Vertical analysis of the statement of financial results. Vertical and horizontal balance sheet analysis. Profit from investment activities

The analysis of financial results begins with the study of the volume, composition, structure and dynamics of profit (loss) before tax in the context of the main sources of its formation, which are profit (loss) from sales and profit (loss) from other activities, i.e. balance of other income and expenses.

Consider example of analysis of financial results according to the profit and loss statement.

We will begin the analysis of financial results by studying the volume, composition, structure and dynamics of profit before tax in the context of the main sources of its formation, which are profit from sales and profit from other activities (Table 1).

Table 1. Profit before tax analysis

The given data indicate that, in the reporting year compared to the previous year, the amount of profit before tax decreased by 3.2 million rubles, or 47%, due to a decrease in profit from sales by 25% and a loss from other activities in the amount of 0 , 5 million rubles in the reporting period.

We will begin the analysis of sales profit by studying its volume, composition, structure and dynamics in the context of the main elements that determine its formation (table 2).

Table 2. Analysis of sales profit

Thus, in the reporting year compared to the previous year, the value of profit from sales decreased by 1.4 million rubles or 25%, due to a faster rate of increase in cost compared to the level of growth in sales revenue (111% versus 102% ). Accordingly, the share of prime cost increased by 4%, and the share of profit from sales in proceeds from sales decreased by 4.0%, which indicates a decrease in the efficiency of current activities and is a consequence of the failure to fulfill the condition for optimizing profit from sales, since the growth rate of the total cost of sales ( 211%) outstrips the sales revenue growth rate (202%).

Then we will analyze the profit from other activities in the context of the incomes and expenses that form it associated with this activity (table No. 3). In the course of the analysis, we will study its volume, composition, structure and dynamics. At the same time, the structures of income and expenses related to other activities, as noted earlier, are analyzed separately.

Table 3. Analysis of profit from other activities

As follows from the above calculations, in the reporting period the company received a loss from other activities in the amount of 0.5 million rubles. The unprofitability of activities is associated with a sharp increase in the amount of interest payable (1314%), against the background of a decrease in interest income of the enterprise, the share of interest receivable in the composition of income from other activities decreased by 13%.

Thus, for the reporting year, the amount of net profit decreased by 0.2 million rubles, or 7%, due to the unprofitableness of other activities (-0.5 million rubles) and the rapid rate of sales.

Drawing a line under the analysis of the company's financial results according to the profit statement, we can state a decrease in all its financial results in the reporting period compared to last year's data to a greater or lesser extent, which is, of course, a negative phenomenon indicating insufficient financial success. economic activity of this company in the reporting year.

Financial analysis is an obligatory component of the financial management of any company. The task of such an analysis is to determine what our state is today, which parameters of the company's work are acceptable and they need to be maintained at the current level, which are unsatisfactory and require surgical intervention. In other words, in order to successfully move on, the company needs to know why its condition has worsened and how to fix the situation (which levers to use most effectively).

In modern conditions, the correct determination of the real financial condition of the enterprise is of great importance not only for the business entities themselves, but also for numerous shareholders, especially future potential investors.

Distinguish between horizontal and vertical financial analysis, with the help of which you can get the most general idea of ​​the qualitative changes that have taken place in the structure of funds and their sources, as well as the dynamics of these changes.

Horizontal analysis allows you to identify trends in changes in individual items of income and expenses and their groups according to financial statements. This type of analysis is based on the calculation of the basic growth rates of income and expenses by balance sheet items or items of the income statement.

Horizontal analysis of reporting consists in the construction of one or more analytical tables, in which absolute indicators are supplemented by relative growth rates. The degree of aggregation of indicators is determined by the analyst. As a rule, the basic growth rates are taken over a number of years, which makes it possible to analyze not only the change in individual indicators, but also to predict their values.

