Topic: Tests for the exam on long-term financial policy
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Topic 1 "Fundamentals of the financial policy of the enterprise"
1. The financial policy of the enterprise is:
a) Science that analyzes the financial relations of enterprises;
b) The science that studies the distribution relations of an enterprise carried out in the form of money;
c) A set of measures for the purposeful formation, organization and use of finance to achieve the goals of the enterprise; +
d) The science of managing the finances of an economic entity. Correct answer
2. Main goal financial activities the enterprise consists of: a) the organization of financial work at the enterprise;
b) In the correct calculation and timely payment of taxes;
c) Accurate fulfillment of all indicators of financial plans;
d) In maximizing the welfare of owners in the current and prospective period; +
f) Profit maximization;
f) In ensuring the financial stability of the enterprise. .
3. The main purpose of the financial activity of the enterprise is:
a) Maximization of the market price of the enterprise. +
b) Profit maximization
c) Providing the enterprise with sources of financing
d) All of the above
4. Strategic financial goals commercial organization are:
a) profit maximization; +
b) Ensuring the liquidity of the assets of the enterprise;
c) Organization of the system of financial planning and regulation;
d) Ensuring financial sustainability +
f) Synchronization and equalization of positive and negative cash flows enterprises;
f) Growth in the market value of the organization; g) Ensuring dividend payments.
5. The following factors influence the strategic direction of the enterprise development:
a) Novelties in production technology in this market segment;
b) The scale of the enterprise; +
c) Stage of development of the enterprise; +
d) State of the financial market; +
f) Tax system; +
f) The amount of public debt.
6. The tactical financial goals of a commercial organization include:
a) profit maximization;
b) Reducing production costs; +
c) Ensuring the financial stability of the enterprise;
d) Maximizing the welfare of owners in the current and future periods;
f) Growth in sales volume;
f) Increasing selling prices for manufactured products.
7. Long-term financial policy includes:
a) Capital structure management; +
b) Accounts payable management; c) Calculation of standards working capital;
d) Accounts receivable management.
8. Long-term financial policy of the enterprise:
a) Determined by short-term financial policy;
b) exists alongside it; +
c) Influences short-term financial policy. +
9. The horizontal method of financial analysis is:
a) Comparison of each reporting position with the previous period+
b) Determination of the structure of the final financial indicators
c) Determination of the main trend in the dynamics of indicators
10. Assessment of the dynamics of financial indicators is carried out using:
a) vertical analysis
b) horizontal analysis +
c) financial ratios
11. Academic disciplines related to financial policy:
a) Financial management; +
b) Statistics; +
c) Finance; +
d) Accounting; +
f) History of economic doctrines; f) World economy.
12. The objects of management of the financial policy of the enterprise include:
a) Financial market;
b) Capital; +
c) cash flows; +
d) Innovation processes.
Tests on topic 2 "Long-term financial policy"
1. Capitalization is:
a) The sum of the products of share prices and the number of shares outstanding. +
b) The total volume of the issue of securities circulating on the market.
c) Aggregate share capital issuing companies at face value. d) The total market value of the assets of the issuing companies.
2. Indicate the most likely consequences of a significant excess of the company's equity in relation to To debt capital due to the fact that the company prefers issuing shares to issuing bonds:
1. Accelerated earnings per share growth.
2. Slowdown in earnings per share. 3. Increase in the market value of the company's shares, 4. Decrease in the market value of the company's shares
3. The current yield of bonds with a coupon rate of 10% per annum and a market value of 75% is:
4. Two corporate bonds with the same nominal value are simultaneously circulating on the market. The bond of JSC "A" has a coupon rate of 5%, the bond of JSC "B" has a coupon rate of 5.5%. If the market value of the bond of JSC "A" is equal to the face value, then without taking into account other factors affecting the price of the bond, indicate correct statement in relation to the AO bond ((B":
a) the market value of the bond of JSC "B" is higher than the par value.+
b) the market value of the bond of JSC "B" is below par. c) the market value of the bond of JSC "B" is equal to the face value.
d) the yield of the bond of JSC "B" is higher than the yield of the bond of JSC "A".
5. Specify the sources of payment of dividends on ordinary shares:
A) Retained earnings of the current year.+
b) Retained earnings of previous years. c) Reserve fund.
d) Retained earnings of the current year and previous years. +
b. The advantages of a joint stock form of business organization include:
A) Subsidiary liability of shareholders.
b) Wide opportunities for access to financial markets. +
c) All of the above.
7. If the company has no profit, then the owner of preferred shares: A) May demand payment of dividends on all shares.
b) May require payment of dividends in part.
c) Cannot claim dividends at all+
d) Unity 1 and 2.
8. Specify the financial instrument used to raise equity capital:
a) Additional share contribution. +
b) Issue of bonds.
c) Increasing additional capital.+
d) Leasing.
9. What types of liabilities do not belong to the company's equity: A) Authorized capital.
b) Retained earnings.
With) Bills To payment . +
d) Long-term loans. +
f) Accounts payable +
10. The coefficient of autonomy is defined as the ratio:
A) Equity capital to balance sheet. +
b) Equity to short-term loans and borrowings. c) Net income to equity. d) Equity To revenue.
11. Own capital of the enterprise: A) The sum of all assets.
b) Retained earnings.
c) Proceeds from the sale of goods (works, services).
d) The difference between the assets and liabilities of the company. +
12. Leasing is more profitable than a loan: A) Yes.
b) No.
c) Depending on the conditions of their provision+
d) Depending on the timing of the grant.
13. Financial leasing is:
A) A long-term agreement providing for full depreciation of the leased equipment. +
b) Short-term rental of premises, equipment, etc.
c) Long-term lease, involving partial redemption of equipment. -
14. Percentage of preferred shares in authorized capital AO should not exceed:
b) 25%. +
d) The regulation establishes general meeting shareholders.
15. What article is not included in section III of the balance sheet "Capital and reserves"? a) share capital.
b) Additional and reserve capital.
c) Short-term liabilities. +
d) Retained earnings.
16. Specify the financial source of additional capital formation:
a) Share premium+
b) Profit.
c) Funds of the founders.
17. For enterprises of what organizational and legal form, the formation of reserve capital is mandatory in accordance with Russian legislation:
A) State unitary enterprises.
b) Joint stock companies.+
c) Faith partnerships.
18. Name the source of financing for the enterprise:
A) Depreciation deductions +
b) Cash
c) Current assets d) Fixed assets
19. The value (price) of the attracted capital is determined as:
a) The ratio of the costs associated with attracting financial resources to the amount of attracted resources. +
b) The amount of interest paid on loans.
c) The amount of interest on loans and dividends paid.
20. The effect of financial leverage determines:
A) Rationality of attraction of borrowed capital; +
b) The ratio of current assets to short-term liabilities; c) Structure financial result. Correct answer
Topic 3 tests
1. What is the purpose of the financial planning process in the enterprise:
A. More efficient use of profits and other income. +
B. For rational use labor resources. B. for improvement consumer properties goods.
2. What is not a source of financing for the enterprise:
A. Forfaiting.
B. Depreciation charges.
B. The amount of R&D costs. +
G. Mortgage.
3. From the listed sources, select a source of financing for long-term investments:
A. Additional capital.
B. Amortization fund. +
B. Reserve fund.
4. What is meant by the sources of financing that the enterprise has for the planning period:
A. Own funds.
B. The authorized capital of the enterprise.
B. Own, borrowed and borrowed funds. +
5. What period does the current financial plan of the enterprise cover:
A. Year. +
B. Quarter. Per month.
6. What is the main task of the financial planning of the enterprise:
A. Maximizing the value of the company. +
B, Accounting for the volume of manufactured products.
B. Efficient use of labor resources.
7. Which of the following methods is related to forecasting:
A. Normative.
B. Delphi. +
B. Balance.
D. Cash flow.
8. Which of the following methods refers to financial planning:
A. Regulatory +
B. Trend analysis.
B. Time series analysis. D. Econometric.
9. Is it true that the method of economic and mathematical modeling allows you to find a quantitative expression of the relationship between financial indicators and the factors that determine them:
10. Arrange financial plans by duration in order of decreasing validity period:
A. Strategic plan, long-term financial plan, operational financial plan, current financial plan (budget).
B. Strategic plan, long-term financial plan, current financial plan (budget), operational financial plan. +
B. Long-term financial plan, strategic plan, operational financial plan, current financial plan (budget).
11. The following data are available for the enterprise: balance sheet assets, which vary depending on the volume of sales - 3000 rubles, balance sheet liabilities, which change in
depending on sales volume - 300 rubles, projected sales volume - 1250 rubles,
the actual sales volume is 1,000 rubles, the income tax rate is 24%, the dividend payout ratio is 0.25. What is the need for additional external financing:
B. RUB 532.5+
B. 623.5 rubles.
12. The company's sales volume is 1,000 thousand rubles, equipment utilization is 70%. What is the volume of the maximum sales volume when the equipment is fully loaded:
A. 1000 rubles. B. 1700 rub.
B. 1429 rub. +
D. None of the answers are correct.
13. The company's sales volume is 1,000 thousand rubles, equipment utilization is 90%. What is the volume of the maximum sales volume when the equipment is fully loaded:
A. 1900 rub.
B.1111 rub.+
B. 1090 rub.
D. None of the answers are correct.
14. The volume of sales of the enterprise is 1000 thousand rubles, the equipment load is - .. 90%, fixed assets - 1SOO thousand rubles. What is the capital intensity ratio at full: ": equipment loading:
D. None of the answers are correct. I
15. Is there a relationship between financial policy and growth:
A. Exists in the form of a direct relationship. +
B. Exists in the form of an inverse relationship.
B. No relationship.
l6. The maximum growth rate that a company can achieve without external funding, is called:
A. The sustainable growth rate
B. Internal growth rate +
B. Reinvestment rate.
17. The maximum growth rate that an enterprise can maintain without increasing financial leverage is called:
A. Sustainable growth rate +
B. Internal growth rate C. Reinvestment rate.
D. Dividend payout ratio.
18. The net profit of the enterprise amounted to 76 thousand rubles, the total amount of assets - 500 thousand rubles. Of the 76 thousand rubles. net profit was reinvested 51 thousand rubles. The coefficient of internal growth will be:
A. 10%.
D. None of the answers are correct.
19. At the enterprise net profit is 76 thousand rubles, equity capital is 250 thousand rubles. The capitalization ratio is 2/3. The sustainable growth rate is:
A. 12.4%.
B. 10.3%.
IN. 25,4%. +
D. None of the answers are correct.
20. The company has a financial leverage of 0.5, a net return on sales of 4%, a dividend payout rate of 30%, and a capital intensity ratio of 1. The sustainable growth rate is:
D. None of the answers are correct.
21. With an increase in the net profit margin of sales, the sustainable growth ratio:
A. Increase. +
B. Decrease.
B. Will not change.
22. With a decrease in the percentage of net profit paid as dividends, the sustainable growth ratio:
A. Increase. +
B. Decrease.
B. Will not change.
23. With a decrease in the financial leverage of an enterprise (the ratio of borrowed funds to its own), the sustainable growth ratio:
A. Increase.
B. Decrease. +
B. Will not change.
24. With a decrease in the turnover of the assets of the enterprise, the sustainable growth coefficient:
A. Increase.
B. Decrease. +
B. Will not change.
25. If the received value Z-scores in Altman's five-factor bankruptcy prediction model are greater than 3, which means that the probability of bankruptcy is:
A. Very high.
B. High.
B. Low
D. Very low +
DCFP t4 tests
1. The composition of the operating budget includes:
A. The budget of direct labor costs.
B. Investment budget. +
B. Cash flow budget.
2. Which indicator, included in the cash flow budget, creates a source of direct investment? A. Redemption of bonds.
B. Purchase of tangible non-current assets. +
B. Depreciation.
3. What kind of running budget should be prepared in order to be able to estimate the amount of materials that need to be purchased: A. Budget of selling expenses. B. Sales budget.
