Which indicates high quality. Profit quality analysis. Analysis of the use of net profit

Based on the high value of the net profit indicator of the reporting period as its quantitative characteristic, it is impossible to get an idea of how this indicator is formed. The generalized characteristic of the structure of sources of profit formation is the "quality of profit". The latter often does not correlate with any score, but is considered high if the current profit was provided by a decrease in the cost and (or) an increase in the volume of output and sales of products in natural units. The low "quality" of profit indicates the achievement of its value due to the increase in prices for products without increasing the volume of its production and sales.

In addition to the main criterion for the "quality" of profit - the cost of sales - there are secondary ones:

1) interest rate on loans: the lower it is, the higher the "quality" of profit;

2) the share of overdue accounts payable in its total value: the smaller it is, the higher the "quality" of profit;

3) the ratio of net profit to sales proceeds (profitability of sales): an increase in the value of the indicator compared to the previous period indicates a high “quality” of profit;

4) profit adequacy ratio: if the company has a profitability (sales, equity, other) higher than the industry, the "quality" of profit is high;

5) the structure of profitability by type of product: an increase in the share of highly profitable products indicates a high "quality" of profit.

Analysis of the use of net profit.

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

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

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

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

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

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

1) capitalization ratio (Kkapit):

kcapit= , where

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

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

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

P capital - capitalized profit of the reporting year.

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

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

T set=

For the considered example:

1. Capitalization ratio:

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

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

2. Consumption ratio:

For the reporting year - 75.4%;

For the year preceding the reporting one - 84.3%.

Including dividends:

For the reporting year - 31.2%;

For the year preceding the reporting year - 40.6%.

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

For the reporting year - T UR1 =

For the year preceding the reporting year - Т UR2 =

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

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

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

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

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

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

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

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

dividend policy.

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

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

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

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

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

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

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

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

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

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

A. Factors characterizing the investment opportunities of the enterprise

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

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

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

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

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

the cost of raising additional equity capital;

the cost of attracting additional borrowed capital;

availability of loans in the financial market;

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

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

level of taxation of dividends;

the level of taxation of property of enterprises;

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

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

D. Other factors. These factors can include:

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

the level of dividend payments by competing companies;

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

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

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

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

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

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

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

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

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

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

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

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

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

K DV = or K DV =

where K DV - dividend payout ratio

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

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

Yes - the amount of dividends paid per share

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

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

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

РЦ a - market price of one share;

D a - the amount of dividends paid per share.

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

Profitability of sales (net profit ratio) is the final characteristic of the profitability of the main activity of the enterprise for a period of time. This indicator is calculated according to the formula

Net profit / Sales proceeds

If the previous two coefficients characterized the effectiveness of certain aspects of the enterprise's activities in terms of ensuring profitability, then this coefficient shows how effectively the entire management team, including production managers, marketers, financial managers, "worked" in terms of the company's core activities. The role of the financial manager in this context has been reduced to obtaining borrowed financial resources, and the effectiveness of his activity is estimated by what is the cost (interest rate) of these resources. Indeed, interest payments are taken into account in the calculation of net profit, and the higher these payments, the lower the profitability of sales. Company SVP achieved the following values of sales profitability:

6.46% in XX and

5.68% in XY.

The resulting drop in sales profitability by item has already been explained above in the analysis of previous profitability ratios. It should also be added that the relative decline in this indicator is less significant compared to the decline in operating profit. This suggests that the financial manager of the company, by attracting not very expensive loans, was able to slightly improve the position of the company, preventing a dramatic decline in net profit.

There is another way to assess the profitability of sales, which excludes all interest paid from taxable income. api -ment in favor of this approach is as follows. Both direct and credit investors, investing money in an enterprise, rely on remuneration . In accordance with the rules of income taxation, interest on the use of borrowed capital is charged to cost, and dividends are paid out of profit. At the same time, dividends are not deductible when evaluating the profitability of sales, and interest payments are deducted before income tax. Hence a strong argument in favor of excluding interest from the calculation of net income, thereby equalizing the ratio of equity and borrowed capital in assessing profitability and sales. The calculation of the net profit ratio is now made according to the formula:

Net income + (1- Income tax rate)x Interest payments Sales proceeds

The meaning of the formula is this: since the interest payments have been deducted from taxable income, we simply add this amount of deducted interest, but taking into account income tax. Calculation according to this formula leads to the following estimates of the net profit indicator:

7.34% in XX and 6.42% in XY year.

We also emphasize that the final nature of this indicator attracts close attention of the company's owners. The owners of the company, as a rule, do not have enough time and qualifications to analyze in detail all the elements of the company's activities. At the same time, they control key indicators with particular care. This indicator belongs to the category of the main points of view of the owners. Decreased sales profitability XY year, obviously, will cause a negative reaction from the owners, and they have the right to demand more detailed explanations from the management. And if these explanations are not considered valid, the owners of the enterprise can replace the company's management personnel as not meeting their expectations.

Students, graduate students, young scientists who use the knowledge base in their studies and work will be very grateful to you.

Hosted at http://www.allbest.ru/

Ministry of Education and Science of the Russian Federation

NOU VPO Siberian Academy of Finance and Banking

Faculty of Higher Professional Education

Department of Accounting and Audit

COURSE WORK

in the discipline "Economic analysis"

on the topic: "Analysis of the quality of profit"

Done: Checked:

Stukalenko I.I. Brezhneva Yu.P.

gr. ISD - 113eu

Novosibirsk 2013

Introduction

In a market economy, only those enterprises survive and function successfully that measure their income with costs and the amount of invested capital, i.e. receive a profit. Profit is one of the main financial indicators of the plan and evaluation of the economic activity of the enterprise. The value of profit is that it reflects the final financial result.

Secondly, profit has a stimulating function. Acting as the final financial and economic result of enterprises, profit plays a key role in market conditions. It is assigned the status of a goal, which predetermines the economic behavior of economic entities, the well-being of which depends both on the amount of profit and on the algorithm of its distribution adopted in the national economy, including taxation.

