Cash flow management at the enterprise on the example of OJSC "MGTS"

The diploma was defended at 4.

Insufficiency in chapter 3, practically no practice - the topic is not sufficiently disclosed (one theory).

All successful defense.

Introduction 7 pp

1. Theoretical basis cash flow management in the company 9 pages

1.1 Concept, essence of cash flow management 9 pp

1.2 Planning cash flows 18 pages

1.3 Fundamentals of cash flow analysis page 23

2. Analysis of cash flow management at the enterprise of OJSC "MGTS" 35 pages

2.1 general characteristics enterprises 35 pages

2.2 Analysis of the dynamics and factors of change in the volume of cash

streams 42 pages

2.3 Analysis of relative indicators of cash flows 48 pages

3. Recommendations for improving the management of cash flows of the enterprise 56 pages

3.1 The main directions of improving the management of cash flows of the enterprise 56 pp

3.2 Improving cash flow planning

OJSC "MGTS" 61 pages

3.3 Directions for optimizing cash flows and management decisions 68 pp

Conclusion 81 pp

List of sources used 85 pages

Introduction

During the world financial crisis many enterprises are faced with an acute shortage of funds they need to carry out their current and investment activities.

When considering the reasons, it is possible to single out the low efficiency of attracting and using monetary resources, the limitedness of the financial instruments, technologies and mechanisms used in this case. Since financial instruments and technologies are always based on the development of financial science and practice, their use is especially important when there is a lack of financial resources.

Cash flow management is a part of financial management and is carried out within the framework of the financial policy of the enterprise, which the enterprise adheres to in order to achieve the general economic goal of its activities. The task of financial policy is to build an effective financial management system that ensures the achievement of the strategic and tactical goals of the enterprise.

The rational formation of cash flows contributes to the rhythm of the operating cycle of the enterprise and ensures the growth of production volumes and product sales. At the same time, any violation of payment discipline negatively affects the formation of production stocks of raw materials and materials, the level of labor productivity, the sale of finished products, the position of the enterprise in the market, etc. as a consequence of the imbalance of various types of cash flows over time.

Cash flow management is an important factor in accelerating the turnover of a company's capital. This is due to a reduction in the duration of the operating cycle, more economical use of own funds and a decrease in the need for borrowed funds. Consequently, the efficiency of the enterprise depends entirely on the organization of the cash flow management system. This system is created to ensure the implementation of short-term and strategic plans enterprise, maintaining solvency and financial stability, more rational use of its assets and, as well as minimization of financing costs economic activity.

The calculation of the net cash flow for the enterprise as a whole, its individual structural divisions (centers of responsibility), various types of economic activities or individual business operations is carried out according to the following formula:

NDP = PDP-NDP, (1)

where NPP is the sum of the net cash flow in the period under consideration;

PDP - the sum of positive cash flow (cash inflows) in the period under review;

MTO - the amount of negative cash flow (spending of funds) in the period under review.

As can be seen from this formula, depending on the ratio of the volumes of positive and negative flows, the amount of net cash flow can be characterized by both positive and negative values ​​that determine the final result of the corresponding economic activity of the enterprise and ultimately affect the formation and dynamics of the balance of its monetary assets. ...

5. According to the level of volume sufficiency, the following types of enterprise cash flows are distinguished:

- excess cash flow. It characterizes such a cash flow in which the receipts of funds significantly exceed the real need of the enterprise in their purposeful spending. The evidence of excess cash flow is a high positive value of the net cash flow that is not used in the process of carrying out the economic activities of the enterprise;

- scarce cash flow. It characterizes such a cash flow, in which the receipts of funds are significantly lower than the real needs of the enterprise in their purposeful spending. Even with a positive value of the amount of net cash flow, it can be characterized as a deficit if this amount does not meet the planned need for spending money in all the foreseen areas of the company's economic activity. A negative value of the amount of net cash flow automatically makes this flow in deficit.

6. According to the method of assessment in time, the following types of cash flow are distinguished:

- real cash flow. It characterizes the cash flow of the enterprise as a single comparable value, reduced in value to the current moment in time;

- future cash flow. It characterizes the cash flow of the enterprise as a single comparable value, reduced in value to a specific upcoming moment in time. The concept of future cash flow can also be used as its nominal identified value in the forthcoming moment of time (or in the context of intervals of the future period), which serves as a discount base in order to bring it to its present value.

The considered types of cash flow of the enterprise reflect the content of the concept of assessing the value of money in time in relation to the business operations of the enterprise.

7. According to the continuity of formation in the period under review, the following types of enterprise cash flows are distinguished:

- regular cash flow. It characterizes the flow of receipt or expenditure of funds for individual business transactions (cash flows of the same type), which in the considered period of time is carried out constantly at separate intervals of this period. Most of the types of cash flows generated by the operating activities of the enterprise are of a regular nature: flows associated with servicing a financial loan in all its forms; cash flows ensuring the implementation of long-term real investment projects etc.;

- discrete cash flow. It characterizes the receipt or expenditure of funds associated with the implementation of single business operations of the enterprise in the period under review. The nature of discrete cash flow is a one-time expenditure of funds associated with the acquisition of an integral property complex; purchase of a franchise license; admission financial resources by way of gratuitous assistance, etc.

Considering these types of cash flows of the enterprise, you should pay attention to the fact that they differ only within a specific time interval. For a certain minimum time interval, all cash flows of the enterprise can be considered as discrete. And vice versa - within life cycle the enterprise the majority of its cash flows are regular.

8. According to the stability of time intervals of formation, regular cash flows are characterized by the following types:

- regular cash flow at regular time intervals Within the period under review. This cash flow of receipt or expenditure of funds is of the nature of an annuity;

- regular cash flow with irregular time intervals Within the period under review. An example of such a cash flow would be a schedule of lease payments for leased property with agreed parties at irregular intervals during the lease period of the asset.

The considered classification allows for more purposeful accounting, analysis and planning of various types of cash flows at the enterprise.

The cash flow of an enterprise is the aggregate of distributed over time receipts and payments of cash generated by its economic activities.

The high role of effective management of enterprise cash flows is determined by the following basic provisions:

1. Ensures the financial balance of the enterprise in the process of its strategic development. The pace of development, the financial stability of an enterprise is largely determined by how different types of cash flows are synchronized with each other in terms of volume and time. The high level of such synchronization provides a significant acceleration in the implementation of the strategic development goals of the enterprise.

2. Allows to reduce the need of the enterprise in borrowed capital. By actively managing cash flows, you can ensure a more rational and economical use of your own financial resources, formed from internal sources, to reduce the dependence of the rate of development of the enterprise on the attracted loans.

3. It is an important financial leverage that accelerates the turnover of the capital of the enterprise. This is facilitated by a reduction in the duration of production and financial cycles, achieved in the process of effective cash flow management, as well as a decrease in the need for capital serving the economic activities of the enterprise. By accelerating capital turnover due to effective management of cash flows, the company ensures an increase in the amount of profit generated over time.

4. Provides a reduction in the risk of insolvency of the enterprise. Even for enterprises that successfully carry out economic activities and generate a sufficient amount of profit, insolvency can arise as a result of the imbalance of various types of cash flows over time. The synchronization of the receipt and payment of funds, achieved in the process of managing the company's cash flows, eliminates this factor of the emergence of its insolvency.

5. Allows the company to receive additional income generated directly by its monetary assets. This is, first of all, about the effective use of temporarily free cash balances in the composition of current assets, as well as the accumulated investment resources in the implementation of financial investments. A high level of synchronization of receipts and payments of funds in terms of volume and time makes it possible to reduce the company's real need for current and insurance balances of monetary assets serving the operational process, as well as a reserve of investment resources formed in the process of real investment. Thus, the effective management of the enterprise's cash flows contributes to the formation of additional investment resources for the implementation of financial investments, which are a source of profit.

The elements of the cash flow management system should include financial methods and tools, regulatory, information and software.

Among the financial methods that have a direct impact on the dynamics and structure of the company's cash flows, there is a system of settlements with debtors and creditors; relationships with founders (shareholders), counterparties, government agencies; lending; financing; fund formation; investment; insurance; taxation; factoring, etc .;

Financial instruments combine money, loans, taxes, forms of settlement, investments, prices, bills of exchange and other stock market instruments, depreciation rates, dividends, deposits and other instruments, the composition of which is determined by the peculiarities of the organization of finance at the enterprise;

The legal support of an enterprise consists of a system of state legislative and regulatory acts, established norms and standards, the charter of an economic entity, internal orders and orders, and a contractual framework.

In modern conditions necessary condition business success is the timely receipt of information and prompt response to it, therefore, an important element of cash flow management of an enterprise is intra-company information.

The use of applied accounting programs provides the financial manager with accounting and often analytical information, therefore, the choice of such programs must be approached with caution when choosing such software, which would most fully meet the requirements of reliability, reliability and transparency of information, flexibility in settings for the specifics of the enterprise's business, and would also comply with the current legislation.

Thus, the cash flow management system at the enterprise is a set of methods, tools and specific techniques of purposeful, continuous influence from the financial service of the enterprise on the cash flow in order to achieve the set goal.

Effective management cash flows increases the degree of financial and production flexibility of the company, as it leads to:

- possible discrepancies between the amount of annual net profit / loss and: real net cash flow from the main (current) economic activity and the reasons for this discrepancy;

- the impact on the financial condition of the organization of its investment and financial transactions related and not related to cash flow;

- the impact on the future financial condition of the organization of decisions made in the past in the field of investment and financing;

- the size of the estimated need for external financing. Despite the usefulness of structuring cash flows in three areas of activity (current, investment and financial), no less interest for the analysis of cash flows is information about the internal and external sources of financing of the organization and the directions of use of its financial resources.

External sources of financing - an increase in the value of equity capital (primarily authorized) and debt (primarily the total amount of loans and borrowings). The decrease in the value of equity and borrowed capital can, respectively, be considered an external use of funds.

Internal financial sources include cash at the beginning of the reporting period, proceeds from the sale (i.e. disinvestment) of non-current assets and net cash flow from current activities (NPT). The latter is the main source of self-financing of the organization and therefore should constitute a significant share in the structure of internal financing of any business entity.

Calculating the NPLT by an indirect method, we can distinguish two of its components: active self-financing and hidden financing.

Active self-financing refers primarily to the use of own funds(net profit and depreciation charges), and under hidden financial sources - those that can be equated to their own for a certain period of time, for example, a change in the value of own working capital, deferred income.

Change in the value of its own working capital as the main hidden financial source can be calculated as the total amount of changes in the size of current assets and accounts payable.

The growth in the value of circulating assets (tangible circulating assets and receivables) is considered investment investments (investments), and its decrease, on the contrary, is disinvestment.

An increase in accounts payable, including advances received, is usually called financing, and its decrease, respectively, is definancing.

An analytical report (direct method) can be used to generate detailed information on the state and cash flow of an organization.

In turn, the use of the indirect method for calculating the NPPT allows us to show at the expense of which non-monetary items the amount of net profit (loss) declared by the organization in the profit and loss statement differs from the NPPT value. It often happens that an enterprise in the conditions of using the accrual method has a significant profit and, at the same time, low solvency.