B. Production budget
D. Material Procurement Budget. +
4. Is it true that the initial element of the direct cash flow budgeting method is profit?
5. Are business expenses included in the budget of income and expenses included in the operating expenses of the enterprise? A. Yes.
6. Detailed diagram of estimated production costs other than direct material costs and direct labor costs, which must take place to fulfill the production plan, are:
A. The budget for overhead costs. +
B. Investment budget.
B. Management budget. D. Core budget.
7. Which of the following items of the cash flow plan are included in the section "Proceeds from current activities"?
A. Obtaining new loans and credits.
B. Revenue from product sales.+
B. Issue of new shares.
8. Is it true that an increase in long-term financial investments creates an inflow of funds at the enterprise? A. Yes.
B. No. I +
9. Which of the following items of the cash flow budget are included in the section "Expenses on investment activities"? A. Short-term financial investments.
B. Payment of interest on a long-term loan.
B. Long-term financial investments.+
10. Indicate two methods for compiling a cash flow plan:
A. Direct. +
B. Control.
B. Analytical.
G. Indirect. +
11. Is it true that an increase in receivables creates an inflow of funds at the enterprise? A. Yes.
12. In what cases is it advisable to allocate income (expenses) on investment activities in the cash flow budget?
A. Anyway. +
B. With a significant amount of investment activity.
V. when separating depreciation and repair funds.
13. What budget is the starting point in the development of the master budget?
A. Business expenses budget.
B. Sales budget. +
B. Production budget.
D. Material Procurement Budget.
14. What financial indicator is reflected in the expenditure side of the cash flow budget?
A. Means of target financing.
B. Investments in fixed assets and intangible assets +
B. Issue of bills.
15. A budget based on adding one month to the budget period as soon as the current one expires is called: A. Continuous.
B. Flexible. +
B. Operational. G. Predictive.
16. Which of the following items is included in the expenditure side of the cash flow budget?
A. Advances received.
B. Long-term loans.
B. Income from non-operating transactions..
D. Advances issued. +
17. What financial indicators are not included in the liability of the planned balance sheet of the enterprise?
A. Earmarked funding and income. B. Long-term credits and loans.
B. Short-term financial investments. +
18. From the company's sales budget, it follows that in November they expect to sell 12,500 units. product A and 33100 pcs. product B. The selling price of product A is 22.4 rub., and product B - 32 rub. The sales department receives 6% commission on the sale of product A and 8% on the sale of product B. How much commission is planned to be received in the budget from the sale per month:
A. 106276 rubles.
B. RUB 101536+
V. 84736 rub.
G. 92436 rub.
19. What is the best basis for evaluating monthly performance:
A. Expected implementation for the month (budget). +
B. Actual execution for the same month in the previous year. C. Actual execution for the previous month.
20. The company sold goods on the amount of 13400 rubles. in August; in the amount of 22600 rubles. in September and in the amount of 18,800 rubles. in October. From the experience of receiving money for goods sold, it is known that 60% of funds from sales on credit are received the next month after the sale; 36% - in the second month, 4% - will not be received at all. How much money was received from credit sales in October:
A. 18384 rubles. +
B. 19416 rub.
V. 22600 rub.
G. 18800 rub.
21. In the process of preparing an operating budget, the last step is usually the preparation of:
A. Income and expenditure budget. +
B. Forecast balance
B. Cash flow budget.
D. None of the above budgets.
22. The amount of materials to be purchased will be equal to the budgeted amount of materials used:
A. Plus planned ending stocks of materials and minus their initial stocks.+
B. Plus the initial stocks of materials and minus the planned final stocks. Q. Both of the above statements are true. G. None is true.
23. The enterprise has initial stocks of a certain product of 20,000 pcs. At the end of the budget period, it plans a ending stock of 14,500 pieces. of this product and produce 59,000 pcs. The planned sales volume is:
B. 64500 pcs.+
D. None of the listed quantities.
24. During the budget period, the manufacturing company expects to sell products on credit in the amount of 219,000 rubles. and get 143,500 rubles. It is assumed that no other cash flows are expected, the total amount of payments in the budget period will be 179,000 rubles, and the balance on the “cash” account should be at least 10,000 rubles. How much additional money needs to be raised in the budget period:
A. 45500 rub. +
B. 44500 rub.
V. 24500 rub.
D. None of the listed answers are correct.
Tests on the topic 5. Management of current costs and pricing policy of the enterprise
1, Fixed cost per unit of output as the level increases business activity enterprises:
a) are increasing
b) decrease; +
c) remain unchanged;
d) do not depend on the level of business activity.
Alternative costs:
a) are not documented;
b) Not normally included in the financial statements; c) May not represent actual cash costs;
d) All of the above are correct. +
2. Opportunity costs are taken into account when making management decisions: a) With an excess of resources;
b) In a resource-constrained environment; +
c) Regardless of the degree of resource endowment.
3. The threshold of profitability of products (the point of the critical volume of production) is determined by the ratio:
a) fixed costs to variables
b) fixed costs to marginal income per unit of production +
c) fixed costs to sales revenue
4. What will be the impact on the margin of financial safety for green fixed costs:
a) the financial safety margin will increase
b) financial safety margin will decrease +
c) the financial safety margin will remain unchanged
6. Determine the profitability threshold for sales of new products. The estimated price of a unit of production is 1000 rubles. Variable costs per unit of production - 60%. The annual amount of fixed costs is 1600 thousand rubles.
a) 4000 thousand rubles. +
b) 2667 thousand rubles.
c) 1600 thousand rubles.
7. At what minimum price can an enterprise sell products (to ensure break-even sales), if the variable costs per unit of production are 500 rubles, the estimated volume of output is 2000 pieces, annual amount fixed costs - 1200 thousand rubles.
b) 1000 rubles.
c) 1100 rubles. +
8. Financial safety margin is defined as:
a) the difference between revenue and variable costs
b) the difference between revenue and fixed costs
c) the difference between revenue and the threshold of profitability +
9. According to the data below, determine the margin of financial strength: revenue - 2000 thousand rubles, fixed costs - 800 thousand rubles, variable costs - 1000 thousand rubles.
a) 400 thousand rubles. +
b) 1600 thousand rubles. c) 1000 thousand rubles.
10. How will the reduction of fixed costs affect the critical sales volume?
a) the critical volume will increase
b) the critical volume will decrease +
c) the critical volume will not change
11. Based on the data below, determine the effect operating lever: sales volume 11,000 thousand rubles, fixed costs - 1,500 thousand rubles, variable costs - 9,300 thousand rubles:
12. Calculate the expected amount of profit from sales with a planned increase in sales revenue by 10%, if in the reporting period the sales revenue is 150 thousand rubles, the amount of fixed costs is 60 thousand rubles, the amount of variable costs is 80 thousand rubles.
a) 11 thousand rubles.
b) 17 thousand. rub.+
c) 25 thousand rubles.
13. Determine the value of the financial safety margin (in monetary terms): sales revenue - 500 thousand rubles, variable costs - 250 thousand. rub., fixed costs - 100 thousand rubles.
a) 50 thousand rubles.
b) 150 thousand rubles.
c) 300 thousand rubles. +
14. Determine by what percentage the profit will increase if the company increases sales revenue by 10%. The following data are available: sales revenue - 500 thousand rubles, marginal income - 250 thousand rubles, fixed costs - 100 thousand rubles.
15. Based on the data below, determine the point of the critical volume of sales: sales - 2,000 thousand rubles; fixed costs - 800 thousand rubles; variable costs- 1,000 thousand rubles.
a) 1,000 thousand rubles
b) RUB 1,600 thousand +
c) 2,000 thousand rubles.
16. The effect of operating leverage is determined by the ratio:
A) marginal income to profit +
C) fixed costs to variables
C) fixed costs to marginal income per unit of output
17. Determine the value of the financial safety margin (in % of sales revenue): sales revenue - 2000 thousand rubles, variable costs - 1100 thousand rubles, fixed costs - 860 thousand rubles.
18. How will the growth of fixed costs affect the critical volume of sales?
A) the critical volume will increase +
B) the critical volume will decrease
C) the critical volume will not change
19. The zone of safe or stable operation of the organization is characterized by:
A) the difference between the actual and critical volume of sales +
C) the difference between marginal income and profit from product sales
C) the difference between marginal income and fixed costs
20. Determine the amount of marginal income based on the following data: sales of products - 1000 thousand rubles; fixed costs - 200 thousand rubles; variable costs - 600 thousand rubles.
A) 400 thousand rubles +
C) 800 thousand rubles C) 200 thousand rubles
21. Determine the marginal income based on the following data: product sales - 1000 thousand rubles, fixed costs - 200 thousand rubles, variable costs - 400 thousand rubles.
a) 600 thousand rubles. +
b) 800 thousand rubles. c) 400 thousand rubles.
22. Total fixed costs - 240,000 million rubles. with a production volume of 60,000 units. Calculate fixed costs for a production volume of 40,000 units.
a) 6 million rubles per unit +
b) 160,000 million rubles. in the amount of c) 4 million rubles. per unit
23. Production leverage (leverage) is:
a) the potential to influence profits by changing the structure of production and sales volume +
b) the difference between the total and production costs of products c) the ratio of profit from the sale of products to costs d) the ratio of borrowed capital to equity
24. The following data are available for the enterprise: the selling price of products is 15 rubles; variable costs per unit of production 10 rubles. It is desirable for the enterprise to increase the profit from the sale of products by 10,000 rubles. By how much should output be increased?
c) 50,000 pcs. d) 15000 pcs.
