The payback period of equity capital shows. Financial management. Return on financial investments

Profitability of core business

Return on sales

Return on equity

Return on capital advanced.

Accounts receivable ratio

Duration of the financial cycle

Duration of the operating cycle

3.2.4. Profitability analysis

The main indicators of this group are the indicators of the return on capital advanced and the return on equity. The economic content of these indicators is to calculate how many rubles of profit falls on 1 ruble. advanced (equity) capital.

You can use either the total profit of the reporting period or net profit.

Indicators have no standards.

3.2.5. Indicators of the position on the securities market

This analysis is carried out in companies listed on stock exchanges and listing their securities there. Financial statements require additional information for analysis.

The given indicators are conditional, since the terminology for securities in the Russian Federation has not yet been finally developed.

Earnings per share. This is the ratio of net profit (NP), reduced by the amount of dividends on preferred shares, to the total number of ordinary shares. It is this indicator that largely affects the market price of shares. An analytical drawback is the spatial incomparability due to the unequal market value of shares of different companies. Payment:

accounting data.

Share value. It is calculated as the quotient of dividing the market price of a share by earnings per share. The indicator shows how much investors are willing to pay at the moment for 1 ruble. earnings per share. The relatively high growth of this indicator over time indicates that investors expect a faster growth in the profits of this firm compared to others. Payment:

Share dividend yield... The ratio of the dividend per share to its market price. This indicator characterizes the percentage of capital invested in the firm's shares. This is a direct effect.

There is also an indirect effect (gain or loss), expressed in the measurement of the market price of a given firm's shares. Payment:

accounting and securities market data.

Dividend yield... Calculated by dividing dividend per share by earnings per share.

Interpretation of the indicator - the share of net profit (NP) paid to shareholders in the form of dividends. Associated with this indicator is the coefficient of profit reinvestment, which characterizes its share directed to the development of production. The sum of the values of this indicator and the profit reinvestment ratio is 1. Calculation:

accounting data.

Stock quotes ratio... The ratio of the market price of a share to its book price. The book price characterizes the share of equity per share. The book price is made up of the par value of a share, a share of the share profit (the accumulated difference between the market price of shares at the time of sale and their par value) and a share of the profit accumulated and invested in the development of the company. A coefficient value greater than 1 means that potential shareholders, purchasing a share, are ready to give a price for it that exceeds the accounting estimate of the real capital attributable to 1 share at the moment. Payment.

Let's analyze return on equity... In foreign sources, the return on equity ratio is designated as ROE - Return On Equity (or Return on shareholders' Equity), and shows the share of net profit in the company's equity capital.

Let's start by defining the economic essence of the return on equity ratio, then we will give the calculation formula for both domestic and foreign forms of financial statements, and let's not forget to talk about the norms of this indicator.

Return on equity. The economic essence of the indicator

Who needs this return on equity ratio?

This is one of the most important coefficients used by investors and business owners, which shows how effectively the money invested (invested) in the company was used.

The difference between return on equity (ROE) and return on assets (ROA) is that ROE does not show the effectiveness of all assets (like ROA), but only those that belong to the owners of the enterprise.

How to use the return on equity ratio?

As mentioned above, this indicator is used by investors and owners of an enterprise to assess their own investments in it. The higher the value of the coefficient, the more profitable the investment. If the return on equity is less than zero, then there is a reason to think about the feasibility and efficiency of investments in the company in the future. As a rule, the value of the coefficient is compared with alternative investments in shares of other companies, bonds and, in extreme cases, in a bank.

It is important to note that too high a value of the indicator can negatively affect the financial stability of the enterprise. Do not forget the main law of investment and business: more profitability - more risk.

Return on equity. The formula for calculating the balance sheet and IFRS

The formula for the return on equity ratio consists of dividing the company's net profit by its equity capital:

Return on equity ratio = Net profit / Equity

All profitability ratios are calculated as percentages for convenience, so do not forget to multiply the resulting value by 100.

