turnover ratio

Accounts payable turnover ratio - shows the expansion or reduction of commercial credit provided to the enterprise. An increase in the ratio means an increase in the speed of payment of the enterprise's debt, a decrease means an increase in purchases on credit. The formula for calculating the accounts payable turnover ratio is:

Kokz = Net proceeds from sales of products / Average annual amount of accounts payable;

According to the balance:

Kokz= f.2row.035/((Sum(from f.1row.520gr3 to f.1row600gr3)+ Sum(from f.1row.520gr4 to f.1row600gr4))/2); (For Ukrainian enterprises)

Kokz=f.2row.030/((f.1row.530gr3+ f.1row.550gr3+ f.1row.570gr3+ f.1row.580gr3+ f.1row.530gr4 + f.1row.550gr4+f.1row.570gr4+f. 1 row.580gr4)/2); (For small businesses in Ukraine)

Kokz=f.2row.010/((f.1row.620gr3+ f.1row.620gr4)/2); (For Russian enterprises)

The payables turnover period is determined as a share of the duration of the analyzed period divided by the payables turnover ratio.

Inventory turnover ratio

Inventory turnover ratio - reflects the number of turnovers of the enterprise's inventory for the analyzed period. A decrease in this indicator indicates a relative increase in inventories and work in progress or a decrease in demand for finished products. In general, the higher the inventory turnover rate, the less funds are tied up in this least liquid item of current assets, the more liquid the structure of current assets and the more stable the financial position of the enterprise. The inventory turnover ratio is determined by the formula:

Komz1 = Net revenue from sales of products / Average annual cost of inventories;

More accurately, the inventory turnover ratio can be estimated:

Komz2 = Cost of goods sold / Average inventory;

According to the balance:

Komz2=f.2row.040/((f.1row.100gr3+ f.1row.110gr3+ f.1row.120gr3+ f.1row.130gr3+ f.1row.140gr3+ f.1row.100gr4+ f.1row.110gr4+ f.1row.120gr4+ f.1row.130gr4+ f.1row.140gr4)/2) ;(For Ukrainian enterprises)

Komz2=f.2row.080/((f.1row.100gr3+ f.1row.110gr3+f.1row.130gr3+f.1row.100gr4+ f.1row.110gr4+ f.1row.130gr4)/2); (For small businesses in Ukraine with reporting form “m”)

Komz2=f.2row.080/((f.1row.100gr3+f.1row.100gr4)/2); (For small businesses in Ukraine with the reporting form “ms”)

Komz2=f.2row.020/((f.1row.210gr3+f.1row.210gr4)/2); (For Russian enterprises)

This approach is more justified, since the use of sales proceeds (Komz1), which contains the profit included in the price of the product, leads to a distortion of turnover indicators.

Fixed asset turnover ratio (capital productivity)

The turnover ratio of fixed assets (capital productivity) is calculated as the ratio of net proceeds from sales of products (works, services) to the average annual cost of fixed assets. It shows the efficiency of using the company's fixed assets.

According to the balance, it is calculated using the formula:

Koosc=f.2row.035/(f.1row.031gr.3+ f.1row.031gr..4)/2) ;(For Ukrainian enterprises)

Koosc=f.2row.030/(f.1row.031gr.3+ f.1row.031gr..4)/2); (For small businesses in Ukraine)

Koosc=f.2row.010/(f.1row.120gr.3+ f.1row.120gr.4)/2); (For Russian enterprises)

Equity turnover ratio

The equity capital turnover ratio is calculated as the ratio of net proceeds from sales of products (works, services) to the average annual value of the enterprise's equity capital and characterizes the efficiency of using the enterprise's equity capital.

According to the balance, it is calculated using the formula:

Kosk=f.2row.035/(f.1row.380gr.3+ f.1row.380gr.4)/2); (For Ukrainian enterprises)

Kosk=f.2row.030/(f.1row.380gr.3+ f.1row.380gr.4)/2); (For small businesses in Ukraine)

Forging=f.2row.010/(f.1row.490gr.3+ f.1row.490gr.4)/2); (For Russian enterprises)

Business activity in the financial aspect is manifested primarily in the speed of funds turnover. Analysis of business activity consists of studying the levels of dynamics of various financial ratios - turnover indicators. They are very important for the organization.

Firstly, the size of the annual turnover depends on the speed of funds turnover.

Secondly, the size of the turnover and, consequently, the turnover rate is associated with the relative value of semi-fixed expenses: the faster the turnover, the less of these expenses there are for each turnover.

Thirdly, the acceleration of turnover at one or another stage of the circulation of funds entails an acceleration of turnover at other stages.

