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Ministry of Education and Science of the Russian Federation

Federal State Budgetary Educational Institution

higher professional education

"Tyumen State University"

Institute of Distance Education

Direction "Management of the organization"

INTERNATIONAL INTERNSHIP

LIMITED LIABILITY COMPANY LLC "ALFASTIL"

Student(s)___5____course______groups

Ivanova DINA MARATOVNA

Director of AlfaStil LLC Makarova Tatyana Vasilievna ____________

Kogalym, 2013

Introduction

Chapter 1. Organizational and economic characteristics of the enterprise

1 Brief description of AlfaStil LLC

2 Assessment of the financial condition of AlfaStil LLC

3 Analysis of the liquidity of the enterprise

4 Turnover and return on net assets

5 Return on equity

Conclusion

List of used literature

Applications

Introduction

Undergraduate practice is an important part of the training of specialists with higher education. In the course of this practice, the previously acquired knowledge, skills and abilities are consolidated, as well as the acquisition of new ones. The financial condition of a small enterprise is characterized by a wide range of indicators, while considerable attention should be paid to indicators that characterize the efficiency of the enterprise.

The main goal of this undergraduate practice is to study the peculiarities of organizing the finances of a commercial enterprise based on its reporting.

To achieve this goal, it is necessary to consider the following tasks:

to form the relevance of the information base for writing the final qualifying work;

consider a brief description of the enterprise;

study the financial management of the enterprise;

review the performance results for the period 2010-2012;

to analyze the financial condition;

suggest ways to solve financial problems in the enterprise.

The object of the production practice is AlfaStil LLC.

The subject of practice is the financial activity of the bank. The study period is 3 years.

The practice took place over 6 weeks.

Chapter 1. ORGANIZATIONAL AND ECONOMIC CHARACTERISTICS OF THE ENTERPRISE

1 Brief description of AlfaStil LLC

Limited Liability Company (LLC) AlfaStil.

Legal address: 628481, Kogalym, st. Friendship of peoples, 10.

Currently, the company is able to ensure the maximum quality of the supplied products and its uninterrupted maintenance.

The main role in ensuring stability is played by a carefully thought-out company structure, which includes:

1 production capacity development program;

2 a system of service and warranty service centers for goods;

3 training program for employees (technicians, managers, etc.) to work in various areas of repair of household appliances.

The company's production is focused on the needs of the end user. To this end, the most optimal price/quality solutions for various categories of buyers are offered. The goal is a careful selection and development of the most beneficial products for the end user.

An important function of management is the function of the organization, which consists in establishing permanent and temporary relationships between all departments of the company, determining the procedure and conditions for the functioning of the company. The function of the organization is realized in two ways: through administrative and organizational management and through operational management.

Administrative and organizational management involves determining the structure of the company, establishing relationships and distributing functions between all departments, granting rights and establishing responsibilities between employees of the management apparatus. Operational management ensures the functioning of the company in accordance with the approved plan. It consists in a periodic or continuous comparison of the actual results obtained with the results planned by the plan, and their subsequent adjustment. Operational management is closely related to current planning.

The organizational structure of the management of AlfaStil LLC is shown in Figure 1.

The powers of the constituent assembly and the director of the company are determined by the charter of the company.

Figure 1. Organizational structure of management of AlfaStil LLC

Manager functions include:

is a deputy accountant;

monitoring, analysis and planning of the current activities of the enterprise;

planning and management of stocks of the enterprise;

Providing an annual report to the society.

The functions of the technical department include:

Fulfillment of orders for the creation and repair of jewelry;

work on customer calls;

· technical consultations of users;

timely delivery of jewelry to customers on the company's vehicles.

Supplier functions include:

establishment of trade relations;

Procurement and support of goods;

conclusion of agreements and contracts.

General Director - manages all activities of the enterprise. Organizes the work and effective interaction of production units, workshops and other structural divisions of the enterprise, directs their activities to achieve high rates of development and improve production; increasing labor productivity, production efficiency and product quality based on the widespread introduction of new technologies, scientific organization of labor, production and management.

1.2 Assessment of the financial condition at AlfaStil LLC

financial profitability capital asset

Let's present the balance sheet (f. 1) and the Profit and Loss Statement (f. 2) of Alfastil LLC for the last 3 periods in an aggregated form and in interconnection for the implementation of analytical procedures.

We will present the graphic execution according to the data of the last period.

The balance sheet (form No. 1 according to OKUD) of AlfaStil LLC and the Profit and Loss Statement (form No. 2 according to OKUD) of AlfaStil LLC for the last 3 periods (2008-2011) are presented in Appendix 0.

We will present in Appendix 1 the Balance Sheet (Form 1) of AlfaStil LLC in an aggregated form and in interconnection for the implementation of analytical procedures.

We will present in Appendix 2 the Profit and Loss Statement (f. 2) of AlfaStil LLC in an aggregated form and in interconnection for the implementation of analytical procedures.

To assess the dynamics of the financial condition of the enterprise, it is necessary to group the balance sheet items into an analytical aggregated balance sheet, in which asset items are selected on the basis of liquidity, and liability items - on the maturity of obligations. The advantage of the analytical balance sheet is that it summarizes and presents in a form convenient for analysis all the main indicators characterizing the financial condition of the enterprise.

▪ Formation of asset items of the analytical balance sheet:

Current assets = total section 2 of the balance sheet (“current assets”) - Accounts receivable (payments for which are expected more than 12 months after the reporting date).

Highly liquid assets = "cash" + "short-term financial investments".

Accounts receivable = "short-term accounts receivable".

Inventories = the value of the total stocks and costs.

Fixed assets = total section 1 of the balance sheet + Accounts receivable (payments for which are expected more than 12 months after the reporting date).

▪ Formation of liability items of the analytical balance sheet.

Current liabilities \u003d the result of section 5 of the balance sheet (“short-term liabilities”) - “deferred income” - “reserves for future expenses and payments”.

Current liabilities = "Borrowed funds".

Accounts payable = "accounts payable".

Long-term liabilities = result of section 4 of the balance sheet (“long-term liabilities”).

Equity = total of section 3 (“capital and reserves”) + “deferred income” + “reserves for future expenses and payments”.

We will present the graphical execution of this task according to the data of the last period (Balance sheet and Profit and Loss Statement of AlfaStil LLC for 2011 - as of 01/01/2012). - Annex 1 and Annex 2, respectively.

Let's analyze the structure of assets and liabilities in dynamics for the last 3 periods (Appendix 3). Let's determine the ratio and change of articles (%), form the trend of ongoing changes.

Analysis of the structure of assets and liabilities of AlfaStil LLC for 2011 - as of 01/01/2012 - is graphically presented in Appendix 3.

For a satisfactory financial condition of an enterprise, it is considered that the change (increase) in profit (∆P) should exceed the change in revenue (∆B), which in turn should outstrip the change in the balance sheet currency (∆VB), i.e.: ∆P > ∆ B > ∆VB.

For the analyzed company - AlfaStil LLC - this inequality is not fulfilled:

22% < -7,26% < 3,94%.

According to the results of the preliminary analysis, it can be said that, in general, the financial position of AlfaStil LLC is unfavorable:

§ The growth rate of current liabilities exceeds the growth rate of current assets.

§ The rate of revenue growth significantly exceeds the rate of profit growth.

§ The share of own capital is reduced.

§ Decrease in profits, which is mainly due to an increase in the cost of production.

For a more informed conclusion about the financial condition of AlfaStil LLC, it is necessary to conduct a deeper assessment of the financial stability of the enterprise, business activity indicators and profitability of this company.

§ what is the value of current and permanent assets, how their ratio changes, and how they are financed

§ which items are growing at a faster pace, and how this affects the structure of the balance sheet

§ what proportion of assets are inventories and receivables

§ how large is the share of own funds, and to what extent the company depends on borrowed resources

§ what is the distribution of borrowed funds by maturity

§ what share of liabilities is the debt to the budget, banks and labor collective

This fact testifies to the negative trend that is taking shape in the LLC, since with an increase in fixed assets, this company - AlfaStil LLC - will not be able to promptly dispose of its assets.

The highest growth as of January 1, 2012 was recorded for highly liquid assets of current assets (+ 33.5%).

Also in 2011 there was an increase in fixed assets (+ 4.62%).

Due to this change, the volume of this item in the total assets of AlfaStil LLC increased by 0.8%.

In the structure of liabilities, a slight increase in 2011 occurred in equity capital (+ 1.7%).

Due to this change, the volume of this item in the total liabilities of AlfaStil LLC decreased by 1.61%.

As of January 01, 2012 (according to the balance sheet of AlfaStil LLC), inventories in AlfaStil LLC amounted to 3.02% of the total assets of the company.

As of January 1, 2012 (according to the balance sheet of AlfaStil LLC, receivables from AlfaStil LLC amounted to 11.38% of the total assets of the company.

The share of long-term liabilities in AlfaStil LLC as of 01/01/2012 was 5.96% of the total liabilities of the company.

The most urgent in terms of repayment is the accounts payable of AlfaStil LLC, the value of which, as of January 1, 2012, is 9.52% of the total liabilities of the company.

Borrowed funds that are less urgent for repayment are long-term liabilities of AlfaStil LLC, the value of which, as of January 1, 2012, is 5.96% of the total liabilities of the company.

As of January 1, 2012 (according to the balance sheet of LLC AlfaStil), the debt to the budget in LLC "" amounted to = 1.35% of the total liabilities of the company under study.

As of January 1, 2012 (according to the balance sheet of AlfaStil LLC), debt to banks (short-term and long-term in total) in AlfaStil LLC amounted to = 7% of the total liabilities of the company under study.

As of January 1, 2012 (according to the balance sheet of AlfaStil LLC), the debt to the workforce at AlfaStil LLC amounted to = 0.03% of the total liabilities of the company under study.

From the point of view of the long term, the confident and stable development of the company, i.e. its financial stability is largely determined by the degree of its dependence on external investors and creditors, i.е. capital structure.

The coefficients calculated above characterize the financial stability of the enterprise in terms of the capital structure (Table 1):

Table 1

Index		standard	Meaning
			as of 01.01.2010	as of 01.01.2011	as of 01.01.2012
Autonomy coefficient	Kavt \u003d SK / A
Financial dependency ratio	Kfz \u003d (TP + DZK) / A
Leverage ratio	Cleverage \u003d (TP + DZK) / SK
Long-term borrowing ratio	KDPI \u003d DZK / PK, (PK \u003d DZK + SK)
Investment coverage ratio	KPI = PC/A

The autonomy coefficient reflects the share of own funds in the liabilities of the enterprise. A high autonomy ratio indicates a good financial stability of the Company.

However, this situation cannot be assessed unambiguously positively due to the lack of credit resources in the Company's liabilities. This indicates a lack of credit history and may make it difficult to raise additional funds if necessary. This is confirmed by the fact that the company allows an excessive increase in accounts payable, which can lead to problems with suppliers instead of attracting loans to finance working capital.

The analysis of indicators of the capital structure indicates the excess of own funds over borrowed capital, which indicates the financial independence of the enterprise.

Indicators reflecting the security of the current activities of the enterprise with its own funds are presented in table 2.

table 2

Index		standard	Meaning
			as of 01.01.2010	as of 01.01.2011	as of 01.01.2012
own funds maneuverability ratio	Own working capital/Equity capital
Supply and cost coverage ratio	Own working capital/inventory
Ratio of current assets to fixed assets	Current assets/Fixed assets	over cleveridge

The coefficient of equity flexibility, which shows the Company's ability to maintain the level of its own working capital and replenish working capital, if necessary, from its own sources, is determined as the ratio of own working capital to the value of the enterprise's own sources of funds.

The actual values of this indicator during almost the entire period under review indicate that there is no possibility of financial maneuvering.

The stock and cost coverage ratio shows that inventories are not covered by working capital.

The ratio of current assets to fixed assets in relation to the leverage ratio satisfies the condition for achieving financial stability.

Based on the analysis, it can be concluded that AlfaStil LLC is financially stable and fairly independent of external creditors, however, the indicators tend to deteriorate.

Calculate the amount of cash flows (for the last 3 periods) for each type of activity and analyze the main cash inflows and outflows according to the Balance Sheet and the Statement of Financial Performance based on changes in individual items of these documents. Let us reflect, according to the scheme of formation of cash flows, their quantitative value for the last period.

Let's analyze the cash flow, answering the main vital questions:

§ What explains the differences between profits earned and cash available?

§ Where did the money come from and what was it used for?

§ Are the funds received sufficient to service current activities?

§ Does the company have enough funds for investment activities?

§ Is the company able to pay off its current debts?