Horizontal and vertical analyzes complement each other. Therefore, in practice, analytical tables are often built that characterize both the structure of the reporting accounting form and the dynamics of its individual indicators. Both of these types of analysis are especially valuable for inter-farm comparisons, since they allow one to compare reports of enterprises that are completely different in terms of the type of activity and production volumes.

In the course of horizontal analysis, the absolute and relative changes in the values ​​of various balance sheet items for a certain period are determined, and the purpose of the vertical analysis is to calculate the net share.

The vertical analysis is based on the presentation of accounting data in the form of relative values ​​that characterize the structure of summarizing totals. An obligatory element of the analysis is the construction of time series of values ​​of these quantities, which makes it possible to track and predict structural changes in the composition of household assets and the sources of their coverage.

Vertical analysis shows the structure of enterprise funds and their sources. There are two main features that determine the need and feasibility of conducting vertical analysis:

• - the transition to relative indicators allows for inter-farm comparisons of the economic potential and performance of enterprises that differ in the amount of resources used and other volume indicators;
• - relative indicators to a certain extent smooth out the negative impact of inflationary processes, which can significantly distort the absolute indicators of financial statements and thereby complicate their comparison in dynamics.

Vertical analysis can be applied to either the original reporting or modified reporting.

All indicators of the comparative balance can be divided into three groups:

• - indicators of the balance sheet structure;
• - indicators of the dynamics of the balance;
• - indicators of the structural dynamics of the balance.

To comprehend the general picture of changes in the financial condition, indicators of the structural dynamics of the balance are very important. Comparing the structure of changes in assets and liabilities, we can conclude through which sources were mainly the inflow of new funds and in which assets these new funds were mainly invested.

For a general assessment of the dynamics of the financial condition of an enterprise, balance sheet items should be grouped into separate specific groups based on liquidity (asset items) and maturity of liabilities (liabilities items). On the basis of the aggregate balance sheet, the analysis of the structure of the property of the enterprise is carried out.

Reading the balance sheet for such systematized groups is carried out using the methods of horizontal and vertical analysis.

factor financial profit profitability

4. Horizontal and vertical analysis of the financial statements of the enterprise

The purpose of horizontal and vertical analysis of financial statements is to visualize the changes that have occurred in the main items of the balance sheet, income statement and cash statement and to help company managers make decisions about how to proceed with their business.

Horizontal analysis consists in comparing the financial data of the enterprise for the two past periods (years) in relative and absolute form in order to draw concise conclusions. Hereinafter, we will use the data of the SVP company. Consider the horizontal analysis of the balance sheet of the enterprise, placed in table. 4.1.

The analysis technology is quite simple: sequentially in the second and third columns, data on the main balance sheet items are placed at the beginning and end of the year. In Western views, end-of-the-year data is often placed first. Then, in the fourth column, the absolute deviation of the value of each balance sheet item is calculated. The last column gives the relative change in percentage of each item.

The presented data allow us to draw the following conclusions.

1. The total assets of the enterprise increased by 35,301, while the amount of liabilities decreased slightly.
2. The increase in the total amount of assets occurred solely due to an increase in retained earnings: the company did not issue new financial instruments, and did not increase debt.
3. The amount of the company's working capital increased by 60,773. This increase was mainly due to accounts receivable. At the same time, the total amount of cash and cash equivalents in the form of marketable securities decreased by 45,752.

Table 4.1. Horizontal analysis of the balance sheet of the SVP company

We also note that against the background of a significant increase in working capital, the value of short-term debts decreased by 14.724 or 5.23%. This decrease was due to accounts payable and bills payable, i.e. due to debts to suppliers. The company managed to compensate for this reduction by increasing accrued liabilities, which in this situation were an additional source of funding.

A similar analysis is made on the basis of the company's profit statement. Table 4.2 is a horizontal analysis of the profit statement.

Table 4.2. Horizontal analysis of the profit statement.

The conclusions that can be drawn on the basis of these data are as follows.

