The main methods of financial recovery of the organization. Algorithm for the financial recovery procedure (for example, Chitaenergo OJSC) Analysis of methods for the financial recovery of an organization

Financial recovery methods are developed for a specific organization and depend on the current situation at the enterprise and, above all, on the depth and stage of the economic (financial) crisis.

It is possible to determine at what stage of crisis or insolvency an enterprise is by assessing its financial and economic condition. Depending on the option chosen, an operative diagnosis can be carried out or a more complete study with the identification of the causes of the crisis. But no matter which option was applied according to the results of the analysis, the crisis situation at the enterprise can be presented:

- as a stage of financial instability, manifested in the mismatch of financial flows and deterioration of the balance sheet structure;
- the latent stage of bankruptcy (insolvency), which manifests itself not only in the mismatch of financial flows and deterioration of the balance sheet structure, but also in the growth of liabilities, the emergence of chronic insolvency, which is accompanied by a decrease in the production and market potential of the organization and the presence of signs of social bankruptcy Bocharov V.V. Management of money turnover of enterprises and corporations. - M .: Finance and statistics, 2012 .-- S. 154 ..

Depending on the stage of insolvency or volatility, financial recovery measures can be either voluntary or coercive.

The events are voluntary in the case when the decision to introduce financial recovery measures has been considered, adopted and implemented at the organization level.

Coercive in nature, in the case when measures for financial recovery were introduced at the enterprise as determined by the arbitration court with the appointment of an administrative manager, that is, as part of the procedure for declaring the debtor organization bankrupt. The purpose of introducing a financial recovery procedure is to enable an enterprise to restore its ability to meet its obligations.

In the presence of a stage of financial instability or a latent stage of bankruptcy, anti-crisis management consists in the selection and implementation of the following methods of financial recovery: general, operational, local, long-term (up to 1.5 years) and long-term investment (for more than 1.5 years), which together represent a full range of methods of financial recovery.

A full range of measures for the financial recovery of the organization includes the implementation of general, operational, local and long-term methods.

1. General methods of financial recovery.

General methods of financial recovery are formed on the basis of a preliminary assessment of the financial condition of the organization. The peculiarity of these measures lies in the fact that they can be applied both at an enterprise in crisis conditions and in conditions of successful functioning in order to maintain the achieved results or improve them.

First of all, financial managers need to pay attention to whether the organization has enough funds to carry out its current activities. For this purpose, an analysis of the sufficiency of funds (the difference between the current income and expenses of the organization) is carried out, strict cost control is established, including measures to save current costs are introduced, and the replacement of the head is possible.

Positive results of general methods of financial recovery can be achieved through the development of effective measures to manage the organization's cash flow, the formation of funds and control over their rational use, the coordination of financial relations arising between business entities in the process of money flow.

2. Operational methods of financial recovery.

If, according to the results of a preliminary assessment of the financial condition, external signs of insolvency are revealed (unsatisfactory results of the current liquidity ratios, the provision of own working capital and the severity ratio of overdue obligations), then in order to eliminate external factors of insolvency (bankruptcy), it is necessary to bring these ratios to standard (recommended) values. For this purpose, operational methods of financial recovery are being implemented (see Fig. 5).

The main task of these methods is to restore solvency by: improving the payment calendar (a document reflecting the movement of funds in terms of their receipt and use); regulation of the level of work in progress; transfer of low-turnover assets (illiquid) to high-turnover (liquid); restructuring of accounts payable; restructuring of receivables.

3. Local methods of financial recovery.

If the results of the preliminary assessment of the financial condition of the organization are unsatisfactory, there are external signs of insolvency and the ineffectiveness of management of the organization's activities is noted, then under these circumstances, the development and implementation of local methods of financial recovery must be additionally included in the previous methods of financial recovery.

At this stage, the following measures are being implemented: suspension of penalties for overdue accounts payable, ensuring the sufficiency of financial resources to cover newly arising current liabilities, gradual repayment of old debts, restructuring of the organization, sale of surplus high-turnover assets, development of opportunities to attract additional internal sources of financing, including through the sale of surplus assets, reducing costs to the minimum acceptable level.

Figure 5. - Algorithm for choosing methods of financial recovery of the organization Bobyleva A.Z. Financial recovery of the company: Theory and practice. - M .: DELO, 2012 .-- S. 156.

The purpose of conducting local events is to ensure a stable financial position of the organization in the medium term (up to 1.5 years), to improve the efficiency of enterprise management, which should be manifested in a stable receipt of proceeds from the sale of products.