AlfaStil LLC has enough funds received to service current activities. It is also safe to say that the company has enough funds for investment activities.

1.3 Analysis of the liquidity of the enterprise

Let's analyze liquidity using liquidity and business activity (turnover) ratios. We will evaluate the liquidity of the Balance of AlfaStil LLC and compare it with similar organizations in the region, the CIS.

Reflect on the scheme for the formation of liquidity ratios and business activity (turnover) their components in quantitative terms for the last period (Supplementary material - Appendix 5, 6, 7, 8). Let's analyze the most significant factors that influenced the result.

Table 3 shows the calculation of liquidity indicators of AlfaStil LLC for 2010-2012:

Table 3

Analysis of liquidity indicators of AlfaStil LLC for 2010-2012.

Index		standard	Meaning
			As of 01.01.2010	As of 01.01.2011	As of 01.01.2012
Current liquidity ratio	Ktl \u003d TA / TP
Quick liquidity ratio	Kbl \u003d (TA-TMZ) / TP
Absolute liquidity ratio	Kal \u003d VA / TP
Net working capital	CHOK = TA-TP
Net working capital flexibility ratio	Kman chok = DS/CHOK
Own working capital	SOS = SC-FA
Equity ratio	Koss = SOS/TA

Based on these calculations, the following conclusions can be drawn:

The current liquidity ratio, which determines the sufficiency of working capital of AlfaStil LLC to pay off short-term liabilities for the entire period under review, has values corresponding to the normative ones from 1 to 2.

The quick liquidity ratio is similar in its semantic purpose to the current liquidity ratio; however, it is calculated on a narrower range of current assets, when the least liquid part of them - production stocks - is excluded from the calculation. The values of this coefficient for the period under review correspond to the standard values from 0.7 to 1.

The absolute liquidity ratio, which characterizes the ability of the most liquid assets to repay short-term liabilities, in the analyzed period had a value below the recommended 0.2 to 0.4. The standard values of this indicator indicate that short-term liabilities should be covered by the most liquid assets by at least 40%. The actual values of the absolute liquidity indicator for the period under review indicate that AlfaStil LLC does not have the ability to cover short-term obligations with cash and short-term securities, even without the expected repayment of receivables.

The net working capital flexibility ratio is in line with the normative indicators.

The equity ratio characterizes the availability of own working capital necessary for the financial stability of AlfaStil LLC.

The standard or the lower limit of this indicator is set at the level of 0.1, below which it is considered that the enterprise is not provided with its own working capital for the normal economic practice of foreign companies, a value close to 0.5 is considered, that is, in the structure of working capital of own working capital should be about 50%, which allows the company, in the event that its creditors demand the rest of the current assets, not to fear for their financial condition. The value of this indicator does not correspond to the normative ones.

Balance sheet liquidity is defined as the extent to which an organization's liabilities are covered by its assets, the maturity of which is equal to the maturity of the liabilities.

Analysis of the liquidity of the balance sheet consists in comparing the funds of the asset, grouped by the degree of their liquidity and arranged in descending order of liquidity, with the liabilities of the liability, grouped by their maturity and arranged in ascending order of maturity.

Depending on the degree of liquidity, i.e. the rate of conversion into cash, the assets of the enterprise are divided into the following groups.

A1: The most liquid assets - these include all items of the company's cash and short-term financial investments (securities).

A2: Quickly realizable assets - accounts receivable, payments on which are expected within 12 months after the reporting date.: Slowly realizable assets - items in section II of the asset balance, including inventories, value added tax, receivables (payments on which are expected to be more than 12 months after the reporting date) and other current assets.

A4: Difficult-to-sell assets - items in section I of the asset balance sheet (non-current assets).

Liabilities of the balance are grouped according to the degree of urgency of their payment.

P1: The most urgent liabilities - these include accounts payable.

P2: Short-term liabilities are short-term borrowed funds and other short-term liabilities.

P3: Long-term liabilities are balance sheet items related to section II of the liability balance, i.e. long-term loans and borrowings.

P4: Permanent liabilities or sustainable - these are articles I of the liability section of the balance sheet "Sources of own funds".

The liquidity analysis of the balance sheet is reduced to checking whether the liabilities in the liabilities side of the balance sheet are covered by assets, the period of transformation of which into cash is equal to the maturity of the liabilities.

The balance is considered absolutely liquid if the following ratios take place:

A4 ≤ P4

In the case when one or more inequalities of the system have the opposite sign from that fixed in the optimal variant, the liquidity of the balance to a greater or lesser extent differs from the absolute one.

Comparison of the results of group 1 by asset and liability, i.e. A1 and P1 (terms up to 3 months), reflects the ratio of current payments and receipts.

Comparison of the results of the 2nd group by asset and liability, i.e. A2 and P2 (terms from 3 to 6 months), shows a trend of increasing or decreasing current liquidity in the near future. Comparison of the totals for assets and liabilities for groups 3 and 4 reflects the ratio of payments and receipts in a relatively distant future.

As of January 1, 2010:

A1 ≥ P1 - the condition is NOT met.

A2 ≥ P2 - the condition is met.

A3 ≤ P3 - the condition is NOT met.

A4 ≤ P4 - the condition is met.

As of January 1, 2011:

A4 ≤ P4 - the condition is met.

As of January 1, 2012:

A1 ≥ P1 - the condition is NOT met.

A2 ≥ P2 - the condition is met.

A3 ≤ P3 - the condition is NOT met.

A4 ≤ P4 - the condition is NOT met.

Based on this, the following conclusions can be drawn:

Comparison of the results of assets and liabilities for groups 3 and 4 indicates that there will be no significant change in the solvency of AlfaStil LLC in the relatively distant future, and the company will also remain insolvent.

Analysis of business activity indicators allows you to identify how efficiently the company uses its funds.

Indicators of business activity include indicators of return and turnover indicators. Return indicators characterize the effectiveness of the return of assets, and turnover indicators characterize the rate of circulation of assets into cash.

Business activity indicators are calculated by dividing the sales proceeds by the corresponding indicator, with the exception of the inventory turnover ratio, which is calculated as the ratio of cost to inventory value (table 4).

Table 4

Index		Meaning

Return on assets	Revenue/total assets
Return on equity ratio	Revenue/Equity
return on assets
Return on non-current assets	Revenue/non-current assets
Current assets turnover ratio	Revenue/current assets
Total asset turnover in days	360/factor turnover rate TA
Inventory turnover ratio	Cost/Inventory
	360/factor inventory turnover
Accounts receivable turnover ratio	Revenue/Receivables
Duration of one turn in days	360/factor receivables turnover
Accounts payable turnover ratio	Revenue/Accounts payable
Continuous one revolution in days	360/factor accounts payable turnover

Based on the calculation and analysis of these indicators of business activity of AlfaStil LLC, the following conclusions can be drawn:

AlfaStil LLC asset turnover indicators are in the range of recommended values, which indicates sufficient revenue for the existing assets of AlfaStil LLC.

The inventory turnover period shows the number of days it takes for inventory to be fully replenished. Inventory turnover rates of AlfaStil LLC within 19-17 days indicate the absence of excess stocks.

The receivables turnover period is the number of days for which the receivables are paid off. This indicator is in the range of normative values, which indicates normal interaction with debtors.

The period of turnover of accounts payable is the number of days for which accounts payable are repaid. Accounts payable turnover ratios correspond to the recommended values, which indicates that the debt repayment terms are met.

1.4 Turnover and return on net assets

Let's evaluate the factors that form the turnover and profitability of net assets.

This indicator characterizes the volume of sales that can be generated by a given amount of net assets.

It shows, on the one hand, how efficiently net assets are used, on the other hand, the efficiency of using long-term (permanent) capital

Profitability indicators are relative characteristics of the financial results and performance of AlfaStil LLC. These indicators make it possible to judge the effectiveness of the pricing and investment policy of the enterprise.

In the process of analysis, it is necessary to trace the dynamics of the listed profitability indicators, the implementation of the plan in terms of their level, and conduct inter-farm comparisons with competing enterprises.

▪ Return on sales is calculated by dividing the profit from the sale of products, works and services or net profit by the amount of proceeds received. It characterizes the effectiveness of entrepreneurial activity: it shows how much profit the company has from the ruble of sales.

Let's define and analyze the dynamics of the profitability of sales.

Let us reflect in the scheme of formation of the indicator of profitability of sales its components in quantitative terms for the last period (for 2011 - as of 01/01/2012).

Calculation of profitability and turnover indicators in AlfaStil LLC and their dynamics in 2010-2012. presented in table 5.

Table 5

Index		Meaning

Profitability of sales
Return on assets	ROA = E/sum of assets
Return on net assets	RONA = E/Net Assets (NA = A - KZ)
Profitability of production assets	Rpr.funds \u003d E / cost of production assets
Return on equity

§ a decrease in the value of the profitability of production assets indicates an inefficient use of fixed production assets and inventories;

§ decrease in return on equity reflects the inefficient use of equity.

1.5 Return on equity

Let's analyze the return on equity of the organization and the "financial leverage" for the last 3 periods.

P - operating profit - the amount of interest on the loan

T - percentage rate of income tax

This indicator is the most important for the shareholders of the company. It characterizes the profit that falls on equity. This ratio includes such important parameters as interest payments on loans and income tax.

Therefore, in this case:

Let's analyze the return on equity of the organization for the last 3 periods:

▪ As of 01/01/2010:

Return on equity = 14.42%

▪ As of 01/01/2011:

Return on equity = 12.97%

▪ As of 01/01/2012:

Return on equity = 1.20%

Thus, in this case, AlfaStil LLC is developing an extremely negative trend towards reducing the profitability (profitability) of its own capital, which negatively affects the company's investment rating.

Unlike operational, financial leverage (leverage) aims to measure not the level of risk arising in the process of selling by the enterprise of its products (works, services), but the level of risk associated with insufficient profit remaining at the disposal of the enterprise.

The degree of financial risk is measured by the quotient of the division of profit less income tax and profit remaining at the disposal of the enterprise, less mandatory expenses and payments from it, which do not depend on the amount of profit.

Ufl - the level of financial leverage (leverage);

PR - the total profit of the enterprise;

PE - net profit;

Mandatory payment - obligatory payments from net profit;

Npr - income tax rate as a percentage.

▪ As of 01.01.2010 (income tax rate = 24%):

Financial leverage effect = 0.7698

▪ As of 01/01/2011 (income tax rate = 20%):

Financial leverage effect = 1.2325

▪ As of 01.01.2012 (income tax rate = 20%):

Financial leverage effect = 1.2286

Thus, in the last year, the economic growth in AlfaStil LLC has significantly decreased, therefore, it is necessary to take urgent measures to prevent its further decline.

If the return on net assets is higher than the weighted average cost of capital (adjusted for income tax), then the company is able to pay not only interest on loans and promised dividends, but also reinvest part of net profit in production.

The equality of the left and right parts means that the enterprise is only able to pay off to the bank and current liabilities, while leaving nothing for reinvestment. If the return on net assets is below the weighted average cost of capital, then the company may have serious problems in attracting new capital.

For the period 2010-2012. the level of financial management in AlfaStil LLC can be described as satisfactory.

During the analyzed period, there was an increase in the assets of the enterprise. The main criteria indicators of the financial condition of LLC "AlfaStil" for the analyzed period have improved in a number of indicators. During the period under review, there was a significant decrease in profit, which is mainly due to an increase in the cost of production.

In the process of work, in the conclusions to the relevant sections of the work, an assessment of financial management in AlfaStil LLC is given. It was noted here that:

§ the organization is not heavily financially dependent on borrowed sources of funds;

§ this firm is characterized by a stable financial position;

§ the company has sufficient financial and economic independence.

§ The company is profitable.

1. Take measures to reduce accounts payable;

2. It is necessary to increase the volume of investments in fixed capital and its share in the total property of the organization;

Conclusion

Thus, Limited Liability Company (LLC) AlfaStil.

AlfaStil LLC is a limited liability company and operates on the basis of the Civil Code of the Russian Federation, adopted by the State Duma on 10/21/94 and approved by the Federation Council.

AlfaStil LLC is an independent entity. It is also a legal entity, guided in its activities by the legislation of the Russian Federation. The enterprise has an independent balance sheet, its own letterhead, a seal with a full name in Russian, the necessary stamps, and operates on the principles of cost accounting. AlfaStil LLC was founded in 2000 in the city of Kogalym. The main activity is the manufacture and repair of jewelry.

Legal address: 628481, Kogalym, st. November, 2.

The purpose of the enterprise is to make a profit.

The total number of employees is 14 people.

