For management purposes, the analysis of the profit of the enterprise is carried out to improve the efficiency of activities and financial results. What methods are used for this? How is profit analysis carried out? Consider the existing methods on specific examples.

What is enterprise profit analysis

Since the main indicator of business success is profit, its analysis is the most important task of a manager. In the study, the analysis of profit indicators is carried out taking into account the assets and resources available to the company, including material, labor and financial. There are many options for calculating, among which the following areas can be distinguished:

• Conducted by internal or external users.
• Performed throughout the enterprise as a whole or in certain areas of its activity, as well as in the context of departments.
• Conducted for a separately specified period or for the entire existence of the organization.
• Other methods depending on the tasks.

Profit Analysis Methods

Any methodology for profit analysis is implemented using the company's credentials for a given period (periods). As a rule, first, an assessment of the overall performance of the company as a whole is performed, and then an analysis of the dynamics of profit for individual items, types of activities, and divisions is carried out. The most commonly used methods are:

• factorial- this method allows you to analyze both net profit and gross, from sales, as well as before tax. It can be single or multifactorial. For example, the analysis of profit from sales is performed by calculating the absolute and relative changes in indicators of revenue, cost, costs, price levels. The formula for determining the influence of any factor is the Degree of influence of the factor = The amount of change in profit / The amount of change in the factor.
• Structural dynamic- this option helps to analyze the indicators of changes in profit in dynamics, that is, for specified periods. At the same time, the profit values ​​are compared according to its type with the analysis of the obtained deviations. For example, when analyzing net profit, it is necessary not only to compare the results obtained, but also to determine the dynamics of changes in the structure of the final net profit, that is, the degree of influence on the final results of individual activities.
• index- this method makes it possible to visually compare complex indicators for analytics purposes by calculating relative values ​​- indices. In this case, the calculations are performed based on the comparison of all indicators with the base (basic index method) or sequentially with each other (chain index method).
• Comparative- this method consists in comparing profit indicators between industries, enterprises, fields of activity. Assumes the use of official statistics.

Analysis of the profit of the organization - examples

To understand how the analysis of the formation of enterprise profit is performed, consider a typical example. We will conduct a structural and dynamic analysis of the profit of a trading enterprise for 2017 and 2016. Initial data and results are summarized in the table.

Index	2017 (in rubles)	2016 (in rubles)	Rate of increase (decrease) in %
			Gr. 4 \u003d (gr. 2 / gr. 3 x 100) - 100
Sales proceeds
Profit from sales
Other income
Other expenses
Profit before tax
Income tax, IT, SHE
Profit net

Based on the results of the analysis, it is clear that all main indicators of profit decreased in 2017 compared to 2016. This led to a drop in net profit by 12%. The loss was partially compensated by the growth of other income by 260% with a slight increase in other expenses by 25%. Further, it is also possible to analyze the dynamics of only profit on the main indicators for a wider period - from 2017 to 2014. In this case, the base values ​​will be the data for 2014, and the calculation was carried out using the basic index method.

Indicators in rub.	2017 / Decline rate in %	2016 / Decline rate in %	2015 / Decline rate in %	2014
Gross profit	3 400 000 / -66,6	4 250 000 / -58,3	5 700 000 / -44,1
Profit from sales	2 896 000 / -68,2		4 900 000 / -46,1
Profit before tax		3 360 000 / -65,3	5 350 000 / -44,8
Profit net	2 346 000 / -69,3	2 666 000 / -65,1

As you can see, the company has a significant decrease in profits, including all performance indicators. In order to determine which factors influenced the drop in results, additional factor analysis is required.

Since an accurate analysis of the formation and use of enterprise profits includes not only calculations on the main financial indicators, but also an analysis of the distribution of profits, it is necessary to understand how the profits were used further. Analysis of the distribution and use of profits of the enterprise includes the calculation of:

• The value aimed at settlements with the founders of the company.
• Amount spent on expanding production.
• The amount of created funds - consumption, accumulation, reserve, etc.

Note! The process of distribution of profit (net) must be carried out strictly in accordance with the Charter of the enterprise, taking into account the current regulatory requirements.

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Moscow Humanitarian University

Course work

"Analysis of the formation and use of net profit"

Moscow, 2015

Table of contents

• Introduction
• 3conclusion

Introduction

In a market economy, the basis of economic development - profit - the most important indicator of the efficiency of the enterprise, the sources of its life.

Profit growth creates a financial basis for the implementation of expanded reproduction of the organization and the satisfaction of the social and material needs of the founders and employees.

At the expense of profit, the organization's obligations to the budget, banks, and other organizations are fulfilled.

However, it cannot be assumed that planning and profit formation remained exclusively in the sphere of interests of only the enterprise. The state (budget), commercial banks, investment structures, shareholders and other holders of securities are no less interested in this.

To ensure high economic efficiency of production, a state economic policy is needed that would contribute to the formation of an environment favorable for economic activity and orient the enterprise to maximize profit (income).

Since it is the state that determines the successful functioning of an enterprise, the problems of profit and profitability are currently very relevant.

The main task of analyzing the distribution and use of net profit is to identify trends and proportions that have developed in the distribution of profit for the reporting year compared to the previous year.

Based on the results of the analysis, recommendations are developed on the distribution of net profit and its most rational use.

net income balance distribution

Analysis of the distribution and use of profits is carried out in the following order:

an assessment is made of changes in the amount of funds for each direction of profit use compared to the reporting and base period;

a factor analysis of the formation of funds is carried out;

an assessment of the effectiveness of the use of accumulation and consumption funds is given in accordance with the indicators of the effectiveness of the economic potential.

The purpose of the course work: to quantify the causes of changes in net profit, tax payments from profits, to identify trends and proportions that have developed in the distribution of profits, and to identify the impact of using profits on the financial position of the enterprise.

1. Profit in a market economy

1.1 The economic essence of net profit and its types

In the context of the transition to a market economy, the main role in the system of economic indicators is played by profit.

Profit is a generalizing indicator, the presence of which indicates the efficiency of production, a favorable financial condition. In other words, profit is a positive result of the enterprise's activity. Making a profit is the main goal of commercial organizations. From this it is clear that I will consider in the future the activities of a commercial organization.

The financial condition of an enterprise is a characteristic of its competitiveness (ie solvency, creditworthiness), the use of financial resources and capital, the fulfillment of obligations to the state and other organizations (rental fees, etc.).

Profit, which takes into account all the results of the production and economic activities of the enterprise, is called balance sheet profit. It includes - profit from the sale of products (works, services), profit from other sales.

Distinguish between taxable income and non-taxable income. After the formation of profit, the enterprise pays taxes, and the remaining part of the profit, received at the disposal of the enterprise after paying income tax, is called net profit.

Net profit - the difference between balance sheet profit and tax payments due to it. The higher the balance sheet profit, the higher the net profit. The company can dispose of this profit at its own discretion. It can allocate part of the profits to the development of production (for example, the purchase of more technological equipment), social development, employee incentives and share dividends.

There are no standards approved "from above" for its distribution. Only state tax regulation of labor costs for the main personnel of the enterprise (workers involved in production) is in effect.

The remaining part of retained earnings can be used to increase the equity of the firm or can be redistributed to self-insurance, i.e. to the reserve fund (in case of force majeure: fires, earthquakes, floods and other disasters), accumulation fund (formation of funds for production development), consumption fund (funds for employee bonuses, etc.), provision of material assistance, fund social development (for various festive events) and other purposes for which the manager wants to transfer this money.

The main indicator of profit used to evaluate production and economic activities is:

balance sheet profit;

profit from the sale of manufactured products;

gross profit;

taxable income;

net profit (remaining at the disposal of the enterprise).

The taxation of profits of enterprises is determined in accordance with the law of the Russian Federation "On the tax on profits of enterprises and organizations".

When determining taxable profit, the amount of deductions to reserve and other similar funds formed by enterprises is excluded from gross profit.

As the profit is received, the enterprise uses it in accordance with the current legislation of the Russian Federation and the constituent documents of the enterprise.

Currently, the profit (income) of the enterprise is used in the following order:

1) profit (income) tax is paid to the budget;

2) deductions are made to the reserve fund;

3) funds and reserves are formed, provided for by the constituent documents of the enterprise.

Profit from the sale of products (works, services) is predominant in the total profit.

The financial result from the sale of products (works, services) is defined as the difference between the proceeds from the sale of products (works, services) without VAT and excises and the costs of production and sale of these products (works, services), included in the cost of production and taken into account when determining the taxable arrived. (Selling expenses, value added tax, excises, fuel tax).

FR= AT - Zpr

where:

FR - financial result from the sale of products (works, services);

B. - proceeds from the sale of products without VAT and excises;

Zpr. - costs of production and sale of products (works, services).

When forming financial results from the sale of products (works, services), the determination of the cost of production has a significant impact.

The cost of purchased products includes: acquisition cost, delivery, storage, sales and other similar expenses.

Profit from other sales includes financial results (profit, loss) from the sale of products, works, services of ancillary and service industries, as well as from the sale of purchased inventory items.

Profit from other sales is defined as the difference between the proceeds from the sale and the cost of this sale.

Proch= ATother - Wother

Proch- profit from the sale of fixed assets and other property, intangible assets (other sales);

ATother- proceeds from other sales;

Wother- expenses for other implementation.

1.2 Distribution of net profit

For tax purposes, the balance sheet profit is adjusted in accordance with tax standards.

It should be noted that the concept of net profit in Russia does not correspond to the concept of net profit by international standards, "our" net profit, in fact, is not net, but includes significant expenses, which is unacceptable by Western standards.

From the profit remaining at the disposal of the enterprise (net profit), in accordance with the legislation and constituent documents, the enterprise can create an accumulation fund, a consumption fund, a reserve fund and other special funds and reserves. That is, in fact, to make self-insurance in case of force majeure.

The standards for deductions from profits to special purpose funds are established by the enterprise itself in agreement with the founder.

Deductions from profits to special funds are made quarterly. For the amount of deductions made from profit, there is a redistribution of profit within the enterprise: the amount of retained earnings decreases and the funds and reserves formed from it increase.

Under fund accumulation refers to funds allocated for the production development of an enterprise, technical re-equipment, reconstruction, expansion, mastering the production of new products, for the construction and renewal of fixed production assets, the development of new equipment and technologies in existing organizations and other similar goals provided for by the constituent documents of the enterprise (for the creation of a new company property).

Capital investments in production development are mainly financed at the expense of the accumulation funds.

Under fund ohm consumption refers to funds directed

for the implementation of measures for social development (except for capital investments), material incentives for the enterprise team (one-time bonus, cash incentives, etc.), the purchase of travel tickets, vouchers for sanatoriums and other similar events and works that do not lead to the formation of new property of the enterprise .

The consumption fund consists of two parts: the payroll fund and payments from the social development fund.

The wage fund is a source of remuneration for work, any kind of remuneration and incentives for employees of the enterprise.

Payments from the social development fund are spent on recreational activities, partial repayment of loans for a cooperative, individual housing construction, interest-free loans to young families and other purposes provided for by measures for the social development of labor collectives.