1. The company's revenue increased by 17.7%, while the gross income increased by only 6.88%. This ratio, undesirable for the enterprise, was a consequence of the fact that the costs of direct materials (by 24.39%) and production overhead costs (by 28.18%) increased at a higher rate.
2. The company's operating profit decreased by 2.25%. This decrease in operating profit was the result of a significant (56.10%) increase in administrative costs. The slight reduction in marketing costs failed to balance the very strong rise in administrative costs.
3. Despite the noted undesirable growth rates of the company's costs, the company's net profit remained at the same level (increased slightly by almost 3%). This became possible due to a decrease in the amount of interest payments (the company repaid part of bank loans), as well as due to profits from non-core activities (sale of assets and receipt of dividends from the ownership of corporate rights of other enterprises).

The cash flow statement can also be analyzed using horizontal analysis methods. The analysis technology does not fundamentally change in comparison with the previous approach. However, the format of the report itself should be modified by grouping the receipts and payments of money and presenting all the numerical data in the form of positive numbers. The fact is that horizontal analysis of negative numerical data is not visual and can cause difficulties in interpretation. Note also that for the purposes of horizontal analysis of the statement of the movement of money, a report drawn up on the basis of the direct method is more descriptive.

A horizontal analysis of the cash flow statement for SVP is shown below in table. 4.3.

Table 4.3. Horizontal analysis of the company's cash flow statement.

With the help of the presented data, the following conclusions can be drawn.

1. The resulting net cash flow decreased by 70,789. This decrease was the result of a decrease in the monetary performance of the main activity of the enterprise.
2. Operating cash flow decreased by 45,889. In the XY year, it turned negative. This was a direct result of the following ratio: total cash receipts from operating activities increased by 205,420, while total payments increased by 251,309.
3. An increase in 1) cash payments to suppliers for basic materials and 2) cash payments for operating expenses played a major role in this dramatic deterioration in the company's ability to generate cash. The company was unable to compensate for the increase in these cash payments by a corresponding increase in the receipt of money from consumers of the company's products.
4. The company was unable to compensate for the decrease in cash flow from operating activities through investment and financing activities. Both proved to be ineffective in terms of money: cash flow from investing activities decreased by 2,900, and cash flow from financing activities by 22,000. The latter was due to the payment of cash dividends in the XY year (which were not paid in the previous year).
5. As can be seen from the cash flow statement itself, the company compensated for the significant decrease in cash flow with cash from the sale of marketable securities.

Actually, nothing very tragic happened: market securities represent a kind of reserve of funds, which is designed to compensate for the temporary monetary inefficiency of the enterprise. The company has accumulated such a reserve as a result of its past activities. And in the XY year he played his part. It is clear that now the main task of the company is to prevent a similar situation next year, since the amount of the reserve has significantly decreased.

The results of the analysis allow the management of the enterprise to make the following fundamental recommendations to their management.

1. Improve relationships with suppliers and consumers in order to obtain a more favorable ratio of accounts receivable and payable for ourselves.
2. By all means reduce administrative costs by at least a quarter.
3. The CFO will do his best to find lucrative sources of short-term financing if the vendor cannot meet concessional lending terms.

Vertical analysis allows you to draw a conclusion about the structure of the balance sheet and profit statement in the current state, as well as analyze the dynamics of this structure. The technology of vertical analysis consists in the fact that the total amount of assets of the enterprise (when analyzing the balance sheet) and revenue (when analyzing the profit statement) are taken as one hundred percent, and each item of the financial report is presented as a percentage of the accepted base value.

A vertical analysis of the balance sheet of SVP is shown in Table 4.4. The presented data allow us to draw the following conclusions.

1. The share of the company's working capital is approximately half of the company's assets, and it is increasing every year.
2. The share of fixed assets is decreasing despite the purchase of new equipment.
3. The share of short-term debts is at the level of one third of the assets of the enterprise and does not undergo significant changes.
4. The share of long-term debts of the company is steadily decreasing and at the end of the XY year is 11.68%.
5. The company's equity capital is at the level of 50% of the total amount of its liabilities, which indicates the average level of riskiness of the company to become bankrupt.

