A scoring system for the financial and economic condition of pharmacy organizations. Analysis of the financial condition of the enterprise CJSC "Home Pharmacy" Brief description of OJSC "Amurpharmacy"

Federal Agency for Education

Chita State University

Department of Economics

I admit to defense

Head Department of Economics

Rybakova O.I.

"___"___________2005

Graduate work

on the topic: Analysis of financial and economic activities

MP "Pharmacy No. 27"

Completed by: student of group AUSZ-01

Zherdeva O.A.

Head: Rybakova O.I.

Introduction……………………………………………………………………………….6

1. Theoretical and methodological foundations for analyzing the financial and economic condition of an enterprise…………………………………..9

1.1The essence and objectives of the financial and economic state of the enterprise9.

1.2 Objectives and methods of financial analysis…………………………………….10

1.3 Analysis of the economic activities of the enterprise………………………12

1.4 Methodology and information support for financial analysis………………………………………………………………………………….15

2.Analysis of the financial condition of the MP “Pharmacy No. 27”…………………..33

2.1 General characteristics and main technical and economic indicators33.

2.2 Analysis of the economic activities of the pharmacy……………………………..34

2.2.1Analysis of the pharmacy’s position on the market……………………………………………………….35

2.2.2Analysis of fixed assets……………………………………………..35

2.2.3Analysis of labor and wages………………………………………………………36

2.2.4 Analysis of inventories……………………………………………………..36

2.2.5 Cost analysis……………………………………………………………..37

2.3Analysis of the financial condition of the pharmacy…………………...38

2.3.1 Assessment and analysis of property potential…………………………39

2.3.2 Analysis of the structure of assets and liabilities of the balance sheet……………………………44

2.3.3Assessment of business activity………………………………………………………...50

2.3.4Assessment of liquidity and solvency……………………………53

2.3.5 Cost-benefit analysis……………………………………………………………..57

2.3.6 Financial stability analysis………………………………………………………59

2.3.7 Analysis of the probability of bankruptcy………………………………………..61

List literature……………………………………………………….71

Appendix 1 “Balance Sheet” as of 01/01/04…………………72

Appendix 2 “Balance Sheet” as of 01/01/2005…………………75

Appendix 3 “Profit and Loss Statement” for 2003....................................78

Appendix 4 “Profit and Loss Statement” for 2004……………..….80

Appendix 5 “Report on changes in capital” for 2003………………..…82

Appendix 6 “Report on changes in capital” for 2004………………..85

Appendix 7 “Cash Flow Statement” for 2003……….88

Appendix 8 “Cash Flow Statement” for 2004………90

Appendix 9 “Appendix to the Balance Sheet” for 2003……..92

Appendix 10 “Appendix to the Balance Sheet” for 2004......98

Maintaining

Economic analysis has always been given great importance. It allows you to determine the efficiency of both an individual enterprise, a group of enterprises, and, ultimately, the entire economy as a whole. But with the transition to a market path of development, with the creation of a market economy, with the emergence of a huge number of independent independent enterprises and organizations, economic analysis becomes even more important.

The objectives of economic analysis of financial condition are: an objective assessment of the use of financial resources at the enterprise, identification of intra-economic reserves for strengthening the financial position, as well as improving relations between enterprises and external financial, credit, control authorities, etc.

Financial analysis is a method of assessing and forecasting the financial condition of an enterprise based on its financial statements.

The goal of financial analysis is to assess the financial condition and identify opportunities to improve the efficiency of the functioning of an economic entity through rational financial policy.

The financial condition of an enterprise is characterized by a set of indicators that reflect the process of formation and use of its financial resources. In a market economy, the financial condition of an enterprise essentially reflects the final results of its activities. It is the final results of the enterprise’s activities that are of interest to the owners (shareholders) of the enterprise, its partners, and tax authorities.

The financial condition of enterprises characterizes the placement and use of enterprise funds. It is determined by the degree of implementation of the financial plan and the extent of replenishment of own funds from profits and other sources, if they are provided for by the plan, as well as the rate of turnover of production assets and working capital. Since the implementation of the financial plan mainly depends on the results of production activities, the financial condition, determined by the entire set of economic factors, is the most general indicator.

The financial condition is manifested in the solvency of enterprises, in the ability to timely satisfy the payment requirements of suppliers of equipment and materials in accordance with business contracts, repay loans, pay wages to workers and employees, and make payments to the budget.

The main indicators of financial condition are:

Provision of own working capital;

Compliance of actual inventories of material assets with the standard;

The provision of reserves with sources of funds intended for them;

Immobilization of working capital;

Solvency of the enterprise.

The thesis is devoted to the analysis of the financial and economic situation of the MP “Pharmacy No. 27” based on the results of work for 2003 and 2004.

This analysis consists of several stages: analysis of the economic activity of the pharmacy, analysis of the property status, research of indicators of the financial stability of the enterprise, analysis of the liquidity of the balance sheet of the enterprise and calculation of special indicators of the liquidity of the balance sheet of the enterprise and calculation of special indicators of the liquidity of the enterprise as a whole. After a general description of the financial condition and changes during the reporting period, the next important task of analyzing the financial condition is the analysis of the main profitability of the enterprise and factor analysis of the profit of the enterprise - in a structural aspect and in dynamics.

Calculation of business activity indicators.

Indicator name	Calculation formula	Number of lines (s), count (d)
	2
Labor productivity	Revenues from sales Average headcount	With .010(f. No. 2) p.850 (form No.5 )
Capital productivity	Revenues from sales average cost of fixed assets	p.010 (form No. 2)
Turnover of funds in calculations (in turnovers)	Revenues from sales Average accounts receivable	p.010 (form No. 2) p.240 (form No. 1)

Fund turnover in calculations (in days)	360 days turnover of funds in settlements (in turnovers)	p.010 (form No. 2) p.240 (form No. 1)
Inventory turnover (in revolutions)	Cost of sales average reserves	p.020 (form No. 2) p.210 + p.220 (form No. 1)
Inventory turnover (in days)	360 days inventory turnover (in revolutions)	p.020 (form No. 2) p.210+p.220 (form No. 1)
Accounts payable turnover debt (in	Average creditor debt 360 * days. Cost of sales	p.611+p.621+p622 + p.627 (form No. 1) p.020 (form No. 2)
Operating cycle duration	Cash turnover in calculations + inventory turnover (in days)
Duration of the financial cycle	Duration of the operating cycle turnover creditor debt
Accounts receivable collection ratio	Average receivable debt Revenues from sales	S.240 (form No. 1) S.010 (form No. 2)
Equity turnover	Revenues from sales Average equity capital	S.010 (form No. 2) P.490-p.390-p.252-p.244 (form No. 1)
Total capital turnover	Revenues from sales Total average net balance	S.010 (form No. 2) P.399-p.390-p.252-p.244 (form No. 2)

The turnover ratio of mobile (working) funds shows:

amount of revenue per 1 rub. working capital;

the number of turnovers made by working capital per year.

The growth of the coefficient is assessed positively, because this indicates that in working capital the share of funds invested in settlements and cash is growing, and this is evidence of an increase in the liquidity of assets.

If the growth of accounts receivable outpaces the growth of revenue, then the turnover ratio decreases. Similarly, by dividing revenue by average annual accounts payable, accounts payable turnover is calculated.

