Russia has a huge potential, both for the development of domestic tourism and for the reception of foreign travelers. It has everything you need - a huge territory, a rich historical and cultural heritage, and in some regions - untouched, wild nature.
Currently, the tourism industry is one of the most dynamically developing forms of trade in services. In many countries of the world, tourism is developing as a system that provides all the opportunities to get acquainted with the history, culture, customs, spiritual and religious values of a given country and its people. There are also a lot of physical and legal entities in one way or another related to the provision of tourism services. In addition to a significant source of income, tourism is also one of the powerful factors in strengthening the prestige of the country, increasing its importance in the eyes of the world community and ordinary citizens.
Analysis of the financial and economic activities of a tourist organization is one of the most effective tools for accounting and monitoring the level of use of material, labor and financial resources, which is determined by the practical use of its results in production planning and evaluation of efficiency and quality of work. An analysis of the financial and economic activities of a tourism organization is designed to characterize changes in the material and technical base of the organization and performance indicators, to provide a deep economic justification for decisions through which management functions are implemented. The analysis reveals the effectiveness of the use of the resources placed at the disposal of the tourist organization, the reserves for further growth in labor productivity, reducing the cost of the tourist product and increasing the profitability of activities. Nowadays, when a huge number of Russian tourist organizations are in a difficult financial position, very important is the improvement of the financial condition of the tourist organization.
It is the relevance of this problem that determines the choice of the topic of the work.
The purpose of the study was to analyze the financial and economic activities of the tourist organization and its financial condition, the development of measures to improve it in modern conditions.
The research objectives are as follows:
1) consider the essence and legal regulation of the financial condition of the tourist organization;
2) to consider a system of indicators characterizing the system of indicators of a tourism organization;
3) analyze the financial condition of the tourism organization under study, in particular, conduct a vertical and horizontal analysis of the balance sheet, calculate and analyze the coefficients of financial stability, business activity, liquidity and solvency, consider the probability of bankruptcy of the tourism organization;
4) develop ways to improve the activities of the tourist organization under study.
The object of study is a society with limited liability MX-Video (MH-Video LLC).
The work consists of an introduction, three chapters, a conclusion, a list of references and applications.
2. Civil Code of the Russian Federation, part 2, the federal law dated January 26, 1996 No. 14-03 (as amended on December 17, 2002 No. 213-FZ).
3. Tax code Russian Federation part one of July 31, 1998 N 146-FZ and part two of August 5, 2000 N 117-FZ (as amended on December 31, 2003).
4. Federal Law of October 26, 2002 N 127-FZ "On Insolvency (Bankruptcy)" (as amended on August 22, December 29, 31, 2006, October 24, 2007, July 18, December 18, 2008 , February 5, April 26, July 19, 2007)
5. Bakanov M.I. , Sheremet A.D. Theory of economic analysis. Textbook. - M.: Finance and statistics, 2008.
6. Efimova O. V. The financial analysis- M.: Accounting, 2008.
7. Ionova A.F., Selezneva N.N. Methods of analysis in financial management. Part I. Assessment of the property status of the organization. – M.: BINFA, 2007.
8. Kovalev V.V. Financial analysis: Money management. Choice of investments. Reporting analysis. - M.: Finance and statistics, 2008.
9. Kreinina M.N. The financial condition of the enterprise. Evaluation methods. - M .: IKTs Dis, 2008.
10. Kreinina M.N. Analysis of the financial condition and investment attractiveness joint-stock companies in industry, construction and trade. - M.: AODIS, MVCentre, 2008.
11. Krylov E.I. Analysis of production efficiency, scientific and technological progress and economic mechanism. - M.: Finance and statistics, 2008.
14. Sedova E.I., Pogorelova K.A. Preparation for the balance commission. Analysis of accounting (financial) statements using financial ratios // Accountant consultant, N 4, April 2007
15. Solonenko A.A. Features of the methodology of financial analysis of insolvent organizations // Financial Bulletin: Finance, Taxes, Insurance, Accounting, N 2, January 2007
16. Directory of the financier of the enterprise. - M.: INFRA-M, 2008.
17. Stanislavchik E. Financial stability and financial leverage// Financial newspaper, N 28, July 2008
18. Stanislavchik E. Evaluation of profitability and risk in the framework of the analysis of the financial condition // Financial newspaper, N 37, September 2007.
19. Filobokova L., Financial analysis in small business // Financial newspaper. Regional issue, N 28, July 2008.
20. Heddevik K. Financial and economic analysis of enterprises. - M.: Finance and statistics, 2008.
21. Sheremet A.D., Saifulin R.S. Methods of financial analysis - M.: INFRA-M, 2008.
4.1. Vertical and horizontal analysis of the formation of financial resultsA travel company, like any other enterprise, operates in a constantly changing environment. external environment: the regulatory framework that defines the legislative framework; interaction with all subjects economic relations; tax regulation; demand and supply of works and services; prices and tariffs for consumed raw materials, works and services, etc. Moreover, accepted management decisions lead to a change in the organization itself: the technology used by it, the composition and number of customers, and much more. Ultimately, all external and internal changes in the conditions of activity of tourism enterprises affect their performance. Improving the performance of a functioning enterprise means that in a constantly changing environment, the firm's managers are able to find right ways decisions leading to an increase in efficiency, that the attracted additional financial resources are used rationally, etc. An analysis of the results of the enterprise's activities is of interest to a wide range of external and internal users: creditors in terms of the ability to generate profit sufficient to pay off debt; investors to assess the abilities of the management team, determine the development of the enterprise; managers of the enterprise to develop measures aimed at improving efficiency.
The information base for analyzing the results of the enterprise's activities is form No. 2 financial statements"Gains and losses report". A deep analysis of this form can be carried out using vertical and horizontal analysis.
The data of Form No. 2 (see Annex 3) can be applied to the method of vertical and horizontal analysis. Vertical analysis allows you to analyze the structure, dynamics of changes in all cost and profit items in total revenue (Table 4.1). The value of this analysis lies in the possibility of research in the temporal aspect of trends in changes in performance.
Table 4.1. Vertical analysis of the "Profit and Loss Statement" of the travel agency "Nadezhda" for 1996-1998, %
| Index | As of the end | ||
| 1996 | 1997 | 1998 | |
| Revenues from sales | 100 | 100 | 100 |
| Cost of sales | 54,5 | 57,1 | 58,1 |
| Selling expenses | 14,6 | 12,6 | 13,0 |
| Management expenses | 14,9 | 16,9 | 16,0 |
| Profit from sales | 16,0 | 13,5 | 12,8 |
| Interest receivable | 1,7 | 1,3 | 1,3 |
| Percentage to be paid | 3,7 | 2,9 | 2,9 |
| Income from participation in other organizations | 2,1 | 1,6 | 1,3 |
| Profit from financial and economic activities | 8,6 | 7,7 | 7,2 |
| 1,8 | 1,3 | 0,9 | |
| 2,5 | 1,8 | 1,2 | |
| Profit of the reporting period | 4,3 | 4,5 | 5,1 |
| income tax | 1,5 | 1,6 | 1,8 |
| Net profit | 2,8 | 2,9 | h, h |
| Abstract means | 1,8 | 2,2 | 3,0 |
| 1,0 | 0,8 | 0,4 | |
Simple, but very effective in terms of its analytical capabilities, is the horizontal analysis of Form No. 2 (Table 4.2).