A vertical analysis of the profit statement is shown in table. 4.5. Analyzing this data, one can come to the following conclusions.

1. The share of material costs in the XY year is 45.42%, which is more than in the previous year (42.75%). This, in turn, led to an increase in the share of production costs in total revenue.
2. The share of administrative costs in year XY is 6%, which is slightly higher compared to the previous year. At the same time, the share of marketing costs decreased from 10.5% to 8.5%.
3. These changes led to the fact that the share of operating income in revenue decreased from 10.35% to 8.64%. This undoubtedly indicates a decrease in the efficiency of the enterprise's operating activities.
4. The final result of changes in the structure of the company's costs is a decrease in the share of net profit in revenue. In the XY year, it was 5.68% against 6.46% in the XX year.

Based on the results of the vertical analysis, the management of the enterprise can make the following recommendations.

1. The economic services of the enterprise to take urgent measures to strengthen control over the costs of the enterprise.
2. Prevent a decline in the share of operating profit in revenue next year. To achieve an increase in this value, at least to the level of the last year.
3. To analyze in more detail the composition of fixed assets of the enterprise in order to make a decision on their renewal.

Table 4.4. Vertical analysis of the balance sheet of the SVP company.

Table 4.5. Vertical analysis of the profit statement

As follows from the above description, horizontal and vertical analysis of the financial statements of an enterprise is an effective tool for researching the state of the enterprise and the effectiveness of its activities. The recommendations made on the basis of this analysis are constructive and can significantly improve the state of the enterprise if they can be implemented.

At the same time, the possibilities of this type of analysis are limited under the condition of strong inflation, which is typical for the CIS countries at the present time. Indeed, inflation greatly distorts the results of comparing the values ​​of balance sheet items in the process of horizontal analysis, since the valuation of different groups of assets is affected by inflation in different ways. Given a high turnover of working capital, the assessment of their main components (accounts receivable and inventory) manages to take into account the change in the price index for material resources, both entering the enterprise and leaving it in the form of finished products. At the same time, the valuation of the company's fixed assets, made on the basis of the historical cost principle, does not have time to take into account the inflationary increase in their real value. To eliminate this deficiency, the state introduces the so-called indexation of fixed assets, which allows, with the help of certain increasing factors, to increase the book value of fixed assets. However, in real practice, these multiplying coefficients are not able to take into account real inflation rates. This leads to a significant imbalance in the structure of the assets of the enterprise, and, therefore, also distorts the results of the vertical analysis.

There are at least three approaches to eliminating the influence of inflation on the results of horizontal and vertical analysis:

1. recalculation of balance sheet data taking into account different price change indices for different types of resources,
2. recalculation of balance sheet data taking into account a single inflation index for various types of resources,
3. recalculation of all balance sheet items for each point in time into hard currency at the exchange rate as of the balance sheet date.

From the point of view of each of the approaches, one of the balances is taken as the base one (for example, the earliest or the latest in the time of compilation of the balance). Then the data of all other balances are recalculated taking into account the assumptions made in the framework of the listed approaches. And only after such a recalculation, there is a comparison of balance sheet items horizontally or vertically.

Unfortunately, none of these approaches can eliminate the impact of inflation in real practice. The first approach seems to be the most accurate. However, when using it, the values ​​of inflation indices are required for each separate type of resource (office equipment, office furniture, technological equipment, etc.). Unfortunately, such values ​​cannot be obtained from official sources in real conditions. And it is usually very expensive for an enterprise to specifically search for input data for evaluating these indices.

The second approach uses a single inflation index, and it obviously does not reflect the change in the real value of various assets. Formally, the recalculation of the value of assets can be made, and the data obtained in this way are more comparable for the purposes of horizontal and vertical analysis in comparison with the original data. However, such an approach cannot guarantee a real ratio of the value of assets.