4. Long-term methods of financial recovery

If the results of the preliminary assessment of the financial condition are still not satisfactory, the enterprise has external signs of insolvency, the ineffectiveness of the management of the organization's activities has been confirmed and unsatisfactory results have been noted for the group of indicators characterizing the production and market potential, a decision should be made to perform a full complex of financial recovery, that is, in addition to those previously mentioned, it is necessary to additionally conduct long-term methods of financial recovery.

Long-term methods of financial recovery are aimed at attracting additional investment in order to create a stable financial base for the organization.

The purpose of their implementation is to ensure a stable financial position of the organization in the long term for more than 1.5 years, by creating an optimal balance sheet structure and financial results, the stability of the organization's financial system to adverse external influences.

Long-term methods of financial recovery are: active marketing in order to find a promising market niche, search for strategic investments, change of assets for new products.

Thus, depending on the level of crisis manifestations and the financial and economic condition of the organization, a choice of measures is made to get out of the current situation. If the crisis does not yet have a deep financial and economic character, then sometimes there are enough measures to localize this or that type of crisis (elimination of the conflict, restoration of the socio-psychological climate of the team, saving current costs, etc.). At the first signs of a financial and economic crisis, the situation is aggravated. In these cases, one organization is satisfied with financial recovery measures, such as general and operational, that can be carried out in the normal course of the organization's work. Whereas under more serious circumstances, the mobilization of all personnel and the creation of crisis groups (groups of crisis managers) are required, the main task of which is the development and implementation of measures to localize and withdraw the organization from crisis situations.

Measures to restore solvency can be:

Re-profiling of production

Closure of unprofitable production facilities

Liquidation of receivables

Sale of a part of the debtor's property

Assignment of the rights of claim of the debtor

The performance of the debtor's obligations by the owner of the property or a third party.

Sale of a debtor's enterprise (business)

Other ways to restore the debtor's solvency.

The choice of certain measures to restore the debtor's solvency in each specific case is determined based on the characteristics of the debtor and his financial and economic activities, comparing the costs of implementing these measures and the expected results of their implementation, as well as based on comparing the possible timing of such measures with the established ones. terms of restoration of solvency.

Under conversion of production a set of measures is expected to change the specialization of the debtor. Conversion of defense production is a particular case of re-profiling.

Closure of unprofitable production facilities can significantly increase the debtor's cash flows, but its application in practice is limited.

After the inventory and assessment of the debtor's property, the external manager has the right to proceed with sale of property the debtor at open auction, unless otherwise provided by the external management plan.

At sale of the enterprise all types of property intended for the entrepreneurial activity of the debtor are alienated, including land plots, buildings, structures, equipment, raw materials, products., rights of claim, exclusive rights belonging to the debtor. When the company is sold, all employment contracts in force at the time of the sale of the company remain in force, while the rights and obligations of the employer are transferred to the buyer of the company. The amount received from the sale of the enterprise is included in the property of the debtor. The sale of the enterprise is carried out by holding open tenders in the form of an auction.

The debtor's property includes rights of claim against third parties (property rights). Assignment of Rights of Claims the debtor can be carried out by an external manager through the sale of claims at an open auction with the consent of the creditors 'committee or the creditors' meeting.

One of the main duties of the external manager is to collect from the debtors of the debtor of the debt according to his rights of claim - liquidation of receivables.

Obligations of the debtor a third party is allowed provided that such performance simultaneously extinguishes the claims of all bankruptcy creditors in accordance with the register of creditors' claims.

At any stage of the arbitration court's consideration of the bankruptcy case, the debtor and creditors have the right to conclude an amicable agreement, which is an agreement of the parties to terminate the dispute on the basis of the amicable settlement of mutual claims and approval of mutual concessions. The amicable agreement may contain the following conditions: on the deferral or installment plan for the fulfillment of the debtor's obligations, on the assignment of the rights of the debtor's claims, on the performance of the debtor's obligations by third parties, on the debt discount, on the exchange of claims for shares, on the satisfaction of claims in other ways that do not contradict federal laws.