Table 4.2. Horizontal analysis of the "Profit and Loss Statement" of the travel agency "Nadezhda" for 1996-1998.
| Index | As of the end | |||||
| 1996 | 1997 | 1998 | ||||
| Thousand rub. | % | Thousand rub. | % | Thousand rub. | % | |
| Revenues from sales | 1375,3 | 100 | 2007,5 | 146,0 | 2227,6 | 162,0 |
| Cost price | 750,1 | 100 | 1145,5 | 152,7 | 1295,3 | 172,7 |
| Selling expenses | 200,3 | 100 | 251,7 | 137,9 | 290,1 | 149,1 |
| Management expenses | 204,7 | 100 | 340,2 | 125,7 | 356,6 | 144,8 |
| Profit from sales | 220,2 | 100 | 270,2 | 166,2 | 285,6 | 174,2 |
| Percentage to be paid | 50,3 | 100 | 57,4 | 110,0 | 64,8 | 129,0 |
| Profit from financial and economic | ||||||
| activities | 118,3 | 100 | 154,3 | 130,4 | 161,3 | 136,3 |
| Other non-operating income | 25,1 | 100 | 26,3 | 104,8 | 20,7 | 82,6 |
| Profit of the reporting period | 58,6 | 100 | 90,9 | 155,1 | 114,2 | 194,9 |
| income tax | 20,5 | 100 | 31,8 | 155,1 | 40,0 | 194,9 |
| Net profit | 38,1 | 100 | 59,1 | 155,1 | 74,2 | 194,9 |
| Distracted | o | |||||
| facilities | 24,4 | 100 | 44,0 | 180,4 | 66,0 | 270,4 |
| Retained earnings of the reporting period | 13,7 | 100 | 15,1 | 110,0 | 8,3 | 60,4 |
Horizontal analysis is complementary vertical analysis. When conducting it, it is necessary to take into account the impact of inflation on the results of past activities.
Business performance is characterized by a whole group of profitability indicators. In itself, the growth of revenue, all types of profits, already characterizes the activity of any enterprise as quite successful. However, in order to answer the question of what caused this increase simply by an absolute expansion of the scale of activities or a reduction in costs, a more complete and rational use of the material and human potential of the enterprise, it is necessary to calculate profitability ratios that link the obtained financial results with the volume of resources used.
Some investors view profitability ratios as fundamental when considering capital investment, even more important than liquidity and financial strength. If profitability indicators improve over several years, this indicates the effectiveness of management, the ability of the enterprise to make a profit in the present and in the future.
The performance indicators of the enterprise can be divided into two large groups:
- performance indicators current activities;
- performance indicators of the use of enterprise resources.
4.2. The effectiveness of current activities
Any goal commercial organization is to obtain maximum profit as a result of its activities. Hence, the main task of enterprise management is to ensure, in the long term, taking into account technical progress and competition, conditions for stable growth arrived. Improving the efficiency of tourism enterprises, their expansion and technical re-equipment, improving the management system while increasing the range of products, works and services are necessary prerequisites for achieving this target.
Thus, the effectiveness of the current activities of a tourist enterprise can be measured by profitability indicators that link the amount of profit received in the reporting period with the amount of costs required for this. Before proceeding to a description of individual profitability indicators, we will pay a little attention to the consideration of the issue of reflecting profit in financial statements, especially since when calculating different profitability indicators, different kinds arrived. In the balance sheet, the financial result is represented by retained earnings, calculated as the difference between the value of the final financial result for the reporting period and the amount of taxes and other payments due from profit. Form No. 2 "Profit and Loss Statement", illustrating the formation of the financial result, provides several types of profit that differ in the breadth of accounting when calculating their various business transactions.
The receipt of proceeds from the sale of products (works, services) is the basis for the formation of the financial result. Revenue minus the cost of production gives profit from the main activity, and the difference between revenue and costs for the production of products (works, services) gives profit from sales. Both of these indicators are widely used in the calculation of profitability indicators. When evaluating the result of current activities, profit, as a rule, is attributed to the volume of either production costs (in this case, the profitability of production is determined) or revenue (calculation of the profitability of products).
In view of the foregoing, the following formulas for calculating profitability indicators can be proposed:
profitability of production (according to profit from the main activity):
production costs
profitability of products (based on profit from core activities):
Revenue Cost of sales
Revenue ren. products
profitability of production (by profit from sales):
Revenue Cost of production (4.3)
Production costs profitability of products (by profit from sales): (4.4)
ren. products
Revenue Cost of production Revenue
Along with the profit from sales, the financial statements directly show the values of profit from financial and economic activities, profit of the reporting period, redistributed profit. In principle, profitability indicators can be calculated for each of these types of profit. However, in each particular case, a possible analytical evaluation of their calculation should be additionally substantiated. It is advisable to calculate these coefficients in the case when other and non-operating income and expenses are either relatively small or significantly depend on the volume of the main activity. In practice, indicators of profitability of production and products calculated on net profit (ie, on the profit of the reporting period minus income tax and other taxes and fees attributable to profit remaining at the disposal of the enterprise) are widely used. The popularity of these indicators is explained by the fact that net profit is the financial result that, along with depreciation, constitutes the company's own funds and which can be relatively freely used by it to implement its socio-economic development policy, dividend policy, etc.
An example of calculating profitability indicators is given in Table. 4.3.
4.3. Resource Efficiency
Table 4.3. Summary table of indicators of profitability of the current activities of the travel agency "Nadezhda" for 1996-1998,%
| Index | As of the end | ||
| 1996 | 1997 | 1998 | |
| Profitability of production: | |||
| by gross profit | 83,3 | 75,3 | 72,0 |
| 29,4 | 23,6 | 22,0 | |
| by net profit | 5,1 | 5,2 | 5,7 |
| Product profitability: | |||
| by gross profit | 45,5 | 42,9 | 41,9 |
| operating income | 16,0 | 13,5 | 12,8 |
| by net profit | 2,8 | 2,9 | 3,3 |
Indicators reflecting the share of profit in the cost, costs or the amount of revenue received, characterize the efficiency of the current activities of the enterprise. They show to what extent, having covered the costs associated with the production of products (works, services), the enterprise is able to direct its own funds to expand the scale of activities, pay dividends, create and increase funds and reserves. However, there is a wide range of subjects of economic relations who are interested not only in the profitability of current activities, but also in the effectiveness of non-current assets used by the enterprise and financial resources. Such information is very interesting for owners, managers of the enterprise, potential investors. All of them are interested not only in what amount of expenses is carried out in the course of activity in order to receive this or that amount of profit, but also in what size fixed assets received this profit. It is very important for owners and shareholders to know how much profit each unit of money they invested brought, for managers how much profit falls on the unit cost of all used economic assets.
In order to get an idea of the effectiveness of the use of enterprise resources, a number of profitability indicators are calculated that link the amount of profit received with the amount of material or financial resources used. The effectiveness of non-current and financial "resources can be expressed in two ways: either as a share, which is the annual amount of profit in the volume of the resource used (profitability ratios), or as the number of turnovers (years), for which the resource in question can be reimbursed at a cost from profit ( turnover ratios or payback period indicators).