Spare fund is designed to ensure financial stability during a period of temporary deterioration in production and financial performance. It also serves to compensate for a number of monetary costs that arise in the process of production and consumption of products.

To improve production efficiency, it is very important that the amount of deductions be optimal when distributing net profit.

The distribution of net profit allows you to expand the activities of the organization at the expense of its own, cheaper sources of financing.

At the same time, the financial expenses of the organization for attracting additional sources are reduced (you can not take loans with an unfavorable interest rate for the organization, but simply calculate the funds from your own accumulation fund for the necessary needs of the organization).

The formation of tax policy should be based on the following principles:

stability of the tax system;

the same taxation of producers, regardless of the sectoral affiliation of the enterprise and the form of ownership;

equal taxation conditions for entrepreneurs engaged in production and consumers.

A means to achieve these goals could be a significant reduction in the overall level of tax withdrawal through lower marginal tax rates and progressive taxation. In this case, the impact on production would be through a change in the tax rate and a system of targeted tax benefits.

2. Theoretical aspects of the analysis of the formation and use of the net profit of the enterprise OAO "NOVATEK".

2.1 Tasks of analysis of the distribution and use of profits

The main task of analyzing the distribution and use of profits is to identify the proportions prevailing in the distribution of profits for the reporting year compared to the previous year.

Based on the results of the analysis, recommendations are developed for changing the proportions in the distribution of profits and its most rational use. The characteristics of the economic activity of the enterprise in a market economy is determined by the amount of net profit and indicators of the financial position.

The most important indicators of the financial performance of the enterprise are presented in form No. 2 annualandquarterly accounting reporting. These include:

profit (loss) from sales;

profit (loss) from financial and economic activities;

profit (loss) of the reporting period; retained earnings (loss) of the reporting period.

2.2 Technical and economic characteristics of the organization

Kind of activity:

wholesale;

storage of inventory items;

transport services.

At the moment, the number of Driver Track LLC is 47 people. The accounting policy of Driver Track LLC was developed in accordance with the Federal Law "On Accounting" No. 129 - FZ dated 11/21/96 (as amended on 07/29/98 .) and the Accounting Regulations "Accounting Policy of the Enterprise" PBU 1/98 dated 09.12.98.

The organizational structure of OAO NOVATEK is as follows:

1. Accounting is carried out under the supervision of the chief accountant.

2. The requirements of the chief accountant in the implementation of the chosen accounting policy are mandatory for all employees of the organization.

3. Accounting records of property and business transactions are kept in accordance with the Regulations on Accounting and Reporting in the Russian Federation and the Chart of Accounts in accordance with the journal-order system, with the maintenance of the general ledger.

4. The procedure and terms for conducting an inventory are determined by the director of the organization by a separate order, except for cases when an inventory is mandatory.

Inventory is mandatory in the following cases.

when transferring property for rent, sale;

when changing financially responsible persons;

when revealing the facts of theft or damage to property;

in the event of a natural disaster, fire or other emergency;

before preparing annual financial statements.

5. Depreciation of intangible assets is written off on a monthly basis according to the rates calculated by the organization, based on the initial cost and their useful life. Depreciation of intangible assets for which it is impossible to determine the useful life is made based on the norms established for 10 years.

6. Accrual of depreciation of fixed assets is carried out in accordance with the unified standards of depreciation for the full restoration of fixed assets, approved by the Decree of the Council of Ministers of the USSR dated October 22, 1990 No. 1072.

7. The actual cost of inventory items written off to production is determined by the average cost of materials.

8. Accounting for goods is carried out at the purchase price.

9. Accounting for production costs is divided into:

1) direct - on account 20 "Main production";

2) indirect - on account 26 "General business expenses".

Write off indirect costs at the end of the reporting period to account 20 without distribution.

10. Expenses incurred in the reporting period, but related to future reporting periods, should be reflected in a separate account 31 "Expenses of future periods" with attribution to the cost price as the period to which they relate comes.

11. For the purposes of taxation, the proceeds from the sale of products, the enterprise determines as it is paid.

For non-cash payments - as funds for goods are received on the company's current account, and for cash payments - upon receipt of funds at the cash desk of the organization.

The proceeds from the sale of products should be understood as the proceeds from actually sold inventory items, confirmed by waybills (when providing services - a signed act on the provision of services or the performance of work).

12. Income received in the reporting year, but related to future reporting periods, must be reflected in a separate account 83 "Deferred income", with attribution to the profit of the reporting period, depending on the period to which they relate.

13. The profit remaining at the disposal of the enterprise should be taken into account with the distribution of funds (accumulation fund, consumption fund, social sphere fund).

14. Accrual and payment of dividends to the founders to be made at the end of the reporting period at the expense of the profit remaining at the disposal of the enterprise.

15. Based on the accounting registers, OAO NOVATEK prepares quarterly reports for submission to the tax inspectorate. Revenue is determined at the time of payment, which is reflected in the accounting policy.

2.3 Main indicators affecting the financial result

In modern conditions, an indicator that characterizes the financial result of the organization's activities is the balance sheet profit or loss.

The balance sheet profit is formed as a financial result from the sale of goods (services), property of the organization (fixed assets, tangible assets, tangible working capital and other assets), as well as income from non-operating operations and represents the difference between the proceeds from the sale of goods, property and the cost of completed works (services) and inventory items reduced by the amount of expenses for these operations:

The bulk of the profit is defined as the difference between the cost of products sold to third parties (partners or counterparties) at sales prices (contractual price) of products sold (or services rendered) without value added tax and the cost of products (or costs for the production of services).

The profit remaining at the disposal of the organization after taxation is called net profit.

This profit is directed to capital investments and the growth of fixed and working capital; to cover losses of previous years, to deductions to reserve capital, to social expenses; as well as the payment of dividends and income.

At the end of the year, it is referred from the general account 80 Profit and Loss to account 88 "Retained earnings" (uncovered loss). For this, an entry is made on the debit of account 80 and the credit of account 88.

From the profit remaining at the disposal of the enterprise (net profit), in accordance with the legislation of the Russian Federation and the constituent documents, the enterprise can create an accumulation fund, a consumption fund, a reserve fund and other special funds and reserves.

The standards for deductions from profits to special purpose funds are established by the enterprise itself in agreement with the founder. Deductions from profits to special funds are made quarterly.

For the amount of deductions made from profit, there is a redistribution of profit within the enterprise: the amount of retained earnings decreases and the funds and reserves formed from it increase. At the same time, sub-accounts for accounting for retained earnings of account 88 are debited and sub-accounts of the same account are credited.

Separate sub-accounts are opened for account 88 for separate accounting of each formed accumulation, consumption and reserve fund.

The Regulation on Accounting and Reporting in the Russian Federation provides for the use of two options for determining revenue:

1) upon receipt of funds from the sale (or for the work and services performed) to the current account or cash desk of the organization;

2) for the shipment of products (or performance of work) and the signing of shipping documents (waybills, acts) provided for in sales contracts.

The choice of one or another option for accounting for revenue depends on the business conditions and the nature of relationships with partners and is carried out independently by the organization (according to the accounting policy of the organization).

The cost of products (services, works) is an economic category that reflects the costs of the organization for the acquisition (production) and transfer to the buyer (delivery of work to the customer).

The main factor influencing the cost reduction is the saving of material, labor and financial resources. An important role in solving this problem belongs to accounting, which must ensure the correctness and reliability of cost accounting.

In addition, cost accounting data is used in the analysis process to identify intra-production reserves, as well as in determining the actual financial results of the organization.

3. Analysis of the formation, distribution and use of NOVATEK's net profit

3.1 Analysis of the composition and dynamics of balance sheet profit

The analysis begins with an assessment of the dynamics of indicators of balance sheet profit for the reporting period. At the same time, the main financial indicators for the previous and reporting periods are compared, deviations from the base value are calculated indicators and it turns out which indicators had the greatest impact on the balance sheet profit.

Table 2.1.

Formation and distribution of balance sheet profit

Indicators	Reporting period
1. Revenue (net) from the sale of goods, products, services
2. Cost of (production) sales of goods, products, works, services
3. Gross income
4. Period expenses: commercial management	423 81 342	350 67 283
5. Profit (loss) from sales
6. Balance of operating results
7. profit (loss) from financial and economic activities
8. Balance of non-operating results
9. profit (loss) of the reporting period balance sheet profit

Revenue from the sale of products (delivery of work to the customer) is determined "on payment", i.e. as they are paid in full at the contractual cost.

The financial result was revealed: profit in 2013 was 150 thousand rubles, and in 2014 - 287 thousand rubles.

Thus, this paragraph considers the formation of the financial result of OAO NOVATEK for 2013 and 2014.

After the formation of balance sheet profit, the enterprise pays taxes to the state budget, and the remaining part of the profit remains at the disposal of the enterprise.

3.2 Analysis of the formation of net profit

The amount of profit remaining at the disposal of the enterprise is affected by all taxes paid by the enterprise, regardless of the tax base.

Part of the tax payments, such as deductions to the road fund, pension fund, health insurance fund, social insurance payments, affect net profit - through the cost of production and profit from sales and are second-order factors in relation to net profit.

Another part of the taxes, such as the property tax, the tax on the maintenance of the housing stock (housing and communal services), the fee for the maintenance of the police (guards), are direct taxes that are deducted from profits.

Thus, the change in net profit under the influence of tax payments consists of the sum of deviations as a result of changes in the tax base and changes in the tax rate.

Table 2.2.

Profit taxes.

The data in Table 2.2 show that taxes from profits have decreased compared to last year by (11 7376: 148347) x 100 - 100 = - 20.9%. The structure of taxes has also changed somewhat: the tax on housing and communal services has been abolished, the tax on the police has increased due to an increase in the minimum wage (from 83.49 rubles to 100 rubles), the amount of property tax has decreased due to a decrease in the average annual value of property subject to taxation.

Table 2.3.

Calculation of the impact of income tax on net profit.

Indicators			Deviations (+, -)
1. Profit from the sale of products and services
2. Profit from other sales
3. Operating income
4. Operating expenses
5. Balance sheet profit
6. Increase (+), decrease (-) in the amount of profit as a result of its adjustment for tax purposes
7. Income tax benefits
8. Taxable income (line 1+line 3-line 4+line 6)
9. Income tax rate
10. Income tax amount
11. Net profit

The amount of income tax increased by 64 thousand rubles, net profit decreased by the same amount, due to an increase in taxable profit and an increase in the tax rate (from 30% to 35%).

The value of net profit is influenced by f actorfirst level that affects the amount of net profit - taxable profit and income tax rate.

The amount of tax was affected by an increase in taxable income in the amount of:

DN (NB) = DPn ? CH 0 = 164?30 = 49 thousand rubles.

where DP n - increment of taxable profit

CH 0 - income tax rate of the base year.

to see what effect the increase in the tax rate had:

DN (SN) = DCH? Mon\u003d 5? 306 \u003d 15 thousand rubles.

where DSN is the increment of the income tax rate,

Mon - taxable profit of the reporting year.

