The project of measures to improve financial sustainability - thesis. Financial analysis and investment assessment of the enterprise Development of measures for the financial stability of the enterprise

The purpose of the thesis is to develop measures to improve the financial stability of the enterprise.

In accordance with the purpose of the thesis work, the following tasks are defined:

analysis of the theoretical foundations of the financial stability of the enterprise;
analysis and identification of financial features of the pharmaceutical industry enterprise;
analysis of the regulatory framework on the subject of research;
analysis of the financial condition of the enterprise "NTFF POLYSAN" LLC;
development of measures to improve the financial stability of the enterprise.

INTRODUCTION………………………………………………………...................... 3
CHAPTER 1. THEORETICAL AND ORGANIZATIONAL AND LEGAL FOUNDATIONS OF FINANCIAL SUSTAINABILITY…………………………………….........

5
1.1. The concept and essence of the financial stability of an enterprise ............………………………………..………
5
1.2. Methodology for analyzing the financial condition of an enterprise.. 7
1.3. Analysis of the peculiarities of the finances of pharmaceutical industry enterprises.................................................................. .......
20
1.4. Legal and regulatory framework governing the financial activities of an enterprise..................................................................................…………
22
CHAPTER 2. ANALYSIS OF THE FINANCIAL CONDITION OF THE ENTERPRISE (ON THE EXAMPLE OF OOO STFF POLYSAN)............................................................ .........................................

24
2.1. Characteristics of the enterprise LLC "NTFF POLYSAN" .............................................. .................................
24
2.2. Analysis and assessment of the financial condition of the enterprise…………………………………………………………………………………. ...........
27
2.3. Information and software ....................................... 37
CHAPTER 3. DEVELOPMENT OF MEASURES TO INCREASE THE FINANCIAL STABILITY OF THE ENTERPRISE…………….......................... ..............

43
3.1. Key Ways to Improve Financial Sustainability..... 43
3.2. Organization of economic security at the enterprise…. ................................................. ....................
45
CONCLUSION................................................. ........................................... fifty
LIST OF SOURCES USED....................................................... 52

The work contains 1 file

Federal Agency for Education

State educational institution

higher professional education

"St. Petersburg State

University of Engineering and Economics"

Department of Finance and Banking

final qualifying WORK

on the topic:

"DEVELOPMENT OF MEASURES TO INCREASE THE FINANCIAL STABILITY OF THE ENTERPRISE (BY THE EXAMPLE OF STFF POLYSAN LLC)"

St. Petersburg

2008

INTRODUCTION

In market conditions, the key to survival and the basis for the stable position of the enterprise is its financial stability.

It reflects such a state of financial resources in which the enterprise, freely maneuvering cash, is able, through their effective use, to ensure an uninterrupted process of production and sale of products, as well as the costs of its expansion and renewal.

Analysis of financial stability is considered as an assessment of the stability of the enterprise, both at present and in the future.

The versatility of the problems associated with the financial stability and profitability of the enterprise predetermine the relevance of the study.

The purpose of the thesis is to develop measures to improve the financial stability of the enterprise.

In accordance with the purpose of the thesis work, the following tasks are defined:

• analysis of the theoretical foundations of the financial stability of the enterprise;
• analysis and identification of financial features of the pharmaceutical industry enterprise;
• analysis of the regulatory framework on the subject of research;
• analysis of the financial condition of the enterprise "NTFF POLYSAN" LLC;
• development of measures to improve the financial stability of the enterprise.

The subject of the study is the financial processes taking place at the enterprise.

The object of the study is the enterprise NTFF POLYSAN LLC.

The thesis consists of an introduction, three chapters, a conclusion, a list of references and applications.

In the first chapter, various aspects of the financial condition of the enterprise, including the financial stability of the enterprise, are analyzed in sufficient detail.

In the second chapter, a detailed analysis of the financial condition of the analyzed enterprise is carried out.

In the third chapter, the main ways of solving the problems of increasing the financial stability and profitability of the analyzed enterprise are formulated.

The methodological basis of the study was: the laws of the Russian Federation, regulations and documents, the works of Russian economists, publications in the periodical press on the problem under consideration.

The practical basis of the study was practical data on the enterprise NTFF POLYSAN LLC.

Chapter 1. THEORETICAL AND ORGANIZATIONAL

LEGAL FRAMEWORK FOR FINANCIAL

SUSTAINABILITY

1.1. The concept and essence of financial stability

enterprises

To determine the financial position of the enterprise, a number of characteristics are used that most fully and accurately show the state of the enterprise, both in the internal and external environment. The financial stability of the enterprise is one of these characteristics.

One of the most important characteristics of the financial condition of an enterprise is the stability of its activities from a long-term perspective. It is connected, first of all, with the general financial structure of the enterprise, the degree of its dependence on creditors and investors. So, many businessmen, including representatives of the public sector of the economy, prefer to invest a minimum of their own funds in the business, and finance it with money borrowed.

Despite the apparent simplicity of the task of quantitatively assessing the financial stability of an enterprise, there is no single generally accepted approach to the construction of appropriate assessment algorithms. The concept of “financial sustainability” is vague, because includes an assessment of various aspects of the enterprise.

The indicators included in various analysis methods can vary significantly both in quantitative terms and in calculation methods. Such a "discrepancy", although it, of course, is not of a critical nature, is also characteristic of many Western manuals and textbooks on financial analysis and management. The easiest way to explain this “discrepancy” is by the quite natural presence of different priorities and predilections for certain indicators among analysts, however, at least two reasons can be formulated, to one degree or another, causing such a situation:

1. the analyst's attitude to the need and expediency of joint consideration of the sources of funds and assets of the enterprise;
2. the difference in the interpretation of the role of short-term liabilities, including short-term sources of a financial nature.

Nevertheless, the general concept of sustainability can be formulated as follows - this is the financial condition of an enterprise, the economic activity of which ensures, under normal conditions, the fulfillment of all its obligations to employees, other organizations, the state, thanks to sufficient income and matching income to expenses.

The indicators of liquidity and financial stability complement each other and together give an idea of ​​the well-being of the financial condition of the enterprise: if the enterprise has poor liquidity indicators, but financial stability is not lost, then the enterprise has a chance to get out of a difficult situation. But if both liquidity indicators and financial stability indicators are unsatisfactory, then such an enterprise is a likely candidate for bankruptcy. Overcoming financial instability is not easy, it takes time and investment. For a chronically ill enterprise that has lost financial stability, any negative set of circumstances can lead to a fatal outcome.