Finally, the translation of balance sheet data into hard currency using the exchange rate at the balance sheet date also does not guarantee the real ratio of the values ​​of various assets. The point is that the exchange rate reflects the ratio of values ​​in different currencies only for monetary assets (essentially, only cash and marketable securities). Of course, the carrying amount of property, plant and equipment, translated at the exchange rate and compared at the beginning and end of the year, will not reflect the real market value of these assets. It should also be taken into account that a hard currency within a country with a strong inflation rate is also prone to inflation, i.e., for example, the dollar value of an asset can change significantly over time, despite the fact that in the USA the inflation rate does not exceed two percent ...

The final conclusion is this: in the process of horizontal and vertical analysis, the national currency of the country should be used and the balance sheet items should not be recalculated due to changes in the price level. At the same time, simultaneously with the presentation of the analysis results, the inflation rate for the period on the boundaries of which the balance sheet of the enterprise is compiled should be indicated. If the annual inflation rate does not exceed 6 - 8 percent, then the results of horizontal and vertical analysis of financial statements can be considered useful and based on them appropriate conclusions can be drawn.

Vertical analysis Is a method for diagnosing the financial condition of an organization and assessing the dynamics of changes in the structure. The purpose and essence of vertical analysis of financial statements is to analyze changes in the structure of financial indicators for the period under review. This analysis is used to assess the structure of the balance sheet, income statement and cash flow statement. In the article we will consider how the vertical analysis of the balance sheet and the statement of financial results is carried out on the example of the enterprise PJSC KAMAZ.

The directions of the vertical analysis of the organization's balance sheet are as follows:

• Assessment of structural changes in the company's assets / liabilities.
• Calculation of the change in the share of the company's borrowed capital.
• Determination of the composition of circulating and non-circulating capital.
• Comparison of the capital structure of different companies or companies in different industries.

Vertical analysis can be applied not only to the balance sheet, but also to the statement of financial results ( form number 2) when determining the structure of income and expenses. For example, to diagnose the structure of revenue or profit from sales, etc. Vertical analysis can similarly be used for the statement of changes in equity ( form No. 3) and cash flow statement ( form No. 4), but, as a rule, vertical analysis is limited to the balance sheet and income statement.

Comparison of vertical balance sheet analysis with other methods of financial analysis

Vertical analysis is one of the tools (methods) for analyzing the financial statements of an organization to diagnose a negative trend in indicators, a decrease in financial stability due to an increase in the share of borrowed capital, etc. In addition to it, other methods are also used ⇓.

An example of vertical analysis of the balance sheet for PJSC KAMAZ in Excel

Consider an example of a vertical analysis of the balance sheet for the company KAMAZ PTC. To do this, you need to download the balance from the official website of the company or follow the link →.

We will conduct a vertical analysis of non-current assets, for this it is necessary to assess what part / share is occupied by its constituent parts.

Share of intangible assets (F9) = C9 / $ C $ 18

Share of research and development results(F10) = C10 / $ C $ 18

Share of fixed assets(F13) = C13 / $ C $ 18

Share of profitable investments in material assets(F14) = C14 / $ C $ 18

Share of financial investments(F15) = C15 / $ C $ 18

Share of deferred tax assets(F16) = C16 / $ C $ 18

Share of other non-current assets(F17) = C17 / $ C $ 18

You can see that the sum of all parts will give 100%. The figure below shows an example of conducting a vertical analysis of non-current assets in the balance sheet ⇓.

At the next stage, we can distinguish the maximum and minimum shares in the formation of non-current assets for 2014.

The maximum share in the formation of non-current assets (66.3%) is occupied by fixed assets, the minimum share in the results of research and development (0.4%). To reflect the dynamics of changes in the structure, it is necessary to build a diagram of areas ⇓.

It can be noted that by 2016 there has been a decrease in the share of fixed assets (fixed assets) from 66.3% to 36.1% and an increase in the share of financial investments from 7% to 43%. A decrease in the share of fixed assets may indicate a decrease in the enterprise's investments in production and the development of long-term potential. Fixed assets include: buildings, structures, equipment, vehicles, tools and inventory.