According to the domestic form of financial statements, this ratio will be calculated as follows:

Return on equity ratio = line 2400 / line 1300

The data for the formula is taken from the Profit and Loss Statement and the Balance Sheet. Previously, in the old form of financial statements (until 2011), the ratio was calculated as follows:

Return on equity ratio = line 190 / line 490

According to the IFRS system, the ratio is as follows:

DuPont formula for calculating the return on equity

To calculate the return on equity ratio, it is often used Dupont formula... It breaks down the coefficient into three parts, the analysis of which allows you to better understand what influences the final coefficient to a greater extent. In other words, it is a three-way ROE analysis. Dupont's formula is as follows:

Return on equity ratio (DuPont formula) = (Net Income / Revenue) * (Revenue / Assets) * (Assets / Equity)

The Dupont formula was first used in financial analysis in the 1920s. It was developed by the American chemical corporation DuPont. The return on equity (ROE) according to the DuPont formula is divided into 3 components: operational efficiency (profitability of sales),
efficient use of assets (asset turnover),
leverage (financial leverage).

ROE (according to the DuPont formula) = Return on sales * Asset turnover * Leverage

In fact, if you reduce everything, you get the formula described above, but such a three-factor selection of the components allows you to better determine the relationship between them.

Return on equity ratio. An example of calculation for OJSC KAMAZ

To assess the return on equity, it is necessary to obtain the financial statements of the investigated company. On the official website of the enterprise OJSC KAMAZ for the last 4 years, you can take financial data. An alternative option is to use the InvestFunds service, which allows you to get data for several quarters and years. The figure below shows an example of importing balance sheet data.

Calculation of the return on equity ratio for OJSC KAMAZ. Income statement

Calculation of the return on equity ratio for OJSC KAMAZ. Balance sheet

Let's calculate the coefficients for 4 years:

Return on equity ratio 2010 = -763/70069 = -0.01 (-1%)
Return on equity ratio 2011 = 1788/78477 = 0.02 (2%)
Return on equity ratio 2012 = 5761/77091 = 0.07 (7%)
Return on equity ratio 2013 = 4456/80716 = 0.05 (5%)

There is an increase in the indicator from -1% to 5% over 4 years. Nevertheless, investing in shares of this company is not advisable, since the profitability ratio is less than an investment in alternative projects. For example, in 2013 the bank rate on deposits was about 10%. It was more efficient to invest free funds in a deposit than in OJSC KAMAZ (5%<10%).

Return on equity. Standard

The average ROE in the US and UK is 10-12%. For inflationary economies, the ratio is higher. According to the international rating agency S&P, the return on equity ratio of Russian enterprises was 12% in 2010, the forecast for 2011 was 15%, for 2012 - 17%. Domestic economists believe that 20% is the normal value for the return on equity.

The main criterion for assessing the return on equity ratio is comparing it with the alternative return that an investor can get from investing in other projects. As it was discussed in the example above, it was not efficient to invest in OJSC KAMAZ.

The payback period of equity capital is the most common time indicator of interest, first of all, to owners and third-party interests. There is no single criterion for the values of the indicator, since this indicator depends on the constantly changing values of equity and profit. In LLC "Grand Service" the coefficient of the payback period of equity capital in 2008 increased in comparison with 2007.

Analysis of liquidity and solvency of Grand Service LLC

One of the most important characteristics of the financial condition of an enterprise is its solvency, which is understood as the ability of a commercial organization to pay off its obligations.

The solvency of an enterprise is determined by the availability of means of payment for timely settlements with suppliers, employees, financial and tax authorities, banks and other counterparties.

Let's calculate the relative indicators of liquidity and solvency of the analyzed enterprise and compare the obtained values with the normative ones.

Table 1.10 - Relative indicators of liquidity and solvency of Grand Service LLC for 2007-2008.