Financial stability depends on internal and external factors. First of all, the sufficiency of profit should be attributed to internal factors. Sustainability also depends on the range and quality of products, structure, property, reserves and reserves, image, degree of achievement of the target function of financial management, etc.

External factors are characterized by the degree of stability of the economic environment of the enterprise and, above all, by the stability of revenue. This is also manifested in the stability of the economy, position in the industry, competitive environment, relations with government agencies, suppliers, customers, creditors and investors, etc.

1. Methodology for analyzing the financial condition

organizations

One of the most important conditions for successful financial management of an enterprise is the analysis of its financial condition.

Under the financial condition of the enterprise refers to the ability of the enterprise to finance its activities. It is characterized by the availability of financial resources necessary for the normal functioning of the enterprise, their appropriate placement and effective use, financial relationships with other legal entities and individuals, solvency and financial stability.

The main goal of financial analysis is to identify the most complex problems of managing an enterprise in general and its financial resources in particular.

The main objectives of the analysis of the financial and economic condition of the enterprise include:

• assessment of the dynamics of the structure and composition of assets, their condition and movement and the composition of sources of own and borrowed capital, their condition and changes;
• assessment of the solvency of the enterprise and assessment of the liquidity of the balance sheet;
• analysis of relative and absolute indicators of the financial stability of the enterprise, assessment of changes in its level;
• assessment of the effectiveness of the use of funds and resources of the enterprise

The analysis of the financial and economic state of the enterprise is carried out using a set of methods and working methods (methodology) that allow structuring and identifying the relationship between the main indicators (Fig. 1) .

Rice. 1. Basic methods for analyzing the financial and economic condition

Enterprises

The analysis of absolute indicators is the study of the data presented in the financial statements: the composition of the enterprise's property, the structure of financial investments, the sources of equity capital formation are determined, the amount of borrowed funds, the volume of sales proceeds, the amount of profit, etc.

Horizontal (temporal) analysis is a comparison of each reporting position with the previous period, which allows you to identify trends in balance sheet items or their groups and, on the basis of this, calculate the basic growth (growth) rates.

Vertical (structural) analysis is carried out in order to determine the structure of the final financial indicators, i.e., to identify the share of individual reporting items in the overall final indicator (identifying the impact of each reporting item on the result as a whole).

Trend (dynamic) analysis is based on comparing each reporting position for a number of years and determining the trend, i.e. the main trend in the dynamics of the indicator without taking into account random influences and individual characteristics of individual periods. With the help of the trend, a prospective, predictive analysis is carried out.

Problems and prospects for the development of the enterprise

The problem of ensuring financial stability is one of the most relevant for most enterprises. In their activities, they face difficulties in determining the mechanism that would ensure financial balance, and achieving the set goals at the same time for domestic enterprises, ensuring financial stability is quite problematic at the present time. One of the main problems is the predominance of borrowing over measures to increase equity, including the preference for acquiring borrowed funds in a non-financial form (i.e., acquiring material assets on credit, without taking into account the real possibility of paying them in cash). Moreover, this trend is typical for most enterprises in almost any sector of the economy. That is why it is quite difficult for small businesses to get loans for their activities, as many banks simply do not trust the solvency of these enterprises.

From the first problem follows the second, which is the presence of long-term arrears to suppliers, banks, staff, the budget, off-budget funds and other creditors. The ratio between accounts payable and accounts receivable worsened. Overdue accounts payable in general for enterprises is half of the debt of this type.

This high growth in arrears in economic terms means an equally rapid and significant reduction in the financial sources of the restoration of production.

The main reason for the negative dynamics of the indicators of the ratio of receivables and payables, as well as the steady upward trend in overdue debts in its total amount, is the physical reduction and destruction of fixed production assets, the cessation in most cases not only of their expanded reproduction, but also simple.

The result is a sharp drop in production volumes, which is accompanied by a reduction in own sources of production financing. This leads to a significant decrease in the solvency of the enterprise, as well as to disruption of relations with suppliers, investors, creditors, since such an enterprise will be considered an unreliable partner.

Another key problem that caused the decline in the current financial stability of enterprises is the lack of working capital necessary to ensure current production. The lack of free cash on settlement, currency and other bank accounts negatively affects the financial stability of the enterprise and practically means its bankruptcy.

Excessive dependence of the enterprise on external creditors and investors also indicates a too high proportion of borrowed funds in the capital of the enterprise and adversely affects financial stability.

These problems are to some extent typical for most enterprises. This trend has been observed over the past few years and is associated with the post-crisis period, which the state is trying to overcome, alas, too slowly.

As regards StavroPos LLC, and increasing its financial stability, it is possible to implement the following series of measures. First, it is necessary to improve its organizational structure and management structure, create a service that carries out a constant financial analysis of the enterprise's activities in order to manage the financial stability and control over the level of solvency of the enterprise. Secondly, it is necessary to reduce accounts receivable, because a rather large part of it in the total structure of assets reduces the liquidity and financial stability of the enterprise and increases the risk of financial losses of the company. Thirdly, it is necessary to create a reserve for doubtful debts.

3.2. Directions for increasing the financial stability and solvency of the enterprise StavroPos LLC

Event number 1. Establishment of a financial department.

Any measures to improve the financial condition of the enterprise cannot be carried out without the active work of the employees of this enterprise. At the present stage of its functioning, StavroPos LLC is not able to solve various financial problems, including financial analysis, both internal and external. The enterprise does not have not only a department or service that solves these issues, but also specialists who can be entrusted with the implementation of individual measures to improve the financial condition of StavroPos LLC. Accounting employees are engaged in the calculation of individual indicators of financial and economic activity, but in matters of planning and finding ways out of the current situation, they are not competent enough.

The department will solve the following tasks, which are currently not considered at the enterprise or are not fully resolved, namely:

providing financial resources for the current activities of the enterprise, finding reserves to reduce costs, increase profits and increase profitability with full fulfillment of obligations to the budget, banks, suppliers

analysis of the current economic activity of the enterprise;

participation in the implementation of financial and economic activities;

constant analysis and control of tax legislation, control over the timeliness of paying taxes and other obligatory payments to the budget and extra-budgetary funds, as well as debts to the budget and funds;

constant analysis of receivables and payables, analysis of agreements and contracts;

preparation of operational information on the movement of funds in the accounts of the enterprise.

