Analysis of proposals for improving financial condition.

home OJSC Penzadieselmash should systematically analyze data in order to improve its property position financial statements

, because This analysis is necessary:

owners - to control the invested capital;

management - for analysis and planning; banks and creditors - for assessment.

financial statements

Timely analysis of an enterprise’s provision with its own working capital and taking measures to optimize it can not only increase the efficiency of operations, but also eliminate the threat of bankruptcy of the organization. It is necessary to implement measures to reduce the repayment period of accounts receivable by:

Monitoring the status of settlements with customers for services rendered, including overdue debts;

Providing discounts for early payment; Monitoring the ratio of receivables and.

accounts payable One should systematically refer to the procedures for practical diagnosis of a financial crisis, which is a system of targeted financial analysis

aimed at identifying possible trends and negative consequences of the crisis development of the enterprise.

An enterprise should carefully monitor the factors influencing the flow of funds into business circulation. OJSC Penzadieselmash should strive to accelerate the turnover of current assets. Acceleration of the turnover of inventories, funds in settlements and other current assets (decrease in balances on the balance sheet), as well as an increase in the period for repayment of short-term liabilities (increase in balances of accounts payable) are associated with the influx.

Money

The enterprise should conduct an in-depth analysis of costs by cost element. The quality of cost analysis depends on the quality of the source information. Based on the financial statements, as noted, it is not possible to perform a complete cost analysis. To do this, it is necessary to have analytical and synthetic accounting data. In order to analyze expenses by type, product, and cost center, you can draw up appropriate analytical tables.

OJSC Penzadieselmash needs to direct efforts to increase the profitability of its activities. There are two main directions for increasing profits - improving productivity (any - both labor and production) and increasing sales. In this case, we can highlight the following factors for increasing profits:

Enterprise assets (reducing costs, increasing the efficiency and intensity of asset use, increasing labor intensity, accelerating the turnover of funds);

Change in capital (investment, innovation, diversification, redevelopment of capital resources, external loans and borrowings);

Introduction into the market segment (increase in the use of the segment, interception of consumers from competitors, pricing policy and discount policy);

Enterprise development (new geographic and operational market segments, involvement of additional consumers, product development, improvement of product quality and sales structure).

There are three possible main directions of concentration of an enterprise's efforts. This is a focus on cash and increasing income, a focus on expanding the use of capital (own and borrowed) and a focus on development economic activity enterprises.

A reasonable, balanced combination of all these three areas can lead to a significant increase in enterprise profits.

Close attention should be paid to resolving the issue of rational distribution of profits received. An important point in the activity of an enterprise is the issue of distributing the profit received, but in such a way that this distribution leads to an increase in the profit of the enterprise in the future.

To ensure stable financial condition enterprise, and also in order to improve it, one should focus on measures to increase the competitiveness of the enterprise, i.e.:

Make fuller use of production capacity;

Reduce equipment downtime;

Accelerate capital turnover by reducing excess inventories and receivables return periods;

Timely modernize production equipment.

Thus, the main directions that need to be taken into account in order to improve the financial condition of Penzadieselmash OJSC lie in the area of ​​increasing solvency, financial stability and profitability of the enterprise, taking into account the solution of identified problems, both at the level of an economic entity and in the industry.

To increase coal production by 5.7%, it is necessary to purchase new equipment. To purchase this equipment, you need to take out a loan of 1,400,000 rubles at 12%.

Interest on this loan will be: 1400000*0.12=168000 thousand rubles.

Based on the forecast income statement, a forecast balance sheet is compiled. To do this, it is necessary to distribute the absolute change in revenue (RUB 152,982 thousand) into accounts receivable and cash in accordance with the proportion that developed during the distribution of accounts receivable and cash, the absolute change in cost (RUB 45,292.8 thousand) and tax for profit (21539.28 thousand rubles) is reflected in accounts payable, the change in the net profit of the enterprise (86157.12 thousand rubles) is reflected in the balance sheet line of retained earnings (uncovered loss). The loan taken is included in fixed assets and additional assets.

Table 7 - Forecast balance sheet, thousand rubles.

		Option 3	Changes
I. NON-CURRENT ASSETS Intangible assets
Fixed assets
Profitable investments in material assets
Long-term financial investments
Deferred tax assets
Other noncurrent assets
TOTAL for section I
II Current assets
Value added tax on purchased assets
Accounts receivable
Financial investments
Cash
Other current assets
TOTAL for section II
		Option 3	Changes
III. CAPITAL AND RESERVES Authorized capital
Own shares purchased from shareholders
Extra capital
Reserve capital
Retained earnings (uncovered loss)
TOTAL for section III
IV. long term duties Loans and credits
Deferred tax liabilities
Other long-term liabilities
TOTAL for section IV
V. SHORT-TERM LIABILITIES Loans and credits
Accounts payable
revenue of the future periods
Reserves for future expenses
Others Short-term liabilities
TOTAL for Section V

After the measures taken, we can conclude that they helped increase the enterprise’s balance sheet by 1,552,989.2 thousand rubles. All this happened due to an increase in accounts receivable by 152,983 thousand rubles, while accounts payable increased only by 66,832.08 thousand rubles, as well as an increase in fixed assets due to the purchase of new equipment by 1,400,000 rubles.