The analysis of the company's cash flows includes the following stages.

1st stage. Preparation of a cash flow statement for economic reading.

The purpose of the first stage is to assess the "quality" of the initial data and, above all, the cash flow statement for the following items:

- definition of external and internal users of reporting;

- analysis of the structure of the cash flow statement;

- determination of the composition and value of monetary assets for which cash flows are calculated in the statement of cash flows;

- checking the completeness of accounting for expenses and income not related to cash flows;

- distribution by type of activity of ambiguously classified flows (for example, related to the payment and receipt of interest, dividends and taxes).

0

Faculty of Economics

COURSE WORK

by discipline: "Analysis of financial and economic activities of enterprises"

Analysis of cash flows according to the cash flow statement of the enterprise (on the example of OJSC "Kumertau Aviation Production Enterprise")

annotation

This paper outlines the theoretical aspects of the formation of cash flows; the characteristics of the open joint-stock company "Kumertau Aviation Production Enterprise" are given; analyzed the formation of cash flow and suggested ways to increase it at JSC "KumAPP".

The work was done in print on 37 pages using 33 sources, contains 11 tables, 1 figure.

Introduction .................... 4

1 Theoretical aspects formation of cash flows ............................... 6

1.1 The concept of cash flow at the enterprise .................................. 6

1.2 Factors shaping cash flows .................................. 9

1.3 Methods of cash flow management .................................. 10

2 Analysis of cash flows of the enterprise (on the example of OJSC "KumAPP") ....... 13

2.1 Organizational and economic characteristics of the enterprise .................... 13

2.2 Financial analysis of economic activities ............... 16

2.3 Analysis of the formation of cash flow ............................................. ........... 24

3 Problems of the formation of cash flow in JSC "KumAPP" and the ways of their improvement .......... 29

3.1 Problems of the formation of the company's cash flow ......................... 29

3.2 Ways to increase cash flow at KumAPP OJSC ............................. 30

Conclusion ............. 31

List of sources used ........................... 34

Introduction

The relevance of the topic is determined by the fact that scientific approaches to the formation of enterprise cash flows allow financial sustainability and solvency in both the current and future periods. Therefore, cash flows of any enterprise, regardless of ownership, are a key object of financial management.

Purpose of implementation term paper consists in studying the process of generating cash flows according to the cash flow statement using the example of a manufacturing enterprise and obtaining practical skills in calculating the main indicators characterizing the movement of financial resources.

Within the framework of the set goal, the following tasks should be solved in the work:

Studied the theoretical aspects of the formation of cash flows;

The procedure for the formation of cash flows in OJSC KumAPP is characterized;

The ways of increasing cash flows in OJSC "KumAPP" are proposed.

The object of the course work is a manufacturing enterprise

open joint-stock company"Kumertau Aviation Production Enterprise", which produces aircraft, implements it Maintenance and repair.

The subject of the course work is cash flows of OJSC KumAPP, factors that influence them and possible ways to increase cash flows.

The work used the financial documentation and reporting of JSC "KumAPP" for the period 2009-2011.

Theoretical questions were studied based on the materials of the textbooks of the authors V.G. Artemenko, G.I. Andreeva, S.V. Bolshakova, E.V. Dobrenkova, A.M. Dolgorukova, V.S. Efremov, L. Kolpina and others. For the study, materials from periodicals were used, such as the journals "Directory of the Economist", "Finance".

1 Theoretical aspects of the formation of cash flows

1.1 The concept of cash flow in the company

Cash flow is cash received by the enterprise from all types of activities and spent on ensuring further activities.

The inflow of funds is carried out at the expense of proceeds from the sale of products (goods, works, services), proceeds from the sale of property, an increase in the authorized capital through an additional issue of shares, received loans and borrowings, funds from the issue of corporate bonds, targeted financing, etc.

Cash outflows arise as a result of covering current (operating) costs, investment costs, payments to the budget and off-budget funds, payment of dividends and interest to holders of equity securities, commissions to intermediaries, etc.

The difference between all receipts and transfers of funds for a certain period (month, quarter, year) forms a net cash inflow (cash reserve).

The main factor in the formation of cash flow is the payment by buyers of the value of the products sold by the enterprise. Ultimately, it is the presence or absence of funds that determines the possibilities and directions of development of the enterprise, including the possibility of investing funds in order to obtain additional income. In addition, the enterprise needs a constant availability of a certain amount of cash as the most liquid assets that support its solvency.

According to economists E.V. Dobrenkov and A.M. Dolgorukov, there are fundamental differences between the amount of cash (net inflow) and the amount of profit received in a given period, which is not always understood by enterprise managers. In particular, in the income statement, the financial result (profit) is formed in accordance with the accounting principle of accrual, according to which income and expenses, regardless of the actual cash flow, are reflected in the accounting period in which they took place.

Besides, certain types accrued costs and reserves, such as depreciation charges and reserves for future expenses, increase production costs, but do not cause any outflow of cash at all

funds. The investment operations of the enterprise generate significant cash flows, but are practically not reflected in the calculation of profit. Financial transactions that are not related to operating and non-operating income and expenses (for example, obtaining and repaying loans and borrowings, targeted financing) are also not reflected in the reporting when generating profit.

Thus, the cash basis used to calculate cash flows is significantly different from the accrual basis used to determine profit.

Profit expresses the increase in the advanced value, which characterizes the efficiency of enterprise management. However, the presence of profit does not mean that the enterprise has free funds available for spending.

Systematic accounting and control of cash flows in a modern enterprise helps to ensure financial stability and solvency both in the current and in the future periods. The relevant department of the enterprise must manage cash flows in such a way that profitability is maximized, and liquidity is maintained at a sufficiently high level.

With a lack of financial resources, a self-financing enterprise is forced to attract funds in the form of loans. So that the need for a loan does not arise during the period, it is advisable, within the available possibilities, to distribute income and expenses by months in such a way that in the months with the lowest income the least expenses are made and vice versa. At the same time, the total amount of receipts and expenses for the period, of course, does not change.

In practice, this means either an increase in revenues or a decrease in expenses in certain months (quarters) of the period. The increase in receipts is mainly ensured by the acceleration of the turnover of accounts receivable, and the reduction in costs - by the slowdown in the turnover of accounts payable. The latter can be regulated only in terms of settlements with suppliers and advances. The rest of the payments on the company's debts are regulated, and accounts payable on these payments can only increase, turning into overdue.

For effective regulation of cash flows, they are classified.

Classification attribute	Types of cash flows
1. Type of financial and economic activity	1.1. For current (operating) activities 1.2. For investment activities 1.3. By financial activities
2. The scale of service of the business process	2.1. Aggregate cash flow for enterprises as a whole 2.2. Cash flow of a structural unit (branch) 2.3. Subsidiary cash flow 2.4. Cash flow for individual and business transactions
	3.1. Incoming cash flow (cash inflow) 3.2. Outgoing cash flow (outflow of money)
4. Form of implementation	4.1. Cash cash flow 4.2. Cashless cash flow
5. Scope of treatment	5.1. External cash flow 5.2. Internal cash flow
6. Duration of the time lag	6.1. Short-term cash flow 6.2. Long-term cash flow
7. By the level of sufficiency of funds	7.1. Excess 7.2. Optimal 7.3. In short supply
8. Type of currency	8.1. In national currency 8.2. In foreign currency
9. By the method of predictability	9.1. Expected (projected) cash flow 9.2. Random stream
10. Continuity of formation	10.1. Regular cash flow 10.2. Discrete cash flow
11. Stability of time intervals of education	11.1. Regular cash flow at regular time intervals (lags) 11.2. Regular cash flow at irregular time intervals
12. Estimation in time	12.1. Real cash flow 12.2. Future cash flow

Thus, cash is the most limited (scarce) resource in a market economy, and the success of a firm is largely determined by the ability of its management to effectively use cash.

Each type of cash flow requires a special management approach. So, the cash flow for current (operating) activities includes the receipt and use of funds that ensure the performance of production and commercial functions of the enterprise.

Economist Efremov identifies the following categories that form cash flow:

- cash proceeds from the sale of products (goods, works and services) in the current period;

- receipts from the resale of goods received through barter exchange;

- receipts from the repayment of accounts receivable in the reporting period;

- advances received from buyers and customers;

- special-purpose financing;

- received short-term loans;

- other supply.

The outflow of funds occurs due to:

- payment of invoices to suppliers and contractors;

- remuneration of personnel;

- deductions to the budget and contributions to extra-budgetary funds;

- payments of accountable amounts;

- repayment of short-term loans and borrowings, including payment of interest;

- short-term financial investments;

- other payments.

in financial activities, cash flow is provided by:

- short-term credits and loans;

- proceeds from the issue of short-term securities;

- budgetary or other short-term financing;

- dividends and interest on short-term financial investments;

- other supply.

The outflow of funds here is formed by:

- issuance of advances;

- short-term financial investments;

- payment of interest on received short-term credits and loans;

- return of short-term credits and loans;

- other payments .

The most generalizing parameter is the aggregate

cash flow of the enterprise, which characterizes the total volume of receipts and expenditures of cash flow funds. The final balance on the balance sheet is carried out according to the formula:

OKp = ChDPtd + ChDPid + ChDPfd + Onp (1),

where OKp and Onp are cash balances at the end and beginning of the billing period,

ChDPtd, ChDPid and ChDPfd - net cash receipts from current, investment and financial activities.

The purpose of such a calculation is to determine the amount of net cash receipts for the enterprise as a whole. A positive balance of cash flow indicates the financial stability of an economic entity, and a negative balance indicates a loss of financial balance. Based on the analysis of cash flows for the past period, a forecast for the future (cash flow budget and balance of payments) is made.

Thus, the practice of financial management identifies the most common factors that form the company's cash flows. The active influence on these factors allows the company to provide sufficient amounts of finance.

1.3 Methods of cash flow management

Effective cash flow management requires the formation of a special policy of this management as part of the overall financial strategy of the enterprise. Economist S.V. Bolshakov proposes to develop such a policy in the following main stages:

1 Analysis of the company's cash flows in the previous period.

2 Research of factors influencing the formation of cash flows of the enterprise.

3 Rationale for the type of cash flow management policy of the enterprise.

4 The choice of directions and methods for optimizing the cash flows of the enterprise.

5 Planning cash flows of the enterprise in the context of their individual types.

Effective cash flow management policies

involves the provision of effective control over the implementation of the selected policy of cash flow management of the enterprise.

Analysis of the company's cash flows in the previous period. The main purpose of this analysis is to identify the level of sufficiency of the formation of funds, the efficiency of their use, as well as the balance of positive and negative cash flows of the enterprise in terms of volume and time. The analysis of cash flows is carried out for the enterprise as a whole, in the context of the main types of its economic activities, for individual structural divisions ("centers of responsibility").

At the first stage of the analysis, the dynamics of the total volume of the enterprise's money turnover is investigated. In the process of this aspect of the analysis, the growth rates of the total volume of money turnover are compared with the growth rates of enterprise assets, production volumes and product sales. To assess the level of cash flow generation in the process of economic activity of an enterprise, the indicator of the specific volume of money turnover per unit of assets used is used.