Profitability ratio for the use of fixed capital. It is calculated as the ratio of net profit (net profit profit of the reporting year minus income tax and other taxes and fees attributable to profit remaining at the disposal of the enterprise) to the average annual volume of all used business assets or all capital raised (half the sum of the balance sheet total at the beginning and end period). This indicator is calculated by the formula
This coefficient shows how much profit falls on 1 ruble. economic resources used. It gives the most general idea of the performance of the business under study, regardless of the sources of capital raising and other factors. Return on equity. This indicator somewhat concretizes and complements the one discussed above. It is found as the ratio of net profit to the average annual volume of equity capital. To calculate it, the following formula can be recommended:
The return on equity ratio is of great interest to the owners of the company and potential investors, as it shows how effective the funds advanced by the owners and shareholders are. This ratio, in the case of a significant amount of capital raised, may differ significantly from the return on equity ratio, In this case, the most significant results are the cost of paying interest on loans and borrowings.It is this indicator that is most suitable as a criterion for deciding on equity participation: a high return on equity, as a rule, ensures the ability to pay high dividends and thus attract additional capital, if necessary.Profitability of fixed assets Determined by the ratio of net profit to the average annual volume of used fixed assets of the enterprise.This indicator characterizes the effectiveness of that part of economic assets that is embodied in the fixed assets of the enterprise. Profitability of long-term financial investments. It is determined by dividing the volume of interest received by the company from participation in the capital of other enterprises, etc. (data are given in Form No. 2) by the average annual value of long-term financial investments (investments in dependent, subsidiaries and other enterprises):
Net income (4.7)
Comparison of this indicator with profitability indicators, for example, of fixed assets, makes it possible to justify the effectiveness of using investments to expand the core business or, conversely, the feasibility of diversifying activities.
Payback period of fixed capital. It is defined as the ratio of the average annual value of the company's economic assets to net profit. The indicator reflects the rate of replacement of the used production potential at the expense of net profit. The following formula can be recommended for calculation:
Payback period of equity. It is found by dividing the average annual value of equity capital by the net profit of the analyzed period:
It is important for owners and shareholders, because through an assessment of its size and dynamics, they, as a rule, draw conclusions about the effectiveness of their capital management.
Payback period of fixed assets. Calculated using the following formula:
Expresses the effectiveness of fixed assets invested in the business under study.
For the conditional example under consideration, the results of calculating the profitability indicators for the use of enterprise resources are given in Table. 4.4.
Profitability indicators of fixed assets, linking the performance of current activities (net or other type of profit) with the available business assets or financial resources, reflect the performance of the entire business. These indicators are very often used by investors in the process of making decisions about investing their funds in this. company.
Table 4.4. Summary table of indicators of profitability of the current activities of the travel agency "Nadezhda" for 1996-1998.
| Index | As of the end | ||
| 1996 | 1997 | 1998 | |
| Profitability, %: | |||
| fixed capital | 6,2 | 9,0 | 9,3 |
| equity | 9,9 | 14,7 | 16,3 |
| fixed assets | 16,4 | 24,0 | 26,7 |
| Payback period, years: | |||
| fixed capital | 16,1 | 11,1 | 10,7 |
| equity | 10,1 | 6,8 | 6,1 |
| fixed assets | 6,1 | 4,2 | 3,7 |
4.4. Analysis of the break-even level of the travel agency
The previously considered methods and techniques for analyzing the financial and economic activities of commercial organizations were based, as a rule, on financial accounting data, that is, on data from official financial reporting forms intended for external users. The degree of generalization and frequency of presentation of such information (mainly quarterly) are sufficient for financial authorities, state statistics authorities, potential investors at the initial stage of familiarization with the object. The results of the analysis of financial statements may suit the owners, as well as be used by the company's management in the development strategic decisions and planning long term development. However, this information is clearly not enough to guide the current activities.
As already mentioned, in a market economy, the role of economic factors in managerial activity has immeasurably increased. Despite the importance of the technical and technological aspects of the development of production, very often it is not them, but economic considerations that determine the choice of certain solutions, which necessitates the development of systems management accounting. consideration this issue much attention has been given in the economic literature. This is primarily due to the applied nature and the great importance of research on this issue from the point of view of managing commercial organizations. Without dwelling on the review of the problem of management accounting, we only note that it is based on much more specific and detailed technical and economic information about the enterprise and its structural, functional and production divisions than the data provided in the framework of financial accounting. Decisions made on the basis of this information are aimed at improving the efficiency of the current activities of enterprises.
It can be said that in the implementation of management accounting practices, managers and analysts operate with data that is an order of magnitude more detailed than the summary technical and economic information provided for the whole enterprise. This follows from the fact that one of the goals of management accounting is to allocate the costs incurred in the process of production activities to responsibility centers and cost centers, which are usually separate structural divisions or business areas. This distribution of costs allows you to link the amount of expended resources with the performance of individual production units. If there are somehow certain standards for the consumption of resources per unit of output (work), management accounting allows you to accurately localize those stages production process where unreasonably high costs of material, labor or other resources are observed. Also, specific measures can be developed on this basis to reduce resource consumption and increase production efficiency.
Naturally, for the most effective use of management accounting data, special techniques and methods of economic analysis are being developed. One of these methods, which are very widely used in the modern practice of managing commercial organizations, is the analysis of the level of break-even activity of the enterprise.
Note that such an analysis is one of the standard techniques used in business planning to justify the effectiveness of investment projects.
Consider general scheme break-even analysis of the travel agency. The break-even level of a travel agency is determined by the minimum sales volume required to cover all costs. The calculation of this volume, or, as it is also called, the break-even point, is based on three indicators. These indicators are:
- marginal profit margin,
- fixed costs
- volume of sales or revenue.
Variable costs are costs, the value of which increases with the growth of sales and decreases with their decrease (for the tourism industry, these can be costs associated with issuing tours, providing visa services, transportation, accommodation, meals for one tourist or their group, depending on whether what is accepted as a unit of calculation, payment for the services of accompanying and guide interpreters, costs for the sale of vouchers or tours, etc.).
Fixed costs are costs that remain unchanged regardless of the dynamics of sales volumes (advertising costs, administrative and management costs for central office, depreciation costs, the cost of acquiring and maintaining information databases, etc.).
Marginal profit is the difference between the proceeds from the sale of products and the variable costs of its production.
Marginal profit margin The ratio of marginal profit to sales volume, multiplied by 100%, if profit margin is expressed as a percentage.
The "break-even point" of sales is a measure of sales volume or revenue that provides break even. With this value of sales volume, the firm operates both without profit and without loss. Over time, the break-even level changes, so you need to constantly monitor the values of this indicator.
The break-even sales calculation can be carried out for different periods (day, week, month, etc.).
The break-even level is calculated as follows:
- average price one round 500 rub.
- Variable costs for one tour 300 rubles.
- Marginal profit of 200 rubles.
Marginal profit margin is defined as follows:
margin
Profitability of the marginal profit of one tour
200/500X100%=40%
Profit per tour
Price of one tour
Thus, the share of marginal profit in revenue is 40%. This information is used to find the breakeven point. It is defined as follows. Suppose that the fixed costs of a travel agency for a certain period are 1000 rubles. In this case, the revenue that ensures break-even production will be equal to the following value:
1000x100% 40%
Break-even point = 2500 rub.
Fixed costs x 100%
Marginal profit margin per tour
As can be seen from the above example, the scheme for calculating the level of break-even activity is relatively simple. However practical implementation it requires a sufficiently large experience and high qualification of expert analysts. The main problem in calculating the break-even level, as in many applied economic studies, is the classification of costs with their division into fixed and variable, the formulation of reasonable assumptions and assumptions about their behavior and quantitative certainty, and the determination of the range of production volume (works, services), within which the assumptions made about the costs can be considered appropriate.
Variables are the costs associated with the sale finished products. However, in order to correctly take into account the many types of costs that form selling expenses, additional research is required on their nature in technological process production and sale of products.
Fixed costs include depreciation of fixed assets (using a straight-line method of calculation), as well as many types of enterprise management costs. To clarify the nature of the change in the management costs of the shop level with an increase in the scale of activity, special studies are also required. It is quite difficult to attribute the cost of repairing fixed assets to a particular type of cost. If the costs associated with the expense material resources, when performing current repairs, they are linear in nature depending on production volumes, then the remuneration of labor of repair workers, depending on the accepted system of remuneration for work, can refer to both variable and fixed costs.