25. The strength of the impact of the production lever of firm A is higher than that of firm B. Which of the two firms will suffer less with the same decrease in the relative volume of sales:
a) Firm B.+
b) Company A.
c) the same.
Tests on topic 6. "Management of current assets"
1. Absolutely liquid assets include:
a) Cash; +
b) Short-term accounts receivable;
c) Short-term financial investments..+
d) Stocks of raw materials and semi-finished products; e) Stocks of finished goods. Correct answer-
2. Gross current assets are current assets formed at the expense of: a) Own capital;
b) Equity and long-term debt capital;
c) Equity and debt capital; +
d) Equity and short-term borrowed capital. Correct answer-
3. If the company does not use long-term borrowed capital, then
a) Gross current assets are equal to own current assets;
b) Own current assets are equal to net current assets, +
c) Gross current assets are equal to net current assets; Correct answer-
4. The sources of formation of current assets of the organization are:
a) Short-term bank loans, accounts payable, equity +
b) Authorized capital, additional capital, short-term bank loans, accounts payable
c) Equity, long-term loans, short-term loans, accounts payable
Correct answer-
5. The operating cycle is the sum of:
a) the production cycle and the period of circulation of receivables; +
b) Financial cycle and the period of turnover of accounts payable; +
c) the production cycle and the period of turnover of accounts payable; d) Financial cycle and receivables circulation period. Correct answer-
b. The duration of the financial cycle is defined as:
a) Operating cycle - the period of turnover of accounts payable; +
b) Operating cycle - the period of turnover of receivables; c) Operating cycle - the production cycle;
d) Raw materials turnover period + Work in progress turnover period Finished goods inventory turnover period,
f) Period production cycle+ the period of turnover of receivables - the period of turnover of accounts payable. +
Correct answer-
7. The reduction of the operating cycle is expected to occur due to:
a) saving the time of the production process; +
b) shortening the delivery time of materials,
c) accelerating the turnover of receivables; +
d) increasing the turnover of accounts payable. Correct answer-
8. What model of financing current assets is called conservative?
A) constant part current assets and about half of the varying part of current assets are financed from long-term sources; +
b) the permanent part of current assets is financed from long-term sources;
c) all assets are financed from long-term sources; +
6) half of the permanent current assets are financed from long-term sources of capital.
Correct answer-
9. Coefficient of savings of current assets, this ratio:
a) profit to current assets;
b) proceeds to turnaround studs;+
c) current assets to revenue;
d) equity to current assets, The correct answer is—
10. By undertaking an increase in working capital, it contributes to:
a) an increase in the turnover of working capital,
b) increase in the production cycle; +
c) increase in profits;
d) increase in terms of granting credits to buyers; +
e) reducing stocks of finished products. Correct answer-
11. The Economically Justified Needs (KOQ) model allows you to calculate for a ready-made proposal:
A) optimal size production batches +
b) optimal the average size stock of finished products; +
c) the maximum volume of production;
d) the minimum amount of total costs; +
Correct answer-
12. The optimal value of inventories will be such, prp of which:
a) the total costs for the formation, maintenance, renewal of stocks will be minimal +
b) the amount per deposit will be minimal;
c) uninterrupted operational activities for the production and
sale IIpo~H.
Correct answer-
13. What type of receivables management policy can be considered aggressive?
a) increasing the term for providing credit to consumers;
b) reduction of credit limits; +
c) reduction of discounts for payment upon delivery. Correct answer-
14. The cash management policy includes:
a) minimizing current cash balances +
b) ensuring solvency; +
c) ensuring the efficient use of temporarily free cash +
Correct answer-
15. The duration of the financial cycle is equal to:
a) the duration of the period of inventory turnover, work in progress and finished
products,
b) the duration of the production cycle plus the period of turnover of receivables minus the period of turnover of accounts payable; +
c) the duration of the production cycle epos period of collection of receivables;
d) the duration of the production cycle plus the period of turnover of accounts payable;
Correct answer-
16. The efficiency of the use of working capital is characterized by:
a) Turnover of working capital +
b) Working capital structure; c) Capital structure The correct answer is—
17. There cannot be the following ratio between own working capital and the value of current assets:
a) Own working capital is greater than current assets; +
b) Own working capital of the range of current assets; With) . Own working capital is equal to current assets. Correct answer-
18. The composition of the working capital of the enterprise does not include:
a) objects of labor;
b) Finished products in warehouses;
c) Machinery and equipment; +
d) Cash and funds in settlements. Correct answer-
19. From the following components of current assets, select the most liquid:
a) inventories
b) accounts receivable
c) short-term financial investments +
d) deferred expenses =:";.6 The correct answer is—
20. A slowdown in the turnover of current assets will lead to:
a) growth of balances of assets in the balance sheet +
b) decrease in balances of assets in the balance sheet
c) decrease in the balance sheet value Correct answer
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Concept, subject, purpose and objectives of the KFP
Financial management of an enterprise involves the development and implementation of an appropriate financial policy, that is, a specific set of measures, methods, conditions and restrictions aimed at effectively achieving the goals of a given economic unit.
According to the degree of mobility of factors of production that are the subject of financial policy, the latter is conventionally divided into short-term and long-term. However, it must be borne in mind that this division is dialectical. The subjects, goals, and methods of the policies listed above overlap to a great extent. Although each of them, of course, has its own, unique specificity.
The subject of short-term financial policy(CFP) is a system of financial, economic, organizational and legal relations arising
in the process of managing current assets and short-term borrowed funds of an independent economic entity.
The essence of the CFP is the preparation, adoption and implementation of management decisions related to the optimization of the size and structure of the sources of financing of the current assets of the enterprise and the effective placement (use) of the funds received.
Purpose of CFP– ensuring uninterrupted financing of current activities commercial enterprise- provides for the formulation and solution of a number of tasks, the main ones of which are:
§ maintaining solvency, liquidity and financial stability;
§ minimization of financial risks;
§ increasing the profitability of production economic activity.
Place, directions and levels of QFP
CFP is a complex applied economic discipline that uses, supplements and develops provisions, conclusions, conceptual and semantic apparatus and other elements of such more general economic disciplines as “Financial Management”, “Enterprise Finance”, “Finance and Credit”, as well as parallel (related) economic disciplines such as “Accounting and Audit”, “Financial and Economic Analysis”, etc.
Within the framework of the CFP, it is customary to single out four main areas (areas) of current financial activity (prices, costs, current assets, sources of financing)
and three levels of generality, systematic consideration of them (ideological, strategic
and tactical).
financial ideology fixes the fundamental points: goals, conditions and limitations of the financial activity of the enterprise.
Financial strategy regulates the main ways and means of their achievement and observance.
Financial tactics is a set of specific measures, techniques for the implementation of this strategy in a real, rapidly changing socio-economic and political environment.
Simply put, strategy determines what needs to be done, and tactics determine how.
Schematically, the relationship between the levels and directions of the CFP of an enterprise can be represented
in the form of a simple two-dimensional three-by-four matrix. It's clear that it's normal
(ideally) there should be no vertical contradictions between the cells of the matrix
(by levels), nor horizontally (by directions).
ENTERPRISE PRICE MANAGEMENT
The essence of price management
Price management is a set of strategic and operational-tactical actions of the financial service for the purposeful use of prices as effective tool solutions to key problems commercial enterprise. A necessary condition for the effectiveness of the above actions is the development and implementation of them in close cooperation with the commercial and economic services of the company. Although the role of price among other marketing and financial tools for solving enterprise problems is not absolute, it has always been, is and will be one of the main levers of competition.
The activities implemented in the course of enterprise price management are developed sequentially, one after the other, according to a certain algorithm.
A necessary prerequisite for competent price management is right choice models of market behavior of the enterprise, allowing the fullest use of its advantages and mitigate the shortcomings.
Structural features of markets
The search for an optimal model of enterprise behavior is based on knowledge of the structural features of specific markets, reflecting the essence and nature of the relations that develop on them. These include: the specifics of the product, the price of entry and exit, the amount of transaction costs, the degree of concentration, etc.
To quantify each such feature, special indicators are used, calculated according to appropriate methods.
The value of transaction costs shows the average amount of associated cost costs associated with the purchase and sale of a product.
The level of market concentration is determined using one or more quantitative criteria, which include: threshold market share; concentration index; Herfindahl-Hirschman index; Gini coefficient; Linda index, etc.
The choice of the most preferable methods for assessing the structural features of local markets is carried out on the basis of national traditions, legal requirements, and other objective and subjective factors.
Economic conjuncture
In the general case, it reveals the state of market relations at a certain point in time, which has developed as a result of the cumulative interaction of various external and internal causes, as well as their potential impact on the fate of participants in this market. In a narrower sense, the word "conjuncture" means a confluence of certain, often critical, circumstances or events that determine the prospects for the development of certain economic entities.
The state of the economic situation is determined by calculating and comparing the indicators characterizing it, systematized in several groups (production, domestic trade, international trade, monetary sphere, etc.) and directions (demand and supply dynamics, prices, etc.).
characteristic features economic situation are: integrality; variability; inconsistency, etc.
Forecasting the dynamics of the economic situation, as well as most other complex, stochastic economic processes, is carried out using the mathematical apparatus of qualitative and technical analysis, other modern economic and mathematical methods and models.
PRICE POLICY OF THE COMPANY
3.1. Pricing Goals
Choice of goals to be achieved in the course of implementation pricing policy enterprise, is a key link in the process of its development. The mistakes and inaccuracies made here are extremely difficult, and often impossible, to correct in the future.
Among the alternative, that is, contradictory, mutually exclusive goals of the pricing policy of the enterprise, the following are traditionally distinguished:
§ minimization of losses (“survival”) of the firm;
§ short-term profit maximization;
§ short-term maximization of turnover (sales volume);
§ long-term increase in turnover (market share);
§ long-term increase in profits, etc.
If it is necessary to simultaneously achieve several goals at once (for example, in terms of profit dynamics and sales volume), complex situations arise that are resolved by constructing and analyzing two or more dimensional matrices or, at worst, graphical diagrams.
3.2. Pricing Strategies
The goals of the pricing policy formulated earlier serve as the basis for developing a pricing strategy, which is a set of methods, directions, and approaches for setting prices for specific types of products sold by the enterprise.
It is customary to distinguish between strategies:
§ high prices;
§ average prices (neutral pricing);
§ low prices(price breakout);
§ “linked” pricing;
§ follow the leader;
§ constant prices;
§ psychological prices, etc.
By weighing and comparing the pros and cons of each alternative course of action, including the likely reaction of competitors, the enterprise chooses the most preferable course of action in given conditions.
Calculation of the market price of the goods
It is usually carried out according to a standard scheme, by determining the following intermediate types of prices that are compared with each other:
§ basic;
§ preliminary (indicative);
§ equilibrium;
§ price list.