An increase in this indicator in dynamics indicates the intensification of the generation of cash flows of the enterprise in the process of carrying out its economic activities and vice versa.

At this stage of the analysis, special attention should be paid to examining the dynamics of the total volume of money turnover in the operating activities of the enterprise. For these purposes, the indicator of the specific volume of the enterprise's cash turnover per unit of products sold can be used.

Finally, at this stage of the analysis, it is necessary to compare the rate of dynamics of the duration of the money turnover in operating activities in days with the rate of dynamics of the money cycle (financial cycle) of the enterprise.

At the second stage of the analysis, the dynamics of the volume and structure of the formation of a positive cash flow (cash inflow) of the enterprise in the context of individual sources is considered. At this stage of the analysis, the main attention is paid to the study of the sources of cash inflows by the types of economic activities of the enterprise. Since the main generator of positive cash flow is operating activity, an important indicator of assessment is the coefficient of participation of operating activities in the formation of this flow.

At the third stage of the analysis, the dynamics of the volume and structure of the negative cash flow (expenditure of funds) of the enterprise is considered for certain areas of expenditure of funds. In the process of this stage of the analysis, first of all, it is determined how proportionally these costs were distributed over the main types of economic activities of the enterprise, whether they were of a regular or extraordinary nature, to what extent they were objectively determined. Since investment costs play the greatest role in ensuring the development of an enterprise, an important indicator of assessment is the coefficient of participation of investment activities in the formation of a negative cash flow.

At the fourth stage of the analysis, the balance of positive and negative cash flows in terms of the total volume for the enterprise as a whole is considered.

At the fifth stage of the analysis, the dynamics of the formation of the amount of net cash flow is considered as the most important indicator for assessing the effectiveness of the entire financial management, aimed at ensuring the growth of the market value of the enterprise.

A special place in the process of this analysis is given to the "quality of net cash flow" - a generalized characteristic of the structure of the sources of its formation.

At the sixth stage of the analysis, the uniformity of the formation of the enterprise's cash flows for individual intervals of the considered period of time is investigated. According to L. Kolpin, the objects of analysis of the uniformity of cash flows of an enterprise should primarily be:

The total volume of money turnover;

The total amount of positive cash flow;

The total amount of negative cash flow;

The amount of positive cash flow associated with the sale of products;

The amount of negative cash flow associated with a real investment;

The total amount of net cash flow;

The amount of net profit received from the sale of products.

At the seventh stage of the analysis, the synchronicity of the formation of positive and negative cash flows in the context of individual intervals of the considered period of time is investigated.

Thus, the management of the formation of cash flow is an important direction of the financial activity of the enterprise. The formation of the cash flow of the enterprise is influenced by various factors that need to be considered in financial planning. The process of generating a cash flow includes several stages. Their consistent implementation will allow the company to generate a cash flow that will provide timely and sufficient manufacturing process financial resources.

2 Analysis of the company's cash flows (on the example of OJSC "KumAPP")

2.1 Organizational and economic characteristics of the enterprise

Open Joint Stock Company "KumAPP" was established in 1993 as a result of the privatization of the State Enterprise "KumAPP". The size of the authorized capital is 337647 thousand rubles.

The authorized capital is divided into 377647 shares with a par value of 1,000 rubles each. All 100% of the shares are owned by Russian Helicopters.

The management of the current activities of the company (except for issues attributed to the exclusive competence of the general meeting of shareholders and the Board of Directors of the company) is carried out by general manager elected by the general meeting of shareholders. Legal address: 453300 Bashkortostan, Kumertau, st. Novozarinskaya 15 A.

The company was founded in 1962 on the basis of a mechanical repair plant. In 1963, at KMZ, mastering the production of amphibious and ground aircraft. In 1968, the first product was produced - the Ka-26 helicopter, in 1972 KMZ was renamed into the Kumertau Helicopter Plant, as the parent enterprise became part of the Kumertau Aviation Production Association (1977).

Currently, KumAPP produces the following types of helicopters:

Ka-27 PS (search and rescue);

Ka-28, Ka-29 (transport and combat);

Ka-31 (radar);

Ka-32A (multipurpose middle class);

Ka-32A11BC (multipurpose);

Ka-226 (light multipurpose).

At present, KumAPP OJSC is large enterprise with a developed infrastructure, equipped with modern equipment, capable of producing the most modern helicopter technology. Helicopters manufactured at KumAPP JSC are in constant demand among operators due to their high tactical and technical characteristics, long service life, reliability of engines and equipment with multifunctional avionics.

The main Russian consumers of FSUE "KumAPP" products are the Ministry of Emergency Situations, the Ministry of Defense of the Russian Federation, the Ministry of Internal Affairs, the Federal Border Service of the Russian Federation and other power structures. Helicopters are successfully operated by Murmansk Airlines,

Vladivostokavia, Nefteyugansk Airlines, Avialift, Prana-Service, MI-Flight and others.

The financial activity of the enterprise is based on the data of the content of the accounting policy, the relevant instructions and the main forms of accounting reporting. Accounting in JSC "KumAPP" is carried out on the basis of the accounting policy of the enterprise.

The director is responsible for financial work at enterprises, in accordance with the Civil Code. The appointed CFO or Chief Accountant is responsible for financial management. Proceeding from economic feasibility, these officials determine the structure and main tasks for the newly created unit. The financial department can be organized both within the framework of the accounting service, and separated into a separate unit.

Analysis of the production structure of this enterprise allows us to conclude that it has a workshop production structure, built according to the technological principle.

The analysis of the main technical and economic indicators is carried out in table 1. The data for the analysis were obtained from the financial statements of the enterprise, as well as from the economic reports of the economic department.

The table shows the indicators that most fully characterize the results of the production activities of the enterprise and the efficiency of the use of available resources.

Table 2 - Analysis of technical and economic indicators of JSC "KumAPP"

Indicator name				Changes in 2011 to in relation to 2009
Production capacity, units
Output in kind, units
Production capacity utilization,%
Sales proceeds, thousand rubles
Net profit, thousand rubles
Number of staff
Labor productivity, thous.
Average balance of working capital, thousand rubles

Continuation of table 2

Average annual capital, thousand rubles
Average annual cost of fixed assets, thousand rubles
Fund-to-labor ratio, rubles / person
Material costs, thousand rubles
Return on equity, in shares
Profitability of sales, in shares of units
Working capital turnover ratio, turnover
Return on assets of fixed assets, rub / rub.
Material efficiency, RUB / RUB

The data in the table showed that sales proceeds increased in comparison with 2009 by 3472814 thousand rubles. However, despite this, the company's net profit decreased by 1,883 thousand rubles. The average annual value of current assets increased by 7,745,509 thousand rubles. This is due to the increased needs of the production process for working capital and, first of all, for stocks of raw materials and supplies.

Figure 1 - Changes in the technical and economic indicators of JSC "KumAPP" for the period 2009-2011.

The average annual cost of fixed assets increased by 724,524 thousand rubles. This is also due to the production necessity. It can be considered that one of the factors in the growth of production volumes is technical re-equipment and an increase in production capacity at the enterprise. At the same time, the efficiency of using fixed assets increased by almost 0.46 rubles. from each ruble of their cost.

The growth in revenue allowed us to improve the efficiency of using and working capital. The turnover in comparison with 2009 has grown, albeit insignificantly. And it still remains very low at only 0.4 turnover per year. This indicates that JSC "KumAPP" does not use modern ways regulation of balances of working capital. Inefficient use of working capital leads to an unreasonable increase in their volume and the emergence of a large dependence on loans and partners. Should be studied and applied in the given organization scientific methods formation of the structure of circulating assets and, thereby, reduce their total value.

Labor productivity increased by 883.4 thousand rubles. per employee. This happened as a result of optimization of the number of personnel and an increase in total revenue from production activities.

Thus, it can be considered that the economic results of the activities of OJSC "KumAPP" are satisfactory. However, it is necessary to carry out measures in the field of financial management to reduce costs and increase profitability indicators.

2.2 Financial analysis of the economic activities of the enterprise

Financial analysis of economic activity is carried out according to the indicators of the financial statements of the enterprise. Using form No. 1 (balance sheet), we will analyze the dynamics of the state of property of JSC "KumAPP" for the period 2009-2011.

Table 3 - Dynamics of the state of property

property							2011 by 2009
The main funds

Continuation of table 3

Accounts receivable indebtedness
non-circulating
Cash funds
Materials (edit)
negotiable
property

Possibilities for the formation of cash flows of an enterprise are determined by the composition and volume of individual items of the enterprise's property. The analysis of the dynamics of the property showed that the assets of the enterprise increased in comparison with 2009. However, in relation to the indicators of 2010, the total amount of the property of the enterprise has decreased.

The monetary assets of the enterprise have decreased, which indicates an insufficiently efficient formation of cash flows.

The analysis of the table showed that the main assets of the enterprise are current assets. Their share is 2 times higher than non-current assets. This testifies to the high mobility and maneuverability of the means of JSC "KumAPP"

At the same time, KumAPP OJSC has significant reserves for the formation of cash flows, since there is an increase in non-current assets. But the share of inventories is declining. This can adversely affect the manufacturing process and therefore the output.

In table 3, we analyze the dynamics of indicators of sources of formation of property of OJSC "KumAPP".

sources financing							2011 by 2009
Statutory
own
Creditor's indebtedness:
For taxes
For suppliers
By wages
Extrabudgetary
sources

Analysis of table 3 showed that the equity capital of the enterprise is increasing. Therefore, its share exceeds the share of borrowed funds. This positively characterizes the creditworthiness and financial position of the company.

OJSC "KumAPP" has low indicators of debt to suppliers, taxes and extra-budgetary contributions. OJSC "KumAPP" has no wage arrears.

This is a consequence of the company's timely calculations. Therefore, KumAPP OJSC can be characterized as an enterprise with high creditworthiness.

In table 4, we calculate the profitability indicators. Profitability is the most important indicator of the economic performance of an enterprise and the use of its resources. Profitability shows what amount of profit falls on 1 ruble of the indicator characterizing production activities enterprise or resources at its disposal.

The calculation data of profitability indicators showed that, in general, KumAPP OJSC is a profitable enterprise.

However, such indicators of profitability as return on sales, total capital (assets), current assets and equity are declining. This is due to factors such as a decrease in the amount of the company's net profit at the end of 2011 and an increase in the cost of fixed and working capital, as well as the amount of proceeds from the sale of manufactured products.

The profitability of production, that is, the recoupment of costs, has grown due to a decrease in unit costs at the enterprise. The increase in the profitability of production was positively influenced by the receipt of a state order for the production of the plant's products.

The main reason for the increase in the efficiency of production and commercial activities OJSC "KumAPP" is a significant increase in orders and capacity utilization, as well as personnel. Therefore, a further increase in production volumes will allow this enterprise to increase profitability indicators and increase the efficiency of its activities.

In general, OJSC "KumAPP" needs to carry out complex work to increase the profitability of their activities. This will allow and increase the profitability of the production and economic activities of the enterprise.