Naturally, the creation of another structural unit at the enterprise will lead to an increase in the cost, will require additional financial investments. But the effect that can be obtained from this event is obvious.

It is planned that the department will consist of the following units, which will perform certain functions.

Department composition:

bureau of financial planning;

Bureau of Operational Accounting of Financial and Settlement Operations;

bureau of operational accounting of financial investments.

The main functions of the financial planning bureau include:

participation in the preparation and endorsement of contracts concluded by the enterprise, in particular the terms of settlements with suppliers and consumers in accordance with the financial plan;

ensuring the fulfillment of financial obligations to creditors;

conducting systematic monitoring of the financial condition of the enterprise based on the analysis of accounting, statistical and operational reporting;

control over the state of normalized working capital.

The Bureau of Operational Accounting for Financial and Settlement Operations performs the following functions:

conducts systematic monitoring of the state of receivables, takes measures to collect them;

prepares materials for filing claims arising from non-payment of invoices by consumers of products;

regulates daily payments to suppliers and contractors.

The bureau of operational accounting of financial investments of the enterprise will exercise control over long-term and short-term financial investments of the enterprise, analyze agreements and contracts.

Suppose that 3 specialists will be initially employed to work in the financial department, and as the need and expansion of the department’s activities, the management will decide to hire additional employees

The costs that the company will have to bear in connection with the creation of a financial department will consist of capital investments in the amount of the cost of a personal computer and furniture (90 thousand rubles) and costs associated with the payment of wages (15 thousand rubles * 12 months + deductions for social needs, total 54 thousand rubles).

Total: 90 + 54 = 144 thousand rubles.

Thus, the inefficient structure of the company's property, in particular the increased accounts receivable, requires immediate work to stabilize and improve the financial condition of StavroPos LLC. This work should be entrusted to the specialists of the financial department, which are proposed to be created at the enterprise.

Event number 2. Creation of a scoring system for counterparty reliability in order to reduce accounts receivable. Implementation of a system of fines.

A well-built database and analysis of statistical data on the fulfillment by the counterparty of its obligations allow making an informed decision on the possibility of providing a commercial loan.

At the enterprise StavroPos LLC, it is necessary to create a system for scoring the reliability of a counterparty based on an analysis of work with him. All counterparties must be grouped into four groups according to the level of reliability:

• increased attention;

  reliable clients;

  "gold" clients.

The reliability of counterparties is assessed based on the period of work with the client, the volume of sales to the client and the amount of overdue debt of this client at the end of the period (see Table 3.1).

Table 3.1

Client Reliability Rating Scale

The assignment of the counterparty to a particular group is carried out on the basis of an integral assessment, which is calculated as the product of scores for all three indicators.

The risk group includes enterprises with an integral score from 1 to 4, the group of increased attention - enterprises with 5-12 points, reliable customers - from 12-27, to "gold" - from 28-64.

The next measure to reduce accounts receivable is the introduction of a system of penalties for late payment.

One of the most effective tools to maximize cash flow and reduce the risk of overdue receivables is a system of discounts and penalties. The system for accruing penalties and fines for violation of the payment terms established by the debt repayment schedule should be provided for in the contract. Discounts are provided depending on the term of payment for the goods. For example, with a full prepayment, a discount of 3% of the cost of the goods is provided, with a partial prepayment (more than 50% of the cost of the shipped batch) - a 2% discount, with payment upon shipment - a 1% discount. When providing payment by installments for 7 days, discounts are not provided. In case of delay in payment, the penalty is 1% per day from the total amount owed. These conditions must be specified in the contract.

Activities #3. Creation of a provision for doubtful debts.

The organization creates provisions for doubtful debts in case of recognition of receivables as doubtful.

At the same time, the accounts receivable of the enterprise, which is not repaid or with a high degree of probability will not be repaid within the terms established by the contract and is not provided with appropriate guarantees, is considered doubtful.

Creation of a reserve for doubtful debts in tax accounting is an element of tax planning that allows an enterprise to save on paying income tax. With the help of deductions to the reserve, the organization increases its non-operating expenses and thereby reduces its taxable profit.

Payment of income tax in this case is carried out only after the organization receives payment from the buyer for the shipped goods, work performed, services rendered (clause 7 of article 250 of the Tax Code of the Russian Federation).

The Tax Code does not establish a requirement to reflect the creation of a provision for doubtful debts in the accounting policy of an enterprise.

The procedure for creating a reserve for doubtful debts is given in Art. Art. 266 and 313 of the Tax Code of the Russian Federation.

Doubtful debt is debt to the taxpayer, which:

Not repaid within the terms established by the agreement;

Not secured by collateral, surety, bank guarantee.

The amount of the allowance for doubtful debts is determined based on the results of an inventory conducted as of the last day of the reporting or tax period (clause 4, article 266 of the Tax Code of the Russian Federation).

Tax legislation does not establish the specifics of conducting an inventory for the use of its data for tax purposes. Therefore, on the basis of Art. 11 of the Tax Code of the Russian Federation, when forming reserves for doubtful debts in tax accounting, inventory data should be used, which is carried out in accordance with the Methodological recommendations for the inventory of property and financial obligations (approved by Order of the Ministry of Finance of Russia dated 13.06.1995 N 49). This is stated in the Letter of the Ministry of Finance of Russia dated July 26, 2006 N 03-03-04 / 1/612.

The number of inventories in the reporting year, the date of their conduct, the list of property and financial obligations checked during each of them, are established by the head of the enterprise in accordance with the law. Information on the inventory procedure is reflected in the approved accounting policy (Letter of the Ministry of Finance of Russia dated July 17, 2008 N 03-03-06 / 2/84).

When conducting an inventory, the organization checks the correctness and validity of the amounts of receivables, which are listed on the balance sheet of the enterprise (paragraph 3.48 of Methodological recommendations N 49). The results of the inventory of receivables are issued:

Act of inventory of settlements with buyers, suppliers and other debtors and creditors (form N INV-17, approved by the Decree of the State Statistics Committee of Russia dated 18.08.1998 N 88);

Help to the Act of Inventory of Settlements with Buyers, Suppliers and Other Debtors and Creditors (Appendix to Form N INV-17).

They reflect only those amounts of receivables for which the limitation period has not yet expired.

Allocations to the reserve for doubtful debts are included in non-operating expenses on the last day of the reporting or tax period (clause 3, article 266 of the Tax Code of the Russian Federation).