The base price is calculated by multiplying the individual current costs of a trading enterprise by the coefficient of the minimum acceptable profitability of its activities, also determined individually. For businesses with high proportion borrowed funds, this ratio is usually higher, with low - lower. Setting the numerical value of this coefficient above the average, objectively determined limit may entail the need to set excessively high, market (list) prices that are unacceptable to buyers, lower - to scare off investors financing the enterprise.
The essence and procedure for determining other types of prices are discussed below.
AVERAGE SALES PRICE
SYSTEM "DIRECT-COSTING"
It serves as a theoretical and practical basis for operational analysis, which is an integral attribute of modern market economy. It has a number of specific features (signs).
The first significant feature of the direct costing system is the division of production costs into variable and fixed costs. As you know, variables include costs, the value of which varies depending on changes in production volumes. We emphasize that we are talking only about the total amount of variable costs. On a per-unit basis, they, on the other hand, remain constant.
Fixed costs are costs that are weakly or not at all responsive to changes in production volumes. Their total amount does not change from this, but the specific value, on the contrary, fluctuates greatly.
In addition to the general, qualitative classification of costs into fixed and variable,
The direct costing system also provides for special methods for determining their absolute value, among which it is customary to single out:
§ method of the highest and lowest point;
§ graphical method;
§ regression method, etc.
After determining the absolute value, variable costs are further classified depending on the closeness of the relationship with the dynamics of production volumes and are additionally divided into new groups. If the growth rates of such costs are ahead of the growth rates of production volumes, they are considered progressive; if they coincide, they are directly proportional (linear); if they lag behind, they are considered degressive.
Unlike variable costs, an additional characteristic of which is the rate of change compared to the dynamics of production volumes, an important aspect of the in-depth classification of fixed costs is their division into useful and useless (idle). Such a division is mainly associated with a spasmodic change in the majority of production resources and makes it possible to identify the available reserves.
The second significant feature of the "direct costing" system is the combination of production and financial accounting in the concept of management accounting.
As a result, it becomes possible to regularly monitor data according to the "cost-volume-profit" scheme. The basic report model for profit analysis and management is as follows:
§ sales volume - variable costs = marginal profit;
§ contribution margin - fixed costs = profit from sales.
The third feature of the "direct costing" system is the ability to build multi-stage reports that allow you to detail the analysis to the desired degree of specification. So, if in the above report the variables production costs additionally divided into direct and indirect (invoices), then the report from two-stage will become three-stage. In this case, the primary production contribution margin is determined first, then the contribution margin as a whole, and only then the profit from sales or operating profit.
OPERATIONAL ANALYSIS
Simple operational analysis
As you know, the cost volume of sales of products, or revenue (S), is associated
with total cost (TC) and profit from sales (P) by the following equation:
S=TC+P=FC+VC+P,
where: FC - fixed costs(costs) for the entire volume of production;
VC - variable costs for the entire volume of production.
If revenue is represented as the product of the unit price (s) and the number of units sold (V), and the variable costs are recalculated per unit of product, then we get the expanded basic equation of a simple operational analysis:
s x V = FC + vc x V + P.
This equation is the main one for performing key calculations, obtaining the necessary estimates and graphical display of the relationship between indicators of sales volumes, costs and profits.
When calculating the profitability threshold, i.e. critical physical volume of production (sales) of products, at which the profit is equal to zero, the basic equation is resolved with respect to this parameter.
When calculating the critical volume of sales in value terms,
those. critical revenue transformations are similar, but the amount of total fixed costs is divided by the amount of marginal income not per unit of production, but per 1 ruble of its value.
The financial safety margin (safety indicator) in absolute terms is defined as the difference between the considered (planned or actual) and critical revenue, and in relative terms as the quotient of dividing this difference by the amount of revenue in question.
The calculation of other estimated indicators (the critical level of fixed costs, the critical selling price of a unit of production, the minimum level of marginal income, the minimum sales volume to obtain a given amount of profit, etc.) is carried out according to a similar scheme.
financial leverage
An economic category that reflects the relationship of net profit, profit before interest and taxes with changes in the volume of sales of the company's products. The effect of financial leverage is manifested in the fact that when the ratio of own and borrowed funds changes, which entails a change in sales volumes, the difference between net profit and profit before interest and taxes will change more significantly. The rate of change of the difference mentioned above per unit of change in the volume of sales is called the force of financial leverage. The higher the share of borrowed funds in the liabilities of the enterprise, the higher the strength of financial leverage. The difference between the profitability of production and the cost of borrowed funds is called the financial leverage differential. The excess of the first indicator over the second is necessary condition use of financial leverage. The change in the return on equity of the enterprise as a result of borrowing shows the effect of financial leverage.
If an enterprise, by attracting additional borrowed funds(i.e. increasing their share in the total funding sources), directs the resources received
not only for the mechanical expansion of production with an unchanged cost structure in the context of fixed and variable costs, but also improves technological process production, increasing its capital-labor ratio, it simultaneously uses both operational and financial leverage, or, in other words, uses double or aggregate leverage. Double in this case does not mean doubled, but two-handed or two-sided, because. the action of any of the levers mentioned above may strengthen or weaken the action of the other.
In the most general form, the criterion for the optimal choice of the strength of the operating or financial leverage is the maximization of gross profit or the market value of the company's shares at a given level of acceptable risk.
INVENTORY MANAGEMENT
Inventory volume optimization
The amount of financial resources advanced for the formation of stocks is traditionally determined by multiplying their average daily consumption by the previously established standard (term) of storage. Following this method, blunders can be avoided
but it is extremely difficult to develop a rational strategy of behavior in this area.
A modern inventory management policy requires clear answers to the following questions:
§ Is it possible to optimize inventory management under the conditions under consideration?
§ What is the minimum inventory requirement?
§ What should be the optimal volume of each new batch (order)?
§ When should I order the next batch of supplies?
The total costs of the enterprise for inventory management are the sum of the costs of placing and fulfilling an order for their purchase and the cost of storage. Experts have found that an increase in the average order volume (the gap between them) is associated with the value of the first inverse, and the second - a direct relationship. Therefore, it is possible to find such an average order value at which the total costs of the enterprise for inventory management are minimal. This goal is achieved in two ways: graphical and algebraic.
With the graphical method, in the coordinates “costs - order value”, graphs are plotted for changing the value of costs for an order, for storage, their totality, for which a local extremum is visually determined.
With the algebraic method, a formula is constructed that relates the cost of ordering and storage with the order value, differentiated by this variable
followed by setting the result to zero and resolving the order.
Essence and purpose
Monetary assets, which include cash on bank accounts and on the cash desk of the enterprise, as well as highly liquid investments equated to them, serving as a reserve, are the smallest in size, but the most important element (term) of current assets of any commercial or industrial enterprise.
The total amount of monetary assets of the enterprise is determined by the following main factors:
§ the total need for current assets for certain period;
§ turnover ratio of current assets for a given period
(number of revolutions);
§ the need to finance non-current operations carried out
within the DFA;
§ coefficient of stochasticity (i.e. range and probability of change) of each factor mentioned above.
The management of the monetary assets of an enterprise is traditionally carried out according to a certain algorithm, which includes four key stages:
§ calculation of the duration of the financial cycle;
§ cash flow analysis;
§ cash flow forecasting;
§ Calculation of the optimal cash balance.
The objectives of the management of monetary assets enterprise is to determine and optimize the current (daily) quantitative values of the following parameters:
§ the balance of funds in bank accounts and on hand;
§ the size of the reserve stored in a different, less liquid, but more profitable form.
Determination of a rational balance of funds in bank accounts and in the cash desk of an enterprise that ensures effective maintenance of solvency is one of the main tasks of a financial manager.
From the standpoint of the theory of investing, investments in cash can be considered as a special case of investing in inventory. Therefore, the models developed in the theory of inventory management and allowing to optimize the value of the enterprise's cash are quite applicable to them. It's about about to determine:
§ total amount of monetary assets;
§ the share of cash in these assets;
§ dates and volumes of mutual conversion of funds and other highly liquid monetary assets.
In Western practice, the most widely used models are V. Baumol (1952), M. Miller and D. Orr (1966), I. Stone and others.
Baumol model
It is assumed that the enterprise begins to work, having the maximum and expedient level of funds for it, constantly spending them over a certain period of time. All proceeds from the sale of products and services are invested in short-term securities. As soon as the cash reserve becomes equal to zero or another predetermined level, a part of the securities is sold and the cash level is restored to its original value.
With an increase in the average balance of funds in bank accounts and on the cash desk of an enterprise, the amount of lost profit due to the refusal to invest in securities also increases, and the number of their conversions into cash, and hence the amount of related expenses, decreases. A situation arises that we have already encountered when optimizing the value of inventories.
The formula that allows you to determine the rational amount of replenishment of funds bears the name of the author.
Miller-Orr model
The Baumol model is simple and quite acceptable for enterprises whose cash costs are stable and predictable. In reality, this rarely happens - the cash balance usually changes randomly.
The model developed by Miller and Orr is a compromise between simplicity and everyday reality. It helps answer the question: how should an enterprise manage cash if it is impossible to predict the daily inflow or outflow of cash. The logic of the financial manager's actions is as follows.
The balance of funds in bank accounts and in the cash desk of the enterprise changes randomly until it reaches the upper limit. When this happens, the business begins to buy enough marketable securities to bring the stock of cash back to some normal level (point of return). If the cash reserve reaches the bottom limit, the enterprise sells the previously accumulated securities and replenishes the cash reserve to the normal level.
General provisions
The most important condition effective management current assets of the enterprise is their presence, physical involvement in the production and economic process in the form of inventories, cash and equivalent funds, etc. Without this involvement, the financial manager cannot exercise the right to use and dispose of them, i.e. exercise control.
The forms and methods of obtaining the funds necessary to ensure the continuous progress of the current production process are called sources of financing of current assets, financial resources or financial resources.
The search, design and use (activation, mobilization, etc.) of these sources is one of the key tasks of the financial activity of an enterprise, the quality of the solution of which largely determines its efficiency and competitiveness.
Funding Models
If we represent the balance of the enterprise in the form of a highly simplified aggregated scheme, then in both sides of it, three elements (terms) can be distinguished.
Depending on the attitude of the financial manager to the choice of sources of coverage of current assets, i.e. to the choice of the amount of net working capital,
in the theory of financial management, it is customary to distinguish four strategies or models of enterprise behavior: balanced (ideal), aggressive, conservative and compromise.
The ideal model is built on a complete (ideal) correspondence between the values of current assets and short-term borrowed funds, i.e. zero value of net working capital. It is the most effective, as it requires a minimum amount of financial resources, but it is also the most risky.
The aggressive model means that long-term capital serves as a source of coverage for non-current assets and the system part of current assets, i.e. the minimum necessary for carrying out business activities.