Of these, 6 people work in the workshop for the manufacture and repair of jewelry. Two drivers work on two cars of the Sobol brand and are engaged in the delivery of manufactured products to the place of order. One salesperson works directly in the commercial department.

The rest of the employees are management personnel: a director, an accountant, a manager, a supplier, an economist - a total of 5 people.

Based on the analysis of the structure of assets and liabilities in dynamics over the past 3 periods, the following general conclusions can be drawn:

For the analyzed company - AlfaStil LLC - this inequality is not fulfilled.

The growth of the balance sheet exceeds the growth of revenue, which leads to the deterioration of some financial indicators of the Company's activities.

During the analyzed period, the balance sheet did not significantly increase, mainly due to an increase in receivables and non-current assets.

The amount of receivables increased during the analyzed period by 1.5 times. The main share of the article is occupied by the debt of subsidiaries and affiliates (66% of the article). Accounts payable did not change significantly.

The equity capital of the Company increased insignificantly (1.3%).

According to the results of the preliminary analysis, it can be said that, in general, the financial position of AlfaStil LLC is unfavorable.

Let's estimate the balance of the last period for the main positions:

▪ The ratio of these items as of 01.01.2011 is 0.2103

▪ The ratio of these items as of January 1, 2011 is 0.1987

The ratio of these items decreased in 2011 by 1.16% due to a significant increase as of January 1, 2012 in permanent fixed assets,

This fact testifies to the negative trend that is taking shape in the LLC, since with an increase in fixed assets, this company - AlfaStil LLC - will not be able to promptly dispose of its assets.

The share of current liabilities of LLC "" as of January 1, 2012 amounted to 10.55% of the total liabilities of the company, including:

share of accounts payable = 9.52%.

share of short-term liabilities = 1.04%.

The share of long-term liabilities in AlfaStil LLC as of 01/01/2012 was 5.96% of the total liabilities of the company.

Thus, this company - LLC "AlfaStil" depends on borrowed funds slightly, because. they occupy in the structure of liabilities of this company 10.55 + 5.96 = 15.51%, and the value of equity = 83.49% of the value of the liabilities of the company under study.

The Company's financial dependency ratio corresponds to the normative indicators, which indicates good financial stability.

Leverage and investment coverage ratios are also in line with the recommended figures.

The analysis of indicators of the capital structure indicates the excess of own funds over borrowed capital, which indicates the financial independence of the enterprise.

The liquidity of the analyzed balance sheet of AlfaStil LLC is insufficient, both at the beginning of the period and at its end.

A comparison of the first two inequalities indicates that AlfaStil LLC will be insolvent in the nearest period of time to the considered moment.

Comparison of the results of the 2nd group by asset and liability, i.e. A2 and P2 (term from 3 to 6 months) indicates that a slight improvement in the company's solvency is possible in the near future.

Based on the results of calculation and analysis of profitability indicators, the following conclusions can be drawn:

There is a decrease in all analyzed profitability indicators, which generally indicates an ineffective enterprise management policy in the field of cost management:

§ a decrease in the profitability of sales indicates a decrease in profits (due to an increase in cost);

§ a decrease in the profitability of assets indicates an inefficient use of the company's property;

§ a decrease in the value of the profitability of production assets indicates an inefficient use of fixed production assets and inventories;

§ decrease in return on equity reflects the inefficient use of equity.

Taking into account the negative phenomena identified during the analysis, we can give some recommendations for improving and improving the enterprise:

Take measures to reduce accounts payable;

It is necessary to increase the volume of investments in fixed capital and its share in the total property of the organization;

It is necessary to increase the turnover of working capital of the enterprise; especially pay attention to the increment of fast-moving assets;

Pay attention to the organization of the production cycle, the profitability of products, their competitiveness.

Change the attitude towards production management,

Improve the management structure

Improve personnel policy

Think over and carefully plan pricing policy,

Look for reserves to reduce production costs,

Actively engage in planning and forecasting enterprise finance management.

Currently, the company is actively working to improve production management at all levels. The introduction of such modern information systems as automated document management, automated production management, automated financial management and others will allow the management of the enterprise to manage the resources of the enterprise most efficiently, and as a result of such effective resource management, accounts receivable will decrease, capital turnover will accelerate, and solvency will be restored.

List of used literature

1. Abramov A. E. Fundamentals of analysis of the financial, economic and investment activities of the enterprise in 2 hours - M .: Economics and Finance, ACDI, 2010.

2. Abryumova M.S., Grachev A.V. Analysis of the financial and economic activity of the enterprise. Educational and practical guide. Edition 2, revised. - M.: Business and Service, 2008.

Balabanov I. T. Financial management. - M.: Finance and statistics, 2007.

Kovalev V.V. Financial analysis: money management. Choice of investments. Reporting analysis. 2nd ed. - M.: Finance and statistics, 2010.

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Balance sheet of AlfaStil LLC for 2010-2012, thousand rubles



I. NON-CURRENT ASSETS
Intangible assets
including:
patents, licenses, trademarks (service marks), other rights and assets similar to those listed above
organizational expenses
business reputation of the organization
fixed assets
including:
land plots and objects of nature management
buildings, machinery and equipment
Construction in progress
Profitable investments in material values
including:
property for leasing
rental property
Long-term financial investments
including:
investments in subsidiaries
investments in dependent companies
investments in other organizations
loans granted to organizations for a period of more than 12 months
other long-term financial investments
Other noncurrent assets
Section I total
II. CURRENT ASSETS

including:
raw materials, materials and other similar values
costs in work in progress (distribution costs)
finished goods and goods for resale
goods shipped
Future expenses
other inventories and expenses
Value added tax on acquired valuables
Accounts receivable (for which payments are expected more than 12 months after the reporting date)
including:
buyers and customers
bills receivable

advances issued
other debtors
Accounts receivable (for which payments are expected within 12 months after the reporting date)
including:
buyers and customers
bills receivable
debt of subsidiaries and affiliates
debt of participants (founders) on contributions to the authorized capital
advances issued
other debtors
Short-term financial investments
including:
loans granted to organizations for a period of less than 12 months
own shares repurchased from shareholders
other short-term financial investments
Cash
including:

settlement accounts
currency accounts
other cash
Other current assets
Total for Section II
BALANCE (sum of lines 190+290)


III. CAPITAL AND RESERVES
Authorized capital
Extra capital
Reserve capital
including:
reserves formed in accordance with the law
reserves formed in accordance with constituent documents
Social Sphere Fund
Profit used to finance capex
Profit used to acquire working capital
Targeted funding and income
Retained earnings of previous years
Uncovered loss of previous years
Retained earnings of the reporting year
Uncovered loss of the reporting year
Total for Section III
IV. LONG TERM DUTIES
Loans and credits
including:
bank loans maturing more than 12 months after the reporting date
loans maturing more than 12 months after the reporting date
Other long-term liabilities
Total for section IV
V. SHORT-TERM LIABILITIES
Loans and credits
including:
bank loans maturing within 12 months after the reporting date
loans maturing within 12 months after the reporting date
Accounts payable
including:
suppliers and contractors
bills payable
debt to subsidiaries and affiliates
debt to the staff of the organization
debt to state off-budget funds
debt to the budget
advances received
other creditors
Debts to participants (founders) for payment of income
Revenue of the future periods
Reserves for future expenses
Other current liabilities
Section V total
BALANCE (sum of lines 490+590+690)

Profit and loss statement of AlfaStil LLC for 2010-2012, thousand rubles


I. Income and expenses from ordinary activities
Proceeds (net) from the sale of goods, products, works, services (net of value added tax, excises and similar obligatory payments)
including from sale: by core activity, of which:


works, services
goods purchased for resale
works, services

Cost of sold goods, products, works, services
including from the main activity of them:
own production
goods purchased for resale
works, services
from brokering
from other activities

Gross profit
Selling expenses
Management expenses
Profit (loss) from sales (lines (010-020-030-040))
II. Operating income and expenses
Interest receivable
Percentage to be paid
Income from participation in other organizations
Other operating income
Other operating expenses
III. Non-operating income and expenses
Other non-operating income
Other non-operating expenses
Profit (loss) before tax (050+060-070+080+090-100+120-130)
Income tax and other similar obligatory payments

The state enterprise "Minsk Meat Processing Plant" is the assignee of the "Minsk Order of the Red Banner of Labor Meat Industry Production Association", established by order of the former Ministry of Meat and Dairy Industry of the BSSR No. 71-p dated March 31, 1975. In connection with bringing the constituent documents in line with the requirements of the new legislation, the enterprise was registered as the Minsk Meat Processing Plant PUE by the decision of the Minsk Regional Executive Committee dated June 29, 2001 in the Unified State Register of Legal Entities and Individual Entrepreneurs under No. 100003394, certificate No. 006002.

In order to modernize production, introduce new technologies through financial support for enterprises at the expense of the budget of the city of Minsk, the Minsk Meat Processing Plant was transferred free of charge from the communal property of the Minsk region to the communal property of the city of Minsk. This transfer was carried out on the basis of the joint decision of the Minsk Regional and Minsk City Executive Committees No. 721/1544 dated October 16, 2002.

In accordance with the Decree of the President of the Republic of Belarus No. 138 dated March 19, 2004 "On some measures for the financial rehabilitation of agricultural organizations and attracting investments in agricultural production", and the decision of the Minsk City Executive Committee No. 1469 dated July 22, 2004 "On the acceptance of enterprises as property complexes unprofitable agricultural organizations into the communal property of Minsk”, as well as by the decision of the Minsk City Executive Committee No. 1735 of August 19, 2004 “On the reorganization of the communal unitary enterprise “Minsk Meat Processing Plant” and the communal agricultural unitary enterprise “Danilovichi”, the enterprise was reorganized by joining the communal agricultural unitary enterprise enterprises "Danilovichi".

According to the decision of the Minsk City Executive Committee No. 1975 of September 24, 2004 "On the reorganization of the communal unitary enterprise "Minsk Meat Processing Plant", the enterprise was reorganized by joining the communal unitary enterprise "Minsk Meat Processing Plant", registered by the decision of the Minsk City Executive Committee of March 6, 2003 No. 346 , in USR No. 100204812.

In accordance with the decisions of the Minsk City Executive Committee dated April 14, 2011 No. 1069 “On the gratuitous transfer of property” and the Minsk Regional Executive Committee dated April 14, 2011 No. 464 “On the gratuitous acceptance of property and amendments to the decision of the Minsk Regional Executive Committee dated September 22, 2010 No. 1144” the enterprise was transferred to the communal ownership of the Minsk region.

According to the decision of the Minsk Regional Executive Committee of January 17, 2012 "On the reorganization of enterprises", the communal unitary enterprise "Minsk Meat Processing Plant" is in the process of reorganization by joining the Minsk Regional Production and Trade Unitary Enterprise "Stolbtsovsky Meat Processing Plant".

The enterprise is the legal successor of all rights and obligations of the attached communal unitary enterprises.

Geographically, the main industrial site of the enterprise is located in the Kurasovshchina microdistrict of the Oktyabrsky district of Minsk.

Legal address: 220099, Minsk, st. Kazintsa, 46.

In accordance with the List of activities for which a special permit (license) is required, and the state bodies and state organizations authorized to issue them, approved by Decree of the President of the Republic of Belarus No. 17 of 14.07. 2003 "On licensing certain types of activities" the enterprise carries out:

Manufacture of food products, including drinks.

Wholesale and commission trade.

Retail trade (including alcoholic beverages and tobacco products) and catering.

Veterinary activities;

Activities in the field of industrial safety;

Activities to ensure the security of legal entities and individuals;

Activities related to the control of radioactive contamination;

Activities related to attracting foreign labor to the Republic of Belarus and employment of citizens of the Republic of Belarus abroad;

Transportation of passengers and cargo.

But the priority areas of activity are: the procurement and processing of agricultural raw materials, the production of meat and sausage products, offal, semi-finished products, as well as technical products (skins, dry feed, technical and feed fats), trading activities.

The purpose of the activities of JSC "Minsk Meat Processing Plant" is to saturate the market with high-quality meat products and products of its processing, ensure the efficient operation of the enterprise and, on this basis, obtain a constant increase in profits necessary to meet the social and economic needs of members of the labor collective and the state. The strategic principle of the enterprise is the production of traditional high quality products.

Financial and economic indicators of JSC "Minsk Meat Processing Plant"

The financial condition of the enterprise is characterized by a system of indicators that reflect the state of capital in the process of its circulation and the ability of a business entity to finance its activities at a fixed point in time.

Liquidity ratios reflect the company's ability to pay future debts (obligations) on time, or the ability to turn fixed and current assets, including securities and other assets, into money to pay off obligations.

