Evaluation of the effectiveness of financial and economic activities. Analysis of the financial and economic activities of the enterprise Assessment of financial and economic activities

Introduction 2

Chapter 1. Theoretical aspects and methods for assessing the effectiveness of financial and economic activities 6

1.1 The concept, tasks and main directions for assessing the financial and economic activities of an enterprise 6

1.3 Methodology for assessing the financial and economic activities of an enterprise in modern conditions of economic development 24

Chapter 2

2.1 Brief financial and economic characteristics of the object of study 38

2.2 Analysis of the volume and structure of trade turnover, as the main indicator of the effectiveness of a trading enterprise 45

2.3 Analysis of financial results and factors influencing the efficiency of financial and economic activities of a trading enterprise 54

Chapter 3

3.1 Growth in the volume of the enterprise's activities as a factor in increasing efficiency 67

3.2 Reserves for reducing distribution costs 71

3.3 Improving business analysis in trade 79

Conclusion 85

List of sources used 90

Introduction

In the present conditions, most economic entities are characterized by a reactive form of financial management, that is, the adoption of managerial decisions as a reaction to current problems. This form of management gives rise to a number of contradictions between the interests of the enterprise and the fiscal interests of the state; the price of money and profitability of production; interests of production and financial service. Thus, one of the main tasks of the enterprise's activity is the transition to financial management based on the analysis and evaluation of its financial and economic activities, taking into account the set strategic goals of the economic entity and finding ways to achieve them.

The value of the assessment of financial and economic activities in the management system is great, since it is the basis on which the development of the financial policy and strategy of the enterprise is built. The leading transformation of accounting and the transition to international financial reporting standards brought back to life one of the most important elements of management work - financial analysis. But modern conditions have necessitated fundamental changes in the methodology and methodology for assessing the financial and economic activities of an enterprise.

Commercial organizations operate in conditions of uncertainty and increased risk. On the one hand, they won the right to freely dispose of their own funds, independently conclude contracts, agreements and transactions in the domestic and foreign markets, which forced enterprises to independently deal with the problems of finding reliable partners and the ability to qualitatively assess their financial stability and solvency. On the other hand, enterprises have become more interested in evaluating their own capabilities: whether they can meet their obligations; whether the property is being used effectively; whether capital is formed rationally; whether the funds invested in assets pay off; whether net profit is expediently spent and others. In order to competently answer these questions, employees of financial services must have knowledge of the methodology of financial analysis.

The choice of this research topic is due to its relevance for the enterprise, since the assessment of financial and economic activity is the most important characteristic of its economic well-being, characterizes the result of current, investment and financial development, contains the necessary information for the investor, and also reflects the ability of the enterprise to meet its debts and obligations and build up its economic potential in the interests of shareholders.

The financial condition is estimated, first of all, by financial stability and solvency. Solvency reflects the ability of an enterprise to pay its debts and obligations in a given specific period of time. It is believed that if an enterprise cannot meet its obligations by a specific date, then it is insolvent. On the basis of financial analysis, its potentialities and trends for debt coverage are determined. Otherwise, the company may be declared bankrupt. It is clear that the solvency of an enterprise in a specific period of time is a necessary but not sufficient condition. The sufficiency condition is met when the enterprise is solvent in time, that is, it has a stable solvency to meet its debts at any time.

Financial stability should be understood as the solvency of the enterprise in time, subject to the condition of financial balance between own and borrowed funds. Just as it is necessary to calculate the break-even point for an enterprise, so it is necessary to determine the financial equilibrium point.

If exchange, distribution and financial transactions reveal the movement of financial resources in relation to assets and capital, then to assess financial and economic activity, such a criterion is needed that would simultaneously combine information about assets, capital and financial resources, and the financial condition would be considered in dynamics.

The purpose of the thesis is to assess the financial and economic activities of the enterprise and develop recommendations aimed at improving the efficiency of the enterprise based on modern methods of management, analysis and forecasting of the financial condition of an economic entity.