• 1) Analysis of liquidity and solvency of the enterprise:
• 1. Absolute liquidity ratio:

This indicator shows that the company does not have the potential to cover short-term obligations on time.

2. Quick ratio

This indicator shows that the company cannot pay its obligations without involving short-term receivables.

3. Current ratio

This indicator shows that the company cannot cover its short-term obligations and they do not meet the standard.

4. Solvency restoration coefficient:

where t is 3 or 6 months depending on the calculation,

T - study period.

Based on the data obtained, we can conclude that the company has a risk of losing its solvency in the next 3 months.

2)Analysis of balance sheet liquidity

Table 8 - Analysis of enterprise liquidity

According to the table, it is clear that the enterprise is illiquid, i.e. the enterprise cannot pay off its liabilities with its assets. Current liquidity is determined by the formula:

Current liquidity is unsecured.

• 3) Financial stability analysis:
• 1. Autonomy coefficient:

2) Debt to equity ratio:

• 3. Equity capital agility ratio. RMS is less than 0, then this coefficient is not calculated.
• 4. Provision ratio of own working capital. It is also not calculated due to the lack of own working capital.
• 5. Long-term fundraising ratio:

From the calculated data it is clear that the organization does not have sufficient financial independence (The ratio of debt and equity capital is unsatisfactory (= 21.6 with a rate of less than 1). The share of attracting long-term loans is significant (. However, the enterprise does not have its own working capital. This means that the enterprise attracts short-term loans to provide itself with fixed assets, intangible assets and other non-current assets. This negatively affects the future development of the company and its financial stability.

Analysis of financial stability using the method of absolute indicators.

Table 9 - Three-component indicator of the formation of reserves and costs according to the plan

Indicators	Base year
1. Non-current assets
2. Own capital
3. Long-term borrowed funds
4. Short-term borrowed funds
5. Availability of own sources (2-1)
6. Having your own and long-term sources (2+3-1)
7. Availability of all sources (2+3+4-1)
9. Excess (+) or deficiency (-) of own sources (5-8)
10. Excess (+) or shortage (-) of own and long-term sources (6-8)
11. Excess (+) or deficiency (-) of all sources (7-8)
12. Type of financial stability	Crisis financial condition (0;0;0)

The company is completely insolvent and is on the verge of bankruptcy. Inventories are formed from outstanding accounts payable.

• 4) Business activity analysis:
• 1. Accounts payable turnover ratio

• 2. Average turnover period of accounts payable
• 3. Accounts receivable turnover ratio
• 4. Average receivables turnover period
• 5. Equity turnover ratio
• 6. Working capital turnover ratio:

Having analyzed the calculated indicators of business activity, we can say that the company has low business activity. The turnover periods for accounts receivable (55.5 days) and accounts payable (482.6 days) are long. However, the accounts payable turnover is quite high (6.484), which indicates effective use borrowed money. The receivables turnover ratio is also low (0.746). Based on this, we can conclude that the policy of settlements with creditors and debtors is ineffective. Working capital turns over at insufficient speed. They make 3.16 revolutions. Own funds turn around quickly - turnover ratio is 16.9 turns.

• 5) Cost-benefit analysis:
• 1. Return on sales ratio:

• 2. Return on equity ratio:
• 3. Return on assets ratio:
• 4. Cost effectiveness:

All calculated profitability indicators are above normal. This indicates that the enterprise is profitable. Thus, for every ruble of revenue there is only 29.3 rubles of profit (return on sales 0.293). Per ruble of equity capital accounts for 160.5 rubles of profit (return on equity 1.605), and per ruble of assets accounts for 7.1 rubles of profit (return on assets 0.071). For every ruble invested in the production and sale of products, the enterprise receives 41.5 kopecks of profit. These results indicate the efficiency of the production and sales activities of the enterprise, as well as the efficiency of use of the enterprise’s property.

6)Analysis of operating and financial leverage

Having analyzed this indicator, we can conclude that a change in revenue by 1% will lead to a change in profit by 2.06%. The influence of operating leverage is quite high, so you can use an increase in revenue to increase profits. However, a reduction in revenue will lead to a significant reduction in profits.

According to this calculation, we can conclude: the effect of financial leverage has received a negative value, therefore, the use of borrowed funds to form equity capital is unprofitable, and accordingly, the enterprise does not generate additional profit on equity capital. With this effect of financial leverage, an organization has the opportunity to become dependent on creditors if there is a lack of funds to pay off loans, and this will subsequently lead to a loss of liquidity and unstable financial stability.