In the decree of the Government of the Russian Federation of May 20, 1994 N 498 "On some measures to implement the legislation on insolvency (bankruptcy) of enterprises" states that the enterprise can be provided with financial assistance. However, insolvent enterprises cannot be provided with state financial support if at least one of the following conditions is missing:
- availability of a financial recovery plan (business plan), including measures to restore solvency and (or) maintain effective economic activity, agreed and approved in the prescribed manner;
- unconditional observance of the targeted nature of the use of the previously provided state financial support.
State financial support is not provided to insolvent enterprises also in the event that, within three years before the enterprise applies for support (with the exception of enterprises for which, in accordance with the legislation, economic conditions are established under which its costs for the production of goods, works, services are not reimbursed) ) he was provided with such support.
Non-refundable government appropriations are provided exclusively for:
- financing of non-production activities related to the maintenance of social, cultural and household facilities;
- compensation for losses to specific enterprises, if the current legislation establishes business conditions for them, under which reimbursement of costs for the production of goods (works, services) is not ensured, which may lead to their bankruptcy;
- financing the costs of restoring the solvency of enterprises accepted for full budget financing in the status established by the current legislation;
- financing of liquidation procedures in case of insufficient funds from the sale of debtors' property.
In all other cases, state financial support is provided exclusively on a repayable basis.
Gratuitous state appropriations are reflected in the liabilities of the enterprise's balance sheet as targeted financial receipts and cannot entail a change in the share of the state, as well as its intermediaries (agent organizations) in the authorized capital of the enterprise.
Financing of enterprises is carried out in accordance with an agreement concluded between the executive authority providing financing and the Federal Office for Insolvency (Bankruptcy) under the State Property Committee of Russia (Federal Office), which ensures control over the targeted use of funds and their return (in the case of financing on credit basis), on the one hand, and an authorized organization (agent) of the Government of the Russian Federation (subject of the Russian Federation), on the other.
The grounds for providing state financial support to insolvent enterprises are:
- fulfillment of the requirements established in paragraph 3 of the Decree of the Government of the Russian Federation of May 20, 1994 N 498:
1.the presence of a financial recovery plan (business plan), including measures to restore solvency and (or) maintain effective economic activity, agreed and approved in the prescribed manner;
2. unconditional observance of the targeted nature of the use of the previously provided state financial support.
- availability of a financing schedule agreed with the Federal Directorate, necessary to ensure the planned rehabilitation measures;
- availability of funds from the appropriate sources for the rehabilitation measures.
In cases where the current legislation provides for the Federal Administration to submit petitions to the arbitration court on behalf of the owner (debtor, creditor) to carry out reorganization procedures providing for state financial support, the Federal Administration is not entitled to file these petitions in the absence of at least one of the above grounds.
State financial support funds are subject to transfer in accordance with the agreed schedule and can be used exclusively to finance activities provided for by the approved financial recovery plan (business plan).
In cases where state financial support is provided to an insolvent enterprise in the manner of applying reorganization procedures when deciding whether to declare it insolvent (bankrupt), the amounts of start-up payments provided for in the financing schedule must be transferred no later than 5 days before the expiration of the deadline for filing an application for the application of reorganization procedures to the arbitration court.
In the event that it is established inappropriate or ineffective use of public funds allocated to finance activities, non-fulfillment of the schedule for the receipt of funds, as well as the impossibility of achieving the set goals. The Federal Office is obliged to terminate the implementation (submit a petition for early termination to the arbitration court) of these measures.

30. Methods of financial recovery of organizations.

Financial recovery (FS) requires the use of a set of measures to increase the solvency, financial stability and efficiency of enterprises. wha kind financial recovery tactics:

Protective- holding saving measures, the basis of which is the reduction of all costs associated with the production and sale of products, the maintenance of fixed assets and personnel.

Offensive- hosting an event reformatory aimed at the inflow of investments from outside or providing conditions for their receipts in any form: from the sale of production, venture capital, loans, capital by increasing the efficiency of the use of property, including the stock portfolio, claiming state support, tax incentives, participation in tenders for investment projects.

The initial stage of F.O. - formation crisis prevention concept(or bringing the organization out of the crisis) and the development of a financial recovery policy. The strategy and tactics of F.O. specific organization is derivative of its financial and economic condition, however, in all cases, the sequence of the organization's withdrawal from a crisis situation presupposes the following (stages) of work.

Collection of information on centers of increased danger. Usually these include: material support, production, sales, finance.

Assessment of the financial and economic situation of the enterprise, identification of problematic activities and areas of work, if possible, blocking and elimination of objective conditions in which a crisis is possible.

Analysis of the reasons for deviations from the norms. development, including the study and int. factors, and macroenvironment.

The choice of strategy and tactics of financial recovery based on the specifics of the state of the company, its potential and resources, identified using the first three preparatory stages considered. Implementation of priority measures for financial recovery, neutralizing qualitative changes from the crisis or preventing them in principle. Evaluation of the results of the measures taken.

Identifying the causes of failures (both internal and external), as well as the most promising areas. Policy adjustments.

Forecasting future crisis phenomena. Forecasting is possible both on the basis of expert assessments and on the basis of financial statements. Typically a combination of these methods is used.

Financial recovery methods:

1.Analysis of tangible assets in order to identify the possibilities of their further use. For each element of fixed assets, capital construction in progress, materials and other reserves, it is necessary to make one of the following decisions: leave in production unchanged; repair, modernize for your own use; to rent; sell; exchange; dispose of.