The object of the study is the commercial enterprise Lipetsk regional consumer society. The subject of the study is the financial and economic activity of the enterprise.

In the course of work, the following tasks should be solved:

Consider the methodology for assessing the financial and economic activities of the enterprise;

Describe the main indicators used to assess financial and economic activities, determine the procedure for their calculation and optimal values;

Apply the studied methodology for organizing the assessment and analysis of financial and economic activities to the organization under study;

Consider the organizational and economic characteristics of the object of study;

Conduct an analysis of financial stability, liquidity and solvency;

To assess the financial results of the financial and economic activities of the organization;

When writing the work, normative and legislative acts, comprehensive methodological manuals on the procedures for the financial analysis of commercial organizations, materials of monographs and periodicals, other economic literature on the problem under study by foreign and domestic authors, as well as annual and quarterly financial statements, constituent documents of the Lipetsk regional district were used.

When solving the tasks set, the following methods were used: comparative analysis, monographic, abstract-logical, graphic, economic-statistical, as well as other methods of socio-economic research.

The work used the work of contemporary Russian authors: Bocharova V.V., Dashkova L.P., Dontsova L.V., Efimova O.V., Knyshova E.N., Savitskaya G.V., Sheremeta A.D., Raitsky K.A., Kravchenko L.I., Lyubushina N.P.

Chapter 1. Theoretical aspects and methods for assessing the effectiveness of financial and economic activities

1.1 The concept, tasks and main directions for assessing the financial and economic activities of an enterprise

The content of the assessment of financial and economic activity consists in a comprehensive study of the technical level of production, the quality and competitiveness of products, the provision of production with materials, labor and financial resources and the efficiency of their use. This analysis is based on a systematic approach, comprehensive consideration of various factors, high-quality selection of reliable information and is an important management function.

The purpose of assessing and analyzing the financial and economic activities of an enterprise is to increase the efficiency of its work on the basis of a systematic study of all types of activities and generalization of their results.

The objectives of assessing the financial and economic activities of the enterprise are:

Identification of the real state of the analyzed object;

Study of the composition and properties of the object, its comparison with known analogues or basic characteristics, standard values;

Identification of changes in the state of the object in the spatio-temporal context;

Establishment of the main factors that caused changes in the state of the object, and taking into account their influence;

Forecast of the main trends.

The subject of the assessment of the financial and economic activities of the enterprise is the analysis of production and economic results, financial condition, the results of social development and the use of labor resources, the condition and use of fixed assets, the costs of production and sales of products (works, services), and efficiency assessment.

The object of analysis and diagnostics of the financial and economic activities of the enterprise is the work of the enterprise as a whole and its structural divisions (shops, brigades, sections), and the subjects can be public authorities, research institutes, funds, centers, public organizations, the media, analytical services of enterprises.

The functions of assessing the financial and economic activities of the enterprise are: control, accounting, stimulating, organizational and indicative.

When evaluating financial and economic activities, it is necessary to be guided by certain principles and rules developed by science and practice:

scientific character;

complexity;

consistency;

objectivity;

effectiveness;

regularity;

efficiency;

mass character;

state approach;

efficiency.

It is known that the management system consists of the following interrelated functions: planning, accounting, analysis and management decision-making.

To manage production, you need to have complete and truthful information about the progress of the production process, about the progress of the plans. Therefore, one of the functions of production management is accounting.

Comprehension, understanding of information is achieved with the help of economic analysis.

Based on the results of the analysis, management decisions are developed and justified.

Thus, the assessment of economic activity, as a generalizing category of analysis, is an important element in the production management system, an effective means of identifying intra-economic reserves, the basis for the development of scientifically based plans and management decisions.

The content of the assessment of financial and economic activity consists in a comprehensive study of the technical level of production, the quality and competitiveness of products, the provision of production with materials, labor and the efficiency of their use. This analysis is based on a systematic approach, comprehensive consideration of various factors, high-quality selection of reliable information and is an important management function.

The purpose of the analysis of the financial and economic activities of the enterprise is to increase the efficiency of its functioning on the basis of a systematic study of all types of activities and substantiation of their results.