Turnover of all assets is the ratio of revenue from sales of products (works, services) to the average annual amount of all assets:

An assessment of business activity at a qualitative level can be obtained by comparing the activities of a given enterprise and related enterprises in the area of investment of capital. Quantitative assessment is done in two directions:

the degree of implementation of the plan (established by a higher organization or independently) in terms of key indicators, ensuring the specified rates of their growth;

level of efficiency in the use of enterprise resources. To implement the first direction of analysis, it is also advisable to take into account the comparative dynamics of the main indicators. In particular, the following ratio is optimal:

Tpb > Tr> So > 100%, (1.8)

Tpb, Tr, So, - respectively, the rate of change in profit, sales, and advanced capital.

The above ratio can be conditionally called the “golden rule of enterprise economics.” However, deviations from this ideal dependence are also possible, and they should not always be considered negative.

Return on fixed assets - the ratio of sales revenue to the average annual cost of fixed assets and intangible assets:

Return of the main = Revenues from sales

funds Average annual cost of fixed assets

Bibliography

1. Abryutin M.S., Grachev A.V. Analysis of the financial and economic activities of the enterprise. M.: Business and Service, 2001.

Artemenko V.G., Belendir M.V. Financial analysis: Textbook. M.: DIS NGAEiU, 1997. .

Astakhov V.P. Analysis of financial stability and procedures related to bankruptcy. M.: Axis - 89, 1998..

Balabanov I.T. Fundamentals of financial management. M.: Finance and Statistics, 2001.

Barsukov A.V., Malygina G.V. Enterprise finance, Novosibirsk, 1998.

Gerchikova I.N. Financial management. M.: Infra-M, 2001.

7.Dontsova L.V., Nikiforova N.A. Analysis of annual financial statements. M.: DIS, 1998.

8.Efimova O.V. The financial analysis. M.: Accounting, 1999.

Problems of financial management / Ed. L.A. Muravya, V.A. Yakovleva. M.: Finance - Unity, 1998.

10. Irikov V.A., Irikov I.V. Technology of financial and economic planning in a company. M.: Finance and Statistics, 1999.

Kovalev V.V. Introduction to financial management. M.: Finance and Statistics, 2000.

12. Kovalev V.V. Financial analysis. M.: Finance and Statistics, 2002

13. Kodrakov N.P. Fundamentals of financial analysis. M.: Glavbukh, 1998. 14 Methodological provisions for assessing the financial condition of enterprises and establishing an unsatisfactory balance sheet structure. -Order of the Federal Fund for Social Affairs dated August 12, 1994. No. 31-r.

15Novodvorsky V.D., Ponomareva L.V., Efimova O.V. Accounting statements: preparation and analysis. M.: Accounting, 1998.

16. Pavlov L.N. Financial management. Managing the cash turnover of an enterprise, M.: Finance and Statistics, 1998.

17Savitskaya G.V. Analysis of economic activities of enterprises. Minsk New knowledge, 2002.

Enterprise management and analysis of its activities / Ed. V.N. Titaeva. M.: Finance and Statistics, 2001.

Financial management / Ed. E.S. Stoyanova. M.: Perspective, 2000.

21. Sheremet A.D., Sayfulin R.S. Methodology of financial analysis. M.: Infra-M, 2001..

Financial strategy in enterprise management / Ed. V.V. Titova, Z.V. Korobkova. Novosibirsk, 1997.

Financial management of a company / Ed. IN AND. Terekhina. M.: Economics, 1998. 98

24. Chetyrkin E.M. Methods of financial and commercial calculations. M. DeloLTD, 1995.

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carried out in two directions. Then, based on the calculated results, conclusions can be drawn on the financial stability of the enterprise.

1 - calculation of a three-component indicator of the type of financial situation;

2 - calculation of financial stability ratios.

The analysis in the first direction isin determining the sufficiency (surplus or deficiency) of sourcesformation of inventory. In this case, the following list of coverage sources is calculated:

1. SOS = SK + DO – VA,

where: SOS – own working capital;

SK - equity capital;

DO - long-term liabilities;

VA – non-current assets.

AbsenceThe enterprise's own working capital is financed due to short-term circumstances and there is a risk of loss of liquidity.

A negative SOS value indicates a shortage of working capital, i.e. the organization is not able to carry out commercial activities on the basis of its own funds, but can only exist by attracting a commercial loan, which in turn leads to an increase in costs associated with paying interest on loans. Such an organization needs to develop a plan for attracting financial investments to improve the organization.

2. IFZ = SOS + SZ + RK,

where: IPF – sources of reserve formation;

SZ – bank loans and borrowings used to cover inventories;

RK – settlements with creditors for commodity transactions.

3 - Inventories and costs.

Absolute financial stability shows that all inventories are fully covered by their own working capital, i.e. the enterprise does not depend on external creditors, sothereby reducing a number of risks characteristic of organizations attracting external loans. However, this situation can hardly be considered ideal, since it means that the administrationdoes not know how, does not want or does not have the opportunity to use external sources of fundsfor main activities.

Normal financial stability corresponds to the position when successfula functioning enterprise usesto cover reserves, various “normal” sourcesfunds - own and attracted. This situation indicates a low risk of the organization’s activities.

Unstable financial situation correspondsa situation where an enterprise is forced to attract additional sources of coverage to cover part of its reserves. In this case, the risk of the organization’s activities can be characterized as high.

Critical financial situation means that the company cannot pay its creditors on time. Such an enterprise is characterized by a high risk of bankruptcy.

Non-state educational institution of higher professional education

"Tomsk Economics and Law Institute"

Department of Economics

Analysis of financial results in the organization’s activities (using the example of OGUP “Regional Pharmacy Warehouse”)

(Course work)

Completed by: group student _ 293 ___

____Vorontsova Ada Ivanovna _

Head:

Tatarnikova T.I.___

Tomsk 2012

Introduction…………………………………………………………………………………3

1. Theoretical aspects of assessing the financial results of an enterprise...5

1.1. Enterprise profit: concept, functions, types………………………..5

1.2. Profitability: types, indicators……………………………………..11

1.3. Ways to improve the financial results of an enterprise.13

2. Brief organizational and economic characteristics of the OGUE “Regional Pharmacy Warehouse”…………………………………………………..15

2.1. General characteristics of the enterprise. Main production indicators…………………………………………………………………………………..15

2.2. Enterprise resources and efficiency of their use……………18

3. Analysis of financial results in the activities of the organization (using the example of OGUP “Regional Pharmacy Warehouse”)…………………………………………......20

3.1. Analysis of the dynamics and structure of the formation of financial results

3.2. Assessing the state of costs…………………………………………………………….. 23

3.3. Assessment of profitability indicators………………………………………………………25

Conclusion……………………………………………………….……………………………30

List of references………………………..………………………32

Applications

INTRODUCTION

A general assessment of the organization's activities is given on the basis of such resulting financial indicators as profit (loss) - an absolute indicator and profitability - a relative indicator. Profit and profitability reflect the efficiency of the production process.

In general, the concept of “financial result” has a certain economic meaning: the excess (decrease) in the cost of manufactured products over the costs of its production; the excess of the cost of products sold over the full costs incurred in connection with its production and sale; the excess of net (retained) profit over incurred losses, which ultimately is the financial and economic basis for increasing the organization’s equity capital. In a market economy, financial performance management occupies a central place in the business life of an economic entity. In addition, a positive financial result also indicates the effective and appropriate use of the organization’s assets, its fixed and working capital.