Fourthly, the financial position of the organization, its solvency depends on how quickly the funds are invested in assets. Converts into real money.

The turnover of funds invested in the property of an enterprise can be assessed:

The turnover rate is the number of turnovers that the organization’s capital and its components make during the analyzed period.

Turnover period - the average period during which funds invested in production and commercial operations are returned to the organization’s economic activities.

Information on the amount of revenue is taken from the “profit and loss statement”). The average value of assets for calculating business activity ratios is determined from the balance sheet in the form of an arithmetic average:

Average assets =

The turnover rate is calculated using the formula:

; once.

The turnover time is calculated using the formula:

; days, where t is the analyzed period in days.

Analysis of business activity begins with studying the dynamics of turnover. To do this, fill out table 2.8.

Table 2.8.

Analysis of the dynamics of business activity indicators

Index	Last year	Analyzed year	Change
Total capital turnover ratio, times
Coef. turning around working capital, times
Turnover period of current assets, days
Capital productivity, rub./rub.
Coef. turnover of equity capital, times
Accounts receivable turnover, times
Debit back turnover period, days
Turnover of accounts payable, times
Loan repayment period, days

The algorithm for calculating business activity indicators is presented in Table 2.9.

Table 2.9.

Business activity ratios

№	Index	Calculation method
	Total capital turnover ratio (resource productivity)
2.	Working capital turnover ratio
3.	Turnover period of current assets, days.
4.	Capital productivity
5.	Turnover ratio equity
	Turnover of funds in settlements, turnover
	Receivables maturity date
8.	Cash turnover, times
	Accounts payable turnover
	Repayment period for accounts payable

At this stage, it is necessary to determine the effect of accelerating (slowing down) the turnover of working capital, as well as the impact on the change in profit of changes in the turnover of total capital.

The effect of accelerating (decelerating) turnover of working capital is determined by the formula:

The influence of turnover on profit is determined by the formula:

DP cob = Dn WB · Rpr. f ·SVB f

According to the analysis results:

Assess business activity;

Determine the gain (loss) of profit from changes in turnover;

The effectiveness of the financial and economic activities of a corporation is characterized by business activity, economic effect and an indicator of economic efficiency.

Business activity is manifested in the dynamism of the corporation’s development, in achieving its goals and is determined on the basis of absolute and relative indicators. Business activity in the financial aspect is manifested, first of all, in the speed of working capital.

Analysis of business activity consists of studying the levels and dynamics of turnover indicators.

The volume of sales depends on the speed of working capital. In addition, with an increase in sales volume and acceleration of turnover, the level of distribution costs decreases. The financial position of a corporation and its solvency also depend on how quickly funds invested in assets turn into real money.

To analyze the business activity of corporations, they use 2 groups of indicators:

General indicators turnover;

Asset management indicators.

The turnover of funds invested in property can be assessed:

- turnover rate- the number of turnovers that the corporation’s capital or its components make during the analyzed period.

- turnover period– the average period during which the funds invested in production and commercial operations are returned to the corporation’s economic activities.

In the process of analysis, it is necessary to study capital turnover not only as a whole, but also by individual types. This will allow us to trace at what stages of the circulation of funds the acceleration of capital turnover occurred.

General turnover indicators:

1. Asset turnover ratio(capital productivity ratio) (Cob.assets) characterizes the efficiency of use of the corporation’s property and shows how many times per year the full cycle of asset circulation will be completed.

where Вр – revenue from sales of goods, – average annual value of assets.

The upward trend in the asset turnover ratio is positive, as this indicates an acceleration in the turnover of the enterprise's funds.

2. Turnover ratio of working (mobile) assets (Cob.current assets) shows the turnover rate of all current assets of the corporation.

(2)

where is the average annual cost of working capital.

3. Turnover ratio (return) of intangible assets(Cob. foreign assets):

(3)

where is the average annual value of non-current assets.

4. Capital productivity (fixed asset turnover) (FO) shows the amount of revenue per 1 ruble of fixed assets, characterizes the efficiency of using only fixed assets.

where are fixed assets.

5. Return (turnover) coefficient of equity capital (Cob.equity capital) shows the rate of turnover of equity capital, that is, how many rubles of turnover account for 1 ruble of invested equity capital.

(5)

where is the average annual cost of equity capital.

6. Speed ​​of goods turnover shows how many times the inventory was updated during the period.

(6)

where is the average annual cost of inventories.

Asset management indicators:

1. Material turnover(inventory) shows how many times the inventory has been updated.

(7)

where Вр – revenue from sales of goods, – average annual cost of inventories.