In this case, the net working capital is exactly equal to this very minimum. It is less effective, but also less risky. Therefore, it is quite suitable for enterprises with a high value of current profit.
The conservative model assumes the complete absence of short-term borrowings, and hence the risk of loss of liquidity. Net working capital here is equal to current assets. It is very reliable, but ineffective.
Household loan
It is a process of redistribution of working capital within the production sector, moving them from the turnover of one business partner into the circulation of another without the participation of banking and other financial intermediaries. Its result is the formation of accounts payable. It is implemented in the form of: a commercial (trade) loan, a commodity loan and a cash loan.
The most popular variant of a household loan - a commercial loan is used in practice in the following main forms:
§ receipt of goods by open account with deferred or installment payment;
§ receipt of goods for consignment;
§ receipt of goods against a bill;
§ receipt of goods against payment by check;
Bank loan
This term is understood as a certain amount of money received by an enterprise from a commercial bank or a non-bank credit organization for solving production and other problems, as well as the process of obtaining it.
The conditions of a bank loan are its currency, volume, cost (percentage), term, repayment procedure, collateral and other features that allow complete identification of the transaction.
The most well-known types of bank credit are: a one-time loan, a line of credit, an overdraft, each of which can be repeatedly classified downward into more and more detailed subspecies.
Budget lending
It is carried out at the expense of budgetary funds various levels(federal, regional, municipal) and target off-budget funds directed both to replenish the working capital of the enterprise and to invest in fixed assets.
It is provided in the following main forms:
§ direct budget financing;
§ partial or full subsidization of interest rates on other commercial loans taken by the enterprise;
§ provision of guarantees for other commercial loans taken by the enterprise;
§ granting deferrals or installment plans for the payment of taxes, etc.
Issue of financial bills
Unlike commercial (commodity) bills, which serve exclusively the trading operations of the enterprise, financial bills are not related to specific transactions and are only a way, a tool to attract additional funds. The specified distinction between these types of bills is very conditional, because. manifests itself only at the stage of discharge (registration) and is absolutely elusive in the future.
Tolling
It consists in the transfer to the enterprise of raw materials, materials, components only for processing (assembly), payment for it and the return of the finished product to the owner (customer).
General provisions
Unlike traditional methods of financing, based on accurate knowledge of the planned needs of the enterprise, it involves the use of a number of additional tools created to solve random, in advance
unpredictable financial problems (financial fire). As with any control, it can be carried out in active and passive mode.
active model
It is based on the anticipatory impact on the external and internal conditions of the enterprise, which reduces the likelihood and size of financial risks.
The key ways to actively manage the occasional financial needs of an enterprise, in addition to some of the types of household and bank loans mentioned earlier, are: forwards, options, futures and insurance.
Forward- a transaction for the supply of a certain product at a certain price
at a certain time in the future.
Option- a transaction for the acquisition of a certain right without the obligation to exercise it.
Futures- a transaction for the acquisition of a certain obligation.
Insurance - a transaction to transfer a certain risk to a special financial intermediary(insurer) under certain conditions.
Passive Model
It consists in the implementation of measures to extinguish the financial fire that has already begun (that is, to eliminate the shortage of financial resources that has arisen) and to mitigate the consequences of its occurrence. The main methods of such management, in addition to one-time household and bank loans, are: assignment of the right to claim and delay in payment.
The assignment (sale) of the right to claim is based on the provisions of Article 824 of the Civil Code of the Russian Federation, which permits such an operation. According to this, one party (financial agent) transfers or undertakes to transfer funds to the other party (client) on account of its claim to a third party (debtor), and the client (in our case, an enterprise) cedes or undertakes to cede to the financial agent the right to this claim. The subject of the assignment under which such financing is made may be:
§ a monetary claim, the due date for which has already come;
§ the right to receive a future payment.
Assignment of the right to claim can take place in the form of: bills of exchange accounting (third parties), factoring, forfeiting and lending of the same name.
Accounting for bills - a transaction for their sale at a discount from the face value.
Factoring in many respects similar to the accounting of bills of exchange. The difference lies in the fact that, firstly, the right to be assigned here is not necessarily expressed in the form of a bill of exchange, and secondly, the subject of the contract can be not only the sale of debt, but also the enforcement of third party obligations to the client.
Forfaiting- a factoring option used when selling expensive equipment or large consignments of goods under medium and long-term export contracts.
The financial manager's last means of dealing with a financial fire that has flared up is a delay, and then a delay in payments in less important, non-critical areas for the enterprise.
ESSENCE OF SHORT-TERM FINANCIAL POLICY
Financial policy is the general financial ideology of the organization, subordinated to the achievement of the main goal of its activities, which is to make a profit (for commercial organizations).
The purpose of the financial policy is to build an effective financial management system aimed at achieving the strategic and tactical goals of its activities.
Strategic objectives of the financial policy of the enterprise:
Profit maximization;
Optimization of the capital structure of the enterprise and ensuring its financial stability;
Achieving transparency of the financial and economic state of the enterprise for owners (participants, founders), investors, creditors;
Creation of an effective mechanism for managing the company's finances;
The use by the enterprise of market mechanisms for attracting financial resources.
The object of financial policy is the economic system and its activities in conjunction with the financial condition and financial results, the cash flow of an economic entity, which is a flow of cash receipts and payments. Certain sources must correspond to each direction of spending money funds: in an enterprise, sources can include equity and liabilities that are invested in production and take the form of assets.
The subject of financial policy is intra-company and inter-company financial processes, relationships and operations, including production processes, which form financial flows and determine financial condition and financial results, settlement ratios, investments, acquisition and issue of securities, etc.
The subject of financial policy is the founders of the organization and management (employers), financial services who develop and implement the strategy and tactics of financial management in order to increase the liquidity and solvency of the enterprise through the receipt and effective use of profits.
Financial policy consists in setting the goals and objectives of financial management, as well as in determining and using methods and means of their implementation, in constant monitoring, analysis and assessment of the compliance of ongoing processes with the intended goals.
Financial policy is manifested in the system of forms and methods of mobilization and optimal distribution of financial resources, determines the choice and development of financial mechanisms, methods and criteria for assessing the effectiveness and feasibility of the formation, direction and use of financial resources in management.
Long-term financial policy covers the entire life cycle of an enterprise or investment project, which is divided into many short-term periods equal in duration to one financial (calendar) year. Based on the results of the financial year, the final determination of the financial result of the enterprise, the distribution of profits, tax calculations, compilation financial reporting. The success of an enterprise in the short term depends to a large extent on the quality of its short-term financial policy, which is understood as a system of measures aimed at ensuring uninterrupted financing of its current activities.
There is an organic connection between short-term and long-term financial policy: short-term financial policy is "embedded" in the long-term - funds for expanding production, increasing the amount of fixed capital used are generated precisely in the process of current activity, which creates both a source of simple reproduction of fixed assets (depreciation) and a source of their expanded reproduction (profit). At the same time, it is the cash flows from current activities that form the overall result, the return on the enterprise (investment project) for the entire period of its life cycle.
In the activities of an enterprise that, along with current activities, carries out an investment project, cash flows from current and investment activities are intertwined. When implementing an investment project at the expense of borrowed funds, for example, two loan repayment schemes are possible, one of which is based on the use of cash flows from current and investment activities simultaneously, and the other involves a strict separation of these cash flows.
The distinction between current and investment activities is necessary to ensure effective control over the use of financial resources and prevent the immobilization (diversion) of working capital into capital expenditures, which can undermine the current financing of the enterprise.
The existing procedure for accounting for funds on settlement accounts in banks does not provide for the allocation of a separate account for accounting for the movement of funds on capital investments. Accounting for own funds of enterprises and organizations intended for financing capital investments, is kept on their current accounts, separate accounts for such purposes are not opened. In order to facilitate the accounting of capital investments and prevent the immobilization of working capital, banks are allowed to maintain separate personal accounts for clients to record operations on the use of funds for capital investments. The opening of these accounts and the performance of operations on them are carried out on contractual terms on the same balance sheet account where operations on current accounts are recorded. At the same time, the sequence of payments established by law should not be violated. Funds must be transferred to these accounts from the current account of the enterprise.
The preliminary stage in the development of the financial policy of the enterprise is the analysis of its financial and economic condition, which will identify the strengths and weaknesses of the enterprise's finances, i.e. "to diagnose". The analysis should be based on quarterly and annual financial statements enterprises. At the same time, it should be remembered that reporting is historical in nature, i.e. fixes the results of events that occurred in the past, in addition, cost indicators are distorted under the influence of inflation. In the analysis of reporting, methods such as horizontal and vertical analysis, trend analysis, calculation of financial ratios. In the process of analyzing financial statements, the composition of the enterprise's property, its financial investments, sources of equity capital formation, the amount and sources of borrowed funds are determined, the volume of sales proceeds and the amount of profit are estimated. Financial analysis, i.e. analysis of cash flows, processes of formation, distribution and use of funds of funds, will be more reasonable if financial analyst clearly imagines the system of financial accounting, the movement of funds on specific accounts, the mechanism for generating financial results.
The quality of short-term financial policy directly depends on the accounting policy adopted by the enterprise. Accounting policy, which is a set of accounting methods adopted by the organization, can significantly affect the process of forming the financial result and assessing the financial and economic activities of the organization.
The accounting policy of the organization fixes the methods of depreciation of fixed assets, intangible assets, methods for estimating inventories, goods, work in progress and finished products, ways to write off inventories for production costs, options for the formation of insurance funds.
Therefore, changes in accounting policies can have a material effect on the financial position, cash flows or financial performance of an entity. It is advisable to calculate the options for certain provisions of the accounting policy, since the structure of the balance sheet and the values of a number of key financial and economic indicators directly depend on the decisions made in this area.
Short-term financial policy should be coordinated with the tax policy of the enterprise. Tax policy involves the management of taxes in order to optimize taxation within the framework of compliance with the current tax legislation - the prevention of excessive tax payments, the exclusion of double taxation. It is also necessary to use a variety of tax benefits provided by the legislation of the Russian Federation for various reasons:
According to the product range (essential goods, for children, etc.);
In the direction of spending funds (some types of capital investments, charity);
According to the composition of employees (benefits for enterprises employing disabled people);
By the number of employees (small enterprises);
According to the affiliation of the enterprise (consumer cooperation enterprises located in the regions of the Far North, prosthetic and orthopedic, etc.).
Tax policy is related to accounting policy, because the choice of methods for attributing costs to prime cost may affect the amount of the taxable base for income tax.
Thus, the main task of the short-term financial policy is to ensure uninterrupted financing of the organization's current activities - it provides for the setting of many diverse private tasks.
Financial management of an enterprise, being one of the main areas of management activity, combines both operational financial work, and financial planning and control and analytical work.