The relevance of the chosen topic of the course work is that in modern conditions, the survival of an enterprise in a competitive environment depends on its financial stability, which is achieved by increasing production efficiency based on the economic use of all types of resources, reducing costs, identifying available reserves for increasing production (work, services) and increase profits.

Financial results are the merit of the organization. Profit is the result of good performance or external objective and subjective factors, and loss is the result of poor performance or external negative factors. Profit is, on the one hand, the main source of financing the activities of organizations, and on the other, a source of income for budgets at various levels. Article 50 of the Civil Code of the Russian Federation states that making a profit is the main goal of the activities of commercial organizations.

In the process of analyzing and assessing the dynamics of the financial results of an organization’s activities, special attention should be paid to the most significant article of their formation - profit (loss) from the sale of goods, products, work performed, services provided as the most important component of economic (net) profit.

Analysis of financial results based on the profit and loss statement as mandatory elements includes a study of changes in each indicator for the analyzed period and a study of structural changes. The study of financial results traditionally involves studying the dynamics of indicators over a number of reporting periods.

The purpose of the course work: to analyze the financial results of the enterprise.

Analysis of financial results involves solving the following tasks:

Analysis of the dynamics and structure of the formation of financial results;

Cost status assessment;

Assessment of profitability indicators.

The object of the study is the Regional State Pharmacy Warehouse.

The subject of the study is the financial results of the enterprise OGUP “Regional Pharmaceutical Warehouse”.

The study period covers the period from January 1, 2009. until January 1, 2010

Research methods: monographic, statistical, analytical.

The course work outlines the theoretical foundations for analyzing the financial results of an enterprise, analyzes profits before taxes, analyzes profits from sales, analyzes profitability, and also discusses ways to improve the financial results of an enterprise.

THEORETICAL ASPECTS OF ASSESSING THE FINANCIAL RESULTS OF AN ENTERPRISE

Enterprise profit: concept, functions, types

Profit represents part of the newly created value and acts as one of the forms of net income of society generated in the sphere of material production. The enterprise makes a profit after the value embodied in the created product, having completed the circulation stage, takes monetary form. It is part of the proceeds from the sale of products (works, services), which remains after deducting taxes paid from the proceeds and production costs. Unlike profit, the income of an enterprise represents the realized newly created value (the part of the revenue that remains after deducting the material costs of production from it).

as a target for the enterprise’s activities;

effective assessment indicator of the enterprise’s activity;

source of enterprise development and financing of its activities.

As an evaluation indicator, profit characterizes the total efficiency of using all resources of the enterprise.

The presence of profit allows you to satisfy the economic interests of the state, enterprise, workers and owners.

The availability of profit to satisfy the economic interests of the state is ensured through the payment of taxes, which the state then uses to solve social problems.

The economic interests of the enterprise lie in increasing the share of profits remaining at its disposal and directed towards its development.

The interests of workers in increasing profits are associated with the creation of additional opportunities for their material incentives.

Owners are also interested in profit growth, since profit growth means an increase in the resources of their property and an increase in the dividends they receive.

The essence of profit can be viewed from different perspectives. The most common is the distribution of profits from a functional point of view and from an origin point of view.

The founder of the functional approach is the American economist P. Samuelson. He defined profit as unconditional income from factors of production; as a reward for entrepreneurial activity, technical innovations and improvements, for the ability to take risks in conditions of uncertainty; as monopoly income in certain market situations; as an ethical category.

Supporters of the German economic school (F. Hayek, D. Sahal) consider profit from the position of its origin, namely as a “reward” earned through entrepreneurial initiative; “unexpected” profit received under favorable market conditions and circumstances, called upon by a government agency or relevant legislation (legalized).

Taking this into account, the following profit functions are distinguished:

investment – since expected profit is the basis for making investment decisions;

effective - the actual profit received evaluates the efficiency of the enterprise;

financing - part of the received or expected profit is determined as a source of self-financing of the enterprise;

stimulating - part of the expected or received profit can be used as a source of material remuneration for employees of the enterprise and payment of dividends to capital owners.

In economic practice, there are many types of profit - nominal, minimum, normal, target, etc.

Nominal profit characterizes the actual amount of profit received.

Minimum, normal, maximum profits are associated with different levels of production volume and indicate in which area the enterprise is located (break-even, profitability, unprofitability). The minimum profit is the one that provides the company with a minimum level of return on invested capital. The value of the minimum level of profitability is taken equal to the average interest rate of the bank on deposits established during the period under study.

Normal profit is the minimum income or fee required to maintain a business in a particular industry.

Maximum profit determines the target setting when planning the activities of an enterprise. Achieving it means reducing production and sales costs to a minimum.

The volume of production that ensures maximum profit is set at the point at which equality of marginal revenue and marginal costs is achieved.

Consolidated profit is profit free from accounting reports on the activities and financial results of separate parent and subsidiary enterprises. The profitability of using consolidated profit is determined by savings on tax payments and reduction of negative consequences from risky activities.

Economic profit is the difference between revenue (gross income) and economic costs (the sum of explicit and implicit costs).

Accounting profit is the difference between revenue received and accounting costs (explicit). Its value is identical to the balance sheet profit.

Sources of economic profit are sales of products, other sales, non-sales operations, innovation activities, monopoly situation, uninsurable risks (changes in market conditions, tax legislation, risk associated with the development of new commodity territorial markets, risk due to the presence of inflationary processes in the national economy) .

The sources of accounting profit are sales of products, other sales, and non-sales operations.

In general, the scheme for the formation and use of enterprise profits can be presented as follows (Fig. 1).

Revenue (net) from the sale of goods, products, works, services (less VAT, excise taxes)

Cost of goods, products, works, services sold

Gross profit

Business expenses

Administrative expenses

Revenue from sales

Operating income (expenses)

Non-operating income (expenses)

Accounting profit (profit before tax)

Income tax rate

Conditional income tax

Constant tax obligations

Net profit

Reserve fund

Savings fund

Consumption fund

Social Sphere Fund

Foreign Exchange Fund

Retained earnings

Profit distribution between founders (shareholders)

Figure 1. Scheme of formation and distribution of enterprise profits

Profit at an enterprise is considered not only as the main goal, but also as the main condition for its business activity. When assessing the level or change in business activity, a distinction is made between the concepts of expected profit (which can be received in the future as a result of business) and actually received.

By generalizing approaches to determining the essence of profit and taking into account the requirements of current legislation, it is possible to determine the basics of the mechanism for the formation and distribution of profit of an enterprise.

Profit is formed as a result of the following components:

profits from product sales;

balance of other income and expenses.

The consolidated profit from the sale of products (actually received) is calculated as the difference between the proceeds from the sale of products, taxes included in the price and paid from the proceeds, and the full cost of products sold.

The profit expected from the sale of products is determined taking into account the planned price of the product that can be sold on the market; planned taxes included in the price; planned level of production and sales costs (cost); planned level of product profitability.

Profit from other sales is generated from the sale of surplus and unnecessary material assets in production. It is calculated as the difference between the proceeds from the sale of material assets, taxes included in the price and paid from the proceeds, as well as the costs associated with the sale of these material assets (transportation, warehousing, etc.).