The amount of net profit is also affected by income taxed at special rates other than income tax and deducted from gross profit when calculating taxable profit. These are the factors secondlevel, affecting the amount of taxable income:

Income taxed at rates other than income tax;

The amount of deductions to the reserve fund;

The amount of privileged deductions from profit.

The enterprise in question had no income that is taxed at special rates, no deductions were made to the reserve fund (the reserve fund was not formed at this enterprise, therefore funds were not directed to replenish the reserve fund) and the enterprise does not have income tax benefits.

So, from table 2.3 it follows that the amount of net profit increased mainly due to the growth of profit from sales. At the same time, the increase in cost caused a decrease in the amount of net profit.

Therefore, looking for ways to increase net profit, this enterprise must first of all pay attention to factors that negatively affect the formation of its value.

3.3 Analysis of the distribution and use of net income

Net profit is distributed in accordance with the Charter of the enterprise.

At the expense of net profit, dividends are paid to the shareholders of the enterprise (in CJSC, OJSC), accumulation and consumption funds, a reserve fund are created, part of the profit is directed to replenish its own working capital.

Let's consider the analysis of the distribution and use of profits using the example of OAO NOVATEK.

The reserve fund at this enterprise is not formed, therefore, no funds were sent to replenish the reserve fund.

Table 2.4.

Data on the use of net profit, thousand rubles.

Index	Reporting year	Same period last year	Deviations (+, -)
1. Net profit
2 . Distributioncleanarrived:
to the accumulation fund
to the consumption fund
to the social sphere fund
3 . shareincleanarrived,%
accumulation fund
consumption fund
to the social sphere fund

Consider in table 2.5 the influence of factors - the amount of net profit and the coefficient of profit deductions on deductions to funds.

Table 2.5.

Calculation of the influence of factors on the amount of deductions to the enterprise's funds.

From the above calculations, it follows that the decrease in the amount of deductions to the accumulation fund, the social sphere was affected by a decrease in the deduction coefficient by 9.

At NOVATEK, most of the profits were directed to the consumption fund and used for social payments. However, the insufficiency of funds allocated for accumulation hinders the growth of turnover, leads to an increase in the need for borrowed funds.

Thus, the NOVATEK company needs to reconsider the procedure for distributing profits, directing most of it to the formation of an accumulation fund.

3.4 Recommendations for improving net income

The analysis carried out shows that NOVATEK is doing a lot of work to improve the efficiency of implementation and performance of work. As a result of this, the following results were obtained at the enterprise in 2014:

1. Proceeds from the sale of products (works, services) amounted to 11,375 thousand rubles.

2. Cost of goods sold - 10,656 thousand rubles.

3. Profit from the sale - 296 thousand rubles.

4. On the amount of balance sheet profit, which amounted to 287 thousand rubles. affected by an increase in profit from sales of products, a decrease in operating costs.

5. The profit remaining at the enterprise after paying the tax in accordance with the constituent documents was sent to the accumulation fund - 45 thousand rubles, to the consumption fund - 108 thousand rubles, to the fund of the social sphere - 18 thousand rubles.

As the analysis shows, OAO NOVATEK is seeing an increase in profits from product sales. So in 2013 it amounted to 150 thousand rubles, and in 2014 - 287 thousand rubles.

The following factors influenced the change in profit: cost, type of work performed, sales volume.

An analysis of the use of the profits of the Driver-Track company showed how the funds were distributed to the consumption fund and the accumulation fund.

In OAO NOVATEK, most of the profit was directed to the consumption fund and used for social payments, which resulted in a slowdown in the turnover of current assets, limiting the possibility of increasing turnover and profit.

Insufficiency of funds allocated for accumulation hinders the growth of turnover, leads to an increase in the need for borrowed funds.

The direction of funds to the accumulation fund will increase the economic potential, increase the solvency of the enterprise and financial independence, will contribute to the growth of the volume of work performed and sales without increasing the amount of borrowed funds.

Thus, NOVATEK needs to revise the procedure for distributing profits, directing a large part to the formation of an accumulation fund.

To improve the efficiency of the company's production, it is very important that there is a well-defined tax policy, and taxes must be clear and stable.

Thus, in order to increase the positive result in NOVATEK, it is proposed to develop measures that ensure:

1. The main sources of increasing the amount of profit is an increase in the volume of sales of products, a decrease in its cost, an increase in the quality of marketable products, and its sale in more profitable markets.

2. Conducting a large-scale and effective policy in the field of personnel training, which is a special form of capital investment.

3. Increasing the efficiency of the enterprise for the sale of products.

4. Improve the quality of work performed, which will lead to competitiveness and interest in choosing this enterprise.

5. An important role is occupied by an increase in the volume of sales and the provision of services through a more complete use of the production capacities of the enterprise.

6. Reducing costs by increasing the level of labor productivity, economical use of raw materials, materials, fuel, electricity, equipment.

7. The use of the most modern mechanized and automated means to perform work.

The implementation of these proposals will significantly increase the profit received by the enterprise.

3conclusion

Summing up the above, it should be noted that net profit will increase with an increase in balance sheet profit, i.e. there is a direct relationship between balance sheet and net profit, and an inverse relationship is observed between net profit and tax payments paid to the state budget at the expense of the received balance sheet profit.

It follows that far from the last function in the formation of net profit is performed by the taxation policy of the state. After all, the lower the interest rate of income tax, the higher the financial result of the enterprise (meaning profit).

Profit should not only cover the costs of production and sale of goods (carrying out work, rendering services), but also be so significant as to ensure all expanded reproduction, as well as the solution of the tasks facing the enterprise.

The maximum profit from the sale of products is mainly associated with a decrease in production costs for the production and sale of the final finished product (works, services).

In the process of doing my course work, another option for making a profit is presented - making a profit from other sales. This option for making a profit is carried out through the sale (sale) of the fixed assets of the enterprise (for example, such as production workshops with machinery, part of the shares, unless of course it is a joint-stock company, the sale of a patent and other assets of the enterprise) to other enterprises and organizations.

Modern production must have great flexibility, the ability to quickly change the services offered, since the inability to constantly adapt to the needs of consumers will doom the enterprise to bankruptcy. To do this, it is necessary to register an enterprise for several types of activity so that it can be reorganized in a matter of time from one (unprofitable, unprofitable) registered type of activity to another (more profitable and of course profitable), of course, a registered type of activity of the enterprise.

The technology of production has become so complicated that it requires completely new forms of control, organization and division of labor.

To improve the technology for the production of final products, it is necessary to carry out technical re-equipment and other improvements at the enterprise (purchase of improved machine tools and other machinery, reconstruction, repair, etc.). To do this, an accumulation fund should be established at the enterprise, which will be replenished with a part of the net profit (specified in the founding document), and funds from this fund will be allocated for capital investments to improve the production efficiency of this enterprise.

Quality requirements have not only increased, but completely changed the character. It is not enough to do a good job, you also need to think about finding new customers, about providing consumers with additional branded services.

It is very important to insure your business activities against the so-called force majeure circumstances either with a professional insurer or carry out self-insurance by establishing a reserve fund at the enterprise (in accordance with the memorandum of association), which will be replenished with a part of our net profit.

By analyzing the financial and economic indicators of the enterprise and implementing the tactics of continuous improvement, it is possible to ensure the steady economic growth of the enterprise.

List of used literature

1. Analysis and diagnostics of the financial and economic activities of the enterprise. - T.B. Berdnikova - M: Infra, 2012

2. Practical journal for an accountant and manager No. 10 (122) - M: Main Book, 2015

3. Economics - S.S. Slyunkov - M: OLMA-PRESS, 2011

4. All accounting provisions - M: Gross-Media Verlag, 2014

5. Analysis of the financial and economic activities of the enterprise. - N.P. Lyubushin, V.B. Leshcheva, V.G. Dyakov - Moscow, 2006

6. Analysis of economic activity. - T.V. Savitskaya - Moscow, 2011

7. Analysis of economic activity. / Ed. Beloborodova V.A. - M.: Finance and statistics, 2002

8. Components of efficiency: From the experience of an industrial enterprise - Baltaksa P.M., Klivets P.G. - M.: Economics, 2012

9. Profit of the enterprise // Finance No. 3 - Belobtetsky I.A., Moscow, 2014

10. Economic assessment of the quality and efficiency of the enterprise - Bogatin Yu.V. - M: Ed. standards, 2011

11. Taxes 95: What and how to pay them: A public book on new taxes in Russia - Vasiliev V.V. - M: Fear. community "Ankip" 2009

12. Accounting for financial results for payment / Bukh. accounting No. 1 - Vonebnikova N.V., Pyakov M.L., 2005

13. Analysis of profit and profitability - Gorbacheva L.A. - M: Economics, 2011

14. Analysis of the economic activity of developed countries - Zudilin A.P. - Yekaterinburg: "Stone Belt", 2014

15. Taxation of enterprises and citizens of the Russian Federation (Practical guide: Recommendations and examples of calculations) - Kiperman G.Ya., Belyalov A.Z. - M: Aitolan, 2013

16. Course of economic analysis / Ed. Bokamova N.I., Sheremeta A.D. - M: Finance and statistics, 2010

17. Improving the financial tax system - Loginov V, Novitsky N. - M: The Economist, 2004

18. Making financial decisions: tasks, situations. // Issues of Economics No. 12 - Mayevsky V.V., Vyatkin V.N., Khripton J., Kazak A.Yu. - Moscow, 2009

19. Profit in the new business conditions - Mukhin S.A. - M.: Finance and statistics, 2014

20. Parasochka V.T., Dubovenko L.A., Medvedeva O.V. Self-sufficiency and self-financing (method of analysis). - M: Finance and statistics, 1989. - 144p.

20. On the formation of financial results // Bukh. accounting No. 1 - Sotnikova L.V., Moscow, 2010

21. Comprehensive economic analysis of the activities of enterprises - Sheremet A.D. - M: Economics, 2012

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Purpose of analysis the structure and dynamics of the organization's net profit - identifying trends in this indicator and all elements (items) of its formation.

Net income analysis includes three stages.

Stage I provides for the calculation and analysis of the dynamics (absolute change and growth rates) of net profit in the reporting year compared to the previous year and all items of its formation (horizontal analysis). In the process of such an analysis, it is necessary to pay attention to the reduction in income and profits, as well as the increase in expenses and losses received from various operations and activities.

Stage II includes calculation and analysis of the structure of net profit in the reporting and previous period, i.e. the share of its individual elements in the total profit. At the same time, the priority components of income, expenses and, accordingly, financial results are identified in order to further conduct their in-depth analysis, identify the reasons for the decrease in income and increase in expenses.

On the stage III a calculation is carried out and an assessment of changes in the structure of net profit, which makes it possible to identify structural shifts in the items of profit formation.

Stages II and III mean a vertical analysis.

It should be noted that since the source of net profit formation is profit before tax, which is the total financial result of all operations and activities of the organization, often in the course of analyzing the structure of financial results, the last indicator is taken as 100%, i.e. find the share of individual elements of the formation of net profit in the total amount of profit before tax.