Indicator name	Calculation formula	Settlement in LLC "Grand Srvis"	Standard	Deviation from the standard


Current liquidity ratio	(290-230) / (690-640)
Quick liquidity ratio (critical assessment)	(240+250+260) / (690-640)
Absolute liquidity ratio	(250+260) / (690-640)
Coefficient of coverage of current assets by own capital (coefficient of provision of SOS)
Return on sales, Rp	Pp = line 050 / (line 020 + line 030 + line 040) * 100%		1-5% -lower; 5-20% average; 20-30% - high reward.
Return on equity, Rcap	Rkap = p. 190 (F-2) / p. 490 (F-1) * 100%

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The above data show that the growth rate of equity capital in 2011 is lower than this indicator in 2010 due to a slowdown in capital turnover, a decrease in the capital multiplier and (mainly) due to a decrease in the share of capitalized profit.

Thus, the study of the movement of equity capital showed that it is necessary to increase the capitalization (reinvestment) of profits, since it helps to improve financial stability, reduce the cost of capital. This conclusion is especially relevant due to the fact that retained earnings account for the bulk of equity capital receipts.

2.4 Analysis of financial ratios

The task of analyzing financial ratios is to determine how much the organization is financially independent, whether the level of this independence is increasing or decreasing, and whether the state is responsible for its own. Financial ratios, which characterize the independence of the enterprise, make it possible to measure whether the analyzed organization is financially stable enough.

Thus, the financial condition of an enterprise is determined by its financial stability.

The economic essence of the financial stability of an enterprise lies in the provision of its reserves and costs with the sources of their formation, i.e. the financial stability of the enterprise implies financing from its own funds.

To analyze financial stability, it is necessary to calculate such an indicator as own working capital (formula 1.2.8):

SOK 2010 = 470685-273393 = 197292 thousand rubles,

SOK 2011 = 584000-245261 = 338739 thousand rubles.

Calculation of coefficients characterizing the financial stability of JSC "Vesenny" for the period 2010-2011. produced on the basis of formulas (1.2.9-1.2.13) and presented in table 2.4.1.

Table 2.4.1

Calculation of coefficients characterizing the financial stability of JSC "Vesenny" for the period 2010-2011.

Coefficient	Absolute change	Including due
		Own capital	Borrowed money	Out-of-mouth assets	Turnover assets	Balance currency	Long-term commitment
Coefficient of supply of reserves and costs with own sources of financing
Equity capital concentration ratio (equity ratio)
Dependency ratio
Equity capital flexibility ratio
Coefficient	Absolute change	Including due
		Own capital	Borrowed money	Out-of-mouth assets	Turnover assets	Balance currency	Long-term commitment
Investment ratio (own sources)
Capitalization ratio (leverage)
Coefficient of provision with own sources of financing
Funding ratio
Financial stability ratio

The main indicator in the analysis of financial condition is the ratio of provision of stocks and costs with own sources of financing. The higher the value of this indicator, the more stable the financial condition of the organization. In 2010, Koz = 0.991, which means that the enterprise's balance of payments is disturbed, but it remains possible to restore equilibrium by attracting temporarily free sources, for example, a reserve fund. In 2011, Goats = 1.41. This indicates an absolutely stable financial condition of the organization, since reserves are less than the amount of own working capital and are covered by stable sources of financing. In parallel with the growth of this ratio, the value of own sources of financing also increased.

The equity ratio has a low value, but in 2011 this ratio increased, which indicates an increase in financial stability.

The financial dependence ratio is the inverse of the equity capital concentration ratio. This indicator shows that in 2010 for every 1 ruble. owners' funds account for 0.4 rubles. borrowed funds, and in 2011 - 0.3 rubles. The decrease in this indicator is a positive trend.

The equity capital flexibility ratio determines what part of equity is used in current activities and what is capitalized. The standard value is 0.4 - 0.6. The coefficient of maneuverability of the equity capital of OJSC "Vesenny" is within the normal range, which positively characterizes the enterprise. There is no need to increase this ratio in the future.

According to the investment ratio of own sources and long-term loans, it can be determined that own sources and long-term loans form the company's investments in 2010 by 218.9%, in 2011 - by 291.8%. These are excellent indicators for this organization, because according to them, it can be concluded that the company is effectively investing its financial resources.