The formation of a sufficient cash flow allows you to increase the financial stability of the enterprise. In table 5 we will consider the indicators characterizing the financial stability of KumAPP OJSC. Financial stability is characterized by the financial independence of the enterprise from the attracted capital. To assess financial stability, a number of ratios are calculated. To assess the degree of financial stability, the calculated ratios are compared with the normative ones, which are established taking into account the world experience of conducting financial activities of successful organizations.

Table 6 - Indicators of financial stability of KumAPP OJSC in 2011

Indicator name	For the beginning of the year	At the end of the year	Change, + -	Control meaning
Autonomy ratio (financial independence)
Dependency ratio
Financial stability ratio
Financial Risk Ratio
Investment ratio
Maneuverability coefficient
Mobility coefficient (provision of circulating assets with own circulating assets)
Equity ratio of reserves

Calculations have shown that the financial stability indicators of KumAPP OJSC are lower than the normative ones. This indicates that the organization is financially unstable. At the same time, most of the indicators characterizing financial stability decreased by the end of 2011.

The financial stability ratio is also significantly lower than the standard. This means that OJSC "KumAPP" can be read as a financially unstable enterprise.

Table 7 - Establishing the level of financial stability of KumAPP OJSC in 2011

Calculations showed that KumAPP OJSC is not provided with its own circulating assets in standard volumes. JSC "KumAPP" is a financially unstable enterprise. Therefore, it is necessary to increase the share of own funds in the company's liabilities.

Assessment of the degree of financial stability showed that in OJSC KumAPP the amount of reserves and costs exceeds the amount of sources of formation. This indicates that OJSC "KumAPP" is located in

a state close to a crisis. Bankruptcy is likely. Therefore, it is necessary to immediately develop and implement a program to reduce the amount of inventory and borrowed funds.

Thus, OJSC "KumAPP" can be read as a steadily developing enterprise. But his activity is not effective enough. This is a consequence of the low efficiency of using the resources of the enterprise. Therefore, this enterprise has low indicators of financial stability and may end up in an unsatisfactory financial position.

2.3 Analysis of cash flow formation

The analysis of the formation of the cash flow of KumAPP OJSC will begin with the analysis of the dynamics of sales proceeds. The calculations will be carried out in Table 8. The dynamics of indicators of production and sales of products determines all the rest economic indicators the enterprise, as well as its financial position.

Table 8- Analysis of the dynamics of indicators of production and sales of products of JSC "KumAPP"

	production,	Growth rate, %		implementation,	Growth rate, %
		basic			basic

Calculations have shown that KumAPP OJSC is increasing production volumes. In 2009, the growth was 35.7%, and in 2010 production volumes increased more than 2 times compared to the previous year. But already in the next year, 2011, the growth rate slowed down and amounted to 34.1%. However, this is a very good growth rate. In general, during the period under study, production volumes increased by almost 4 times.

Sales volumes have increased more than 4 times since 2008. But at the same time, the growth rates of this indicator in 2011 are low. Sales volumes in 2011 decreased compared to 2010 by 12.5% ​​(10,087.5).

In 2008, the company received support within the framework of the State Anti-Crisis Program, therefore it was possible to achieve an increase in production volumes. In 2009, despite the ongoing global economic crisis, the company managed to increase production by 35.7% and sell more products than in the previous year. In part, the growth in sales is due to the receipt of money for helicopters and other products previously produced and delivered to customers.

In 2010, KumAPP OJSC was again provided with state purchases. Due to the increase in supplies to the domestic market, the production volume has more than doubled compared to the previous goal.

The dynamics of indicators of production and sales of products determined all other economic indicators of the enterprise, as well as its financial position.

The growth rates of sales and production do not coincide. In 2009 and 2010, the sales growth rate is higher than the production growth rate. This suggests that the company has sold the finished products manufactured earlier from the warehouse. This is partly the result of the global economic crisis of 2008-2009, when buyers canceled deals or postponed them due to the emerging financial difficulties.

But in 2011, KumAPP OJSC, to some extent, worked for a warehouse, since with increasing production rates, fewer products were sold than in 2009.

It is necessary to achieve stability in the growth rates of both production and sales of products.

Along with the analysis of sales proceeds, let us consider the distribution of the cash flow generated by the proceeds in Table 9.

In the table, we will consider the dynamics and structure of production costs at KumAPP OJSC during 2009-2011.

Table 9 - The volume and structure of costs of JSC "KumAPP"

The main share of the company's costs falls on material costs. This characterizes the manufactured products as highly material-intensive.

The share of material costs ranges from 88% in 2009 to 55.7% in 2010. Such a change in the share of material costs in the overall cost structure of KumAPP OJSC is explained by the fact that the range of products manufactured by the enterprise is very diverse and has a significant impact on the cost structure.

Equipment depreciation costs more than doubled. This is the result of an increase in the amount of fixed assets of the enterprise. The growth in depreciation costs did not lead to an increase in the share of these costs in the total cost of the production of the enterprise. In 2009, the share of equipment depreciation expenses was 1.31%, and by 2011 it decreased to 0.9%. This is due to the fact that the total cost of production increased at a higher rate than the cost of the equipment of the enterprise.

The share of labor costs changed insignificantly. So, if in 2009 it was 16.91%, and in 2011 it decreased to 12.31%. But at the same time, the amount of labor costs increased from 599,089 thousand rubles. up to 949,011 thousand rubles, that is, more than 5 times. Growth in labor costs

associated with both the growth of the average wages in JSC "KumAPP", and an increase in the number of employees, including key employees.

Along with the growth of expenses for wages of employees, the company also increased deductions for social needs. These indicators are interrelated. However, the share of costs for these needs also remained almost unchanged. If in 2009 it was 4.35%, then in 2011 it was 3.5%.

The other costs of the company have grown significantly. In 2009, they amounted to 1,031,210 thousand rubles, and by 2010 they increased to 2,284,741 thousand rubles. However, in 2011 the amount of other costs decreased to RUB 1,453,589 thousand. Accordingly, the share of other costs decreased from 29.10% in 2009 to 18.9% in 2011. The growth of other costs is associated with an increase in production volumes and commercial activity of KumAPP OJSC.

In table 10, consider the indicators of the structure of the cost of manufactured products.

Table 9 - Analysis of the impact of cost on the level of revenue

The data in Table 10 showed that the main share of the costs of OJSC KumAPP is variable costs. Their share ranges from 68.5% in 2011 to 84.4% in 2008. It should be noted, however, that the share of variable costs is decreasing. Accordingly, the share of fixed costs increased from 10% in 2008 to 16% in 2011. This growth is due to the faster growth in wages. management staff in relation to the rate of growth of wages of production workers. As a result, the growth of the remuneration fund for engineering and technical personnel, which is taken into account as part of fixed costs, led to an increase in the total value of fixed costs and their share in the cost of production. The rise in fixed costs was also driven by factors such as increased depreciation of equipment and general operating costs.

The cost reduction was achieved due to a decrease in the share of variable overruns in the revenue.

The analysis showed that OJSC “KumAPP” does not carry out standardization of conditionally fixed costs. Therefore, in conditions of production growth, they also increase. It has the effect of marginal profit (costs), when, after reaching a certain volume of production, fixed costs increase sharply. At the same time, the company managed to reduce the unit variable costs. This is a result of controlling the expenditure of raw materials, and the use of modern, cheaper types of raw materials. V last years JSC "KumAPP" pays great attention to the use of the latest technologies, allowing to reduce the production costs of raw materials and supplies.

Thus, in OJSC "KumAPP" it is necessary to carry out measures to standardize certain items of fixed costs. This will make it possible to achieve a reduction in the total value of the production cost, and hence an increase in the profit of the enterprise.

In table 11 we will analyze the formation of the company's profit. Profit is the main indicator of the performance of an enterprise and its management system, and hence the formation of cash flows.

Table 11 - Analysis of dynamics and structure financial results OJSC "KumAPP"

Name indicator
Sales profit
Interest receivable
Income from participation in other organizations
Percentage to be paid
Other income
other expenses

Continuation of table 11

The net profit of KumAPP OJSC is formed at the expense of profit from the sale of manufactured products, work performed and services rendered. Non-operating and operating income of the enterprise, which are accounted for in the line “other”, significantly increase the amount of net profit. Their importance in the process of forming net profit is growing. This is a consequence of the fact that during the study period they increased by 1,896,441 thousand rubles.

The study of the structure of the article "Other income" showed that these are incomes received from the exchange rate difference. OJSC "KumAPP" sells a significant part of its products to foreign partners for foreign currency and the growth of this currency against the Russian ruble has a positive effect on the financial results of this organization.

OJSC “KumAPP” also receives substantial income from the sale of this currency.

The organization also receives additional income from the sale of obsolete or unused fixed assets. Such fixed assets are in stable demand among small and medium-sized commercial organizations specializing in metalworking.

The increase in profitability of KumAPP OJSC is also achieved through the sale of purchased products.

Thus, OJSC "KumAPP" uses various available methods to improve the financial results of economic and financial activities.

The value of the company's cash flows is reduced by operating and non-operating expenses. So, due to the payment of interest, the profit of KumAPP OJSC decreased in 2011 by 45830 thousand rubles. Note that this is for 138306 thousand rubles. less than in 2009.

The amount of cash flow is increased by the interest receivable. Their amount increased in 2011 by 735 thousand rubles. and amounted to 960 thousand rubles.

Thus, by reducing operating and non-operating expenses, KumAPP OJSC can increase the amount of balance sheet profit and, accordingly, the company's net profit.

In general, the net profit of KumAPP OJSC amounted to 87 thousand rubles in 2011. For comparison, in 2009 the net profit of the enterprise was 1970 thousand rubles. Such indicators can be considered very low for an enterprise with such volumes of production and sales of products. Thus, under the influence of the growth of non-operating and operating costs, KumAPP OJSC, despite the increase in sales proceeds, reduced cash flows. It is necessary to carry out work to reduce the costs of the enterprise that are not directly related to production and sales activities.

3 Problems of the formation of cash flow in JSC "KumAPP" and ways to improve them

3.1 Problems of the formation of the company's cash flow

The above calculations showed that the financial stability indicators of KumAPP OJSC are lower than the normative ones. This indicates that the organization is financially unstable. At the same time, most of the indicators characterizing financial stability decreased by the end of 2011.

The autonomy ratio is lower than the norm by more than 8 times. The financial dependence ratio is higher than the standard. This indicates that the company is very much dependent on borrowed funds and is insufficiently secured by its own liabilities.

The financial stability ratio is also significantly lower than the standard. This means that OJSC "KumAPP" can be considered a financially unstable enterprise.

The financial risk ratio and investment ratio are also very low. This means that KumAPP OJSC is an unattractive enterprise for investment. Partners should take this into account when providing this enterprise with commodity or financial loans.

The ratio of the provision of its own working capital has a negative value, which means that OJSC KumAPP is not provided with its own working capital and is strongly envious of its partners. The company's stocks are also formed at the expense of partners' funds.

Thus, it is necessary to improve the structure of the balance sheet of the enterprise and increase the share of own funds.