Turnover in days shows how many days the inventory turns over in the analyzed period.

The higher the inventory turnover rate, the less money is invested in this least liquid part of current assets, the more liquid they are and the more stable the financial condition of the corporation. The higher the inventory turnover, the less overstocking, the faster you can pay off debts. According to some authors, in a normally functioning market economy, the amount of inventory turnover should be 4-8 times.

2. Cash turnover shows the number of cash turnovers for the analyzed period or the average number of days for cash turnover. It is found as the ratio of revenue to the average annual cost of funds.

3. Funds coverage ratio in calculations shows the number of turnovers of funds in accounts receivable for the reporting period.

(8)

4. Receivables maturity date shows how many days on average a corporation's accounts receivable are collected. It is defined as the ratio of the average annual value of accounts receivable to the one-day amount of revenue.

5. Accounts payable turnover ratio indicates the expansion or contraction of commercial credit provided to a corporation.

(9)

where is the average annual value of accounts receivable.

6. Deadline for repayment of accounts payable shows the average period of repayment of the corporation's debts for current obligations. Defined as the ratio of the average annual value of accounts payable to one-day sales revenue.

7. Period of debt repayment to suppliers characterizes the average period of repayment of debts to suppliers and contractors. It is defined as the ratio of the average annual cost to suppliers to the one-day amount of revenue.

Table 8.1

Indicators of business activity of OJSC "Megatrading" for 2006 - 2007.

Information base for analyzing business performance indicators

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

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

In this regard, we will consider the methodology for analyzing indicators for assessing business performance and determine the information base for conducting such an assessment.

The main information base for assessing business performance is financial reporting. The purpose of financial statements is to present information about the financial position, results of operations and changes in the financial position of a company. This information is needed by a wide range of users to make economic decisions.

The balance sheet is a document that reflects the results of the calculation and double decomposition of the company's capital as of the reporting date. Capital is the only independent and system-forming indicator of the balance sheet, determining the composition and grouping of all its articles and total indicators. Therefore, it would be more correct to say that the balance sheet reflects the state of capital, and not a certain financial state.

Financial results are the main criterion for business performance. In addition, a company's net income as shown on the income statement is the upper limit on the funds that can be distributed as dividends to shareholders.

Assessing the performance of the business as a whole over the past period is the most important task, which can be solved by using data from the income statement.

This provides information about past transactions and other events that is extremely important to users when making economic decisions.

Enterprise efficiency assessment based on information from the financial statements of the enterprise, it should help in determining the criterion aspects on the basis of which it is possible to draw conclusions regarding the objective efficiency of the economic activity of the enterprise.

“Reporting is based on facts that have already happened and reflects the state of capital as of the reporting (already past) date and its changes for the reporting (already past) period.” Consequently, the forecast function of reporting is not the main one, but a secondary one. Forecasts, among other things, are based on events that have already happened and on already accumulated resources.

In the context of assessing the performance of an enterprise, the purpose of accounting reports is to provide users with useful information. Currently, almost all enterprises have recognized the feasibility and need to satisfy the information needs of numerous users, who can be grouped into three main groups:

1. Those working directly at this enterprise;
2. Those located outside the enterprise, but having a direct financial interest in the business;
3. Having an indirect interest in business.

Information about the financial position of the enterprise is presented in the form of a balance sheet or balance sheet. This report shows the assets i.e. what the business owns and its sources of financing from accounts payable or equity. The balance sheet serves as an indicator to assess the financial condition of the enterprise. It is intended to assist the user in assessing the ability of an enterprise to meet its obligations.

Assets include equipment, long-term accounts receivable, current accounts receivable, inventories, cash and bank balances, and prepaid expenses. Liabilities (liabilities) include equity, short-term loans and liabilities, accounts payable, debt to the budget and personnel of the enterprise.

Assets give a certain idea of ​​the economic potential of the enterprise, liabilities show the amount of funds received by the enterprise and their sources. The structure of a balance sheet asset can be represented in the form of a diagram shown in Fig. 1.

Rice. 1. Balance sheet asset structure

The liabilities of the balance sheet reflect the sources of funds of the enterprise as of a certain date. They are divided into sources of equity (capital and reserves), long-term liabilities (loans and borrowings) and short-term liabilities (credits, borrowings, settlements and other liabilities).

Sources of own funds include: authorized capital, additional capital, reserve capital, accumulation and social funds, targeted financing and retained earnings from previous years. Borrowed funds include: long-term and short-term loans and borrowings, accounts payable, and other liabilities.

The structure of the balance sheet liability can be represented in the form of a diagram shown in Fig. 2.