1. Absolute liquidity ratio (LR) shows what proportion of short-term debt obligations can be covered by cash and cash equivalents in the form of marketable securities and deposits, i.е. almost completely liquid assets. Recommended values: 0.2 - 0.5

2. Quick liquidity ratio (QR) - the ratio of the most liquid part of current assets (cash, receivables, short-term financial investments) to short-term liabilities. It is usually recommended that the value of this indicator be greater than 1. However, real values are rarely more than 0.7 - 0.8, which is recognized as acceptable.

3. The current liquidity ratio (CR) is calculated as the quotient of current assets divided by short-term liabilities and shows whether the company has enough funds that can be used to pay off short-term liabilities. According to international practice, the coefficient values should be in the range from one to two (sometimes up to three). The lower limit is due to the fact that working capital must be at least enough to pay off short-term liabilities, otherwise the company will be at risk of bankruptcy. An excess of working capital over short-term liabilities by more than three times is also undesirable, since it may indicate an irrational asset structure. Recommended values: 1-2

Indicators of the capital structure - reflect the ratio of own and borrowed funds in the sources of financing of the enterprise, i.e. characterize the degree of its financial dependence on creditors. This is an important characteristic of enterprise sustainability.

1. The coefficient of financial independence (Kfn) characterizes the dependence of the enterprise on external loans. The lower the value of the coefficient, the more loans the company has, the higher the risk of insolvency, the potential occurrence of a cash deficit in the enterprise. Recommended values: 0.5-0.8.

2. The financial risk ratio (Kfr) shows how much borrowed funds are attracted for 1 ruble of one's own. It is calculated as the ratio of credit and own sources of financing. The higher the value of the coefficient, the more loans the company has, the higher the risk of insolvency. A high value of the coefficient also reflects the potential risk of the enterprise having a shortage of funds. Recommended values: 0.2-0.5.

3. Solvency ratio (Kp) measures the financial risk, i.e. the likelihood of bankruptcy. A high solvency ratio reflects minimal financial risk and good opportunities to raise additional funds from outside. It is calculated as the ratio of equity to debt.

Profitability indicators.

1. Return on sales (ROS) - shows the share of net profit in the sales volume of the enterprise. The increase in the coefficient is a positive trend. A decrease indicates a decrease in prices at constant costs or an increase in production costs at constant prices, i.e. decrease in demand for the company's products.

ROS=(Net Profit/Net Sales)*100%

2. Return on equity (ROE) - allows you to determine the effectiveness of the use of capital invested by the owners of the enterprise. Usually this indicator is compared with a possible alternative investment in other securities. It shows how many monetary units of net profit each invested unit earned. The growth of the indicator means an increase in profit attributable to shareholders and has a positive impact on the dynamics of share prices in the securities market.

ROE = (Net Profit/Total Equity)*100%

3. Return on assets (ROI) shows how many monetary units it took the company to receive one monetary unit of profit. This indicator is one of the most important indicators of competitiveness. A decrease in the indicator indicates a falling demand for the company's products and an overaccumulation of assets.

ROI =(Net Income/Total Assets)*100%

Business activity indicators - allow you to analyze how efficiently the company uses its funds.

1. The turnover of fixed assets or capital productivity (FAT) - characterizes the efficiency of the use of fixed assets by the enterprise at its disposal. The higher the value of the coefficient, the more efficiently the company uses fixed assets. A low rate of return on capital indicates insufficient sales or too high a level of capital investment. However, the values of this coefficient differ greatly from each other in different industries. Also, the value of this ratio strongly depends on the methods of calculating depreciation and the practice of assessing the value of assets. Thus, a situation may arise that the fixed asset turnover rate will be higher in an enterprise that has worn-out fixed assets.

An increase in the indicator means an acceleration in the turnover of fixed assets, a decrease in the indicator makes it necessary to take measures to modernize and sell the unused and inefficient part of fixed assets.

2. Asset turnover (TAT) - characterizes the effectiveness of the company's use of all the resources at its disposal, regardless of the sources of their attraction. This coefficient shows how many times a year a full cycle of production and circulation is completed, bringing the corresponding effect in the form of profit. This ratio also varies greatly by industry.

3. Inventory turnover (ST) - reflects the rate of inventory realization. To calculate the coefficient in days, you need to divide 365 days by the value of the coefficient. In general, the higher the inventory turnover ratio, the less funds are tied up in this least liquid group of assets. Especially important is the increase in turnover and the reduction of inventories in the presence of significant debt in the liabilities of the enterprise.

4. Accounts receivable turnover (CP) - shows the average number of days required to collect debts. To get the number of days, you need to multiply the value of the coefficient by 365. The smaller this number, the faster the receivables turn into cash, and therefore, the liquidity of the company's working capital increases. A high value of the coefficient may indicate difficulties in collecting funds from accounts receivable.

The dynamics of the main financial indicators of JSC "Minsk Meat Processing Plant" is presented in table 1.

Table 1 - Indicators of the financial condition of JSC "Minsk Meat Processing Plant" for 20014-2015

Index				Change

As can be seen from the data in the table, the absolute liquidity ratio for the period under review decreased significantly, which indicates the impossibility of repaying a part of short-term debt in the near future. The coefficients of urgent and current liquidity, although they tend to decrease, still exceed the normative values, which provides a reserve to compensate for losses that an enterprise may incur when placing and liquidating all current assets, except for cash. However, since a large share of liquid funds is receivables, some of which are difficult to collect in a timely manner, the company can be solvent only if it can balance and synchronize the inflow and outflow of cash in terms of volume and timing.

During the period under review, the capital structure of the enterprise deteriorated. The share of own funds decreased, while borrowed funds increased, which is a sign of the strengthening of the financial instability of the enterprise and the increase in the degree of its financial risks. Thus, in 20015, compared with 20014, the financial risk ratio increased and, accordingly, the financial independence ratio of the enterprise decreased. Nevertheless, the values of the indicators are within the normal range, which indicates the rational use of own and borrowed funds.

The solvency ratio for all periods exceeds the optimal value, that is, the financial structure of funds is quite optimal and stable, which is expressed in a low share of borrowed capital and a higher level of funds secured by own funds.

At the same time, a significant decrease in profitability ratios indicates not only a decrease in the profits of the owners and investors of the enterprise, but also an increase in production costs, a decrease in prices for the enterprise's products, that is, a fall in demand for it, or an overaccumulation of assets and inefficient use of capital.

The latter is also confirmed by a decrease in the turnover of fixed and circulating assets of the enterprise, finished products.

However, the acceleration of inventory turnover as the least liquid part of the assets, as well as receivables, is a positive thing, indicating an increase in the liquidity of the company's working capital.

Table 2 - Main technical and economic indicators of JSC "Minsk Meat Processing Plant"

Indicators	Unit measurements	Growth rate 2013 by 2012
Revenue from the sale of products, goods, works, services
Cost of goods sold, products, works, services
Gross profit
Management expenses
Implementation costs
Profit (loss) from the sale of products, goods, works, services
Profitability of sold products

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INTRODUCTION

In order to consolidate and expand theoretical and practical knowledge, to acquire deeper practical skills in the specialty, pre-diploma practice was held at Victoria LLC. During the internship, the activity of the enterprise was studied, the analysis of the most important indicators of the enterprise's activity was carried out on the basis of the study of such main sources as the accounting policy of the enterprise, financial statements, etc.

Preparation for writing a work involves studying the topic of future work, getting to know all its subtleties and nuances. It is necessary to compose the most complete picture of the subject of work and to be well versed in this issue.

The collection of materials is one of the components. At this stage, the task is to create a base for future work, consisting of our own observations, materials and information used in the work of the company.

This work was carried out after the internship at the enterprise LLC "Victoria".

The main tasks of undergraduate practice are:

To form ideas about the internal structure of the processes occurring within the company;

Acquire the necessary skills for independent work on the analysis and financial condition of the enterprise;

Get practical skills in managing economic and commercial activities as an employee of the financial department;

Develop a creative initiative in order to solve problems to further improve planning and increase the efficiency of the enterprise;

Ensure the collection and processing of the necessary material for the completion of the thesis.

As a base for the passage, the enterprise LLC "Victoria" was chosen, located at the address: P.-Kamchatsky, Pobedy Ave., 109

1. ORGANIZATIONAL AND ECONOMIC CHARACTERISTICS OF THE ENTERPRISE

1.1 General information about the enterprise

In accordance with the Federal Law of the Russian Federation "On Limited Liability Companies", Victoria Trading Company LLC was established in April 2004. The primary activity of the company was wholesale and retail trade in fish products from Kamchatka producers.

Legal form

Full corporate name: Limited Liability Company "Victoria", abbreviated name: LLC "Victoria".

Location of the company: Russian Federation, Petropavlovsk-Kamchatsky, Pobeda ave., 109, office 1

Postal address: 680024, Petropavlovsk-Kamchatsky, Pobeda ave., 109, office 1

The authorized capital of the company is made up of one share corresponding to the contribution of its participant in accordance with the Decision of the Founder and amounts to 10,000 rubles.

The company has one founder and is established for an unlimited period. The purpose of the company, according to the Charter, is to meet the needs of the population in services. The main commercial goal is to make a profit as a result of wholesale and retail trade. The company is privately owned.

The charter of the organization contains all the necessary items. Clause 2.2 defines the activities of the organization. There are 28 types of activities in total, among which are the types of activities that the company is currently conducting:

Trade and purchasing activities;

Trading operations;

Provision of warehouse, forwarding services, etc.

The Charter defines the general provisions, the purpose and subject of activity, the powers of the organization, the authorized capital, the participants of the company, the management of the company, the production and economic activities, the personnel of the company, as well as the procedure for reorganization tion and liquidation.

At the moment, the main activity of the company is the wholesale and retail sale of food products. Which includes seafood salads, preserves, lightly smoked fish products.

The sales market of the organization covers the city of Petropavlovsk-Kamchatsky, Elizovo and Vilyuchinsk. The organization has a wide market coverage (over 87% of all retail stores in the Kamchatka Territory).

Among the companies engaged in the wholesale trade of fish products, LLC "Victoria" is the first in terms of sales in the Kamchatka Territory.

The company's strategic course is aimed at expanding the market area, as well as a differentiated approach to suppliers. The implementation of the plan for a differentiated approach to suppliers is to select the most profitable suppliers that meet product quality requirements and strengthen and expand cooperation with them. The main criteria for the reliability of suppliers are: a sufficiently high quality of products, quality of service (no failures in deliveries), reasonable price.

1.2 Characteristics of the enterprise management structure

Enterprise management should be carried out on the basis of a certain organizational structure. The structure of the enterprise and its divisions is determined by the enterprise independently. When developing the organizational structure of the management of Victoria LLC, it was necessary to ensure the effective distribution of management functions among departments (Appendix A). This required the following conditions to be met:

The solution of the same issues should not be the responsibility of different departments;

All management functions should be the responsibility of the management units;

This unit should not be entrusted with the solution of issues that are more effectively addressed in another unit.

It should be noted that the management structure can change over time in accordance with the dynamics of the scope and content of management functions, in connection with the changing requirements of the surrounding world, etc.

A certain system is put in the basis of the enterprise management structure. There are three main production management systems:

Linear;

functional;

Mixed.

Linear - is a scheme of direct subordination on all issues of lower units to higher ones. This system is quite simple and can be effective if the number of issues under consideration is not large and decisions can be made on them in the nearest subdivisions.

Functional - the system is a scheme of subordination of a subordinate unit to a number of functional units that solve individual management issues - technical, planning, financial, etc. In this case, the instructions come more qualified. However, subordinate units do not always know how to coordinate the received instructions, in what order to carry them out... In its pure form, this system is used very rarely.

The most common mixed system, which combines linear and functional systems.

Victoria LLC also used a kind of mixed system of organizational management structure.

The enterprise is a legal entity, enjoys the relevant rights and fulfills the obligations associated with its activities.

Victoria LLC is headed by an Executive Director appointed by the General Director. Use the director represents the enterprise in all institutions and organizations, manages the property of the enterprise, concludes contracts, issues orders for the enterprise, hires and dismisses employees in accordance with labor legislation, applies incentives and imposes penalties on employees of the enterprise, opens bank accounts of the enterprise.

With the existing management structure, the head of the enterprise is directly subordinate to:

· Chief accountant;

· N.o.sales;

· Warehouse manager;

Department of Occupational Health and Safety

The chief accountant keeps records of the enterprise's funds and business transactions with material and monetary resources, establishes work on planning and economic incentives at the enterprise, increasing labor productivity, identifying and using production reserves, improving the organization of production, labor and wages, organizing self-financing, etc.