Profitability indicators such as return on sales, total capital (assets), current assets and equity are declining. This is due to factors such as a decrease in the amount of the company's net profit at the end of 2011 and an increase in the cost of fixed and working capital, as well as the amount of proceeds from the sale of manufactured products.

The amount of equity capital also increased due to an increase in the authorized and additional capital. An increase in the efficiency of using these indicators is possible in conditions of an increase in the profit of an enterprise. And this, in turn, is possible subject to a decrease in the cost of manufactured and sold products, an increase in other income of the enterprise and a decrease in other expenses.

Since during the study period, the overall profitability also decreased, that is, the efficiency of sales of manufactured products, work performed, services provided decreased. Need to revise pricing policy, the range of products and reduce the cost of production in order to increase the profitability of sales of this enterprise.

OJSC "KumAPP" is not provided with its own circulating assets in standard volumes. JSC "KumAPP" is a financially unstable enterprise. Therefore, it is necessary to increase the share of own funds in the company's liabilities.

In JSC "KumAPP" the amount of reserves and costs exceeds the amount of sources of formation. This indicates that KumAPP OJSC is in a state close to a crisis. Bankruptcy is likely. Therefore, it is necessary to immediately develop and implement a program to reduce the amount of inventory and borrowed funds.

Thus, the analysis of the economic and financial situation of KumAPP OJSC showed that this enterprise works efficiently, but the efficiency of its activities is low. The indicators of the efficiency of using the organization's resources are also low. As a result, the enterprise has formed a balance sheet structure that does not provide the normal financial stability of this enterprise.

It is necessary to increase the efficiency of the enterprise and direct part of the profit to increase the provision of the enterprise with its own funds. This will lead to increased financial independence and sustainability.

So, the main problems of KumAPP OJSC are:

Low turnover of circulating assets, as a consequence of their redundancy for the existing volumes of production activities;

The need to maintain the achieved level of production and receipt of government orders;

Low rates of profitability;

Low financial stability.

3.2 Ways to increase cash flow at KumAPP OJSC

The analysis of the sales market shows the presence of effective demand for the products of OJSC "KumAPP" as well as the prospects for its increase in the near future. Available production capacity and technology established labor collective and established relations with consumers have allowed to increase volumes up to now

production and maintain a position in the market. However, maintaining a leading position in the market in the future is only possible under conditions of improving product quality, reducing production costs, updating production fund and application modern technologies, which requires significant investment in production and working capital.

The products of OJSC "KumAPP" - helicopters - are quite expensive. It is also holding back the sharp rise in demand. Buyers cannot be ordinary citizens or small businesses. Generally, helicopters manufactured by KumAPP are purchased by large companies or government agencies of individual countries to solve various state problems.

The solution to this situation can be the inclusion in production program enterprises new products, which is in demand among a large number of consumers and is affordable for them. Marketing activities OJSC "KumAPP" should be aimed at finding such products that would take full advantage of the advantages of both micro and macro-environment of the enterprise.

Participation in various international exhibitions made it possible to identify a relatively free niche in the aircraft manufacturing market: unmanned helicopters. In the opinion executive director JSC "Russian Helicopters" A. Shibitov, the creation of unmanned aerial vehicles of the helicopter type (UAV) is a new direction in the world unmanned aviation, which has been actively developing in the last decade. The UAV market is rated by experts as one of the most dynamic and very promising. The Russian helicopter industry is obliged to occupy its own niche on it. In this context, the main task of the Russian Helicopters holding company is to develop modern and competitive UAVs with multifunctionality, high reliability and ease of maintenance.

The Russian Helicopters holding company has developed models of two promising unmanned aerial vehicles of the helicopter type: Korshun and KA - 135. These models have a model range of three classes:

Long range (over 400 km);

Medium range (up to 400 km);

Short range (up to 100 km).

The design of these unmanned aerial vehicles provides for the presence of such popular characteristics as vertical take-off and landing. This design feature along with the price determines the competitive advantages of these models in the world market.

In addition, both drone models have great technical capabilities and are largely versatile. The models are designed for environmental monitoring, air patrolling and protection of facilities, transportation of goods, environmental monitoring, for performing meteorological functions, for providing communication with in remote areas.

Production facilities for the production of domestic manned helicopters can be used as a platform for the production of these drones. Thus, the assembly shop for a light manned helicopter type KA - 226 can include in its production program the release of a helicopter type unmanned aerial vehicle KA - 135.

The choice of this particular model is explained by the structural uniformity of individual units and parts of the manned helicopter KA-226 and the UAV KA-135 manufactured by KumAPP JSC. This will significantly reduce the cost of mastering the new model, since:

There is no need to carry out continuous retraining of personnel;

Reduced equipment changeover costs;

No additional hardware required;

Production can be located on existing production areas;

The staff is not increasing, but the workload on workers is increasing.

At the same time, the production of drones will allow:

1 Increase revenue from product sales.

2 To increase the productivity of workers.

3 Increase the utilization of production facilities.

4 Get additional profit.

5 By reinvesting profits, improve the structure of the company's balance sheet.

6 To increase the financial stability and solvency of the enterprise.

7 Eliminate the possibility of bankruptcy.

Thus, the development of new products will make it possible to fully use the marketing microenvironment of the enterprise and influence the macroenvironment.

Conclusion

In stable operating enterprises, cash flows generated by current activities can be directed to investment and financial activities. For example, for the acquisition of capital assets, for the repayment of long-term and short-term loans and borrowings, the payment of dividends, etc. At many enterprises in the Russian Federation, current activities are often supported by investment and financial activities, which ensures their survival in an unstable economic environment.

The negative consequences of a deficit cash flow are manifested in a decrease in liquidity and the level of solvency of the enterprise, an increase in overdue accounts payable to suppliers of raw materials and materials, an increase in the share of overdue debts on received financial loans, delays in the payment of wages (with a corresponding decrease in the level of staff productivity), an increase in the duration of the financial cycle and as a result - in reducing the profitability of the use of equity capital and assets of the enterprise.

Scientific approaches to the formation of cash flows of an enterprise allow ensuring financial stability and solvency both in the current and in the future periods. Therefore, cash flows of any enterprise, regardless of ownership, are a key object of financial management.

Cash is the most limited (scarce) resource in a market economy, and a firm's success is largely determined by the ability of its management to effectively use cash.

management of the formation of cash flow is an important direction of the financial activity of the enterprise. The formation of the company's cash flow is influenced by various factors that must be taken into account in financial planning. The process of generating a cash flow includes several stages. Their consistent implementation will allow the company to generate a cash flow that allows timely and sufficient provision of the production process with financial resources.

OJSC "KumAPP" is a promising manufacturing enterprise aviation industry. Economic results the activities of OJSC "KumAPP" are satisfactory. However, it is necessary to carry out activities in the field of financial management to reduce costs and increase profitability indicators.

The financial analysis of the enterprise showed that at the present time OJSC "KumAPP" is not a sufficiently financially stable enterprise. Assessment of the degree of financial stability showed that in OJSC KumAPP the amount of reserves and costs exceeds the amount of sources of formation. This indicates that KumAPP OJSC is in a state close to a crisis. Bankruptcy is likely. Therefore, it is necessary to immediately develop and implement a program to reduce the amount of inventory and borrowed funds.

This enterprise works efficiently, but the efficiency of its activities is low. The indicators of the efficiency of using the organization's resources are also low. As a result, the enterprise has formed a balance sheet structure that does not provide the normal financial stability of this enterprise.

It is necessary to increase the efficiency of the enterprise and direct part of the profit to increase the provision of the enterprise with its own funds. This will lead to increased financial independence and sustainability.

So, the main problems of KumAPP OJSC are:

Low turnover of circulating assets, as a consequence of their redundancy for the existing volumes of production activities;

The need to maintain the achieved level of production and receipt of government orders;

Low rates of profitability;

Low financial stability.

OJSC "KumAPP" can be read as a steadily developing enterprise. But his activity is not effective enough. This is a consequence of the low efficiency of using the resources of the enterprise. Therefore, this enterprise has low indicators of financial stability and may end up in an unsatisfactory financial position.

Therefore, it is necessary to implement measures to increase revenue from the sale of manufactured products, improve its quality, and hence cost, reduce costs and increase the amount of equity capital at the expense of a part of the net profit.

Under the influence of the growth of non-operating and operating costs, KumAPP OJSC, despite the growth in sales proceeds, reduced cash flows. It is necessary to carry out work to reduce the costs of the enterprise that are not directly related to production and sales activities.

OJSC "KumAPP" has significant financial reserves to increase cash flows through revenue growth and cost reduction. The growth in revenue can be achieved both by increasing the volume of production of traditional products - helicopters, and by mastering new products. These are unmanned aircraft used in

currently in great demand both domestically and in the world market.

In JSC "KumAPP" it is necessary to carry out measures to standardize certain items of fixed costs. This will make it possible to achieve a reduction in the total value of the production cost, and hence an increase in the profit of the enterprise.

Ministry of Education and Science of the Kyrgyz Republic

Institute of Economics and Management at KSU named after I. Arabaeva

COURSE WORK

On the topic: Cash flow management on the example of the Golden Sun OJSC

Performed:

Malabekova A.Ch.

Bishkek 2014

Introduction

Theoretical foundations of cash flow management

Organization of a cash flow management system

General characteristics of the company JSC Golden Sun

Analysis and features of cash flow management on the example of the company JSC Golden Sun

Conclusion

Bibliography

Introduction

Cash flow management has always played an important role in the activities of enterprises. In the conditions of market relations, its importance not only increases, but also changes qualitatively.

By managing cash flows, the company achieves a normal level of stability and liquidity, ensures profitable operation, and maximum profit.

Within the framework of enterprise management, day-to-day cash management is often viewed as a routine and insignificant activity. But the results of these activities affect the well-being of the organization as a whole. While sound and sound cash management can only have a small impact on the well-being of an organization, poor and poorly managed management can lead to dire results.

In a competitive and unstable environment external environment the financial managers of the company need clear and timely information about the economic activities of the company. Effective cash management allows the company to achieve acceptable sensitivity to external influences in a fairly short time. Thus, cash management provides operational management of the company's finances and is responsible for maintaining the company's existence in the short term.

In an environment of economic stability, financial managers emphasize the overriding importance of growth and profitability over liquidity. Even relatively weak managers can thrive on an overall recovery.

In the face of uncertainty, the modern financial manager cannot be primarily concerned with growth and profitability, but must constantly consider the liquidity situation. Today, when we have to deal with high interest rates, uncertainty of future government policy and volatility of cash flows, first of all, we have to think about survival and maintaining liquidity.

However, in any situation, cash flow management is the main tool for obtaining maximum profit.

The choice of this topic is due to the fact that at present, unfortunately, the study of the process of ensuring the activities of enterprises with financial resources is limited, an integrated approach is not used, the influence of the time factor is not taken into account, and marketing research, which significantly limits the ability to effectively manage the financial activities of enterprises.

The relevance of this topic lies primarily in the fact that reliable cash flow management is the core in the development and successful operation of an enterprise. This mechanism is the basis that mobilizes and distributes financial resources enterprises.

The purpose of this work is to analyze the management of cash flows in the management of activities of JSC Golden Sun, and develop recommendations to improve its efficiency.