If it is possible to attract information for three or more years, then you can trend analysis , i.e. to study trends in net profit and all its components over a number of years. However, it is necessary to take into account the factor of comparability of data taken for different periods. Therefore, in the process of analyzing the dynamics of profit, the problem of assessing the “quality” of financial results is important, i.e. determination of the reality and stability of their receipt.

As a rule, the nominal value of profit (fixed in the financial statements) differs significantly from its real value (supported by real cash inflows).

Main reasons for the discrepancy the reporting and real value of profit are:

1) features of the current reporting system. In particular, the Statement of Financial Results by all organizations is formed on an accrual basis, therefore, the income and expenses presented in the report do not always reflect the real inflows and outflows of funds;

2) features of the accounting policy adopted in the organization, reflecting the methods used by the organization for accounting for expenses and other objects. The value of the financial result can change significantly depending on the choice:

Depreciation method for fixed assets and intangible assets,

The useful life of these assets,

The method for estimating consumed inventories,

The procedure for writing off the costs of repairing fixed assets to the cost of production, etc.

An objective assessment of the "quality" of the financial performance indicators presented in the statements is important in order to determine the reliability of the organization's financial position. Therefore, the most important task of the analysis is to reduce the gap between the nominal and real profits.

the simplest way of assessing the "quality" of financial results, the reality of their dynamics is the calculation and analysis of changes in three groups of ratios:

1) the ratio of expenses for ordinary activities with sales revenue:

(28)

(29)

According to the dynamics of these ratios, one can judge how effectively various management functions are carried out in the organization (production, commercial and marketing, administrative and managerial), as well as the ability of the organization to manage costs. An upward trend in these ratios may indicate that the organization has problems in controlling spending;

2) the ratio of profit (loss) indicators with sales proceeds:

(30)

(32)

Each successive indicator is influenced by an increasing number of factors. The last indicator is general, and the calculation of the other two is used to better understand the reasons for its change.

The purpose of calculating the above ratios and analyzing their dynamics is to confirm the stability of obtaining net profit from each ruble of sales. The first ratio allows you to evaluate the actual level of efficiency of sales management in the organization. The high value of the second ratio indicates a significant impact on the final financial result of other income and expenses. Given that many of them are of a non-permanent (random) nature, the current situation indicates a low quality of net profit. Comparison of the second and third ratios allows you to establish the impact on the final financial result of the tax factor, as well as extraordinary income and expenses that are extraordinary in nature and do not depend on the level of efficiency of the organization;

3) the ratio of sales proceeds and the value of assets (capital) of the organization. The calculation of this ratio and the analysis of its change allows us to evaluate the real dynamics of the return on capital and the activities of the organization as a whole.

There are other, deeper and more complex methods for assessing the "quality" of financial results.

COURSE WORK

"Analysis of the profit of the enterprise"

PENZA - 2010

INTRODUCTION……………………………………………………………….3

Chapter 1

1.1 Essence, value and classification of profit…………………...4

1.2 Factor analysis of profit………………………………………....9

1.3 Methods of analysis of the income statement…………………...12

CHAPTER 2. PROFIT ANALYSIS ON THE EXAMPLE OF JSC “Moloko”…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

2.1Financial and economic characteristics of Moloko OJSC……..13

2.2 Factor analysis of the profit of Moloko OJSC……………………...16

2.3 Analysis of the profit and loss statement of Moloko OJSC for 2009..20

3.1 Profit as the most important economic task………………….28

3.2 Factors affecting the amount of profit of the enterprise………..32

CONCLUSION…………………………………………………………35

REFERENCES……………………………………………....38

APPENDICES…………………………………………………………40

INTRODUCTION

The market economy determines the specific requirements for the enterprise management system. A faster response to changing economic conditions is needed in order to maintain

sustainable financial condition and continuous improvement of production in accordance with changing market conditions. The enterprise independently plans (on the basis of agreements concluded with consumers and suppliers of material resources) its activities and determines development prospects based on the demand for manufactured products and the need to ensure industrial and social development. Income became independently planned indicator among others. However, it cannot be assumed that planning and profit formation remained exclusively in the sphere of interests of only the enterprise. The state (budget), commercial banks, investment structures, shareholders and other holders of securities are no less interested in this.

The purpose of this work is to analyze the profit of the enterprise. To achieve this goal in the course work, it is necessary to solve the following tasks:

Analyzed the profit and loss statement of the enterprise

Given the financial characteristics of the enterprise

The object of the study is JSC "Moloko". The subject of the study is the financial activity of the enterprise.

The formation of a mechanism of fierce competition, the volatility of the market situation made it necessary for the enterprise to effectively use the internal resources at its disposal, on the one hand, and on the other hand, to respond in a timely manner to changing external conditions, which include: the financial and credit system, the tax policy of the state, the pricing mechanism relationships with suppliers and consumers. As a result of these reasons, the directions of analytical activity are also changing. To ensure high, economic efficiency of production, a state economic policy is needed that would contribute to the formation of an environment conducive to economic activity and orient the enterprise to maximize profit (income). Since it is the state that determines the successful functioning of an enterprise, the problems of profit and profitability are currently very relevant.

CHAPTER 1

1.1 Essence, value and classification of profit.

A necessary element of the analysis of the financial condition is the study of the results of the financial and economic activities of the enterprise, which are characterized by the amount of profit or loss.

The economic essence of profit is as follows

It characterizes the financial result of the enterprise, which depends on the level of cost, quality and quantity of products, labor productivity, the degree of use of production assets, management organization, logistics, and also how the product meets the needs of the consumer, i.e. is it in demand?

It is the basis of the economic development of the enterprise. Profit acts as one of the main sources of expanded reproduction. Thus, profit is part of the net income that enterprises directly receive after the sale of products as a reward for invested capital and the risk of entrepreneurial activity.

As a financial result of the enterprise, profit is characterized by a multidimensional role and a variety of forms in which it appears. Types of profit can be systematized according to certain criteria.

According to the sources of formation, profit from the sale of products, works, services and profit from other sales are distinguished. Profit from the sale of products, works, services is the main type of profit in the enterprise, directly related to the industry specifics of the enterprise. Profit from other sales represents income from the sale of unused fixed assets, intangible assets, as well as income from participation in joint ventures, income from shares, bonds and other securities, fines, penalties and forfeits received, etc.

By type of activity, they allocate profit from operating, investment and financial activities. Operating profit is the result of production and marketing or the main activity for this enterprise. The result of investment activity is partially reflected in the form of income from participation in joint activities, from the ownership of securities and deposits, and partially - in profit from the sale of property. In addition, the results of investments are reflected in operating profit, when investments are converted into real assets for the expansion, renewal and modernization of production. Profit from financial activities refers to the indirect effect of raising capital from external sources on terms more favorable than the average market conditions. In addition, in the process of financial activity, a direct profit on invested equity capital can be obtained by using the effect of financial leverage.

According to the composition of the included elements, marginal (gross) profit, profit before tax, net profit are distinguished. Marginal profit is the difference between net revenue and direct production costs for products sold. Profit before tax characterizes the overall financial result of the enterprise. Profit before tax is the sum of the financial result from ordinary activities and other income and expenses. Net profit is the amount of profit that remains at the disposal of the enterprise after paying income tax.

According to the nature of use, net profit is divided into capitalized and consumed. Capitalized profit, part of the net profit directed to finance the growth of the company's assets. Consumable profit - that which is spent on the payment of dividends to shareholders and founders of the enterprise.

According to the nature of taxation, taxable and non-taxable are distinguished. Such a division of profits plays an important role in the formation of tax policy, as it allows us to evaluate alternative business transactions from the standpoint of their effect. The composition of income that is not subject to taxation is regulated by tax legislation.

According to the nature of the inflationary cleaning of profits, there are nominal and real profits, adjusted for the rate of inflation in the reporting period.

For the formation period under consideration, the profit of the reporting year, the profit of the previous year and the planned profit are distinguished.

The above list of classification features does not reflect the whole variety of types of profit used in scientific terminology and practice of the enterprise.

By types of economic activity, they distinguish: profit from the main (operating) activity, which includes profit from the sale of products and other operating income and expenses; profit from investment activity; profit from financial activities.
According to the composition of the included elements, there are: marginal (gross) profit; profit from the sale of products; the total financial result of the reporting period before interest and taxes (gross profit); profit before tax; net profit. Marginal profit is the difference between revenue (net) and direct production costs for products sold. Profit from the sale of products is the difference between marginal profit and fixed costs of the enterprise. Gross profit includes financial results (before interest and taxes) from operating, financial and investment activities, non-operating and extraordinary income and expenses. It characterizes the overall financial result earned by the enterprise for all interested parties (the state, creditors, owners, hired personnel). Profit before tax is the result after paying interest to creditors. Net profit is the amount of profit that remains at the disposal of the enterprise after paying all taxes, economic sanctions and other mandatory contributions.
Depending on the nature of the activity of the enterprise, profit from ordinary (traditional) activities and profit from emergencies that are unusual for this enterprise are distinguished, which must be allocated from the total profit for a correct assessment of the work of the enterprise.
By the nature of taxation, taxable income and tax-free (preferential) income are distinguished in accordance with tax legislation, which is periodically reviewed.
According to the degree of accounting for the inflationary factor, nominal profit and real profit, adjusted for the inflation rate in the reporting period, are distinguished.

According to the economic content, profit is divided into accounting and economic. Accounting profit is defined as the difference between income and current explicit costs reflected in the system of accounts. Economic profit differs from accounting profit in that when calculating its value, not only explicit costs are taken into account, but also implicit ones that are not reflected in accounting (for example, the costs of maintaining fixed assets owned by the owner of the company).
According to the nature of use, net profit is divided into capitalized (undistributed) consumed. Capitalized profit is a part of net profit, which is used to finance the growth of the company's assets. Consumable profit - that part of it that is spent on the payment of dividends to the shareholders of the enterprise.

In a market economy, the value of profit for an enterprise is enormous. The desire to make a profit directs the enterprise to increase the volume of sales of products needed by the consumer, reduce the cost of implementation. With developed competition, this achieves not only the goal of entrepreneurship, but also the satisfaction of social needs. For the entrepreneur, profit is a signal that indicates where the greatest increase in value can be achieved, creates an incentive to invest in these areas.

1.2 Profit Factor Analysis

The final financial result of the enterprise, the balance sheet profit or loss, is the algebraic sum of the result (profit or loss) from the sale of marketable products (works, services), the result (profit or loss) from other sales, income and expenses from non-sales operations. The formalized calculation of balance sheet profit is presented below:

R B = ± R R ± R PR ± R VN,

where
R B - balance sheet profit or loss;

R PR - result from other implementation;
Р ВН - the result (income and expenses) from non-sales operations.

