Analysis of the financial stability of the enterprise on the example of bashneft. Analysis of the financial and economic activities of ojsc "bashneft". give the structural divisions of the organization methodological instructions on economic calculations, accounting and planning, which are

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1. Topic of term paper Analysis of the financial condition of the enterprise on the example of ANK "Bashneft"

Topic name 2. Main content:

Introduction

1. Assessment of the property status of ANK "Bashneft"

1.1 Assessment of asset structure

1.2 Assessment of the structure of liabilities.

2. Analysis of financial stability.

2.1 Determining the type of financial strength

2.2 Analysis of financial stability ratios.

3. Assessment of solvency.

3.1 Estimation of balance sheet liquidity.

3.2 Assessment of liquidity ratios.

4 Analysis of business activity.

5. Analysis of the financial result of the enterprise.

5.1 Estimating the amount of profit

5.2 Cost benefit analysis.

6. Assessment of the state of bankruptcy

Conclusion

Applications

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3.1. The explanatory note must be prepared in the Microsoft Word editor

in accordance with the requirements __________________________________________________

ESKD, ESPD, GOST, STP, etc.

3.2 The explanatory note should contain the following sections.

Introduction

Main part

Conclusion

Applications

List of used literature

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in the discipline "Economic Analysis"

on the topic « Analysis of the financial condition of the enterprise on the example of ANK "Bashneft"

Introduction

One of the most important conditions for successful financial management of an enterprise is the analysis of its financial condition. The financial condition of an enterprise is an economic category that reflects the state of capital in the process of its circulation and the ability of a business entity to self-development at a fixed point in time. The financial condition of the enterprise is characterized by a set of indicators reflecting the process of formation and use of its financial resources. In a market economy, the financial condition essentially reflects the final results of its activities, which are of interest not only to the employees of the enterprise itself, but also to its partners in economic activity, government, financial, tax authorities, etc.

All this predetermines the importance of financial analysis of the enterprise and increases the role of such analysis in the economic process. Analysis is an indispensable element of both financial management at an enterprise and its economic relations with partners, the financial and credit system.

Financial analysis is required for:

Revealing changes in financial condition indicators;

Identification of factors affecting the financial condition of the enterprise;

Assessment of quantitative and qualitative changes in financial condition;

Estimates of the financial position of the company at a specific date;

Determination of trends in the financial condition of the enterprise; The main tasks of the analysis:

1. Timely identification and elimination of shortcomings in financial activities and the search for reserves to improve the financial condition of the enterprise and its solvency.

2. Forecasting possible financial results, economic profitability based on the real conditions of economic activity and the availability of own and borrowed resources, the development of models of financial condition with a variety of options for the use of resources.

3. Development of specific measures aimed at more efficient use of financial resources and strengthening the financial condition of the enterprise.

The main sources of information for analyzing the financial condition of an enterprise are the balance sheet, profit and loss statements, capital flows, cash flows and other reporting forms, primary and analytical accounting data, which decipher and detail individual balance sheet items.

The analysis is necessary for the following groups of its consumers: enterprise managers and, first of all, financial managers. It is impossible to run an enterprise and make business decisions without knowing its financial condition.

Owners, including shareholders. It is important for them to know what the return on investment in the company will be, the profitability and profitability of the company, as well as the level of economic risk and the possibility of losing their capital.

Lenders and Investors. They are interested in the possibility of returning the issued loans, as well as the ability of the enterprise to implement the investment program.

Suppliers. For them, it is important to evaluate the payment for the products supplied, services and work performed.

The financial analysis of an enterprise includes the sequential carrying out of the following types of analysis:

Preliminary (general) assessment of the financial condition of the enterprise and changes in its financial indicators for the reporting period;

Analysis of the solvency and financial stability of the enterprise;

Analysis of the company's creditworthiness and liquidity of its balance sheet;

Analysis of the financial results of the enterprise;

Analysis of the turnover of current assets;

Assessment of potential bankruptcy.

1 Assessment of the property status of ANK "Bashneft" for 2006

ANK "Bashneft" - Open joint-stock company "Joint-stock oil company" Bashneft ", industry - oil and gas industry.

Profile - production of crude oil and petroleum (associated) gas. JSC ANK "Bashneft" develops oil fields in the Republic of Bashkortostan and the Khanty-Mansiysk Autonomous Okrug (KhMAO) of the Russian Federation. In the Republic of Bashkortostan, oil is produced at 146 fields.

The balance sheet (Appendix 1) serves as an indicator for assessing the financial condition of the organization.

A general assessment of the financial condition can be carried out directly on the balance sheet.

From the data in table 1, it follows that the balance sheet of ANK Bashneft at the end of the reporting period increased from 71364243 thousand rubles. up to 77 717 291 thousand rubles or 8.9%. The increase in the balance sheet total was due to the growth of both the asset and the balance sheet liability. In general, the dynamics of the balance sheet is positive, since the growth of indicators indicates the business activity of the organization.

In the asset of the balance sheet there is an increase in non-current and circulating assets, the growth rate of which was 6.5% and 13.7%, respectively.

The growth of non-current assets was due to: investments in intangible assets, in fixed assets, in construction in progress. The growth of non-current assets is positive for ANK Bashneft, as it indicates the expansion of the organization's investment activities.

The increase in current assets was due to: growth in inventories and the flow of funds to accounts. An increase in the share of circulating assets may indicate not only an expansion of the scale of production, but also a slowdown in their turnover.

In the liabilities of the balance sheet, there is an increase in the growth rates in the sections capital and reserves, and short-term liabilities.

The increase in capital and reserves was primarily due to an increase in retained earnings. At the same time, the presence of retained earnings can be considered as a source of replenishment of current assets. The growth of capital and reserves is a positive aspect of the financial stability of ANK Bashneft, its share in the balance sheet liabilities at the end of the reporting period was 86.3%, the growth rate was 9.1%. The growth of short-term liabilities was due to the presence of arrears to the participants for the payment of income.

1.1 Assessment of asset structure

Assets are one of the elements of financial statements. Assets are resources controlled by the entity, the use of which is likely to generate an inflow of economic benefits in the future.

In the process of analyzing assets, first of all, you should study the changes in their composition, structure and dynamics and give them an assessment.

The assets of the organization include non-current and current assets.

In general, JSOC Bashneft has seen an increase in non-current and circulating assets in the reporting year.

Non-current assets make up the greater part of assets than current assets, the proportion of which was 67.4% at the beginning of the year and 66% at the end of the year. During the reporting period, ANK Bashneft has observed an increase in non-current assets by 3,167,648 thousand rubles, the growth rate was 6.5%. The increase in non-current assets is observed due to such items as intangible assets, work in progress, long-term financial investments.

1) Intangible assets.

Intangible assets of ANK Bashneft include: patents, licenses, trademarks. Intangible assets make up a small part of the assets of ANK Bashneft.

During the reporting period, ANK Bashneft has seen an increase in intangible assets. If at the beginning of the year there were 395,251 thousand rubles, then by the end of the reporting period it amounted to 568,383 thousand rubles, the growth rate was 43.8%. The increase in intangible assets for the company is positive, as it indicates an increase in the business activity of the organization.

2) Fixed assets.

The fixed assets of ANK "Bashneft" are: land plots and natural resources, buildings, machinery and equipment. A change in the amount of fixed assets can occur both due to an increase (decrease) in the number of machinery and equipment, buildings, and due to an increase in their value for newly acquired assets and revaluation of old ones due to inflation. During the reporting period, ANK Bashneft has seen changes, namely, the growth of fixed assets at the expense of buildings, machinery and equipment. If at the beginning of the year this figure was 33688108 thousand rubles, then at the end of the year 34920803 thousand rubles, the growth rate is 3.6%. At the beginning of the year, there are no data on land plots and natural resources, and at the end of the year this figure is 779 thousand rubles. In general, the growth of fixed assets for the enterprise is positive, as it speaks of the business activity of the organization.

3) Construction in progress.

An increase in the share of the item "Construction in progress" in the balance sheet currency and in non-current assets indicates an increase in the material and technical base of the organization or may also talk about the diversion of monetary resources to unfinished construction projects, which negatively affects the current financial situation, and a decrease indicates the completion of construction or selling to the side. In more detail, the article "construction in progress" can be viewed in the form No. 5, in this case, there is no such form. If the amount in the article is the same, this indicates a freeze of funds. Under the item "Construction in progress", ANK "Bashneft" is experiencing an increase in construction in progress. If at the beginning of the year this figure was 4,441,513 thousand rubles, then at the end of the year 6,017,340 thousand rubles, the growth rate is 35.4%. The growth of unfinished construction for ANK Bashneft may indicate an increase in the material and technical base, or an increase in the direction of financial resources in order to complete construction.

4) Long-term financial investments.

The presence of long-term financial investments indicates the investment orientation of the organization's investments, caused by market relations.

Long-term financial investments of ANK Bashneft at the beginning of the reporting period amounted to 9479507 thousand rubles. at the end of the reporting period 9,716,517 thousand rubles, the growth rate is 2.5%. The growth of long-term financial investments for ANK Bashneft is positive. This growth indicates the investment activity of the enterprise, as evidenced by the presence in this article of items of investment in other organizations and other long-term financial investments.

5) Deferred tax assets.

ANK Bashneft has an item “Deferred tax assets” in its balance sheet, which at the beginning of the year amounted to RUB 71,274 thousand, at the end of the reporting period RUB 53,232 thousand, i.e. decreased by 18042 thousand rubles.