Profit received from non-operating transactions is profit formed by subtracting from the income received from this operation the expenses associated with the implementation of these operations (for example, dividends from shares owned by the enterprise, from joint activities).

Taxable and non-taxable profit, net profit or profit remaining at the disposal of the enterprise, is formed in the process of distributing the profit of the enterprise.

The formation of profit as a financial indicator of work, which is reflected in accounting and official reporting of business entities, is influenced by the procedure established by the state: formation of costs for the production of products (works, services); accounting and calculation of product costs; determination of non-operating income and expenses; determination of balance sheet (gross) profit. Consequently, the formation of the absolute value of the enterprise’s profit is influenced by the results, the efficiency of its financial and economic activities, the scope of activity, and the conditions for accounting for financial results determined by law.

Features of the distribution of profit of an enterprise depend on the economic and legal form of the enterprise and on the form of ownership. The common feature of the profit distribution mechanism is that the enterprise pays income taxes, real estate taxes, income taxes and local taxes and fees from profits. The differences lie in how the profit remaining at the disposal of the enterprise is distributed, since the procedure for distributing this part of the profit is established by the owner.

In order to determine the amount of income tax, it is necessary to take into account that first the company is obliged to pay real estate tax from its profits. It is calculated based on the residual value of fixed assets listed on the balance sheet of the enterprise and the established rate of this tax. Taxable profit is determined as the difference between profit subject to profit tax and the amount of profit tax (the profit tax rate is established by law).

In the process of profit distribution, the enterprise also determines the amount of profit, which is the basis for calculating local taxes and fees (profit subject to income tax, minus real estate tax, minus income tax).

The final stage in the distribution of profit is the calculation of the profit remaining at the disposal of the enterprise (net profit) and the establishment of directions for its use.

The main direction of distribution of net profit is stipulated in the constituent agreement, charter and complies with the requirements of the law (for example, the presence of a requirement for the mandatory formation of reserve capital presupposes that the enterprise makes appropriate regular deductions from net profit).

. Profitability: types, indicators

To assess the effectiveness and economic feasibility of an enterprise’s activities, it is not enough to just determine absolute indicators. A more objective picture can be obtained using profitability indicators. Profitability indicators are relative characteristics of the financial results and efficiency of an enterprise.

The term profitability comes from rent, which literally means income. Thus, the term profitability in the broad sense of the word means profitability, profitability:

production and sale of individual types and the entire set of products (works and services);

enterprises, organizations as subjects of economic activity;

sectors of the economy.

Profitability is directly related to the amount of profit. However, it cannot be identified with the absolute amount of profit received. Profitability is a relative indicator that reflects the level of profitability and is measured as a ratio or as a percentage.

Profitability indicators are used for comparative assessment of the performance of individual enterprises and industries producing different volumes and types of products. These indicators characterize the profit received in relation to the production resources expended.

The economic essence of profitability is that it shows the amount of profit received per ruble of costs.

In the practice of enterprises, a number of profitability indicators are used.

Profitability indicators should be considered in dynamics, analyzing the reasons for their changes. Table 1 presents some profitability indicators:

Table 1 - Profitability indicators

Name	Calculation formula	Notes
Return on sales		It means either an increase in prices with constant costs or a decrease in costs with fixed prices. A decrease in prices and an increase in production costs shows a drop in demand for the company's products.
Return on assets	R=(Pb/A)*100%	Reflects the efficiency of using all invested capital. A low level compared to other enterprises indicates overinvestment of capital or low demand.
Return on fixed capital	R=(R/OK)*100%	A high value of the indicator reflects the efficient use of fixed assets of the enterprise. It is considered in conjunction with the return on assets indicator. With an increase in the return on fixed capital and a decrease in the return on assets, additional analysis of the dynamics of the structure of current assets is required.
Return on equity	R=(Pch/Sk)*100%	A change in this indicator is usually reflected in the level of the company's share price on stock exchanges.
Production profitability		Making a profit from one ruble of production assets.

Designations:

Pr – profit from sales;

V – sales volume for the reporting year;

A – assets (balance sheet total) at the end of the reporting year;

О к – fixed capital;

С к – equity capital (book value) at the end of the reporting year;

Pr – profit before tax;

Pch – net profit.

In addition to the above indicators, there are many others that are used to calculate various quantities and analyze the activities of an enterprise. The variety of profitability indicators determines the alternativeness of searching for ways to increase it. When analyzing ways to increase profitability, it is important to separate the influence of external and internal factors. In general, one of the conditions for the prosperity of an enterprise is to expand the sales market for products by reducing the price of the goods offered, but this is not always the case. Therefore, less attention should be paid to this external factor than to internal ones: increasing production volumes, reducing production costs, increasing the return on fixed assets.

. Ways to improve the financial performance of an enterprise

The financial results of an enterprise are characterized by the amount of profit received and the level of profitability. The greater the profit and the higher the level of profitability, the more efficiently the enterprise operates, the more stable its financial condition. Therefore, finding reserves for increasing profits and profitability is one of the main tasks in any area of business. Economic analysis is of great importance in the process of managing financial results.

Its main tasks:

systematic control over the formation of financial results;

determining the influence of both objective and subjective factors on financial results;

identifying reserves for increasing the amount of profit and the level of profitability and forecasting their value;

assessment of the enterprise’s performance in using opportunities to increase profits and profitability;

development of measures to develop identified reserves.

The main ways to increase financial results (profit and profitability) at an enterprise are:

Reducing costs for production and sales of products;

Increasing production volumes;

Increase in prices for products as a result of improved quality;

Improving the use of production assets;

Improving the capital structure and sources of its formation;

Increasing the level of organization of production and management, etc.

Brief organizational and economic characteristics of the regional pharmaceutical warehouse

2.1. General characteristics of the enterprise. Main production indicators

The regional pharmacy warehouse is one of the oldest pharmaceutical organizations in the Tomsk region. Until 1991, he was the only supplier of medicines in the region. In November 1995, the warehouse was separated into an independent structure, and in 2003 it was reorganized into the Regional State Enterprise “Regional Pharmacy Warehouse”.

OGUP - regional state unitary enterprise "Regional Pharmaceutical Warehouse" is located at Tomsk, Lenin Ave., 54. The founder of the enterprise is the Tomsk region represented by the Department for State Property Management of the Tomsk Region. The powers of the owner of the enterprise's property are exercised by the State Duma of the Tomsk Region, the Administration of the Tomsk Region, and the authorized regional body for the management of regional state property within the framework of their competence. The enterprise is a legal entity, has an independent balance sheet, current and other bank accounts, a round seal containing the full company name and an indication of the location of the enterprise, a stamp, and forms with its company name.

The company was created for the purpose of carrying out pharmaceutical activities, meeting public and government needs for the results of its activities and making a profit.

To achieve the goals stated above, the enterprise carries out the following activities in accordance with the procedure established by current legislation:

Carrying out all operations for the receipt of medicines and medical goods from suppliers in accordance with current legislation and concluded agreements;

Wholesale supply of medicines and medical goods to medical and preventive organizations, pharmacies and other organizations;

Retail distribution of medicines and medical goods to the population through a network of pharmacies and a small retail network;

Organization of preferential provision, etc.

Today the number of warehouse employees is 40 people. These are specialists with higher and secondary pharmaceutical education.