The financial stability ratio is additionally estimated through a system of indicators characterizing the structure of the used capital of the enterprise from the standpoint of the degree of financial stability of its development in the coming period. As the data in table 2.4.1 show. the dynamics of the capitalization ratio testifies to the sufficient financial stability of OJSC "Vesenny", since this requires that this ratio be no more than 1.5. The following factors influence the value of this indicator: high turnover, stable demand for products sold, well-established supply and sales channels, low level of fixed costs.

The ratio of provision with own sources of financing in the case under study is above 50%, which indicates the independence of OJSC "Vesenny" from borrowed sources of funds in the formation of its current assets.

The value of the funding ratio during the study period is more than 0.7, which is a positive indicator. Most of all funding comes from its own funds.

Thus, the values of financial stability indicators, determined by the structure of own sources of financing, affecting the financial condition of the enterprise, are within the recommended limits, but the analysis of the dynamics indicates the deterioration of some of them (the capitalization ratio decreased by 17.47% and the financial stability ratio decreased by 9 ,nine%). The assessment of the financial condition of the enterprise in this case is “good”. This assessment classifies the financial condition of OJSC “Vesenny” as the second class - it is an organization with a normal financial condition, its financial performance as a whole is very close to optimal, but some lag is allowed for some ratios. This organization is profitable, but there are shifts in the structure of its own funding sources.

2.5 Analysis of the efficiency of using equity capital

To analyze the efficiency of using equity capital, the coefficients of business activity and profitability are used. The dynamics of business activity ratios is analyzed using formulas (1.2.19-1.2.20), which are presented in table 2.5.1.

Table 2.5.1

Business ratios

The ratio shows the activity of funds that shareholders risk. There was a decrease in the capital turnover, which reflects the tendency towards inaction of a part of own funds.

Equity capital turnover in days means that, other things being equal, OJSC "Vesenny" requires less working capital. A decrease in this indicator indicates that the circuit is going faster, i.e. in 2011, equity capital began to be used more efficiently.

An important characteristic of the efficiency of equity capital is its profitability, calculated according to the formula 1.2.21. The calculation results are presented in table 2.5.2.

Table 2.5.2

Return on equity indicators

The data in table 2.5.2 indicate a slight decrease in the return on equity. It should be noted that this indicator is quite high, i.e. the profitability of the business for its owners is evident, and for 1 ruble of equity capital there are about 70 kopecks of profit.

By means of the Du Pont model (factor model for determining the return on equity - formula 1.2.24), factors influencing the return on equity are determined. For the factor analysis of changes in the return on equity, table 2.5.3 is compiled.

Table 2.5.3

Initial data for factor analysis of return on equity

According to the DuPont model, the return on equity has been reduced over the period 2010-2011. The calculation was made by the method of chain substitution and is presented in the summary table 2.5.4.

Table 2.5.4

Factors of changes in the return on equity for 2010-2011,%

The final data of the factor analysis of changes in the return on equity are presented in the summary table 2.5.5.

equity capital financial analysis

Table 2.5.5

Factor analysis of changes in the return on equity for the period 2010-2011,%

Thus, the return on equity decreased due to the increase in assets. According to the balance sheet, in 2011 there was an increase in inventories and receivables.

The next indicator is the payback period, it shows the number of years during which investments in a given organization are fully paid off. The dynamics of the payback period of equity capital for 2010-2011 is presented in table 2.5.6.

Table 2.5.6

Indicators of the payback period of equity capital

The data in Table 2.5.4 indicate that the return on equity in 2010 was 1.43 years (1 year 5 months), and in 2011 - 1.45 years (1 year 5.5 months). There was an increase in the payback period of equity capital, which indicates the insufficient efficiency of its use.

Thus, the efficiency of using equity capital is at a fairly high level, but this indicator decreases due to an increase in assets, an increase in the payback period of equity capital and a decrease in business activity.

The basis of the management of the company's own capital is the management of the formation of its own financial resources. In order to ensure the efficiency of managing this process at the enterprise, it is necessary to develop a financial policy aimed at attracting its own financial resources from various sources in accordance with the needs of the enterprise's development in the coming period. The policy should be aimed at achieving a return on equity ratio of at least 70%.