To achieve this goal, it will be necessary to solve the following tasks:

consider the concept of cash flow management;

evaluate the main methods of managing financial and economic activities;

to analyze the financial and economic activities of JSC Golden Sun

analyze the management of financial resources of JSC Golden Sun

The object of the research work is JSC Golden Sun.

The subject of the research is the management of enterprise cash flows.

management monetary financial solvency

1. Theoretical foundations of the financial mechanism of enterprise management

In modern economic literature, there are many approaches to the definition and essence of financial condition and its relationship with the financial stability and investment attractiveness of the enterprise. Therefore, it is necessary to dwell on the positions of leading economists in this area. For example, according to A.D. Sheremet “The financial condition of an enterprise is characterized by the placement and use of funds (assets) and the nature of the sources of their formation (equity capital and liabilities, ie liabilities). This information is contained in the balance sheet and other forms of financial statements. "

A position that is almost identical to that of O.V. Efimova, although she does not provide a definition of the essence of financial condition and financial stability

Based on the above positions and definitions, we can give the following definition of financial stability and financial condition.

The financial condition of an organization is the result (at an arbitrarily chosen point in time) of the system of relations that arise in the process of the circulation of the organization's funds, as well as the sources of these funds and are associated with cash payments.

The financial stability of an enterprise is characterized by its financial independence, as well as the degree of provision with its own capital and bank loans, its non-current assets, inventories and costs, cash and receivables within the standard.

The financial condition of an enterprise can be assessed from the point of view of the short and long term. In the first case, the criteria for assessing the financial condition are the liquidity and solvency of the enterprise, i.e. ability to timely and fully make settlements on short-term obligations.

The tasks of analyzing the financial condition are presented in Figure 1.1.

Rice. 1.1. The tasks of analyzing the financial condition of the enterprise

The purpose of the analysis, the analysis of the financial condition of organizations is to find and measure reserves for increasing production efficiency, increasing competitiveness and financial stability.

The subject of analysis of the financial condition of an enterprise is understood as:

business processes of enterprises, socio-economic efficiency and final financial results of their activities, formed under the influence of objective and subjective factors, which are reflected through the system of economic information;

cause-and-effect relationships of economic phenomena and processes, i.e. the reasons for the changes, the knowledge of which makes it possible to determine the essence of economic phenomena and, on this basis, to give a correct assessment and justification of any management decision.

Results in any area of ​​business depend on the availability and efficiency of use of financial resources. Therefore, taking care of finances is the starting point and end result of the activities of any business entity. In a market economy, these issues are of paramount importance.

Enterprise finance is a system of cash flows.

Based on this, the financial work at the enterprise is primarily aimed at creating financial resources for development, in order to ensure the growth of profitability, investment attractiveness, that is, improving the financial condition of the enterprise.

The company's finances ensure the circulation of fixed and working capital and the relationship with the state budget, tax authorities, banks, insurance companies and other institutions of the financial and credit system.

The essence of finance is most fully manifested in their functions (Fig. 1.2). Enterprise finance has two main functions:

1. distribution;
2. control.

Both functions work closely together.

Rice. 1.2 - Finance functions

The financial resources of the enterprise are the aggregate of their own funds and receipts from outside (borrowed and borrowed funds), intended to fulfill the financial obligations of the enterprise, to finance the current costs and costs associated with the expansion of production.

It is necessary to highlight such a concept as capital - part of the financial resources invested in production and generating income at the end of the turnover. The financial resources of the enterprise by their origin are divided into their own (internal) and attracted on different terms (external).

Financial resources are used by the enterprise in the course of production and investment activities. They are in constant motion and remain in cash only in the form of cash balances on the current account in the bank and in the cash desk of the enterprise.

The company, taking care of its financial stability and a stable place in the market economy, distributes its financial resources by type of activity and in time. The deepening of these processes leads to the complication of financial work, the use of special financial instruments in practice.

The organization of the company's finances is based on certain principles (table 1.1): economic independence, self-financing, material responsibility, interest in the results of activities, the formation of financial reserves.

Table 1.1. Principles of organizing finance

Principles Meaning 1. Principles of economic independence An enterprise independently, regardless of organizational - legal form management, defines its economic activity directions of investments of funds for the purpose of making a profit. 2. The principle of self-financing Means the full recoupment of the costs of production and sales of products, investment in the development of production at the expense of its own funds and, if necessary, bank and commercial loans. 3. The principle of material responsibility means the existence of a certain system of responsibility for the conduct and results of economic activity. 4. The principle of interest in the results of activities The need for this principle is determined by the main purpose entrepreneurial activity- making a profit. 5. The principle of ensuring financial reserves It means the need to form financial reserves to ensure entrepreneurial activity, which is associated with risk, due to possible fluctuations in market conditions. Financial reserves can be formed by enterprises of all organizational and legal forms of ownership from net profit, after taxes and other mandatory payments to the budget

At the same time, it is advisable to keep the funds directed to the financial reserve in a liquid form so that they bring income and, if necessary, can be easily converted into cash capital.

Enterprise Cash Management is a system for managing the finances of an enterprise in order to maximize profits.

In accordance with international standard accounting 32 "Financial instruments: disclosure and presentation" a financial instrument is understood as any contract from which arises financial asset for one entity and a financial liability or capital instrument (that is, one involving equity) for another.

One of the main goals of financial management in the process of managing monetary assets is to ensure the constant solvency of the enterprise. Therefore, in the practice of financial management, the management of monetary assets is often identified with the management of solvency (or liquidity management).

Cash flow risk is that the amount of future cash flows associated with a cash financial instrument will fluctuate. In the case of a debt instrument with a floating interest rate, such fluctuations may result in a change in the effective interest rate of the financial instrument, usually with a change in its fair value. Financial instruments are traded on a market or fair value basis.

Market value is the amount that can be obtained from a sale or must be paid when purchasing a financial instrument in an active market.

Fair value is the amount at which an asset could be exchanged or for which a liability could be settled in an voluntary transaction between arm's length parties under comparable conditions.

Rice. 1.3. The composition of the main elements of the monetary assets of the enterprise, ensuring its solvency

Cash flow management of an enterprise includes the collection of information and its analysis, the implementation of financial planning and forecasting, the quality of which directly affects the effectiveness of cash flow management, the financial stability of the enterprise, and therefore its competitiveness, the formation of financial resources.

Professional management cash flows inevitably requires in-depth analysis, which allows the most accurate assessment of the uncertainty of the situation using modern quantitative research methods.

In this regard, the priority and role of financial analysis is significantly increasing, the main content of which is a comprehensive systematic study of the financial condition of an enterprise and the factors of its formation in order to assess the degree of financial risks and predict the level of return on capital.

2. Organization of the management system of the financial mechanism of the enterprise

Cash flows act as a tool for influencing the production and trade process of an economic entity. This impact is carried out through the management of cash flows. The financial mechanism of an enterprise is a system for managing the financial relations of an enterprise through financial levers using financial methods.

Financial leverage are a set of financial indicators through which the management system can influence the economic activities of the enterprise. These include: profit, income, financial sanctions, price, dividends, interest, taxes, etc.

Financial methods are financial accounting, financial analysis, financial planning, financial regulation, financial control. The financial method can be defined as a way of influencing financial relations on the economic process. Financial methods operate in two directions:

on the line of managing the movement of financial resources;

along the line of market commercial relations associated with the commensuration of costs and benefits, with material incentives for responsibility for the efficient use of funds.

Financial management is a part of the financial mechanism of any enterprise. The impact of finance on the business process is expressed by the diagram shown in Fig. 2.1 ..

Rice. 2.1. Scheme of the impact of finance on the business process

This diagram allows you to visualize the entire hierarchy of the process of the impact of finance on the business process. It shows the role of financial management and the financial market in this impact.

The enterprise as a system consists of two subsystems: control and controlled. To carry out management functions, the control subsystem must have the necessary resources (material, labor, financial) to ensure the implementation of management influences. The control subsystem performs the functions of production control. It includes a control apparatus with all employees and technical means: communication devices, alarms, calculating equipment, etc. In each economic link, management is solved differently, i.e. the number of stages and the number of governing bodies at each stage is determined by the goals, objectives and functions of management.

Each organization, association, industry and national economy as a whole is controlled only by a specific body. This body is endowed with the full rights and property independence required for management. For the prompt resolution of issues, a minimum of management instances is required. This requires a clear delineation of the responsibility of individual levels of management and their functions.

In turn, the control subsystem consists of two parts: the production control and the control of the processes of further improvement, both of production and of the control subsystem itself.

The following elements are distinguished in the control subsystem:

planning (determines the development prospects and the future state of the production system);

regulatory (aimed at maintaining and improving established regime the work of the enterprise);

marketing;

accounting and control (obtaining information about the state of the control subsystem).

The need for these elements in the system is based on the essence of management and the need to perform the corresponding functions.

The controlled subsystem implements a variety of production processes. It includes sections of certain groups workplaces, workshops as part of production and auxiliary sections, enterprises as part of main and auxiliary workshops, industries as part of enterprises, etc.

Their functioning is interconnected and interdependent. Controlling and controllable subsystems form a farm management system.

Each of the subsystems is self-governing, constantly under the influence of higher-level systems. They are characterized by the presence of a structure, the level of organization, the ability to perceive the impact of the external environment and, in turn, to influence it.

In fig. 1.5 shows the structure and process of functioning of the financial management system of the enterprise. Like any management system, financial management consists of two subsystems: management, controlled.

The object of management in financial management is financial resources in the form of a monetary turnover of an economic entity, which is a constant flow of cash receipts and payments. The subject of management is the financial service, which develops and implements the strategy and tactics of financial management in order to increase the liquidity and solvency of the enterprise through the receipt and effective use of profits.

The specific structure of the financial service largely depends on the organizational and legal form of the enterprise, its size, types of activities and tasks set by the company's management.

Financial Directorate is created by order supreme body management of an economic entity and, as a rule, includes financial department and accounting. As part of the financial directorate, you can increasingly see the currency department, the department of economic analysis, etc. The Directorate as a whole and each of its divisions operates on the basis of the regulations on the financial directorate, approved by the management of the enterprise.

Rice. 2.2 The structure and process of functioning of the financial management system of the enterprise

Economic activity includes three stages: supply, production and sales. Management functions include: collection of information for management and its analysis, as well as decision making.

In turn, decision-making includes:

forecasting (planning),

regulation (operational management),

control (audit).

The final financial result of the enterprise is the profit (loss) of the reporting period (balance sheet profit or loss), the result of financial activities; balance of income and expenses from other non-operating transactions.

The formalized calculation of the balance sheet profit is presented below:

R b = P R ± P f + p ext (1.1),

where P b - balance sheet profit or loss;

R R - result (profit or loss) from the sale of products (works, services);

R f - the result from financial activities;

R ext - the balance of income and expenses from other non-operating transactions.

The result from the sale of products (works, services) is determined by the following calculation:

R R = N R - S NS - S lane (1.2),

where N R - proceeds from the sale of products (works, services) in selling prices excluding VAT, excise taxes and other indirect taxes and fees;

NS - cost (production) of products sold; lane - expenses of the period (commercial and administrative).