Thirdly, profit is a source of income generation for budgets of various levels. It enters the budgets in the form of taxes, as well as economic sanctions, and is used for various purposes, determined by the expenditure part of the budget and approved by law.

The value of profit in the activities of an economic entity determined the choice of this topic of the course work.

The purpose of the study is to summarize the theoretical aspects that characterize profit and its constituent qualities.

The subject of research is the quality of profit.

The object of the study is JSC "Airport Tolmachevo".

To achieve the goal, the following tasks were set in the work:

1. To study the role of profit in the activities of the organization, its specific classification, as well as the factors determining the amount of profit; consider the concept of "quality" of profit and the system of its evaluation.

2. Conduct a comprehensive economic analysis of the activities of JSC "Airport Tolmachevo" for the period 2009 - 2011.

3. Determine directions for improving the airport's activities, based on the identified problems.

The works of many scientists are devoted to the study of profit and its quality: Sheremet A.D., Chueva I.N., Ionova A.F. and other scientists.

Course work consists of introduction, main part, conclusion, list of studied literature.

In the introduction, the relevance of the study is substantiated, the goals and objectives of the work are indicated, and the degree of development of the problem is indicated.

In the first half of the course work, the content of profit, its specific classification, factors affecting the size of the organization's profit in the reporting period, the constituent "quality" of profit and the system for its evaluation are considered.

The second half of the course work is devoted to the analysis of the activities of JSC "Airport Tolmachevo" - the analysis of its property status, financial condition, performance.

The conclusion contains the main conclusions and suggestions.

The list of sources consists of educational, periodical literature, as well as Internet resources used in the work.

1. Profit quality analysis

1.1 Profit as an indicator of the effectiveness of the organization

The financial result of the economic activity of a commercial enterprise of any organizational and legal form is presented in the form of profit or loss.

Profit is the net income of the entrepreneur on invested capital, the reward for the risk of entrepreneurial activity, which is the difference between total income and total costs in the process of carrying out this activity.

In a market economy, maintaining the required level of profitability is an objective regularity of the normal functioning of an enterprise. The required level of profit is:

· the main internal source of current and long-term development of the enterprise;

a prerequisite for the increase in the market value of the enterprise;

An indicator of the company's creditworthiness;

· the main motive of the owner, because he is the initiator and organizer of capital growth and business development;

An indicator of the competitiveness of an enterprise in the presence of a stable and sustainable level of profit;

· a guarantor of the fulfillment by the enterprise of its obligations to the state, a source of satisfaction of the social needs of society.

Otherwise, the lack of profit and its unsatisfactory dynamics is an indicator of the inefficiency and riskiness of the business, a prerequisite for the upcoming bankruptcy.

In table. 1 shows the classification of the profit of the enterprise.

Table 1 - Types of profit forms of an organization (enterprise) according to the main classification criteria

Signs of profit classification	Types of profit according to the relevant classification criteria
Sources of profit formation reflected in accounting	Profit from product sales Profit from other operations, including from the sale of property Profit from non-operating operations
The composition of the elements that form profit	Gross (balance) profit Net profit Marginal profit
Sources of profit formation by the main types of activity of the enterprise	Profit from operating activities Profit from investment activities Profit from financial activities
The nature of income taxation	Taxable income Income not subject to tax
The nature of inflationary "cleaning" of profits	Profit nominal Real profit
Time period of profit formation	Profit of previous years Profit of the reporting period (retained earnings) Profit of the planned period (planned profit)
Degree of use	Distributed (consumed) profit Retained (capitalized) profit
Sufficiency of the level of formation	Low profit Normal profit High profit
The value of the final result of management	Positive profit Negative profit (loss)

Let us consider in more detail the individual types of profit of the enterprise in accordance with its classification according to the main features.

Profit from the sale of products (works, services) is the profit received by the enterprise as a result of the manufacture and sale of products of its own production.

Profit from other sales is a financial result that reflects profits (losses) on other sales, which include the sale to the side of various types of property on the balance sheet of the enterprise.

Profit from non-operating operations is characterized by the term "income from non-operating operations", however, in its essential content, it belongs to the category of profit, as it is reflected in the statements in the form of a balance between income received and expenses incurred on these operations. The composition of income that generates this profit includes:

· Income from the share participation of this enterprise in the activities of other joint ventures with domestic and foreign partners (in the form of distributed profits for the amount of its shares in joint ventures);

· Income from the company's bonds, shares and other securities issued by third-party issuers (in the form of interest and dividends);

income from deposits of the enterprise in banks; received fines, penalties and forfeits and some others.

Profit from operating activities represents the total amount of profit from the sale of products and profit from other operations that are not related to investment or financing activities.

Profit from investment activity characterizes the final financial result from operations for the acquisition (construction, manufacture) and sale of depreciable property - fixed assets, intangible assets and other non-current assets, as well as short-term financial investments that are not cash equivalents.

Profit from financial activity is the financial result of operations that leads to a change in the size and composition of equity capital and loans of the enterprise (raising additional equity or share capital, issuing bonds and other debt securities, raising loans in its various forms, repaying obligations on the principal debt etc.).

Marginal profit characterizes the amount of net income from operating activities (gross income of the enterprise from this activity, reduced by the amount of tax payments due to it) minus the amount of variable costs.

Gross profit characterizes the amount of net income from operating activities minus all operating expenses, both fixed and variable (balance sheet profit, respectively, is the difference between the total net income of the enterprise and the total amount of its current costs).

Net profit characterizes the amount of balance sheet (or gross) profit, reduced by the amount of tax payments due to it.

Taxable income is the difference between the company's balance sheet profit and income from activities taxed in a special manner or at a rate different from the main one, and income tax benefits. This category of profit, as well as profit that is not subject to taxation, are regulated by part two of the Tax Code of the Russian Federation.