The conditionality of attributing costs to fixed and variable is well illustrated by the example of depreciation. In accordance with the Regulations on maintaining accounting and accounting reports in the Russian Federation, depreciation deductions can, along with the linear method, in which depreciation costs are unconditionally referred to as fixed, accrue in proportion to the amount of work performed, i.e. depreciation in this case will relate to variable costs. As can be seen from this example, both the ratio of variable and fixed costs and the breakeven point are determined not only technological features specific production, but also by the adopted cost accounting policy.
Above, the calculation of the breakeven point was shown for a rather rare case in the real economy when an enterprise produces one type of product. If the enterprise produces two or more different types of products, then additional assumptions must be made when determining the level of self-sufficiency. For example, you can find the breakeven point, i.e., the volume of output of each type of product at which the proceeds received can cover all costs, with a given ratio of individual types of products.
The calculation of the breakeven point is of great importance in substantiating the effectiveness of various investment projects. The project is considered good if the planned production volumes, secured by the effective demand of consumers, significantly exceed the level of self-sufficiency.
However, the division of costs into fixed and variable and their periodic recalculation have independent significance. Based on their analysis, management decisions that are very important from the point of view of the efficiency of current production can be made.
In the context of constantly changing market conditions and the level of prices for production resources, especially for a multi-product enterprise, it is important to choose a production program that ensures high efficiency of its (enterprise) activities. In order to determine the most preferable product range under the given conditions, specific (i.e., per unit of production) variable costs and marginal profit (in this case the difference between unit price and unit variable costs).
The profitability of each type of product is determined by dividing the marginal profit by its price. Naturally, in conditions of limited production capabilities with a sufficiently high demand, when forming a production program, preference should be given to the manufacture of the most profitable products. On the other hand, in an unfavorable market environment, the price of products acts as the upper limit of specific variable costs. If the product gives non-zero contribution margin, the release of each additional unit generates the receipt of additional funds to pay off fixed costs and reduce the amount of possible losses. Making a decision to continue the production of products, the variable costs of production of which exceed its price, is economically unprofitable and can be justified by the need to preserve the market, the hope of reducing variable costs in the future, etc.
Unlike industrialized countries, where the determination of the level has long been an integral part of technical and economic calculations in the justification and formation of short and medium-term plans for the development of enterprises, in Russia such calculations are carried out only occasionally. Not even all business plans contain relevant sections with such calculations. However, it can be assumed that as the choice of the development strategy increases, the action market factors determination of the point of self-sufficiency and we will become the same routine analytical procedure.
ANNEX 1
BALANCE SHEET AND PROFIT AND LOSS STATEMENT.
Travel company "Nadezhda" 01.01.95-31.12.97
| ASSETS | Page code | As of | |||
| 01.01.95 | 31.12.95 | 31.12.96 | 31.12.97 | ||
| I. NON-CURRENT ASSETS | |||||
| Intangible assets (04, 05) including: | 110 | 108,3 | 111,7 | 119,4 | 121,6 |
| organizational expenses | 111 | ||||
| patents, licenses, trademarks (service marks), other rights and assets similar to those listed above | 112 | 108,3 | 111,7 | 119,4 | 121,6 |
| Fixed assets (01, 02, 03) including: | 120 | 754,1 | 797,3 | 811,4 | 821,3 |
| land plots and objects of nature management | 121 | ||||
| buildings, structures, machinery and equipment | 122 | 754,1 | 797,3 | 811,4 | 821,3 |
| Construction in progress (07, 08, 61) | 130 | ||||
| Long-term financial investments (06, 56, 82) including: | 140 | 338,3 | 336,1 | 358,1 | 379,8 |
| investments in subsidiaries | 141 | ||||
| 142 | 284,0 | 284,0 | 284,0 | 284,0 | |
| investments in other organizations | 143 | ||||
| loans granted to organizations for a period of more than 12 months | 144 | ||||
| other long-term financial investments | 145 | 54,3 | 52,1 | 74,1 | 95,8 |
| Other noncurrent assets | 150 | 140,8 | 131,3 | 141,9 | 147,4 |
| Section total | 190 | 1341,5 | 1376,4 | 1430,8 | 1470,1 |
| II. CURRENT ASSETS Inventories including: | 210 | 296 | 284,5 | 298,6 | 356,3 |
| raw materials, materials and other similar values (Yu, 15, 16) | 211 | 47,1 | 51,2 | 74,1 | 83,7 |
| animals for growing and fattening (11) | 212 | ||||
| Accounts receivable (payments on which are expected within 12 months after the reporting date), including: | 240 | 275,7 | 279,0 | 358,0 | 452,4 |
| buyers and customers (62, 76, 82) | 241 | 211,9 | 217,1 | 267,4 | 341,1 |
| bills receivable (62) | 242 | - e: .. | |||
| debt of subsidiaries and affiliates (78) | 243 | 18,1 | 13,4 | 11 L | 8,9 |
| debt of participants (founders) on contributions to authorized capital (75) | 244 | ||||
| advances issued (61) | 245 | 24,5 | 28,7- | 36,8 | 56,3 |
| other debtors | 246 | 21,2 | 19,8 | 36,1 | 46,1 |
| 250 | 0 | 0 | 0 | 0 | |
| including: | |||||
| investments in dependent companies | 251 | ||||
| own shares repurchased from shareholders | 252 | ||||
| other short-term financial investments | 253 | ||||
| Cash: | 260 | 54,4 | 58,9 | 61,5 | 73,2 |
| cash desk (50) | 261 | 8,2 | IL | 10,8 | 14,9 |
| current account (51) | 262 | 19,1 | 15,9 | 21,6 | 26,2 |
| currency account (52) | 263 | 27,1 | 31,3 | 29,1 | 32,1 |
| other cash (55, 56, 57) | 264 | ||||
| Other current assets | 270 | 31,9 | 33,5 | 44,1 | 47,2 |
| Total for Section II | 290 | 690,9 | 691,7 | 799,1 | 968,4 |
| III. LOSSES | |||||
| Uncovered losses of previous years (88) | 310 | ||||
| Uncovered loss of the reporting year | 320 | ||||
| Total for Section III | 390 | ||||
| BALANCE (sum of lines 190,290,390) | 399 | 2032,4 | 2068,1 | 2229,9 | 2438,5 |
| IV. CAPITAL AND RESERVES | |||||
| Authorized capital (85) | 410 | 1120,0 | 1120,0 | 1120,0 | 1120,0 |
| Additional capital (87) | 420 | 121,4 | 136,7 | 144,8 | 149,1 |
| Reserve capital (86) including: | 430 | 10,0 | 12,5 | 12,5 | 14,0 |
| reserve funds formed in accordance with the law | 431 | 10,0 | 12,5 | 12,5 | 14,0 |
| reserves formed in accordance with constituent documents | 432 | ||||
| Accumulation funds (88) | 440 | 20,0 | 18,7 | 22,3 | 23,1 |
| Fund social sphere (88) | 450 | ||||