The allocation of long-term and short-term financial policy at the enterprise is due to the multiplicity of financial management objects, each of which requires the use of appropriate management methods and a system for monitoring its effectiveness.
All decisions made in the process of financial and economic activities, in terms of the possible timing of their implementation and the necessary sources of their financing, are divided into short-term and long-term, which, in turn, confirmed the expediency of dividing the financial policy of the enterprise into long-term and short-term. The concept of financial policy includes the following elements as mandatory:
determination of the main objectives of the financial policy, criteria and terms for their achievement;
selection of projects (activities) necessary to achieve these goals;
calculation of the need for funds for the implementation of specific projects or individual activities for each area of financial and economic activity, taking into account the timing of their implementation; selection of sources of financing the need for funds and determination of their structure (perhaps for each of the activities of the enterprise);
assessment of the possible consequences of the implementation of projects and activities, including the likelihood of financial risks, and identification of sources of compensation for losses, if necessary;
analysis of the results of financial and economic activities for previous periods and adjustment of certain elements of the financial policy, if necessary.
A feature of the short-term financial policy is the possibility of a relatively simplified procedure for making changes to the process of its implementation (in the short-term financial plan) without significant financial losses and additional mobilization of resources. Such flexibility in making management decisions is due to the specifics of management objects. The main ones are:
1) Current payments and settlements serving the creation and use of fixed assets in the enterprise;
2) Current payments and settlements servicing long-term financial assets;
3) Short-term receivables and payables;
4) current assets;
5) Production and sales costs.
Current payments and settlements serving the creation and use of fixed assets in the enterprise. Despite the fact that the implementation of capital investments in fixed assets refers to objects that are managed within the framework of a long-term financial policy, all current calculations planned for implementation within 12 months are related to issues of short-term financial policy. The source of these payments are, as a rule, the funds of the enterprise related to the objects of management in the framework of the short-term financial policy. All cash flows occurring as a result of these financial transactions, among others, are also included in the cash turnover of the enterprise and form its financial result at the end of the corresponding reporting period. In addition, it should be taken into account that the diversion of a part of working capital for servicing the real tangible assets of the enterprise requires mandatory coordination with the timing of other current payments and operations, as well as attracting additional sources financing. Therefore, these payments must be taken into account when preparing a short-term financial plan.
Current payments and settlements servicing long-term financial assets. Also, as in the previous case, all current cash flows related to receiving income from holding long-term securities, receiving or paying lease payments, attracting bank loans and paying interest on them, paying dividends and interest on shares and bonds issued by the enterprise, etc., are related to the objects of management within the short-term financial policy.
Short-term accounts receivable and accounts payable. The specified types of debts of the enterprise as objects of management within the framework of the short-term financial policy should include the entire amount of debt resulting from the implementation of the main production and other types of activities of the enterprise: for example, as a result of settlements with buyers, suppliers and contractors, with subsidiaries, settlements on advances received and issued, with the budget system and extra-budgetary funds, with own employees for wages, etc. This group of elements should also include current payments on long-term accounts receivable and payable. debt.
current assets. The objects of management within the framework of the short-term financial policy also include the company's funds in any currency, short-term financial investments (if the latter take place), inventory items in warehouses and in production, all types of finished products (finished products in warehouses, shipped products, the payment deadline for which has not come, and not paid on time), work in progress.
Production and sales costs. When solving the problem of maximizing the financial result of an enterprise, the issue of studying the costs of production and sales of products, as well as optimizing the cost of production, is fundamental.
The issue of profit maximization is one of the main tasks of financial management in general, and its solution is carried out mainly within the framework of short-term financial policy. The financial activity of any economic entity is carried out in accordance with certain goals. Increasing the value of the company and maximizing the welfare of its owners is ultimately the realization of their financial interests.
The objectives of the short-term financial policy are to achieve certain results in each of the areas of financial activity of the enterprise in the short term. The range of objectives of the short-term financial policy depends on a number of circumstances that characterize the financial position and financial stability of a particular economic entity, its position in the market and in the industry, and should correspond to the goals financial strategy enterprises. For example, in our opinion, the tasks of the short-term financial policy of a newly created enterprise, an enterprise in the process of reorganization, or an enterprise implementing significant investment programs and expanding the scope of its activities should be different. In each of the listed cases, the goal of the financial policy will be formulated differently, and various measures that contribute to the achievement of this goal will be implemented. However, it seems possible to list the main tasks of short-term financial policy, which, as a rule, are solved by the financial manager of each enterprise:
maximization of financial result;
achievement (maintenance) of a stable financial position of the enterprise by maintaining solvency and liquidity;
cash flow optimization;
cost management;
risk minimization.
Achieving and maintaining a stable financial position of the enterprise is the key to the further economic and financial development of the enterprise. Otherwise, with insufficient solvency, the enterprise will be forced to set the main goal of its activity not to maximize its value and increase wealth, but “survivability” in business in general and in a particular market in particular.
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Ministry of Education and Science of the Russian Federation
Federal State Budgetary Educational Institution of Higher Professional Education
Ivanovo State Power Engineering University named after V.I. Lenin"
Department of Management and Marketing
COURSE WORK on discipline:
« Enterprise Finance»
Completed:
Art. gr. 3-53z
Malikov Sh.M.
Checked:
Doctor of Economics, prof. Makashina O.V.
Ivanovo 2015
Introduction
1. general characteristics companies
1.1 Types of activities, manufactured products, buyers, suppliers; founders, subsidiaries, dependent companies
1.2 Performance indicators
2. Development of short-term financial policy
2.1 Evaluation of the company's market activity, justification of future revenue growth rates
2.2 Management of operational and financial cycles. Substantiation of predictive indicators of the duration of the financial cycle
2.3 Management of highly liquid assets. Substantiation of forecast indicators of DS and KFI
2.4 Profit management based on resource intensity
3. Development of a long-term financial policy
3.1 Manage overall risk and rationale for risk management policy
3.2 Calculation of indicators of financial leverage.
3.3 Analysis of the structure of invested capital
3.4 Calculation of the cost of equity and debt capital and the weighted average cost of capital
3.5 Fixed asset management
3.6 The DuPont Model and the Sustainable Growth Model
3.7 Dividend policy management. Rationale for the dividend payout ratio
3.8 Development of financial projections
3.9 Business valuation
Conclusion
Introduction
In conditions of market competition, financial policy plays a huge role. It helps to clearly formulate the goals and objectives of the enterprise for management, both in the short term and in the long term. long term. This term paper is the development of short-term and long-term financial policy of the organization on the example of Kamaz OJSC.
The main tasks of the work:
1) evaluation key indicators financial policy;
2) analysis various kinds enterprise activities;
3) analysis of dividend policy;
4) analysis of the effectiveness of the enterprise;
5) analysis of the prospects for the development of the business of the enterprise;
6) development of financial policy.
To solve the tasks set, the annual reporting of Kamaz OJSC (Balance Sheet, Profit and Loss Statement, Statement of Changes in Equity, Statement of Cash Flows and explanation to the balance sheet and profit and loss statement) will be used.
Chapter1. Generalcharacteristiccompanies
1.1 Kindsactivities, producedproducts, buyers, suppliers;founders, child, dependentsocieties
Open Joint Stock Company OJSC KAMAZ was established in the course of transformation Production Association"KAMAZ". The company was registered by the decision of the Executive Committee of the Naberezhnye Chelny City Council of People's Deputies of the TASSR dated August 23, 1990 No. 564, registration certificate No. 1, and also registered by the Ministry of Finance of the Republic of Tatarstan as joint venture"KAMAZ" in the form of a joint-stock company (JSC "KAMAZ") on August 7, 1991 with registry No. 1.
The purpose of KAMAZ OJSC is to extract profit and use it in the interests of shareholders, as well as to saturate the market with goods and services.
The KAMAZ Group of Companies is the largest automobile corporation in the Russian Federation. OJSC KAMAZ ranks 16th among the world's leading manufacturers of heavy trucks. OJSC KAMAZ produces a wide range of trucks: trucks (over 40 models, over 1500 configurations, right-hand drive cars), trailers, buses, tractors, engines, power units and various tools. KAMAZ traditionally positions itself on the market for trucks with a gross weight of 14 to 40 tons. In recent years, the range of manufactured products has expanded due to new models and families of vehicles - from city delivery trucks to vehicles with increased payload for operation as part of road trains with a gross weight of up to 120 tons.
The types of activities of the Company are:
production of trucks and buses;
· production of details, knots and units of cars and agricultural machinery;
· investment activities;
provision of services in the field of management;
· scientific and technical activity;
· development and implementation of business process management, accounting and reporting standards;
· foreign economic activity; And
· other types of activities that are not prohibited by the current legislation and do not contradict the goals of the Company's activities.
The company employs 21,402 people.
Chemezov Sergey Viktorovich Chairman of the Board of Directors of OJSC KAMAZ, CEO State Corporation "Russian Technologies".
1.2 Indicatorsactivities: sizeenterprises, efficiency, financialsustainability, dynamics, indicatorsmarket, operating room, investment, financialactivities
Table 1.1 Key absolute indicators
According to table 1.1, the following conclusion can be made: Kamaz OJSC is large enterprise at the international level, the revenue is more than 100 billion rubles.
Table 1.2 Market activity
According to table 1.2, it can be seen that the revenue in the reporting year increased significantly, which indicates an increase in the sales of the company's products. Profitability of sales has decreased, which is a negative trend and indicates a deterioration in cost control.
The high share of profit from sales in profit before tax suggests that the main source of profit in the enterprise is the main activity.
The company's net credit position is declining in dynamics, but remains positive, which indicates the destruction of value by the company.
Table 1.3 Investment activities
According to table 1.3, we can conclude that the main direction of the company's investment activity is financial investments in itself. This characterizes a fairly high share of non-current assets in the balance sheet (more than 50%), which practically does not change in dynamics, despite the fact that the growth rate of non-current assets in the reporting year is -1.5%.
The OS shelf life is maintained at a constant level, close to 50%, due to the introduction of new OS.
Table 1.4 Operations
|
Index |
last year |
reporting year |
|
There are positive trends in operating activities: a decrease in the period of turnover of current assets, an increase in the turnover ratio of non-current assets and an increase in labor productivity, which is largely a consequence of an increase in revenue in the reporting year. It should also be noted the increase in the return on net assets.
Such performance indicators may be the result of an increase in the effectiveness of the organization's financial policy aimed at managing finished products.
Table 1.5 Financial activities
According to Table 1.5, we can conclude that the company is not very active in attracting borrowed capital, since the financial leverage tends to decrease and the share of equity capital in the capital structure is large.
The indicator characterizing the dividend policy - the ratio of capitalized profit to the value of assets - is negative, which indicates an unfavorable dividend policy for shareholders.