If the reporting period for income tax for an enterprise is a quarter, then deductions to the reserve for doubtful debts are charged to non-operating expenses on the last day of the quarter. If the organization reports on income tax on a monthly basis, then deductions to the reserve for doubtful debts must be included in non-operating expenses on the last day of each month.

Let's consider the possibility of creating reserves for doubtful debts for the company StavroPos LLC.

According to the results of the inventory of receivables for services rendered as of 01.01.2013, the following was revealed:

Debt in the amount of 2170.8 thousand rubles. - the period of occurrence is more than 90 calendar days;

In accounting, all debts are recognized as doubtful. Sales proceeds for 2012 amounted to 9322.02 thousand rubles.

Let's define RSO: 2170.8 * 100% = 2170.8 thousand rubles.

Let's define PSO: 9322.02 thousand rubles. x 10% = 932.2 thousand rubles

Thus, in tax accounting, the amount of the reserve as of 01/01/2013 will be 932.2 thousand rubles.

Creation of a reserve for doubtful debts creates an opportunity to save on income tax in the amount of 186.44 thousand rubles.

The creation of a reserve mitigates the negative consequences of writing off bad debts, but does not eliminate them; in this regard, measures to prevent the occurrence of debts and enterprises from recovery should become the basis for managing accounts receivable of StavroPos LLC.

Summing up the above, it should be noted that the decline in financial stability and solvency is to some extent typical for most enterprises. This trend has been observed over the past few years and is associated with the post-crisis period, which the state is trying to overcome, alas, too slowly.

With regard to the company StavroPos LLC, and increasing its financial stability, it is possible to implement the following series of measures. First, it is necessary to improve its organizational structure and management structure, create a service that carries out a constant financial analysis of the enterprise's activities in order to manage the financial stability and control over the level of solvency of the enterprise. Secondly, it is necessary to reduce accounts receivable, because A rather large part of it in the overall structure of assets reduces the liquidity and financial stability of the enterprise and increases the risk of financial losses for the company. Thirdly, it is necessary to create a reserve for doubtful debts.

CONCLUSION

Financial stability acts as a guarantor of the strong position of a commercial enterprise. The higher the stability of the enterprise, the more it is independent of unexpected changes in market conditions and, therefore, the less the risk of being on the verge of bankruptcy. The assessment of financial stability in the short term is related to the liquidity of the balance sheet and the solvency of the enterprise.

Ensuring a stable financial position of the enterprise allows attracting additional investments, improving the quality of customer service, the range of products sold, increasing sales volumes and, ultimately, increasing the profitability of the enterprise. If the financial stability of an enterprise is considered reliable, then this allows not only to attract investments, but also to receive a deferred payment from suppliers, to raise funds at a lower interest rate, and this reduces costs and increases its competitiveness.

Summing up the final qualification work, I would like to note that the purpose of the study, which is to develop recommendations for improving financial stability, has been generally achieved.

The implementation of the tasks of this work allowed us to obtain the following main results of the study:

The financial stability of an enterprise is the ability of a business entity to function and develop, to maintain a balance of its assets and liabilities in a changing internal and external environment.

To ensure financial stability, an enterprise must have a flexible capital structure, be able to organize its movement in such a way as to ensure a constant excess of income over expenses in order to maintain solvency and create conditions for self-financing.

The financial stability of an enterprise is determined by the level of its financial independence and the level of its solvency.

An analysis of the financial stability of an enterprise is the most important stage in assessing its activities and financial and economic well-being, reflects the result of its current, investment and financial development, contains the necessary information for investors, and also characterizes the ability of an enterprise to meet its debts and obligations and increase its economic potential.

Financial instability is considered normal (acceptable) if the amount of short-term loans and borrowed funds attracted for the formation of stocks does not exceed the total cost of raw materials, materials and finished products.

Assessment of the company's ability to meet its long-term financial obligations is the essence of assessing its financial stability. For the calculation of analytical indicators, data on all sources, on long-term sources, on sources of a financial nature, which is understood as equity, bank loans and loans (long-term and short-term), can be used.

One of the most important criteria for assessing the financial condition of an enterprise is its solvency. In the practice of analysis, a distinction is made between long-term and current solvency. Long-term solvency is understood as the ability of the enterprise to pay for its obligations in the long term.

The ability of an enterprise to pay for its short-term obligations is called current solvency. In other words, an organization is considered solvent when it is able to meet its short-term obligations using current assets.

As a result of the study conducted in the second chapter, the following results were revealed:

As a result of the analysis of the technical and economic analysis, it was revealed that the proceeds from the sale of products tend to increase. In 2010, the volume of product sales amounted to 3500.38 thousand rubles. In 2011, this indicator increased by 35.74% and amounted to 4571.50 thousand rubles. In connection with the increase in production volume, the proceeds from sales in 2012 increased by 96.19% and amounted to 9322.02 thousand rubles. The increase in sales proceeds indicates that the products of the StavroPos LLC enterprise are in demand among the population of the city of Togliatti and every year there is an increase in production activities.

During the analyzed period, the number of employees increased due to the increase in production volume. In 2011, the number of employees of the enterprise amounted to 21 people, which is 26.3% more than in 2010, incl. the number of workers increased by 21.43%. In 2012, the number of employees increased by 14.29%, incl. workers 13.33%.

The largest share in the structure of employees is workers.

The share of workers in the total number of personnel tends to decrease. In 2012, the share of workers was 70.83%, which is 2.85% less than in 2010.

The annual wage fund in 2011 increased by 22.39% and amounted to 2432.23 thousand rubles. And in 2012, this figure amounted to 3002.34 thousand rubles, which is 23.44% more than in 2011.

The average salary of employees in 2012 amounted to 125.1 thousand rubles. Wages per 1 ruble of sold products in 2011 amounted to 0.512 rubles, and in 2012 this figure decreased by 37.08% and amounted to 0.322 rubles.

In 2012, the rate of growth of labor productivity outpacing wage growth was 1.59.

The average annual output of 1 worker in 2011 amounted to 316.77 thousand rubles, and in 2012 this figure increased by 73.11% and amounted to 548.35 thousand rubles. The average annual output of 1 employee amounted to 388.42 thousand rubles.

The average daily output of 1 worker in 2012 amounted to 2211.11 rubles, which is 73.81% more than in 2011.

The average hourly output of 1 worker is 184.26 rubles. in 2012 and 106.01 rubles. in 2011.