Has an accountant under his supervision

The accounting department keeps records of the enterprise's funds and business transactions with material and monetary resources, establishes the results of the financial and economic activities of the enterprise, and also maintains personnel records of employees.

The head of the sales department manages the work of the sales department of the enterprise, is responsible for the implementation of the plan, informs the company about the market situation, monitors the fulfillment of the tasks set by the executive director, introduces an assessment of sales results and, most importantly, looks for ways to develop the company.

Sales managers report to him. Their responsibilities include fulfilling the tasks set by N.O. Sales, controlling sales in the areas that are backed up by them and increasing new outlets.

The head of the warehouse is responsible for the placement and safety of goods and inventory, rational use of premises, registration and delivery of receipts and expenditures to the administrator of the day off, monitoring the condition of the premises, the serviceability of fire protection systems, ensuring timely repair of warehouses, inventory and equipment, organizing loading and unloading participation in accounting activities. Management of the staff working in the warehouse (cleaners, drivers, loaders).

The Occupational Health and Safety Department provides supervision and control over compliance with labor protection requirements in accordance with the provisions of the Labor Code and other regulations governing relations in the field of labor protection; is responsible for the implementation of safety requirements at the workplace of the enterprise, training of maintenance personnel in safe working methods, conducting appropriate exams; organizes, together with the personnel department, the passage of regular medical examinations of the personnel of the enterprise, etc.

The company has only 20 employees. At the moment, there are enough employees for the size of the enterprise, but due to the fact that the enterprise does not stand still, but is actively developing, every year the staff increases by 1-2 people.

The company has its own production and technical base (administrative and industrial building), trucks and a warehouse.

1.3 Characteristics of the labor resources of the enterprise and wages

Providing a high quality workforce;

Stimulation of labor, ensuring safety, social benefits.

As in many other organizations, an important point in the work of the personnel of Victoria LLC is the development of existing personnel. The goal is to force employees to give up absolute satisfaction with the results of their work, to come to the realization of the need to constantly search for reserves of more productive and high-quality work. It should be noted that the new employee of Victoria LLC undergoes the following types of adaptation: socio-psychological, psycho-physiological, professional. The result of social and psychological adaptation is the recognition by the employee of the norms of corporate culture and ethics of relationships in the organization. Psychophysiological adaptation is associated with adaptation to the mode of work, sanitary and hygienic conditions, organization of the workplace. Thus, a newly hired employee from the first day of work becomes the object of complex influence in order to harmoniously include him in the labor and social processes of the organization.

An analysis of the organizational structure, personnel management system in Victoria LLC showed that the company has a good labor potential.

Currently, Victoria LLC employs 20 people, the average salary for 2014 was 40,000 rubles. In this organization, the material factor is of great importance for employees. It should be noted that in general, employees are not satisfied with the existing system of remuneration.

It should be noted that non-material incentives in Victoria LLC are not sufficiently developed. The prestige of working in the organization is low, and there is no strong organizational culture. Career planning is underway for staff, and there are opportunities for advanced training, but few take advantage of this.

The management of LLC "Victoria" uses economic, social and administrative methods of motivation to stimulate the work of employees. A very significant economic method of motivating personnel in Victoria LLC is wages.

The following measures for social motivation of personnel are carried out in Victoria LLC: professional development of the company's employees; strict observance of social guarantees established by law.

Administrative motivation in LLC "Victoria" is used to comply with labor discipline by employees of the organization. It is manifested by the imposition of penalties, warnings and reprimands.

Consider the structure of the organization's personnel for 2012-2014, which is shown in table 1.

Table 1 - Personnel structure of LLC "Victoria" by categories

The largest proportion of the entire staff are specialists and employees. In 2013 and 2014, there is an increase in specialists and employees. In total, for the period under review for 2014, the number of employees increased by 8 people.

The qualitative composition of the personnel by length of service and education of Victoria LLC for 2012-2014 is presented in table 2.

Table 2 - Qualitative composition and structure of personnel by length of service and education

Name of indicator	Number, pers.	Absolute growth in 2014

by work experience
Less than 1 year




of Education
Unfinished Secondary

In 2014, there was an increase in employees with a short work experience of 1 to 5 years, but at the same time there was an increase in the staff with a long work experience of 5 years. In addition, there is an increase in employees with higher education, which is undoubtedly a positive trend.

Thus, we conclude that employees want to constantly improve motivating factors. Since the working team quickly gets used to any positive change, it is necessary, therefore, to improve the conditions of payment, work and incentives for staff every time.

1.4 Characteristics of the main economic indicators of the organization

labor profitability business activity

The volume of production and sales of products are interdependent indicators. The growth rate of production and sales of products, improving its quality directly affect the amount of costs, profits and profitability of the enterprise.

The sources of information for analysis are the business plan of the enterprise, reporting f No. 1-p, f No. 2 “Report on financial results”, etc. The volume of production and sales of products can be expressed in natural, conditionally natural, labor and cost meters.

The most important source of profit formation is the gross income from sales. Gross trade income: an indicator that characterizes the financial result of trading activities and is defined as the excess of proceeds from the sale of goods and services over the costs of their acquisition. The profit or loss of an enterprise is the main indicator that reflects the financial result, which is made up of the totality of income and expenses arising from the implementation of business operations.

The production of products at the enterprise requires the availability of funds and objects of labor. The composition of the production assets of enterprises includes fixed and circulating assets, the material content of which is the means of production, consisting, respectively, of the means of labor and objects of labor. Rational and economical use of both fixed and working capital is a top priority for the enterprise.

The financial results of the enterprise are characterized by the amount of profit received and the level of profitability.

Enterprises receive profit mainly from the sale of products, as well as from other activities (renting fixed assets, commercial activities on stock and currency exchanges, etc.).

Profit is a part of the net income created in the process of production and realized in the sphere of circulation, which is directly received by the enterprise.

Based on the indicators, profitability indicators are determined that reflect the effectiveness of the enterprise in order to make a profit.

Table 3 calculates the main economic indicators of the operation of Victoria LLC for 2012-2014.

Table 3 - The main economic indicators of the enterprise in dynamics

Indicators		Changes (+, -)


Sales volume
Production cost
Profit from sales
payroll fund
Average number of employees
Output per worker
Average annual salary
Average annual cost of fixed production assets
return on assets	rub./rub. OS
Profitability of sales

In 2014, compared to 2013, the amount of profit from sales increased by 19,050 thousand rubles. At the same time, there is an increase in the cost of production. In 2014, compared to 2013, the profit from sales increased by 9,119 thousand rubles. This deviation is a positive indicator.

The number of employees increased in 2014 by 4 people, in 2013 by 5 people. At the same time, there is an increase in output per worker. So, in 2013 by 364 thousand rubles, in 2014 by 1046 thousand rubles. It should be noted that the growth rate of output per worker outstrips the growth rate of the number of employees, which is an indicator of the development of the enterprise's activities and an increase in the efficiency of personnel use. The wage fund in 2014 also increased compared to previous years, which affected the average annual salary of employees, which increased by 14,130 thousand rubles. in 2014 compared to 2013.

Profitability of sales shows the share of profit in the proceeds from the sale of products. Based on the calculated indicators, the following conclusion can be drawn. In 2014, there is an increase in the profitability of sales. Profitability of sales in 2014 increased mainly due to profit growth.

Thus, the limited liability company "Victoria" is represented by a trading company in the city of Petropavlovsk-Kamchatsky. The supreme management body of the company is the General Director, and the organization is managed by the Executive Director. The staff consists of 20 people. Financial results in 2014 increased compared to 2013 by 19,050 thousand rubles, while the profit from sales increased by 9,119 thousand rubles. This trend is positive.

2. FINANCIAL ANALYSIS OF THE ACTIVITIES OF VICTORIA LLC

2.1 Assessment of the property status of VICTORIA LLC

An analysis of the property status should be considered as an important component of the analysis of the financial condition of a commercial organization (enterprise), since it depends on how rationally the property is formed, i.e. assets, largely depends on the level of its business activity.

The analysis examines changes in the volume, composition and structure of the property of a commercial organization, as well as its dynamics. At the same time, the most important source of information that makes it possible to analyze the property status of a commercial organization in an accounting assessment is its balance sheet.

The following information from the financial (accounting) statements became the basis for the financial analysis of Victoria LLC:

Balance sheet;

Income statement.

When conducting the analysis, 3 periods were considered - 2012-2014. All data are given as of December 31 of the next financial year. The year 2012 was chosen as the base interval for the analysis. 2014 was chosen as the reporting period for the analysis.

The property of the enterprise reflected in the balance sheet asset is divided into non-current (long-term use) assets (I section of the balance sheet asset) and current (short-term use) assets (II section of the balance sheet asset).

Non-current assets include fixed assets, research and development results, tangible and intangible prospecting assets, as well as profitable investments in tangible assets, financial investments.

Current assets include inventories, VAT on acquired valuables, current accounts receivable, financial investments except for cash equivalents, cash and cash equivalents.

The sources of formation of property located in the asset are reflected in the liabilities side of the balance sheet, which in turn consists of three sections:

Capital and reserves;

Long term duties;

Short-term liabilities.

The liquidity and efficiency of the use of current assets are determined by the amount of net working capital, which is the difference between current current assets and short-term debt of the enterprise.

The balance sheet is a list of the property of the enterprise and the sources of its acquisition on a specific date. Analysis of the balance sheet of Victoria LLC is presented in table 4.

Table 4 - Indicators of the property status of the enterprise, thousand rubles.

	Indicators		Growth rate, %



	Net assets
	Own funds (working capital)
	working capital
	Own working capital
	Fixed assets
	fixed assets
	Long-term financial investments, receivables
	Accounts payable
	Liquid Assets
	Cash
	Current responsibility

	Net profit

Analyzing the assets of the balance sheet, it can be seen that the total assets of the enterprise have increased significantly compared to 2012, which, of course, positively characterizes the financial activities of the organization.

At the end of the reporting period, the largest share in the structure of total assets falls on current assets (98.8%), which indicates a fairly mobile structure of assets, contributing to the acceleration of the turnover of the company's funds.

In addition, considering the accounts receivable of Victoria LLC, it should be noted that the company at the end of 2013 had more accounts receivable than accounts payable. Since it is not significantly exceeded, this can be considered positively.

This is explained by the fact that the repayment of accounts receivable, its collection and the receipt of funds from customers for the products shipped to them allows the enterprise, in turn, to pay off its suppliers and contractors in a timely manner.

The absence of long-term liabilities indicates the low financial risks of the enterprise and a positive trend towards financial stability. The balance sheet has a tendency to increase, which may indicate an increase in the business activity of the enterprise in the market.

2.2 Assessment of the business activity of Victoria LLC

Analysis of business activity allows you to characterize the results and efficiency of the current main production activities.

An assessment of business activity at a qualitative level can be obtained as a result of comparing the activities of a given enterprise and related enterprises in terms of capital investment. Such qualitative criteria are: the breadth of product sales markets; availability of products for export; the reputation of the enterprise, expressed, in particular, in the popularity of customers using the services of the enterprise; and etc.

Quantification is given in two directions:

The degree of implementation of the plan (established by a higher organization or independently) according to the main indicators, ensuring the specified rates of their growth;

The level of efficiency in the use of enterprise resources.

To assess the level of efficiency in the use of enterprise resources, as a rule, various turnover indicators are used. Turnover indicators are of great importance for assessing the financial position of the company, since the rate of turnover of funds has a direct impact on the solvency of the company. In addition, an increase in the rate of turnover of funds, ceteris paribus, reflects an increase in the production and technical potential of the company. In practice, the following indicators of business activity are most often used.

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

The turnover of own funds is calculated as the ratio of proceeds from sales to the average value of equity capital for the period.

The receivables turnover ratio is calculated as the ratio of sales proceeds to the average value of receivables for the period.

The accounts payable turnover ratio is calculated as the ratio of sales proceeds to the average value of accounts payable for the period. The ratio shows how many turnovers the company needs to pay the existing debt.

The duration of the operating cycle reflects how many days on average it takes to produce, sell and pay for the company's products. In other words, over what period the cash is tied up in inventories. In most cases, an enterprise needs to strive to reduce the value of this indicator, i.e., to reduce the duration of the operating cycle.

The analysis of the turnover of current assets is supplemented by the calculation of an indicator called the coefficient of fixing working capital, which shows how many rubles of working capital account for one ruble of sold (sold) products. It is calculated by the formula:

Kz \u003d Aob / B (1)

where Аob is the average amount of current assets for the analyzed period (year).