In addition, in the section of non-current assets, there is an item called other non-current assets.

Current assets make up a smaller part of the assets of ANK Bashneft than non-current assets, the share of which in assets at the beginning of the reporting period was 32.4% at the end of the reporting period 34%. During the reporting period, current assets increased by 3,185,400 thousand rubles, the growth rate was 13.7%. The growth of current assets occurred, first of all, due to an increase in the indicators of such items as stocks and cash.

The stock of ANK Bashneft includes: raw materials and supplies, animals for growing and fattening, costs in work in progress, finished products, goods shipped, as well as deferred expenses.

An increase in reserves is observed in ANK Bashneft, if at the beginning of the reporting period there were 5076592 thousand rubles, then at the end of the period 5108853 thousand rubles, the growth rate was 17%. The increase in the reserves of ANK Bashneft was due to the following components: raw materials and supplies, animals for growing and fattening, costs in work in progress, as well as deferred costs. A decrease is observed in the section finished products and goods for resale, if at the beginning of the reporting period there were 931,553 thousand rubles, then at the end of the reporting period this figure was 144,493 thousand rubles, i.e. decreased by 787060 thousand rubles. A decrease in this indicator may affect the current activities of the enterprise. In general, the increase in reserves at ANK Bashneft can be assessed both positively and negatively. It is positive that the company seeks to increase its production potential, seeks to secure funds from depreciation due to high inflation through investments in stocks. The increase in stocks can be assessed negatively, for example, indicate the ineffectiveness of the chosen economic strategy.

2) Value added tax on acquired assets.

During the analyzed period, the value added tax of ANK Bashneft decreased, if at the beginning of the reporting period it was 4,156,109 thousand rubles, at the end of the reporting period it amounted to 2,684,695 thousand rubles, the decrease occurred by 1,471,414 thousand rubles. The decrease in VAT at ANK Bashneft is an acceptable value and indicates VAT refunds from the budget.

3) Accounts receivable.

The presence of a high share of receivables in the share of the balance sheet asset indicates that the company widely uses commercial loans to advance its customers. By crediting them, the enterprise-seller actually shares with them a part of its income. However, when payments to the seller are delayed, he is forced to take loans from banks to finance current activities. During the reporting period, ANK Bashneft has observed a decrease in accounts receivable. If accounts receivable (payments for which are expected more than 12 months after the reporting date) at the beginning of the year amounted to 2,544,640 thousand rubles, then at the end of the year it decreased to 1,740,683 thousand rubles, i.e. decreased by 803,957 thousand rubles. In addition, accounts receivable payments for which are expected within 12 months after the reporting date also decreased, if at the beginning of the reporting period there were 1,086,452 thousand rubles, then at the end of the reporting period amounted to 9246,222 thousand rubles, i.e. decreased by 1,614,230 thousand . R. The presence of accounts receivable at ANK Bashneft indicates that buyers and customers are delaying the payment of their debts to the enterprise.

4) Short-term financial investments.

Short-term financial investments of ANK Bashneft are: loans provided to organizations for a period of less than 12 months and overdue short-term financial investments. The presence of the item short-term financial investments indicates that ANK Bashneft invests its financial resources, for example, in securities. During the reporting period, ANK Bashneft has seen a decrease in short-term financial investments, so if at the beginning of the year there were 214,895 thousand rubles, then at the end of the year it amounted to 24,232 thousand rubles, that is, decreased by 190,663 thousand rubles. The decrease in short-term financial investments suggests that the company has a need to pay off its debts.

5) Cash.

Monetary funds of ANK Bashneft include: cash desk, settlement accounts, foreign currency accounts, other monetary funds and documents. During the reporting period, ANK Bashneft has seen an increase in the item "Cash", if at the beginning of the year there were 369,429 thousand rubles, then at the end of the year this figure increased to 7,602,278 thousand rubles, an increase occurred by 7,232,849 thousand rubles.

Thus, the preliminary analysis of the assets of ANK Bashneft allows us to conclude that the change in the composition, structure and dynamics of assets can be assessed positively. However, it should be noted that the structure of assets and even their dynamics do not answer the question of how profitable it is for an investor or lender to invest in a given enterprise, but only characterizes their condition and the availability of funds to pay off debt obligations at a certain reporting date. To answer this question, it is advisable to study in detail the indicators of financial stability, solvency and liquidity of the company's balance sheet.

1.2 Assessment of the structure of liabilities

Balance sheet liabilities reflect the relationships that arise in the process of raising funds. Liabilities are sources of own and borrowed funds invested in the property of the organization. Analysis of the composition and structure of the liability allows us to establish the possible reasons for the financial instability of the enterprise.

The liability of the balance sheet of ANK Bashneft includes the following sections: capital and reserves, long-term liabilities, short-term liabilities.

Capital and reserves account for most of the balance sheet liabilities. The share of which increased during the reporting period, but insignificantly, if at the beginning of the reporting period there were 61464583 thousand rubles, then at the end it amounted to 67108833 thousand rubles, the share is 86.1% and 86.3%, respectively, the growth rate is 9.1 %. The high share of capital and reserves in the balance sheet liabilities is positive for ANK Bashneft, as this indicates the financial stability of the enterprise. The growth in capital and reserves was due to an increase in retained earnings during the reporting year.

The capital and reserves section of ANK Bashneft includes the following items: authorized capital, additional capital, treasury shares repurchased from shareholders, reserve capital, retained earnings (uncovered loss).

1) Authorized capital. At ANK Bashneft during the reporting period, no change in the authorized capital is observed; it is 204,792 thousand rubles.

2) Additional capital.

The additional capital, like the authorized capital, is part of the equity capital of the enterprise. During the reporting period, there is a decrease in additional capital at ANK Bashneft, but insignificant, if at the beginning of the year there were 7052659 thousand rubles, then at the end of the year 6979917 thousand rubles, in general, decreased by 72742 thousand rubles. The reason for the decrease in additional capital is the revaluation of fixed assets for the reporting period.

3) Reserve capital.

The reserve capital is intended to cover unforeseen losses (losses), as well as to pay income to investors when there is not enough profit for these purposes. The main source of the formation of reserve capital is profit. The availability of reserve capital for ANK Bashneft is positive. For the reporting year, the reserve capital of the organization remained unchanged and amounted to 30,778 thousand rubles.

4) Retained earnings.

The retained earnings of ANK Bashneft include: retained earnings of previous years, including those used for capital investments and used for intangible assets, as well as retained earnings for the reporting period, and interim dividends accrued during the year.

During the reporting period, an increase in retained earnings is observed at the enterprise, if at the beginning of the year there were 54,176,354 thousand rubles, then at the end of the year it amounted to 59,893,346 thousand rubles, the growth rate was 10.5%. The increase in retained earnings for ANK Bashneft is positive, as it indicates an increase in the company's financial stability and the organization's independence from borrowed and borrowed funds.

The next section of the balance sheet liabilities is long-term liabilities. Long-term liabilities are loans and borrowings that are due for repayment within 12 months after the reporting date.

During the reporting period, there is a decrease in long-term liabilities at ANK Bashneft, if at the beginning of the period there were 3098719 thousand rubles, then at the end of the period it amounted to 69693 thousand rubles. The decrease in long-term liabilities is positive, as it indicates that the organization is paying off its liabilities.

At ANK Bashneft, long-term liabilities include loans and borrowings, deferred tax liabilities and other long-term liabilities.

1) Loans and credits.

During the reporting period, the enterprise has seen an increase in loans and credits, if at the beginning of the year there were 11485 thousand rubles, then at the end of the year this figure was 68732 thousand rubles. The increase in loans and credits for the enterprise is positive, as it indicates that the organizations are giving credits.

2) Deferred tax liabilities.

At ANK Bashneft for the reporting period, there is a decrease in deferred tax liabilities, if at the beginning of the year it was 4222 thousand rubles, then at the end of the year it amounted to 731 thousand rubles. This decrease is positive for the company, as it means that ANK Bashneft is meeting its tax obligations.

3) Other long-term liabilities.

During the reporting period, there is a decrease in other long-term liabilities at ANK Bashneft, if at the beginning of the reporting period there were 3,083,012 thousand rubles, then at the end of the reporting period it amounted to 230 thousand rubles. Such a decrease for the company is positive, as it indicates the repayment of its obligations to creditors.

The section on short-term liabilities of the balance sheet of ANK Bashneft includes the following items: loans and credits, accounts payable (including suppliers and contractors, debts to the organization's personnel, debts in taxes and fees, debts to subsidiaries and affiliates, advances received, other creditors ), debts to participants (founders) for the payment of income, deferred income, reserves for future expenses and other short-term liabilities.

At ANK Bashneft for the reporting period, there is an increase in short-term liabilities in the balance sheet liabilities, if at the beginning of the reporting period there were 6,800,941 thousand rubles, then at the end of the reporting period this value was 10,538,765 thousand rubles. An increase in short-term liabilities at the enterprise indicates that the enterprise takes loans and credits for its current activities.

1) Loans and credits.

During the reporting period, there is a decrease in the item loans and credits at ANK Bashneft, if at the beginning of the year there were 704,294 thousand rubles, then at the end of the year this figure was 27,804 thousand rubles, in general it decreased by 57,257 thousand rubles. Such a decrease for the enterprise is positive, as it indicates a decrease in short-term liabilities.

2) Accounts payable.