In general, based on the results of the assessment of performance indicators, the following conclusion can be drawn: the company is an efficient business with a strong market position and positive trends in all areas of activity, possibly except for operations, but the specifics of the company's activities should be taken into account: specific industry and long production cycle.
Chapter2. Developmentshort-termfinancialpoliticians
2.1 Grademarketactivitiescompanies
Table 2.1
In the reporting year, there is a negative growth rate of revenue, however, at the same time, the profitability of sales and the share of profit from sales in profit before tax are increasing, which reflects efficient market activity. A decrease in the revenue growth rate may indicate a decrease in the company's market share and a decrease in sales.
financial policy asset revenue
2.2 ControloperationalAndfinancialcycle
Table 2.2 Operations
|
Index |
last year |
reporting year |
|
|
Non-current assets turnover ratio |
|||
|
Return on net assets, % |
|||
|
Period of turnover of current assets, days |
|||
|
Inventory and VAT turnover period, days |
|||
|
Labor productivity, thousand rubles/person |
|||
|
Average annual wage, thousand rubles/person |
Table 2.3 Financial activities
The leverage of financial leverage is more than 1 in the previous and reporting years, which shows the company's active attraction of borrowed funds: in the reporting year, by 1 rub. own capital accounts for 1, 23 rubles. borrowed capital, which is confirmed by a low coefficient of autonomy. But at the same time, the return on assets is high, which tends to decrease, which can lead to an increase in financial risk. A negative indicator of operating activity is a decrease in the turnover ratio of current assets, inventories and VAT, which is explained by possible reduction demand. The ratio of capitalized profit to the value of assets remains approximately constant and characterizes the company's stable dividend policy.
2.3 Controlhighly liquidassets
Table 2.4 Analysis of the structure and dynamics of highly liquid assets
|
The name of indicators |
beginning of previous year |
beginning of the reporting year |
end of the reporting year |
growth rate in the previous year, % |
growth rate in the reporting year, % |
||||
|
specific gravity |
amount, thousand rubles |
specific gravity |
amount, thousand rubles |
specific gravity |
|||||
|
Financial investments (excluding cash equivalents) |
|||||||||
|
Cash and cash equivalents |
|||||||||
|
Total highly liquid assets |
In the reporting year, the structure of highly liquid assets changed significantly: by the end of the previous year, the share of cash assets and cash equivalents was only 6.41%, and by the end of the reporting year it increased to 28%. However, at the beginning of the previous year, their share was 83.3%. Based on this, we can conclude that during the previous year the company acquired securities of other organizations. The growth rate of highly liquid assets in the reporting year amounted to -72.8%, which reduces the company's ability to instantly pay off short-term obligations.
Table 2.5 Assessment of cash adequacy
|
Index |
last year |
reporting year |
|
|
The amount of cash, thousand rubles. |
|||
|
The amount of cash and financial investments, thousand rubles. |
|||
|
Normative value of cash and KFV (3.33% of current assets), thousand rubles. |
|||
|
Conclusion (sufficiency of highly liquid assets) |
|||
|
Normative value of cash and KFV (2.5% of revenue), thousand rubles. |
|||
|
Deviation of highly liquid assets from the normative value, % |
|||
|
Normative value of cash and KFV, (5% of short-term liabilities), thousand rubles. |
|||
|
Deviation of highly liquid assets from the normative value, % |
|||
The analysis of highly liquid assets of the company, presented in Table 2.5, shows that these assets include cash (11.0% of the amount of highly liquid assets at the end of the year) and financial investments (89.0%). The value of highly liquid assets is sufficient to ensure high level the liquidity of the company, since the level of security ranged from 279.4% to 366.0% of their standard value. This indicates that the company has a sufficient volume of highly liquid assets to finance its activities.
2.4 Controlprofitonbasisindicatorsresource intensity
Table 2.6 Analysis of profit from sales by resource principle (costs by elements)
|
Index |
value for the previous year, thousand rubles |
value for the reporting year, thousand rubles |
change, thousand rubles |
impact on profit, thousand rubles |
resource capacity previous year |
resource capacity reporting year |
resource intensity growth rate, % |
|
|
Material costs |
||||||||
|
Labor costs and social security contributions |
||||||||
|
Depreciation |
||||||||
|
Other costs |
||||||||
|
Revenue from sales |
Calculation of the influence of factors
The decrease in sales volume led to a decrease in revenue in the reporting year.
The decrease in profit from sales was affected by a decrease in revenue, as well as an increase in labor costs and depreciation. The financial policy of the company is effective, while control over the effectiveness of labor costs and depreciation should be strengthened.
Chapter3. Developmentbeforelong-termfinancialpoliticians
3.1 Controlcumulativerisk
Table 3.1 Calculation of aggregate risk indicators
|
Index |
last year |
reporting year |
growth rate, % |
|
|
Variable costs |
||||
|
fixed costs |
||||
|
Percentage to be paid |
||||
|
Earnings before interest and tax (operating income) |
||||
|
Net profit |
||||
|
Operational risk level |
||||
|
Level of financial risk |
||||
|
Aggregate risk level |
||||
|
Critical Sales Volume for Operating Profit |
||||
|
Critical Sales Volume for Net Profit |
||||
|
Operational reliability margin, % |
||||
|
Financial safety margin, % |
||||
|
Total safety margin, % |
||||
|
Earnings before interest and tax, calculated through the level of operational risk |
||||
|
Net profit calculated through the level of financial risk |
||||
|
Net profit calculated through the level of aggregate risk |
||||
|
Overall risk assessment |
||||
|
Level of operating leverage (growth rate of operating profit/growth rate of revenue) |
||||
|
Level of financial leverage (net profit growth rate / operating profit growth rate) |
||||
|
Aggregate risk level (net profit growth rate/revenue growth rate) |
There is a low value of the level of operational risk, financial risk is practically absent (UFR is approximately equal to 1 due to the low actual rate for borrowed capital). The cumulative margin of safety is quite high (41%), which means that a 41% decrease in sales is allowed, and the company will go to 0 on net income. As can be seen from the calculation of the influence of factors on revenue, the decrease in revenue occurs due to a decrease in sales. In this case, to reduce operational risk, you should reduce fixed costs.
3.2 Calculationindicatorsfinanciallever
Table 3.2
|
Index |
last year |
reporting year |
growth rate, % |
|
|
Interest payable, actual, thousand rubles |
||||
|
Income tax and deferred taxes, thousand rubles |
||||
|
Profit before taxation, thousand rubles |
||||
|
Net profit, thousand rubles |
||||
|
Own capital, thousand rubles |
||||
|
Borrowed capital, thousand rubles |
||||
|
Net assets are equal to the invested capital, thousand rubles. |
Table 3.3 Preliminary calculation of indicators
Table 3.4 Calculation based on the actual price of borrowed capital
|
Return on equity (actual), % |
||||
|
Effect of financial leverage, % |
||||
|
Level of financial leverage |
||||
Table 3.5 Calculation at the market price of borrowed capital
|
Conditional interest payable (at market rates), thousand rubles |
||||
|
Conditional net profit (including market interest), thousand rubles |
||||
|
Return on equity (via market rates), % |
||||
|
Financial leverage differential, % |
||||
|
Effect of financial leverage, % |
||||
|
Level of financial leverage |
||||
|
Financial leverage index (ratio of actual and debt-free return on equity) |
||||
|
Return on equity (through the effect of financial leverage), % |
The share of borrowed capital in the company's capital structure is larger than that of its own, but at the same time, the EGF is significant and positive. PFR>1, but the financial risk is low, because the actual interest on the SC is significantly lower than the market rate. The company may adhere to the chosen strategy for attracting SCs, since given the high return on assets, this will be profitable even at the market interest rate. In dynamics, the DFR decreases due to a decrease in the profitability of the IC.
3.3 Analysisstructuresinvestedcapital
Table 3.6 Vertical, horizontal and factor analysis of invested capital
|
Index |
amount, thousand rubles |
specific gravity |
change per year |
share of factors in capital change, % |
|||||
|
last year |
reporting year |
last year |
reporting year |
growth rate, % |
in structure, % |
||||
|
Fixed assets |
|||||||||
|
Working capital: |
|||||||||
|
current assets |
|||||||||
|
Accounts payable (subtracted) |
|||||||||
|
Invested capital |
|||||||||
|
Equity |
|||||||||
|
Long-term debt capital |
|||||||||
|
Short-term borrowed capital |
|||||||||
|
Invested capital |
The main contribution to the change in invested capital in the reporting year was made by the change in the structure of the company's assets in the direction of increasing the share of working capital. In the structure of liabilities, there is a high growth rate of short-term borrowed capital, whose share in the change in invested capital is about 70%.
Based on this, we can conclude that the company is actively attracting cheap sources of capital, which contributes to tax savings and allows the use of EGF.
3.4 CalculationcostSC, ZKAndWACC
Table 3.7 Calculation of the market value of equity (CAPM)
|
Index |
last year |
reporting year |
|
|
Risk-free return, % |
|||
|
Risk premium, % |
|||
|
Activity beta coefficient (power) |
|||
|
Expenses for ordinary activities, taking into account other results (without interest payable) |
|||
|
Fixed expenses (including other financial results) |
|||
|
Variable costs |
|||
|
Ratio constants/variables |
|||
|
Operational risk beta |
|||
|
Equity |
|||
|
Borrowed capital |
|||
|
Debt/Equity Ratio |
|||
|
Beta coefficient taking into account operational and financial risk |
|||
Table 3.8 Factor analysis of the cost of equity
|
Index |
influence of the factor, points |
influence of the factor, percentage |
|
|
Risk free return |
|||
|
Market risk premium |
|||
|
Activity beta coefficient |
|||
|
The ratio of fixed and variable costs |
|||
|
Effective income tax rate |
|||
|
Debt to Equity Ratio |
|||
|
Cost of equity |
Table 3.9 Calculation of the weighted average cost of capital
|
Index |
last year |
reporting year |
|
|
Invested capital, thousand rubles |
|||
|
including: |
|||
|
equity |
|||
|
long term duties |
|||
|
short-term borrowings |
|||
|
Structure of invested capital, %: |
|||
|
Share of equity capital, % |
|||
|
Share of long-term borrowed capital, % |
|||
|
Share of short-term borrowed capital, % |
|||
|
Actual cost of equity, % |
|||
|
Market value of equity capital, % |
|||
|
Actual cost of borrowed capital, % |
|||
|
Market value of borrowed capital, % |
|||
|
Effective income tax rate, % |
|||
|
WACC market, % |
|||
|
Conditional WACC, % (equity at market value, borrowed capital at actual) |
|||
|
Profit before tax and interest payments, thousand rubles |
|||
|
Net operating income, thousand rubles |
|||
|
Return on invested capital (ROIC), % |
|||
The actual profitability of the company is much higher than expected (market): the profitability of the insurance company in the reporting year was 66.57%, while the market value was 28.24%. Therefore, the company is effective for investment and provides profitability to investors. Because the adjusted beta is almost 2 times greater than 1, hence the company is more risky than the industry as a whole.