Vertical analysis of the statement of financial results

The versatility of the method allows it to be applied to analyze the statement of financial results (form No. 2) and to determine how the share of expenses and incomes changed when generating revenue. For example, let's take the previous financial statements of KAMAZ PTC and reflect the change in revenue indicators for 2015 and 2016. You can see that the revenue is 100%.

Income from subsidies received (E8) = C8 / C7

Cost of sales (E9) = C9 / $ C $ 7

Gross Profit (E10) = C10 / $ C $ 7

All other lines of the income statement are calculated in the same way. The figure below shows an example of applying the ⇓ method.

As can be seen from the figure, the cost of goods produced (costs) is higher than the revenue, but the positive revenue is maintained at the expense of income in the form of subsidies.

From 2015 to 2016, there was an increase in the share of gross profit from 4.6% to 9,%, a decrease in profit from sales from 6.2% to 4.4%, a decrease in profit before tax from 4.7% to 1.3%.

conclusions

Vertical analysis is used as a method for analyzing financial indicators from the balance sheet, statement of financial results, and can also be used for the statement of cash flows and for the statement of capital flows. The method is used to assess the dynamics of the structure of assets and liabilities of the balance sheet. To carry out a comprehensive financial analysis, it must be used in conjunction with horizontal and coefficient analysis, as well as assessment by bankruptcy models.

2.2 Vertical and horizontal analysis of the financial statements of the enterprise on the example of JSC "Neftekamskshina"

Horizontal analysis involves the calculation of indicators of growth rates and growth of indicators, which are used to assess the dynamics of key indicators, in addition, using this analysis, you can track atypical (other than average) changes in indicators, which can be used to assess the reliability of reporting.

The purpose of horizontal and vertical analysis of financial statements is to visualize the changes that have occurred in the main items of the balance sheet, income statement and cash statement and to help company managers make decisions about how to proceed with their business.

Horizontal analysis consists in comparing the financial data of the enterprise for the past periods (years) in a relative and absolute form in order to draw concise conclusions.

The analysis technology is quite simple: sequentially in the second and third columns, data on the main balance sheet items are placed at the beginning and end of the year. In Western views, end-of-the-year data is often placed first. Then, in the fourth column, the absolute deviation of the value of each balance sheet item is calculated. The last column gives the relative change in percentage of each item.

Vertical analysis allows you to draw a conclusion about the structure of the balance sheet and profit statement in the current state, as well as analyze the dynamics of this structure. The technology of vertical analysis consists in the fact that the total amount of assets of the enterprise (when analyzing the balance sheet) and revenue (when analyzing the profit statement) are taken as one hundred percent, and each item of the financial report is presented as a percentage of the accepted base value.

Consider the horizontal analysis of the balance sheet of JSC "Neftekamskshina" for 2007-2009, presented in table 2.1.

Table 2.1 - Horizontal analysis of the balance sheet asset of JSC Neftekamskshina "for 2007-2009.

The presented data allow us to draw the following conclusions:

In 2008, the value of the property increased by 388,472 thousand rubles. or 8.9%. (Table 2.2.1).

The amount of non-current assets in 2008 compared to 2007 increased by 47,148 thousand rubles, which is 1.60% as a percentage. An increase in the value of fixed assets by 275,526 thousand rubles had a significant impact on the value of non-current assets.

The amount of current assets increased by 341,324 thousand rubles, which is 24.3% as a percentage, and amounted to 1,752,046 thousand rubles. The increase in the amount of current assets is associated with a significant increase in accounts receivable (payments for which are expected within 12 months after the reporting date). This value at the end of 2008 is equal to 1,106,112 thousand rubles.

In 2009, the value of the property decreased by 462,756 thousand rubles, or 9.67%. The amount of non-current assets in 2009 compared to 2008 increased by 161,436 thousand rubles, which in percentage terms was 5.33%. An increase in fixed assets by 206,340 thousand rubles had a significant impact on the value of non-current assets.