The regional pharmacy warehouse is a supplier to most healthcare institutions in the Tomsk region. Among them: Regional Clinical Hospital, Regional Psychiatric Hospital, Regional Oncology Hospital, Regional Narcological Dispensary and other medical institutions. The pharmacy warehouse has many years of experience working with suppliers and manufacturers of medicines and medical devices.

The regional pharmacy warehouse has a guarded premises with an area of 2000 square meters, equipped with all the necessary equipment for receiving, storing and dispensing medicines, which allows maintaining the quality of medicines in accordance with their physical and chemical properties. The work of the Regional Pharmacy Warehouse is completely computerized. The organization owns its own fleet of vehicles for transporting medicines to areas of the city and region.

The regional pharmacy warehouse is a supplier to most healthcare institutions in the Tomsk region; among them: Regional Clinical Hospital, Regional Psychiatric Hospital, Regional Oncology Hospital, Regional Narcological Dispensary and other medical institutions.

The pharmacy warehouse has many years of experience working with suppliers and manufacturers of medicines and medical devices.

The main suppliers of medicines are: Irbit Chemical and Pharmaceutical Plant OJSC, Kemerovo Pharmaceutical Factory OJSC, Vitamax Company, Firm CV Protek CJSC and others.

One of the main indicators reflecting the scale of activity is revenue from product sales, data on which are presented in Table 2.

Table 2 – Revenue from sales and its structure in the OGUE “Regional Pharmacy Warehouse”

Activities	Amount, thousand rubles	Structure, %
Activities
Wholesale:
Retail:

Compared to 2009, sales revenue in 2010 increased by 75,820 thousand rubles. (by 49.7%). This was due to an increase in revenue from retail trade, which increased by 999,981 thousand. rub. At the same time, it is necessary to note a decrease in revenue from wholesale trade by 23,352 thousand rubles. (by 15.4%).

These changes led to a change in the sales structure. The share of revenue from retail sales increased by 42.8%, and the share of revenue from wholesale sales decreased by the same amount, which is clearly shown in Figure 3.

Figure 3 – Structure of trade turnover of OGUE “Regional Pharmacy Warehouse”

Enterprise resources and efficiency of their use

The process of product production is the purposeful activity of people in processing raw materials into a finished product. Classical political economy, understanding the main factors of production as its most important elements, without which the production process is impossible, identifies as such the means of labor, objects of labor and living labor itself.

Factors of production are the main elements of the production process, which, firstly, take a direct and immediate part in it, secondly, use (participation) in the production process determines their partial wear or complete consumption, thirdly, the cost of worn-out (used) ) their parts are taken into account in production costs and transferred to the cost of the finished product, after the sale of which it is returned to the owner of a particular production factor in the form of cost compensation.

To carry out economic activities, OGUP has fixed and working capital (Table 3).

Table 3 - Main factors of production of OGUP

Indicators	Absolute deviation	Growth rate, %
1. Average number of employees of the enterprise, total, people.
2. Average annual cost of fixed assets, total, thousand rubles.
at full price
By residual value
3. Average annual balance of working capital, thousand rubles.

OGUP "Regional Pharmacy Warehouse" has significantly increased the average annual value of its assets over two years. Thus, the average annual cost of fixed assets at full cost increased by 25,333.5 thousand rubles. (by 82.5%), and for the residual – by 23253.0 thousand rubles. (by 80.7%); The average annual balance of working capital also increased. Compared to 2009, in 2010 it increased by 11,862.0 thousand rubles. (31.9%). The average number of employees of the enterprise, on the contrary, decreased by 18 people (24.6%).

"Economic Bulletin of Pharmacy. Appendix:

Legislation, accounting, taxes, management", 2005, N 1

SCORING SYSTEM FOR THE FINANCIAL AND ECONOMIC CONDITION OF PHARMACY ORGANIZATIONS

In a market economy, the interest of participants in the economic process in objective and reliable information about the financial condition and business activity of an enterprise has increased significantly. All subjects of market relations are interested in an unambiguous assessment of the competitiveness and reliability of their partners. The problem of assessing financial condition remains one of the most pressing and unsolved problems for users of this information.

Financial ratios are widely used to assess the financial and economic condition of a pharmacy organization. The list of coefficients is extensive; the Guidelines for analyzing the financial condition of an organization, approved by order of the Federal Service for Financial Recovery of the Russian Federation No. 16 dated January 23, 2001, contains about four dozen, however, the optimal set of indicators that most objectively reflect trends in changes in the financial condition, is formed by each enterprise independently. To control the subordinate network, the owner of the property complex needs to unify methodological approaches to assessing financial activities and determine a number of parameters. Monitoring key financial indicators will allow for comparative assessment with past periods and improve the financial position in the future.

The method of scoring financial condition will help the managers of pharmacy organizations to regularly evaluate their activities, and the owners of the property complex to conduct a comparative assessment, identify the strengths and weaknesses of individual pharmacy organizations.

One of the analysis options that allows you to assess the financial condition of an enterprise and compare them is rating analysis. The rating is based on a generalized characteristic that allows enterprises to be ranked according to certain characteristics in a certain sequence according to the degree of decrease (increase) of a given characteristic. Signs (criteria) for the classification of enterprises can reflect individual aspects of the enterprise’s activity (profitability, liquidity, financial stability) or the activity of the enterprise as a whole.

At the first stage, a comparative analytical balance is drawn up.

The components of the comparative rating assessment methodology are: collection and analytical processing of initial information for the period of time being assessed; justification of the system of indicators used for the rating assessment of the financial condition of the enterprise, and their classification, calculation of the final rating indicator; ranking of enterprises by rating.

The final rating assessment takes into account all the most important indicators of the financial performance of the pharmacy enterprise, i.e. economic activity in general. When building it, data is used on the production potential of the enterprise, the profitability of its products, the efficiency of use of production and financial resources, the condition and allocation of funds, their sources and other indicators. However, an accurate and objective assessment of financial condition cannot be based on an arbitrary set of indicators. Therefore, the selection and justification of initial performance indicators should be based on the purposes of the assessment and the needs of management subjects for analytical assessment.

The system of indicators we propose is based on data from public reporting of enterprises. This requirement makes the assessment widespread, makes it possible to control changes in the financial condition of the enterprise by all participants in the economic process, and makes it possible to evaluate the effectiveness and objectivity of the comprehensive assessment methodology itself.

To conduct financial analysis, it is inconvenient to use financial reporting data, since not all financial reporting indicators are used to calculate the necessary indicators. To do this, an analytical balance is drawn up, which is a summary table of the necessary indicators for the analyzed period. The main indicators are taken from Form No. 1 and Form No. 2 of the financial statements; those necessary for calculating individual coefficients are entered into the analytical balance sheet (Table No. 1).

Table No. 1

Comparative analytical balance of a conditional pharmacy

Name Articles	Codes lines
		First reporting period			Second reporting period
		On Start period	On end period	Change opinions (+, -)	On Start period	On end period	Change opinions (+, -)
1. Non-current assets
1.1. Basic facilities					58 87
Total for Section I
2. Current assets
2.1. Reserves
2.2. Goods
2.3. VAT according purchased price
2.4. Accounts receivable debt
2.5. Accounts receivable debt
2.6. Short term attachments
2.7. Cash facilities
2.8. Others current assets
Total for Section II
3. Capital and reserves
Total for Section III
4. Long-term liabilities
Total for Section IV
5. Current liabilities
5.1. Borrowed facilities
5.2. Accounts payable debt
5.3. Other liabilities
Total for the section
Balance sheet

A number of the most important characteristics of the organization’s financial condition are obtained directly from the analytical balance sheet, and then a comparative assessment of them is carried out.