Gross profit in 2011 increased by 25.39% and amounted to 1446.36 thousand rubles. In 2012, gross profit increased by 148.35% compared to 2011.

Selling expenses tend to increase in 2012, this indicator amounted to 3232.61 thousand rubles, which is 157.47% more than in 2011, resulting in a decrease in sales profit, and together with management expenses, which increased by 39 .6% was a loss on sales. As a result, the profit from sales in 2011 and 2012 is negative. Profit from sales is declining at a rapid pace, and gross profit is increasing - which means that selling and administrative expenses are pulling the company down.

Net profit in the period 2010-2012 has a negative value. In 2010, net profit amounted to minus 88.01 thousand rubles. In 2012, net profit amounted to -132.51 thousand rubles. In 2012, net profit amounted to minus 1,015.82 thousand rubles. As a result of this analysis, we can say that the company receives losses from its activities. This was due to an increase in selling and management expenses. Therefore, the company needs to pursue a policy to reduce these costs.

Analysis of financial stability showed that the company's balance sheet is not absolutely liquid in the period 2010-2012. The company StavroPos LLC has a payment surplus in the second group of assets and liabilities. This indicates that the organization can fully repay short-term and long-term loans and borrowings. However, there is a shortage of the most liquid assets, as indicated by the negative difference between the first group of assets and liabilities. But this situation cannot indicate a non-payment crisis, given that this group of liabilities includes all accounts payable and other short-term liabilities, which, as a rule, are not presented by creditors for payment at the same time.

In 2011, there was a decrease in solvency indicators compared to 2010. There was a need to attract additional sources of funding. In 2012, the solvency of StavroPos LLC recovered. The company rationally uses borrowed funds.

All the results obtained indicate that the enterprise is financially unstable. As evidenced by the increased coefficient of financial risk. For the period from 2010-2012, this coefficient increased by 0.97 units. The financial balance ratio in 2011 decreased by 0.24 units. And in 2012 it increased by 0.9 units. This indicator characterizes the provision of borrowed funds with own funds. It shows the amount of equity capital that falls on 1 ruble. borrowed funds invested in assets. The higher this indicator, the more stable is the financial position of the enterprise.

The autonomy coefficient in 2012 was 0.25 units, which is 0.7 units less than in 2010.

The financial stability ratio amounted to 0.75 units, which indicates that the StavroPos LLC enterprise is not sustainable.

An analysis of the probability of bankruptcy using the E. Altman model showed that the probability of bankruptcy of StavroPos LLC is high.

Summing up the whole analysis, it can be noted that despite the fact that the company is increasing production every year and the products are in demand, sales profit and net profit are negative, which indicates that the company's activity is inefficient. The negative value of these indicators occurred as a result of an increase in selling and administrative expenses; at the same time, the company's balance sheet is only 25% liquid. The company is financially unstable, despite the fact that the company has restored its solvency. The probability of bankruptcy is high.

The decline in financial stability and solvency is more or less characteristic of most enterprises. This trend has been observed over the past few years and is associated with the post-crisis period, which the state is trying to overcome, alas, too slowly.

As regards StavroPos LLC, and increasing its financial stability, it is possible to implement the following series of measures. First, it is necessary to improve its organizational structure and management structure, create a service that carries out a constant financial analysis of the enterprise's activities in order to manage the financial stability and control over the level of solvency of the enterprise. Secondly, it is necessary to reduce accounts receivable, because A rather large part of it in the overall structure of assets reduces the liquidity and financial stability of the enterprise and increases the risk of financial losses for the company. Thirdly, it is necessary to create a reserve for doubtful debts.

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The analysis shows that in 2012 the company received less profit in the amount of 3586 thousand rubles, this value is less than in 2010 by 58.02%, attracting more funds, i.e., the efficiency of capital use has decreased. Profitability ratios also decreased by 14.6%, which also affects the decrease in product turnover and profit. When conducting an analysis of financial stability, it was revealed that the indicators have values ​​above the norm, but at the same time, the value of the coefficient decreases every year. Therefore, when developing measures to improve the overall profitability of Medstar Optic LLC, it is necessary, first of all, to pay attention to measures aimed at increasing the profitability of sales (increase in sales, reduce production costs, reduce idle assets, etc.), reduce capital turnover , as well as increasing the level of financial stability.

It is recommended to develop a new commercial strategy and implement a new action plan that includes all aspects of commerce and trade, for example, optimize the logistics cycle and procurement management, enter into profitable contracts with suppliers, reduce personnel costs, increase the share of long-term leverage, spend profits more efficiently, and also bring to perfection the system of personnel assessment by KPI and innovation processes.

The purpose of the implementation of local measures of financial recovery is to ensure the sustainable financial position of the enterprise, which is manifested in the stability of receipts from sales, increasing the profitability of products. To implement these activities, it is necessary to create several blocks.

The first block of activities includes the following activities:

1. Cost reduction, which includes:

Reducing overhead costs by simplifying the management structure and bringing the number of management personnel in line with the objective production needs

Improving the work of the supply service of the enterprise, the maximum possible reduction of intermediary structures, which will make it possible to reduce the cost of consumed raw materials and materials and supply the enterprise with more technologically and cost-effective types of it.

Strengthening control over the quality of services provided

Reduce equipment maintenance costs and reduce property tax

Tax optimization

Choosing an enterprise accounting policy

Minimization of utility bills

2. Improving the efficiency of personnel management through:

Bringing the professional and qualitative level of personnel in line with the innovative processes of the enterprise

Labor productivity management

Personnel planning and marketing, recruitment and accounting management

Management of labor relations, personnel development, ensuring normal working conditions

Personnel behavior motivation management

3. Reorganization of management structures through structural restructuring in order to ensure the effective distribution of the use of all the resources of the enterprise, which consists in creating a complex of business units based on the division, connection, liquidation of existing and organization of new structural units, joining other enterprises to the enterprise, etc.