The main break-even parameters are:

1) Critical or minimum break-even size of production in value terms (profitability threshold - PR):

Thus, an enterprise with revenue of thousand rubles. will not incur losses, but will not make profits either.

2) critical or minimum break-even volume of production in physical terms (critical production volume -):

The enterprise can reduce production volume to 537.84 thousand tons per year without the risk of incurring losses.

3) Margin of financial strength:

An enterprise can reduce its revenue (production volume) by 104.48% or thousand rubles. without incurring losses. However, at such a volume it will not make a profit.

7)Analysis of the dynamics and structure of property and sources of funds:

The property of an enterprise is understood as the size of the balance sheet currency. In the analysis of property, it is necessary to consider both its dynamics and the share of its elements.

Table 10 - Analysis of the enterprise’s property according to the plan

If you notice an error in the text, highlight the word and press Shift + Enter

Based on the financial and economic analysis carried out in the first and second chapters of this research project, a number of problems were identified that negatively affect the state of the enterprise. The primary task is to increase the efficiency of the enterprise.

To do this, it is necessary to monitor the status of settlements with debtors in order to minimize the risk of bad receivables. In order to increase the level of profitability, the enterprise needs to develop measures to reduce the cost of products sold and operating expenses not included in the cost. Also, the acceleration of the turnover of funds of the enterprise, which is also associated with the problem of accounts receivable, will have a positive impact on the level of return on assets and equity capital.

Thus, it was found that in order to stabilize and improve the financial condition of SVECHEL OJSC, it is necessary to carry out a number of measures aimed at reducing the amount of receivables.

Although, as an analysis of the financial statements showed, at the end of the analyzed period, the activities of SVECHEL OJSC, in general, were profitable. This is due to an increase in profits and cash during the analyzed period.

In order to improve and control the state of accounts receivable at SVECHEL OJSC, it is necessary to:

• 1. constantly monitor the status of settlements with customers, especially for overdue debts;
• 2. develop certain conditions for crediting debtors, which may include: discounts for buyers if they pay for the goods received within 10 days from the date of receipt of the goods; payment by the buyer of the full cost of the goods if he purchases goods from the 11th to the 30th day credit period; payment by the buyer of a fine in case of failure to pay for the goods within a month, and so on;
• 3. target a large number of buyers in order to reduce the risk of non-payment by one or more buyers;
• 4. monitor the ratio of receivables and payables;
• 5. carry out regular analysis of clients’ financial statements in comparison with data from previous years;
• 6. create a unique dossier on buyers, both existing and potential;
• 7. develop effective differentiated policy working with customers. For example, all buyers can be conditionally divided into groups depending on their reliability, financial condition and other indicators that are important from the point of view of the possibility of timely payment for the purchased products. For each group of buyers, you can develop your own program for providing discounts and deferments for products;
• 8. pursue a policy of attracting conscientious clients, offering them new approaches to service. For example, providing discounts for timely payment for products, early payment for products, delivery at the place of request, etc.;
• 9. carry out activities, including with the involvement of authorities, to collect overdue receivables.
• 10. whenever possible, focus on increasing the number of customers in order to reduce the risk of non-payment by a monopoly customer.

In other areas of improving the financial and economic activities of the enterprise, it is assumed:

• 1) work with suppliers;
• 2) explore the possibility of increasing the deadlines consumer loan, which will lead to a reduction in duration financial cycle enterprises;
• 3) conduct an inventory to determine illiquid and hard-to-sell inventories and surplus fixed assets;
• 4) create a system of operational planning and control;
• 5) regularly analyze the activities of the enterprise so that it can timely assess and improve its financial position.

The proposed measures to improve the financial condition of SVECHEL OJSC should improve economic activity the enterprise as a whole, by increasing the liquidity, profitability and financial stability of the enterprise in question.

The analysis of MVT LLC showed that the company is in an unstable financial position, the reasons for which are:

1) a decrease in revenue from product sales, resulting in an increase in the impact of operating leverage;

2) lack of own working capital;

3) increasing the asset turnover period;

4) decrease in profitability indicators;

5) high dependence on borrowed capital.

Thus, the enterprise under study needs to seriously work on improving the composition and structure of sources of funds: strive to increase its own capital, limit the growth of accounts payable, improve its quality, learn to use the benefits of loans and borrowings.

As of the dates under consideration, the company turned out to be completely insolvent; the balance sheet cannot be called liquid. And it is almost impossible to restore lost solvency, as evidenced by the above calculations and dynamics of indicators.

In most cases, the enterprise does not use a prepayment system; funds are received, in the best case, after the goods have been shipped; in the worst case, accounts receivable arise, including overdue ones.

There are also arrears in wages and payments to the budget, which results in other expenses: fines, penalties, penalties, and legal costs.