Liquidity and financial stability ratios are calculated as of the date of preparation of financial statements, i.e. at the beginning and end of the reporting period and record the momentary financial condition of the enterprise, but do not give an idea of the financial condition of the enterprise as a whole. It seems more objective and preferable to calculate coefficients based on average (annual average, quarterly average and monthly average) data values (lines) of the balance sheet.

The advisability of using average values of liquidity and financial stability ratios is supported by the important fact that other financial assessment indicators, namely profitability and business activity ratios, are calculated on the basis of the average data in Form No. 1 and Form No. 2 of the financial statements. When using average calculated values, not only uniformity of approaches is achieved in calculating all four groups of financial indicators, but also greater significance and objectivity of the final results in the rating assessment of the financial and economic condition of the enterprise. In this case, the most preferable is to determine average values based on monthly data.

Table No. 2 presents the numerical values of liquidity and financial stability ratios at the beginning and end of the year, as well as the average annual values of one of the municipal pharmacies in Tomsk, calculated based on the data in Table No. 1 (Table 3):

Table No. 2

Financial indicators from form N 2

"Gains and losses report"

Name indicator	Codes lines	Absolute values (thousand rubles)
		First reporting period			Second reporting period
		On Start period	On end period	Change opinions (+, -)	On Start period	On end period	Change opinions (+ , -)
Revenue from implementation						1144
Cost price implemented products		5568
Gross profit
Commercial expenses
Profit from sales
Profit up to taxation
Net profit

Table No. 3

Actual and standard values

financial and economic indicators

Indicator groups	Regulatory or recommended meaning	On Start of the year	On end of the year	Average meaning	Grade trends
Indicators characterizing liquidity
Coefficient current liquidity	1,0-2,0	1,03	0,92	0,97	Below normative
Coefficient absolute liquidity		0,02	0,01	0,015	Below normative
Coefficient urgent liquidity	0,7-1,0	0,51	0,51	0,51
Indicators characterizing financial stability
Coefficient ratios borrowed and own funds	0,7-1,0	0,22	0,05	0,14
Autonomy coefficient	0,4-0,6	0,18	0,05	0,12
Coefficient security own means		0,04	0,03	0,035	Below normative
Indicators characterizing business activity
Turnover inventory	4-8 turns
Turnover accounts receivable debt	4-8 turns
Turnover creditor debt	4-8 turns
Indicators characterizing performance
Return on sales	increase		1,28	3,89	The trend towards reduction
Net profitability	increase	2,12	1,28		The trend towards reduction

Calculation of indicators characterizing liquidity, financial stability, business activity, or operational efficiency, use of the property complex, etc. - provides for the determination of indicators at the beginning and end of the analyzed period; according to the methodology, average values are calculated. A comparative analysis is carried out with standard or recommended values and a trend for each indicator is noted.

At the third stage of the rating assessment of the financial and economic condition of pharmacy organizations, the use of a point system of assessments using evaluative criteria for performance results is provided. In the practice of assessing the financial and economic condition of an enterprise, a variety of options arise for the compliance or non-compliance of individual coefficients with regulatory requirements. Thus, the very fact of calculating the entire set of coefficients cannot provide a comprehensive assessment of the state of the enterprise (unsatisfactory, satisfactory, good, excellent) and, therefore, an objective need arises to conduct a rating assessment. The proposed methodological approaches will help to more objectively assess the financial and economic condition of the enterprise.

The rating assessment should be focused on the use of all four groups of indicators of financial and economic condition. It can be represented by a “point” system and is carried out according to the scheme outlined below. As is known, the standard values of liquidity and financial stability ratios have a certain range of values. Values of coefficients that fall outside the range of standard values (i.e., above the standard) should be assessed as “excellent” or “unsatisfactory” - depending on the specifics of the indicators (their economic meaning). (The exception is the current liquidity ratio, for which going beyond the upper limit (2.0) is considered undesirable, since the excess of current assets over short-term liabilities by more than twice indicates the irrational use of its funds by the enterprise.)

The values of coefficients that are within the standard range are assessed with a score of “good” (4) or “satisfactory” (3) depending on how close it is to the “excellent” line, or with a score of “satisfactory” (for low values).

The range of possible values of the working capital turnover ratio: the lower level can be oriented at a value of 4 revolutions per year, the upper level 8 revolutions per year, with an average value of 6 revolutions per year.

Profitability indicators are of particular importance: any value that has a negative value is assessed as “unsatisfactory”, since it is the positive (above zero) level of profitability on net profit that is the desirable option, while a negative level of profitability (unprofitability) indicates an unsatisfactory value of the indicators profitability and financial condition in general.

Table No. 4

Indicator groups (symbols)					Medium tion meaning nia dis- count tannyh coefficient official ents	Estimated nka V ball- lah	Know- chi- bridge Bye- then- A in %%	Grade By group ne s educational Tom her know chi- bridges <*>
Indicator groups (symbols)	Excellent But	Fine	Udov- summer- riter- But	Neu- dov- years- in- rite- flax		Estimated nka V ball- lah	Know- chi- bridge Bye- then- A in %%
Liquidity indicators
Current coefficient liquidity		1,4-2,0	1,0-1,4	<1,0	0,97
Urgent coefficient liquidity		0,7-0,9	0,5-0,7	<0,5	0,51
Absolute coefficient liquidity		0,15-0,2	0,1-0,15	<0,1	0,015
Group average								0,69
Financial stability indicators<*>
Coefficient own and borrowed funds		0,7-1,0	0,5-0,7	<0,5	0,14
Coefficient security own means				<0,1	0,03
Autonomy coefficient	0,4- 0,6	0,2-0,4	0,1-0,2	<0,1	0,12
Group average							0,15	0,34

Turnover creditor debt				<4,0
Turnover accounts receivable debt				<4,0
Turnover commodity reserves				<4,0
Group average							0,15
Performance Indicators
Return on sales		8-11
Net profitability					11,7
Group average
								2,53

Comparison of standard and actual values of various coefficients makes it possible to use a point system for rating the financial and economic condition of an enterprise. In this regard, the question arises about the significance of individual groups of indicators in the formation of the rating assessment. In contrast to the option of equal importance of all groups of indicators, the option of differentiated importance of individual groups seems preferable. As a guide, the following could be:

Table No. 5

Estimation of the actual value of each

indicator according to the point system

N p/p	Indicator groups	Significance %
	Liquidity indicators
	Financial stability indicators
	Business activity indicators
	Profitability indicators
	Total:

In accordance with the considered methodological approaches in Table. N 4 presents: a range of values for the entire complex (four groups) of financial and economic indicators, divided into intervals, according to the scoring system: “excellent”, “good”, “satisfactory”, “unsatisfactory”. The actual average values of indicators of liquidity, solvency, business activity, profitability and the rating assessment of the financial and economic condition of the enterprise are given, taking into account the significance of each group of indicators. The proposed methodology reflects the importance of obtaining operational information reflecting the state of the entire set of objects of financial control. The final rating assessment of the financial and economic condition of the enterprise, carried out using financial indicators of all four groups, indicates the critical situation of the enterprise, i.e., the financial condition of the analyzed enterprise is close to bankruptcy.