Nominal profit represents the amount of profit actually received. In turn, real profit characterizes the size of its nominally received amount, adjusted for the inflation rate in the corresponding period.

Retained earnings is the final financial result, the share of the company's profit that does not go to pay taxes and is not distributed among shareholders in the form of dividends, but is reinvested in the assets of this company (in the acquisition of physical assets, the purchase of companies or the expansion of commodity credit to buyers).

The main directions for using the profit remaining at the disposal of the enterprise are determined by its constituent documents or the decision of the founders, which should indicate which funds (for example, a reserve fund, an accumulation fund, a consumption fund, a social sphere fund) and in what amounts are created at the enterprise at the expense of net profit and for what purposes they are directed.

Thus, there is a variety of types of profit, the receipt of which is determined by the specifics of the enterprise.

Economists have identified three sources of profit for the organization.

The first source is formed due to the monopoly position of the enterprise in the production of a particular product (service) or the uniqueness of the product (service). Maintaining this source at a relatively high level implies a constant renewal of the offer.

The effectiveness of the second source depends on knowledge of the market situation and the ability to adapt the development of production in accordance with its requirements.

The amount of profit in this case depends on:

Firstly, from the correct choice of the production orientation of the enterprise for the production of products / provision of services;

· secondly, from the creation of competitive conditions for the sale of their goods and services (price, delivery time, customer service, after-sales service, etc.);

Thirdly, on the volume of production (the greater the volume of production, the greater the mass of profit);

· Fourthly, from the structure of reducing production costs;

The third source is determined by the innovative activity of the enterprise, its use involves the constant renewal of products (services provided), ensuring its competitiveness, growth in sales volumes and an increase in the mass of profit.

bankruptcy profit reporting estimate

1.2 Factors affecting the formation of profit

Profit is formed under the influence of a large number of interrelated factors that affect the performance of the enterprise in different directions: some positively, others negatively. The variety of factors influencing profit requires their classification, which at the same time is important for determining the main directions for searching for reserves to increase the efficiency of management.

On fig. 1 shows the classification of factors that determine the amount of profit.

Figure 1 - Classification of factors affecting the amount of profit

So, there are external and internal factors. Internal factors - factors that affect the size of the profit of the enterprise through an increase in the volume of output and sales of products, improving product quality, increasing selling prices and reducing production and sales costs.

Figure 2 - Internal factors that determine the profit of the organization

When increasing the volume of trade, it is necessary to remember its structure, since the profitability of certain product groups is different. It is impossible to give preference only to highly profitable goods, only the rationalization of the structure of trade will allow achieving a normal level of profit.

It is also important for an organization to choose the right pricing strategy, because an increase in the share of profit in the composition of the trade margin can lead to a decrease in the volume of sales of goods due to high prices. The result may be a reduction in the level of trade margin to accelerate the sale of goods. This will increase the amount of profit due to the volume of trade and by accelerating the turnover of working capital: the shorter the period for the sale of goods, the greater the amount of profit the company receives per unit of time. It is also obvious that the greater the amount of working capital an enterprise has, the more profit it will receive as a result of one of their turnover. At the same time, not only the total amount of working capital is important, but also the ratio between own and borrowed funds, since the use of loans increases the costs of a commercial enterprise.

By reducing the costs of the enterprise, you can increase the amount of profit received. The implementation of the economy mode allows you to reduce the current costs of the enterprise. At the same time, it should be borne in mind that the savings regime is understood not as an absolute, but as a relative reduction in distribution costs.

The structure of marketable products can have both a positive and a negative impact on the amount of profit. If the share of more profitable types of products in the total volume of its sales increases, then the amount of profit will increase, and, conversely, with an increase in the share of low-profit or unprofitable products, the total amount of profit will decrease.

External factors - factors that do not depend on the activities of the enterprise itself. Examples of external factors are shown in fig. 3.

Figure 3 - External factors affecting the profit of the organization

In turn, internal factors are divided into non-productive and production.

Non-production factors include: organization of product sales, supply of inventory items, organization of economic and financial work, environmental protection, social working and living conditions of employees of the enterprise.

Production factors reflect the presence and use of the main elements of the production process involved in the formation of profits - these are the means of labor, objects of labor and labor itself. Means of labor, objects of labor and labor resources are not only factors in the formation of profit, but at the same time serve as the basis for determining the directions for searching for reserves to increase it. Their rational effective use contributes to an increase in output in physical terms, improving the quality of products. As a result, the volume of funds used and expended for the production of a unit of output decreases, which is reflected in a decrease in material consumption, capital intensity, labor intensity, and the cost of specific products, and vice versa.

Factors of production, in turn, are divided into extensive and intensive. Extensive factors include factors that reflect the volume of production resources (for example, changes in the number of employees, the cost of fixed assets), their use over time (changes in working hours, equipment shift ratio, etc.), as well as unproductive use of resources (costs of materials for marriage , losses due to waste). Intensive factors include factors that reflect the efficiency of resource use or contribute to this (for example, advanced training of workers, equipment productivity, the introduction of advanced technologies).

In the process of carrying out the economic activity of an enterprise related to production, sales of products and making a profit, these factors are closely dependent and interrelated. The degree of influence of the above factors depends not only on the ratio of them, but also on the stage of the life cycle of the enterprise, on the competence and professionalism of its managers.

Since the main source of profit for a successful organization is profit from sales, the most convenient and widely used is its factor analysis.

The increase in profit from sales is due to:

1) growth in sales proceeds;

2) change in the level of cost;

3) change in the level of commercial expenses;

4) change in the level of administrative expenses.

The revenue growth factor is accounted for as follows:

where Pv - change in profit from sales due to changes in revenue;

Watch, Vbaz - proceeds from the sale of the reporting and base year;

Рbaz - profitability of the base year, %.

The profitability from sales is fixed at the loss of the base year, as it is a qualitative sign.