When analyzing accounts payable, it is necessary to take into account the relationship with accounts receivable and therefore they can be compared. The excess of accounts payable over accounts receivable means attracting additional sources. At ANK Bashneft for the reporting period, there is a decrease in accounts payable, if at the beginning of the reporting period there were 5,731,259 thousand rubles, then at the end of the year this figure was 4,880,714 thousand rubles. If we compare the accounts receivable and payable of the enterprise, we see that the accounts payable does not exceed the accounts receivable, therefore for ANK Bashneft this indicator is positive.

In the article accounts payable, there is an increase in the debt to the organization's personnel for the reporting period, if at the beginning of the year there were 110,718 thousand rubles, then at the end of the year this figure increased to 172,859 thousand rubles. The presence and growth of debt to the organization's personnel is negative for ANK Bashneft, since this situation indicates that the company does not fulfill its current obligations. There is also an increase in tax and levy arrears, which is also negative for the company.

Thus, analyzing the structure of the liabilities of the balance sheet of ANK Bashneft, it is necessary to note as a positive aspect of its financial stability a high proportion of capital and reserves in the balance sheet (over 86%), as well as a decrease in accounts payable.

In general, according to the results of the analysis, an improvement in the financial condition of ANK Bashneft for the analyzed period can be noted.

Thus, for the reporting period, the following is observed:

2 Financial soundness analysis

2.1 Determining the type of financial strength

One of the main tasks of financial analysis is the study of indicators that characterize its financial stability. Financial stability is one of the most important characteristics of assessing the financial condition of an organization.

The purpose of a financial soundness analysis is to assess an entity's ability to meet its obligations and retain ownership over the long term. The financial stability of an enterprise is characterized by a system of absolute and relative indicators.

There are 4 types of financial strength:

1) Absolute financial stability is the financial condition of the organization, in which the following conditions are met:

SOS> Zp, SDI> Zp, OI> Zp;

SOS - own circulating assets;

SDI - own and long-term sources of formation of reserves;

OI - the main sources of formation of reserves;

2) Normal financial stability is a condition that guarantees the solvency of an organization:

SOS< Зп, СДИ >Зп, ОИ> Зп;

3) Unstable financial condition - violation of solvency, but retains the possibility of restoring balance by reducing accounts receivable:

SOS< Зп, СДИ < Зп, ОИ >Зп;

4) Pre-crisis financial condition - characterized by the complete dependence of the organization on borrowed funding sources:

SOS< Зп, СДИ < Зп, ОИ < Зп;

Let us determine the type of financial stability of ANK Bashneft for the reporting period, for this we will build Table 1.

Table 2 Absolute indicators of financial stability of ANK Bashneft for 2006

The data in Table 2 show that at the beginning and at the end of the reporting period ANK Bashneft is in absolute financial stability. Since when determining the type of financial stability, the following conditions were met:

1) SOS> Зп;

During the reporting period, ANK Bashneft saw an increase in its own working capital (SOS), if at the beginning of the reporting period there were 1,3324762 thousand rubles, then by the end of the reporting period this figure was 15,801,364 thousand rubles, increased by 2,476,602 thousand rubles. The growth of own circulating assets was due to an increase in non-current assets and equity capital of the enterprise for the reporting period by 5644250 thousand rubles. and 3,167,648 thousand rubles. respectively. Inventories and VAT for the reporting period at the enterprise decreased, if at the beginning of the reporting period there were 9,232,701 thousand rubles, then by the end of the period the figure was 7,793,548 thousand rubles, the decrease was 1,439,153 thousand rubles. Thus, the SOC value both at the beginning of the year and at the end of the year is greater than the value of stocks and VAT, i.e. the 1st condition is met.

2) SDI> Зп;

The values ​​of own and long-term sources of formation of reserves at ANK "Bashneft" at the beginning of the year were 16423481 thousand rubles, at the end of the year this figure was 15871057 thousand rubles. And the amount of stocks and VAT is 9,232,701 thousand rubles. and 7,793,548 thousand rubles. respectively, i.e. the condition SDI> Зп is satisfied;

3) OI> Zp

The total amount of sources in the formation of reserves at ANK Bashneft at the beginning of the year was 17,127,775 thousand rubles, and at the end of the year amounted to 15898861 thousand rubles. And the amount of stocks and VAT is 9,232,701 thousand rubles. and 7,793,548 thousand rubles. respectively, i.e. the condition OI> Зп is satisfied;

In the process of studying the economic activity of an enterprise, it is also important to establish the relative indicators of financial stability. Further, the analysis of the financial stability ratios is carried out.

2.2 Analysis of financial strength ratios

Financial coefficients of market stability are largely based on indicators of enterprise profitability, management efficiency and business activity. They are calculated on a certain date of drawing up the balance sheet and considered in dynamics, compared with the recommended values, with the indicators of competitors, with the industry average indicators.

Table 3 shows the relative indicators of the financial stability of ANK Bashneft.

Table 3 Relative indicators of financial stability of ANK Bashneft for 2006

Based on this table, the following conclusions can be drawn:

1) The autonomy ratio characterizes the structure of the organization's financial sources and its financial independence. The recommended value of the equity ratio is higher than 0.5 (50%), the excess indicates the strengthening of financial independence from external sources. At ANK Bashneft, the autonomy ratio is 0.86 (86%) at the beginning and at the end of the reporting period. These figures indicate that the share of equity in the company is 86%. This value is more than 50%, which is positive for ANK Bashneft, as it shows the financial independence of the enterprise, the ability to pay off its debt obligations at its own expense.

2) The debt capital ratio reflects the share of borrowed funds in funding sources. The debt capital ratio for ANK Bashneft was 0.14, which remained unchanged during the reporting period. This value indicates that the share of borrowed funds in the sources of financing of the enterprise is 14%.

3) The financial dependence ratio indicates the extent to which the company depends on funding sources, i.e. how much borrowed funds the company attracted for 1 ruble of equity capital. The financial dependence ratio of ANK Bashneft was 0.15 (15%) at the beginning and end of the year, which is in line with the recommended value, that is, the company is financially stable and will be able to pay off accounts payable.

4) The coefficient of long-term financial dependence shows the degree of independence of the enterprise from short-term borrowed sources of financing. At the beginning of the year at ANK Bashneft, the long-term financial dependence ratio was 0.9 (90%), at the end of the year the value decreased to 0.8 (80%).

5) The long-term investment security ratio shows the share of invested capital immobilized in fixed assets. At ANK Bashneft, this ratio at the beginning of the reporting period was 0.78 (78%), at the end of the reporting period it was 0.78 (78%). The recommended value for the long-term investment security ratio is more than 0.2. At ANK Bashneft the value of this ratio is higher than the recommended value, which is positive for the organization.

6) The ratio of the structure of long-term investments shows what part of non-current assets is financed by long-term borrowed funds. At ANK Bashneft, the value at the beginning of the year was 0.0002 (0.02%), at the end of the year 0.0013 (0.13%), these figures indicate that the company at the end of the year increased its assets due to long-term borrowed funds (for example, purchased raw materials and materials, increased costs in construction in progress).

7) The ratio of the availability of own circulating assets characterizes the availability of own circulating assets necessary for the financial stability of the enterprise. The coefficient for ANK Bashneft was 0.57 (57%) at the beginning of the year and 0.59 (59%) at the end of the year. The recommended value is over 0.2. These figures indicate that over 50% of ANK Bashneft is provided with its own circulating assets, which is positive for the company.

8) The coefficient of maneuverability shows what proportion is occupied by equity capital invested in working capital in the total amount of equity capital of the enterprise. The closer the value of the indicator is to the upper limit, the more opportunities for financial maneuverability the enterprise has. ANK Bashneft this ratio is 0.21 (21%) at the beginning of the year and at the end of 0.23 (23%). Such values ​​indicate that the share of equity capital invested in working capital has remained virtually unchanged.

Thus, the analysis showed that ANK “Bashneft” by the type of financial stability refers to “absolute financial stability” both at the beginning of the reporting period and at the end of the reporting period. Relative indicators (coefficients) have values ​​equal to or close to the recommended ones.

3 Assessment of solvency

3.1 Assessment of balance sheet liquidity

Solvency depends on the degree of liquidity of the balance. Liquidity characterizes not only the current state, but also the future one.

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

The analysis of balance sheet liquidity consists in comparing funds for an asset, grouped by the degree of diminishing liquidity, with the sources of formation of assets by liabilities, which are grouped by the degree of maturity.

Assets are divided into 4 groups:

The most liquid assets (A 1) are money and short-term financial investments;

Quickly realizable assets (A 2) - consisting of accounts receivable, payments for which are expected within 12 months after the reporting date;

Slowly traded assets (A 3) - stocks;

Hard-to-sell assets (A 4) - assets that were acquired for long-term use;

Liabilities are grouped as follows:

The most urgent liabilities (P 1) - accounts payable and loans not repaid on time;

Short-term liabilities (P 2) - short-term borrowed funds, debts to participants in income payments,

Long-term liabilities (P 3) - long-term liabilities (items in section IV of the balance sheet);

Permanent liabilities (P 4) - own funds, articles of section III of the balance sheet, article "Deferred income" of section V of the balance sheet.

To determine the liquidity of the balance sheet, it is necessary to compare the results of the given groups by asset and liability. The balance is considered absolutely liquid if the following ratios take place:

A 1> or = P 1

A 2> or = P 2

A 3> or = P 3

A 4< или =П 4

Strict observance of the first three conditions means that the balance sheet is absolutely liquid.