The business model in a market economy contains a number of iterations or calculations:

determination of gross profit from the sale of products (works, services). Profit from the sale of products is defined as the difference between the proceeds from the sale of products in the selling prices of enterprises (excluding value added tax, excise taxes and other indirect taxes and fees) and the costs included in the production cost. Gross profit is an indicator of the efficiency of the production units of enterprises;

determination of profit from the sale of products. It is determined by subtracting from the gross profit (gross profit) current recurring costs (selling and general expenses) attributable to products sold. Gross profit is an indicator economic efficiency the main activity of the enterprise, i.e. production and sale of products;

determination of the result from financial transactions and profit from financial and economic activities (core and financial activities). The result (profit or loss) from financial activities is determined by the arithmetic addition of interest receivable and payment, income from participation in other organizations, other operating income and expenses, including from other sales, i.e. sale of fixed assets, intangible assets and other tangible assets. Profit from core and financial activities is the sum of the results from the sale of products and from financial activities;

determination of the profit of the reporting period, i.e. total balance sheet profit. Such profit is the algebraic sum of profits from main and financial activities, and the result of other non-operating income and expenses. Balance sheet profit is an indicator of the economic efficiency of all economic activities;

net profit is determined by deducting taxes from the balance sheet profit. For tax purposes, the balance sheet profit is adjusted in accordance with tax standards, i.e. regulations on the composition of costs included in the cost of production for tax purposes;

determination of retained earnings included in the balance sheet. Such profit is determined by deducting the funds used in the reporting period from the net profit.

The model for the formation and distribution of the financial results of the enterprise determines the procedure and directions for the analysis of profit indicators.

3. General characteristics, analysis of financial activities

The Golden Sun company specializes in the processing of agricultural products and is one of the largest suppliers of canned products in the Kyrgyz market.

The products of the Golden Sun company are canned vegetables from selected, fresh vegetables, prepared according to traditional, time-tested and new recipes.

The product range includes canned vegetables, tomato paste, canned soups and natural juices. The company has organized a clear quality control of raw materials, compliance technological processes productions and storage modes. All products manufactured by JSC "Golden Sun" are certified and manufactured in compliance with the requirements of sanitary standards and medical recommendations.

The Golden Sun team consists of specialists with extensive experience who know how to preserve and convey to the consumer such a delicate product as fruits and vegetables!

Organizational and legal form - Open Joint Stock Company.

Chairman of the Management Board - Tezekbaev D.Sh.

Production of the company:

4. Analysis and features of cash flow management on the example of the company JSC Golden Sun

In today's conditions, the most urgent problem in the implementation of economic activities is the correct adoption of management decisions that are formed as a result of financial analysis.

The financial analysis methodology consists of three interrelated blocks:

) analysis of the financial results of the enterprise;

) analysis of the financial condition;

) analysis of the effectiveness of financial and economic activities.

The main source of information for the analysis of the financial condition is the financial (accounting) statements: the balance sheet of the enterprise (form No. 1 of the annual statements). The source of data for the analysis of financial results is the profit and loss statement (form No. 2). Based on these data, the structure of indicators is considered in absolute and relative terms.

The financial and economic characteristics of the enterprise are carried out on the basis of the accounting (financial) statements of JSC Golden Sun for 2 reporting years: "Balance sheet" (Form No. 1) and "Profit and Loss Statement" (Form No. 2).

Analysis of the financial and economic condition of the enterprise begins with a study of the balance sheet, its structure and composition (Appendix)

Let's analyze the profits and losses of the organization (table 4.1.)

Table 4.1. Profit and loss statement (extract) of JSC Golden Sun

Code lines 20122013 Absolute. change Growth rate% 010 Gross profit 8141.917593.69451.7216.09020 Income and expenses from other operating activities 030 Operating expenses 3260.55135.71875.2157.5040 Profit / loss from operating activities (010 + 020-030) 4881.412457.97576.5255.2050 Income and expenses from non-operating activities 1,067,66537,45469,8612,3060 Profit / loss before taxes (040 + 050) 5949,018995.313046.3319,3070 Income tax expense 080 Profit / loss from ordinary activities (060-070) 5949.018995.313046 , 3319,3090 Extra items net of income tax 100 Net profit / loss of the reporting period (080 + 090) 5949.018995.313046.3319.3

Thus, the following positive features were revealed in the work of the enterprise:

Gross profit increased by more than 2 times by 2013, this may indicate an increase in demand for the company's services.

The intensity of growth of operating expenses is lower than the intensity of growth of revenue, which may indicate a competent policy in the field of cost management

By 2013, the net profit of the enterprise increased almost 3 times.

Thus, the non-current assets of the enterprise are formed at the expense of the capital, which is formed at the enterprise of OJSC Golden Sun only at the expense of its own funds. Also, at the expense of capital, the enterprise generates funds.

Short-term loans of the enterprise and retained earnings goes to the formation of stocks.

Table 4.2. Balance sheet

Code lines 20122013 Absolute. Growth rate% Assets010 Current assets22024.724406.32381.6109020 Non-current assets32152.047950.515798.5149.1030 capital 060 Short-term liabilities548,21517,7969,5276,8070 Long-term liabilities 080 Total liabilities548,21517,7969,5276,8090 Equity capital53628,570839,117210,6132100 Total liabilities and so. capital 54176,772356,818180,1133,5

Equity capital for the period from 2012 to 2013 increased by almost one and a half times. There was also an increase in the assets of the enterprise.

We will assess the balance sheet liquidity

The task of analyzing the liquidity of the balance arises in connection with the need to assess the creditworthiness of the enterprise, that is, its ability to timely and fully pay off all its obligations.

The liquidity of the balance sheet is defined as the degree of coverage of the organization's liabilities by its assets, the time of conversion of which into money corresponds to the maturity of the liabilities.

For the analysis, the asset and liability of the balance sheet are grouped according to the following criteria: by the degree of decreasing liquidity (asset) and by the degree of urgency of payment (repayment) (liability).

Depending on the degree of liquidity, i.e. the speed of transformation into cash, the assets of the enterprise can be divided into 4 groups: the most liquid assets, quickly realizable assets, slowly realizable assets, hard-to-sell assets.

Let's group the assets and liabilities of the enterprise according to the degree of liquidity in table 4.3.

Table 4.3. Grouping of assets according to the degree of liquidity of JSC Golden Sun

Group Assets 20122013 KGS% KGS% A 1The most liquid 3579.06.67892.710.9A 2Quickly realizable 109,20,200 A 3Slowly sold 18445.73416513.622.8 A 4Difficult to implement 32152,059,247950,566.3 BALANCE 54176.710072356.8100

The most liquid and fast-moving assets have a small share in the structure of the company's balance sheet, this is an unfavorable trend, indicating the need to find out whether they are enough to cover urgent liabilities.

Specific gravity the most liquid assets changed slightly over the period. In 2012, the share of the most liquid assets was 6.6%; by 2012, the share increased to 10.9%. The share of quick assets by 2013 was 0.

The share of slowly sold assets decreased over the period under review: in the period from 2011 to 2013, there was a decrease by 11.2%. The share of hard-to-sell assets also increased by 7.1% by 2013

Table 4.4. Grouping of liabilities (criterion - urgency of fulfillment of obligations) JSC Golden Sun

Group-pa Liabilities 20122013 som.% Som.% P 1Most urgent 548.211517.72 P 2Short-term 0000 P 3Long-term 0000 P 4Stable (constant) 53,628.59970839.198 BALANCE 54176.710072356.8100

The share of the most urgent liabilities by 2013 increased by 1%.

The share of short-term liabilities in 2013 was 0.

Long-term liabilities during the period under review amounted to 0% in the structure of the liabilities of JSC Golden Sun.

The share of permanent liabilities by 2013 there was a slight decrease - by 1%

Table 4.5. The enterprise has the following ratios

A1> P1A2> P2A3> P3A4<П420123579,0>548,2109,2>018445,7>032152,0<53628,520137892,7>1517,70<016513,6>072356,8<70839,1

The balance is considered liquid because all conditions are met.

The enterprise lacks highly liquid funds, as a result of which the enterprise needs to convert inventories into cash and equivalents.

In order to improve the financial management system at the Golden Sun OJSC, the following system of measures can be recommended.

Effective financial management is the most important problem of the enterprise in modern conditions.

It is recommended that the enterprise includes a financial manager in the organizational structure. In a market economy, the financial manager becomes one of the key figures in the company. He will be responsible for posing financial problems, analyzing the feasibility of using one or another method of solving them, and sometimes for making the final decision on choosing the most appropriate course of action. However, if the problem posed is of significant importance to the enterprise, he can be an advisor to senior management personnel. The financial manager will be the responsible executor of the decision, he will also carry out operational financial activities. Its main content will be to control cash flows. The financial manager should be part of the senior management personnel of the firm, since he will take part in solving all the most important issues.

In the most general form, the activities of a financial manager can be structured as follows:

-general financial analysis and planning;

-providing the enterprise with financial resources (management of sources of funds);

distribution of financial resources (investment policy and asset management).

A graphical diagram of the organizational structure of JSC Golden Sun is shown in Figure 5.1.

Figure 5.1 - Proposed diagram of the enterprise financial management system

Price differentiation represents the formation of several price options depending on the market segment. Examples of price differentiation are: quality markups; urgency and special service.

The completeness of the mission implementation allows you to receive additional income due to the receipt of synergistic effects in the formation of a portfolio of orders.

The budgeting process is an integral part of financial planning, that is, the process of determining future actions for the formation and use of financial resources. Financial plans provide the relationship between income and expenses based on the relationship between the development indicators of the enterprise and its financial resources.

A budget is a quantitative embodiment of a plan, which characterizes income and expenses for a certain period, and capital that must be attracted to achieve the goals set by the plan.

Budget data plan future financial transactions, that is, a budget is created for the operational implementation of the proposed actions. This determines the role of the budget as the basis for monitoring and assessing the efficiency of the enterprise.

Budgets come in many types and forms; individual budgets characterizing intermediate operations (purchase of inventories, production budget, etc.) can carry information only about expenses or only about revenues (sales budget), and consolidated budgets (budgetary profit and loss statement, budget of funds) show , both expenses and income of the organization.

The main requirements for the information contained in the budget are as follows: sufficiency, non-redundancy, clarity and accessibility. Each company chooses specific forms of budgeting independently.

The budget period usually covers the short-term aspect of planning (year, quarter). However, the budgets related to capital investments are drawn up for a longer period - five, ten years.

The role and place of budgeting in the general system of financial planning are quite fully characterized by the functions of the budget:

1. planning operations to achieve the goals of the organization. Budgeting is based on clarifying and detailing strategic plans for a given budget period;
2. communication and coordination of various divisions of the enterprise and types of activities, implying the coordination of the interests of individual employees and groups as a whole in the enterprise in order to achieve the intended goals. The budget contributes to the identification of weak links in the organizational structure, the solution of communication problems and the distribution of responsibility between the performers;
3. orientation of managers of all ranks to achieve the tasks assigned to their centers of responsibility;
4. control of current activities, ensuring planned discipline.