The change in profit from the factor of change in the level of cost is calculated by the formula:

where Us otch., Us base., - cost levels in the reporting and base years (%), calculated as the ratio of the cost of goods sold to sales volume.

In this case, revenue is a quantitative sign, fixed at the level of the reporting year.

The change in profit from the factor of change in the level of commercial and management costs is calculated by the formulas:

where Uk rep., Uk base., Uy rep., Uy bases, are the levels of commercial and administrative expenses in the reporting and base years (%), calculated as the ratio of the corresponding costs to the volume of sales.

After the calculation, an assessment of the factors affecting the change in profit should be carried out. For the convenience of calculation and analysis, the data are summarized in an analytical table.

Since the object of analysis is JSC "Airport Tolmachevo", we will carry out a factorial analysis of profit from the sale of this enterprise.

Table 2 - Initial data for calculating the influence of factors on the formation of profit from the sale of JSC "Airport Tolmachevo"

1.3 Profit quality analysis

Profit quality is a generalized characteristic of the structure of sources of profit formation. With a high "quality" of profit, the volume of manufactured products increases, and its cost decreases. With a low "quality" of profit, there is an increase in selling prices for products, combined with the absence of an increase in the volume of production in physical terms.

Figure 4 - The system of quantitative indicators of profit quality

The quality of the gross profit of the enterprise. The stability of the coefficient (norm) of the gross profit of the enterprise:

KVPt >... KVP3 > KVP2 > KVP1 > KVP0

where KVPt - coefficient (norm; of gross profit in the last (analyzed) period; KVP3, KVP2, KVP1, KVP0 - coefficients (norms) of gross profit of previous periods.

The coefficient (norm) of gross profit is determined as follows:

KVP \u003d VP / V

where KVP is the coefficient (norm) of gross profit; VP - gross profit of the analyzed period; B - proceeds from the sale of products.

Obviously, if inequality (1) is observed, the enterprise will be characterized by a stable growth in sales volumes, sales proceeds, a decrease in its cost and, accordingly, a steady increase in the share of gross profit in sales proceeds. All this will testify to the high quality of the gross profit. The instability of the coefficient, demonstrating the instability of the value of gross profit and the structure of the sources of its formation, gives grounds to speak about the low quality of gross profit. The need to exceed the KVP values over their values in previous periods reflects the fact that the financial and economic activities of enterprises are carried out in conditions of inflation.

Gross profit quality indicator of the enterprise:

TVPt >= TVt > TСt at TVt > TPCt

where TVPt - the growth rate of the gross profit of the enterprise in the analyzed period; TVt - the growth rate of proceeds from the sale of products in the analyzed period; TСt is the growth rate of production costs in the analyzed period; TPPt is the growth rate of prices in the country's economy in the analyzed period.

A certain difficulty in using the indicator of the quality of the gross profit of an enterprise is the specification of the indicator "growth rate of prices in the economy". When analyzing the quality of profit, one can use the average industry price growth rates. In this case, the observance of inequality (2) will indicate that the company's sales volumes increased in the analyzed period; the growth rate of revenue from the sale of the company's products exceeded the industry average growth rates and the growth rate of the cost of production, which means that the increase in prices for the company's products was not the main factor in changing the amount of revenue (in this case, we are talking about savings due to a relative decrease in the cost of products sold). In aggregate, the excess of the growth rate of gross profit over the growth rate of proceeds from sales of products indicates an improvement in the quality of gross profit in the analyzed period.

Sustainability of the growth rate of the gross profit of the enterprise:

TVPt >=...>= TVP3 >= TVP2 >= TVP1 > 0

Compliance with inequality (3) indicates that the growth rate of gross profit is stable (stable) and, accordingly, demonstrates the high quality of gross profit.

Each of the above indicators of the quality of gross profit has its own analytical value. Obviously, only if all indicators - (1) - (3) are observed, the quality of the gross profit of the enterprise can be recognized as high.

The quality of profit from the sales of the enterprise. The stability of the ratio of profit from sales and gross profit of the enterprise:

KPPt >=...>= KPp3 >= KPp2 >= KPp

where КПпt is the value of the ratio of profit from sales and gross profit of the enterprise in the last (analyzed) period; KPpZKPp2 KPp1 - the value of the ratio of profit from sales and gross profit of the enterprise in previous periods.

The indicator of the ratio of profit from sales and gross profit of the enterprise is determined by the formula:

KPpt \u003d Pn / VP

Compliance with inequality (5) is possible only with a reduction in commercial and management costs, which indicates an increase in the quality of profit from the sale of the enterprise. It is obvious that a decrease in the value of the indicator under consideration demonstrates a deterioration in the structure of the elements that form sales profit, and hence a decrease in the quality of the latter.

Quality indicator of profit from sales of the enterprise:

TVPt >= TVt > TSPPt at TVt > TPC

where TSPPt is the growth rate of the cost of goods sold.

Compliance with inequality (6) indicates an increase in the quality of profit from the sales of the enterprise, its non-fulfillment indicates a low or declining quality of this profit.

Sustainability of the growth rate of profit from the sales of the enterprise:

TPpt >= TPp3 >= TPp2 >= TPp1 > 0

Compliance with inequality (7) indicates that the growth rate of profit from sales is stable and, accordingly, indicates a high quality of profit from sales received in the analyzed period.

It is possible to draw a conclusion about the high quality of the profit from the sales of the enterprise only if indicators (4), (6), (7) are observed.

The quality of profit before tax of the enterprise. The indicator of the ratio of profit from sales and profit before tax of the enterprise:

1 >= Kpnt >= 0.51

where КПпнт is an indicator of the ratio of profit from sales and profit before taxation of the enterprise of the analyzed period.