The main “weaknesses” in the financial position of the enterprise are:

– low profitability of sales (or high level of expenses),

– unsatisfactory indicator of absolute liquidity of assets.

To improve your financial condition, the following measures must be taken:

1. Increase profit from sales. In this regard, the company needs to increase production and sales volumes by attracting new customers and providing a system of discounts.

2. To ensure an uninterrupted production process and sales of products, inventories must be optimal.

Inventory management is a complex set of activities in which the tasks of a financial manager are intertwined with the tasks of production management and marketing.

The fundamental formula by which the required volume is determined financial resources, advanced for the formation of inventory inventories, has the form (see formula 20):

FSz = SR × NZ – KZ, (26)

where ФСз is the volume of financial resources advanced to reserves,

SR – average daily volume of expenses in the amount

NZ – inventory storage standard, in days (in the absence of developed standards, the average duration of inventory turnover in days can be used),

KZ - the average amount of accounts payable for settlements for purchased inventory items (this element is included in the calculation, as a rule, only for inventories, upon sale finished products it only includes the established practice of prepayment for it).

The calculation is carried out for each type of inventory. Summing up the calculation results allows us to obtain the total demand for financial resources, advanced for the formation of reserves, i.e. determine the size of current assets serving this stage of the production and commercial cycle.

Minimizing the current costs of servicing inventories is an optimization problem solved in the process of their rationing.

Calculation of the optimal size of the delivery lot, which minimizes the total current costs of inventory maintenance, is carried out using formula 21:

where ORpl is the optimal size of the delivery lot,

Zg – the required volume of purchases of goods (raw materials and materials) per year (quarter),

TZ1 – the amount of current costs for placing an order, delivery of goods and their acceptance per one delivered batch,

TZ2 – the amount of current costs for storing a unit of inventory.

Calculation of the optimal order size is presented in Table 31.

Table 31. Calculation of the optimal order size

Index	Meaning
Materials required for sales per quarter
Cost of each order, thousand rubles.
Cost of storing a unit of goods, thousand rubles.
Optimal batch size
Number of orders per quarter

The main goal of these measures is to release part of the financial resources “sucked up” in excess reserves.

The amount of released financial resources in this case is determined by formula 19:

FSV = Zn – Zf = (ZDn – ZDf) × SR, (28)

where FSV is the amount of financial resources released in the process of normalizing reserves,

Zn – reserve standard in the amount

Zf – actual reserves in the amount

ZDN – standard inventory in days,

ZDF – actual reserves in days,

SR – average daily volume of inventory consumption in total.

Thus, per year we need reserves in the amount of: 4 × 832 × 4 = 13312 tr.

In fact, during this period, reserves amounted to 17,697 thousand rubles.

Consequently, when optimizing a batch of orders, we will receive a release of funds in the amount of 4385 thousand rubles, which indicates an increase in the costs of their storage and use. Therefore, it is advisable to reduce inventories by 4385 thousand rubles. by selling them at market value (4,300 thousand rubles).

Duration of inventory turnover in 2009: Пз=360/(76211/17697)=84 days.

If you reduce inventories by 4385 thousand rubles, then the duration of turnover will be: Pz=360/(76211/13312)=63 days.

Consequently, the duration of inventory turnover will be reduced by 21 days and as a result: ±E=76211/360×(-21)= -10.08 thousand rubles.

3. To collect debt in order to accelerate cash turnover, you must:

– create incentives for the company’s customers to pay their bills faster by providing special discounts;

– create a client assessment system that would summarize all the risks associated with it. The total dependence on such a partner will include its accounts receivable, goods in the warehouse prepared for shipment, products in production intended for this client. Establish formal credit limits for each client, which will be determined by the overall relationship with that client, the need for funds and an assessment of the financial situation of the particular client.

4. To increase cash flow and reduce accounts receivable, use a prepayment system.

5. Set off accounts receivable and payable. This will lead to a decrease in the value of current assets, which in turn will entail an increase in the value of the coefficient of provision with own working capital.

6. Take into account possible risks in the process of production and sales of products. To do this, it is necessary to determine probable losses, for example, a decrease in sales volumes, a decrease in the sales price of products, an increase in the purchase price, and losses of goods during the circulation process.

7. Carry out activities aimed at reducing excess balances of raw materials and supplies, which will allow the company to increase cash and reduce accounts payable to suppliers.

At the same time, work must be carried out to increase the competitiveness of manufactured products, primarily by increasing their quality, reducing the number of defects and reducing the costs of production and sales of products.

The most important problem with the deterioration of the financial condition of MVT LLC is the large accounts receivable.

In order to reduce the risks of untimely return of funds and losses, it is proposed to conclude an insurance agreement for accounts receivable. Due to late payment, the seller loses part of the money as a result of inflation, therefore, when determining the seller's gain, it is necessary to take into account the amount of losses from inflation.