The second block of measures is aimed at ensuring sustainable implementation, accelerating the turnover of working capital, which includes the following activities:

1. Search for new products or improve competitiveness. Carrying out a complex of marketing activities in order to promote or search for a promising market niche. This includes the following management actions:

Determining your strengths and weaknesses, as well as the strengths and weaknesses of your competitors

Identification of emerging changes in the market, search for ways to respond to the influence of external factors

Analysis of internal information about orders and sales, product relevance, product returns, market capacity

Studying buyers in terms of the needs of the population, working with external sources of information

These management measures make it possible to identify those types of products that are in demand on the market, to notice a decrease or increase in demand for these products in a timely manner, and on the basis of this information, adjust their production program, find out the reasons for changes in demand, make appropriate changes in products, go in case the need for new products. Holding such events will also allow you to constantly monitor the activities of competitors and, if necessary, take the necessary measures to increase the competitiveness of your products, improve their sales, which will always be one step ahead of your competitors.

This inevitably leads to a decrease in stocks of finished products in the warehouse, an acceleration of the turnover of the enterprise's working capital, and, together with an increase in sales proceeds, to an improvement in its financial condition.

2. Collection of receivables involves the following management actions:

Increasing the share of prepayment for products sold

To intensify the work of the legal service to recover the overdue part of the debt

Carrying out such events will allow the company to increase the share of cash, accelerate the turnover of the company's working capital, which will certainly affect its financial condition.

3. Replacement of worn-out equipment or replacement of assets for new products, includes activities for the acquisition of more versatile equipment, which will allow the enterprise to diversify if necessary

4. Choosing the right marketing policy.

Use in the process of selling products of information about the most favorable regions for sales, obtained in the marketing department as a result of ongoing research.

Establishing direct relationships with consumers of products and minimizing intermediary services

Opening of own optical salons not only in Volgograd and the Volgograd region, but also in other regions.

Carrying out such events will significantly reduce the prices of manufactured products, since there will be no multiple mark-ups made by intermediary organizations, such a price reduction cannot but affect the competitiveness of manufactured products. The sale of products in regions that are marked as having increased demand will also increase sales.

The third block is aimed at improving innovation processes:

For the effective implementation of innovation, it is proposed, first of all, to study the processes occurring in the organization "from the inside". The innovation process in an organization can be seen as the sum of contradictory interactions. At the same time, interactions are interactions between the main participants in innovative activity. As important indicators characterizing the innovation process as a process of interactions, the following are distinguished: the attitude of employees to innovations and innovative values, susceptibility to innovations, the level of innovative activity of employees, readiness to master innovations. A necessary condition for the implementation of innovations in an organization is to conduct research on the level of innovative activity, first of all, of management, and then of employees. What was ignored at Medstar Optic LLC. There are methods of conducting such a study - questioning, testing. According to the results of which it was possible to determine how painful or vice versa this innovation can be perceived across the organization.

In order to make the process of innovative changes in the management of Medstar Optic LLC less painful, it was necessary to follow the proposed recommendations below:

1. Conduct an analysis and give an objective assessment of the readiness of the organization to implement this innovation.

2. Carry out preventive measures to predict a conflict situation.

3. Conduct an analysis and study of personnel for susceptibility to innovations, the level of innovative activity of employees, readiness to master innovations, the degree of loyalty and conflict among employees.

4. Start the phased introduction of the KPI system.

5. Set up business processes.

6. Create an effective motivation system.

7. Provide timely information support, support, training of employees.

8. Conduct conversations that explain the goals of innovation and the process of implementation itself.

9. Eliminate errors in the interpretation and calculation of KPI.

10. Organization of control in the management of LLC "Medstar Optic"

The introduction of a balanced scorecard in the management of an organization allows you to control not only financial results, but also non-financial indicators that are important for the development of the company.

The KPI system at Medstar Optic LLC allows you to receive reliable, prompt, up-to-date, consistent information about the current activities of the company, which allows you to evaluate the degree of approach to the implementation of the company's strategy. This system makes the company observable, controlled and managed. The introduction of the KPI system into the management of Medstar Optic LLC made it possible to translate the vision of the company and its strategy into a set of interrelated balanced indicators that evaluate the critical factors of not only the current, but also the future development of the organization.

Maintaining constant communications between the organization as a whole, individual structural divisions and employees of the company and allows you to track the process of implementing the strategy, quickly make changes that will maximize the operational efficiency of the enterprise, which is expressed in greater customer satisfaction, and, as a result, in achieving the goals. This system allows to identify the facts and areas of problems, increase the pace and scale of production, improve the quality of products and services. Allows you to plan and control the activities of departments in accordance with the approved strategy of the company.

In turn, the method of management accounting has become more complicated, since now you have to control a much larger number of indicators than before. For example, new non-financial indicators on the market, business processes, and development have been added to the traditional financial indicators that were previously monitored by the accounting department and the planning and economic department.

The workload on managers responsible for setting goals and monitoring the performance indicators of their departments and their direct reports has also increased.

The fourth block includes proposals to improve solvency and financial stability:

1. The company should increase cash. To do this, you need to increase the profitability of the enterprise, reducing the cost of production. This event will lead to profit and increase the amount of free cash;

2. From the results of the analysis, it can be seen that there is a decrease in the most liquid assets - cash and short-term financial investments. Therefore, to improve the situation, it is necessary to increase cash by reducing receivables. An increase in the most liquid assets in the structure of current assets will lead to an increase in own working capital, which will allow the company to fulfill its current obligations;

3. The group of the most liquid assets A1 is larger than the group of the most urgent liabilities P1, the payment surplus amounted to 14,082 thousand rubles. In order to change the situation and improve this indicator, it is necessary either to reduce the funds, which will have an extremely negative impact on the work of the enterprise, or to increase accounts payable;

The group of marketable assets A2 is less than the group of short-term liabilities P2, the payment deficit amounted to 3736 thousand rubles. To improve this indicator, short-term liabilities should be replaced with longer-term ones, which will help the company cover part of short-term liabilities;

The group of slow-moving assets A3 is larger than the group of long-term liabilities P3 by 18,703 thousand rubles. In order to change the situation, it is necessary to reduce the amount of stocks (we have mainly finished products and goods for resale) or increase the amount of long-term loans and credits;

To increase the relative financial stability ratios, it is necessary to reduce the need for borrowed sources of financing by increasing own working capital. To do this, you need to increase your own capital, by increasing the volume of production of quality products.

Nesterov A.K. Ways to improve the financial condition of the enterprise // Encyclopedia of the Nesterovs

The financial and economic activity of enterprises is based on their stable financial condition, which allows making decisions about the prospects for the further development of an enterprise or a separate business area within the production and economic structure of the organization. In this regard, for the heads of enterprises, one of the main directions by which they can somehow influence the future development is to improve the financial condition of the enterprise.