Rice. 2. Structure of balance sheet liabilities

Reporting is a set of information about the results and operating conditions of an enterprise over the past period of time, presented by the relevant economic entity for the purpose of analysis, control and management of activities. Accounting statements contain information about sold products, works and services, costs of their production, condition household assets and sources of their education, financial results of work.

Methodology for analyzing indicators for assessing the efficiency of an enterprise

The assessment of business performance is based on data from the balance sheet and income statement, which present the most important results of the business entity's activities. However, depending on the purpose of the assessment, different users are interested in certain indicators of financial performance. The main managers of the enterprise are interested in the volume of profit received and its structure, as well as the factors influencing its value. Tax Inspectorate – the amount of taxable profit. Shareholders - net profit and the amount of dividends paid per share, the possibility of making a profit in the near and foreseeable future. However, regardless of the purpose of the assessment, the performance indicators of the enterprise's economic activities are a criterion aspect of the company's effectiveness.

To assess the performance of a commercial enterprise, it is not enough to use analysis absolute values profit, since the presence of profit does not mean that the enterprise is working well. The absolute amount of profit does not allow one to judge the degree of profitability of a particular enterprise, transaction, or idea. Many commercial enterprises that have received the same amount of profit have different sales volumes and different costs.

“To determine the effectiveness of costs incurred, to assess the effectiveness and economic feasibility of an enterprise’s activities, it is not enough just to determine absolute indicators; it is necessary to use a relative indicator.” Therefore, to assess the level of operational efficiency, the resulting result - profit - is compared with the costs or resources used, which allows us to obtain a more objective picture. The comparison of profits with costs or resources is characterized by profitability indicators. "Profitability is a relative indicator of economic efficiency that shows the efficiency, profitability, profitability of an enterprise or business activity. This indicator characterizes the level of return on costs and the degree of use of funds." Thus, profitability indicators are relative characteristics of the financial results and efficiency of the enterprise.

There are profitability indicators used to assess the effectiveness of advanced resources and costs used in business activities, and indicators on the basis of which the profitability and efficiency of capital use are determined.

Return on capital characterizes the amount of profit from each ruble invested in the company's funds.

The main indicators of return on capital are:

• return on assets (property);
• return on current assets;
• return on equity.
• return on investment.

The return on property is calculated as follows:

P property = Profit at the disposal of the enterprise / Average value of assets * 100%

This indicator reflects how many units of profit are received per unit of asset value, regardless of the source of funds raised. This indicator serves to determine the efficiency of using capital of different organizations and industries, since it gives a general assessment of the profitability of capital invested in production, both own and borrowed, attracted on a long-term basis.

Profit at the disposal of an enterprise is understood as the profit remaining after paying taxes and paying off expenses attributable to net profit.

Return on current assets can be determined by the formula:

P current assets = Profit at the disposal of the enterprise / Average value of current assets * 100%

An indicator for assessing the degree of return on invested capital is return on equity. Return on equity capital is expressed by the ratio of net profit (Pch) to sources of equity capital (Is). This indicator characterizes the amount of profit per ruble of equity capital. The return on equity ratio also plays an important role in assessing the level of quotation of an enterprise's shares on the stock exchange.

Return on equity (Rsk) is expressed by the formula:

Rsk = Pch / Is * 100%

If an enterprise focuses its activities on the future, it needs to develop an investment policy. In this case, investment means long-term financing. Information about funds invested in an enterprise can be calculated from balance sheet data as the sum of own sources of funds and long-term liabilities or as the difference between the total amount of assets and short-term liabilities. Return on investment (Ri) is calculated as follows:

Ri = Pdn / (B - Ok) * 100%

where Pdn is profit before tax,

B – balance currency,

Ok – short-term liabilities.

The return on investment indicator is considered in practice financial analysis as a way of assessing the “skill” of financial managers in managing investments. Since the company's management cannot influence the amount of taxes paid, for a more accurate calculation of the indicator, the amount of profit before income taxes is used in the numerator.

The difference between the profitability indicators of all assets and equity capital is due to the attraction of external sources of financing. If borrowed funds generate higher returns than paying interest on this borrowed capital, then the difference can be used to increase the return on equity capital. However, if the return on assets is less than the interest paid on borrowed funds, the impact of borrowed funds on the activities of the enterprise should be assessed negatively.

Return on sales and return on costs indicators are also calculated. Return on sales (RP) characterizes the ratio of net profit (Pch) to the amount of sales revenue (VR), expressed as a percentage:

Рп = Пч / Вр * 100%

Return on sales is an estimated indicator of the production and economic activity of a business entity. It reflects the level of demand for products, works and services, how correctly the business entity determines the product range and product strategy.