| Earmarked funding and income (96) | 460 | ||||
| Retained earnings of previous years (88) | 470 | 13,7 | 28,8 | ||
| Retained earnings of the reporting year | 480 | 13,7 | 15,1 | 8,3 | |
| Total for section IV | 490 | 1271,4 | 1301,6 | 1328,3 | 1343,2 |
| V. LONG-TERM LIABILITIES | |||||
| Borrowed funds.(92, 95) including: | 510 | 344,8 | 320,0 | 358,0 | 480,0 |
| bank loans maturing more than 12 months after the reporting date | 511 | 269,8 | 275,0 | 302,0 | 382,0 |
| other loans maturing more than 12 months after the reporting date | 512 | 75,0 | 45,0 | 56,0 | 98,0 |
| Other long-term liabilities | 520 | 20,0 | 50,5 | 57,0 | 10,0 |
| Section V total | 590 | 364,8 | 370,5 | 415 | 490 |
| VI. SHORT-TERM LIABILITIES | |||||
| Borrowed funds (90, 94) including: | 610 | 162,0 | 116,3 | 110,2 | 94,4 |
| bank loans | 611 | 136,0 | 86,3 | 82,2 | 72,4 |
| other loans | 612 | 26,0 | 30,0 | 28,0 | 22,0 |
| Accounts payable | 620 | 177,4 | 221,8 | 297,9 | 384,9 |
| including: | |||||
| suppliers and contractors (60, 76) | 621 | 72,1 | 81,8 | 123,1 | 154,2 |
| bills payable (60) | 622 | ||||
| debt to subsidiaries and affiliates | |||||
| substances (78) | 623 | ||||
| payroll (70) | 624 | 16,1 | 18,6 | 24,4 | 32,9 |
| according to social insurance and security (69) | 625 | 20,9 | 23,6 | 39,2 | 55,4 |
| debt to the budget (68) | 626 | 25,8 | 37,1 | 43,1 | 49,7 |
| advances received (64) | 627 | 5,2 | 16,4 | 20,7 | 31,6 |
| other creditors | 628 | 37,3 | 44,3 | 47,4 | 61,1 |
| Dividend settlements (75) | 630 | ||||
| Deferred income (83) | 640 | ||||
| Consumption funds (88) | 650 | ||||
| Reserves for future expenses and payments (89) | 660 | ||||
| Other current liabilities | 670 | 56,8 | 57,9 | 78,4 | 125,9 |
| Total for Section VI | 690 | 396,2 | 396,0 | 486,5 | 605,2 |
| BALANCE (sum of lines 490, 590, 690) | 699 | 2032,4 | 2068,1 | 2229,9 | 2438,5 |
ENHANCED ANALYTICAL BALANCE
| ASSETS | As of | |||
| 01.01.96 | 31.12.96 | 31.12.97 | 31.12.98 | |
| FIXED ASSETS | ||||
| Intangible assets | 108,3 | 111,7 | 119,4 | 121,6 |
| fixed assets | 754,1 | 797,3 | 811,4 | 821,3 |
| Construction in progress | 0 | 0 | 0 | 0 |
| Long-term financial investments | 338,3 | 336,1 | 358,1 | 379,8 |
| Other noncurrent assets | 140,8 | 131,3 | 141,9 | 147,4 |
| CURRENT ASSETS | ||||
| Stocks | 296,0 | 284,5 | 298,6 | 356,3 |
| Value added tax on acquired valuables | 17,3 | 19,3 | 19,8 | 21,2 |
| Accounts receivable - long-term | 15,6 | 16,5 | 17,1 | 18,1 |
| Accounts receivable - short-term | 275,7 | 279,0 | 358,0 | 452,4 |
| Short-term financial investments (56, 58, 82) | 0 | 0 | 0 | 0 |
| including: | ||||
| cash | 54,4 | 58,9 | 61,5 | 73,2 |
PROFIT AND LOSS TABLE
Travel company "Nadezhda" 01.01.96-31.12.98
| Index | As of the end | ||
| 1996 | 1997 | 1998 | |
| Revenue (excluding VAT from sales of products) | 1375,3 | 2007,5 | 2227,6 |
| Cost of sales | 750,1 | 1145,4 | 1295,3 |
| Gross profit" | 625,2 | 862,1 | 932,3 |
| Selling expenses | 200,3 | 251,7 | 290,1 |
| Management expenses | 204,7 | 340,2 | 356,6 |
| Profit from sales | 220,2 | 270,2 | 285,6 |
| Interest receivable | 23,1 | 25,4 | 29,8 |
| Percentage to be paid | 50,3 | 57,4 | 64,8 |
| Income from participation in other organizations | 28,5 | 33,1 | 29,7 |
| Other operating income | |||
| Other operating expenses | |||
| Profit from financial and economic activities | 118,3 | 154,3 | 161,3 |
| Other non-operating income | 25,1 | 26,3 | 20,7 |
| Other non-operating expenses | 34,6 | 37,1 | 26,4 |
| balance sheet profit | 58,6 | 90,9 | 114,2 |
| income tax | 20,5 | 31,8 | 40,0 |
| Net income (loss) | 38,1 | 59,1 | 74,2" |
| Abstract means | 24,4 | 44,0 | 66,0 |
| Retained earnings of the reporting period | 13,7 | 15,1 | 8,3 |
Regulations and literature
Methodological provisions for assessing the financial condition of enterprises and establishing an unsatisfactory balance sheet structure (approved by the FUDN on August 12, 1994, No. 31p).
Guidelines on the procedure for organizing and holding tenders for the placement of centralized investment resources (approved by the Ministry of Economy of Russia, the Ministry of Finance of Russia and the Ministry of Construction of Russia on December 20, 1994 No. ЕЯ152).
Regulations on accounting and reporting in the Russian Federation. Order of the Ministry of Finance of Russia dated December 29, 1994 No. 170.
Regulation on accounting and financial reporting. Order of the Ministry of Finance of Russia dated July 29, 1998 No. 34n (shall be enforced from the beginning of 1999).
Bernstein L. A. Analysis of financial statements: theory, practice and interpretation. M.: Finance and statistics, 1996. 624p.
Van Horn JK Fundamentals of financial management. M.: Finance and statistics, 1977. 800 p.
Dontsova L. V., Nikiforov N. A. Compilation and analysis of annual financial statements. M.: IKTs DIS, 1997. 144 p.
Kachalin VV Financial accounting and reporting in accordance with CAAP standards. M.: Delo, 1998. 432 p.
Kovalev VV Financial analysis: capital management, choice of investments, analysis of reporting. M.: Finance and statistics, 1999.432 p.
Holt R.N. Fundamentals financial management. M.: Delo, 1995.128 p.
practice report
2. Analysis of the main economic indicators and financial condition travel company"World of Wonders"
The travel company "World of Wonders" has been operating in the tourism market for 5 years. The company currently has a large number of regular customers. The volume of customer flow to the travel company "World of Wonders" as a percentage is (Figure 4):
Figure 4 - The volume of the flow of clients from the Khabarovsk Territory to the travel agency "World of Wonders" (as a percentage)
As we can see, the largest share of clients is in Khabarovsk, this is due to the location of the travel agency. Most sales occur during the summer season from April to October. In the period from May to September, tours to Turkey, Egypt, countries South-East Asia, Primorsky Territory, Sochi and sanatoriums of Primorsky Territory. Between October and February: Thailand, Egypt, India tours to the islands. Thailand is in constant year-round demand, since in this country tourists can enjoy the hot sun and warm sea all year round, especially since tours to Thailand are known for their economy (in the period until 2014).
In order to visit these countries, it is not necessary to collect documents for obtaining a visa, as a visa is obtained upon arrival in the country. This factor is of great importance when choosing a country.
The main indicators characterizing the work of the travel agency are presented in table 1.
Table 1 - Analysis of the main financial and economic indicators of the activity of Mir Chudes LLC for the period 2011-2013
|
Index |
Absolute deviation |
Growth rate, percent |
||||||
|
1. Sales proceeds |
||||||||
|
2. Cost of sales |
||||||||
|
3. Gross profit |
||||||||
|
4. Costs, |
||||||||
|
Selling expenses |
||||||||
|
Management expenses |
||||||||
|
5. Profit from sales |
Based on the presented indicators, the following conclusions can be drawn. The company's revenue in 2013 amounted to 10,336.2 thousand rubles, which is 10% more than in 2012.