- This is the main task of managing the financial condition of the enterprise.

Management of the financial condition of the enterprise

Despite the high costs, managing the financial condition and taking measures aimed at improving it, allows enterprises to achieve higher financial results. Creating more flexible business processes also enables the company to use financial resources more efficiently.

Financial condition of the enterprise- this is a stable state of an economic entity, characterized by the availability of financial resources, the availability of funds necessary for the implementation of economic activities, maintaining a normal mode of operation and timely cash settlements with other entities.

With the help of a system of indicators of the state of capital in the process of its circulation within the framework of the enterprise, it is possible to assess the current financial condition of the organization and determine its ability to finance economic and economic activities at the current moment. The financial condition, in this regard, can be stable, unstable and crisis. A stable financial condition means that the company is solvent. An unstable financial condition characterizes a situation in which an enterprise is periodically insolvent. And the crisis financial condition corresponds to the constant insolvency of the enterprise. Thus, the best option is for the enterprise to always have free financial resources sufficient to pay off existing obligations.

Managing the financial condition is one of the most difficult tasks for the CFO.

includes a set of tasks related to the analysis and diagnostics of the financial condition through financial ratios, and the development of solutions aimed at improving the financial condition.

Financial ratios that characterize the financial condition of enterprises are indicators of the effectiveness of the financial and economic activities of the enterprise. The values ​​of the coefficients numerically express the possible risk of deterioration in the financial condition of the enterprise. However, it should be noted that some financial ratios may not be fully applicable to certain enterprises due to the specifics of their economic activity.

Thus, if an enterprise is able to fulfill its obligations in a timely manner and finance its business activities on an ongoing basis, then this indicates its good financial condition. At the same time, a good financial condition is important for enterprises in the conditions of the dynamic development of the modern economy. This is due to the fact that enterprises that are in a stable financial condition have an advantage over competitors in attracting investments, recruiting qualified personnel, establishing sustainable business relations with suppliers on favorable terms, etc. In addition, such enterprises do not come into conflict with state bodies to fulfill their obligations to the state and society in relation to tax payments and wages.

At the same time, any activity directly affects the financial condition of the enterprise, as there are changes in the structure of the balance sheet of the enterprise. The reflection of the processes of economic activity of a financially stable enterprise is characterized by a balanced balance. At the same time, it is possible to manage the financial condition of the enterprise only by studying the data for the past period, in order to implement various measures to improve the financial condition in the next period based on the data obtained. Thus, a retrospective analysis of the financial condition allows you to make decisions to improve the financial condition of the enterprise in the future.

Management of the financial condition of the enterprise exacerbated by the fact that many companies use the same standard methods, forgetting about the need to develop solutions that correspond to the economic situation in general and directly to the financial situation of the enterprise. Thus, when standard methods prove insufficient, the company usually hires an external financial advisor whose task is to analyze the current situation and suggest better methods to improve the company's financial condition. Another approach is to hire your own financial analyst, who will analyze the financial condition of the enterprise and develop plans to improve the financial position of the enterprise.

It should be noted that in some companies, especially large industrial enterprises, financial management also includes the control of financial transaction limits, the implementation of various types of payments and the control of the fulfillment of obligations that the company has given.

Improving the financial condition of the enterprise

The mechanism for improving the financial condition consists of three main elements:

1. diagnostics of the current financial and economic situation;
2. development of proposals and measures to improve the financial condition;
3. implementation of the developed recommendations.

Improving the financial condition of the enterprise begins with a thorough analysis of the existing reporting system, which should give a complete picture of the company's activities. Diagnostics of the current financial and economic situation is based primarily on the assessment of the main financial ratios. In addition, the diagnosis also includes an assessment of the current financial policy, financial management system and the overall business strategy of the company.

Based on the results of the analysis, a project of measures or proposals is developed aimed at improving the financial condition of the company. Ways to improve the financial condition can affect both the financial component of the organization’s activities and general economic areas that will improve the financial condition of the enterprise. The latter may include increasing profits, reducing costs, etc. At the same time, quite often the improvement of the financial condition may be limited by the equipping of the enterprise with production equipment or the lack of funds for the implementation of the proposed directions. In this case, the primary task of improving the financial condition will be to find additional financial resources for the implementation of the proposed measures.

The implementation of the proposed measures aimed at improving the financial condition will allow the company to get more opportunities to make business decisions related to improving the company's efficiency and increasing profits. In addition, the improvement of the financial condition leads to increased transparency for investors and shareholders, improved efficiency and investment attractiveness of the enterprise.

Analysis of the financial condition as a starting point for its improvement

Improving the financial condition is a set of measures aimed at the effective use of the company's financial resources to achieve the set strategic goals. The main tasks of improving the financial condition include maximizing profits, minimizing production costs, optimizing the capital structure of an enterprise, ensuring the investment attractiveness of an enterprise, etc.

Improving the financial condition of the enterprise is based on the results of diagnosing the current financial and economic situation in the company.

An increase in the balance sheet asset indicates the expansion of the enterprise's activities, a decrease in the balance sheet asset indicates a narrowing of the enterprise's activities.

Also, one of the main absolute indicators of the financial condition is the profit that the company receives. Another, but no less important absolute indicator is the amount of the enterprise's debt to creditors.

The stability of the financial condition is characterized by a system of financial ratios, indicators of the financial performance of the enterprise, which reflect various aspects of its activities. They are calculated as the ratio of the absolute indicators of the asset and liabilities of the balance sheet.

Six main indicators for analyzing the financial condition are shown in the table.

Since the financial condition of an enterprise is a set of indicators that reflect its ability to repay its debt obligations, the analysis of the financial condition covers the processes of formation, movement and preservation of the enterprise's property, control over its use. The financial condition of the enterprise is the result of the interaction of all elements of the system of financial relations of the enterprise. Therefore, the financial condition is determined by a combination of production and economic factors.

Hence:

Improving financial condition should take into account the totality of factors that in one way or another affect the financial condition of the enterprise.

Features of improving the financial condition of the enterprise

Despite the abundance of indicators of the financial standing of an enterprise, many analysts use their own rating scale, which may depend on the specifics of the company's work and the goals set by the enterprise. In any case, in order to get a real assessment of the work of the enterprise, a comprehensive analysis is needed, which should be based on several methods using various indicators of the financial condition of the enterprise. Based on the assessment obtained, options will be developed to improve the financial condition of the enterprise.