The financial results of the enterprise's activities are also characterized by indicators of revenue (gross income) from the sale of products, the amount of value added tax.
The proceeds from the sale of products indicates the completion of the production cycle of the enterprise, the return of the enterprise's funds advanced for production into cash and the beginning of a new round in the turnover of funds. After deducting from the proceeds from the sale of products the amount of value added tax and excises, as well as the costs of manufacturing the sold products, we get the net result (profit or loss) from the sale. Profit from sales can be calculated using the formula

P P \u003d N P - S P - P D,

where
Р Р - the result from the sale of marketable products (works, services);
N P - proceeds (gross income) from product sales;
S P - production costs of sold products;
P D - value added tax and excises.

Indicators of financial results characterize the absolute efficiency of the management of the enterprise.

Factor analysis of profit from the sale of products (works, services)

Profit from the sale of marketable products in the general case changes under the influence of such factors as changes in: the volume of sales; product structures; selling prices for sold products; prices for raw materials, materials, fuel, tariffs for energy and transportation; the level of costs of material and labor resources.

1) Calculation of the total change in profit (Р) from the sale of products:

P \u003d P 1 - P 0,

where
P 1 - profit of the reporting year;
P 0 - profit of the base year.

2) Calculation of the impact on profit of changes in selling prices for products sold:

Р 1 = N p1 - N p1,0 = p 1 q 1 - p 0 q 1,

where
N p1 \u003d p 1 q 1 - sales in the reporting year at the prices of the reporting year (p - product price; q - number of products);
N p1,0 = p 0 q 1 - sales in the reporting year at the prices of the base year.

3) Calculation of the impact on profit of changes in the volume of production (P 2) (actual volume of production in the assessment of the planned (base) cost):

P 2 \u003d P 0 K 1 - P 0 \u003d P 0 (K 1 - 1),

where
P 0 - profit of the base year;
K 1 - coefficient of growth in the volume of sales of products;

K 1 \u003d S 1.0 / S 0,

where

S 0 - the cost of the base year (period).

4) Calculation of the impact on profit of changes in the volume of production due to changes in the structure of products (P 3):

R 3 \u003d R 0 (K 2 - K 1),

where
K 2 - coefficient of growth in the volume of sales in the assessment at selling prices;

K 2 \u003d N 1.0 / N 0,

where
N 1.0 - sales in the reporting period at prices of the base period;
N 0 - implementation in the base period.

5) Calculation of the impact on profit of savings from reduction in the cost of production ( R 4 ):

P 4 \u003d S 1.0 - S 1,

where
S 1.0 - the actual cost of goods sold for the reporting period in prices and tariffs of the base period;
S 1 - the actual cost of sales of the reporting period.

6) Calculation of the impact on profit of changes in cost due to structural shifts in the composition of products (Р 5):

Р 5 \u003d S 0 K 2 - S 1.0.

A separate calculation based on accounting data determines the impact on profit of changes in prices for materials and tariffs for services (R 6), as well as savings caused by violations of economic discipline (R 7). The sum of factor deviations gives the total change in profit from sales for the reporting period, which is expressed by the following formula:

R \u003d R 1 - R 0 \u003d R 1 + R 2 + R 3 + R 4 + R 5 + R 6 + R 7,

where
P - total change in profit.

1.3 Income Statement Analysis Methods

Analysis of the income statement involves a consistent study of all report items. The analysis begins with the study of revenue as income from ordinary activities and the corresponding expenses - the cost of goods sold; special attention is paid to the trends in these indicators. Various types of operating and other income and expenses are considered as factors influencing profit (loss) figures. The ultimate goal of the analysis is to explain the reasons for the change and the quality of net income - the source of capital gains and dividend payments. The results of the analysis of the profit and loss statement of a particular business entity are used in comparative analysis, which is important for creditors, shareholders, stock market participants and other users who make business decisions based on choice of options. In addition, the results of the analysis are used in forecasting financial results in both internal and external analysis.

In analytical practice, several methods are used that are used in the analysis of any form of reporting: vertical, horizontal, trend analysis of indicators, calculation of financial ratios, comparative analysis, factor analysis. In assessing the quality of profits, accounting methods are of great importance. Statistical methods are used in forecasting financial results. The standard methods of reporting analysis include horizontal and vertical analysis of the formation of financial results, which is performed in analytical tables using relative dynamics indicators, structure indicators and structure dynamics.

Vertical analysis of the income statement is an analysis of the structure of the formation of financial results in comparison with the previous period. Horizontal analysis is aimed at studying the growth rates (growth) of indicators, which explains the reasons for changes in their structure. Trend analysis is possible in the presence of comparable data for several years, which implies a long period of operation of the organization, the stability of accounting methods PI established forms of accounting, the ability to take into account the impact of inflation on accounting indicators. The base year data serve as the starting point for the calculation and are taken as 100%. The change in the income statement indicators (sales volume, cost, various income and expenses, financial performance indicators) is calculated for each indicator as a percentage of the base year. When studying a sufficiently long period, the data can be averaged, for example, averages are calculated for every three years. Another approach is to calculate the structural indicators of the income statement for a number of years. Thus constructed trends are studied to identify trends in financial results.

CHAPTER 2. PROFIT ANALYSIS ON THE EXAMPLE OF OAO Moloko

2.1 Financial and economic characteristics of OAO Moloko

Company performance indicators for 2009 reflects the downward trend in production and sales volumes and the growth of prime cost.

Table 1 - Indicators of the main activities of Moloko OJSC.

Indicators
				gain(+)
				decline(-)
Revenue from the sale of goods, total
including:
from milk processing
From the production of kvass
On the implementation of agricultural products
from the sale of purchased goods
From rent
from the sale of catering products
Cost price
including:
Cost of products from milk processing
Production cost of kvass
The cost of agricultural products
Cost of purchased goods
Rental cost
Catering cost
Gross profit
Selling expenses
Revenue from sales
Interest receivable
Percentage to be paid
Other income
other expenses
Profit (loss) before tax
income tax
Tax sanctions
Net profit of the reporting year

A noticeable increase in revenue in 2009 (Table 1) allowed the company to strengthen its position in the market, increased the range of products, and helped to reduce the amount of debts on loans. Basically, the growth was due to the improvement in the quality of products and the increase in demand for them, in connection with this, the management of the enterprise increased the price of products, which could not but bring benefits.

Figure 2 - Information about the debt of JSC "Moloko"

The growth of receivables is associated with the terms of the contract, some counterparties are provided with a payment deferral of up to 10 banking days. Most of the enterprise's accounts payable consist of debts to state farms for raw milk. The company repays this debt with the help of bank loans.

2.2 Factor analysis of profit.

The main source of profit formation is the main activity of the enterprise, for the purpose of which it was created. The nature of this activity is determined by the specifics of the industry sector of the enterprise. It is based on industrial and commercial activities, which are complemented by financial and investment activities.

Profit from the sale of products, works, services is defined as the difference between the proceeds from the sale of products, works, services (minus value added tax, excises and similar obligatory payments), the cost of goods sold, works, services, commercial and administrative expenses. The assessment of the above factors is possible using the factor analysis method. For external analysis, the accounting (financial) statements “Profit and Loss Statement” (Form No. 2) are used as a source of information.

Analysis of profit from the sale of products, works, services can be carried out on the basis of the following data (Table 2).

Table 2 - Performance indicators of OAO Moloko for 2008-2009.

indicators	for the previous year	for the reporting year	absolute growth	in % for the previous year
Proceeds from the sale of products, works, services
C/C products
Selling expenses
Management expenses
Profit from the sale of products, works, cond.
Price change index
The volume of real-ii in comparable prices

Let's determine the influence of factors on the amount of profit according to the following algorithm.

1) To determine the impact of sales volume on profit, it is necessary to multiply the profit of the previous period by the change in sales volume. The main methodological difficulty in determining this factor is related to the difficulties in determining changes in the physical volume of sold products. It is most correct to determine changes in the volume of sales by comparing the reporting and basic indicators, expressed in natural or conditionally natural meters. This is possible when the products are homogeneous. In most cases, the products sold are heterogeneous in composition and it is necessary to make comparisons in terms of value. To ensure comparability of data and exclude the influence of other factors, it is necessary to compare the reporting and base sales volumes expressed in the same prices (preferably in prices of the base period).

To bring the sales volume of the reporting period to a comparable form, it is necessary to know the index of price changes for products, works, services. The recalculation is carried out by dividing the sales volume of the reporting period by the index of changes in sales prices. Such a calculation is not entirely accurate, since prices for products sold change throughout the reporting period.

In our example, the volume of sales for the reporting period in the prices of the base period amounted to 47,122 thousand rubles. (54190/1.15). Taking this into account, the change in sales volume for the analyzed period amounted to 81.525% (47122/57800*100%), i.e. there was a decrease in the volume of sold products by 18.475%.

Due to the decrease in the volume of sales of products, the profit from the sale of products, works, services decreased:

8540 * (-0.18475) = -1577 thousand rubles

2) The impact of the structure of the range of products sold on profit is determined by comparing the profit of the reporting period, calculated on the basis of prices and prime cost of the base period, with the basic profit, recalculated for the change in sales volume.

The profit of the reporting period, based on the cost and prices of the base period, can be determined with some degree of conventionality as follows:

Proceeds from the sale of the reporting period in prices of the base period 47122;

Actually sold products, calculated at the basic cost (41829 * 0.81525) = 34091;

Selling expenses of the base period 2615; - administrative expenses of the base period 4816;

Profit of the reporting period, calculated at the basic cost and basic prices (47122–34091–2615–4816) = 5600. Thus, the impact of shifts in the assortment structure on the amount of profit from sales is equal to:

5600 - (8540 * 0.81525) \u003d -1362 thousand rubles.

The calculation shows that the proportion of products with a lower level of profitability has increased in the composition of sold products.

3) The impact of changes in the cost of goods sold on profit can be determined by comparing the cost of sales of products of the reporting period with the costs of the base period, recalculated for changes in sales volume:

39780 - (41829 * 0.81525) \u003d 5690 thousand rubles.

The cost of goods sold increased, therefore, the profit from the sale of products decreased by the same amount.

4) The impact of changes in commercial and administrative expenses on profit will be determined by comparing their values ​​in the reporting and base periods. Due to the reduction in selling expenses, profit increased by 1,140 thousand rubles. (1475 - 2615), and by reducing the amount of management expenses - by 1051 thousand rubles. (3765 - 4816).

5) To determine the impact of sales prices of products, works, services on the change in profit, it is necessary to compare the sales volume of the reporting period, expressed in the prices of the reporting and base periods, i.e.:

54190 - 47122 \u003d 7068 thousand rubles.

The total influence of all these factors is equal to:

Change in sales volume -1577;

Changing the structure of the range of products sold -1362;

Cost price change -5690;

Change in commercial expenses +1140;

Change in the amount of management expenses + 1051;

Change in selling prices +7068;

The total influence of factors +630.

A significant increase in the cost of goods sold occurred mainly due to an increase in prices for raw materials and supplies. In addition, a decrease in sales volume, negative shifts in the structure of products led to a decrease in profits. The negative impact of the above factors was offset by an increase in the level of prices for sold products, as well as a decrease in administrative and commercial expenses. Consequently, the reserves for the growth of the enterprise's profit are the growth in sales, the increase in the share of more profitable types of products in the total sales volume and the reduction in the cost of production.