2. Analysis of intangible assets can become the basis for the formation of a new nomenclature and / or a source of resources for their implementation.

3. Analysis of the types of manufactured products in order to make a decision to increase production, maintain volumes, modernize, curtail production.

4. Analysis of financial assets (long-term and short-term) should answer the question: what is more profitable in terms of the company's income - keeping or selling? Subsidiaries of a bankrupt enterprise can become the basis for the revival of the parent company at the expense of their own resources.

5. Analysis of the distribution network. Intermediary structures can serve as a source of useful information and additional financing for a bankrupt company.

6. Reorganization of an enterprise - a change in the production structure and the structure of enterprise management - can become the main condition for financial stability. Analysis of debtors and creditors, sources of targeted financing. Regular suppliers and buyers, banks and various federal departments are included in the technological chain and strive for the stability of the production system as a whole, can provide consulting and financial assistance.

7. The qualifications of personnel, primarily top and middle-level managers, need to be improved. This is primarily due to the lack of retraining of economists and financiers, with the departure of many qualified specialists to trade, banks, management and other structures. As many specialists as possible should be involved in the development of ways out of the crisis.

8. Formation of a reasonable marketing policy, which should include an assortment policy, updating the nomenclature, assortment, optimal pricing policy, a policy of product promotion and sales promotion.

9. Enterprise management system, accounting and control system, internal economic relations, methods and forms of making managerial decisions. Among the top-priority measures, it is customary to centralize management functions at the enterprise, to establish a strict cost control system.

Summary of the topic

30.1.1. Diagnostics and methods of financial recovery of the enterprise

Indicators of the financial condition of an enterprise are decisive for the formation of a system of measures for its recovery, aimed at getting it out of a crisis situation. There are two main problems that an enterprise may have in the course of its operation: solvency and profitability , the methods of solving which are often mutually exclusive.

Insufficient solvency means that the company is not able (or close to it) to timely pay off both short-term and long-term debts of the company. Table 30.1 lists some of the main signs emerging insolvency (low liquidity) and possible actions to eliminate them.

Table 30.1.

Signs of insolvency of the company and possible actions to eliminate them

Signs of insolvency	Actions to eliminate them
Short-term insolvency
Insufficient current liquidity	Transition from short-term to long-term lending. Sale of part of non-current assets. Sale of part of the inventory and coverage of this short-term debt
Lack of absolute (urgent) liquidity	Sale of part of inventory, receivables
Lack of own funds	Sale of part of surplus non-current assets. Additional investments of share capital
Long-term insolvency
Low share of own funds in the structure of the company's balance sheet	Additional equity investments. Sale of non-current assets and repayment of long-term debt. Activation of the profit reinvestment policy
A large share of long-term loans in the structure of the company's balance sheet	Debt restructuring (bond issue). Sale of non-current assets and repayment of long-term debt

The choice of one or another option exit from the crisis associated with insolvency, in each case will be purely individual. Table only directions of actions on financial health improvement enterprises, however, the legitimacy of the use of any of them requires additional analysis in terms of the capabilities of both the enterprise itself and the assessment of the results of such actions.

The financial recovery of the enterprise can be ensured by increasing profitability already invested funds. Table 30.2. some general recommendations on this matter are outlined. However, in each specific case, the complex of measures aimed at resolving the emerging crisis situations of the enterprise has its own specifics.

Table 30.2.

Ways to Increase Profitability

30.1.2. Analysis of measures for the financial recovery of the enterprise

When analyzing the capabilities of an enterprise to overcome the crisis, not only individual indicators characterizing his activities, but also the stages of life cycle of the given enterprise.

Consider two businesses at different stages of the life cycle:

1. a young, relatively small, actively developing enterprise;

2. a large enterprise that has been on the market for a long time and has stable relations with its consumers and suppliers.

V first case before the management of the enterprise as the main problem arises liquidity as a young enterprise does not have enough own funds for further development. The property of the enterprise is relatively small and therefore cannot serve a guarantee covering all his future obligations. Potential lenders do not yet know him and cannot and do not want to risk significant amounts. Meanwhile, for the active development of the enterprise, such investments are necessary. However, such businesses can generate a relatively high return on investment.

The reason this is served by:

· Small amount of invested funds;

· High activity of the enterprise;

· A new profitable idea, for the implementation of which the company was created;

· Absence of "unnecessary", "burdening" business segments.

The company is characterized by a dynamically developing, highly profitable business and low current solvency due to a lack of current assets.