Cost profitability (Рз) characterizes the ratio of net profit to the amount of production and sales costs (З), expressed as a percentage:

Rz = Pch / Z * 100%

Return on costs demonstrates the efficiency of economic activity as a whole; the calculation takes into account production costs, commercial and administrative expenses. The cost return indicator shows how many kopecks of profit are per ruble of expenses.

The dynamics of changes in profitability indicators depends, on the one hand, on factors influencing the value of the numerator of the profit indicator on the basis of which it is calculated: sales profit, taxable, net. On the other hand, it depends on the factors influencing the value of the denominator: the amount of assets, investments, sales, total cost. The main factors for increasing profitability are the implementation of measures to improve the efficiency of the enterprise's economic activities.

Practical aspects of analyzing business performance indicators

Let's look at a practical example of a methodology for assessing the efficiency of an enterprise. To do this, we will analyze the profit indicators of a conditional enterprise in order to estimate the income received by the enterprise, reduced by the amount of expenses incurred, in the context of reporting and analytical data. An assessment of the business efficiency of an enterprise will be carried out on the basis that the dynamics of the profit indicators of an economic entity characterizes its business activity and financial independence. The positive dynamics of absolute profit indicators creates the basis for self-financing of the economic activities of an enterprise on the principles of economic calculation.

The summary analytical table shows the dynamics of the enterprise's profit indicators over 3 years.

Dynamics of enterprise profit indicators for three years

Indicators				absolute change	Growth rate
Cost price
Gross profit
Business expenses
Administrative expenses
Profit (loss) from sales
Other income
other expenses
Profit before tax
Income tax and other similar payments
Net profit (retained earnings)

Now let's analyze business performance indicators for this fictitious enterprise.

Analyzing the data in the table, it should be noted that over a three-year period the company showed improvement key indicators arrived. The exception was gross profit, since, starting from 2014, administrative expenses are partially taken into account as part of the cost price and partially transferred to selling expenses. The result was a significant cost growth rate, which exceeded the revenue growth rate, and a decrease in gross profit.

The increase in revenue in 2015 compared to 2013 amounted to almost 1.8 billion rubles, the growth rate reached 34.62%. Cost increased by more than 2 billion rubles, the growth rate was 43.5%. However, taking into account the internal reasons for the increase in cost, one can judge that there is no negative structural influence of this factor. However, it is not possible Objective assessment the ratio of the dynamics of sales profit, the growth of which was 21.28%, an increase of 93.7 million rubles, compared to commercial and administrative expenses, for the same internal reasons. However, taking into account the lag in the growth rate of profit from sales from the growth rate of revenue, it can be judged that the company has not used internal reserves to increase the final financial result, relative reduction in costs, as well as rational optimization of commercial and administrative expenses.

During the analyzed period, other expenses and income showed a strong decrease, but other expenses in 2015 almost doubled other income, which affected the slowdown in the growth rate of profit before tax, which amounted to only 11.38%.

It should also be noted that the enterprise’s net profit for the analyzed period increased by 57 million rubles, the growth rate was 19.75%, which, against the backdrop of a decrease in tax payments, indicates the successful application of preferential mechanisms to reduce tax payments and increase the efficiency of the enterprise’s financial discipline.

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

Next, it is necessary, taking into account the specifics of the enterprise’s activities, its scope of economic activity and the characteristics of the indicators, to assess the effectiveness of the business, taking into account the factors of increasing sales volumes and net profit and the factors that prevented a more significant increase in profit volumes. If enterprise efficiency assessment showed the unsatisfactory state of the business, appropriate conclusions should be drawn about the unfavorable prospects of the organization.

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

• significant expansion or contraction of activities;
• changes in the structure of income and expenses;
• change in the financial policy of the enterprise;
• increasing costs or reducing them.

Profitability indicators characterize the efficiency of an enterprise. Profitability is a relative indicator of the level of profitability of production activities. Unlike profit, which characterizes the absolute results of activity, profitability shows the relationship between the effect and the amount of costs incurred, thereby determining the level of financial security and strength of position.

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

Analyzing the results of the calculations made, it should be noted that there was a negative change in all profitability indicators in 2015, both compared to 2014 and compared to 2013. Consequently, business performance assessment shows the unsatisfactory state of the enterprise’s economic activity.