2.2 Analysis of the profit and loss statement of Moloko OJSC for 2009 (

When constructing analytical tables, it must be taken into account that the object of analysis is a heterogeneous set: income and expenses, profits and losses, the final indicator (be it profit before tax or net profit) is formed not only from sales proceeds. It is not always convenient to use sales volume to determine the total indicator in the table. In order to study the factors that influenced the net profit in the reporting year compared to the previous one, it is necessary to analyze several steps in the formation of financial results. Therefore, it seems appropriate to present data on the formation of financial results in several tables, the number and content of which are determined by the content of profit and loss accounting.

Usually, the tables combine the absolute values ​​of the analyzed indicators, according to which deviations are calculated, data on the structure of the set of indicators and its change, relative indicators of the dynamics of financial results indicators. The condensed profit and loss statement1 reflects generalized information on the formation of net profit. In the reporting year, profit before tax increased by 86.1%, net profit - by 77.4% compared to the previous year. Profit from the sale of products is the predominant share of profit before tax. In the previous year, the share of profit from sales in the total profit before tax was 113%, which indicates the excess of other expenses over other income and means loss of profit from the sale of products (goods, works, services). In this case, as well as with a declining share of profit from sales, a detailed analysis of the structure of the organization's income and expenses in the context of ordinary and other expenses is necessary. It is necessary to trace the dynamics of the ratio of income and expenses for three adjacent years or more. Table 4, compiled according to the income statement, provides information on the income and expenses of OAO Moloko for two years. In the structure of income (expenses) of Moloko OJSC, more than 90% are incomes (expenses) from ordinary activities, which mainly form net profit. The profitability of current activities (the relative excess of ordinary income over expenses) decreased from 10.8% to 10.0%. Operating income exceeded expenses for two years: in the previous year by 8.7%, in the reporting year - by 15.4%. In general, the growth rate of income is higher than the growth rate of expenses. Unfavorable trends are higher growth rates of expenses for ordinary activities compared to the growth rates of the corresponding income, as well as loss of profit due to non-operating losses.

Table 3 - Information on income and expenses of OAO Moloko. (Some kind of incomprehensible table, with an incorrect name)

Indicators	Past period	Reporting period	Deviation
Excess of income from ordinary types of activities over expenses from ordinary types of activities, thousand rubles.
The same in % to expenses for ordinary types of activities
Excess of operating income over operating expenses, thousand rubles
The same as a % of operating expenses
Excess of non-sales income over non-operating expenses, thousand rubles
The same as a percentage of non-operating expenses

In the previous year, the ratio of the share of non-operating income and non-operating expenses was (in percent) 0.1:1.9; in the reporting year - 1:1.2. (Table 3). These incomes and expenses have an insignificant share, but in absolute terms, the excess of expenses over income is tangible. In the previous and reporting years, it amounted to 81,022 and 4,186 thousand rubles, respectively, i.e. 94% and 8.3% of non-operating expenses were not covered by income, which reduced profit before tax.

If we accept the percentage of the tax burden in the previous and reporting years, respectively, at the level of the income tax rate, then the loss of net profit is equal to:

Previous year: 81,022

- (1 - 0.24) = 61,576.72 thousand rubles;

In the reporting year: 4186

- (1 - 0.24) = 3181.36 thousand rubles.

These losses reduce the organization's ability to finance expanded reproduction and pay dividends. The most significant part of profit before tax is profit from sales, so special attention is paid to the analysis of its formation. For this, the methods of horizontal and vertical analysis are used, financial ratios are calculated - sales profitability (based on sales profit), gross profit ratio, the factors that influenced the change in sales profit are studied. You can use different options for constructing analytical tables that allow you to realize the goals of the analysis (Table 4). From the above data, it can be seen that the total costs of production and sale of products (goods, works, services) increased at a faster rate (55.6%) than the volume of sales (54.6%).

The share of expenses for ordinary activities in revenue, expressed as a percentage, is the cost per ruble of sales, expressed in kopecks (90.3 kopecks in the previous year and 90.9 kopecks in the reporting year). The share of profit from sales in sales proceeds, expressed as a percentage, characterizes the profitability of products, calculated on the profit from sales. The increase in costs per ruble of sales (0.6 kopecks) simultaneously indicates a decrease in profit - by 0.6 kopecks. in terms of one ruble of sales and profitability by 0.6 percentage points, which in this case is explained by a significant change in the value of selling and administrative expenses. Changes occurred in the structure of expenses for ordinary activities due to a significant increase in commercial (212.4%) and administrative (133.4%) expenses. When an increase in these costs is justified by the organization's development strategy and is associated with the active promotion of goods on the market, then in the long term this will contribute to an increase in sales profits. But the main aspect of the analysis in the study of these articles is the feasibility of increasing commercial and administrative expenses, the correspondence of the growth rates of these expenses to the growth rates of sales.

Table 4 - Selling and administrative expenses of OAO Moloko.

Indicators				Growth rate, % (gr.3/gr.1*100)	Structure, %
	Previous year		Deviation (column 2-column 1)		Previous year		Deviation (column 6-column 5)
Proceeds from the sale of products (goods, work, services)
C / c prod-ii (goods, workers, services)
Gross profit
Selling expenses
Management expenses
Profit from the sale of products (goods, workers, services)

In our example (Table 4), an increase in selling and administrative expenses reduced sales profit and profit before tax. If we consider acceptable growth rates of commercial and administrative expenses at the level of growth rates of sales proceeds, then the unjustified increase was: for commercial expenses - 143,155.6 thousand rubles, for management - 270,225.2 thousand rubles. Therefore, the decrease in net profit in the reporting year was due to:

Increase in selling expenses: RUB 119,534.9 thousand;

Increase in administrative expenses: 225,638 thousand rubles.

The increase in the production cost of products (goods, works, services) is 44.6%, which reduced the share of production costs in sales from 80.8 to 75.6%. As a result, the gross profit ratio (share of gross profit in sales proceeds) increased from 19.2% to 24.4%. The indicator of gross profit is included in the profit and loss account to improve the analyticity of accounting information. It is a calculated indicator and is defined as the difference between the proceeds from the sale of goods, products, works, services and the cost of goods, products, works, services sold. The coefficient (norm) of gross profit characterizes the profitability of economic activity when comparing sales volume and production cost of products. It reflects the dynamics of sales volume and the dynamics of cost. As a coverage ratio, it characterizes the organization's ability to cover ordinary and other operating expenses and significantly affects the amount of net profit.

The value of the gross profit ratio depends on the method of determining the cost of goods sold (goods, works, services), the structure of the assortment, pricing policy. Therefore, its assessment depends on the availability of information about the accounting, marketing and pricing policies of the organization. For an external user of accounting information, the possibilities for conducting a detailed analysis of the absolute and relative value of gross profit are limited. But the evaluation of these indicators in dynamics is necessary. The analysis of the formation of financial results is supplemented by an assessment of profitability indicators calculated according to the income statement. In addition to the profitability of current activities and the profitability of products (by profit from sales), the indicator of profitability of sales is determined, calculated by net profit (net profit / sales proceeds).

In table. 6 shows the profitability indicators of OAO Moloko for two adjacent years.

Table 5 - Profitability indicators of Moloko OJSC for 2 adjacent years.

Indicators	Calculation algorithm	Previous year
Gross profit ratio	Gross Profit / Sales Revenue
Profitability of current activities	Profit from sale/Expenses from ordinary activities
Profitability of sales based on sales profit	Profit from sale/Proceeds from sale
Overall profitability	Profit before tax/Proceeds from sales
Return on sales based on net profit	Net income / Sales proceeds

Comparative analysis also consists in comparing the indicators of the profit and loss statement of the analyzed organization with the industry average values ​​and indicators of the reports of other organizations. This helps to evaluate the strategy of companies and the effectiveness of management decisions of its management.

The sales volume of the analyzed organization is estimated from the standpoint of its growth (decrease) over several periods in comparison with the sales of the main competitors and leaders in this industry or in the corresponding market segment. The assessment of the sustainability of sales growth indicators is supplemented by an assessment of the share of the sales volume of the analyzed company, since it is possible that an increase in sales is accompanied by a decrease in the share of sales in the market. In a comparative analysis, it is necessary to take into account the unequal conditions of activity of different companies, for example, seasonality, geographical location.

Moloko increased its sales by more than 3.6 times (Table 5), which indicates a desire to increase its share in the dairy products market. But this was not accompanied by a corresponding growth in net profit, as the profitability of sales on profit from sales decreased from 21 to 9.1%, profitability on net profit - from 16.3 to 8.6%. The cost of production grew at a faster rate than revenue. Income from participation in other organizations is insignificant - less than 1% of sales. Summarizing the results of the analysis, we can assume a decrease in the efficiency of the economic activities of OAO Moloko. A comparative analysis of expenses for ordinary activities is possible if the annual report contains sufficiently detailed information on the methods for estimating reserves and accounting for commercial and administrative expenses, methods for calculating depreciation, etc., which is required to be disclosed in an explanatory note in accordance with accounting regulations. In Russian practice, comparative analysis is difficult for many reasons, one of them is the lack of a reliable information base for comparison. The practice of other countries uses data prepared by information companies and agencies. The assessment of the composition and structure of other income and expenses is approached from the standpoint of the materiality of these items as factors in increasing net profit. In foreign practice, analytical indicators are used, calculated on the basis of the income statement - operating profit indicators and financial ratios, which are used to assess the effectiveness of economic activity, the ability to cover costs and generate profits.

CHAPTER 3

3.1 Profit as the most important economic task.

The development of market relations increases the responsibility and independence of enterprises in the development and adoption of managerial decisions to ensure the effectiveness of their activities. The efficiency of the production, investment and financial activities of the enterprise is expressed in the achieved financial results. The most important among them are profit indicators, which in a market economy form the basis of the economic development of the enterprise.