Profits more than doubled. To increase the stable growth of profits, it is necessary to constantly look for reserves to increase it. Profit growth reserves are quantitatively measurable opportunities for its increase.
Their main sources are:
* increase in the volume of sales of tourist services;
* reduction in the cost of production of services, including through the reduction of selling and distribution costs and semi-variable costs in the cost of a service unit;
ѕ increase in prices by improving the quality of services provided;
ѕ search for more profitable sales markets;
ѕ implementation of services in more optimal terms;
ѕ prevention of non-operating losses, etc.
The amount of profit is influenced by a large number of factors that can be divided into internal (endogenous) and external (exogenous).
Their accounting is objectively necessary for the organization of effective tourism activities.
Border internal factors managed and depends on the economic policy of the tourist enterprise. Among them: sales volume, types tourism product and market segments, the specifics of working with the consumer, management, efficiency in the use of production costs, material incentives for the team, etc. .
External factors influence tourism through the changes taking place in the life of society and have unequal significance for various elements of the tourism system.
Among the most important external factors influencing the development of tourism, and therefore, the increase or decrease in the profits of tourist organizations, include: natural and geographical; cultural and historical; economic; social; demographic; political and legal; technological; environmental (Figure 5).
Figure 5. External factors affecting the profit of the travel agency.
Natural and geographical (sea, mountains, forests, flora, fauna, climate, etc.) and cultural and historical (monuments of architecture, history and culture) factors as the basis of tourist resources are decisive when tourists choose a particular region to visit.
If profit is expressed in absolute terms, then profitability is a relative indicator of the intensity of production. It reflects the level of profitability relative to a certain base. The enterprise is profitable if the amount of proceeds from the sale of products is sufficient not only to cover the costs of production and sale, but also to generate profit. Indicators of profitability (yield) of the enterprise allow us to evaluate its financial results and, ultimately, efficiency. These indicators usually include the level of profitability, which is expressed as the ratio of one or another type of profit to any base. Different indicators reflect different aspects of the enterprise. It is quite natural that, in general, the efficiency of an enterprise can be determined only by a system of profitability indicators. Let's calculate the profitability of sales in the company "World of Wonders" (table 2).
Table 2 - Dynamics of return on sales, percent
Thus, we see that the profitability of sales is increasing every year. This is due to the faster growth of the company's profit from the sale of goods and services compared to the growth rate of revenue.
The level of solvency is characterized primarily by a number of liquidity indicators. The degree of liquidity of a firm is determined by its ability to turn its assets into cash in a fairly short time, without significantly depreciating their value, in order to cover its short-term liabilities. As already mentioned, the liquidity ratio can act as an indicator of the firm's solvency. If the company's liquidity indicators are deteriorating, it means that the company's management is not able to effectively manage its assets and liabilities, which can lead either to the sale of long-term assets, or to insolvency and bankruptcy. Decrease in liquidity is a decrease in the profitability of the company, an increase in losses, a loss of control in capital management. This is why liquidity is so important. Distinguish liquidity of balance sheet and liquidity of assets. The difference here is that when the balance sheet is liquid, the period for turning assets into cash corresponds to the maturity of liabilities, and the liquidity of assets is determined by the time required for turning assets into cash. The essence of the analysis of the liquidity of the balance sheet is the differentiation of various types of property of the enterprise according to the degree of its liquidity, followed by their grouping on this basis. Similarly, according to the degree of urgency of repayment of obligations, the grouping of individual articles of liabilities is carried out. In 2013, the liquidity ratio was 1.92, which means that the company has the opportunity to cover all its short-term debts with the rational use of its own funds. The absolute liquidity ratio shows what part of the current short-term debt the organization can repay in the near future at the expense of liquid assets. In this case, the value of this indicator decreased by 0.5 and amounted to 0.86, which means that the company's short-term debt can be repaid at the expense of cash by 86% (table 3).
Table 3 - Analysis of the solvency of the company "World of Wonders"
Based on the analysis of the main economic indicators of OOO "World of Wonders", it can be concluded that at the moment the company is actively developing. Every year there are positive trends in the change in gross profit with a simultaneous reduction in selling expenses. The degree of efficiency in the use of material resources is also increasing every year, as evidenced by the growth of the profitability ratio.
The company's sales profit is calculated as the difference between the proceeds from the sale of goods, works, services (excluding VAT, excises and other obligatory payments), cost, selling expenses and management expenses.
The main factors affecting the amount of profit from sales are:
* change in sales volume;
* change in the range of products sold;
* change in the cost of production;
¾ change in the selling price of products.
Factor analysis of profit from sales is necessary to assess the reserves for increasing production efficiency, i.e. main task factor analysis is to find ways to maximize the company's profits. In addition, factor analysis of profit from sales is the rationale for making managerial decisions. To carry out the analysis, we will compile an analytical table (Table 4).
Table 4 - Initial data for factor analysis of profit from sales
The proceeds from the sale of goods of the enterprise in 2013 amounted to 10,336 thousand rubles, first it is necessary to determine the volume of sales in basic prices (10336 / 1.15), which amounted to 8,988 rubles. Taking this into account, the change in sales volume for the analyzed period amounted to 98.7% (8988/9104*100%), i.e. there was a decrease in the volume of sold products by 1.3%. Due to the decrease in the volume of sales of products, the profit from the sale of products, works, services decreased: 320 * (-0.127) = - 40.64 thousand rubles.
The impact of changes in cost on profit can be determined by comparing the cost of sales of products of the reporting period with the costs of the base period, recalculated for changes in sales: 9366 - (8721 * 0.987) = 758.4 thousand rubles. The cost of goods sold increased, therefore, the profit from the sale of products decreased by the same amount.
We will determine the impact of changes in commercial and administrative expenses on the company's profit by comparing their values in the reporting and base periods. Due to the reduction in the amount of administrative expenses, the profit increased by 3 thousand rubles (43 - 46), and due to the reduction in commercial expenses - by 5 thousand rubles (11 - 16).
Analysis of the activities of the hotel "Radar"
All considered data presented in the analysis are the result of the operation of this enterprise during the year 205. Stage one - analysis of the performance criteria of the enterprise ...
Travel agency OOO "World of Wonders" - is a limited liability company, which began its work in 2009. The company is located at the address: Russia, Khabarovsk, st. Dikopoltsev, 48. CEO represented by S.A. Lyapin...
Analysis of the activities of the travel company "World of Wonders"
travel company"World of Wonders" combines the functions of a tour operator and a travel agent. As a tour operator, the company works for entry, that is, it provides tourist services foreign citizens to Russia through travel agents...
Hotel industry as the basis of the tourism industry
Table 3 Comparative evaluation of the cost of hotel rooms Room category Cost of the room Hotel "Patriot" Hotel "Belgorod" Hotel "Salut" Single "Standard" 800 2800 2100 Double "Standard" 800 3300 2 pers...
The importance of exercise for the development and strengthening of the respiratory system
The pneumotonometric indicator (PTP, mm pm.cm.) makes it possible to assess the strength of the respiratory muscles, which is the basis of the ventilation process. PTP decreases with physical inactivity, with long breaks between workouts ...
Survey of the parameters of the financial and economic activities of a hospitality enterprise on the example of the Sokos hotel
The analysis of economic indicators testifies to the stable position of the enterprise in the market of hotel services. For the analyzed period, revenue from the sale of services hotel company increased by 2280 thousand rubles. or 8...