If the amount receivable established by the contract is S, and the price dynamics are characterized by the index Ic, then the real amount of money, taking into account its purchasing power at the time of payment, will be S:I. According to the Ministry of Economic Development and Trade of the Russian Federation in 2009, inflation in the consumer market amounted to 8.8%.

Prices for 2009 increased by 8.8%, then Ic = 1.088. Accordingly, the payment is 1000 rubles. at this moment is equivalent to paying 919 rubles. in real dimension. Consequently, the real loss of revenue due to inflation will be 81 rubles. Let us determine the amount of losses from inflation (see Table 32).

Table 32. Accounts receivable

		Delayed in days	Amount of losses from inflation, rub.

(gr. 2×0.11/360×gr. 3)

As can be seen from Table 32, the amount of receivables from unreliable clients amounted to 8,993,722 rubles, and the amount of losses from inflation was 1,066,804 rubles.

Accounts receivable insurance involves insuring the risk of losses from late return of funds by the buyer or his bankruptcy.

In order to insure its accounts receivable, the company must insure all customers purchasing products on deferred payment terms. But this does not mean that they will all be insured.

The insurance company, before offering specific insurance conditions (amount of insurance premium, deductible), will analyze the credit risks of the company's counterparties, select those with whom it is permissible to work on deferred payment terms, and set a credit limit for each of them.

After paying the insurance compensation, the company retains the right to claim for the obligations (accounts receivable) of the buyer in the amount of the deductible established in the contract.

Let us assume that in the insurance contract the deductible is set at 15%, the insurance premium is 9% of the insured sales volume and we will make the calculations in table 33.

	Table 33. Calculation of insurance compensation and deductible for insurance of receivables	Amount of overdue debts, rub.	Payment to the insurance company (column 2 ×9/100), rub.	Amount of insurance compensation paid (column 2 × 85/100), rub.

Franchise amount (group 2 × 15/100), rub. As can be seen from Table 33, products worth 8,993,722 rubles were shipped to MVT customers. The buyers' obligations were not repaid. Upon completion of the waiting period Insurance Company

would have paid 7,644,661 rubles. insurance compensation. Debt in the amount of RUB 1,349,060. would remain outstanding, and the company has the right to demand this money from the buyer.

The calculation of the enterprise's gain from accounts receivable insurance is given in Table 34.

	Table 33. Calculation of insurance compensation and deductible for insurance of receivables	Table 34. Enterprise gain from accounts receivable insurance	Amount of insurance compensation paid, rub.	Amount of losses from inflation, rub.	Payment to the insurance company, rub.	Enterprise gain, rub. (gr. 3 + gr. 4 – gr. 5 – gr. 6), rub.

As can be seen from Table 34, the company's gain in case of insurance of receivables from unreliable debtors will be 6,552,974 rubles.

The use of accounts receivable insurance will increase the financial independence of MVT LLC; it will be much easier for the company to obtain more favorable conditions for bank loans. In this case, the insured receivables can serve as collateral for the bank.

The main disadvantage of accounts receivable insurance is the fairly high cost of this service compared to similar offers on foreign markets. The insurance premium can range from 0.9 to 9% of the insured sales volume with payment in installments. This is due to the fact that Russian insurance companies, when determining the size of the premium, take into account the country risk of Russia in the cost of insurance.

8. It is necessary to develop a sales plan that would have maximum profitability for the forecast year.

As an objective function we use marginal profit, which is of paramount importance, i.e. The faster the turnover, the more important the contribution margin is, which maximizes sales profits. That is, maximizing turnover allows you to maximize profits.

Objective function:

MVT LLC produces the following products:

– solution;

– foundation blocks.

The consumption of resources for the production of commercial products of each type is presented in Table 35.

The objective function is a mathematical representation of the optimality criterion, i.e. expression to be maximized.

Table 35. Resource consumption for the production of marketable products

	Designation
Concrete M 100
Concrete M 150
Concrete M 200
Concrete M 250
Concrete M 300
Concrete M 350
Concrete M 400
Solution M 75
Solution M 100
Solution M 150
Solution M 200
FBS 24–3–6
FBS 24–4–6
FBS 24–5–6
FBS 24–6–6

The objective function has the form:

F(x)=1500Х1.1+1650Х1.2+1890Х1.3+2080Х1.4+2250Х1.5+2380Х1.6+2700Х1.7+1700Х2.1+1950Х2.2+2360Х2.3+2400Х2.4+930Х3 .1+1390Х3.2+1820Х3.3+2350Х3.4→max.