When assessing business efficiency, it should be taken into account that the level and dynamics of profitability indicators at an enterprise are objectively influenced by the entire set of internal production and economic factors:

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

Return on property, which characterizes the return on every ruble invested in the assets of an enterprise, allows us to judge the decrease in the operating efficiency of the enterprise. In addition, it is necessary to take into account the extremely low value of the indicator, which indicates an insufficient level of rationalization of the financial and economic activities of the enterprise, since the overall assessment of the return on capital invested in production, both own and borrowed, attracted on a long-term basis, is slightly more than 6 kopecks for every ruble invested.

The profitability of current assets, demonstrating the enterprise’s ability to provide a sufficient amount of profit in relation to the working capital used, allows us to conclude that the return on the use of current assets is relatively low.

Return on equity, which makes it possible to determine the real efficiency of using capital invested by the owners of the enterprise, indicates a fairly high return on equity compared to other indicators. It should be noted that the observed negative dynamics of changes in this indicator in the long term can significantly complicate the financial and economic activities of the enterprise.

Return on investment, which characterizes the profitability of capital investments and is a financial and economic reflection of the competitiveness of the enterprise, in connection with the observed dynamics of the decline in the indicator, allows us to judge the decrease in the potential level of competitiveness of the enterprise. At the same time, the long-term nature of the enterprise’s activities partly explains the long periods of negative dynamics, but is not a factor that levels out the unfavorable prospects.

The dynamics of return on sales, which characterizes the economic efficiency of the enterprise's core activities, indicates a slight decrease in demand for the results of economic activities. Despite a slight increase in sales profitability in 2014, in 2015 this figure decreased, which suggests insufficient objectification of the enterprise’s economic activities and the need to revise the strategy for further development.

The dynamics of cost profitability, which determines the efficiency of business activities as a whole, shows a similar trend as profitability of sales. It should be noted that the reduction in the value of this indicator is a consequence of a decrease in the efficiency of using own and borrowed funds to carry out the main economic activities of the enterprise.

Thus, it can be judged that a decrease in profitability indicates that the enterprise has difficulties that the enterprise is experiencing in relation to the effective implementation of its main economic activities. It can be judged that there is an objective need for the enterprise to revise its policy regarding basic commercial issues in order to increase the amount of profit received.

Based on the results of the assessment of indicators, in order to improve business efficiency, the enterprise needs to find possible areas for increasing the efficiency of using net profit.

conclusions

Analysis of indicators for assessing business performance as part of the analysis of financial statements is necessary for managing the main economic activities of an enterprise based on the adoption of weighted management decisions.

Information base for analyzing indicators business performance assessments serves as financial statements that provide information about the financial position, results of operations and changes in the financial position of the company. The balance sheet shows the assets, i.e. what the business owns and its sources of financing from accounts payable or equity. The balance sheet serves as an indicator to assess the financial condition of the enterprise. For the purpose of assessing business performance, financial statements are the main source of information, which contains the entire set of information about the results and operating conditions of the enterprise over the past period of time.

Business performance assessment according to financial statements, it is used to analyze, control and manage the economic activities of the enterprise.

Analyzing business performance indicators is not an end in itself.

Based on the results of the analysis, conclusions are drawn about possible ways to increase the efficiency of the economic activity of the enterprise. The methodology for analyzing indicators for assessing business performance allows us to identify possible directions, ways of developing and improving the economic activity of an enterprise in accordance with the results obtained.

Literature

1. Dontsova L.V., Nikiforova N.A. Analysis of accounting (financial) statements. – M.: Business and Service, 2015.
2. Tolpegina O.A., Tolpegina N.A. Comprehensive economic analysis of economic activity. – M.: Yurayt, 2013.
3. Gubina O.V., Gubin V.E. Analysis of financial and economic activities. – M.: Infra-M, 2014.
4. Lyubushin N.P. Comprehensive analysis financial and economic activities. – M.: Finance and Statistics, 2014.
5. Petrova A.N. Economic content of the income statement. // Economic Sciences. – 2012. – No. 7. – P. 157-159.
6. Chechevitsyna L.N. Analysis of financial and economic activities. – Rostov-on-Don: Phoenix, 2014.
7. Kuter M.I. Accounting theory. – M.: Finance and Statistics, 2013.

Business activity in the financial aspect is manifested, first of all, in the speed of turnover of the enterprise’s funds. Analysis of business activity consists of studying the levels of dynamics of various financial ratios - turnover indicators, which allows us to characterize the results and efficiency of current main production activities.

To calculate the main indicators of the turnover of enterprise funds, we use the following formulas:

1) The asset turnover ratio is calculated as the ratio of proceeds from sales to the average value of assets for the period. This indicator characterizes the efficiency of the enterprise’s use of all available resources, regardless of the sources of their formation, i.e. shows how many times during the analyzed period the full cycle of production and circulation is completed.