In this case, management can take the following steps actions in the field of financial policy:

· Attraction of additional investments;

· Acceleration of the turnover period for inventories and receivables (although in such cases the turnover ratio is already quite high);

· Temporary limitation of growth rates to reduce the risk of facing a lack of liquidity.

In second the case when it comes to a large well-known enterprise, the situation is often straightforward the opposite. The enterprise has large resources, the share of borrowed funds is small, solvency supported by the large size of the property. but profitability business may be low or even negative for the following reasons:

· A problem with the sale of the main type of product (falling prices, shrinking sales markets, increasing competition);

· Lack of dynamism in management, slow response to changes in the external environment;

· High share of overhead costs;

· The presence of unprofitable business segments in which the company's funds are invested.

If at the moment the company does not have problems with solvency, then they with a high degree of probability can arise in the long-term perspective : own funds have a tendency to "gobble up". In this case, the entire financial politics the enterprise should be aimed at its restructuring and modernization, and include such actions as:

· Sale of "surplus" assets;

· Efforts to intensify production and accelerate the turnover of resources;

· Support only promising business areas;

· Modernization of production;

· Changes in the structure of business management;

· Development of new areas of activity of the enterprise (new types of products, markets, diversification of production).

Financial health improvement can be carried out by attracting credit funds: the property of the enterprise is sufficient to cover all possible debts. At the same time, an increase in equity capital is unlikely to take place at the initial stage of recovery - in the short term, the profitability of equity will fall even lower, therefore, it is advisable to issue long-term bonds.

At the same time, if the measures taken by the management of the enterprise within its capabilities do not bring the necessary results, the enterprise has the prospect of becoming insolvent, with an unsatisfactory balance sheet structure, and in accordance with Russian legislation, methods of external anti-crisis management can be applied to it: reorganization, external management, bankruptcy proceedings, mandatory privatization (for a state enterprise).

30.1.3. Crisis management

Crisis management based on the ability to foresee the crisis, analysis of its symptoms, and includes a set of measures to reduce the negative consequences of the crisis. Therefore, the basis of the anti-crisis management system is the ability to:

• anticipate the crisis;

· Prevent a crisis or postpone it;

· Manage crisis processes up to a certain limit;

· To mitigate the course of the crisis processes themselves with adequate measures on the part of the leadership;

· Neutralize completely or minimize the consequences of the crisis.

In the Russian Federation, a number of criteria based on the data of the financial analysis of the enterprise and allowing to determine it as actual or potential bankrupt , outline perspectives exit it out of the crisis or to reveal the full hopelessness taking any measures and the need to liquidate the enterprise.

Under external signs insolvency (bankruptcy) is understood to be persistent failure to enterprises to meet the claims of creditors on time due to the fact that the liabilities exceed the value of its property or the structure of its balance sheet is unsatisfactory. Delay in payments for a period of more than 3 months from the date of their due date is considered as the inability of the enterprise to meet the requirements on time.

In accordance with the Law of the Russian Federation "On insolvency (bankruptcy) of enterprises" dated 01/08/98, a number of regulatory documents have been adopted in the Russian Federation, in which the criteria insolvency. Table 30.3. the criteria of the company's solvency are presented, which are decisive in making a decision on insolvency, and their normative values, on the basis of which such a decision is made:

· Current liquidity ratio;

· The ratio of the availability of working capital;

· Coefficient of restoration (loss) of solvency.

Table 30.3.

Solvency indicators

Index	What characterizes	Calculation formula	Standard
Current liquidity, K TL	The ability to pay off current debt using liquid assets	(Current Assets) / Short-term liabilities)	≥ 2,0
Provision with own funds, K OS.S.	Provision with own circulating assets	(Own. Funds - non-current assets) / current assets	≥ 0,1
Restoration (loss) of solvency K in (s)) pl.	Probability of restoration (loss) of solvency in the future	(2K T.L. to -K T.L. n) / 2 k - end of the year; n - the beginning of the year	≥ 1,0

Structure balance is considered unsatisfactory , and it is itself insolvent if at least one of the first two coefficients turns out to be below regulatory. At the same time, the value of the indicator of restoration (loss) of solvency is more than 1 indicates the possibility of the enterprise in the future to increase its solvency.

If the first two indicators correspond to the norm, and the latter is significantly below 1 , it follows from this that the enterprise, although it is solvent at the moment, in the future may have serious problems with liquidity .

30.4. State regulation of enterprises

State regulation economy is system of measures legislative, executive and regulatory nature, carried out by competent state institutions in order to adapt the socio-economic system and its individual subjects to changing economic conditions.

The main functions regulation of the market economy:

· Stabilization (provides employment of the population and price stability);

· Distributive (achieving a more equitable distribution of income in society);

· Optimization of resource allocation.