Table 4 shows the values ​​for which the analysis of the liquidity of the balance sheet of ANK Bashneft for 2006 was carried out.

Table 4 Analysis of the liquidity of the balance sheet of ANK "Bashneft" for 2006.

From the data in the table it is clear that the balance is not absolutely liquid.

The first condition (A 1> P 1) is not met at the beginning of the year, there is an increase in the payment deficit, which is negative. This suggests that the company at the beginning of the year had insufficient assets that could cover the arising short-term liabilities (loans, accounts payable) in a short time. At the end of the year, the first condition is met. This suggests that ANK Bashneft has increased its assets by the end of the year, which, if necessary, will be able to cover short-term liabilities.

The second condition (A 2> P 2) is fulfilled at the beginning and at the end of the year. At the end of the year, the payment surplus decreased and amounted to -6220831 (3937632-10158463).

The third condition (A 3> P 3) at the beginning of the year is not met. At the beginning of the year, the company had more long-term liabilities (loans and credits, deferred tax liabilities), and there were also a lot of slowly sold (stocks) assets. This suggests that the company did not sell its reserves quickly enough to pay off its long-term obligations. By the end of the year, this condition is met and the payment surplus increased by 1,022,926 thousand rubles (19181055-18158129).

The fourth condition, characterizing the minimum financial stability, is fulfilled both at the beginning of the year and at the end of the reporting period.

Comparison of the liquidity result for the first two groups characterizes the current liquidity: at the beginning of the year, the current payment surplus at ANK Bashneft amounted to 5011528 thousand rubles (- 5146935 + 10158463), at the end of the year 6683428 thousand rubles (2745796 + 3937632).

Prospective liquidity is characterized, first of all, by a payment deficit in the third group: at ANK Bashneft at the beginning of the year the amount of the deficit was -5011528, and at the end of the year -6683428.

3.2 Assessment of liquidity ratios

Liquidity indicators are used to assess the ability of an organization to meet its short-term obligations. They give an idea of ​​the organization's solvency, not only at the moment, but also in the event of emergencies.

The general assessment of solvency is given by the current liquidity ratio, which is often called the coverage ratio. It characterizes the extent to which all short-term liabilities are secured by current assets.

The next ratio, this is the quick liquidity ratio (intermediate solvency ratio), allows us to talk about the company's ability to repay short-term liabilities with available funds.

The absolute liquidity ratio shows how much of the short-term debt the company can repay in the near future.

Table 5 Relative liquidity indicators of ANK Bashneft for 2006

As can be seen from Table 5 for ANK Bashneft, the value of the current liquidity ratio at the beginning of the reporting period was 3.5, and at the end of the reporting period 2.5, this ratio for the reporting period decreased by 1. The recommended value is 1.0-2, 0. At ANK Bashneft the value of this ratio is higher than the recommended value. The high value of the current liquidity ratio suggests that the company needs to systematically work with debtors in order to ensure its transformation into cash.

The value of the quick liquidity ratio at ANK Bashneft is 2.8 at the beginning of the reporting period, and 2. The recommended value is 0.8-1.0 at the end of the reporting period. At ANK Bashneft, the value of the quick liquidity ratio is higher than the recommended values, but by the end of the reporting period its value is decreasing.

The value of the quick liquidity ratio at ANK Bashneft at the beginning of the reporting period is 0.09, at the end of the reporting period 0.7. The recommended value is from 0.1 to 0.4. At the enterprise for the reporting period, there is an increase in the value of the quick liquidity ratio by 0.61.

In general, the growth of indicators in dynamics at the enterprise can be assessed positively. In addition, when using these coefficients, one should take into account the specificity of specific conditions and the specifics of the business activity of an individual enterprise. The relative indicators of liquidity must be compared in dynamics, with the industry average indicators, indicators of competing enterprises.

4 Business analysis

The business activity of an enterprise is measured using a system of quantitative and qualitative criteria.

Qualitative criteria - the breadth of the market for the sale of goods, the business reputation of the enterprise, its competitiveness, etc. it is advisable to compare these criteria with the parameters of competitors.

The quantitative criteria of business activity are characterized by absolute and relative indicators. It is more expedient to compare absolute indicators in dynamics for a number of periods (quarter, years).

Relative indicators of business activity characterize the efficiency of using the resources (property) of the enterprise.

Table 6 Relative indicators of business activity of ANK Bashneft for 2006

Thus, in terms of relative indicators, the following conclusions can be drawn:

The asset turnover ratio measures the turnover of funds invested in assets and shows whether the assets are used effectively to generate income and profits. At ANK Bashneft for the reporting period it is 1.4 at the beginning of the year and 0.9 at the end of the year. The asset turnover ratio decreased by 0.5, which led to a slowdown in their turnover by 144.8 days (405.5-260.7), which is negative for the company.

The inventory turnover ratio shows the rate at which inventory is sold. During the analyzed period, the rate of inventory sales at ANK Bashneft increased by 8.4, which led to an acceleration of their turnover by 11.9 days, if at the beginning of the year the duration of inventory turnover was 29.6 days, then by the end of the year it was 17 ,6 days. The increase in the speed of sales of stocks for the company is positive, as it indicates the activity of current activities.

The receivables turnover ratio shows how many times a year the receivables are collected. At ANK Bashneft, the accounts receivable turnover ratio for the reporting period decreased by 0.7, if at the beginning of the reporting period it was 7.4, then at the end of the reporting period the indicator was 6.7, which led to a deceleration of the accounts receivable turnover by 5.1 day (54.4-49.3), which in turn indicates a deterioration in work with debtors.

The average age of a stock indicates how long the stock has held. At ANK Bashneft, the average age of reserves has increased from 36.3 to 43.5, that is, reserves are delayed by 7.2 days, which is undesirable for the enterprise.

The operating cycle shows how many days it takes to convert inventory and receivables into cash. For ANK Bashneft, this cycle was 85.6 days at the beginning of the year and 97.9 days at the end of the year, i.e. there is a slowdown in the operating cycle by 12.3 days, which is undesirable for the company.

Finished goods turnover shows how long money is tied up in finished goods. At ANK Bashneft, the turnover of finished products at the beginning of the year was 3.3 days, at the end of the year this indicator decreased by 2.6 and amounted to 0.7 days. Acceleration of turnover of finished goods for the enterprise is positive.

Equity capital turnover shows the rate of equity capital turnover, its activity. At ANK Bashneft, the equity capital turnover ratio at the beginning of the reporting period was 1.6 at the end of the reporting period, 1.1, that is, there is a decrease by 0.3, which led to a slowdown in equity capital turnover by 103.7 days (331, 8-228.1).

The accounts payable turnover ratio shows how many turnovers are required to pay the entire debt. At ANK Bashneft, this ratio is 10.5 at the beginning of the year and 7.2 at the end of the year, that is, there is a decrease in accounts payable by 3.3 points, which in turn led to an increase in accounts payable turnover by 15.9 days (50.6-34.7).

5 Analysis of the financial result of the enterprise

5.1 Estimating the amount of profit

Profit is the most important indicator characterizing the financial result of an enterprise.

Profit is one of the main sources of resources for expanded reproduction and the formation of budgets at all levels.

The study of each element of profit is important for the management of the enterprise, its founders, shareholders and creditors.

Table 7 Composition, structure and dynamics of financial results of ANK Bashneft for 2006

As can be seen from table 7, the proceeds from the sale of goods at ANK "Bashneft" for the reporting period increased by 26,178,199 thousand rubles, if at the beginning of the reporting period there were 74,277,386 thousand rubles. at the end of the reporting period, the proceeds from the sale of goods amounted to 100,455,585 thousand rubles, which is positive for the company.

The cost of goods sold for the reporting period at ANK Bashneft increased, if at the beginning of the year it was 43,018,673 thousand rubles, then at the end of the year it amounted to 51,348,903 thousand rubles, the specific weight was 57.9% and 51.1%, respectively.

Gross profit at ANK Bashneft for the reporting period increased, if at the beginning of the year there were 31258713 thousand rubles, then at the end of the year it amounted to 49106682 thousand rubles. The share of gross profit for the reporting period increased by 6.8%, if at the beginning of the year it was 42%, then by the end of the year this figure was 48.8%, which is positive for the company.

Selling expenses - expenses incurred by an organization in the sale of products. In industrial enterprises, they include the costs associated with the sale of products. These are advertising expenses, hospitality expenses, commission fees and similar expenses. At ANK Bashneft during the reporting period, there is an increase in commercial expenses by 13566523 thousand rubles, if at the beginning of the year it was 19968706 thousand rubles, then at the end of the year the figure was 33535229 thousand rubles. The share increased by 6.5%.

Administrative expenses are general business expenses, expenses for payment of information, audit and consulting services. At ANK Bashneft, information on management expenses is not presented in the profit and loss statement.

Sales profit for the reporting period at ANK Bashneft increased slightly by 0.4%.

During the reporting period, ANK Bashneft has seen an increase in other income by 12.6%, if at the beginning of the reporting period there were 32,564,622 thousand rubles, then at the end of the reporting period this figure was 56684,902 thousand rubles, an increase occurred by 24120380 thousand rubles. R.

During the reporting period, ANK Bashneft has observed an increase in other expenses by 11.2% or by 23,316,536 thousand rubles.