The objectives of the effectiveness of the financial and economic activities of the enterprise are:

Identification of the real state of the analyzed object;

Study of the composition and properties of the object, its comparison with known analogues or basic characteristics, standard values;

Forecast of major trends;

Identification of changes in the state of the object in the spatio-temporal context;

Establishment of the main factors that caused changes in the state of the object, and taking into account their influence.

The subject of the effectiveness of the financial and economic activity of the enterprise is the analysis of production and economic results, the state and use of fixed assets, the cost of selling services.

The object of analysis of the financial and economic activities of the enterprise is the work of the enterprise as a whole and its structural divisions (workshops, brigades, sections), and the subjects are centers, public organizations, analytical services of enterprises.

The functions of assessing the financial and economic activities of an enterprise are: control, organizational, accounting, stimulating and indicative.

When evaluating financial and economic activities, it is necessary to be guided by certain principles and rules developed by science and practice: objectivity, complexity, consistency, mass character, effectiveness, regularity, efficiency, efficiency.

To manage production processes, you need to have complete and truthful information about the progress of the production process, about the progress of the plans. Therefore, one of the functions of production management is accounting.

Understanding information is achieved through economic analysis. Based on the results of the analysis, management decisions are developed.

Results in any area of ​​business depend on the efficiency of the use of financial resources, which are equated to the "circulatory system" that ensures the life of the enterprise. Therefore, taking care of finances is the starting point and the end result of the activity of any business entity. To determine the essence of the analysis of the financial and economic activities of the enterprise, it is necessary to define its main elements. Such elements are: the finances of the enterprise, the structure of the enterprise's funds, the structure of the enterprise's property, the subjects of analysis.

In the conditions of market relations, the finances of enterprises are of particular importance. The growing role of enterprise finance should be seen as a worldwide trend.

The finances of enterprises are a system of relations that are associated with their cash payments and arise in the process of individual circulation of enterprise funds. The financial processes of enterprises are in the formation of their cash income and expenses.

Financial relationships take place between:

Enterprises when paying for various supplies, works, services, sales of products, payment and collection of penalties;

Enterprises with mutual financial investments (equity participation, purchase of securities, provision of loans);

Enterprises and individual shareholders when distributing shares and paying dividends on them;

Enterprises and labor collectives in the process of payroll calculations;

Enterprises and accountable persons, personnel of enterprises for operations not related to payroll calculations, as well as various debtors and creditors;

Enterprises, tenants, higher organizations for rent payments;

Enterprises and the state budget in the calculation and payment of taxes and sanctions, targeted budget financing, the provision of tax benefits;

Enterprises and bodies of social insurance, off-budget funds in the calculation and payment of insurance premiums, contributions to the Pension Fund, etc.;

Enterprises and banks in the process of lending and repayment of loans, in the payment of interest, in the implementation of other types of banking services. The finances of enterprises serve the continuous circulation of enterprise funds and sources of their formation, which consists in the supply, production, marketing, receipt and distribution of financial results (revenues, profits). In the process of circulation, there is a continuous change in the structure of the enterprise's funds and their sources, defined as the ratio between the elements of property and the elements of the capital that forms it.

The structure of the company's funds is formed as a proportion between the value of fixed assets, stocks and costs, cash, settlements and other current assets. The structure of the sources of the enterprise's property is the proportion between the cost values ​​of the sources of own funds, long-term loans and borrowings, short-term loans and borrowings. Each of the listed aggregates, respectively, has its own structure, determined by smaller elements.

The ratio of the structure of the enterprise's funds and the structure of the sources of their formation at each fixed point in time sets the financial condition of the enterprise, the stability of which is one of the most important tasks of financial analysis. Operations carried out in the course of the financial and economic cycle and constituting the content of the processes of supply, production, marketing. Continuously change the financial condition of the enterprise. Sets of homogeneous business operations form business processes. Their impact on the dynamics of the financial condition and financial results of the enterprise, reflected in specific systemic economic models, should be the subject of research in financial theory. Only on the basis of such financial models can an objective, correct complexity of the financial and economic circulation of an enterprise, a method of financial analysis be built.