Currently, to study profits, analysis is used on two conditions: microeconomic (the level of the enterprise) and macroeconomic (the level of the economy as a whole). Each of them corresponds to a certain type of reporting. The reporting of an enterprise (firms, companies, partnerships, etc.) makes it possible to consider the process of profit formation, and the national accounting system makes it possible to identify the place of profit in the country's income. In market conditions, profit orientation is an indispensable feature of entrepreneurial activity, a criterion for choosing the optimal directions and methods of this activity, an indicator of the commercial effect achieved by the enterprise. Profit acts as one of the forms of expression of commodity-money relations used in the system of economic management, it is an important economic result of the enterprise. Profit is created by productive labor in the sphere of material production. The source of profit is surplus labor, and its material basis is the surplus product. The monetary value of the surplus product is a net income, acting mainly in the form of profit and value added tax. Thus, profit is part of the newly created value in the sphere of material production. Along with other cost categories (price, credit, etc.), profit acts as an economic lever of influence on the entire reproduction process. The turnover of production assets proceeds through two spheres (the process of industrial production and circulation) and three stages (the acquisition of means of production and the attraction of labor, the production process itself, the sale of marketable products). The profit of the enterprise, received as the difference between the proceeds from the sale of marketable products and production costs, is the most important final economic result of this process. It would be wrong to say that the release and sale of products characterizes the economic effect of the use of production assets. From the point of view of creating consumer value, this is a useful, but not an economic effect. To determine the latter, it is necessary to compare production costs, or production costs, with the proceeds from the sale of marketable products. The resulting mass of profit (net income), which contains the newly created value of the surplus product, as well as savings (or overspending) on ​​raw materials and materials, fuel and energy, semi-finished products and components, maintenance and operation of equipment, wages, workshop and general factory expenses , is the economic effect of using the production assets of the enterprise. The movement of production assets is considered as a joint movement of their fixed assets and working capital in the process of turnover. Such an assessment takes into account the process of production and circulation, i.e., the main industrial activity of the enterprise, the result of which is produced in the required volume and sold commercial products. However, from an economic point of view, the most important result and essential feature of this process is the total amount of profit (net income). Determining the income (profit) of an enterprise is one of the most difficult issues. In the Middle Ages, when trade was considered as a non-productive sphere of activity, its purpose was not to make a profit, but to cover expenses.

Firstly, it is a control function, since profit is one of the main indicators characterizing the effectiveness of the economic activity of an enterprise and reflecting the final financial result.

Secondly, profit performs a stimulating function, being the main source of financial resources of the enterprise, the formation of incentive funds and the social development of the enterprise team.

Thirdly, profit, as one of the main sources of financing for expanded reproduction, has a reproductive function. The share of net profit remaining at the disposal of the enterprise after paying taxes and other obligatory payments should be sufficient to finance the expansion of production activities, scientific, technical and social development of the enterprise, material incentives for employees.

Fourthly, profit is one of the sources of formation of budgets of various levels and repayment of the enterprise's debt obligations to banks, other creditors and investors.
Summarized, the most important indicators of the financial results of the enterprise's activities are presented in the form of 32 annual and quarterly financial statements "Report on financial results", in form No. 1 "Balance sheet" and in form No. 5 "Appendix to the balance sheet". These include:

Profit (loss) from the sale of products (works, services);

Profit (loss) from other sales;

Income and expenses from unrealized transactions;

balance sheet profit;

Net profit, etc.

In a market economy, profit is the basis of an economic enterprise. Profit growth creates a financial basis for self-financing, expanded reproduction, and solving the problems of social and material needs of labor collectives. Part of the obligations to the budget, banks and other enterprises are also fulfilled at the expense of profit. Thus, profit indicators become the most important for assessing the production and financial activities of enterprises. They characterize the degree of his business activity and financial well-being. Profit determines the level of return of advanced funds and the profitability of investments in the assets of the enterprise.

3.2 Factors affecting the amount of profit of the enterprise

Changes in the socio-economic development of the state during the transition to market relations lead to qualitative structural shifts towards the intensification of production, which leads to a constant increase in monetary savings and, mainly, the profits of enterprises of various forms of ownership.

The change in profit is influenced by two groups of factors: external and internal. Internal factors of change in profit are divided into main and non-main. The most important in the main group are: gross income and income from the sale of products (sales volume), the cost of production, the structure of products and costs, the amount of depreciation, the price of products. Non-primary factors include factors related to violation of economic discipline, such as price violations, violations of working conditions and product quality requirements, other violations leading to fines and economic sanctions. External factors affecting the profit of the enterprise include:

Socio-economic conditions;

Prices for production resources;

The level of development of foreign economic relations;

Transport and natural conditions.

The most important factors in the growth of profits are the growth in production and sales of products, the introduction of scientific and technical developments, an increase in labor productivity, and an improvement in product quality.

The interest of enterprises in the production and sale of high-quality products that are in demand on the market is reflected in the amount of profit, which, other things being equal, is directly dependent on the volume of sales of these products. The costs of production and sale of products, which determine the cost, consist of the cost of natural resources used in the production of products, raw materials, basic and auxiliary materials, fuel, energy, fixed assets, labor resources and other production costs, as well as non-production costs.

The amount of profit as the final financial result of the work of the enterprise also depends on the second, no less important value - the volume of the gross income of the enterprise. The size of the gross income of the enterprise and, accordingly, profit depends not only on the quantity and quality of manufactured and sold products (work performed, services rendered), but also on the level of prices applied. The types and level of applied prices ultimately determine the volume of the gross income of the enterprise, and hence profits.

The next factor affecting the amount of profit is the depreciation of fixed assets and intangible assets. The amount of depreciation is determined on the basis of the book value of fixed assets and the current depreciation and amortization rates for intangible assets, based on the useful life of such intangible assets, but not more than 10 years of continuous operation. This takes into account the accelerated depreciation of the active part of fixed production assets, which is expressed in higher depreciation rates established by law for the corresponding types of fixed assets.

Thus, the profit of the enterprise is formed under the influence of the following main factors: the gross income of the enterprise, the income of the enterprise from the sale of products, the gross expenses of the enterprise, the level of current prices for the products sold and the amount of depreciation.

The most important of these is the amount of gross expenditures. Quantitatively, costs occupy a significant share in the price structure, so the reduction in costs has a very noticeable effect on profit growth, all other things being equal.

In the analysis of factors affecting the amount of profit, there are reserves for increasing the profit of the enterprise, the main of which are:

1) Ensuring the growth of production volume on the basis of its technical renewal and increase in production efficiency.

2) Improving the conditions for the sale of products, including by improving settlement and payment relations between enterprises.

3) Changing the structure of manufactured and sold products by increasing the share of more profitable.

4) Decrease in gross expenses for production and circulation of products.

5) Establishment of a real dependence of the price level on the quality of products, their competitiveness, demand and supply of similar products by other manufacturers.

6) Increasing profits from other activities of the enterprise (from the sale of fixed assets, other property of the enterprise, currency values, securities, etc.).

CONCLUSION

The analysis carried out shows that JSC "Moloko" is doing a lot of work to improve the efficiency of production, sales and distribution. As a result of this, the following results were obtained at the enterprise in 1997:

1) Proceeds from the sale of products (works, services) amounted to 323,595 thousand rubles.

2) Cost of goods sold - 39780 thousand rubles. rub.

3) Profit from sales - 20325 thousand. rub.

4) On the amount of balance sheet profit, which amounted to 7254 thousand. rub. affected by income received from non-sales operations - 1621 thousand. rub. The profit remaining at the enterprise after payment of tax in accordance with the constituent documents was sent to the accumulation fund - 1300 thousand rubles, to the consumption fund - 3400 thousand rubles. for charitable purposes - 462 thousand rubles. and other purposes 1118117 thousand rubles.
As the analysis shows, OJSC Moloko is seeing an increase in profits.
The following factors influenced the change in profit: cost, assortment, sales volume. A wide range of product range strengthens Moloko's position in the market and expands its sales volume.
The increase in prices for input resources and finished products, the reduction in demand in the market, the rupture of economic ties, nevertheless led to a reduction in the volume of production of some products, but since the joint-stock company conducts diversified activities, this allows highly profitable products to maintain, on average, low-profit products and obtain stable profit. However, the analysis also showed that the production reserves were not fully used in the work of the joint-stock company. These include non-production costs and losses that lead to a decrease in production efficiency, so their reduction is an important factor in managing profit and profitability. It should also be noted that OJSC “Moloko” has not sufficiently developed a system of operational accounting. Documentary operational accounting of production costs is not maintained. In fact, production costs are calculated at the end of the month, which does not give the economic effect that can be expected in the daily accounting of production costs. Profit management should also be of a state nature. A well-established tax policy is needed, and taxes must be clear and stable. It is stability that will lead to an increase in the profit (income) of the enterprise. Therefore, it is necessary to improve the tax policy, since the current tax system does not meet the main tasks for which it is aimed. It is unstable and very complex. Studies have shown that in recent years there has been an introduction of taxes in the cost, wholesale price and profit per unit of production. In the course work, calculations were made that showed how much these indicators increased, taking into account taxes on social needs, from labor costs included in the cost of production. Moreover, the state receives a predetermined amount from the cost, and the enterprise has an unearned part of the profit (income). Thus, in order to improve the economic mechanism of profit management, it is proposed to develop measures that provide:

1) Strict observance of the concluded contracts for the supply of products. It is especially important to interest the enterprise in the production of prestigious and most needed products for the market.

2) Conducting a large-scale and effective policy in the field of personnel training, which is a special form of capital investment.

3) Increasing the efficiency of the enterprise for the sale of products. First of all, it is necessary to pay more attention to increasing the speed of circulation of working capital, reducing all types of stocks, and striving to move finished products from the producer to the consumer as quickly as possible.

4) Reducing non-production costs and losses.

5) Introduction into practice of operational accounting of production costs.

6) The use of the most modern mechanized and automated tools for solving problems of profit analysis.

7) Make a shift of emphasis in profit management to enterprise income management. The implementation of these proposals will significantly increase the efficiency of profit management in the enterprise.

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Directions for the use of net profit are determined by the organization independently. At the expense of net profit, a reserve fund is created (5% of the UK ≤ reserve fund ≤ 25% of the UK), consumption and accumulation funds are formed. In the event that an enterprise is established in the organizational and legal form of a joint-stock company, income on shares is paid out of net profit - dividends (first on preferred, then on ordinary); owners of enterprises operating in other organizational and legal forms are paid profit on their contribution to the total amount of the enterprise's own capital (similar to dividends).

Analysis of the use of net profit is carried out using horizontal and vertical methods of economic analysis. Horizontal at the same time allows you to evaluate the change in the indicators of the same name over time (the absolute deviation of the value of the indicator from that prevailing in the base period is determined, the rate of growth or growth - depending on the goals of the analysis - as a relative deviation). Vertical analysis of the use of net profit involves the calculation of the percentage of deductions for each of the areas of use of profit, while 100% is taken as the value of net profit in the period under review.

As the initial information for the analysis, information from the form No. 3 of the financial statements "Statement on the movement of capital" and section 8 "Social indicators" of the form No. 5 "Appendix to the balance sheet" can be used. It is advisable to carry out the analysis in the following table (Table 9):

Indicators	Reporting period	Same period last year	Deviations
absolute	relative
Net profit	480,6		136,6	39,7%
	100%	100%
Including sent to:
to the reserve fund				41,1%
	5%	5%
to the accumulation fund				154%
	19,6%	10,8%
to the consumption fund				8,6%
	7,9%	10,2%
to the social sphere fund				15%
	19,1%	23,2%
dividends				7,1%
	31,2%	40,6%
Charitable and other purposes	82,6		47,6	136%
	17,2%	10,2%
Equity

Table 9. Horizontal and vertical analysis of the use of net profit (conditional data).

During the analysis, 3 coefficients are calculated for the reporting and base (with which they compare) periods:

1) capitalization ratio (Kkapit):

kcapit= , where

P res.f. – deductions to the reserve fund from the net profit of the reporting year;

P f.accum. – deductions to the accumulation fund from the net profit of the reporting year;

P net - the value of the net profit of the reporting year;

P capital - capitalized profit of the reporting year.