Equity capital management policy is part of the overall financial strategy of the enterprise, which consists in ensuring the necessary level of self-financing for its production development.

The following can be proposed as measures to improve the use of the company's equity capital:

more complete use of the production capacity of the enterprise, improving the quality and competitiveness of products, reducing its cost, rational use of material, labor and financial resources, reducing non-production costs and losses;

improving the organization of material and technical supply with the aim of uninterrupted provision of production with the necessary material resources and reducing the time spent by capital in stocks;

reduce the cost of assets by reducing inventories and receivables;

introduction of an effective system of mutual settlements in order to minimize financial diversion of funds to accounts receivable.

At the enterprise, it is necessary to pay great attention to the introduction of new, more progressive production technologies with a reduction in human labor.

Thus, the introduction of measures for the introduction of new technological production processes makes it possible to increase the efficiency of using equity capital at the enterprise, in particular, indicators of the payback period and return on equity.

3.2 Forecasting indicators of efficiency of using equity capital

To predict the performance indicators of the equity capital of OJSC "Vesenny" for 2010, it is necessary to find the forecast ratios of the equity capital turnover and return on equity, as well as to draw up a forecast profit and loss statement.

To calculate the predicted performance indicators, it is necessary to perform a number of actions, consisting of the following stages:

1) Calculation of the projected value of revenue from product sales and the amount of projected net profit;

2) Construction of a forecast profit and loss statement and a forecast balance sheet based on the forecast values of proceeds from product sales and net profit;

3) Calculation of the forecast values of the turnover and return on equity ratios based on the forecast reporting forms and their comparison with the indicators of 2011.

To calculate the predicted value of revenue from product sales, the method of exponential smoothing is applied taking into account the trend. Table 3.2.1 presents the initial data for forecasting the revenue of OJSC "Vesenny".

Table 3.2.1

Initial data for forecasting the production of OJSC "Vesenny" in the context of the months of 2010-2011. in thousand rubles











September			September

Based on table 3.2.1, a graph is built in order to find the regression equation:

Figure 3.2.1. Schedule for constructing the regression equation for JSC "Vesenny" for the period 2010-2011, thousand rubles.

Thus, we get the regression equation y = 22.584x + 123090, as a result, we get a smoothed trend value for a period of 1 month b = 22.584. Further, based on table 3.2.1. and based on the obtained value b, we make a table for calculating the forecast revenue from sales of products for 2010. For the values of A and B, values were chosen equal to 0.1 and 0.3, respectively.

Table 3.2.2

Calculation of the forecasted revenue from the sale of products of OJSC "Vesenny" for 2010 in thousand rubles.

Table 3.2.3

Forecast values of proceeds from the sale of products of OJSC "Vesenny" for 2010 in thousand rubles.











September

Thus, based on the method of exponential smoothing taking into account the trend, the predicted value of the revenue of OJSC "Vesenny" for the 2010 forecast year was obtained in the amount of 1,477,299 thousand rubles.

The next stage of the study is to determine the correlation-regression dependence of net profit on proceeds from product sales (table 3.2.4).

Table 3.2.4

The initial data are given to carry out the correlation dependence of net profit on proceeds from sales of products for 2010-2011. in the context of months in thousand rubles

	Net profit (y)	Revenue from the sale of products (x)

The graphs of the dependence of the values of profit on the proceeds, obtained on the basis of the correlation and regression analysis of OJSC "Vesenny" are presented in the appendix. Using various methods for finding the regression equation, we will find the best version of the equation, where R2 tends to 1.

Table 3.2.5

Results of calculating the correlation-regression dependence

According to table 3.2.5, it can be seen that the linear, power and polynomial methods will equally accurately predict the net profit of revenue from product sales for 2010.

Table 3.2.6

Analysis of forecast values of net profit for 2010. in thousand rubles

	Net profit








September


	Net profit

Thus, using the linear method, 114,151.2 thousand rubles were obtained. net profit.

Let's carry out a comparative analysis of the coefficients of business activity and the return on equity of OJSC "Vesenny" (table 3.2.7).