The amount of current assets decreased by 462,756 thousand rubles, which is 35.63% as a percentage and amounted to 1,127,854 thousand rubles. The decrease in the amount of property, plant and equipment is associated with a significant decrease in accounts receivable (payments for which are expected within 12 months after the reporting date). This value at the end of 2009 is equal to 297 736 thousand rubles.

We examined the dynamics of changes in non-current and current assets for the period 2007-2009. and clearly presented in Figure 2.1.

Figure 2.1 - Dynamics of changes in non-current and circulating assets of JSC Neftekamskshina for 2007-2009.

The structure of assets changed in 2008: the share of non-current assets increased by 1.60%, and the share of circulating assets also increased by 24.2%. Whereas in 2009 the share of non-current assets increased by 5.33%, and the share of current assets decreased by 35.63%.

As we can see from the figure, a slight increase in the amount of non-current assets was mainly due to the increased cost of fixed assets, while other indicators in the reporting period decreased compared to the previous one.

Analyzing the value of current assets, we identified the indicators due to which its amount increased. In our case, these are indicators:

Receivables;

Other current assets.

Similarly, let us carry out a horizontal analysis of the balance sheet liability of JSC "Neftekamskshina", presented in table 2.2.

Table 2.2. - Horizontal analysis of the balance sheet liability of JSC "Neftekamskshina" for 2007-2009.

Having analyzed the data in the table, we observe a decrease in the amount of capital and reserves in 2008 compared to the previous year by 186,121 thousand rubles, which in percentage terms is -18.6%, also a decrease in the amount in 2009 compared to 2008 by 69 940 thousand rubles, which in percentage terms amounted to 8.56%

In 2008, the total capital increased by 388,472 rubles (8.8%) and amounted to 6,646.1 million at the end of the year. rubles. In 2009, the total capital decreased by 462,756 thousand rubles, which is 9.68% as a percentage.

There was also a decrease in the amount of long-term liabilities by 73,716 thousand rubles, in percentage terms this value is -18.4% and in 2009 compared to the previous year by 101,348 thousand rubles, in percentage terms - 30.97%.

There was an increase in 2008 in short-term liabilities by 648,309 thousand rubles, which in percentage terms was 21.7%, and in 2009 by 291,468 thousand rubles. or 8.01%.

Thus, we can clearly see that the share of borrowed capital exceeds the share of equity capital, and this ratio is a negative trend.

Having considered the dynamics of changes in total capital, we present it in the form of Figure 2.2.

Figure 2.2 - Dynamics of changes in the liabilities of the balance

JSC Neftekamskshina "for 2007-2009.

When studying and evaluating indicators, various types of comparative analysis are used: horizontal, vertical, trend. With the help of horizontal analysis, the absolute and relative deviations of items are determined in comparison with the beginning of the reporting period, the previous period. Vertical analysis is used to study the structure of funds and sources, by calculating the proportion of individual items in the totals.

Trend analysis allows you to compare each reporting item with a number of previous periods and determine the trend, that is, the main trend in the dynamics of indicators, excluding random influences and individual characteristics of individual periods.

Table 2.3 - Vertical analysis of the profit and loss statement of JSC "Neftekamskshina" for 2007-2009.

In 2008, we observe an increase in revenue from 6,324,459 thousand rubles. up to 7 409 233 thousand rubles. and a decrease in 2009 to 6 879 708 thousand rubles. The share of the cost price of JSC Neftekamskshina in the total revenue increased from 91.41% to 93.12% in 2008 and to 94.29% in 2009.

It is also worth noting a decrease in sales profit from 8.59% to 6.88% in 2008 and to 5.71% in 2009. At the same time, there is a decrease in other income from 2.20% to 1.42% and, accordingly, an increase in other expenses from 8.08% to 9.33%. In 2009, there was a simultaneous decrease in other income and expenses to 1.83% and 7.73%, respectively.