The duration of the operating cycle is found by the formula:

POC = DMOA + DGP + DNZP + DZD (2)

Where DMOA is the duration of the turnover of tangible current assets;

DGP - the duration of the turnover of finished products;

DNZP - the duration of the turnover of work in progress;

DDR - the duration of the turnover of receivables.

This indicator is calculated for a number of periods. If it grows, then business activity worsens, because. the turnover of working capital slows down, the enterprise has increased needs for cash, and, as a result, financial difficulties.

The duration of the financial cycle is calculated by the formula:

PFC = POC - DCS (3)

where DKZ - the duration of the turnover of accounts payable.

The smaller the PFC, the better, and the higher the business activity of the enterprise.

An analysis of the business activity of Victoria LLC is shown in table 5.

Table 5 - Indicators of business activity of the enterprise

	Indicators		Change, (+,-)



	Cost of goods sold, thousand rubles

	average value current assets, thousand rubles, including: a) stocks; b) receivables

	The average value of fixed assets, thousand rubles.
	The average value of own funds (capital), thousand rubles.
	Current assets turnover ratio
	Duration of one turnover of current assets, days
	Accounts receivable turnover ratio
	Duration of one turnover of receivables, days
	Accounts payable turnover ratio
	Duration of one turnover of accounts payable, days
	Equity turnover ratio
	Duration of one turnover of own capital, days
	Operating cycle duration, days
	Duration of the financial cycle, days
	Coefficient of loading (fixing) working capital

Let's analyze the data in Table 5. In 2013-2014, there is a significant increase in the equity turnover ratio, which reflects a trend towards the rational use of part of equity.

There is a decrease in the receivables turnover ratio in 2013-2014, which indicates an increase in sales from a loan provided by the enterprise to its customers. The average maturity of receivables in 2014 is 29 days, which is estimated negatively compared to the previous year, as it has increased.

The increase in the turnover of accounts payable in 2013 indicates a decrease in purchases on credit.

The increase in the duration of the operating cycle is considered a negative trend. At the enterprise LLC "Victoria" in 2012, this coefficient was 92 days, in 2013 - 141 days, in 2014 - 164 days. The increase in the duration of the operating cycle is due to the increase in the period of receivables turnover.

Table 6 shows the calculation of the need for current assets.

Table 6 - Need for current assets

	Indicators		Change, (+,-)


	Average value of assets, thousand rubles
	Average amount of receivables with a maturity of up to 12 months, thousand rubles
	Average amount of accounts payable, thousand rubles
	Need for current assets, thousand rubles
	Revenue from sales of products, thousand rubles
	Need for current assets to sales proceeds, %

Current financial needs characterize the difference between the funds advanced into current assets and the amount of accounts payable for commodity transactions or its total amount. Current financial needs as an absolute indicator have a direct impact on the financial condition of the corporation and show its need for a short-term bank loan. According to the above calculations, the need for additional financing of current assets in 2012-2014. is 15%, 25% and 30% respectively. This indicator is at an acceptable level for the organization and means that Victoria LLC mainly uses its own funds for its activities, which is a positive moment. However, the growth in the need for current assets to sales revenue in 2013 and 2014 can be seen as a negative trend. This fact took place as a result of increased accounts payable in this period compared to 2012.

2.4 Evaluation of the efficiency of capital use in LLC "Victoria"

As a rule, during the development of the company is faced with the following types of borrowed capital: promissory notes; leasing; bank loans; syndicated loans; bonds; credit notes.

Based on the balance sheet data for 2012-2014, presented in Appendixes A-B, it can be argued that there is no borrowed capital in Victoria LLC, which means that the organization does not resort to bank loans and other forms of loans in its activities.

Table 7 presents the calculation of the effectiveness of the capital of LLC "Victoria".

Table 7 - Evaluation of the effectiveness of borrowed capital

	Index


	Profit before taxation, thousand rubles
	Income taxes, thousand rubles
	Level of taxation, coefficient
	Average annual amount of assets, thousand rubles
	Own capital, thousand rubles
	Borrowed capital, thousand rubles
	Financial Leverage
	Return on total capital, %
	Weighted average price of borrowed capital (the ratio of debt service costs to the average annual amount of borrowed funds), %
	Effect of financial leverage, %

The return on equity is found as follows: we divide the net profit by the amount of capital; multiply the quotient by 100%. It should be noted that the return on equity in 2014 increased by 4.4%, which is a positive trend, as the company uses its capital efficiently.

Thus, due to the lack of borrowed capital in the organization, it is impossible to calculate the leverage of financial leverage, the weighted average price of borrowed capital and the effect of financial leverage.

2.4 Analysis of cash flows in Victoria LLC

One of the main conditions for the normal operation of the enterprise is the availability of funds, which can be assessed by the analysis of cash flows. The main task of cash flow analysis is to identify the causes of lack of funds, determine the sources of their receipts and directions of use. The purpose of the analysis is to highlight, if possible, all transactions affecting cash flow. Cash flow analysis is carried out by direct and indirect methods. Estimating cash flows using the direct method begins with an overall estimate of the organization's cash flows. Analysis of cash flows by the direct method gives an idea of the dynamics of cash flows in the context of individual activities of the organization. This analysis must be supplemented by the calculation and evaluation of financial ratios used to analyze cash flows.

The direction of funds is usually considered in the context of the main activities of the enterprise: current, investment, financial.

The receipt of funds in the framework of current activities is associated with the receipt of proceeds from the sale of goods, products; spending - with payment on the accounts of suppliers and other counterparties, payment of wages, contributions to social insurance and security funds, settlements with the budget. In the course of current activities, enterprises can pay interest on loans and borrowings received. Since the current activity of the enterprise is the main source of profit, it must generate the main cash flow.

The cash flow in the context of investment activities is associated with the capital investments of the enterprise in connection with the acquisition of land plots, buildings, equipment, intangible assets and other property, as well as their sale, with the implementation of long-term financial investments in other organizations, the issuance of bonds and other securities.

Sources of funds for the investment activities of the enterprise may be proceeds from current activities in the form of depreciation and net profit; income from the investment activity itself; receipts from sources of long-term financing (issue of shares and corporate bonds, long-term loans and borrowings). With a favorable economic situation for the enterprise, it strives to expand and modernize production. Therefore, investing activities generally result in temporary cash outflows.

Financing activities include cash inflows from obtaining short-term loans and borrowings or issuing short-term securities, as well as repaying debt on previously received short-term loans and borrowings and paying interest to lenders.

At a stable operating enterprise, cash flows from current activities can be directed to investment and financial activities. For example, for the acquisition of capital assets, for the repayment of long-term and short-term loans and borrowings, the payment of dividends. But sometimes the current activity of the enterprise, in the absence of funds for the completion of objects listed as part of work in progress, is supported by investment and financial activities.

The classification of an enterprise's activities into three types of activities is very important in practice, since a favorable (close to zero) total cash flow can be achieved by eliminating or covering the negative cash flow from current activities with cash inflows from the sale of assets or attraction of short-term bank loans . In this case, the amount of cash flow hides the real unprofitability of the enterprise.

The process of cash flow management begins with an analysis of cash flows for the reporting period. Such an analysis allows you to establish where the company generates cash, and where it is spent. Analysis of cash flows by type of activity is presented in table 8.

Table 8 - Cash flow by type of activity for 2014, thousand rubles

Thus, we can conclude that in 2014 the financial activity of Victoria LLC is not profitable, since the proceeds from this type of activity turned out to be 325 thousand rubles. less than was spent in this direction. Investment activity, on the contrary, was effective, since the organization received only income during this period, there were no expenses for this type of activity. The current activity of Victoria LLC in 2014 is effective, since as a result of it, the organization received a profit in the amount of 12,527 thousand rubles.

Liquid cash flow is one of the indicators that determines the financial stability of the enterprise. It characterizes the change in the net credit position of the enterprise during a certain period (month, quarter).

The difference between the indicator of liquid cash flow and other liquidity meters (absolute, urgent and general) is that the latter reflect the ability of the enterprise to repay its obligations to external creditors. Liquid cash flow characterizes the absolute value of funds received from the operational activities of the enterprise, so it is a more "internal" indicator that expresses the effectiveness of its work. It is also important for potential investors and creditors of the enterprise.

The liquid cash flow indicator includes the entire amount of borrowed funds and, as a result, shows the impact of loans and borrowings on the efficiency of the enterprise in terms of generating cash flow.

More rational cash flow management leads to an increase in the level of financial flexibility of the enterprise, which is expressed in:

Improving operational management in terms of balancing the receipt and expenditure of funds;

Growth in sales and minimization of costs for the sale of products due to the operational maneuvering of the company's resources;

Improving the maneuvering of borrowed funds, characterized by a decrease in the cost of interest payments on debt obligations.

The formula for calculating liquid cash flow is as follows:

LDP = (DK1 + KK1 - DS1) - (DK0 + KK0 - DS0), (4)

where DK1 and DK0 are long-term loans at the end and beginning of the billing period;

KK1 and KK0 - short-term loans for horses and the beginning of the billing period;

DS1 and DS0 - cash on hand in settlement, currency and other accounts at the end and beginning of the period.

Liquid cash flow is an indicator of the deficit or excess balance of funds arising in the case of full coverage of all debt obligations on borrowed funds. The calculation of the liquid cash flow of the enterprise is shown in table 9.

Table 9 - Calculation of the liquid cash flow of the enterprise for 2014, thousand rubles

	Name of indicator	Indicator value

	Long-term credits and loans:
	At the beginning of the reporting period
	at the end of the reporting period
	Short-term loans and borrowings:
	At the beginning of the reporting period
	at the end of the reporting period
	Cash:
	At the beginning of the reporting period
	at the end of the reporting period
	liquid cash flow	18682-16743 = 1939

Thus, we can conclude that the liquid cash flow of Victoria LLC is 1939 thousand rubles, which means that in the event of full coverage of all debt obligations on borrowed funds, the organization's cash balance will be positive. Since liquid cash flow is one of the main indicators that can be used to assess the financial position of an enterprise based on the results of its activities in the reporting period, it can be argued that the financial condition of Victoria LLC in 2014 is stable.

2.5 Calculation of the threshold of profitability and the margin of financial strength in LLC "Victoria"

In practical calculations, to determine the strength of the impact of operating leverage, the ratio of the so-called gross margin (the result of sales after reimbursement of variable costs) to profit is used. Gross margin is the difference between sales revenue and variable costs. This indicator in the economic literature is denoted in the same way as the amount of coverage. It is desirable that the gross margin is enough not only to cover fixed costs, but also to generate profits.

The threshold of profitability is such a proceeds from the sale at which the company no longer has losses, but still does not have profits. The gross margin is exactly enough to cover the fixed costs, and the profit is zero.

How far the planned sales revenue “runs away” from the profitability threshold shows the margin of financial strength.

The margin of financial strength of the enterprise is the difference between the actual sales proceeds and the threshold of profitability.

To calculate the profitability threshold, the strength of the operating leverage and the financial strength of the enterprise, in practice it is recommended to use the following calculation algorithm (all quantities involved in the calculations are cleared of value added tax):

The calculation begins by dividing costs into variable and fixed costs, since without this it is impossible to calculate the gross margin.

Comparing it with the amount of revenue, they get the so-called gross margin ratio - the share of gross margin in sales revenue.

Fixed costs are divided by the gross margin ratio and get the threshold of profitability.

The excess of actual sales proceeds over the threshold of profitability is the margin of financial strength of the enterprise.

The calculation of the profitability threshold and the financial safety margin of Victoria LLC is presented in table 10.

Table 10 - Calculation of the threshold of profitability and the margin of financial strength of the enterprise

	Index


	Sales proceeds, thousand rubles
	Cost of goods sold, thousand rubles, including:
	The amount of variable costs, thousand rubles.
	The amount of fixed costs, thousand rubles.
	Marginal income, thousand rubles
	Share of marginal income in revenue, %
	Threshold of profitability, thousand rubles
	Margin of financial strength, thousand rubles, %

Thus, the profitability threshold for Victoria LLC, based on data on its economic activity, is 9192 thousand rubles. in 2014, which exceeds the profitability threshold in 2013 by 3,056 thousand rubles. That is, we conclude that with a revenue of 9192 thousand rubles. the firm will cover all of its variable and fixed costs. At this point, the profit of LLC "Victoria" will be equal to zero. If the revenue is lower than the profitability threshold, the company will incur losses. If the revenue is more than the amount that determines the profitability threshold, then this organization will make a profit. In the considered example, the revenue amounted to 141,982 thousand rubles, which is more than the profitability threshold. This means that this business entity is profitable and has a margin of financial strength.