State intervention in the regulation of the market economy is aimed at:

· Satisfaction of the need for public goods;

· Elimination of negative by-products of economic activity;

· Solving problems associated with insufficient (asymmetric) information from participants in economic transactions;

· Ensuring free intra- and inter-sectoral capital outflow.

There are the following forms of state regulation of the economy:

· Complete state monopoly in economic management (USSR);

· Extreme liberalism, recognizing as effective only the conditions of unrestricted private enterprise (USA);

· A different combination of market and government regulators (Japanese and Western European models of a socially oriented market economy).

In regulating socio-economic processes, the state uses a system of methods and tools that are used depending on the content of the tasks being solved, the financial capabilities of the state, and the accumulated experience of regulation. World practice includes the following methods of state regulation:

· Economic [(direct: government subsidies, state entrepreneurship, government programming) and (indirect: tax, depreciation, customs, monetary, currency)];

· Legal - the system of legislative norms and rules determines the forms and rights of ownership, organizational and legal forms of enterprises;

· Administrative: licensing, quotas.

Practical part

Control questions

1. What is diagnostics of the financial condition of an enterprise?

2. What are the signs of insolvency of an enterprise?

3. What are the possible actions on the part of the management to eliminate the insolvency of the enterprise?

4. What actions and why can you recommend the management of a growing enterprise to overcome the crisis?

5. What are the criteria for insolvency and their normative values?

6. When is the balance sheet structure considered unsatisfactory?

Tasks

Objective 1. Determine the absolute economic efficiency of capital investments in the construction of a new plant, if, according to the investment project, they amounted to 42 million rubles, and the initial data are given in table.

Product	C OPT. , thousand roubles.	Q year, thousand pieces	VP, million rubles	Full prime cost, thousand rubles	Gross profit, RUB mln	Total tax, KN	Net profit RUB mln
units	of the year

A	4,0	5,0		3,3			0,4
B	6,0	2,5		4,8			0,3
V	8,0	1,5		6,2			0,25
G	13,0	1,0		10,2			0,22
Total

Objective 2. The sewing enterprise sells to the store a batch of 40 items worth 22,000 rubles, including VAT in the amount of 3,667 rubles. At the same time, fabrics, finishing materials, and accessories used for sewing were purchased by a sewing enterprise from suppliers for the amount of 7,000 rubles, including VAT - 1167 rubles. Determine the added value at the sewing enterprise per unit of production in the amount; the amount of VAT in rubles to be transferred to the budget; VAT transferred to the budget as a percentage of value added.

Objective 3. The company produces roofing. The cost of manufacturing 1 m 2 of the coating is 80 rubles. Profitability acceptable for production - 20% to costs. The monthly production volume is 9 thousand m 2. Calculate the net profit from the sale of products, assuming 100% sales of the released products.

Task 4. The oil base purchased fuel and lubricants from the manufacturer in the amount of 20 billion rubles. including indirect taxes. Circulation costs and profit of the tank farm, taking into account the purchased volumes of fuels and lubricants from their sale, amounted to 18 billion rubles. The petrol station at the oil depot sold this volume of fuels and lubricants at retail, taking into account the trade markup of 2%. Determine the indirect taxes paid to the budget from the sale of fuels and lubricants by a manufacturer, a tank farm, if the rate of excise duty on crude oil is 0%; the excise rate on fuels and lubricants is 25%; VAT rate 18%.

Task 5. Determine the annual economic effect of replacing obsolete equipment with 12 units of new, more advanced and economical equipment, if the reduced costs for the basic and new options, respectively, are: 3 priv.baz. = 3.0 thousand rubles; Z priv.new. = 4.1 thousand rubles. depreciation rate H base. = 0.1; N new. = 0.125; the level of profitability R bases. = R new. = 0.2. Annual productivity Q bases. = 1000 units, Q new. = 1200 units Annual operating costs Z tek.base. = 17.0 thousand rubles, 3 tech. New. = 16.0 thousand rubles. Associated capital investments KV bases = 15.0 thousand rubles, KV new. = 18.0 thousand rubles.

Task 6. The company produces and sells 1 million pieces. products at an average price of 2500 rubles / piece. Elasticity index E = 1.5. Unit cost - 2300 rubles / piece. The ratio between fixed and variable costs 20:80. The enterprise expects to reduce the price by 100 rubles / piece. How will the price reduction affect the volume of sales (sales proceeds) and the profit of the enterprise?

Task 7. The company plans to sell 1,500 thousand units on the market. products per year. The planned unit price is 30 rubles. Variable unit costs - 21 rubles. Fixed costs of the enterprise 900,000 rubles. Determine the threshold of profitability (pcs.); critical sales volume, or profitability threshold, in value terms, rubles; safety margin; the period of reaching the profitability threshold. Calculate the minimum selling price; the maximum amount of variable costs per item; the maximum amount of fixed costs of the enterprise.