Table 3.2.7

Comparative analysis of business activity and return on equity for 2010-2011.

Based on table 3.2.7 and formula 1.2.19, we forecast the projected value of equity capital (IC).

SK = V / OKAP = 1477299 / 2.2.85 = 518350.5 thousand rubles.

Let's compile a table with the calculation of the predicted values of the coefficients of business activity and the return on equity capital, characterizing its efficiency, based on the forecast reporting forms and their comparison with the indicators of 2011 (table 3.2.8).

Table 3.2.8

Forecasted values of the efficiency of equity capital of OJSC "Vesenny" for 2011 and 2010 forecast year

Index	Growth rate,%	2010 forecast	Growth rate,%

1.Revenue from sales, thousand rubles
2. Net profit, thousand rubles
3. equity capital, thousand rubles
4.Turnover of equity in turnover
5.Turning capacity of equity in days
6. Return on equity,%

Analyzing the table with these indicators, the following conclusions can be drawn: sales revenue will decrease by 2.2%, although in 2010-2011 it grew by 4.2%. Revenue and equity will also decline by 2% and 11%, respectively. These facts characterize the negative dynamics.

The equity capital turnover ratio shows the activity of funds that shareholders risk. There will be an increase in OKAP, which is a positive characteristic.

An important characteristic of the efficiency of equity capital is its profitability. A decrease in this indicator is forecasted, which determines the need to improve the system of equity capital management at OJSC "Vesenny".

Conclusion

The basis of the company's equity capital is the authorized capital, fixed in its statutory constituent documents. In addition, in the composition of own sources of funds there are such important structural units as additional and reserve capital, retained earnings and other reserves, the funds of which are placed in specific property that constitutes non-current and current assets.

An enterprise that uses only its own capital for its development has the highest financial stability, but limits the pace of its development (since it cannot provide the formation of the required additional volume of assets during periods of favorable market conditions) and does not use the financial opportunities to increase profit on invested capital.

In general, the methodology for analyzing equity capital includes a study of financial statements, during which a structural analysis is carried out both as a whole of the value of equity capital and an assessment of each of its elements. The study of the magnitude and dynamics of changes in the indicator of net assets at the current time is carried out. Further, the search for reserves for increasing (gaining) equity capital is carried out. In order to make informed economic and managerial decisions aimed at increasing equity capital, it is necessary to know the main reserves of such growth and the ways of their implementation.

The analysis of technical and economic indicators made it possible to determine that the level of the state of OJSC "Vesenny" corresponds to a dynamically developing enterprise with an optimal level of profitability.

Basically, all the work of the enterprise at its own expense is based on the profit received. Considering that the amount of profit of the enterprise in future periods is influenced by numerous factors both within the enterprise and environmental factors, then if the enterprise continues the existing strategy of managing its own capital in the coming periods, it may lead to the fact that under unfavorable market conditions, funds may not even be enough. to maintain current activities.

The study of the movement of equity capital showed that it is necessary to increase the capitalization (reinvestment) of profits, since it helps to improve financial stability, reduce the cost of capital. This conclusion is especially relevant due to the fact that retained earnings account for the bulk of equity capital receipts.

The efficiency of using equity capital is at a fairly high level, but this indicator is decreasing due to an increase in assets, an increase in the payback period of equity capital and a decrease in business activity.

The implementation of measures for the introduction of new technological production processes makes it possible to increase the efficiency of using equity capital at the enterprise, in particular, indicators of the payback period and return on equity.

When the forecast for 2010 is fulfilled, the factor of the overestimation of the amount of assets, which had a negative effect on the return on equity, will be neutralized.

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Annex 1

Rice. 1. The equation of the correlation and regression dependence of net profit on revenue - a linear form of the trend

Rice. 2. Equation of correlation-regression dependence of net profit on revenue - polynomial trend

Rice. 3. The equation of the correlation-regression dependence of net profit on revenue - the logarithmic form of the trend

Rice. 4. The equation of the correlation and regression dependence of net profit on revenue - a power-law trend

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