The main purpose of assessing the financial and economic activities of an enterprise is to obtain a small number of key parameters that give an objective and accurate picture of the financial condition of the enterprise, its profits and losses, changes in the structure of assets and liabilities, in settlements with debtors and creditors.

The assessment of the financial and economic activities of an enterprise is a way of accumulating, transforming and using information of a financial nature, with the aim of:

Assess the current and prospective financial condition of the enterprise;

Assess the possible and appropriate pace of development of the enterprise;

Identify available sources of funds and assess the possibility and expediency of their mobilization;

Predict the position of the enterprise in the capital market.

The main objectives of the analysis of financial and economic activities are:

Assessment of the dynamics, composition and structure of assets, their condition and movement;

Assessment of the dynamics, composition and structure of sources of own and borrowed capital, their condition and movement;

Analysis of absolute and relative indicators of the financial stability of the enterprise and assessment of changes in its level;

Analysis of the solvency of an economic entity and the liquidity of the assets of its balance sheet.

User requests (investors, partners) for analytical information to assess the real financial condition of the enterprise;

The expediency of the most complete disclosure of available information on the financial stability of the organization in an effort to make it the most "open" ("transparent");

The need for practice in the calculation of new indicators for assessing the financial position of economic entities that are adequate to the modern system of economic relations and the conditions for the formation of an information base for analysis;

Production and financial necessity in connection with the promotion of goods and services in the domestic and international markets;

The need for additional information about the financial condition of economic entities (the so-called "analytical") according to multivariate analysis for the development and justification of optimal management decisions by its external and internal users.

The analysis of financial and economic activity acts not only as the main component of any of the management functions (forecasting and business planning, regulation, accounting and control; stimulation; assessment of business conditions, etc.), but is itself a type of management activity that contributes to managerial decision-making to maintain the business at the required level. This active role of analysis poses important tasks for it, including:

1. Free interaction of market entities, competition, enhanced by forensic tendencies and the oppression of monopolies, commercial risk and the uncertainty of obtaining the expected economic benefits, the likelihood of the expected damage occurring or obtaining a result below the required value highlight the problem of choice. Hence, the task of substantiating the choice of optimal business solutions from the available alternatives becomes very relevant for analysis.

2. The task is not only to maximize profits, but also to successfully eliminate the influence of uncertainty and risk; not only to ensure liquidity and profitability, but to a greater extent - to achieve “shareholder welfare”, taking into account commercial risks, which will ensure the necessary financial stability in the future.

3. Through financial analysis, an economic entity considers a wide range of tools and means to achieve the desired results (for example, minimizing costs, maintaining a balance between profitability and financial stability, preventing economic crises) and developing methods for diagnosing the likelihood of bankruptcy.

4. A developed system of financial analysis and evaluation of the activities of economic entities makes it possible to identify and systematize the solution of the most complex and frequently occurring economic situations and develop the most effective recommendations for their elimination.

5. Economic practice requires the use in the analysis of accounting for the solution of social, environmental and humanitarian problems, the problems of using net profit and its capitalization.

6. Improving the methods of studying the market and partners in it can be considered as an important independent task of analysis.

7. The task of increasing the active role of analyzing the financial and economic activities of an enterprise as an information base for making optimal business decisions along with the traditional task of improving all sources of information, including increasing the similarity of accounting, reporting, regulatory and other information.

8. The implementation of traditional tasks of economic analysis, such as the mobilization of identified reserves for increasing production efficiency and strengthening its intensification, in the current economic situation is complicated by the need to take into account uncertainty and commercial risks, the probabilistic nature of events and their estimates, inflationary processes, modern characteristics of the cost of cash flows. All this requires the improvement of the methodology of financial analysis, without which it is not possible to strengthen its role in business management.