Profit before taxation at ANK Bashneft was at the beginning of the year 10181533 thousand rubles, at the end of the year 16187344 thousand rubles, an increase of 2.4% is observed.

During the reporting period, ANK Bashneft has observed a decrease in deferred tax assets by 0.06%.

In addition, the company has observed an increase in deferred tax liabilities, if at the beginning of the reporting period there were 1,528 thousand rubles, then at the end of the reporting period this indicator increased and amounted to 3,544 thousand rubles.

At ANK Bashneft for the reporting period, there is an increase in the current income tax, if at the beginning of the reporting period this figure was 2,589,179 thousand rubles, then at the end of the reporting period this figure was 4,410,172 thousand rubles, in general, increased by 0.9 %.

Net profit at ANK Bashneft for the reporting period increased from RUB 7,771,265 thousand to RUB 11,479,384 thousand. or 3708119 thousand rubles.

5.2 Cost benefit analysis

The relative indicators characterizing the effectiveness of the organization's business are the profitability ratios. Profitability is understood as the ability of an organization to generate enough profit to keep the capital invested and attract new capital.

Table 8 Profitability indicators of ANK Bashneft.

1) Return on assets shows how efficiently the company uses assets. At ANK Bashneft, this indicator at the beginning of the year was 0.14, at the end of the year 0.1, changes were 0.04. This ratio shows how much profit the company makes from every 1 ruble invested in total assets.

The return on equity capital indicates the efficiency of using equity capital, i.e. what amount of profit the company received for 1 rub. equity capital. ANK Bashneft has 0.17 profit at the end of the year and 0.12 profit at the beginning of the year for 1 ruble of equity capital.

The profitability of the sale shows what the profit from operating activities is. At ANK Bashneft, this ratio at the beginning of the reporting period and at the end of the reporting period was 0.15.

The return on invested capital at ANK Bashneft increased from 0.12 at the beginning of the year to 0.17 at the end of the year.

The return on operating costs decreased by 0.35 over the reporting period compared to the previous period.

6 Assessment of the state of bankruptcy

Bankruptcy means the inability of the debtor to fully satisfy the creditors' monetary obligations and (or) to fulfill the obligation to pay mandatory payments recognized by the arbitration court or declared by the debtor.

The first signals of impending bankruptcy are abrupt changes in the structure of the balance sheet and income statement.

By the order of the Federal Bankruptcy Office under the State Property Committee of Russia dated 12.08.1994. No. 31 Methodological regulations for assessing the financial condition of enterprises were approved.

According to this technique, the analysis and assessment of the balance sheet structure is carried out on the basis of the current liquidity ratio and the equity ratio.

1) the current liquidity ratio at the end of the reporting period has a value of less than 2;

2) the equity ratio is less than 0.1.

Using this method, ANK Bashneft obtains the following values:

The current liquidity ratio is 3.5 at the beginning of the year and 2.5 at the end of the year, which meets the standard value.

The equity ratio at the beginning of the year was 0.57 at the end of the year 0.59, which is in line with the standard value.

In the practice of assessing the financial insolvency of domestic organizations, foreign methods are often used. Most often, the Z-models proposed by the American economist E. Altman are used to assess the likelihood of bankruptcy of an organization.

The simplest is the two-factor model:

Z = - 0.3877-1.0736K n = 0.0579K fz

Z is the final indicator of the probability of bankruptcy;

K n - coverage ratio;

K fz - coefficient of financial dependence;

For organizations with Z = 0, the probability of bankruptcy is 50%. If Z> 0, then the probability of bankruptcy is less than 50% and further decreases as the value of Z decreases. If Z<0, то вероятность банкротства больше 50%и возрастает с ростом значения Z.

Consider this model for ANK Bashneft:

1) - at the beginning of the year

Z = -0.3877 -1.0736 * 3.5 = 0.0579 * 0.15

Z = -4.1453 = 0.008685

2) - at the end of the year

Z = -0.3877-1.0736 * 2.5 = 0.0579 * 0.15

According to the data obtained, we can conclude that Z<0, вероятность банкротства АНК «Башнефть» в 2006 году составляет более 50%.

For a more accurate forecast, consider a five-factor model:

Z = 0.717 X1 + 0.847 X2, + 3.107 X3 + 0.42 X4 + 0.995 X5

where X1 = (Current assets - Current liabilities) / Amount of assets;

X2 = Retained earnings / Volume of assets;

X3 = Balance sheet profit / Volume of assets;

X4 = Market value of shares / Borrowed funds;

X5 = Net sales / Asset volume.

X1, X2, X3 and X4 are expressed as percentages.

Z< 1,81 - вероятность банкротства очень высока;

1,81 < Z < 2,765 - вероятность банкротства средняя;

2,765 < Z < 2,99 - вероятность банкротства невелика;

Z> 2.99 - the probability of bankruptcy is negligible.

According to the five-factor model, the following values ​​were obtained:

1) at the beginning of the reporting period Z = 1.04642, i.e. Z< 1,81

2) at the end of the reporting period Z = 1.30946, i.e. Z<1,81

Thus, according to Altman's five-factor model, the probability of bankruptcy of ANK "Bashneft" in 2006 is high.

It should be noted that these models do not take into account the specifics of the Russian economy.

Conclusion

Thus, at ANK Bashneft for the reporting period, the following is observed:

The increase in the balance sheet at the end of the reporting period compared to the beginning.

Exceeding the growth rate of current assets over the growth rate of non-current assets;

The presence of the organization's own capital and its high share in the liabilities of the balance sheet, which indicates the financial stability of the enterprise for the analyzed period.

Analysis of the absolute indicators of financial stability of ANK Bashneft showed that at the beginning of the reporting period, and at the end of the reporting period, the enterprise belongs to an absolutely financially stable category.

The conducted analysis of the balance sheet liquidity showed that the company's balance sheet is not absolutely liquid.

The return on invested capital at ANK Bashneft increased from 0.12 at the beginning of the year to 0.17 at the end of the year. The return on operating costs decreased by 0.35 over the reporting period compared to the previous period.

An assessment of the state of bankruptcy showed that ANK Bashneft has a high probability of bankruptcy.

Recommendations for stabilizing financial and economic activities, increasing profitability and profitability of ANK Bashneft

The main sources of profit increase are an increase in the volume of sales of products, a decrease in its cost price, an increase in the quality of marketable products, their sale on more profitable sales markets, etc.

The development of reserves for profit growth at existing production facilities without additional capital investments, and therefore without increasing the amount of fixed costs, will increase not only the profitability of the enterprise, but also the margin of its financial strength

Based on the analysis of the financial condition of the company, carried out in this course work, we can say that the company is financially stable. Although the level of some indicators is low, they still tend to increase, therefore, the company has the opportunity to strengthen its financial position.

Based on the results of the analysis, a program of financial recovery of the enterprise should be developed in order to prevent bankruptcy and withdraw it from the high risk of bankruptcy through the integrated use of internal and external reserves.

Directions of financial stabilization of the enterprise:

The most complete use of the resources at his disposal, the use of the identified reserves for the production of additional products on the equipment available to him, tk. an increase in production reduces costs per unit of production, decreases the cost, which leads to an increase in profits from the sale of products. The additional production of profitable products in itself provides additional profit. Thus, with an increase in the output and, accordingly, the sale of profitable products, the profit per unit of production increases, and the number of products sold also increases, each additional unit of which increases the total amount of profit.

Improving the level of organization of production, with the aim of eliminating irrational costs;

Well-coordinated work of all components of the production process (main, auxiliary, service production).

Optimization of the sales structure, during which the share of products sold at contractual, higher prices should increase to its maximum level, respectively, the share of products sold by the enterprise to other organizations on netting at lower prices should decrease to the minimum level.

One of the main and most radical directions of financial stabilization of the enterprise is the search for internal reserves to increase the profitability of production, and to achieve break-even work due to a more complete use of production capacity. Improving the quality and competitiveness of products, reducing its cost, rational use of material, labor and financial resources, diversifying production in the main areas of economic activity, when forced losses in one areas are covered by profits from others, reducing non-productive costs and losses.

Annex 1.

Balance sheet

Organization ANK "Bashneft"

Kind of activity REDD

Unit of measurement: thousand rubles.

Location: 450045, Ufa - 45

Appendix 2

Certificate of the availability of valuables recorded on off-balance sheet accounts.

Appendix 3

Profits and Losses Report.

Organization ANK "Bashneft"

Kind of activity REDD

Organizational and legal form: JSC

Unit of measurement: thousand rubles.

Location: 450045, Ufa - 45

Bibliography.

1.Artemenko V.G. Financial Statement Analysis: A Study Guide for Students - 2nd ed. - Moscow: Publishing house "Omega-L", 2007. - 270s.

2.Bocharov V.V. The financial analysis. Short course. 2nd ed. - SPb .: Peter, 2008 .-- 240 p.: Ill.

3.Kovalev V.V., Volkova O.N. Analysis of the economic activity of the enterprise. - M .: PBOYUL. 2000 - 424s.