Organization of the activities of the travel agency LLC "A Style"
According to statistical reports the general economic indicators of the activity of LLC "A Style" are considered: the number and cost of sold tourist vouchers, the number of tourists served for the period 2010-2012...
Project of measures to increase the competitiveness of the Nika-tour travel agency, Moscow
The Soyuz travel agency has been on the market for 5 years, while actively cooperating with many tour operators, the main ones are Pegas Stick, Biblioglobus, Coral Travel, Anex, Natalie Tours, Alean, Intourist, Dolphin. Location: Moscow...
In accordance with the assignment received during the undergraduate practice, the available documents were studied, interviews of employees, observations and analytical and synthesis procedures were carried out. As a result, they found...
The structure of the tourist company "Tourist" and the specifics of its work
Today, for the development of the tourist company "Tourist", the development of advertising that will be effective is of decisive importance. Advertising of the travel agency "Tourist" should attract attention...
Travel agency "Sigma-Politan"
Most sales occur during the summer season from April to October. In the period from May to September, tours to Turkey, Egypt, the United Arab Emirates, Sochi, motor ship cruises and sanatoriums of the Urals are in great demand...
Tourist and recreational potential of the Republic of Buryatia
Problem solving strategic development tourism is connected with the history of tourism development in the republic. A historical analysis of the development of tourism in the region is necessary because...
Management of the travel company LLC "Breeze"
1.1 Indicators of economic activity of a travel company
One of the main requirements for the functioning of tourism organizations and their associations in a market economy is the break-even of economic and other activities, the reimbursement of expenses by their own income and the provision of a certain amount of profitability, profitability of management. the main task tourism organizations - economic activities aimed at making a profit to meet the social and economic interests of members labor collective and interests of the owner of the property of the enterprise. The main indicators characterizing the results commercial activities tourism organizations are gross income, other income, distribution costs, profit and profitability.
The purpose of the analysis of volume indicators of the activities of tourism organizations is to identify, study and mobilize reserves for income growth, profits, increase profitability while improving the quality of customer service for tourism organizations. In the process of analysis, they check the degree of implementation of plans for income, costs, profits, profitability, study their dynamics, determine and measure the influence of factors on the results of the commercial activities of tourism organizations, identify and mobilize reserves for their growth, especially forecast ones. One of the main tasks of the analysis is also to study the economic feasibility and efficiency of the distribution and use of profits.
To achieve these goals, tourism organizations must solve the following tasks:
Evaluate the extent to which profit maximization was ensured;
in cases of unprofitable work, the reasons for such management are identified and ways out of the current situation are determined;
· consider incomes on the basis of their comparison with expenses and reveal profit from realization;
· study trends in income changes for the main groups of tourism products and in general from the activities of a tourism organization;
· identify what part of the income is used to reimburse costs, taxes and generate profits;
· calculate the deviation of the amount of balance sheet profit compared to the amount of profit from sales and determine the reasons for these deviations;
· investigate various indicators of profitability for the reporting period and in dynamics;
· identify reserves to increase profits and increase profitability and determine how and when it is possible to use these reserves;
· study the directions of use of profits and assess whether financing is provided at the expense of own funds for the development of economic activity.
In practice, external and internal analysis is used.
External analysis is based on published reporting data and therefore contains a limited amount of information about the activities of tourism organizations. Its purpose is to assess the profitability of the tourist organization, the efficiency of capital use. The results of this assessment are taken into account in the relationship of the tourist organization with the founders, creditors, tax authorities and serve as the basis for determining the position of this enterprise in the market, in the industry and in the business world. Naturally, the published information does not affect all areas of the enterprise, it contains aggregated data, mainly about them. financial activities tourism organizations, and therefore has the ability to smooth and veil the negative phenomena that take place in the activities of tourism organizations.
Of greatest importance in evaluating the performance of tourism organizations and identifying measures to increase profits and increase profitability is internal analysis. It is based on the use of the whole complex of economic information, primary documents and analytical, statistical, accounting and reporting data. The analyst has the opportunity to realistically assess the state of affairs in the enterprise. He can obtain from the primary source reliable information about the pricing policy of the enterprise and its income, about the formation of profit from sales, about the structure of costs and other expenses, assess the position of the enterprise in the markets of tourist services, about gross (balance sheet) profit, etc.
An integrated approach to the study of the final results of the commercial activities of tourism organizations allows you to make informed management decisions in the course of current activities, contributes to the choice of the best options for action in the future.
To analyze the efficiency of production and the financial condition of the enterprise, various methods and indicators are used. First of all, this is a system of indicators that characterizes the efficiency of the use of resources, their return; profitability indicators.
Profitability is one of the generalizing indicators that characterize the economic efficiency of the economic activity of any organization.
Profitability indicators characterize the efficiency of the enterprise as a whole, profitability various directions activities (entrepreneurial, investment), cost recovery, etc. They reflect the final results of management more fully than profit, because their value shows the ratio of the effect to the cash or resources used. They are used to evaluate the activities of the enterprise and as a tool in investment policy and pricing.
Profitability indicators can be combined into several groups:
1) indicators characterizing the payback of costs and investment projects,
2) indicators characterizing the profitability of sales,
3) indicators characterizing the profitability of capital and its parts.
All indicators can be calculated on the basis of gross profit, profit from sales and net profit.
Profitability is measured mainly by two indicators.
The first is determined by the ratio of profit from sales to the full commercial cost, expressed as a percentage. This indicator characterizes how much profit falls on 1 ruble of sales, i.e. characterizes the payback of all current costs.
R3 = Prp / Zrp (1)
R3 = CHP / Zrp (2)
It shows how much the company has profit from each ruble spent on the sale of the tourist product. It can be calculated as a whole for the enterprise, its individual divisions and types of goods (works, services).
The second indicator of profitability characterizes the effectiveness of the use of funds. It is defined as the ratio of profit from sales to the average annual cost of fixed and circulating production assets.
Рtotal \u003d Pb / (Os + Ob) (3)
Thus, both indicators of profitability (the level of profitability) characterize the payback of both current costs and all material resources.
Profitability of sales (turnover) - the ratio of profit from sales or net profit to the amount of revenue received:
R3 = Prp / V (4)
R3 = FN / V (5)
Rp = Profit / Sales (6)
Characterizes efficiency entrepreneurial activity: how much profit the company has from the ruble of sales. This indicator has been widely used in market economy. Calculated as a whole for the tourism organization and certain types goods (works, services).
In addition, the return on fixed capital is calculated:
Rsk \u003d Profit / Fixed Capital (7)
And return on equity
Rsk = Profit / Equity (8)
The return on equity characterizes the effectiveness of the use of capital invested in the economic activity of the tourist organization at the expense of its own sources of financing.
In the process of analysis, the dynamics of the listed profitability indicators is studied, the implementation of the plan in terms of their level, and inter-farm comparisons with competing enterprises are carried out.
Transport is one of the most important components of the material base of the economy. With the development of tourism, the transport complex is constantly expanding, because ...
Analysis and diagnostics of the activities of a travel company
For the implementation of tourism services, a tourism enterprise needs working capital along with the main ...
Analysis and diagnostics of the financial and economic activities of the company
The subject of the analysis of economic activity are economic processes and final results enterprise work...
Analysis of the accounting process of forming a financial result for a specific business entity and identifying reserves for its improvement
Organization of finance in a travel company (on the example of the travel agency "Mandarin")
Entrepreneurial risks V tourism business and ways to reduce them on the example of the travel company LLC "Ocean Tours"
Management of financial activities of OOO "Moravia Auto Plus"
To assess the performance of organizations, it is not enough to use the profit indicator, since the presence of profit does not mean that the organization is performing well ...