Restriction system:

1) for cement

0.26Х1.1+0.265Х1.2+0.31Х1.3+0.34Х1.4+0.4Х1.5+0.42Х1.6+0.48Х1.7+0.27Х2.1+0.34Х2. 2+0.38Х2.3+0.44Х2.4+0.0934Х3.1+0.125Х3.2+0.156Х3.3+0.175Х3.4<=17000;

2) on gravel

0.5X1.2+0.5X1.3+0.55X1.4+0.55X1.5+0.55X1.6+0.55X1.7+0.162X3.1+0.217X3.2+0.2716X3. 3+0.326Х3.4<=13000;

1.95Х1.1+1.3Х1.2+1.3Х1.3+1.35Х1.4+1.3Х1.5+1.3Х1.6+1.2Х1.7+0.65Х3.1+0.869Х3 .2+1.086Х3.3+1.304Х3.4<=35000;

4) on sand

1.45Х2.1+1.4Х2.2+1.4Х2.3+1.35Х2.4<=15000

5) according to plasticizers

0.00708Х1.1+0.00504Х1.2+0.0049Х1.3+0.00612Х1.4+0.0077Х1.5+0.00879Х1.6+0.008Х1.7+0.00337Х2.1+0.00422Х2 .2+0.00506Х2.3+0.0059Х2.4<=192

This linear programming problem is solved by searching for solutions. Solution Finder is an Excel add-in that allows you to solve optimization problems.

To solve the problem, the following solution is made:

1) the initial data of the task is entered into the created form - a table in MS Excel;

2) a dependency is introduced

F(x)=1500Х1.1+1650Х1.2+1890Х1.3+2080Х1.4+2250Х1.5+2380Х1.6+2700Х1.7+1700Х2.1+1950Х2.2+2360Х2.3+2400Х2.4+930Х3 .1+1390Х3.2+1820Х3.3+2350Х3.4→max;

3) dependencies for restrictions are introduced;

4) resource restrictions are introduced (see Fig. 2);

5) parameters are introduced to solve the linear programming problem.

Introduction of conditions for solving a problem

After a short time, the Solution Search Results dialog box and the original table with filled cells B3:P3 and cell Q4 with the maximum value of the objective function will appear (see Fig. 3).

Solution search result

The resulting solution means that due to the production of concrete M 400 in the amount of 15805.6 m3, mortar M 200 in the amount of 11111.1 m3, FBS 12295 pcs., you can get an additional profit in the amount of 98236 thousand rubles, while ASG, sand and plasticizers will be used in full, and out of 17,000 tons of cement, 14,781 tons will be used, and out of 13,000 tons of gravel, 12,701 tons will be used. Based on the presented calculation, we will draw up a forecast sales estimate, on the basis of which the profit (loss) from the proposed measures and feasibility will be derived in its implementation.

Table 36. State of the main economic indicators for assortment optimization, thousand rubles.

Index	Before events	After the events	Absolute. change	Growth rate, %
Revenues from sales
Cost price
Profit from sales
Return on sales, %

As a result of the calculations, it can be seen that the proposed measures to optimize the assortment are of practical importance, since the growth rate for performance indicators, such as profit and revenue, is above 100%.

Based on the analysis of the financial activities of Lesnoye LLC, the following conclusions can be drawn:

• - analysis of the structure of balance sheet assets showed that non-current assets, namely fixed assets, at the beginning of the reporting period amounted to 17,935 rubles, and at the end of the reporting period, 16,845 rubles, that is, they decreased by 1,090 rubles. Current assets for the analyzed period increased by 142,088 rubles. The growth rate was 40.22%. Value added tax increased by 4,018 rubles, that is, by 36.38%. Short-term accounts receivable increased by RUB 34,038. The growth rate was 121.06%. There was also an increase in cash by 67,379 rubles. After the dynamics of changes in assets were examined, we can highlight articles that talk about certain shortcomings in the operation of the enterprise:
• *the presence of amounts of “bad” debts in the articles: “Accounts receivable (payments for which are expected more than 12 months after the reporting date)” (line 230) and “Accounts receivable (payments for which are expected within 12 months after the reporting date)” (line 240).

Lesnoye LLC has no long-term accounts receivable, which reduces the share of slowly selling assets. But the company has short-term accounts receivable in the amount of 195,632 thousand. rub., at the end of the reporting year. Despite the fact that accounts receivable are short-term, their presence in such an amount characterizes the immobilization (diversion) of the enterprise’s working capital from production and economic turnover.