The company creates value because spread>0. The decrease in the market value of WACC was mainly due to a decrease in the market value of SC, an increase in the effective profit rate and due to changes in the capital structure: in the reporting year, the share of expensive SC decreased.
3.5 Controlmainmeans
Table 3.10 Indicators of the state of fixed assets
|
Index |
last year |
reporting year |
|
|
Initial cost of fixed assets at the beginning of the year |
|||
|
Initial cost of fixed assets at the end of the year |
|||
|
Average annual cost of fixed assets |
|||
|
Average annual residual value of fixed assets |
|||
|
Annual depreciation of fixed assets |
|||
|
Disposal of property, plant and equipment |
|||
|
Receipt of fixed assets |
|||
|
Average depreciation rate, % |
|||
|
Input coefficient, % |
|||
|
Retirement rate, % |
|||
|
Renewal coefficient, % |
|||
|
Shelf life, % |
|||
|
Wear coefficient, % |
|||
|
Average term beneficial use fixed assets, years |
|||
|
Average actual useful life of fixed assets, years |
|||
|
Average residual useful life of fixed assets, years |
|||
|
Average period of complete renewal, years |
|||
|
Average period of complete retirement, years |
|||
|
Depreciation rate of retired fixed assets, % |
Table 3.11 Rationale for investment needs
|
Index |
forecast period |
|||
|
Projected revenue growth rate, % |
||||
|
Actual level of wear, % |
||||
|
Target level of wear (should be less than actual), % |
||||
|
Price index (ratio of market and book value of fixed assets) |
||||
|
Total need for investments, thousand rubles |
||||
|
The total need for investments, taking into account the specified depreciation coefficient, thousand rubles. |
Fixed assets are characterized by a fairly long useful life, taking into account the wear rate, which in the reporting year amounted to 52.7%. The average depreciation rate decreased significantly in the reporting year, the commissioning factor also decreased, but at the same time, the residual value increased by the end of the year. The shelf life has a downward trend, which indicates the need for an OS update in the near future. It is also interesting to note that in the reporting year there was practically no disposal of fixed assets, which is not a positive fact with this shelf life. Thus, the calculated need for investments, taking into account the depreciation factor, amounted to approximately 1.6 billion rubles.
3.6 Controlefficiencyactivitiescompanies. Modeldupont
Table 3.12
Factor analysis of return on equity
|
Index |
last year |
reporting year |
factor changes, items |
influence of the factor, points |
influence of factors, % |
|
|
Equity multiplier |
||||||
|
Asset turnover ratio |
||||||
|
Net margin, % |
||||||
|
Return on equity, % |
The decrease in the profitability of the insurance company in the reporting year is primarily due to a significant decrease in the asset turnover ratio. The SC multiplier is high and tends to grow, which increases the company's profit, but at the same time increases the risk, so it is not advisable for the company to increase the value of the multiplier. The company's policy should be aimed at increasing the net margin and accelerating the turnover of assets.
3.7 Controldividendpolitics
Table 3.13 Initial data
Table 3.14
|
Index |
last year |
reporting year |
|
|
Earnings per share |
|||
|
Dividend per share |
|||
|
Ratio of dividends to assets, % |
|||
|
Share of retained earnings in the balance sheet, % |
|||
|
Profit capitalization ratio, % |
|||
|
Dividend yield, % |
|||
|
Capital return, % |
|||
|
Total return, % |
|||
|
Return on equity, % |
|||
|
Dividend Cover (EPS/DPS) |
|||
|
Dividend Output (DPS/EPS) |
Dividend Policy company in the reporting year was carried out in the interests of shareholders, which shows the high value of the dividend payout ratio and the indicator "dividends per share", exceeding earnings per share. The financial policy of the company should be aimed at capitalization of profits, because. the company is profitable.
3.8 Developmentfinancialforecasts.ForecastindicatorsprofitsAndlosses, balanceAndmovementsDC
Table 3.15
|
Index |
reporting year |
forecast period |
|||
|
Market policy |
|||||
|
Revenue growth rate (in real terms), % |
|||||
|
Operational policy |
|||||
|
Material consumption, rub./rub. |
|||||
|
Salary intensity (labor costs / revenue), rub./ rub. |
|||||
|
Tax intensity of payments to social funds, rub./ rub. |
|||||
|
Other resource intensity, rub./ rub. |
|||||
|
Average depreciation rate (to the initial cost of non-current assets),% |
|||||
|
Duration of inventory turnover, VAT, other current assets (through revenue), days |
|||||
|
Duration of accounts receivable turnover (through revenue), days |
|||||
|
Duration of turnover of highly liquid assets (through revenue), days |
|||||
|
Duration of accounts payable turnover (through revenue), days |
|||||
|
Investment strategy |
|||||
|
Capital investments in non-current assets, including: |
|||||
|
into intangible assets |
|||||
|
to fixed assets and construction in progress |
|||||
|
in long-term financial investments |
|||||
|
Dividend Policy |
|||||
|
Dividend payout ratio, % |
Table 3.16 Forecast of income and expenses
|
Index |
forecast period |
||||
|
reporting year |
|||||
|
Expenses for ordinary activities: |
|||||
|
Material costs |
|||||
|
Labor costs |
|||||
|
Deductions for social needs |
|||||
|
Depreciation |
|||||
|
Other costs |
|||||
|
Revenue from sales |
|||||
|
Percentage to be paid |
|||||
|
Other result (not including interest payable) |
|||||
|
Profit before tax |
|||||
|
Current income tax and deferred taxes |
|||||
|
Net profit |
|||||
|
retained earnings |
|||||
|
Dividends |
Table 3.17 Forecast balance
|
forecast period |
|||||
|
Index |
reporting year |
||||
|
Fixed assets |
|||||
|
Inventories, VAT, other current assets |
|||||
|
Accounts receivable |
|||||
|
Cash and short-term financial investments |
|||||
|
Balance total |
|||||
|
Own invested capital |
|||||
|
Own accumulated capital |
|||||
|
long term duties |
|||||
|
Short-term borrowings |
|||||
|
Accounts payable |
|||||
|
Balance total |
Cash flow forecast
|
Index |
reporting year |
forecast period |
|||
|
Current activity |
|||||
|
Income (current activity) |
|||||
|
Payments (current activity) |
|||||
|
suppliers of material resources |
|||||
|
staff |
|||||
|
budget and off-budget |
|||||
|
interest payment |
|||||
|
Net PV for other activities |
|||||
|
The result of the movement of DS from current activities |
|||||
|
Investment activities |
|||||
|
Income |
|||||
|
The result of the movement of DC from investment activities |
|||||
|
Financial activities |
|||||
|
Increase in long-term liabilities |
|||||
|
Growth of short-term loans |
|||||
|
Dividend payment |
|||||
|
The result of the movement of DSot financial activities |
|||||
|
Net cash |
|||||
|
Cumulative cash flow at the end of the year |
3.9 Gradecostbusiness
Table 3.18 DCF method
|
Indicators |
forecast period |
|||
|
Free cash flow (FCF) |
||||
|
Discounted FCF |
||||
|
DCFA cost in the forecast period |
||||
|
DCFA cost in the post-forecast period |
||||
|
Cost of invested capital (operating activity) |
||||
|
DCF cost |
Table 3.19 EVA method
|
Indicators |
forecast period |
|||
|
Economic Profit (EVA) |
||||
|
Discounted economic profit |
||||
|
EVA cost in the forecast period |
||||
|
EVA cost in the post-forecast period |
||||
|
Total cost of EVA |
||||
|
EVA cost |
The calculation of the business value by two methods: the method of discounted cash flows and the method of economic value added - gives the same estimate, equal to 90 billion rubles.
The calculation by the economic value added method allows you to see that the value is created in all years, and the trend of its increase is visible.
Conclusion
In this work, it was carried out the financial analysis JSC "Techsnabexport" and developed the financial policy of the company.
Characteristics of market activity. The main source of profit of the company is the main activity. The company's revenue in the reporting year decreased mainly due to a decrease in sales volume (the revenue growth rate was -15.31%). However, the profitability of sales has increased, which characterizes the improvement in cost control.
Characteristics of operating activities. The decrease in revenue leads to an increase in the period of turnover of current assets and a decrease in the turnover ratio of non-current assets, which leads to a slowdown in the operating cycle. These trends may be the result of a decrease in the effectiveness of financial policy aimed at managing finished products.
Characteristics of financial activity. The company actively attracts borrowed funds: for 1 rub. own funds account for 1, 23 rubles. borrowed. At the same time, the actual interest rate (3.23%) is significantly lower than the market rate (13%), due to which the level of financial risk is approximately equal to 1, i.e. low financial risk. Dividend policy is carried out by the company in the interests of shareholders, since the ratio of capitalized profit to the value of assets is approximately 30%. With a high profitability of the company's assets (40.22% in the reporting year), profits should be capitalized to a greater extent.
Characteristics of investment activity. The main direction of the company's investment activity is financial investments, the share of which in highly liquid assets by the end of the reporting year amounted to approximately 72%. At the same time, the growth rate of highly liquid assets decreased by 72.8%, which significantly reduces the company's ability to pay off short-term obligations. Considering the sufficiency of the company's funds to finance activities, we can conclude that they are in excess, since the level of security ranged from 280% to 366% of the standard value (due to financial investments).
Management of risks. financial risk the company has virtually none due to the attraction of borrowed capital at a very favorable (low) interest rate. The level of operational risk is acceptable (2.3 in the reporting year), but has an upward trend (growth rate was 1.14%), which, if sales continue to decline, may increase the company's risk in the future. The cumulative margin of safety is quite high (41%), which means that a 41% decrease in sales volume is acceptable, and the company will go to 0 on net income.
Considering the capital structure, it should be noted an increase in the share of working capital in the asset structure and an increase in the share of borrowed capital due to a significant increase in short-term borrowed capital in the liability structure. The company effectively attracts cheap sources of financing, which contributes to tax savings and allows using the effect of financial leverage.
The value of the business is estimated at 90 billion rubles. The assessment was carried out using two methods: the discounted cash flow method and the economic value added method. The second method showed the creation of business value in each of the three predicted years, as well as the trend of its increase. The company creates value, which is confirmed by a positive spread (14%) and is effective for investment, as the actual profitability of the company in the reporting year was 31.25%, which is higher than the expected 17.23%. However, it should be noted that the company is more risky than the industry as a whole, which is characterized by a cleared beta value that is twice the normative value.
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