OA = Revenue/((Assets at the beginning of the year + Assets at the end of the year)/2),

The growth of this indicator over several periods indicates more efficient management of the enterprise's assets.

2) Equity turnover is calculated as the ratio of sales revenue to the average equity capital for the period.

Osk = Revenue/((SK beginning year + SK con. year)/2),

From a financial point of view, the equity turnover ratio determines the rate of equity turnover.

Too high values ​​of this indicator indicate a significant excess of sales over invested capital, which, as a rule, means an increase in credit resources. In this case, the ratio of liabilities to equity increases, which negatively affects the financial stability and financial independence of the enterprise.

Low level coefficient means inactivity of own funds. In this case, it is necessary to find new sources of income in which you can invest your own funds.

3) The turnover ratio of current assets is calculated as the ratio of proceeds from sales to the average value of current assets for the period.

OTA = Revenue/((TA beginning year + TA ending year)/2),

The dynamics of this coefficient are of great interest. Negative dynamics indicate a deterioration in the financial position of the enterprise. In this case, in order to maintain normal production activities, the enterprise is forced to attract additional funds.

Components current assets are inventories and accounts receivable. In this regard, to determine the reasons for the dynamics (for example, a decrease) in the overall turnover of current assets, changes in the speed and period of turnover of receivables and inventories should be analyzed.

4) The inventory turnover ratio is calculated as the ratio of the cost of production to the average for the period of inventory, work in progress and finished goods in the warehouse.

Oz = C/((W beginning of year + W end of year)/2),

where C is the cost of products produced in the billing period;

W beginning of the year, W end of the year. - the amount of inventory balances, work in progress and finished goods in the warehouse at the beginning and end of the period.

5) The reverse indicator is more visual and convenient for analysis - circulation time in days. It is calculated by the formula:

Pos = Tper/Oz,

where Tper is the duration of the period in days.

The calculated turnover periods for specific components of current assets and current liabilities have a real economic interpretation.

Assessing turnover is the most important element of analyzing the efficiency with which an enterprise manages inventories. The acceleration of turnover is accompanied by additional involvement of funds into turnover, and the slowdown is accompanied by the diversion of funds from economic turnover, their relatively longer necrosis in inventories (otherwise - immobilization of own working capital). In addition, it is obvious that the company incurs additional costs for storing inventory, associated not only with warehouse costs, but also with the risk of damage and obsolescence of the goods.

6) The accounts receivable turnover ratio is calculated as the ratio of sales revenue to the average amount of accounts receivable for the period.

Odz = Revenue/((DZnp + DZkp)/2),

where ДЗнп, ДЗкп - accounts receivable at the beginning and end of the period.

7) The receivables turnover period is calculated using the formula:

Podz = Tper/Odz,

The receivables turnover period characterizes average duration deferred payments provided to customers.

Accounts receivable management involves, first of all, control over the turnover of funds in settlements. The acceleration of turnover over a number of periods is considered a positive trend. Great importance To reduce payment terms, they select potential buyers and determine the terms of payment for goods provided for in contracts.

8) The accounts payable turnover ratio is calculated as the ratio of sales revenue to the average amount of accounts payable for the period:

Okz = C/((KZnp + KZkp)/2),

where KZnp, KZkp - accounts payable at the beginning and end of the period.

9) The turnover period of accounts payable is calculated using the formula:

Show = Tper/Okz,

The turnover period of accounts payable characterizes the average duration of deferred payments provided to the company by suppliers. The larger it is, the more actively the enterprise finances current production activities at the expense of direct participants in the production process (through the use of deferred payment of bills, regulatory deferment of taxes, etc.).

Table 3.1

Analysis of the dynamics of enterprise business activity indicators

indicators	2011	year 2012	Deviation +-	Growth rate %
1. Revenue (net) from the sale of goods (thousand rubles)			+878575	161,36
2.Net profit (loss) (thousand rubles)	-207968		+210705	-
3.Average assets (thousand rubles)			+145282	24,56
4.Average equity capital (thousand rubles)			-67644	-69,84
5.Average cost of non-current assets (thousand rubles)			+78222	80,34
6.Average value of current assets (thousand rubles)			+67059	13,57
7.Average cost of inventories and costs excluding VAT (thousand rubles)			-6395	-2,1
8.Average amount of accounts receivable (thousand rubles)			+58785	34,82
9. Average amount of accounts payable (thousand rubles)			+128622	94,62
10.Velocity of assets turnover (page 1/page 3) (turnover)	0,92	1,93	+1,01	109,78
11.Velocity of circulation of equity capital (page 1/page 4) (turnover)	5,62	48,72	+43,1	766,9
12.Rate of circulation of current assets (page 1/page 6) (turnover)	1,1	2,54	+1,44	130,91
13.Inventory turnover rate (page 1/page 7) (turnover)	1,8	4,79	+2,99	166,1
14.Rate of receivables circulation (page 1/page 8) (rev.)	3,22	6,25	+3,03	94,1
15.Speed ​​of circulation of accounts payable (page 1/page 9) (rev.)		5,38	+1,38	34,5
16.Inventory turnover time (360/page 13) (days)			-125	-62,5
17.Receivables turnover time (360/page/14) (days)			-54	-48,2
18.Accounts payable turnover time (360/page 15) (days)			-23	-25,5
19. Duration of the operating cycle (days) (16+17)			-179	-57,4
20. Duration of the financial cycle (days) (19-18)			-156	-70,3