The margin of financial stability for Victoria LLC in 2014 is 132,790 thousand rubles.

This indicator shows how much the company can reduce its revenue and not enter the unprofitable zone. Based on the calculation of the financial stability margin, the following conclusion can be drawn.

Victoria LLC has a financial stability margin that allows it to maintain profit and not incur losses even in the event of a decrease in revenue. This company, like any business entity, strives in its activities to maximize the margin of financial stability, as this enables the company to operate profitably even in an unfavorable economic environment or crisis. A good margin of financial stability is the key to the success of any business entity, and Victoria LLC is no exception.

The management of the enterprise constantly calculates the threshold of profitability and the margin of financial stability in order to obtain information regarding the state of the organization. Based on the analysis of these indicators, certain management decisions are made.

CONCLUSION

As a result of passing the training practice and compiling this report, we can conclude that Victoria LLC is a developing enterprise.

Limited Liability Company "Victoria" is represented by a trading company in the city of Petropavlovsk-Kamchatsky. The supreme management body of the company is the General Director. LLC "Victoria" refers to small businesses. The company employs 20 people. The director and chief accountant are responsible for managing financial resources. In its activities, Victoria LLC is guided by the Charter and regulations, instructions for maintaining accounting, financial and tax records. Financial results in 2014 increased compared to 2013 by 52,108 thousand rubles, while the profit from sales increased by 9,119 thousand rubles. This trend is positive.

The company has developed an accounting policy, there is a regulation on the accounting service. The qualifications of employees correspond to the tasks that they have to solve.

The analysis of the balance sheet of the enterprise showed the need to manage the current assets of the enterprise (working capital). Victoria LLC is characterized by a high share of current assets, which indicates the formation of a more mobile asset structure, which contributes to the acceleration of the turnover of the organization's funds. The largest share in the composition of the current assets of the enterprise is played by inventories, which indicates an increase in the production potential of the organization, and the desire, through investments in production reserves, to protect the organization's monetary assets from depreciation under the influence of inflation. A positive point is also the increase in the share of financial investments of the enterprise, as these are the most easily sold assets.

In the balance sheet of Victoria LLC, the value of net current assets in 2014 is 70,500 thousand rubles, which indicates that the company has net working capital to maintain its activities and, as of the reporting date, the position of the company can be called quite stable.

The financial stability margin for Victoria LLC in 2014 is 132,790 thousand rubles, which indicates that Victoria LLC has a financial stability margin that allows it to maintain profit and not incur losses even in the event of a decrease in revenue.

The liquid cash flow of Victoria LLC in 2014 is 1,939 thousand rubles, which means that in case of full coverage of all debt obligations on borrowed funds, the organization's cash balance will be positive. Since liquid cash flow is one of the main indicators that can be used to assess the financial position of an enterprise based on the results of its activities in the reporting period, it can be argued that the financial condition of Victoria LLC in 2014 is stable.

According to the above calculations, we can conclude that the net profit of Victoria LLC for 2014 increased to 12.62 million rubles. Selling expenses for the reporting period increased by 22.07% to 26.41 million rubles. from 21.63 million rubles. a year earlier. The profit from sales of the company for 2014 increased by 2.38 times to 15.75 million rubles. from 6.63 million rubles. for the same period last year.

Despite the fact that Victoria LLC is a fairly successful enterprise, there are some problems in the organization. It should be noted that non-material incentives in Victoria LLC are not sufficiently developed. The prestige of working in the organization is low, and there is no strong organizational culture. The following measures for social motivation of personnel are carried out in Victoria LLC: professional development of the company's employees; strict observance of social guarantees established by law.

We also note that the investment activity of Victoria LLC is not sufficiently developed. Some investment projects remain unconsidered or not accepted for action. In part, this situation is due to the lack of a manager in charge of developing the investment policy of the organization.

LIST OF USED SOURCES

1. Federal Law No. 06.12.2011 No. 402-FZ “On Accounting” (as amended on November 4, 2014) // Consultant Plus Legal Reference System: [Electronic resource] / Consultant Plus Company. - Last updated 08/16/2015.

2. Babuk I.O. Economics, management and organization of production. - M.: IVTs of the Ministry of Finance, 2012. - 200 p.

3. Bazilevich A.I. Economics of an enterprise (firm): textbook / V. Ya. Gorfinkel, A. I. Bazilevich, L. V. Bobkov [and others]; scientific ed. V. Ya. Gorfinkel. - Moscow: Prospect, 2011. - 640 p.

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Limited Liability Company "Stroyinterkom-2007" was established by the Committee for State Property Management of the Krasnodar Territory and operates on the basis of the Charter, the Civil Code of the Russian Federation.

The company is a legal entity. The rights and obligations of a legal entity shall be acquired by the Company from the date of registration. The Company has a seal with its name, brand name (symbols), settlement and other accounts in rubles and foreign currency in banking institutions.

In order to fulfill its tasks, Stroyintercom-2007 LLC may create branches and open representative offices on the territory of the Russian Federation. It may also have subsidiary independent companies with the rights of a legal entity in the territory of the Russian Federation.

The organization has a round seal containing its full company name in Russian "Stroyinterkom-2007" and an indication of the location of the company.

The organization is liable for its obligations with all its property and is not liable for the obligations of its members.

The state and its bodies are not liable for the obligations of the Company, just as the Company is not liable for the obligations of the state and its bodies.

Location of Stroyintercom-2007 LLC: Krasnodar Territory, Krasnodar, Minskaya St., 44.

The main activity is "Production of general construction works for the construction of buildings."

The organization has the right to engage in any type of activity that does not contradict the law, and at the same time works in the following areas:

industrial, civil and special construction;

construction, installation and reconstruction of radio transmitting centers, radio relay lines, cellular and other types of communications;

performance of all types of construction and installation works;

installation of technological equipment;

commissioning works;

work on the arrangement of internal and external engineering systems, networks and equipment;

execution of design work;

examination of project documentation;

production of building materials, structures and products;

trade and purchasing intermediary commercial activities;

wholesale and retail sale of fuels and lubricants, foodstuffs, industrial and household goods and materials.

Certain types of activities, the list of which is determined by the Federal Laws, may be carried out by an organization only on the basis of a special permit (license).

The main goal of Stroyintercom-2007 LLC is to extract profit and channel it into material investments and production development.

The authorized capital of the company is 10,000 rubles.

The sole executive body of the organization is the General Director, who is appointed by the general meeting of participants or a single participant for a period of 5 years. The director of the company may be an able-bodied individual who has professional knowledge and experience in practical management activities.

The profit remaining at the disposal of the enterprise after paying taxes and other obligatory payments is sent primarily to capital investments and production development. The remaining part of the profit, by decision of the general meeting, can be directed to the payment of dividends.

Any organization has strengths and weaknesses, as well as external opportunities.

Strengths of LLC "Stroyinterkom-2007":

a high degree of compliance with contractual obligations, both in relation to subcontractors and end users;

has experience and key competencies: gene. contractor, customer, management of real estate, creation of an HOA, development and approval of project documentation, registration of building rights, etc .;

successful entry into the real estate market reflects the positive dynamics of the company's development.

Opportunities of the enterprise in the external environment:

expanding the construction of commercial real estate (shopping and entertainment centers);

entering the adjacent market of low-rise construction (segment townhouses, cottage construction);

creation of an information building portal. Site with discussion boards on housing construction;

elaboration of a mechanism for mortgage lending and a system of collateral for an apartment, to attract the population with an average solvency;

increase in status in the administration and committees that decide on the allocation of land;

partnership with a bank or financial organization for the implementation of construction and financial projects;

building quality improvement program.

Weaknesses of the company:

spontaneous diversification;

weak marketing policy, and as a result, the irregularity and unpredictability of receiving orders.

low interest of ordinary employees in the development of the enterprise;

lack of analysis of consumer information.

Threats of the external environment for business:

− increased competition in the typical housing market;

− decrease in profitability of construction of typical housing;

− a sharp rise in the euro exchange rate may lead to an increase in prices for building materials and reduce demand;

− lack of standards for standardization of new technologies;

− shortage of specialists;

− threat of takeover by a larger company.

LLC "Stroyinterkom-2007" uses a linear organizational structure of activities.

The basis of the linear structure of Stroyintercom-2007 LLC is the specialization of the management process according to the functional subsystems of the organization. For each subsystem, a hierarchy of services is formed, penetrating the entire organization from top to bottom. The results of the work of each service are evaluated by indicators characterizing the fulfillment by them of their goals and objectives. Accordingly, a system of motivation and encouragement of employees is being built. At the same time, the efficiency and quality of the work of the organization as a whole becomes, as it were, secondary, since it is believed that all services work to obtain it.

In OOO "Stroyinterkom-2007" the linear organizational structure of management has its advantages and disadvantages.

Advantages of the linear structure in Stroyintercom-2007 LLC:

a clear system of mutual relations within the functions and in their respective departments;

a clear system of unity of command - one leader concentrates in his hands the management of the entire set of functions that make up the activity;

clear responsibility;

quick response of executive functional units to direct instructions from superiors.

Disadvantages of a linear structure:

in the work of leaders at almost all levels, operational problems dominate over strategic ones;

weak horizontal links between functional units give rise to red tape and shifting of responsibility in solving problems that require the participation of several units;

low flexibility and adaptability to changing situations;

the criteria for the efficiency and quality of the work of departments and the organization as a whole are different, and often mutually exclusive;

a large number of management levels between workers producing products and the decision maker;

overload of top-level managers;

increased dependence of the results of the organization's work on the qualifications, personal and business qualities of top managers.

Thus, it can be noted that at the enterprise the disadvantages of the structure outweigh its advantages.

From the foregoing, we can conclude that LLC "Stroyinterkom-2007" is registered as a legal entity in full compliance with the legislation of the Russian Federation. Has the right to engage in production activities. Like any other enterprise, it has its strengths and weaknesses, opportunities in the external environment and threats. The company uses a linear structure of organizational activity, which has its advantages and disadvantages. As an improvement in the organizational and economic characteristics of the enterprise, it can be recommended to direct certain resources and funds to an in-depth analysis of the weaknesses and shortcomings of the enterprise in order to identify additional opportunities to increase the strengths of the economically beneficial sides.

In LLC "Stroyinterkom-2007" the balance sheet characterizes in monetary terms the financial position as of the reporting date. The balance sheet characterizes the state of inventories, settlements, and the availability of cash. The structure and dynamics of the financial condition should be investigated using a comparative analytical balance sheet, since a number of the most important characteristics of the financial condition can be obtained directly from the analytical balance sheet.

Of all types of resources, financial resources are of paramount importance, since this is the only type of enterprise resource that can be transformed directly and with minimal time into any other type of resource. Financial analysis is an important element of financial management at the enterprise, its economic relations with partners, financial and credit system.

To conduct an economic analysis of Stroyintercom-2007 LLC, data from the balance sheet and income statement (Appendices B, C) were used. In order to more fully study the economic characteristics of the enterprise and draw conclusions, it is necessary to calculate the main economic indicators of production and economic activities presented in Table 1.

According to the table, we can say that in the period from 2012 to 2014, revenue increased by 58285 thousand rubles. The cost of goods sold for 39313 thousand rubles).

Labor costs increased by 531.5% (4634.1 thousand rubles). Thus, the profit from sales increased by 7 times (18972 thousand rubles).

The amount of profit before tax increased by 19317 thousand rubles, net profit increased by 15938 thousand rubles. Return on sales decreased by 26%.

T a b l e 1 - Key performance indicators of LLC "Stroyinterkom - 2007"

Index	Deviation 2014 to from 2012	2014 to 2012 %
1Sales revenue, thousand rubles		7 thousand times
2Full cost, thousand rubles		9 thousand times
3Profit from sales, thousand rubles		6 thousand times
4Profit before taxation, thousand rubles		6 thousand times
5Net profit, thousand rubles		6 thousand times
6Average annual cost of fixed assets, thousand rubles
7Average annual cost of working capital, thousand rubles		2 thousand times
8Average headcount, persons
9 Payroll fund, thousand rubles
10 Labor productivity, rub/person.		2 thousand times
11Average monthly salary, thousand rubles
12 Return on assets, rub/rub		3 thousand times
13 Capital-labor ratio, thousand rubles/person
14 Working capital turnover ratio, number of turnovers
End of table 1
Index	Deviation 2014 to from 2012	2014 to 2012 %
15 Working capital turnover period, days
16 Return on sales, %
17Return on assets,%
18Absolute liquidity ratio
19Term liquidity ratio
20Current liquidity ratio
21 Autonomy coefficient
22 Equity flexibility ratio

In 2014 return on assets in the amount of profit (income from sales, output) for each ruble of invested funds increased by 351.6%, which shows a significant increase compared to 2012.