2.2 SWOT analysis of JSC ANK Bashneft

SWOT analysis is a strategic planning method used to assess factors and phenomena that affect a project or enterprise. All factors fall into four categories: strengths, weaknesses, opportunities, and threats. The method includes defining the goal of the project and identifying internal and external factors that contribute to its achievement or complicate it. We will reflect the strengths and weaknesses, opportunities and threats of the enterprise in table 1

Table 1 - Strengths and weaknesses, opportunities and threats of ANK Bashneft

The results of the SWOT analysis are summarized in Table 2

Table 2 - SWOT - analysis of ANK Bashneft OJSC

The main problem of ANK Bashneft is the unbalanced volumes of oil production and refining: by the end of 2011, the company produced 15.1 million tons of oil, and processed about 21 million tons. assets. Buying assets in Russia is not profitable, so you should look into purchase transactions abroad. In August 2012, the Ministry of Oil of the Republic of Iraq and the Consortium of Bashneft (70%) and Premier Oil (30%) initialed in Baghdad a contract for exploration, development and production of Block 12. Block 12 is located in the provinces of Najaf and Muthanna, approximately 80 km southwest of Samawah and 130 km west of Nasriya, is part of the undiscovered region with the largest oil potential in Iraq - the Western Desert. The block area is about 8,000 km². The transition to a foreign market is an important step towards solving the imbalance problem. Already now Bashneft is considering options for acquiring Western exploration companies that already own fields.

Another promising opportunity for the enterprise is the merger with OAO Russneft. Such a merger "in one day" would resolve the issue of balancing Bashneft's refining and production. The biggest obstacle is the high debt burden of Russneft, but the company works well, produces efficiently and efficiently sells, and extinguishes its debt at a faster pace. Therefore, such a union is possible in the future.

Bashneft Group's proved reserves as of December 31, 2011 amounted to 1,983.5 million barrels. Oil, up 3.8% over the previous year. The replacement ratio for proved oil reserves was about 165%. At the end of the year, the company has been provided with proven oil reserves for 18 years. Nevertheless, despite the high degree of knowledge of the subsoil, there is a potential for replenishing the resource base of oil and gas production.

After joining the group, Bashneft refineries changed the oil supply system and became the only supplier of oil to the Bashkirian refineries, pushing back third-party suppliers, who previously received revenues from processing of raw materials through tolling schemes. After the reform of the supply system to the Bashkir refineries, the company's revenue and profit increased significantly.

The company is actively introducing technological innovations in the segment of oil refining and petrochemicals with the aim of producing products that meet the most stringent environmental requirements, as well as further increasing the depth of oil refining. The Nelson Index of the Bashneft Group's refining complex, which characterizes the complexity of the refinery's technological processes, is 8.3, which is the highest value of this indicator among the companies in the Russian oil and gas industry. The average refining depth and yield of light oil products in 2011 amounted to 85.9% and 59.9%, respectively, which is one of the best indicators among Russian vertically integrated oil companies.

In 2011, Bashneft began the practical implementation of a large-scale project for the development of the Trebs and Titov fields. This will allow the Company to produce high quality oil and increase the coverage of its own refining needs by increasing the oil production base.

Bashneft Group significantly increased its retail sales by significantly expanding its retail network of filling stations to 710 filling stations. In addition to its own retail sales channel, the Company is actively developing a partnership program that was launched in April 2010. As of the end of 2011, there were 9 long-term contracts with companies for the sale of fuel through 225 filling stations in 21 regions of Russia. The oil produced by Bashneft Group is mainly supplied to its own refineries and also sold on the international market. The structure of export supplies is dominated by such directions as the Czech Republic (40% of supplies) and Poland (38%).

Historically, the corporate structure is rather complex and does not allow the full implementation of the strategic goals in the field of corporate governance. One of the main tasks facing the management of the Company since its acquisition by Sistema JSFC is to improve the Group's performance in all areas.

This year, Bashneft will form an oilfield services holding on the basis of market-oriented service companies specializing in drilling, well workover, production of oilfield equipment, mechanical service in production, capital, road construction and transport. In the future, the enterprises that are part of the oilfield services holding are planned to be moved outside the Company to improve the efficiency of their activities and develop a competitive environment.

Bashneft pays close attention to the development and implementation of advanced technologies. Achievements in innovative activities are one of the main competitive advantages of the Company and an important factor in its dynamic development.

The main competitors of JSOC Bashneft in the Ural-Po-Volga region in the segments of oil production production are the following companies: JSC Tatneft im. V.D. Shashina, LLC LUKOIL-Perm, OJSC Udmurtneft, OJSC Belkamneft. Determining factors of the competitiveness of JSOC Bashneft

In the segments of oil production and sales are: an increase in oil production, optimization of oil production costs, the introduction of fundamentally new highly efficient technologies, the level of oil prices.

In order to increase the competitiveness of Bashkir oil and reduce the rate of decline in oil production, the Company: uses new modern technologies for well construction and methods of increasing oil recovery in developed fields; optimizes the production management system; increases labor productivity at all stages of production; conducts energy saving measures. In order to increase the resource base in recent years, the Company has been actively working on the search and exploration of new oil fields both in the Republic of Bashkortostan and in other regions of Russia.

The main factor determining the financial and, indirectly, the operating performance of Bashneft Group is the price of oil and oil products. The Company has limited opportunities to control prices for its products, which mostly depend on the situation on the world market, as well as on the balance of supply and demand in certain regions of Russia. Falling prices for crude oil or petroleum products may adversely affect the results of operations and the financial position of Bashneft Group, lead to a decrease in the Group's profitable oil production, and this, in turn, will lead to a decrease in the volume of economically efficient hydrocarbon reserves of the Group. Bashneft ", as well as to reduce the economic efficiency of programs for geological exploration and geological and technical measures.

More than 50% of the Group's revenue is generated by export operations for the sale of crude oil and petroleum products. Accordingly, fluctuations in exchange rates of currencies against the ruble have a direct impact on the financial and business results of Bashneft Group. The foreign exchange risk of Bashneft Group is significantly reduced due to the presence of costs that are denominated in foreign currency. The Group is currently monitoring foreign exchange markets to control the possible negative impact of changes in the US dollar against the Russian ruble on the financial results of operations.

An increase in interest rates may lead to a slight increase in the cost of servicing the Group's debt, but the impact of this growth on the Group's solvency and liquidity ratios, as well as its financial position, is intangible. As of December 31, 2011, interest expense on servicing a part of the debt portfolio with a floating interest rate was less than 2% of the Group's total interest expense on an annualized basis, and an increase in the LIBOR interest rate by 1% would have reduced the financial result by 3 million US dollars. Bashneft pursues a balanced policy in the use of its own and borrowed funds. The debt-to-equity ratio at the end of 2011 remained practically unchanged compared to 2010 and amounted to 48%.

Bashneft pays key attention to containing cost growth, as well as assessing inflation risk when developing investment projects and making investment decisions.

Tax legislation in Russia and the practice of its application are underdeveloped and often change, which may have a negative impact on the results of the Company's operations and its financial stability. It cannot be said with certainty that no changes will be made to the Tax Code of the Russian Federation in the future that could adversely affect the stability and predictability of the tax system.

2.3 Elaboration of the development strategy of JSOC Bashneft until 2020

In order to determine the desired position of the enterprise in the future and ways to achieve it, it is necessary to predict such indicators as sales revenue, production and processing volumes, refining depth, profit and commercialization of the company until 2020.

When making forecasts using extrapolation, one usually proceeds from statistically emerging trends in changes in certain quantitative characteristics of an object. Estimated functional systemic and structural characteristics are extrapolated. Extrapolation methods are one of the most common and most developed among the entire set of forecasting methods.

Various techniques are used to improve the accuracy of extrapolation. One of them consists, for example, in correcting the extrapolated part of the general development curve (trend) taking into account real development experience. To forecast our indicators, we will use just such an extrapolation method.

The forecasted indicators of proceeds from sales are presented in Figure 3

Figure 3 - Forecast indicators of revenue from sales until 2020

Forecasted values ​​of oil production volumes up to 2020 are shown in Figure 4.

Figure 4 - Forecast values ​​of oil production volumes up to 2020

In February of this year, Bashneft received a license to develop the V. Trebs and Titov in Timan-Pechora with total recoverable reserves of 140 million tons. The field will be developed by a joint venture with Lukoil, in which Bashneft will own 74.9%. It is planned that the first well will be drilled this year, and peak production at the field is expected in 2018 at 6 million tonnes (4.5 million tonnes is Bashneft's share). The inclusion of Lukoil in the development was of an important nature, since Lukoil has the necessary infrastructure in the production region, which will allow Bashneft to reduce operating and capital costs at the field in exchange for a share in production.

As the Trebs and Titov fields are developed, Bashneft will be able to replace oil purchases from this field, which should strengthen the company's financial performance. The forecasted values ​​of oil refining volumes are shown in Figure 5.

Figure 5 - Forecasted values ​​of oil refining volumes up to 2020

As can be seen in the figure, by 2020 Bashneft will bring the capacities of its refineries closer to the production capacities. At the peak of production, the deposit. Trebs and Titov will be able to compensate for up to a third of the volumes of oil purchased today, all other things being equal. Bashneft's refineries are characterized by a high degree of technical equipment and are among the most modernized refineries in the country. The company refines almost all of the oil produced, filling vacant oil refining capacities with purchases of crude oil on the domestic market. Profit is maximized by increasing the depth of oil refining and the share of light oil products produced.

The predicted values ​​of the oil refining depth are shown in Figure 6.

Rice. 6 - Forecasted values ​​of oil refining depth up to 2020

OAO ANK Bashneft plans to invest about $ 1.1 billion in the modernization of its oil refineries by 2015. About $ 610 million will be spent on increasing the processing depth and yield of light oil products, $ 310 million - in improving the quality of motor fuels to the Euro standard. 5 and about $ 200 million - in measures to improve production efficiency.