This indicator, in turn, is determined by the formula:

Kppt \u003d Pnt / Pntt

In the event that the quality indicator of profit before tax of the enterprise falls within the range from 0.51 to 1, it can be argued that the quality of profit before tax of the enterprise is high. If inequality (8) is observed, it is obvious that profit before taxation is mainly or even completely formed at the expense of profit from core activities. When this indicator is below 0.51, the company curtails its main activity, giving preference to generating income from temporary, random sources. Obviously, if this indicator exceeds the value of 1, the profit from the main activity is directed to cover the negative balance of income and expenses for other activities. Thus, non-observance of inequality (8) is one of the decisive arguments in favor of the fact that the profit before taxation of the research object is of poor quality.

Stability of the growth rate of profit before taxation of the enterprise:

TPnt >= ... >= TPn3 >= TPn2 >= TPn1 > 0

where TPn3, TPn2, TPn1 - the growth rate of profit before tax in previous periods.

Compliance with inequality (9) indicates that the growth rate of profit before tax is stable and indicates a high quality of profit before tax. Thus, if during the analysis it turns out that inequalities (8), (9) are met, the quality of profit before tax is high. Otherwise, it is concluded that the quality of profit before tax is low.

The quality of the company's net profit. The stability of the net profit ratio of the enterprise:

KCHPt >= ... >= KCHP3 >= KCHP2 >= KCHP1 > 0

where KChP3, KChP2, KChP1 - the values of the net profit ratio of the enterprise in previous periods.

KCHP \u003d CHP / V * 100%

The profitability of an enterprise means its profitability, profitability, efficiency, i.e. profitability. The net profit ratio demonstrates the share of net profit in the proceeds from the sale of products (goods, services) or the amount of net profit received by the enterprise from 1 rub. revenue. It is obvious that the growth of this coefficient can be a characteristic of positive changes in the structure of elements that form net profit. Accordingly, compliance with inequality (10) may indicate a high quality of net profit, including that received in the last analyzed period, since its growth rates are stable.

The stability of the ratio of net profit and profit before tax of the enterprise:

Kpcht >= Kpch3 >= Kpch2 >= Kpch1 > 0

where Kpch3 >= Kpch2 >= Kpch1 - the values of the ratio of net profit and profit before taxation of the enterprise in previous periods.

The indicator of the ratio of net profit and profit before taxation of the enterprise is determined by the formula:

Kpch \u003d Pch / Mon

Compliance with inequality (11) indicates a high quality of net profit.

Sustainability of the growth rate of the company's net profit:

TPcht >= ... >= TPch3 >= TPch2 >= TPch1 > 0

where TPch3, TPch2, TPch1 - the growth rate of net profit in previous periods; TPft growth rate of net profit in the analyzed (reporting) period.

Compliance with inequality (12) indicates that the growth rate of net profit is stable and, accordingly, indicates a high quality of net profit.

Indicators (10) - (12) complement each other, which means that only if all of them are observed in the aggregate, it is possible to conclude that the net profit of the enterprise is high quality.

The final conclusions about the quality of individual financial results and the overall assessment of the quality of profit depend on the number of reporting periods selected for analysis.

Stable (sustainable) growth rates of the amount of various types of profit can be recognized only if equations (1), (3), (4), (7), (9) - (12) are observed at least in the last three analyzed periods. The realism of the assessment will increase significantly with an increase in the number of reporting periods studied.

2. Analysis of the activities of JSC "Airport Tolmachevo"

2.1 Brief economic characteristics of Tolmachevo Airport OJSC

Tolmachevo International Airport is the largest transit hub beyond the Urals on the routes between Europe and Asia. JSC "Airport Tolmachevo" is located on the outskirts of the city of Ob, 17 km from the central part of Novosibirsk. Airport Tolmachevo JSC - formerly the Tolmachevo United Aviation Detachment - has been operating in the air transportation market since 1957. In 1992, the squadron was divided into three independent enterprises: the state aviation enterprise "Airport Tolmachevo", Siberia Airlines, "Zapsibaeronavigatsia". In September 1992, Tolmachevo Airport acquired the status of an international airport.

The main shareholders of the airport are the Russian Federation represented by the Federal Agency for Federal Property Management and CJSC “Depository Clearing Company”. The distribution of shares is shown in Figure 4.

Figure 5 - Distribution of shares of JSC "Airport Tolmachevo"

The airport is located at the intersection of a large number of air lines connecting more than 80 cities in Russia, near and far abroad.

The land area of the airport is 614 hectares. The property complex of the airport includes an airfield, two passenger and one cargo terminal. The runway allows 40 takeoff and landing operations per hour. The apron provides 62 parking spaces for aircraft of all types of aircraft in operation.

The throughput capacity on domestic airlines is 1800 passengers per hour, on international airlines - 750 passengers per hour. The airport handles more than 10,000 flights annually, accepts and dispatches passengers, baggage, mail, and cargo. Tolmachevo serves ships of about 70 Russian and 14 foreign airlines. Representative offices of fourteen airlines are located in Tolmachevo, including Aeroflot, Transaero, China's Xinjiang Airlines, Atlant-Soyuz, EAST LINE, Pulkovo, and others.

According to the results of 2011, Tolmachevo Airport is the sixth in terms of passenger traffic among Russian airports. The rating of Russian airports is presented in Table 4.

Tables 5 and 6 show the dynamics of the airport's performance for the period 2002 - 2012, namely the passenger flow of domestic and international flights, the number of aircraft departures, as well as the number of cargo shipped by airlines.

Table 5 - Performance results of JSC "Airport Tolmachevo" 2002 - 2012, pers.

Total Passengers	Changes	Domestic flights	Changes	International flights	Changes

A visual representation of the dynamics of the number of passengers is given by Fig.6, Fig.7.

Figure 6 - Dynamics of the number of passengers on flights of JSC "Airport Tolmachevo" in 2002 - 2012

Figure 7 - Dynamics of the number of passengers on domestic and international flights 2002 - 2012

Thus, throughout the period under review, there has been a positive trend in the increase in the number of passengers flying on flights of Tolmachevo Airport OJSC, with the exception of 2009, the period of the global financial crisis, the number of passengers has sharply decreased compared to 2008. The largest passenger traffic falls on domestic flights, where the dynamics of growth in the number of passengers is also observed. The largest increase in the number of passengers falls on 2010 (25.35%), which is most likely due to the country's exit from the crisis.