Evaluation of the financial and economic activities of the enterprise Applications. The analysis is designed to be effective, actively influence the course of production and its results, timely identifying shortcomings, miscalculations, omissions in work and informing the management of the enterprise about this. To achieve this goal, the solution of the following tasks is required: Consider the theoretical foundations of the analysis and management of economic activity; Conduct an analysis of the financial condition of the enterprise OJSC 780 RZ TSK; Identify key areas...

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Various aspects of the production and economic activity of the enterprise receive a complete monetary value in the system of indicators of financial and economic results and characterize the absolute efficiency of the enterprise's management. Analysis of the financial performance of the enterprise allows you to determine the most rational ways of using resources and form the structure of the enterprise's funds. In addition, financial analysis is used to study economic processes and economic relations, showing strengths and...

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The purpose of the analysis is to establish the features of changes in property, financial resources and financial results of IP Brytkova N.V. For its implementation, aggregated forms of financial statements are used, created in IP Brytkov for management purposes - the balance sheet and the income statement (Appendices 1 and 2).

Aggregation can be carried out in various ways, one of which is the consolidation of statements for several periods in one document, followed by the removal of empty lines.

Let's perform an assessment of the property of IP Brytkova N.V. This type of analysis will consist of the following sections: analysis of the dynamics and analysis of the structure of assets of IP Brytkova N.V.

First, let's analyze the dynamics of the assets of IP Brytkova N.V. This analysis is carried out on the basis of the assets of the enterprise's balance sheet. The purpose of the analysis is to determine how the elements of the enterprise's assets have changed over the analyzed period in absolute and relative terms.

The results of the assessment of the dynamics of the assets of IP Brytkova N.V. are shown in Table 8.

Table 8 - Dynamics of assets of IP Brytkova N.V. for 2013-2015

The total change in the value of assets amounted to 1,536 thousand rubles. or 15.28%. The main items that determined the growth of assets are fixed assets (growth by 971 thousand rubles) and accounts receivable (growth by 326 thousand rubles). In general, changes in the asset balance are positive, since the production assets of IP Brytkova N.V. are increasing.

Now let's analyze the asset structure of IP Brytkova N.V.

This type of analysis answers the question of what weights the asset items have in the overall total, and how these weights change in the analyzed period.

The results of assessing the structure of assets - table 9.

Table 9 - Structure of assets of IP Brytkova N.V. for 2013-2015, in percent

Assessing the structure of assets, it can be noted that, in general, it remains quite stable throughout the analysis period.

Most of all property is fixed assets (81.41% for 2015). The second item by weight is stocks (8.73% for 2015), and the third one is accounts receivable (5.56% for 2015). In general, we can say that assets have a “heavy” structure.

This is due to the fact that the company owns the car service room, in addition, the work of the enterprise requires relatively expensive fixed assets (for example, a car lift)

For the convenience of assessment, we will reflect the changes in the assets of the balance sheet in Fig. 8.

Figure8. Change in the assets of IP Brytkova N.V. for 2013-2015

The figure shows that there is a consistent increase in the value of assets, which is mainly due to a change in the value of fixed assets. Now let's analyze the sources of financing of the enterprise under study. As in the case of the analysis of assets, this type of analysis consists of an analysis of the dynamics and analysis of the structure of liabilities of IP Brytkova N.V.

Let's analyze the dynamics of the liabilities of IP Brytkova N.V. This analysis is carried out on the basis of the liability of the balance sheet of the enterprise. The purpose of the analysis is to determine how the elements of the enterprise's liabilities have changed over the analyzed period in absolute and relative terms. The results of assessing the dynamics of liabilities of IP Brytkova N.V. are shown in table 10.

Table 10 - Dynamics of liabilities of IP Brytkova N.V. for 2013-2015

In the liabilities of the enterprise, there was an increase in the total value of sources of financing by 1,536 thousand rubles. or 15.28%. The value of own sources increased by 1,363 thousand rubles, long-term attracted sources decreased by 123 thousand rubles, short-term attracted sources increased by 296 thousand rubles.

These changes are positive, as the company's dependence on external sources of financing is reduced, and the ability to self-finance is growing.