The results of this modernization can be an increase in the refining depth up to 90%, as well as an increase in the share of light oil products up to 73%. Forecast indicators of the company's net profit and capitalization are presented in Figures 7 and 8

Rice. 7 - Forecast indicators of net profit until 2020

The graph shows that Bashneft increased its net profit to $ 1,695 million. in 2011 compared to $ 219 million in 2009. This was due to the emergence of a new owner interested in improving all financial indicators, as well as due to the transformation of Bashneft from a production company into a full-fledged vertically integrated oil company. Subject to an increase in production and an improvement in the quality of marketable products, by 2020 the company's net profit may reach $ 3,500 million.

Rice. 8 - Forecast values ​​of market capitalization up to 2020

As you can see in the graph, under favorable conditions, the company's capitalization can reach 11 million dollars. Although with the growth of production, the development of the. Trebs and Titov will also increase capital expenditures. And this will mean a significant reduction in the company's dividend payments.

All forecast indicators are presented in table 9

Thus, Bashneft's forecast production levels are directed upward. The company's actions to increase and stabilize production proved to be effective. At the end of 2011, it increased by 6.8% and reached 15.1 million tons. The growth continues in 2012: in the 1st half of the year it amounted to 3.1% yoy. According to our forecasts, Bashneft will moderately increase production at old fields before commercial production of the Yu. Trebs and Titov in 2014. After that, production at old fields will stabilize until 2018, and the production level by 2020 will reach 23 million tons.

Investments in oil refining will be aimed at increasing the depth of refining and improving the quality of marketable products, the yield of light oil products, which ultimately will allow the company to increase its profits.

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The Bashneft-Novoil branch is a structural subdivision of JSOC Bashneft, therefore the analysis of the financial condition is considered on the example of the entire company.

Financial condition is the most important characteristic of business activity and reliability of an enterprise and determines the competitiveness of an enterprise and its potential. The subject of the analysis is the study of the financial condition, its general assessment, determination of the financial stability of the enterprise and the liquidity of its balance sheet.

The financial stability of an enterprise involves a combination of four characteristics of the financial and economic position of the enterprise:

High solvency;

High liquidity of the balance sheet (a sufficient degree of coverage of the company's borrowed liabilities with assets corresponding to the terms of turnover in money, the maturity of these liabilities;

High creditworthiness (ability to repay a loan with interest and other financial costs);

High profitability (high profitability, ensuring the necessary development of the enterprise, a high level of dividends, a high share price).

According to the degree of liquidity, all assets of the enterprise are divided into:

Absolutely liquid assets (A1) - cash and short-term financial investments;

Marketable assets (A2) - accounts receivable;

Slow-moving assets (A3) - stocks and costs;

Hard-to-sell assets (A4) are non-current assets.

By urgency:

The most urgent liabilities (P1) - accounts payable;

Short-term liabilities (P2) - short-term loans and borrowings;

Long-term liabilities (PS) - long-term liabilities;

Permanent liabilities (P4) - capital and reserves.

Absolutely liquid assets must cover the most urgent liabilities. Quick-selling assets should cover short-term liabilities. Slowly realizing assets must cover long-term liabilities. Hard-to-sell assets must be covered by permanent liabilities and not exceed them. The analysis carried out on the basis of the aggregated balance sheet shown in Table A.1 (Appendix A) gave the following results for 2014-2016:

PJSC JSOC Bashneft lacks liquidity for both short-term payments and medium- and long-term payments, while the company has a surplus of hard-to-sell assets.

Analysis of the financial stability of the enterprise

In the course of the analysis, indicators of financial stability were calculated for 2014, 2015 and 2016. The calculation results are presented in table 2.2.

Table 2.2 - Indicators of the financial stability of the enterprise, thousand rubles.

The studied company is characterized by an area of ​​unstable financial condition:

±∆ E C < 0,

±∆ E T > 0,

±∆ E H > 0,

The enterprise of PJSC JSOC Bashneft during the entire analyzed period is in the area of ​​unstable financial condition according to the calculated ratios.

Table 2.3 - Assessment of the financial position of the enterprise

The coefficient of autonomy of sources of formation of stocks and costs characterizes the share of own funds in the composition of all funds going to the formation of the working capital of the enterprise. Since the value of this ratio is less than 0.5, all liabilities of the enterprise of PJSC ANK Bashneft cannot be covered by its own funds. During the analyzed period, the indicator decreased. The debt-to-equity ratio is at a relatively low level for the industry, 1.1-2.3, over the entire analyzed period.

Bashneft is the main oil and gas company in the Republic of Bashkortostan. The main activity of the company is the production and sale of oil and gas. The company also carries out geological exploration and development of oil and gas fields.

In September 1998, the company became part of the Bashkir Fuel Company OJSC, which was established by a resolution of the Cabinet of Ministers of the Republic of Bashkortostan. This holding structure includes oil producing, oil refining and energy enterprises, as well as main pipeline transport located in the territory of the republic. State blocks of shares in these enterprises were transferred to the authorized capital of the Bashkir Fuel Company.

Since its inception, Bashneft has mainly been producing at fields located on the territory of Bashkortostan. However, at present they are characterized by a high degree of depletion, as well as low quality oil, which leads to a reduction in production volumes. In this regard, one of the main activities of the enterprise is to increase its reserves by entering deposits in other regions of Russia.

In 1998, Bashneft won the opening tender for the right to explore and produce oil in the fields of two oil and gas bearing areas located in the Khanty-Mansiysk Autonomous Okrug and has already produced the first oil there.

JSC "Bashneft" was registered on January 13, 1995 by the decree of the head of the Kirovsky District Administration of Ufa. In connection with the formation of the joint-stock company, the issue of 153594330 ordinary and 51,198,110 preferred shares with a par value of 1 ruble was carried out. After that, no additional issues of securities were carried out.

Currently, the authorized capital of Bashneft is 204,792.4 thousand rubles. It is divided into 152,319,877 ordinary and 52472563 preferred shares with a par value of RUB 1. The largest shareholder of the company is Bashkirskaya Toplivnaya Company OJSC, which owns 63.72% in Bashneft Management Company. The register of shareholders is maintained by OJSC "Central Registry" (Ufa).

The company regularly pays dividends on preferred shares. Dividends on ordinary shares were not paid only for 1995. At the meeting of shareholders following the results of 1999, which took place on May 27, 2012, it was decided to pay dividends for 1999 in the amount of 0.08 rubles. for one ordinary and 1.0 rubles. per one preferred share with a par value of 1 rub. The company's dividend history is shown in Table 1.

Table 1 Dividend history of Bashneft JSC, rub.

The main activity of ANK "Bashneft" is the production and sale of oil and gas, as well as geological exploration.

In 2010, Bashneft produced 11.94 million tons of oil within the republic, which is 2.7% less than in 1999. At the same time, it should be noted that Bashnet reduced production while in 2012 the majority of Russian oil and gas companies increased production. In early 2001, the downward trend in oil production continued. In January - March 2001, Bashneft produced 2,892.2 million tons of oil, which is 4.3% less than in the same period in 2012.

Currently, Bashneft is producing oil in Bashkortostan, Western Siberia, Tatarstan, Orenburg region, and Udmurtia. Soon it is planned to start geological exploration, with the prospect of oil production, in Kazakhstan. Negotiations are also underway with non-CIS countries. In particular, active negotiations on drilling new wells are underway with Iraq.

In 2008, the company won an open tender for the right to search, explore and develop the Khazarsky and Kirsko-Kotynsky oil-bearing areas located in the Khanty-Mansi Autonomous Okrug for 25 years. The oil reserves of these areas are estimated at 138 million tons. In December 1998, Bashneft produced its first oil from the fields in these areas.

Another project is being implemented by Bashneft jointly with the government of Bashkortostan, Mezhprombank and the Aki-Otyr company, the owner of the Ryamnoye and Shpashinsky fields in the Khanty-Mansiysk District. Bashneft will conduct their exploration, development and operation so that in a few years they will start producing up to 1 million tons of oil per year.

At the end of 2010, Bashneft was recognized as the winner of the Russian tender for geological exploration and prospecting for hydrocarbons in the Simskaya sulda, Chelyabinsk region. The license for the development of the Simskaya trough was granted to Bashneft for 2 years. By the end of 2014, Bashneft will have to submit the research results for state expertise.

In addition, in early May 2011, Bashneft began developing oil fields on the Sakhalin shelf. This became possible thanks to the general agreement signed the day before between the Republic of Bashkortostan and Alfa-Eco LLC on expanding cooperation in the field of oil production and gas condensate supplies, which makes it possible to start these works. According to experts, the profit from the development of oil fields in the next 5 years will amount to $ 1.5 billion. According to preliminary estimates, only the first site for Bashneft on Sakhalin contains about 250 million tons of oil.

The development of new fields will help improve the company's production results, which have recently been characterized by a steady downward trend in production.

Bashneft sells oil and refined products both in Russia and abroad. The company's products are supplied to many foreign countries, including Germany, Poland, Hungary and a number of other countries. On the domestic market, Bashneft's main consumers are oil refineries that are part of the Bashkir Fuel Company.

Bashneft's financial position improved in January-September 2012. The company's profit increased significantly for the three quarters of 2013 compared to the same period in 2012. In addition, during this period, the values ​​of most of the financial ratios increased, including the autonomy ratio, liquidity ratios and others, which indicates an improvement in the structure of the company's balance sheet. The dynamics of Bashneft's main financial ratios is shown in Table 2.