The final rating assessment is comparative; it takes into account the achievements of all pharmacy organizations. The calculation of the final financial condition rating indicator is based on a comparison with a conditional reference enterprise that has the best results for all compared indicators.

Thus, the basis for obtaining a rating assessment of the financial condition of an organization is not the subjective assumptions of experts, but the highest results from the entire set of compared objects that have developed in real market competition.

The advantages of the proposed system of criteria for assessing the effectiveness of pharmacies are obvious: ease of use, comparability of analysis results. The development of the proposed system for assessing the performance of unitary enterprises will make it possible to quickly identify shortcomings in the management system of state unitary enterprises.

It should be noted that the coefficient method as an analytical method of assessment has its own problems and limitations, since coefficients are indicators of the most painful places in the organization’s activities that require additional analysis. In addition, when using financial ratios it is impossible to draw clear conclusions; it is necessary to treat them only as an analysis tool. However, this does not mean that financial ratios should not be used in financial management. Financial analysis is necessary to formulate problematic issues and qualitatively assess the capabilities of the enterprise. The coefficient analysis method is based on public reporting indicators and is the basis for assessing the organization’s activities by external users.

BIBLIOGRAPHY:

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Tomsk Military Medical Institute,

MMA im. I.M. Sechenov.

Z.K.DRUGOVA

A.M.BITERYAKOVA

The association assists in providing services in the sale of timber: at competitive prices on an ongoing basis. Forest products of excellent quality.

Effective management of an enterprise's activities depends on the manager's ability to use financial analysis indicators to justify management decisions. The results of the analysis allow us to assess the financial condition, solvency, financial stability, business activity, as well as the efficiency of the pharmacy organization. The article examines the essence of various financial analysis techniques used to evaluate the activities of pharmacy organizations. The most popular financial indicators are highlighted, allowing one to assess the specificity of the activities of a pharmacy that performs socially important functions. To justify management decisions, it is necessary to correlate the changing operating conditions with the results of financial analysis. The existing logical sequence of stages of financial analysis is the basis of management activities, and existing financial indicators can be used to justify management decisions.

financial ratios.

balance sheet

control

pharmacy organization

the financial analysis

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9. Naumova N. A. Methodological approaches to assessing the financial condition of a pharmaceutical organization / Naumova N. A., Biteryakova A. M., Tyurenkov I. N. // Ekon. Vestn. pharmacy Application: Legislation, accounting, taxes, management. - 2004. - No. 12. - P. 25-29.

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12. Sheremet A.D. Methodology for financial analysis of the activities of commercial organizations / Sheremet A.D., Negashev E.V. - M.: Infra-M, 2008. - 208 p.

The key objective of state policy in the field of healthcare is to preserve and strengthen the health of the population, increase the availability and quality of medical and drug care. Pharmacy organizations play a central role in all processes of providing medicinal care, on whose activities its quality and accessibility largely depend. Most pharmacy organizations, regardless of their form of ownership, perform the functions specified in paragraph 2.5 of Order No. 80 of the Ministry of Health of the Russian Federation dated March 4, 2003, “Rules for the dispensing (sale) of medicines in pharmacy organizations. Basic provisions": sell ready-made medicines, homeopathic medicines and pharmaceutical products to the population and healthcare institutions according to prescriptions and without doctor’s prescriptions, according to requirements or applications, provide the population with information on the proper use and storage of medicines at home, provide advisory assistance for ensuring responsible self-medication. Performing these functions allows the pharmacy organization to maintain profitability.

The production of extemporaneous dosage forms, the dispensing of drugs free of charge or at a discount to certain categories of the population, the sale of narcotic drugs and psychotropic substances, due to their cost and unprofitability, were retained by pharmacy organizations of state and municipal ownership (SUE and MUP). These functions are socially important; the quality of life of socially vulnerable groups of the population, incurable patients, patients with serious illnesses and citizens with complicated nosologies depends on the effectiveness of their implementation. At the same time, state unitary enterprises and municipal unitary enterprises are independent business entities and in the process of carrying out activities must ensure their own satisfactory financial condition, i.e. provide the process of economic activity with financial resources.

In this regard, the study, analysis and diagnosis of the financial and economic activities of such pharmacy organizations play a special role for survival in harsh competitive conditions and pursue two goals:

generation of information about property and financial status;
obtaining information on the effective use of equity capital and assets, as well as loans made.

In recent years, pharmacy organizations themselves have begun to pay special attention to financial analysis. A comprehensive study of financial activities allows us to give not only an objective assessment of the institution’s activities, its competitiveness, improve the quality of management and decision-making, but also increase the overall level of competence of managers in matters of financial management [ 3 ].

Currently, a logical sequence of stages of financial analysis has developed, and management activities on this basis can be represented in three directions:

express analysis - assessment of the current financial situation and identification of main trends of change;
using the results of internal and external audits to determine the causes of the current financial situation and assessing the impact of management decisions on the financial condition;
justification of the feasibility of implementing specific economic and financial decisions in accordance with the development goals of the organization.

The first block of research is aimed at financial analysis of indicators characterizing the use of financial resources, profitability, solvency and sustainability. Depending on the results of the first block, a second block of financial research should be carried out, related to determining the financial effectiveness of the enterprise’s business plan. When conducting a financial analysis of a pharmacy organization, special attention should be paid to assessing the possibility of its functioning in the future, to assess whether it is a potential bankrupt.

The main criteria for assessing financial condition are indicators of solvency, financial stability, and profitability. According to the analysis method proposed by A.D. Sheremet and A.D. Negashev, the financial condition of any enterprise is characterized, first of all, by the placement of its funds, the state of its sources and depends on the ways of their formation. Key indicators for assessing financial condition that can be used to make informed management decisions are:

level of provision with own working capital;
the amount of immobilization of working capital;
working capital turnover and solvency;
the degree of compliance of reserves of existing assets with standard values and the amount intended for their formation.

According to this method, the priority stage in diagnosis is to determine the availability of own and equivalent funds, identifying the factors that influenced their change in the period under study. To calculate the availability of own and equivalent working capital, the following indicators are used: sources of own funds; sources of funds equivalent to own and working capital, investments in fixed assets and non-current assets.

Sheremet A.D. and co-authors propose, when analyzing the financial condition of an enterprise, to consider the immobilization (diversion) of working capital and consider the indicators of working capital turnover, since its components fully meet the requirements of the economy. For pharmacy organizations performing socially important functions, the analysis of working capital turnover is considered separately for each group (goods, cash, accounts receivable) and characterizes not only the business activity of the organization, but also allows you to determine the speed of implementation. To make management decisions, it is important to correlate the changing operating conditions with the obtained results of financial analysis.

In the methodology for analyzing the financial condition of an enterprise developed by S. B. Barngolts and B. I. Maydanchik, the approach to analysis is much deeper. The center of the diagnosis is the direct study of the organization's balance sheet. The authors consider the main criteria for the stability of the financial condition to be: compliance with financial discipline; provision of own working capital and, above all, the solvency of the organization. The main signs of insolvency and unsatisfactory financial condition are: overdue debt and long-term continuous use of loans. The results of this analysis allow the head of a pharmacy organization to determine the ineffective use of funding sources.