The calculations reflected in Table 3.1 show that the dynamics of the criteria for the enterprise’s business activity during the reporting period are ambiguous. Thus, sales revenue and net profit increased respectively by 878,575 thousand rubles. (161.36) and 210,705 thousand rubles. By 78,222 thousand rubles. (80.34%) the average value of non-current assets increased by 67,644 thousand rubles. (69.84%) the enterprise's equity capital decreased. At the same time, the average value of assets and the average value of current assets increased respectively by 145,282 thousand rubles. (24.56%) and 67,059 thousand rubles. (13.57%). The average inventory value decreased by almost 6,395 (2.1%).

The dynamics of the first indicator are, of course, positive character. An increase in the value of current assets with an increase in non-current assets is unambiguous - an increase in non-current assets due to an increase in fixed assets is a positive trend.

The data in Table 3.1 shows positive dynamics in almost all coefficients. Thus, asset turnover, which reflects the turnover rate of the entire capital of the organization or the efficiency of using all available resources, regardless of their sources, increased by 1.01 turnover, which amounted to 109.78% of the increase. This indicator of business activity is of great analytical importance, since it is closely related to the profitability of the enterprise, and, therefore, affects the effectiveness of its financial and economic activities.

The turnover rate of equity capital increased by 43.1 turns (766.9%). The turnover rate of current assets increased by 1.44 turns (130.91%). An increase in turnover indicates an increase in the efficiency of using assets, equity capital, and inventories.

At the same time, the inventory turnover time decreased by 125 days, and accounts receivable and payable, respectively, by 54 and 23 days. This indicates that the payment discipline of both buyers and the company itself in relations with creditors has improved.

The duration of the operating cycle characterizes total time, during which financial resources are in material form and accounts receivable. The financial cycle characterizes the time during which invested capital (own capital, as well as long-term and short-term loans and borrowings) participates in financing the operating cycle. Their reduction by 179 and 156 days, respectively, indicates that in the reporting year the efficiency of use financial resources enterprises has increased.

Thus, in general, the main indicators of business activity show positive dynamics. With the existing growth rates and if they are maintained, the enterprise has reserves for growth in business activity.

Conclusion

The business activity of an enterprise and its level, on the one hand, have a direct impact on the level and dynamics of all the main indicators of the financial and economic activity of the enterprise, on the other hand, they are expressed in the dynamics of these indicators.

In the process of economic analysis, business activity can be measured by both qualitative and quantitative criteria. At the same time, both absolute and relative indicators of the results of the economic activity of the enterprise act as quantitative criteria for business activity. Therefore, the criteria for business activity are, on the one hand, revenue and profit, and on the other hand, the speed and time of turnover of the enterprise’s assets.

Since business activity is expressed in the efficiency of resource use, its level is manifested, first of all, in the asset turnover ratio of the enterprise.

The main information base for analyzing the business activity of an enterprise is the management and accounting data of the enterprise, the quality of which determines its correctness and accuracy, which, in turn, determines the effectiveness of management decisions made by the management of the enterprise based on the results of the analysis of business activity.

The analysis of the economic activities of FSUE Selinvest showed that most of the indicators have positive dynamics. Thus, growth is typical for such indicators as revenue and profit, and the rate of asset turnover has increased.

The company needs to increase its current assets, which will help increase the economic potential of the company. The source can be the net profit of the enterprise and bank loans.

Also, increase the level of control over the implementation of contractual discipline by suppliers and business partners, the use of a prepayment system, which will lead to a reduction in accounts receivable and increase the maneuverability of the enterprise’s funds.

Find new, more profitable partners (both suppliers and wholesale buyers), which will reduce the cost of goods.

In general, the implementation of the proposed measures will allow the enterprise to increase the level of business activity.

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