Table 6 - Performance results of JSC "Airport Tolmachevo" 2002 - 2012, departures / tons

Departures	Changes	Freight, mail, etc.	Changes
	Number of flights			The number of cargoes, t.

Figure 8 - Dynamics of the number of sorties in 2002 - 2012

Figure 9 - Dynamics of the number of cargo delivered by the Tolmachevo air system in 2002 - 2012

Based on the above data, it is impossible to draw unambiguous conclusions, since the number of aircraft sorties grows in one year and decreases in another, as well as the volume of cargo. Most likely, these results depend on the policy of the enterprise, on its planned indicators, on weather conditions, other external factors, on the number of orders for the delivery of goods using airlines.

On July 12, 2012 Tolmachevo Airport celebrated its 55th anniversary. More than half a century of experience of Novosibirsk aviators, highly professional specialists and constant improvement of their qualifications, the most modern equipment and technologies, a reliable system for monitoring the implementation of security procedures - all this repeatedly confirms the status of Tolmachevo as one of the safest in the country and the world.

2.2 Express - analysis of the financial condition of JSC "Airport Tolmachevo"

Express analysis is a method for diagnosing the economic condition of business entities based on financial reporting and calculation of indicators.

The purpose of the express analysis is an operational generalized assessment of the results of economic activity and the financial condition of the object according to the main analytical indicators and methods for their calculation.

We will conduct an express analysis of Tolmachevo Airport OJSC to determine the feasibility of further comprehensive economic analysis.

Table 7 - Assessment of the property status of JSC "Airport Tolmachevo" 2009 - 2011

According to the table, it can be seen that the airport has a positive trend throughout the entire period of analysis in the amount of funds at the disposal of the organization, real fixed capital and the value of fixed assets, while the share of fixed assets in the property of the organization is dominant, it accounts for from 80 to 90% of the property, moreover, the share in the reporting year decreased by 7.15% compared to the previous year, a detailed analysis is required to identify the reasons for the decrease.

Table 8 - Assessment of the financial position of JSC "Airport Tolmachevo" 2009 - 2011

Indicators
1. Own capital, thousand rubles
2.Share of own capital in sources of financing, %
3. Current assets of the organization, thousand rubles
4. Current liabilities of the organization, thousand rubles.
5.Current liquidity ratio
6. Borrowed capital, thousand rubles
7. Debt ratio
8. Own working capital, thousand rubles
9. Share of own working capital in total sources of financing, %
10.Inventory coverage ratio

According to the table, it can be seen that the amount of equity and its share in the sources of financing have a growth dynamics, while a positive moment for the organization is the predominance of the share of equity in the sources of financing, its share is about 80%, therefore, only 20% of borrowed funds the organization uses in activities, which reduces risks and increases financial stability. The size of current assets exceeds the size of current liabilities, which allows the organization to cover liabilities through the sale of assets. The liquidity ratio in the reporting year has a downward trend (decreased by 0.35), further analysis is necessary to determine the factors that influenced the decrease in size. The debt ratio is insignificant, which indicates the predominance of equity capital over borrowed capital. The negative value of own working capital negatively characterizes the financial stability of the organization, however, there is a decrease in the lack of own working capital, which may indicate their increase. Further analysis is needed to identify the impact of the size of own working capital on the airport's activities.

Table 9 - Assessment of profit and profitability of JSC "Airport Tolmachevo" 2010 - 2011

The growth of profit and profitability indicators, the excess of revenue over the value of the total cost, all this indicates the successful and efficient operation of the airport.

Table 10 - Evaluation of the efficiency of using the economic potential of JSC "Airport Tolmachevo" in 2010 - 2011

The growth of economic profitability by 3.62% (2 times) shows the efficient and rational use of the organization's assets, which also have growth dynamics in the reporting year. The growth of the financial profitability indicator by 4.44% indicates the effective use of the organization's own funds.

Thus, the need for further study of the performance indicators of Tolmachevo Airport OJSC was identified, since most of the indicators correspond to the normative value and satisfy the interests of the analyst.

2.3 Analysis of the property of JSC "Airport Tolmachevo" and sources of its financing

Assets are economic assets controlled by an entity that have arisen as a result of past events from which the entity expects economic benefits in the future. Future economic benefits are the potential for assets to contribute directly or indirectly to cash flow to the entity. An asset is considered to provide future economic benefits to the entity when it can be:

used separately or in combination with other assets in the process of production of products, works, services intended for sale;

exchanged for another asset;

used to pay off obligations;

distributed among the owners of the organization.

The assets of the enterprise are divided according to many classification criteria, the main of which are presented in Table 11.