The difference and advantage of this methodology is the study of the reasons that caused the change in the amount of own working capital for each source. The analysis of all working capital of the enterprise is carried out in conjunction with their sources. Carrying out an analysis of the working capital of a pharmacy organization is also necessary because the assortment can be divided into two groups - “mandatory”, controlled by the state, and “free”, formed depending on the demand and financial capabilities of the organization. The rate of return on investment and turnover rates of these groups are different. To assess the turnover of working capital, a whole system of indicators is used; a comparison of the results obtained allows us to evaluate the business activity of the organization and outline ways to improve it.

In the methodology of V.F. Paliy, the information basis for conducting financial analysis is the step-by-step transformation of the gross balance sheet into the net balance sheet, and then conducting a financial analysis of the main indicators of the composition of property and performance results. At the same time, sufficient attention should be paid to the importance of non-current assets when analyzing the property of enterprises, which is relevant due to the presence in industrial pharmacy organizations of a significant share of fixed assets used in production activities.

To analyze the financial condition of enterprises, including those operating in the healthcare sector, a technique developed by A. D. Sheremet, R. S. Seifulin and E. V. Negashev is often used, which is based on the method of relative indicators (coefficients) used for a detailed study of the financial condition of enterprises. Analysis of the work of pharmacy organizations is usually carried out using 32 coefficients, which can be divided into 5 groups: liquidity, financial stability, asset management, profitability and investment. The advantage of using the coefficient method is the use of relative indicators that are not subject to inflationary processes.

The analytical balance sheet and financial stability indicators reflect the essence of the financial condition, and the liquidity of the balance sheet characterizes the external manifestations of the financial condition of the organization. In relation to pharmacy organizations, analysis of balance sheet liquidity allows one to assess current solvency and give a conclusion about the possibility of maintaining financial balance and solvency in the future.

According to A.D. Sheremet, the key goal of financial analysis is to obtain a certain number of basic parameters that provide an objective and reasonable description of the financial condition of the enterprise. In relation to the analysis of the financial condition of a pharmacy organization, it is important to analyze changes in the structure of assets and liabilities, as well as changes in accounts receivable and payable and factors influencing the formation of profit.

In our opinion, this approach is appropriate, since managers of pharmacy organizations perform various functions during the day and do not have enough time to conduct a full financial analysis. The use of key financial indicators allows the manager to have an idea of the main areas of activity.

Based on the results of the diagnostics, any organization can be in one of four types of financial condition . The first type is absolute stability. This type corresponds to the minimum values of inventories and costs. The second type is normal stability. This type is characterized by standard values of inventories and costs. The third type is an unstable state, which corresponds to unprofitable values of inventories and costs. The fourth type is a crisis state, which is characterized by immobile and slow-moving inventories and overstocking of the organization due to a decrease in demand. The established type of sustainability of the organization determines the direction of the manager’s management decisions.

When conducting diagnostics according to the schemes proposed by V.P. Astakhov, as well as A.D. Sheremet and R.S. Sayfulin, to characterize various aspects of the financial condition, both absolute indicators and financial ratios are used, which are relative indicators of the financial condition.

Analysis of financial ratios consists of comparing their values with standard and basic values, as well as studying their dynamics over several reporting periods. For state unitary enterprises and municipal unitary enterprises, theoretically substantiated or obtained as a result of expert surveys values characterizing the optimal or critical values of relative indicators, which can serve as standards for financial ratios, can serve as a basis for comparison.

For pharmacy organizations, when conducting financial diagnostics, the first level of indicators are coefficients that characterize the main aspects of the organization’s activities. At the next level, intermediate indicators are determined that characterize more general areas and states of activity (property, solvency, etc.), then coefficients are established that make it possible to evaluate each area. The use of relative indicators to assess the financial condition of a pharmacy organization has found wide application and the process of grouping these indicators remains important not only for analysis, but also for justifying management decisions.

Tyurenkov I.N., Naumova N.A. and Biteryakova A.M. created a system of control over the state of financial and economic activities of a pharmacy organization, consisting of indicators of four levels.

Level I: profitability threshold; amount of expenses; margin of financial strength; priority payments to creditors. According to the authors, first-level indicators should be in the manager’s field of vision every day.

Level II: inventory turnover; the ratio of accounts payable and inventory, as well as the volume of turnover; the share of accounts receivable in the volume of current assets; labor efficiency and productivity coefficients. Financial indicators of the second level of control are determined based on the results of work for the month and can be used to manage the business activity of a pharmacy organization.

Level III: coefficient of autonomy; investment ratio; coefficient of provision of inventory with own working capital; current ratio; liquidity ratio; level of trade overlays; average level of trade markup; return on sales (or commercial margin); operating leverage effect; effect of financial leverage (when using a bank loan); coefficient of solvency restoration (in case of loss of solvency). Third-level analytical ratios are calculated to evaluate performance for the quarter when completed financial statements are available.

Level IV: net balance sheet; the share of non-current assets in property; total capital turnover; overall profitability; coefficient of serviceability of fixed assets; average rate of depreciation of fixed assets; the growth rate of labor productivity and wages and the relationship between these indicators; capital-labor ratio. Indicators of the fourth level characterize the financial condition of a pharmacy organization based on the results of its work for the year.

Decree of the Government of the Russian Federation dated June 25, 2003. No. 367 “On approval of the rules for conducting financial analysis by arbitration managers” establishes the procedure for conducting an analysis of the financial condition of organizations. The main goal of this analysis is to obtain an objective assessment of the financial condition, solvency, financial stability, business and investment activity, as well as the efficiency of the business entity.

All methods used are based on the analysis of data from official accounting documents and state the results of the organization’s activities, for which management decisions may be made with some delays. However, in order to provide information and analytical support for management decision-making processes throughout the reporting period, the manager needs timely grouping and interpretation of interrelated financial indicators.

Thus, existing methods of financial analysis make it possible to establish an objective assessment of the activities of a pharmacy organization. The approach and proposed methods of financial analysis outlined above, as well as the financial indicators used, allow managers to conduct an in-depth analysis of the organization’s performance only based on reporting data. That is why every manager must not only know the technology of conducting a financial analysis of an enterprise, but be able to draw the necessary conclusions based on it, develop and propose measures to the enterprise to improve its financial condition. At the same time, the issue of operational management of a pharmacy organization based on the use of financial indicators not only to evaluate activities, but also to justify and make management decisions remains important for the manager.

Reviewers:

Gatsan V.V., Doctor of Pharmaceutical Sciences, Professor, Head of the Department of Organization and Economics of Pharmacy, Pyatigorsk State Pharmaceutical Academy, Pyatigorsk.
Kaisheva N. Sh., Doctor of Pharmaceutical Sciences, Professor of the Department of UEF FPO, Pyatigorsk State Pharmaceutical Academy, Pyatigorsk.

Bibliographic link

Gavrilina N.I. FINANCIAL ANALYSIS IN THE MANAGEMENT SYSTEM OF A PHARMACY ORGANIZATION // Modern problems of science and education. – 2012. – No. 6.;
URL: http://science-education.ru/ru/article/view?id=7131 (access date: 02/01/2020). We bring to your attention magazines published by the publishing house "Academy of Natural Sciences"

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