• - analysis of the structure of liabilities showed that capital and reserves increased during the analyzed period by 58,198 rubles. The growth rate was 22.9%. This increase was due to an increase in retained earnings. The authorized capital remained unchanged during the analyzed period. Short-term liabilities increased by 82,800 rubles due to an increase in accounts payable by 82,800 rubles. The largest debt is to suppliers and contractors (which increased by 28,806 rubles) for settlement documents not paid on time, and products not shipped against advances received. This indicates financial difficulties.
• - calculation of the financial stability indicators of Lesnoye LLC for 2006 allows us to conclude that the enterprise is in a stable position and there is no likelihood of bankruptcy. At the same time, during the reporting period there was a significant increase in certain financial indicators, which is assessed positively: the dynamics of the capitalization ratio indicates sufficient financial stability of the organization, since this requires that this ratio be ≤1.5. According to our calculations, it is clear that the capitalization ratio in 2005 is equal to 0.46, and in 2006. equal to 0.64, which does not exceed 1.5. The value of this indicator is influenced by the following factors: high turnover, stable demand for products sold, established supply and sales channels, low level of fixed costs. In 2005 the portion of current assets financed from own sources amounted to 0.7, and in 2006 - 0.6. The share of own funds in the total amount of funding sources in 2005. was 0.69, and in 2006. 0.61. At the end of the analyzed period, this coefficient decreased by 0.08. The value of the financial independence coefficient is above the critical point (0.4) both in 2005 and 2006. This indicates a favorable financial situation of the enterprise.
• - an analysis of the balance sheet liquidity showed that there was a change in the current liquidity ratio towards a decrease, which negatively affects the activities of the enterprise of the limited liability company “Lesnoye”. According to the calculations of the intermediate (quick) liquidity ratio, it is clear that this ratio has changed upward by 0.02. This suggests that the limited liability company Lesnoye has increased the portion of its short-term liabilities, which can be immediately repaid using cash, funds in short-term securities, as well as settlement proceeds. When calculating the absolute liquidity ratio, it is clear that this ratio at the beginning of the analyzed period is 0.76, and at the end 0.78. This suggests that part of the current short-term debt that the organization can repay in the near future using cash and equivalent financial investments increased by 0.02. According to the calculations of net current assets, it is clear that there was a decrease in net current assets by 0.54. This decrease in assets has a negative impact on the activities of the enterprise. Thus, an analysis of the balance sheet of the limited liability company “Lesnoye” showed that the structure of assets corresponds to trading activities, while the enterprise is developing successfully and dynamically. The growth in the amount of equity capital in 2006 allows the company to timely meet its obligations, thereby increasing the degree of liquidity and business activity, which leads to strengthening the financial stability of the organization.
• -analysis of business activity showed that all indicators of business activity at the end of the analyzed period increased. The total capital turnover ratio (resource productivity) increased by 2.43 turns. The turnover rate of all working capital of the limited liability company “Lesnoye” at the end of 2006 increased by 2.37 revolutions and amounted to 11.69 revolutions. At the beginning of the analyzed period, the capital productivity was equal to 183.7 revolutions, at the end of the analyzed period it was 343.85 revolutions, that is, the capital productivity changed by 160.15 revolutions. The rate of turnover of equity capital in 2005 was 12.96 revolutions, and in 2006 it was 18.54 revolutions. Over the entire analyzed period, the coefficient increased by 5.58 revolutions.
• -profitability analysis showed that in 2006 the values ​​of profitability indicators increased, which should rather be considered as a positive trend. In 2005, 1.3% of profit came from units sold. In 2006 this figure increased by 01% and amounted to 1.4%. 0.7% of net profit accounted for a unit of revenue in 2005. During the year there was an increase in net profit of 0.3%. By the end of 2006, this profit was 1%. This suggests that demand for the product has increased slightly. When we talk about economic profitability analysis, we can do the following: in 2006. the use of all property of the limited liability company "Lesnoye" became 4.9% more efficient. When analyzing the return on equity, it is clear that by the end of the reporting period, the use of equity capital of the limited liability company "Lesnoye" became more efficient by 9.1% and amounted to 18.6%. The dynamics of this indicator allows us to conclude that investments of own funds in production gave a fairly good result. The use of capital invested in the activities of the limited liability company "Lesnoye" for a long time has become more efficient, since in 2005 this figure was 9.5%, by the end of 2006. it amounted to 18.6, that is, there was an increase of 9.1%.

Next, you can consider methods for managing receivables and payables, since it is the presence of these “bad” amounts that to some extent cause financial difficulties. A key point in accounts receivable management is determining the timing of credit (provided to customers) which affects sales volumes and cash collection. For example, providing longer credit terms is likely to increase sales. Credit terms have a direct bearing on the costs and income associated with accounts receivable. If credit terms are tight, the company will have less cash invested in accounts receivable and losses from bad debts, but this may result in lower sales, lower profits and negative customer reactions. On the other hand, if the terms of the loan are vague, the company may achieve higher sales volumes and more revenue, but also risks higher bad debts and greater costs associated with ineffective customers delaying payment. Accounts receivable terms should be liberalized when you want to get rid of excess inventory or obsolete products. There are many ways to maximize accounts receivable returns and minimize potential losses: billing, reselling debt collection rights, and assessing the financial situation of customers.

Invoicing. To speed up collections, you can send invoices to customers while their order is still being processed in the warehouse. You can also bill for services at intervals if the work is completed over a specific period, or charge fees up front, which is preferable to making payments upon completion of the job. In any case, you should prepare invoices for large amounts immediately.