Table 11 - Classification of enterprise assets

Classification sign	Type of asset
Form of operation of assets	Tangible assets are the assets of an enterprise that have a real (material) form	* fixed assets; * other types of tangible assets.
	Intangible assets are the assets of an enterprise that do not have a real form, but take part in economic activities and make a profit.	* the rights acquired by the enterprise to use certain natural resources; * patent rights to use inventions; * "know-how" - a set of technical, technological, managerial, commercial and other knowledge, formalized in the form of technical documentation, descriptions, accumulated production experience, which are the subject of innovation, but not patented; * rights to industrial designs and models; * trademark; * trademark; * rights to use computer software products; * "goodwill" - the difference between the market value of the enterprise and its book value, formed in connection with the possibility of obtaining a higher level of profit; * other types of property values of the enterprise;
	Financial assets are assets that represent financial claims that entitle their owner (creditor) to receive a payment or a series of payments from another institutional unit (debtor) in accordance with a contract.	* accounts receivable in all its forms;
The nature of participation in the economic process and the rate of turnover of assets	Current assets are the property values of the enterprise participating in the production and commercial activities of the enterprise, changing their original material and material form, consumed during one production cycle and transferring their value to the cost of manufactured products at a time.	* production stocks of raw materials and semi-finished products; * stocks of low-value and wearing items; * the volume of work in progress; * stocks of finished products intended for sale; * accounts receivable; * monetary assets in national currency; * monetary assets in foreign currency; * short-term financial investments; * future spending.
	Non-current assets are the property values of an enterprise that repeatedly participate in the production and economic activities of the enterprise and transfer their value to the cost of production in parts (property values with a useful life of more than 1 year and a value of more than 40 thousand rubles).	* fixed assets; * intangible assets; * equipment intended for installation; * other types of non-current assets.
The nature of servicing certain types of activities	Operating assets are a set of property values directly used in the production and commercial (operational) activities of an enterprise in order to obtain operating profit.	* production fixed assets; * intangible assets serving the operational process; * current operating assets (their totality minus short-term financial investments).
	Investment assets are a set of property values of an enterprise associated with the implementation of its investment activities.	* unfinished capital investments; * equipment intended for installation; * long-term financial investments; * short-term financial investments.
The nature of financial sources of asset formation	Gross assets is a set of property values (assets) of the enterprise, formed at the expense of both equity and borrowed capital.
	Net assets - this is the value of the property values (assets) of the enterprise, formed exclusively at the expense of its own capital.
The nature of asset ownership	Own assets - the assets of the enterprise that are in its permanent possession and are reflected in its balance sheet.
	Leased assets are the assets of the enterprise that are in its temporary possession in accordance with the concluded lease (leasing) agreements.
	Assets used free of charge are assets transferred to an enterprise for temporary economic use free of charge by other business entities (they are not reflected in the balance sheet).
The degree of liquidity of assets	Absolutely liquid - do not require sale and are ready-made means of payment (monetary assets in national and foreign currencies);	* monetary assets in national currency; * monetary assets in foreign currency.
	Highly liquid assets - assets that can be quickly converted into cash (within 1 month) without significant loss of their current market value	* short-term financial investments; * short-term accounts receivable.
	Medium liquid assets are assets that can be converted into cash without significant loss of their current market value within a period of one to six months.	all forms of receivables, except for short-term and bad debts; * Stocks of finished products intended for sale.
	Low liquid assets - assets that can be converted into cash without loss of their current market value only after a significant period of time (from 6 months or more)	* stocks of raw materials and semi-finished products; * stocks of low-value and wearing items; * assets in the form of work in progress; * fixed assets; * unfinished capital investments; * equipment intended for installation; * intangible assets; * long-term financial investments.
	Illiquid assets - assets that cannot be sold independently, but can only be sold as part of an integral property complex	* uncollectible receivables; * future spending; * losses of current and previous years (reflected as part of the asset balance of the enterprise).

An analysis of the property status of an enterprise according to its balance sheet begins with a study of the volume, composition, structure and dynamics of property in the context of its two main components: non-current and current assets.

Table 12 - Dynamics and structure of property of JSC "Airport Tolmachevo" for 2011

Indicators	Beginning of the year	The end of the year	Changes	Growth rate, %

I. NON-CURRENT ASSETS
Intangible assets
Fixed assets, incl.

land
other operating systems
Construction in progress
Financial investments
Deferred tax assets
Other noncurrent assets
Total for Section I
II. CURRENT ASSETS
Reserves, incl.
raw materials
finished goods and goods for resale
goods shipped
future spending
Value added tax on acquired valuables
Accounts receivable, incl.
buyers and customers
advances issued
other debtors
Financial investments (excluding cash equivalents)
Cash and cash equivalents
Other current assets
Total for Section II

External assets
Internal assets

Figure 10 - Dynamics of the size of the property of JSC "Airport Tolmachevo"

Figure 11- Property structure of JSC "Airport Tolmachevo"

Figure 12 - Share ratio of internal and external assets of JSC "Airport Tolmachevo"

As can be seen from the table, the total value of the company's property increased during the reporting year by 635,097 thousand rubles, or 10.82%. This was due to an increase in the value of non-current assets by 484,259 thousand rubles, or 9.01%, and an increase in the value of mobile property by 150,838 thousand rubles, or 30.32%.

As part of non-current assets, long-term financial investments by 370,649 thousand rubles, or by 579,139.1%, showed the largest increase, which may indicate the development of the airport's investment activities and the diversion of funds from its core activities.

Fixed assets also showed the largest increase (115,869 thousand rubles, or 2.16%), which may be a consequence of the development of the material and technical base of the enterprise, or the result of revaluation of fixed assets. In the reporting year, the value of fixed assets increased by 2.16%, and the proceeds from the sale of products increased by 7.59%, which indicates a rational increase in assets. Let's pay attention to the fact that fixed assets account for 84.27% of all assets. Consequently, the airport has a heavy asset structure, indicative of overhead costs and high sensitivity to revenue changes.

Intangible assets in the composition of property occupy less than 1% (0.006 - 0.007), their reduction by 20 thousand rubles, or 4.57%, is associated with the innovative activities of the airport.

In the reporting year, expenses for construction in progress decreased by 36,244 thousand rubles, or by 30.11%. Their share in the value of property decreased by 0.76% and amounted to 1.29% by the end of the year.

At the beginning of the reporting period, the cost of mobile property amounted to 648,331 thousand rubles. During the reporting period, it increased by 150,838 thousand rubles, or by 30.32%. The share of mobile property in the value of assets increased by 1.49%, due to the excess growth rate of current assets (30.32%) compared to the growth rate of all total assets (10.82%).

The increase in current assets is due to an increase in inventories, receivables, short-term financial investments and cash. The largest increment was provided by an increase in receivables, the amount of which increased by 49,202 thousand rubles, or by 12.53%. At the end of the reporting period, the share of receivables amounted to 6.79% and decreased by 0.10% compared to the beginning of the year.