Problem 8. Determine the most efficient option for plant construction based on the payback period for additional capital investments. The standard payback period is 54 years.

Problem 9. There are 4 options for building an enterprise in the industry, in which the standard coefficient of capital investment efficiency is 0.2, which corresponds to a payback period of 5 years. It is required to choose the most economical option based on the following data. Perform the calculation in 2 ways: according to the payback period of capital investments; at the minimum reduced costs.

Problem 10. Determine the use of working capital (number of revolutions, duration of one turnover), additional need or release of working capital after technical re-equipment of the plant, if the average balances of working capital at the beginning of the month on working capital accounts are:

The cost price of the annual production volume before the technical re-equipment of S / St art. = 416 thousand rubles, after technical re-equipment of S / St new. = 540 thousand rubles. As a result of the implementation of the plan of organizational and technical measures, the duration of one turnover (T) will be reduced by 10 days.

Tests

1. The main problems that an enterprise may have in the course of its operation are:

a) the solvency of the enterprise;

b) the profitability of the enterprise;

c) balance sheet liquidity;

d) non-current assets.

2. Signs of insolvency are:

a) insufficient current liquidity;

b) low return on equity;

c) insufficient absolute (urgent) liquidity;

d) lack of own circulating assets.

3. Ways to Increase Profitability:

a) optimization of pricing;

b) the sale of surplus assets;

c) acceleration of the turnover of all types of funds;

d) additional investments in equity capital.

4. When choosing an option for the exit of an enterprise from a crisis state, not only are studied:

a) individual indicators characterizing its activities;

b) the stages of the life of a civilized enterprise;

c) the size of the enterprise;

d) economic indicators of the functioning of the enterprise.

5. The reason for obtaining a high profit on investment of young relatively small enterprises is:

a) a small amount of invested funds;

b) high activity of the enterprise;

c) a new profitable idea, for the implementation of which the company was created;

d) the absence of "unnecessary", "weighting" the enterprise segments of the business.

6. In the event of insolvency, the financial policy of the enterprise should include such actions as:

a) the sale of "surplus" assets;

b) efforts to intensify production and accelerate the turnover of resources;

c) support only promising business areas;

d) modernization of production;

e) changing the structure of business management;

f) development of new areas of activity of the enterprise (new types of products, markets, diversification of production).

7. The basis of the anti-crisis management system is the ability to:

a) anticipate the crisis;

b) prevent a crisis or postpone it;

c) manage crisis processes up to a certain limit;

d) to mitigate the course of the crisis processes themselves with adequate measures;

e) neutralize completely or minimize the consequences of the crisis.

8. The balance sheet structure is considered unsatisfactory if:

a) at least one of the first two coefficients is lower than the standard;

b) the first two indicators correspond to the norm, and the last one is significantly lower than 1;

c) all coefficients do not correspond to the norm;

d) all coefficients correspond to the norm.

9. The main functions of regulation of a market economy are:

a) stabilization (ensures employment of the population and price stability);

b) distributive (achieving a more equitable distribution of income in society);

c) optimization of resource allocation.

10. Forms of state regulation of the economy are:

a) complete state monopoly in economic management;

b) extreme liberalism, which recognizes as effective only the conditions of unlimited private entrepreneurship;

BIBLIOGRAPHY

1. Enterprise economics. Textbook. ed. Gorfinkel V.Ya., Shvandara V.A. - 3rd ed., - M .: UNITY - DANA, 2004 .-- 719 p.

2. The economy of the enterprise (firm). Ed. Volkova O.I. Textbook. M .: INFRA-M, 2002 .-- 600 p.

3. Zaitsev N.L. The economics of an industrial enterprise. Textbook. M .: INFRA-M, 2002 .-- 384 p.

4. The economy of the enterprise. Ed. A.E. Karlika Textbook. M .: INFRA-M, 2001, 432 p.

5. Volkov O.I., Sklyarenko V.K. Lecture course. M .: INFRA-M, 2002, 280 p.

6. Gruzinov V.P. Enterprise economy. Textbook. - 2nd ed. - M .: UNITI, 2002, 796 p.

7. Economy of the enterprise (firm). Workshop. Ed. Volkova O.I. - M .: INFRA-M, 2003, 330 p.

8. Mushrooms VD, Gruzinov VP Enterprise Economy. Textbook + Practicum., - M .: Finance and statistics, 2003, 236 p.

9. The economy of the enterprise. Tests, tasks, situations. Ed. Shvandara V.A. - 3rd ed., - M .: UNITI-2001, 254 p.

10. Zhideleva V.V., Kapteyn Yu.N. Enterprise economy. Tutorial. - M .: INFRA-M, 2001, 132 p.

11. Sklyarendo V.K. and other Economics of the enterprise (in diagrams, tables, calculations). - M .: INFRA-M, 2002, 256 p.