It should be noted that the indicator of the average headcount increased by 20 people, due to a significant increase in sales revenue, which is associated with an increase in the volume of work. The average monthly salary increased by 6904.4 rubles, which is due to the financially stable situation at the enterprise. At the same time, along with an increase in the average number of employees and wages in the reporting period, labor productivity increased by 2 times, which is directly related to the growth in sales revenue by 7 times over the analyzed period.

At the same time, it is expedient for a more complete analysis to analyze the liquidity of the balance sheet.

The liquidity of the balance sheet is defined as the degree to which the obligations of a given organization are covered by its assets, the period of transformation of which into money corresponds to the maturity of the obligations.

Analysis of the liquidity of the balance sheet consists in comparing the funds of the asset, grouped by the degree of their liquidity and arranged in descending order of liquidity, with the liabilities of the analyzed organization's liabilities, grouped by their maturity and arranged in ascending order of terms.

As a result of the analysis, we can conclude that the company is currently experiencing certain financial difficulties associated with a shortage of funds.

The fact of insufficient liquidity of the balance sheet was revealed, which also confirms the insufficiency of the level of solvency of the enterprise, i.e. there is a threat of impossibility to timely and fully pay off all its obligations.

At the same time, the enterprise under study is financially independent today.

Consider the calculation data of the solvency ratios of Stroyintercom-2007 LLC, which are shown in Table 1.

The table shows that the dynamics of the overall solvency of Stroyintercom-2007 LLC is positive. In 2014, the value of the indicator increased - based on this, we can conclude that the solvency of the organization as a whole is satisfactory. This may affect the ability of OOO Stroyinterkom-2007 to be selected as a reliable partner by other organizations.

The absolute liquidity ratio decreased compared to 2012, which indicates the insufficient ability of the enterprise to cover short-term debt with cash and short-term financial investments.

The dynamics of the "critical assessment" coefficient is positive, there is also a downward trend towards the end of the analyzed period. But despite this, the indicators are below the norm. This testifies to the inability of the enterprise to pay off its obligations in full, subject to timely settlements with creditors and a favorable condition for the sale of buildings.

The dynamics of the current liquidity ratio in 2014 compared to 2012 slightly decreased. This suggests that the company is able to repay current (short-term) liabilities at the expense of current assets only.

The stability of the indicators of the maneuverability of the functioning capital in 2014 compared to 2012 indicates an increase in the amount of funds employed in circulation and a decrease in immobilized funds in hard-to-sell, non-current assets.

In conclusion, we can say that not all solvency indicators tend to increase and meet the standard, therefore, Stroyintercom-2007 LLC, based on the results of 2014, should be recognized as an insufficiently solvent enterprise.

As a result of the analysis of the economic characteristics of the enterprise, it can be concluded that Stroyintercom-2007 LLC has become more profitable, despite the fact that the use of a linear organizational management structure has some disadvantages. The production organization has acquired a positive development trend.

In the period from 2012-2014, the company experienced certain financial difficulties associated with a shortage of funds. The fact of insufficient liquidity of the balance sheet was revealed, which also confirms the insufficient level of solvency of the enterprise, i.e. there is a threat of impossibility to timely and fully pay off all its obligations. The enterprise is provided with its own sources of financing, and the capitalization ratio does not exceed acceptable values, which indicates the financial stability and independence of the enterprise.

COURSE WORK

on the topic: "Substantiation of the plan for the development of potato growing at the enterprise and the adoption of an entrepreneurial decision"

Completed by a student of 51 groups

Faculty of Agronomy

Novikova A.S.

Checked by Associate Professor Golovach V. M.

Kaluga 2011

Introduction ……………………………………………………………………………

1. Organizational and economic characteristics of the enterprise………………………………………………………………………...

1.1 Analysis of specialization and size of production………………………….

1.2 Analysis of the use of enterprise resources………………………………

1.3 Analysis of the state of the crop industry…………………………………

2. Potato development program……………………………………….

2.1 The current state of the organization of potato production……………

2.2 Substantiation of prospective volumes of potato production……………

2.2.1 Potato production volumes……………………………………………

2.2.2 Potato production costs………………………………………...

2.2.3 Economic assessment of prospects for potato production……………..

Conclusion………………………………………………………………………….

Bibliography…………………………………………………………………

Applications………………………………………………………………………..

Introduction

The main goal of the organization of agricultural production is to obtain a large volume of high quality products with economical expenditure of funds. The principles of organizing agricultural production are ensuring the economic efficiency of production, accounting for and observing property rights, the material interest and responsibility of workers, the planned organization of production, and the balance of production factors. Economic efficiency is characterized by the ratio of performance results (gross output, gross income, profit) to production costs (total production costs, production and work costs) and the volume of resources used (land area, fixed assets and working capital, labor, labor costs). the region is historically an agricultural region. In agricultural production, one of the priority areas is crop production.

Crop production is one of the main branches of agriculture, which includes the cultivation of various crops. The main tasks of enterprises engaged in the crop industry are to make a profit, fulfill contractual obligations for the sale of products, and provide livestock feed. At the same time, the problem of improving the quality of products is being solved, which has a certain impact on the profitability of production. With regard to a particular enterprise, the tasks of crop production are determined depending on its specialization.

The most important task is to increase the production of high quality products. Crop production plays an important role in the biological cycle of nutrients and energy in nature, and contributes to increasing the productivity of agricultural production. In order to effectively manage the growth and development of plants, to obtain high sustainable and yields with the best quality in each farm, it is necessary to use all methods and possibilities: take into account the soil-climatic and economic conditions of the farm, the origin of plants, the features of their morphology, biology and cultivation technology. The ultimate goal of crop production is the disclosure of reserves for increasing the production of agricultural crops at the lowest cost. To achieve it, it is necessary, first of all, to properly organize the production process: to develop scientific provisions and practical recommendations for the rational construction of agricultural enterprises: the choice of organizational and legal form, justification of the size, organizational and production structure, organization of land areas, formation of labor and material and technical resources. The high costs of agricultural production hinders the development of the industry, reduces the efficiency of economic activity.

The purpose of the project is to substantiate the effective organization of crop growing industries, to develop a production program for the future.

Based on the goal set, the following tasks will be solved: - to study the theoretical aspects of the organization of production in CJSC "Kolkhoz named after Ordzhonikidze";

Conduct an analysis of the production activities of CJSC "Kolkhoz named after Ordzhonikidze" in general and in the crop industry;

To analyze the current state of the production and sale of potatoes in CJSC "Kolkhoz named after Ordzhonikidze";

Develop measures and proposals to improve the efficiency of potato production and its sale;

Conduct an assessment of the economic efficiency of the proposed activities.

The subject of the study is the organization of crop production at the enterprise.

The object of the study is CJSC "Kolkhoz named after Ordzhonikidze" of the Kozelsky district of the Kaluga region.

When solving the tasks set, the following research methods were used: monographic, calculation-constructive, comparison, abstract-logical, analytical, comparison methods.

When preparing the course work, copies of financial statements for the last three years, data taken from farm specialists, legal acts, the charter of the organization, textbooks, articles from scientific journals were used.

Organizational and economic characteristics of the enterprise

The activity of any agricultural organization is largely determined by the natural and climatic features of the zone of its location. CJSC Kolkhoz named after Ordzhonikidze is located in the Kozelsky district of the Kaluga region, 70 km from the regional center and 5 km from the regional center. From the central estate to the nearest railway station 10 km. The total area of CJSC "Kolkhoz named after Ordzhonikidze" is 8731 hectares, including 7583 hectares of agricultural land, arable land 5212, hayfields 1365, pastures - 1006.

The territory of ZAO "Kolkhoz named after Ordzhonikidze" belongs to the agro-climatic region, which is characterized by a temperate continental climate with relatively short, moderately warm summers and long, cold and fairly snowy winters. The average annual air temperature is +2.8 degrees Celsius, the sum of positive active temperatures (above 10°C) is 1900. Snow cover on the farm lasts 156-158 days, the maximum snow cover height reaches 45 cm. moisture. The amount of precipitation per year is 550 mm. In general, climatic conditions are favorable for obtaining sustainable crop yields, but in some years there is a lack of productive moisture in the soil. Typical soils for this area are gray - forest, medium loamy. The farm has 4 settlements, two departments, five brigades, one farm, 5 yards.

Speaking about the size of ZAO Ordzhonikidze Kolkhoz, it is advisable to consider two indicators: the size of the farm and production volumes. The first includes the area of land and the number of livestock. They may not change for a long period of time and remain relatively stable. The value of capital investments for the construction of outbuildings, the acquisition of machinery and equipment depends on these indicators. The volume of production of the economy depends on the size of the land area, the productivity of land and animals. At the same time, the volume of production and its economic efficiency (profit, profitability, payback of capital investments and material well-being of the economy) depend to a greater extent on the last two indicators. The composition and ratio of lands according to the registration and at the time of the land survey are shown in Table 2.1

1.1 Size of land

In intra-farm land management, specific natural and climatic conditions for farming were taken into account. The management apparatus is formed on the basis of an employment contract. Labor protection, social conditions, working conditions, remuneration and forms of incentives are regulated by the Labor Code of the Russian Federation, legislative and regulatory acts, employment contracts and the Charter. Employees of CJSC Kolkhoz im. Ordzhonikidze" are subject to social, medical and other types of insurance and social security in the manner and on the terms established by the current legislation.

In the structural subdivisions of the economy, meetings and conferences are held on issues that are within their competence. If a situation arises that has not previously taken place or requires coordination, the head of the structural unit gathers the heads of brigades and units subordinate to him in the “red corner” (a specially designated place for meetings), invites the secretary of the organization and discusses the problem that has arisen. Each of those present at the meeting has the right to speak on the issue under discussion and propose their own solution to the problem that has arisen. After that, under the guidance of the head of the department, the secretary draws up an order (instruction) and brings it to the attention of employees.

Management of economic work is entrusted to the economic service. It is headed by the general director of the economy, who directly controls the activities of the service and with whom the issues of planning, organization of labor, wages, accounting, financial activities, supply and marketing are coordinated. In addition, the service includes: chief economist, chief accountant and his subordinate livestock accountant, plant growing accountant, mechanization and electrification accountant, cashier.

Structure and composition of the administrative apparatus

Closed Joint Stock Company "Kolkhoz named after Ordzhonikidze", hereinafter referred to as the "Company", established in accordance with the Civil Code of the Russian Federation, the Federal Law of the Russian Federation of December 26, 1995 - No. 208-FZ "On Joint Stock Companies" and other regulatory legal acts of the Russian Federation and the Charter organizations. Location of the founder: 249702 Kaluga region Kozelsky district, village Deshevki, st. Specialists, house number 1.

The Company is a legal entity and owns separate property recorded on its independent balance sheet, can acquire and exercise property and personal non-property rights on its own behalf, incur obligations, be a plaintiff and defendant in court. The requirements of this Articles of Association are binding on all bodies of the Company and its shareholders. The Company may, on its own behalf, open settlement and other accounts with banks and other credit institutions. The Company has a round seal containing its full corporate name in Russian and an indication of its location.

The main objectives of the Company's activities are the most complete and high-quality satisfaction of public needs for products, works, services produced by the Company, and
profit from their activities.

CJSC Kolkhoz im. Ordzhonikidze" has the right, in the manner prescribed by applicable law, to open settlement and other accounts in rubles and foreign currency in banking institutions for the storage of funds and the implementation of all types of settlement, credit, cash and other financial transactions authorized by law, may create independently or jointly with others legal entities and individuals of an organization with the rights of a legal entity in any legally permitted organizational and legal forms. The authorized capital of the Company is 100,000 (one hundred thousand) rubles and consists of 100 (one hundred) ordinary registered shares with a par value of 1,000 (one thousand) rubles each. The Company has the right to increase the authorized capital by increasing the par value of shares or by placing additional shares. The decision to increase the charter capital by placing additional shares is made by the Board of Directors or the General Meeting of Shareholders within their competence established by this Charter and the current legislation of the Russian Federation. The supreme management body of the Company is the General Meeting of Shareholders. The Company is obliged to hold an annual General Meeting of Shareholders annually, which is held no earlier than two months and no later than six months after the end of the financial year. The Board of Directors of the Company carries out general management of the Company's activities, except for resolving issues related to the competence of the General Meeting of Shareholders. Management of the current activities of the Company is carried out by the sole executive body of the Company - the General Director.

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