In the reporting year, the amount of reserves increased by 45993 thousand rubles, or by 59.46%, the share of reserves has a slight increase - 0.58%.

Short-term financial investments increased by 4264 thousand rubles, or by 85.23%, their share in the value of assets at the end of the period is less than 1% (0.14%).

Cash increased by 17,174 thousand rubles, or 263.61%, their share in the value of assets increased by 0.25% and by the end of the reporting year amounted to 0.36%, which positively affects the solvency of the enterprise.

Formula

Divide net income by total revenue. If this ratio is tracked on a trend line, it may be useful to exclude any atypical transactions, such as losses from natural disasters, from the calculation, as they do not provide comparable information across time periods.

Net profit /
Revenue

Example

A beauty salon franchise company pays for the purchase of fixed assets required by each franchisee. This includes an investment of around CU200,000. for salon equipment.

The management team is determined to grow the business as quickly as possible while reporting healthy profits. To do this, it sets the capitalization cap at a very low level of just CU250 so that almost everything the company buys is capitalized.

Because the company uses a depreciation period of ten years for all fixed assets, this results in the recognition of costs over many future periods that would normally have been recognized immediately had a higher capitalization level been used.

Operating results for a typical franchised salon are shown in the table.

The key item in the table is assets with a value of less than CU1,000. Had the company set a higher capitalization limit, these costs would have been recognized as an expense immediately, resulting in an operating loss of CU27,000. for every salon.

As a result, the company's accounting policies create false profits. Combined with the high initial cost of each store's equipment, it's obvious that this seemingly healthy franchise is actually burning its cash reserves at an incredible cost.

Precautionary measures

Net income is often correlated with a company's operations, although it can be skewed to include interest income and expenses (which are financial activities).

It is also possible to get positive earnings when a company handles a large cash flow, using means such as aggressive capitalization of incurred costs and early recognition of income.

Therefore, the initial opinion about the performance of the company when considering this ratio should be supported by other indicators to ensure favorable financial results.

The profitability ratio is the ratio of the net profit (after paying all taxes and interest) of the enterprise to the total amount of sales, i.e., to revenue. It reflects the efficiency of the organization, its financial results and shows how much money from the proceeds from the sale is profit. The value of the indicator must be above zero, which means that the company is profitable. Otherwise, it is unprofitable. For the calculation, data from the income statement are used.

The purpose of any commercial organization is to make a profit. The further development of the enterprise, its financial stability depends on its value. The management of companies, analyzing the results of activities, uses different ratios, including profitability indicators, which give an idea of how much profit is received on the amount of invested funds, equity capital, total assets or revenue.

Coefficient definition

The profitability ratio (return on sales - ROS) shows what percentage of profit is contained in the total amount of the company's revenue. This relative indicator is used by management, investors and creditors to analyze the business activity of the company and its performance.

Why is the profit ratio calculated?

The ROS value allows you to evaluate:

the level of business activity;
the share of profit in the volume of revenue;
risks of increasing the cost of production;
overall performance of the enterprise.

The indicator is calculated for both internal and external use. With its help, the company's management decides on the need to reduce costs, commercial, administrative or other expenses. Investors and lenders evaluate the degree of profitability and the margin of financial strength.

Important! For the management of the company, investors and creditors, it is not the volume of sales that is important, but how much net cash is received from these sales.

Standard value

ROS must be greater than 0. If this is not the case, then the management of the enterprise is inefficient, and it incurs losses. The normative values of this indicator depend on the industry:

agriculture - 9%;
retail trade - 2.2%;
real estate transactions - 5.7%.
oil and gas production - 4.1%;
food production - 1.5%;
construction of buildings - 1.1%.

Reference! There are no strict ROS guidelines. These are only average values for industries for the year, collected by Rosstat based on the results of an analysis of the activities of Russian companies.

For a complete list of averages, please download the Excel file.

In general, an enterprise is considered:

low-margin if ROS is in the range of 1-5%;
medium profitable with ROS from 5% to 20%;
highly profitable in the case of an indicator value of 20-30%;
super profitable if the value exceeds 30%.

The effectiveness of economic activity can be judged by analyzing the indicator in dynamics. Its increase indicates a high efficiency of sales and a reduction in the cost of production.

Calculation procedure

The indicator is calculated by the formula:

where PE is net profit, i.e., profit remaining after paying interest and taxes;

B - proceeds from the sale of products.

Important! This formula is used exclusively for Russian financial statements. In Western practice, ROS is calculated not by net profit, but by profit before taxes (EBIT).

The values of the indicators are taken for the same period, as a rule, this is a year. Several coefficients are calculated, ideally for 5 years, to assess the dynamics.

Formula according to the forms of financial statements

The income statement data is used to calculate the ROS indicator.

where p. 2400 of the report on f. R. - the value of line 2400 of the income statement;

p. 2110 of the report on f. R. - the value of line 2110 of the income statement.

ROS belongs to the group of profitability ratios:

return on sales by EBIT - the ratio of profit before tax to sales volume;
return on assets (ROA) - PE divided by the assets of the enterprise;
profitability of products - the ratio of EBIT to the cost of goods sold;
return on equity (ROE) - characterizes the ratio of NP to the amount of equity capital.

Calculation example

For example, let's calculate the profitability ratio of PJSC "LUKOIL" for the last three years according to the Russian and Western systems of financial analysis.

Data source: PJSC LUKOIL official website

As the calculation showed, the value of the coefficient for the past years is significantly higher than all standard values. PJSC LUKOIL is a super-profitable enterprise. In 2015, the profitability ratio exceeded 100%, which indicates that the company has significant income from other activities not related to the sale of products. In this case, the fall in the coefficient in 2016 does not play a significant role, since its value is extremely high, and the growth in the following year indicates that the difficulties that arose were temporary.