Table 2 Dynamics of the main financial ratios of Bashneft JSC

Based on the results of three quarters of 2013, Bashneft's balance sheet profit amounted to 12,754,579 thousand rubles, which is 162.44% more than in 9 months of the previous year. The company's net profit increased by 169.10% compared to the three quarters of 2011 and amounted to 9,373,229 thousand rubles. One of the main factors contributing to such a significant improvement in the company's financial results is the growth of income from product sales.

Gross revenue of Bashneft in January - September 2013 amounted to 30,340,562 thousand rubles, and profit from sales of 12,429,516 thousand rubles, which is 124.48% and 139.38% more than in the same period in 2012, respectively. In addition, during the nine months of 2013, the costs associated with the sale of products were reduced. So, the cost price per 1 rub. proceeds from sales decreased from 0.60 rubles. following the results of three quarters of 2012 up to 0.58 rubles. for the nine months of 2013.

Higher costs and lower costs have led to higher margins. Bashneft's return on sales for the first three quarters of 2013 was 40.97% (38.42% over 9 months of 1999), the operating profitability was 69.40% (62.38%), and the overall profitability of the reporting period was 42.04% (35.96%).

Bashneft's balance sheet structure can be described as satisfactory. Zlotnikova L.G., Kolyadov L.V., Tarasenko P.F. Financial management in the oil and gas industries: Textbook. - M .: Perspektiva, 2005. - 418p. Values ​​of indicators characterizing the degree of financial independence of the company (autonomy ratio, financial stability ratio, financing ratio, equity ratio) as of October 1, 2013 exceed the minimum recommended levels. Moreover, during 9 months of 2013, these financial indicators have improved. This was due to the fact that in January - September 2013 in the structure of the company's balance sheet the share of own funds increased and the share of borrowed funds decreased. For the period from January 1, 2013 to October 1, 2013, the share of own funds in the balance sheet total increased from 67.08% to 76.66%.

In January - September 2013, Bashneft's liquidity ratios increased and exceeded the minimum recommended levels, which indicates an improvement in the company's financial position. This was due to the fact that during the period under review, the volume of liquid assets increased and the volume of the company's liabilities decreased. Accounts receivable for 9 months of 2013 increased by 47.70%, and the volume of cash and short-term financial investments - by 130.23%, while accounts payable decreased by 12.44%.

The financial position of Bashneft in comparison with other companies in the industry can be described as satisfactory. The values ​​of the main financial ratios of the company under consideration are comparable, and in some cases exceed the values ​​of similar indicators of other oil producing enterprises (Table 3). Thus, Bashneft has one of the highest profitability indicators and liquidity ratios.

The priority line of activity of ANK "Bashneft" is the expansion of the company's activities outside the Republic of Bashkortostan, in particular on the territory of Western Siberia.

Table 3 Main financial ratios of some oil producing enterprises based on the results of 9 months of 2013

A number of projects are being implemented in other regions of Russia and neighboring countries, including Tatarstan, Kazakhstan, Orenburg and Chelyabinsk regions, Udmurtia and a number of others.

This is due to the fact that oil reserves within Bashkiria, due to the long-term exploitation of the fields, are largely depleted and are in the last stage of development.

Over the next two years, mainly at the expense of other regions, it is planned to double the network of the company's filling stations, which consists of more than sixty filling stations and is one of the main links in the chain of selling the company's products on the domestic market.

The fact that it is part of the Bashkir Fuel Company, created with the participation of the government of Bashkortostan, has a positive effect on the company's activities. In this regard, the support of the company by the government of the republic seems to be quite probable.

Course work

on the topic: "Analysis of the financial condition of the enterprise" (on the example of JSC ANK "Bashneft" for 2010)

Introduction

Aggregated Balance Sheet and Main Balance Ratios

Analysis of the financial stability of the enterprise

Analysis of the solvency of the enterprise

Analysis of the creditworthiness of the enterprise

Analysis of business activity and profitability of the enterprise

Assessment of the likelihood of bankruptcy of an enterprise

Conclusion

Introduction

OJSC ANK Bashneft is a vertically integrated oil company formed on the basis of the largest enterprises of the fuel and energy complex of the Republic of Bashkortostan.

The company is among the top 10 enterprises in Russia in terms of oil production and in the top 5 in terms of oil refining.

The products of JSC ANK Bashneft enterprises are sold in Russia, exported to the countries of Eastern and Western Europe, Kazakhstan, and Ukraine.

The company develops over 170 fields and has significant oil reserves (2.947 million barrels million at the end of 2010).

January 1995, the open joint-stock company “Joint-stock oil company“ Bashneft ”was established. As a result of the transformations in June 1995, the composition of the company was approved. Subsidiaries of the company are NGDU Ishimbayneft, a production and trading company, Bashneftesnab, Bashnefteproduktservice, Bashnipineft. All NGDUs (except for Ishimbaysky), Ufimskoye, Tuimazinskoye, Ishimbayskoye and Krasnokholmskoye UBR, Birskaya and Tuymazinskaya gas processing plants, Shkapovskiy and Tuymazinskiy gas processing plants, Oktyabrskiy and Neftekamskiy oilfield equipment production plants, an editorial and publishing center, center, production and technical communications department, construction and assembly company, motor transport department, Kuganak ceramic brick plant, Bashneftegazprom, Sterlitamak oil special materials plant, six state farms, Sotskultservice, paramilitary security, trading house.

In 2002-2004, ANK Bashneft underwent a major reorganization: all branches were liquidated (UBR, NGDU, Kuganak and Sterlitamak plants, Bashneftegazprom), as well as subsidiaries with branches (production and trading company, Ufa construction and assembly company, Ufa road office), their functions began to be performed by independent LLCs that provide services to the company under contracts. NGDU became independent LLCs.

In 2005, the apparatus of Bashneft was partially restored, the engineering company Bashnipineft was liquidated (subsidiary LLC Geoproekt was organized, Bashnefteproekt was included in the State Unitary Enterprise Bashgiproneftekhim in the status of a branch), branches of ANK Bashneft were created: Bashneft-Yanaul "," Bashneft-Ufa "," Bashneft-Ishimbay ". The branches include only subdivisions directly involved in oil and gas production: oil and gas production workshops, reservoir pressure maintenance workshops, oil treatment and pumping workshops, scientific and industrial works. In each UDNG these workshops have their own sections. The purpose of the reorganization is to clearly separate the main production (oil and gas production) and the limited liability companies serving these production. At the end of 2006, ANK Bashneft OJSC established Bashgeoproekt LLC, to which the design and scientific services functions were transferred.

Despite the high degree of exploration (over 82%) of the territory of Bashkortostan, the Company continues to carry out geological exploration, both in the territory of the Republic and in other regions. In 2009, the annual plan for exploration drilling of more than 10 thousand meters was completed, 10 wells were completed, commercial oil flows were obtained in 6 wells (efficiency 60%), 2 new oil fields were discovered, the increase in recoverable reserves of industrial categories was 1.3 million tons

In the process of building a vertically integrated company, the functions of an operator for exploration and production of raw materials in the licensed areas of ANK Bashneft and its subsidiaries (Zirgan LLC, Geoneft LLC, Bashmineral LLC) in the main regions were transferred to the 2009 by OOO Bashneft-Dobycha.

The controlling stake in the company (76.52%) belongs to AFK Sistema<#"817413.files/image001.gif">,

where is the working capital / asset;

Net profit / equity;

Sales proceeds / asset;

Net profit / integral costs.

The probability of bankruptcy of an enterprise in accordance with the value of the model R is determined as follows:

Table 7 - Assessment of the probability of bankruptcy according to the R.

Based on the obtained values, Bashneft has a very low probability of bankruptcy.

Conclusion

The strategic goal of JSOC Bashneft is to form a large-scale balanced vertically integrated company with growing production , high-tech processing and sustainable distribution channels .

Strategy for further development of the BashTEK complex:

q optimization of the raw material supply chain;

q building your own sales system;

q production and sale of high quality petroleum products;

q increase in production and processing volumes;

q improving corporate governance;

q optimization of factories' utilization;

q creation and development of marketing direction;

Oil refineries of ANK "Bashneft" are one of the most advanced in the country in terms of technical equipment, processing depth and quality of produced oil products. Modernization of existing production facilities, commissioning of new installations is a significant contribution to increasing competitiveness and one of the priority areas of the company. In 2010 alone, 6.3 billion rubles were allocated for the modernization of oil refineries in the Ufa group.

The Ufa oil refineries include such units as hydrocracking, an aromatics production complex, and a delayed coking unit. The refining depth at the Ufa refineries in 2010 was 86.3%, which is 10 points higher than the industry average.

In April 2010, JSOC Bashneft launched a franchise program providing for the conclusion of partnership agreements with owners of independent filling station networks in the regions of Russia that are priority for the Company.

The main objectives of the program are the development of the sales retail network and the promotion of the Company's trademark, as well as long-term and mutually beneficial cooperation aimed at developing the business of the Program participants.

solvency capital creditworthiness bankruptcy

List of used literature

1. Khalikova M.A. Financial management: Textbook. Manual for universities / M.A. Khalikova - Ufa: USPTU Publishing House, 2011, 134 p.

Annual report of JSC ANK Bashneft for 2010