We also notice a decrease in income tax in 2008 from 1.82% to 1.10% and an increase in 2009 to 1.37%. The result of all this is a loss of 94,478 thousand rubles.

The prime cost in 2008 compared to the previous one increased by 1,118,595 thousand rubles, while in 2009 this indicator decreased to 6,486,876 thousand rubles.

Net profit in 2008 in comparison with the previous year decreased by 148,881 thousand rubles. In 2009, the net profit increased by 88 697 thousand rubles.

Similarly to the vertical analysis of the profit and loss statement of JSC "Neftekamskshina", let us consider the vertical analysis of the balance sheet for 2007-2009, presented in table 2.4.

Conclusion based on the vertical analysis of the balance sheet asset of JSC "Neftekamskshina" for 2007-2009. lies in the fact that in 2008 the share of the company's non-current assets decreases from 67.90% to 63.37%, and the share of the company's working capital increases from 32.10% to 36.63%, while in 2009 compared to the previous the share of non-circulating assets of the enterprise increased to 73.39%, and the share of circulating assets decreased to 26.11%.

It should be noted that the share of construction in progress has decreased from 8.96% in 2007 to 3.64% in 2009.

Table 2.4 - Vertical analysis of the balance sheet asset of JSC "Neftekamskshina" for 2007-2009.

The share of long-term financial investments remains practically unchanged.

The amount of reserves decreases from 14.27% to 12.57% in 2008 compared to the previous year and increases in 2009 to 16.20%.

Accounts receivable in 2008 has a tendency to increase: from 15.08% to 23.13%, while the share of cash - to decrease: from 0.03% to 0.008%. In 2009, accounts receivable decreased significantly to 6.89%, while the share of cash increased to 0.17%.

Table 2.5 - Vertical analysis of the balance sheet liability of JSC "Neftekamskshina" for 2007-2009.

Conclusions based on the vertical analysis of the balance sheet liability of JSC "Neftekamskshina" for 2007-2009:

The share of the authorized capital of JSC Neftekamskshina in 2008 remained unchanged, but in percentage terms this value changed: in 2008 it was 1.37%, while in 2007 it was 1.50%. In 2009, the share of the authorized capital amounted to 55 701 thousand rubles, which in percentage terms was 1.29%;

The share of additional capital decreased from 37.13% in 2007 to 33.85% in 2008 and increased to 37.29% in 2009;

The share of loans and borrowings decreased from 5.01% to 0.62% from 2007 to 2009, while the share of deferred tax liabilities increased from 4.11 to 4.61%;

The share of accounts payable increased from 21.09% to 27.93% in 2008 and decreased to 23.29% in 2009;

The share of retained earnings increased to 21.50% in 2009 compared to 2007, where this figure was 15.78%.

Thus, as follows from the above analysis, horizontal and vertical analysis is an effective tool for studying the state of the enterprise and the effectiveness of its activities. Recommendations made on the basis of this analysis are of a constructive nature and can significantly improve the financial condition of the enterprise of JSC "Neftekamskshina".

New car factories, which are created with the participation of leading foreign manufacturers, which are deploying their activities not only in Russia, but also in the CIS. 2.2 Analysis of the provision of JSC "Neftekamskshina" with labor resources Intensification of social production, increasing its economic efficiency and product quality presupposes the maximum development of economic initiative ...

The optimal combination of elements of domestic and foreign cost calculation methods); reduction in production costs; increasing the profitability and efficiency of domestic enterprises. 3.2 The main directions of reducing the cost of production of JSC "Neftekamskshina" The activity of any organization, both newly created and already functioning, is aimed at maximizing profits. ...

And the deterioration in the financial condition of the enterprise. Analysis of the financial condition of the enterprise is divided into internal and external, the goals and contents of which are different. An internal analysis of the financial condition of an enterprise is a study of the mechanisms for the formation, placement and use of capital in order to find reserves to strengthen the financial condition, increase profitability and increase its own ...