Now let's analyze the structure of liabilities of IE Brytkova N.V. This type of analysis answers the question of what weights the liability items have in the overall total, and how these weights change in the analyzed period. The results of assessing the structure of liabilities - table 11.

Table 11 - The structure of liabilities of IP Brytkova N.V. for 2013-2015, in percent

There are positive changes in the structure of liabilities. The share of own sources by 2015 increased by 7.30% and amounted to 40.93%.

It may be noted that IP Brytkova N.V. quite a large share of long-term loans. This is explained by the fact that the enterprise attracted a long-term loan for the purchase of its premises, hoping to repay it at the expense of proceeds from its activities. At the beginning of 2015, the company slightly increased its borrowings to upgrade the car lift, which can now lift vehicles weighing more than 3.5 tons.

Changes in liabilities indicate a gradual decrease in the company's dependence on external sources of financing.

Let's reflect changes in liabilities of balance on fig. 9.

Figure 9. Change in liabilities of IP Brytkova N.V. for 2013-2015

The figure shows that there is an increase in the value of funding sources, which mainly consists of an increase in the value of long-term borrowings and retained earnings.

In general, changes in funding sources can be called positive.

The first type of analysis of the financial condition of an enterprise is an analysis of the solvency of an enterprise (determining the liquidity of the balance sheet). This type of analysis is performed on the basis of the balance sheet of IP Brytkova N.V. for management purposes.

To perform this type of analysis, an assessment of pay inequalities is used. The analysis is carried out in three stages:

• 1) First, all assets are grouped according to the speed of their possible conversion into cash (by liquidity);
• 2) Then all liabilities are grouped according to the period when they need to be repaid (by urgency);

3) And then the assets and liabilities coinciding in terms of time are compared with each other.

Let's group assets by liquidity - table 12

Table 12 - Grouping of assets of IP Brytkova N.V. by liquidity in 2013-2015

The table shows that the largest growth is shown by illiquid assets (the company's fixed assets increase). This negatively affects the liquidity of the balance sheet of IP Brytkova N.V.

Now let's group liabilities by urgency - table 13.

Table 13 - Grouping of liabilities of IP Brytkova N.V. by urgency in 2013-2015

The table shows that permanent liabilities grow the most. This has a positive effect on the liquidity of the balance sheet.

And now it is possible to determine the solvency of IP Brytkova N.V., let's compare in pairs the corresponding groups of assets and liabilities of the enterprise.

The comparison results are shown in table 14.

Table 14 - Solvency of IP Brytkova N.V. on payment inequalities in 2013-2015

The table shows that for 2015, out of 4 inequalities, 1 inequality is not met. This means that the solvency of the organization is average, while in the period under review there is an increase in the shortage of liquid assets. Therefore, the solvency of IP Brytkova N.V. and the prospects for its change can be characterized as negative.

Let's reflect changes in solvency by payment inequalities in fig. 10.

Figure 10. Solvency of IP Brytkova N.V. on payment inequalities in 2013-2015

It can be seen from the graph that most pay inequalities are met, but the dynamics of their change is negative.

The results of the calculation of liquidity indicators - table 15.

Table 15 - Liquidity indicators of IP Brytkova N.V. in 2013-2015

Liquidity indicators generally exceed the standards, which indicates the excess liquidity of the company's assets.

For clarity, we show these indicators in Fig. eleven.

Figure 11. Liquidity indicators of IP Brytkova N.V. in 2013-2015

The graph shows that, in general, liquidity indicators remain at the same level. A pronounced negative trend is shown only by the current liquidity ratio. In general, this indicates a gradual reduction in the liquidity of IP Brytkova N.V.

Now let's calculate the indicators of financial stability.

Financial stability is a complex characteristic of the sources of financing of an enterprise.

Financial stability indicators answer the question in what proportions different types of liabilities are included in the total and how they correlate with the most important elements of the company's assets.

Table 16 shows the financial stability ratios.

Table 16 - Financial stability ratios of IP Brytkova N.V. in 2013-2015

The table shows that, in general, there is a gradual improvement in the financial stability of IE Brytkova N.V., although for 2015 it still remains insufficient.