It is better to use budget data as a basis for assessing the implementation of the plan by the responsibility centers, rather than the reporting data of previous years. This is due to the fact that current activities may differ from the past by changes in technology, personnel composition, product range or new general economic conditions;

1. increasing the professionalism of managers. Budgeting facilitates a detailed study of the activities of their departments and the relationship between the centers of responsibility in the enterprise.

Budgeting work involves several stages:

1. preparation of sales forecast and budget;
2. determination of the expected volume of service provision;
3. calculation of costs associated with the provision of services;
4. calculation and analysis of cash flows;
5. preparation of planned financial reports.

Despite the fact that the budget does not have standardized forms determined by state bodies, the most widely used structure is the general budget with the allocation of operational and financial budgets.

The introduction of the principles of budget planning at the unit level allows:

a) get more accurate indicators of the size and structure of costs than is possible with the current accounting system and financial statements, and, consequently, a more accurate planned value of the size of profit, which is very important for tax planning (including payments to off-budget funds);

b) to provide structural divisions, within the framework of the approval of monthly budgets, with greater independence, which in turn allows the divisions to quickly develop and propose various options for solving the problems facing them;

v) evaluate the performance indicators of the functioning of individual departments or the production efficiency of any particular product.

Financial and analytical program Express-analysis

Program Express analysis is designed to analyze the financial condition of an enterprise according to official accounting statements. The calculation tables and formalized conclusions obtained using the program allow assessing the financial and economic condition of the enterprise, quickly and adequately stabilizing it, simulating various options for improving the economic condition of the enterprise, as well as preparing reports to the tax services and regulatory bodies of the Kyrgyz Republic. The financial analysis methods on which the program is based are used by the State Insolvency (Bankruptcy) Service.

The program allows you to:

assessment of the balance sheet structure to establish the state of solvency according to three criteria: current liquidity ratio, equity ratio and solvency recovery ratio;

analysis of the structure of the liability and balance sheet asset by comparing the values ​​of individual balance sheet items to its currency;

analysis of the results of the financial activity of the enterprise on the basis of forms No. 2, No. 4 and No. 5 with an assessment of the strategy for the use of own funds;

calculation of indicators of the financial stability of an enterprise to determine the degree of protection of the interests of investors and creditors;

analysis of the company's ability to repay debt on loans based on solvency ratios, absolute liquidity, etc .;

analysis of the business activity of the enterprise in terms of inventory turnover ratios, own funds, as well as the overall turnover ratio;

analysis of the efficiency of the enterprise, calculation of profitability indicators for the use of own funds, production assets, financial investments, determination of the profitability of sales and long-term borrowed capital;

determination of economic levers and financial management strategies.

Functionality of the program:

operational analysis at any time;

the ability to store and reuse the original results;

checking the original forms for compliance with interrelated indicators;

ample opportunities for export and import of data from various accounting programs;

protection against unauthorized access;

reliability of information processing and storage;

automatic generation of conclusions in all areas of economic analysis, comparison of the data obtained with the normative and recommended values ​​adopted in the Kyrgyz Republic, as well as recommendations for improving the financial condition;

search in the database, formation of a sample according to various criteria;

updating templates for standard reporting forms;

information output for printing in the form of tables, graphs and diagrams.

The program is well documented and easy to learn.

FinAnalisBoss program

FinAnalisBoss software makes it simple and easy to carry out financial analysis of the company and get charts. Launch, open the Excel file with the balance sheet, profit and loss statement and click the GoAnalis button. In 15-30 minutes you will receive a ready-made text report with tables and graphs in Word. Price - 150 USD After payment and installation of the electronic key, the FinAnalisBoss program functions in full - version, without it - in demo version.

The program for analyzing the financial condition of the enterprise - FinAnalisBoss is intended for use in 32-bit Windows operating systems, together with MS Word and MS Excel programs and allows, based on the data of the balance sheet and the profit and loss statement entered in MS Excel, to receive text and graphics analysis of the financial condition of the enterprise in MS Word.

MS Word displays:

Tables:

financial stability indicators;

the values ​​of the coefficients calculated according to financial indicators;

balance sheet liquidity assessment;

balance sheet;

comparative analytical balance of assets;

comparative analytical balance of liabilities;

Profits and Losses Report;

analysis of the company's profit;

analysis of the accounting profit of the enterprise;

calculation of profitability indicators;

calculation of profitability indicators (at the beginning and end of the period);

factor analysis of profitability;

calculation of the absolute liquidity ratio (K1);

calculation of the intermediate coverage factor (K2);

calculation of the current liquidity ratio (K3);

calculation of the ratio of equity and borrowed funds (K4);

calculation of profitability (K5);

determination of the creditworthiness class of the borrower.

Analysis of indicators:

the solvency of the enterprise;

financial stability (availability of own circulating assets, the total value of the main sources of formation of stocks and costs, surplus (lack) of own circulating assets and the main sources of formation of stocks and costs);

ratios calculated according to financial indicators (autonomy, the ratio of borrowed and own funds, provision with own funds, agility, financing);

balance sheet liquidity (the most liquid assets, quickly sold assets, slowly sold assets, hard-to-sell assets, as well as a payment surplus or shortage for them, ratios - absolute liquidity, coverage (current liquidity).

Comparative analytical balance of assets - the structure of assets (at the beginning and end of the analyzed period, ranked items of the balance sheet asset depending on their increase or decrease, depending on the increase or decrease in their share in the structure of assets, depending on the value at the beginning of the period, depending on the contribution to the increase or decrease in assets).

Comparative analytical balance of liabilities - the structure of liabilities (at the beginning and end of the analyzed period, ranked items of the balance sheet liability depending on their increase or decrease, depending on the increase or decrease in their share in the structure of liabilities, depending on the value at the beginning of the period, depending on the contribution to the increase or decrease in liabilities).

Analysis of the company's profit according to the profit and loss statement (absolute deviations of indicators (+ or -), specific gravity for the previous year, specific gravity for the reporting year, deviations (+ or -)%).

Analysis of accounting profit (its dynamics and structure - in total and in its individual structural components).

Analysis of profitability indicators (products sold, production, assets, fixed assets, current assets, equity capital, investments, sales).

Analysis of profitability at the beginning and end of the analyzed period (products sold, production, assets, non-current assets, current assets, equity capital, investments, sales).

Assessment of the creditworthiness of an enterprise (approximate methodology of the NBKR).

Main conclusions.

Charts.

A report in MSWord is about 60 pages (text - 14 fonts - 1 spacing, tables - 12 fonts - 1 spacing, graphics).

FinAnalisBoss was tested in conjunction with Word98, Excel98, WindowsMe.

The program is written in Python1.5 and uses its libraries in its work, as well as the Tcl8.0 graphical libraries that are included in the package.

The developer of the program is the Analytical Laboratory of the Internet Economy.

The financial analysis of the enterprise is carried out on the basis of accounting data. In our case, these are F1-Balance Sheet and F2-Profit and Loss Statement.

The marketing system allows you to determine the needs of the market, therefore, to provide only the types of works and services that are in demand. Demand analysis allows for flexible pricing and price differentiation.

Based on the results of the analysis, measures were proposed to improve the efficiency of the financial management process at the analyzed enterprise, OJSC Golden Sun.

The manager must comprehensively solve the problem of the survival of the enterprise, using all possible reserves, both external and internal. Presumably, the use of all acceptable reserves to reduce costs would be a very useful measure aimed at offsetting the loss of profits from price reductions. Cost reduction is necessary in order to withstand the competition in the market and guarantee the firm financial success. Management would like to recommend taking all reasonable actions to reduce not only variable costs, but also conditionally fixed costs.

Conclusion

In the course of the research, the following provisions and conclusions were obtained.

The financial management system plays a dominant role in the economic relations of business entities, since, on the one hand, it is a single measure of the results of their activities, on the other hand, it performs a systematizing role in material production, being a source of entrepreneurial activity, a way of economic relations of business entities and the result of activities.

In a market economy, the freedom to manipulate financial resources is largely unlimited, which increases the importance of effective management of the financial activities of an enterprise.

In a market economy, the management of the financial system is one of the main priority tasks facing any enterprise, regardless of the form of organization, scope and scale of its activities.

Financial management is an integral part of the enterprise management organization system, which in turn consists of two subsystems:

1)control object (managed subsystem)

2)subject of management (control subsystem)

In the second, analytical part, the analysis of the formation and implementation of the system at the JSC Golden Sun enterprise was carried out. The beginning of the analysis was the assessment of the financial condition of the enterprise in question. The organization's activities were reviewed over three study periods, from 2012 to 2013.

The financial analysis of Golden Sun OJSC revealed the following.

The largest share in the structure of assets is occupied by current assets, their structure for the period increased by 1.462%.

Inventories have the largest share in the structure of circulating assets. This is not very good for the enterprise, it must get rid of surplus and by 2013 the share of reserves is reduced by 11.755%.

In the structure of liabilities, the largest share is occupied by borrowed capital, its share over the period decreased by 11.554%. This is a positive trend since if in 2011 we can talk about low autonomy of the enterprise, then by 2013 the enterprise has become more independent from external sources.

Lack of long-term loans may indicate a lack of investment in production

The revenue increased by more than 2 times by 2013, which may indicate an increase in demand for the products and services of Golden Sun OJSC.

The intensity of cost growth is lower than the intensity of revenue growth, which may indicate a competent policy in the field of cost management

By 2013, the company's net profit increased by almost 2.5 times.

The company has an acute shortage of liquid funds. To solve this problem, the enterprise needs to work with debtors to pay off debts, convert stocks into cash and equivalents.

During the period under review, the financial condition of the enterprise was in crisis due to the large amount of reserves that cannot be covered by its own sources and its own circulating assets. As noted above, the enterprise needs to get rid of excess inventory.

The company has a low probability of bankruptcy, while good long-term financial prospects are diagnosed

An increase in both an increase in the operating and financial cycle is unfavorable. An increase in the financial cycle is about an increase in the time during which resources are diverted from circulation.

The company needs to shorten the financial cycle, i.e. shorten the operating cycle and slow down the payables turnover period.

Thus, the following significant problems of the enterprise have been identified:

High stock level

High level of receivables.

To solve the existing problems, the enterprise is offered the following measures

As part of the inventory management of Dordoi Energy LLC, it is recommended:

In order to improve the financial management system at the Golden Sun OJSC, the following system of measures can be recommended, which is based on the results of calculating the factor model.

Priority measures include:

-increasing the level of organization of production and management;

-increase in volume, quality and structure;

reduction of production costs and cost of services.

It is recommended that the enterprise includes a financial manager in the organizational structure. In a market economy, the financial manager becomes one of the key figures in the company. He will be responsible for posing financial problems, analyzing the feasibility of using one or another method of solving them, and sometimes for making the final decision on choosing the most appropriate course of action.

In this work, one of the most relevant topics for today was studied "cash flow management". In the course of this work, the financial and economic activities of JSC Golden Sun were analyzed. This analysis helped to identify the problems existing in the enterprise, and also pushed to the study of the process of cash flow management.

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