12. Sklyarenko V.K., Prudnikov V.M. Enterprise economy. Lecture notes. M .: INFRA-M, 2001, 208 p.

13. Shvandar V.A., Avrashkov L.Ya. Enterprise economy. M .: UNITI, 2002, 240 p.

Features of distribution of profits in joint stock companies.

The procedure for the distribution of profits of joint stock companies is determined by the Federal Law of December 26, 1995 N 208-FZ "On Joint Stock Companies"

The distribution of profits in a joint-stock company is carried out in accordance with the regulatory documents developed during the creation of a commercial organization, which must be performed on the basis of the current legislation of the Russian Federation.

Only net profit by joint-stock companies (as well as other commercial organizations) is distributed between the state (income tax), owners (dividends) and the enterprise (retained earnings, reserve fund), as well as to finance various costs associated with the activities of the enterprise.

The decision on the distribution of profits is made at a meeting of shareholders, which may take place after the annual balance sheet of the joint-stock company is summed up; in some cases, this decision should be published in the open press or on the company's website.

The distribution of profits in a joint-stock company should be carried out in several stages, starting from a preliminary calculation of the costs of the enterprise's activities and ending with the direct payment of material remuneration to investors and employees of the company.

One of the features of the distribution of profits in a joint-stock company is the need to form a reserve fund, the amount of which should be from 10 to 25% of the total amount of the authorized capital. In addition, part of the profit of a joint-stock company can also be used to increase the authorized capital of the enterprise.

The distribution of profits in a joint-stock company between shareholders also has its own characteristics. Payment of dividends on preferred shares is carried out at the approved rates, and payments on ordinary shares are made in accordance with the decision made by the company's management, which must be approved at a meeting of shareholders.

The decision to pay dividends on ordinary shares should be made on the basis of several parameters, for example, too high dividends paid by a joint-stock company can be good advertising, but at the same time, it can lead to the "consumption" of the company's fixed assets, which will negatively affect the work of the company.

On the other hand, low payments or a complete refusal to pay dividends by an enterprise can lead to a fall in the price of the enterprise's shares on various stock trading floors, as well as lead to problems with the additional issue of the enterprise's shares.

Methods of financial recovery of the organization.

Financial recovery (FI) requires the use of a set of measures to increase the solvency, financial stability and efficiency of enterprises. Two types of financial recovery tactics:

Protective - carrying out saving measures, the basis of which is the reduction of all costs associated with the production and sale of products, the maintenance of fixed assets and personnel.

Offensive - carrying out reform measures aimed at the inflow of investments from outside or providing conditions for their income in any form: from the sale of production, venture capital, loans, capital by increasing the efficiency of the use of property, including the stock portfolio, claiming state support, tax incentives, participation in competitions for investment projects.

The initial stage of F.O. is the formation of the concept of crisis prevention (or the withdrawal of the organization from the crisis) and the development of a financial recovery policy. The strategy and tactics of F.O. a specific organization is a derivative of its financial and economic condition, however, in all cases, the sequence of the organization's withdrawal from a crisis situation involves the following (stages) of work.

1. Collecting information on centers of increased risk. Usually these include: material support, production, sales, finance.

2. Assessment of the financial and economic situation of the enterprise, identification of problematic activities and areas of work, if possible, blocking and elimination of objective conditions in which a crisis is possible.

3. Analysis of the reasons for deviations from the norms. development, including study and int. factors, and macroenvironment.

4. The choice of strategy and tactics of financial recovery based on the specifics of the state of the company, its potential and resources, identified using the first three preparatory stages considered. Implementation of priority measures for financial recovery, neutralizing qualitative changes from the crisis or preventing them in principle. Evaluation of the results of the measures taken.

5. Identification of the causes of failures (both internal and external), as well as the most promising areas. Policy adjustments.

6. Forecasting future crisis phenomena. Forecasting is possible both on the basis of expert assessments and on the basis of financial statements. Typically a combination of these methods is used.

Financial recovery methods:

2. Analysis of intangible assets can become the basis for the formation of a new nomenclature and / or a source of resources for their implementation.

3. Analysis of the types of manufactured products in order to make a decision to increase production, maintain volumes, modernize, curtail production.

5. Analysis of the distribution network. Intermediary structures can serve as a source of useful information and additional financing for a bankrupt company.