For example, the autonomy ratio, which shows the share of equity in the composition of funding sources, increased by 0.07, the financial leverage ratio, which shows the amount of borrowed funds attributable to the amount of own funds, decreased.

Let's reflect the given indicators of financial stability on fig. 12.

Figure 12. Coefficients of financial stability IP Brytkova N.V. in 2013-2015

It can be seen from the graph that most of the indicators of financial stability demonstrate a positive trend, this indicates an improvement in the financial stability of IE Brytkova N.V.

Now let's do a business analysis. This type of analysis consists of two sections: the analysis of indicators of turnover and the analysis of periods of turnover.

First, we calculate the main indicators of turnover. These indicators answer the question of how many rubles of revenue account for one ruble of financial and property resources, thus, they characterize the return on the use of these resources.

Calculation results - table 17.

Table 17 - Turnover indicators of IP Brytkova N.V. in 2013-2015

The vast majority of turnover indicators decreased. This indicates that for each ruble of financial and property resources used by IE Brytkova N.V. received less revenue. That is, there is a reduction in the return on the use of these resources. As noted earlier, the reason for such changes is a decrease in the turnover of the enterprise with a simultaneous increase in the value of the property used and the financial sources of the enterprise.

For clarity, we reflect the main indicators in Fig. 13.

Figure 13. Turnover indicators of IP Brytkova N.V. in 2013-2015

The graph shows a noticeable reduction in the turnover of financial and property resources, which is explained by the outpacing growth in the value of these resources compared to the growth in revenue.

Now we calculate the periods of turnover of financial and property resources. These indicators answer the question of how long it will take the company to generate revenue sufficient to fully recover the resources used.

The results of the calculation of turnover periods - table 18.

Table 18 - Turnover periods of IP Brytkova N.V. in 2013-2015

The table shows that there is a noticeable increase in turnover periods. This means that IP Brytkova H.The. it takes more and more time to create revenue that will be enough to cover the financial and property resources used.

In the following figure, we will reflect these indicators - Figure 14.

Figure 14. Turnover periods of IP Brytkova N.V. in 2013-2015

The graph shows that there is an increase in the periods of turnover of financial and property resources, which is a negative trend and indicates a decrease in the productivity of the enterprise.

As a result of the study of the financial and economic activities of IP Brytkova N.V. it is necessary to evaluate the profitability of the enterprise. This group of indicators answers the question of how efficiently the enterprise uses the financial and property resources that are at its disposal.

They are defined as the result of the ratio of different types of profits (from the income statement) to the amount of financial and property resources that generate them.

These profitability indicators complement the previously calculated relative performance indicators of the enterprise. The results of the assessment of profitability indicators are shown in table 19.

Table 19 - Profitability indicators of IP Brytkova N.V. in 2013-2015, in percent

The table shows that all profitability indicators show a negative trend. This indicates a deterioration in the efficiency of the use of financial and property resources and is a sign of a deterioration in the financial condition of the enterprise under study.

The main factor in the deterioration of profitability indicators is the decrease in turnover, which leads to a reduction in all types of profits of the enterprise and, consequently, to a reduction in all profitability indicators.

In addition, the decrease in profitability is affected by the growth of used assets and liabilities and the high share of expenses in the financial results of the enterprise.

For clarity, we show these indicators in Fig. 15.

Figure 15. Profitability indicators of IP Brytkova N.V. in 2013-2015, in percent

The graph clearly shows that there is a reduction in all types of profitability of the enterprise. Moreover, in the second half of the analyzed period, there was an increase in indicators, which somewhat reduced the decline in the first half of the period.

Thus, it is possible to summarize the analysis of the financial and economic activities of IP Brytkova N.V. there is a deterioration in financial and economic activity: labor productivity is declining, the efficiency of using fixed assets is deteriorating, solvency is declining, business activity and profitability are declining.

In the course of further development of the thesis, it is necessary to propose reasonable measures to eliminate the identified negative trends.