Finding the best ways to improve the financial condition of the enterprise is the main task of the financial management of the company. Before developing ways to improve the financial condition of the company, you first need to determine which areas of financial and economic activity will be optimized. In modern conditions, these areas are reduced, first of all, to the reduction of receivables and payables, the introduction of accounting and planning systems for financial activities, the distribution of profits and the revision of the structure of sources of financing for the main activities of the enterprise. In particular, a common method is the introduction of a management accounting system, which allows not only to control the financial and economic processes in the economic activity of the enterprise, but also to effectively manage them. In addition, it is also necessary to assess the possibilities of increasing the profitability of the enterprise by reducing costs, rational organization of production, marketing products or providing services. An important factor is also the optimization of working capital. This is another way to improve the financial condition of the enterprise by accelerating the turnover of the company's funds, as well as reducing the cost of producing products or providing services, without losing quality.

In addition to financial methods for improving the financial condition of the company, economic methods are also used that indirectly affect the financial condition of the enterprise. One of the most significant ways to improve the financial condition of an enterprise by optimizing economic and general business processes is to improve the quality of products or services provided by the enterprise to consumers, as well as to increase revenue from the sale of manufactured products.

To implement a more effective policy for improving the financial condition, it is necessary to develop a strategy in accordance with which the company will use borrowed capital. At the same time, one should rely on the choice of the most effective sources and forms of external financing. In particular, in most cases it is more profitable to acquire equipment and machinery on lease than to attract bank credit capital. It is also necessary to develop a plan in accordance with which the company will pay off its debts.

Also, when looking for ways to improve the financial condition of the enterprise, one should analyze the state of the property that is owned by the enterprise. For example, premises and equipment owned by the enterprise can be used more efficiently. In addition, it is possible to liquidate unused fixed assets.

The development of ways to improve the financial condition should also take into account certain types of risks that may affect the activities of the enterprise. This will minimize possible losses.

Thus, one of the main tasks of improving the financial condition of an enterprise is to optimize the business processes that take place in the enterprise. One way or another, all the main financial and economic methods for improving the financial condition of an enterprise come down to this. However, all the existing basic financial and economic methods for improving the financial condition of an enterprise can not fully contribute to a qualitative improvement in the financial condition of an enterprise. Therefore, many companies use in their financial activities the most progressive methods of improving the financial condition of the enterprise, which have shown their viability in foreign and domestic organizations. Such techniques allow you to approach the improvement of the financial condition in terms of efficiency in the long term.

Progressive ways to improve the financial condition of the enterprise

The main ways to improve the financial condition are related to the improvement of financial discipline in the enterprise.

Implementation of credit policy

One of the most common progressive ways to improve the financial condition of an enterprise is the introduction to reduce receivables. The credit policy of the enterprise regulates the provision of a commercial loan and the procedure for collecting receivables. This technique is based on the assessment of the counterparties of the enterprise by ranking them according to the payment discipline and sales volumes. Those. if the client of the company purchases large volumes of products and does not delay payment, then it is possible to provide him with preferential terms of delivery.

As part of the credit policy, a credit regulation is also formed, which includes a procedure for actions, starting from the conclusion of a contract for the supply of products or the provision of services and ending with the filing of a lawsuit in case of non-fulfillment of obligations under the contract.

Thus, it is necessary to find a balance point between tightening the requirements for customer credit and providing preferential sales terms. Reasonable limits of credit policy are an objective reality of the modern economy. The conditions of mutually beneficial partnership are being brought to the fore. The lender and the borrower are united by a common economic interest, closely related to the stable financial condition of the enterprise.

Implementation of the budgeting system

Another progressive method of improving the financial condition is the introduction of the system. This step is an organic continuation of the development of the management accounting system in the company.

Budgeting is the basis for delegating tasks and responsibilities.

Budgeting documents the goals to be achieved and the tasks to be solved in order to achieve this.

The main goal of introducing budgeting at an enterprise is to create tools for planning, managing and monitoring the efficiency of financial and economic activities, liquidity and financial condition of an enterprise, based on systematic forecasting of the future development of an enterprise through budgeting.

The experience of introducing a budgeting system at enterprises has shown that this method of managing the financial condition of an enterprise also makes it necessary to put the company's financial system in order if it does not meet the modern requirements of the Russian economy. In the long term, the introduction of budgeting has the effect of reducing the level of accounts payable and receivable to 5-8% already at the planning stage. Based on this, we can conclude that budgeting is an effective tool for managing the financial condition of an enterprise, and as a result of its implementation, positive dynamics can be achieved in relation to the financial condition of an enterprise.

Capital structure optimization

In modern economic conditions, situations arise when an enterprise cannot increase the efficiency of its financial activities and improve its financial condition by continuing to engage in core business. In this regard, a promising technique is to diversify the business. Considering this technique in isolation from its economic meaning, but only in financial terms, we can talk about improving the efficiency of financial activity by obtaining an additional source of financial resources in the form of profit from a new business process. Thus, enterprises improve their financial condition through internal reserves and do not increase their dependence on external sources of financing. In the long term, this will allow either accumulating profits in accumulation and consumption funds or directing it to finance the expansion of the enterprise's activities.

Any company is usually financed simultaneously from various sources. And since attracting one or another source of capital for an enterprise is associated with certain costs, the mobilization of financial resources from various sources aims to form an optimal capital structure - such a ratio between own and borrowed funds, in which the weighted average cost of capital is minimal. This method also applies to progressive methods of improving financial condition in the long term. The essence of capital structure management is to determine the ratio of the use of equity and borrowed capital, which ensures optimal proportions between the level of return on equity and the level of financial stability, i.e. maximizing the market value of the enterprise.

findings

Much attention is paid to improving the financial condition of the enterprise in the current conditions of development of the financial and economic system of Russia. The relevance of this issue led to the development of basic methods for improving the financial condition of enterprises. These methods are aimed at improving the financial condition of the enterprise, preparing information for making management decisions and developing a strategy for managing the financial condition.

Since the existing basic methods and models for improving the financial condition of an enterprise in practice in its pure form may not always be applicable to a particular enterprise, various progressive methods and models for improving the financial condition are used to obtain more effective results. This is due to the presence of shortcomings and limitations in each individual basic method, which are neutralized with their complex application. Progressive methods and models for improving the financial condition make it possible to overcome these shortcomings and limitations by adapting to the economic conditions and the current financial and economic conditions prevailing at the enterprise.