2) Consumption factor (Kcons.): K consumption=100% - Kcapit.;

3) The rate of sustainable growth of equity capital (Tust.r).:

T set=

For the considered example:

1. Capitalization ratio:

For the reporting year (24 + 94)/480.6 = 24.6%;

For the year preceding the reporting year (17 + 37)/344 = 15.7%

2. Consumption ratio:

For the reporting year - 75.4%;

For the year preceding the reporting one - 84.3%.

Including dividends:

For the reporting year - 31.2%;

For the year preceding the reporting year - 40.6%.

3. The rate of sustainable growth is determined by the formula:

For the reporting year - T UR1 =

For the year preceding the reporting year - Т UR2 =

Thus, despite the growth of net profit by almost 40%, the growth rate of equity capital decreased from 7 to 3%. This is due to the fact that the consumption factor occupies too high a share in the net profit of the organization. At the same time, only half of the consumed profit falls on the payment of dividends, and the rest is cash and social payments to employees. The share of capitalized profit for the analyzed period decreased from 24.6% to 15.7%.

A more detailed assessment of the current situation can be carried out using the method of chain substitution (factorial analysis).

The growth (decrease) of the listed coefficients cannot be interpreted unambiguously. The growth of the value of capitalized profit (and, accordingly, the capitalization ratio) means an increase in the possibilities of expanded reproduction, i.e. financing of the main activity of the enterprise on an ever-increasing scale at the end of each financial cycle. Other things being equal, this is assessed positively, because:

a) the expansion of the scope of activities implies an increase in the amount of profit received, satisfaction of a greater number of customer needs (or an increase in the level of satisfaction of needs, in any case, a possible increase in the utility delivered to consumers of products) and an increase in the amount of tax deductions to the budget and extra-budgetary funds due to an increase in the tax base ( what the state is interested in);

b) scaling up activities will be financed from own, not borrowed sources. The enterprise will not have to pay interest for the use of its own funds, as under a bank loan agreement or loan agreements with organizations in the non-banking sector.

c) financing of expanded reproduction precisely at the expense of net profit allows the enterprise not to increase the number of shareholders as co-owners of its property, most of which (holders of ordinary shares) have the opportunity to manage the activities of the enterprise.

However, an increase in capitalized (accumulated) profit with a fixed amount of profit at the disposal of the enterprise cannot but mean a decrease in possible deductions to the consumption fund, through which the social needs of the enterprise's employees are met and income is paid on shares, shares, etc. The stability of dividend payments increases the level of attractiveness of the enterprise from the point of view of current and potential shareholders and creditors, leads to an increase in demand for shares and an increase in their price in accordance with the law of demand.

The solution to the question of the direction of use of net profit and the specific amounts of deductions, therefore, is the dilemma of "profit consumed or profit capitalized". Options for its solution are reduced to three types of dividend policy of the enterprise, which in a broad sense should be understood as the mechanism for forming the share of profit paid to the owner in accordance with the share of his contribution to the total amount of the enterprise's own capital.

dividend policy.

There are three main approaches to the formation of dividend policy - "conservative", "moderate" ("compromise") and "aggressive". Each of these approaches corresponds to a certain type of dividend policy (Table 10):

Table 10. Main types of dividend policy of a joint-stock company

1. Residual dividend policy assumes that the dividend payment fund is formed after the need for the formation of its own financial resources is satisfied at the expense of profit, ensuring the full realization of the investment opportunities of the enterprise. If for existing investment projects the level of the internal rate of return exceeds the financial profitability ratio, then the main part of the profit should be directed to the implementation of such projects, since it will ensure a high growth rate of the owners' capital. The advantage of this type of policy is to ensure high rates of development of the enterprise, increase its financial stability. The disadvantage of this policy is the instability of the size of dividend payments, the complete unpredictability of their size in the coming period, and even the refusal to pay them during a period of high investment opportunities, which negatively affects the formation of the level of the market price of shares. Such a dividend policy is usually used only in the early stages of the life cycle of an enterprise, associated with a high level of its investment activity.

2. Policy of stable dividend payments involves the payment of a constant amount of them over a long period (at high inflation rates, the amount of dividend payments is adjusted for the inflation index). The advantage of this policy is its reliability, which creates a sense of confidence among shareholders in the invariability of the amount of current income, regardless of various circumstances, determines the stability of the share price on the stock market. The disadvantage of this policy is its weak connection with the financial performance of the enterprise, and therefore, during periods of unfavorable market conditions and low profits, investment activities can be reduced to zero. In order to avoid these negative consequences, a stable amount of dividend payments is usually set at a relatively low level, which classifies this type of dividend policy as a conservative one, minimizing the risk of a decrease in the financial stability of an enterprise due to insufficient equity growth rates.

3. The policy of the minimum stable amount of dividends with a premium in certain periods(or the policy of "extra-dividend") is widely believed to be the most balanced type of it. Its advantage is a stable guaranteed payment of dividends in the minimum prescribed amount (as in the previous case) in close connection with the financial results of the enterprise, which allows increasing the amount of dividends during periods of favorable economic conditions without reducing the level of investment activity. Such a dividend policy gives the greatest effect at enterprises with unstable profit margins. The main disadvantage of this policy is that with the continued payment of the minimum dividend, the investment attractiveness of the company's shares decreases and, accordingly, their market value falls.

4. Policy of a stable level of dividends provides for the establishment of a long-term normative ratio of dividend payments in relation to the amount of profit (or the norm for the distribution of profit for consumed and capitalized parts). The advantage of this policy is the simplicity of its formation and close connection with the amount of generated profit. Its main disadvantage is the instability of the size of dividend payments per share, determined by the instability of the amount of generated profit. This instability causes sharp fluctuations in the market value of shares for certain periods, which prevents the maximization of the market value of the enterprise in the process of implementing such a policy (because it indicates a high level of risk in the economic activity of this enterprise). Even with high dividend payouts, such a policy does not usually attract risk-averse shareholders. Only mature companies with stable profits can afford to implement this type of dividend policy; if the size of profit varies significantly in dynamics, this policy generates a high risk of bankruptcy.

5. Policy of constant increase in the amount of dividends(carried out under the motto "never reduce the annual dividend") provides for a steady increase in the level of dividend payments per share. The increase in dividends in the implementation of such a policy occurs, as a rule, in a firmly established percentage of growth in relation to their size in the previous period. The advantage of such a policy is to ensure a high market value of the company's shares and the formation of its positive image among potential investors in case of additional issues. The disadvantage of the policy is the lack of flexibility in its implementation and the constant increase in financial tension - if the dividend payout fund grows faster than the amount of profit, then the investment activity of the enterprise is reduced, and the financial stability ratios are reduced (ceteris paribus). Therefore, only really prosperous joint-stock companies can afford the implementation of such a dividend policy - if this policy is not supported by a constant increase in the company's profit, then it is a sure way to bankruptcy.

Taking into account the considered principles, the dividend policy of a joint-stock company is formed according to the following main stages (Fig. 13).

Fig.13. The sequence of formation of the dividend policy of the joint-stock company.

1. Assessment of the main factors that determine the formation of the dividend policy. In the process of such an assessment in the practice of financial management, all factors are usually divided into four groups:

A. Factors characterizing the investment opportunities of the enterprise

· the stage of the life cycle of the company (in the early stages of the life cycle, the joint-stock company is forced to invest more in its development, limiting the payment of dividends);

· the need for a joint-stock company to expand its investment programs (during periods of increased investment activity aimed at expanding the reproduction of fixed assets and intangible assets, the need for profit capitalization increases);

· the degree of readiness of individual investment projects with a high level of efficiency (individual prepared projects require accelerated implementation in order to ensure their efficient operation under favorable market conditions, which necessitates the concentration of own financial resources during these periods).

B. Factors characterizing the possibilities of generating financial resources from alternative sources. The main factors in this group are:

· sufficiency of own capital reserves formed in the previous period;

the cost of raising additional equity capital;

the cost of attracting additional borrowed capital;

availability of loans in the financial market;

The level of creditworthiness of a joint-stock company, determined by its current financial condition

B. Factors related to objective limitations. The main factors in this group include:

level of taxation of dividends;

the level of taxation of property of enterprises;

· the achieved effect of financial leverage, due to the prevailing ratio of used own and borrowed capital;

· the actual amount of profit received and the return on equity.

D. Other factors. These factors can include:

· the conjuncture cycle of the commodity market, in which the joint-stock company is a participant (during the period of the rise in the conjuncture, the efficiency of capitalization of profits increases significantly);

the level of dividend payments by competing companies;

· urgency of payments on previously received loans (maintenance of solvency is a higher priority in comparison with the growth of dividend payments);

· the possibility of losing control over the management of the company (a low level of dividend payments can lead to a decrease in the market value of the company's shares and their massive “dumping” by shareholders, which increases the risk of financial capture of the joint-stock company by competitors).

2. Choosing the type of dividend policy is carried out in accordance with the financial strategy of the joint-stock company, taking into account the assessment of individual factors.

3. Profit distribution mechanism joint-stock company in accordance with the chosen type of dividend policy provides for the following sequence of actions:

At the first stage the amount of net profit shall be deducted from the mandatory contributions to the reserve and other mandatory special-purpose funds provided for by the charter of the company. The "cleaned" amount of net profit is the so-called "dividend corridor" within which the appropriate type of dividend policy is implemented.

At the second stage the remaining part of the net profit is distributed to the capitalized and consumed parts. If a joint-stock company adheres to the residual type of dividend policy, then in the process of this stage of calculations, the priority task is the formation of a production development fund, and vice versa.

At the third stage the consumption fund formed at the expense of profit is distributed to the dividend payments fund and the consumption fund of the personnel of the joint-stock company (providing for additional material incentives for employees and satisfaction of their social needs). The basis of such distribution is the chosen type of dividend policy and the obligations of the joint-stock company under a collective labor agreement.

4. Determining the level of dividend payments for one simple the action is carried out according to the formula:

where UDV PA - the level of dividend payments per share;

FDV - dividend payout fund, formed in accordance with the chosen type of dividend policy;

VP - dividend payment fund to holders of preferred shares (according to their envisaged level), K PA - the number of ordinary shares issued by the joint-stock company.

5. Evaluation of the effectiveness of the dividend policy joint-stock company is based on the use of the following indicators:

a) the dividend payout ratio. It is calculated according to the formulas:

K DV = or K DV =

where K DV - dividend payout ratio

FDV - dividend payout fund, formed in accordance with the chosen type of dividend policy;

PE - the amount of net profit of the joint-stock company;

Yes - the amount of dividends paid per share

PE a - the amount of net profit attributable to one share

b) price-to-earnings ratio per share. It is determined by the formula:

where K c / d - the ratio of price and income per share;

РЦ a - market price of one share;

D a - the amount of dividends paid per share.

In assessing the effectiveness of the dividend policy, indicators of the dynamics of the market value of shares can also be used.