Buyer evaluation process. Before extending credit, you should carefully review the buyer's financial statements and obtain rating information from financial advisory firms. Highly risky receivables, such as those from customers operating in a financially fragile industry or region, should be avoided. Businesses also need to be careful with clients who have been in business for less than one year (about 50 percent of businesses fail within the first two years). Typically, consumer receivables carry a greater risk of default than corporate receivables. Credit limits should be modified and payment collections expedited based on changes in the buyer's financial situation. This can be accomplished by withholding products or withholding services until payments are made and requiring a collateral to support the doubtful accounts (the value of the collateral must be equal to or greater than the account balance). If necessary, you should use a collection agency to recover funds from recalcitrant buyers.

It is necessary to classify accounts receivable by due date (arrange them according to the time elapsed from the date of invoice) to identify customers who violate payment deadlines, and charge interest to late payments. Once current aging accounts receivables have been compared with historical accounts receivables, industry standards, and competitors, a bad debt loss report can be prepared showing accumulated losses by customer, terms of sale, and amount, organized by business unit. , product line and type of buyer (eg industry).

Protection by insurance. You can resort to credit insurance, this measure against unexpected losses of bad debt. When deciding whether to purchase such protection, it is necessary to evaluate the expected average bad debt losses, the company's financial ability to withstand those losses, and the cost of insurance.

Factoring. It is possible to resell the rights to collect receivables if doing so results in net savings. However, in a factoring transaction, confidential information may be disclosed.

In general, accounts receivable management includes:

• 1) analysis of debtors;
• 2) analysis of the real value of existing receivables;
• 3) control over the ratio of receivables and payables;
• 4) development of a policy for advance payments and provision of commercial loans;
• 5) assessment and implementation of factoring.

Analysis of debtors involves, first of all, an analysis of their solvency in order to develop individual conditions for the provision of commercial loans and the terms of factoring agreements. The level and dynamics of liquidity ratios can lead a manager to the conclusion that it is advisable to sell products only with prepayment, or vice versa - about the possibility of reducing interest on commercial loans, etc.

Analysis of accounts receivable and assessment of its real value consists of analyzing the debt according to the timing of its occurrence, identifying bad debts and forming a reserve for doubtful debts for this amount.

Of particular interest is the analysis of the dynamics of accounts receivable by the timing of its occurrence and/or by turnover period. A detailed analysis allows you to make a forecast of funds received, identify debtors for whom additional efforts are needed to recover debts, and evaluate the effectiveness of accounts receivable management.

The ratio of accounts receivable and accounts payable is a characteristic of the financial stability of the company and the effectiveness of financial management. In the practice of financial activities of Russian companies, a situation often arises that makes it unprofitable to reduce accounts receivable without changing accounts payable (liabilities). A decrease in accounts receivable reduces the coverage ratio (liquidity), the company acquires signs of insolvency and becomes vulnerable to government agencies and creditors.

The following main factors influence the level of accounts receivable:

• - assessment and classification of customers depending on the type of product, volume of purchases, solvency of customers, history of credit relations and expected payment terms;
• - control of settlements with debtors, assessment of the real state of receivables;
• - analysis and planning of cash flows taking into account collection ratios.

To determine the investment in accounts receivable, a calculation is used that takes into account annual credit sales and the period of nonpayment of accounts receivable.

Making a generalization, we can conclude that accounts receivable management is based on two approaches:

• 1) comparison of the additional profit associated with a particular spontaneous financing scheme with the costs and losses that arise when changing the product sales policy;
• 2) comparison and optimization of the amount and timing of receivables and payables. These comparisons are made based on the level of creditworthiness, payment deferment time, discount strategy, income and collection costs.

All of the above allowed us to give the following recommendations to improve the efficiency of the activities of the limited liability company “Lesnoye”:

• - regular marketing research of the market, supply and demand for products for industrial and technical purposes and consumer consumption;
• - promotion of products through the use of advertising;
• - holding exhibitions and fairs that help increase sales volumes;
• - expanding the circle of product consumers in order to reduce the risk of non-payment by one or more large buyers;
• - provide discounts for wholesale and regular customers;
• - control over the ratio of accounts payable and receivable and analysis of the composition of accounts receivable and accounts payable.

Suggestions for the operation of the enterprise are: search for cheap credit resources, competent distribution of profits, increasing the income portion of assets. It is necessary to observe the principle of “financial condition of deadlines”: the receipt and use of funds must occur within a strictly established time frame. In general, based on the analysis, conclusions were drawn indicating problems associated, first of all, with the current operational financial management of Lesnoye LLC. Financial management in an enterprise plays too small a role. This is due to the fact that the enterprise has existed relatively recently, and the forms of internal company reports have not yet been worked out. Essentially, financial management occurs at the level of the accounting department and the head of the enterprise. Therefore, it is necessary to organize a financial management service and carry out a number of measures to improve financial condition in accordance with these recommendations.