Financial management in the enterprise of the tourism industry
The Lefort travel agency has been successfully operating in the Kuzbass market since its foundation and for 12 years. The main goal is the selection and organization of tours around the world. Legal address: 650000, Kemerovo, st. Red, 16...
Financial analysis of Lefort Travel Agency LLC
This chapter provides a financial analysis of the activities of Lefort Travel Bureau LLC. Based on the financial statements presented in the appendix, a comparative balance sheet of the enterprise for 2009-2010 was compiled ...
Financial analysis is a method of understanding the financial mechanism of an enterprise, the processes of formation and use of financial resources for its operational and investment activities ...
Financial analysis of the enterprise on the example of a travel agency
Financial analysis of the enterprise on the example of a travel agency
The main tasks of analyzing the financial condition are determining the quality of the financial condition, studying the reasons for its improvement or deterioration over the period ...
Financial analysis of the enterprise on the example of a travel agency
Analysis current position of the tourist organization under study should be supplemented with a forecast of the enterprise's work ...
Formation and distribution of financial results of LLC "Confectioner"
The main production activity of the LLC "Confectioner" enterprise is the production bakery products followed by their sale to the public. The indicators of the development of the enterprise are presented in Table 1...
CHAPTER 3 Financial and economic analysis and working capital management 3.4. Analysis of accounts payable Accounts payable reflects the valuation of the financial obligations of the enterprise to various subjects of economic relations. Accounts payable are included in its short-term liabilities and must be repaid within a period not exceeding 12 months after the reporting date (otherwise, the debt is accounted for under the item "Other long-term liabilities"). Liabilities include:
|
| The quality of accounts payable is characterized by indicators that reflect the timeliness of the settlement of obligations. This idea is given, for example, by the indicator of the share of overdue accounts payable in its total volume. The data for calculating such indicators are given in section 2 "Accounts receivable and accounts payable" of the Appendix to the balance sheet (form No. 5), and this section provides data on the movement of the corresponding indicators of accounts payable. As you know, the activity of any enterprise is associated with the acquisition of materials, products, the consumption of various kinds of services. If payments for products or services rendered are made on the terms of subsequent payment, we can talk about the receipt by the enterprise of a loan from its suppliers and contractors. In turn, the enterprise itself also acts as a creditor of its buyers and customers, as well as suppliers in terms of advances issued to them for the upcoming supply of products. Therefore, the extent to which the terms of the loan provided to the enterprise correspond general conditions its production and financial activities (for example, the maturity of receivables) depends on the financial well-being of the enterprise. By comparing the duration of periods of turnover of receivables and payables in dynamics, trends are established in mutual settlements with debtors and creditors of a tourist enterprise (see Table 3.6). Table 3.6 Comparative analysis receivables and payables of the travel agency "Nadezhda" for 1996-1998. |
CHAPTER 3
Financial and economic analysis and working capital management 3.5. Cash flow management
Cash management is important for travel agencies, especially at the present time when the Russian economy continues to experience an acute shortage of working capital. In order for a tourist enterprise to function successfully in such conditions, its working capital must be as liquid as possible, at any time the company must have enough cash to pay bills.
Small businesses lacking cash to pay their bills at the right time can lead to bankruptcy, even if they are reasonably profitable. Critical situations that are often observed are generated by a short-term need for cash, while an influx of funds is possible in the longer term. Unfortunately, in practice, many managers of travel agencies, especially those in the initial stages of formation, pay more attention to
Cash balance:
All elements of working capital in their movement are closely interconnected and interdependent. If a firm has large accounts receivables and inventories that are worth more than accounts payable, there will be a constant need for additional capital to keep the business running. These funds may be borrowed or diverted from the profits of the firm. When an enterprise is at the stage of development, the material and cost flows from cycle to cycle, as a rule, grow, i.e., with the growth of production, inventories, receivables and payables increase accordingly. A common business problem is the over-limit investment of cash in inventories and receivables when it is insufficient to pay payments. To ensure the balance of working capital elements, it is necessary to regularly monitor their dynamics, compare their standard and actual indicators, and, using the above guidelines for their regulation, determine the need for the necessary cash.
One of challenging tasks in the management of working capital is the definition of standard indicators. As a rule, the volume of sales is constantly subject to fluctuations, therefore, based on the conditions of production, it is sometimes advisable to set standard indicators in relative values, such as a percentage of sales or revenue. Production activity Each travel agency is determined by its own specifics, the state of the federal and regional economic situation, therefore, it is necessary to realistically assess each standard indicator and regularly review it.
| CHAPTER 4 Analysis of the results of the travel agency 4.1. Vertical and horizontal analysis of the formation of financial results A travel company, like any other enterprise, operates in a constantly changing external environment: the regulatory framework that defines the legislative framework; interaction with all subjects of economic relations; tax regulation; demand and supply of works and services; prices and tariffs for consumed raw materials, works and services, etc. Moreover, the managerial decisions made lead to a change in the organization itself: the technology it uses, the composition and number of customers, and much more. Ultimately, all external and internal changes in the conditions of activity of tourism enterprises affect their performance. Increasing the performance of a functioning enterprise means that in a constantly changing environment, company managers are able to find the right solutions leading to an increase in efficiency, that the additional financial resources attracted are used rationally, etc. An analysis of the results of an enterprise is of interest to a wide range of external and internal users: creditors with in terms of the ability to generate a profit sufficient to pay off the debt; investors to assess the abilities of the management team, determine the development of the enterprise; managers of the enterprise to develop measures aimed at improving efficiency. The information base for the analysis of the results of the enterprise's activity is form No. 2 of the financial statements "Profit and Loss Statement". A deep analysis of this form can be carried out using vertical and horizontal analysis. The data of Form No. 2 (see Annex 3) can be applied to the method of vertical and horizontal analysis. Vertical analysis allows you to analyze the structure, dynamics of changes in all cost and profit items in total revenue (Table 4.1). The value of this analysis lies in the possibility of research in the temporal aspect of trends in changes in performance. Table 4.1 Vertical analysis of the "Profit and Loss Statement" of the travel agency "Nadezhda" for 1996-1998, % |
| Index | As of the end | ||
| Revenues from sales | |||
| Cost of sales | 54,5 | 57,1 | 58,1 |
| Selling expenses | 14,6 | 12,6 | 13,0 |
| Management expenses | 14,9 | 16,9 | 16,0 |
| Profit from sales | 16,0 | 13,5 | 12,8 |
| Interest receivable | 1,7 | 1,3 | 1,3 |
| Percentage to be paid | 3,7 | 2,9 | 2,9 |
| Income from participation in other organizations | 2,1 | 1,6 | 1,3 |
| Profit from financial and economic activities | 8,6 | 7,7 | 7,2 |
| 1,8 | 1,3 | 0,9 | |
| Other non-operating expenses | 2,5 | 1,8 | 1,2 |
| Profit of the reporting period | 4,3 | 4,5 | 5,1 |
| income tax | 1,5 | 1,6 | 1,8 |
| Net profit | 2,8 | 2,9 | h, h |
| Abstract means | 1,8 | 2,2 | 3,0 |
| 1,0 | 0,8 | 0,4 |
| Index | As of the end | |||||
| Thousand rub. | % | Thousand rub. | % | Thousand rub. | % | |
| Revenues from sales | 1375,3 | 2007,5 | 146,0 | 2227,6 | 162,0 | |
| Cost price | 750,1 | 1145,5 | 152,7 | 1295,3 | 172,7 | |
| Selling expenses | 200,3 | 251,7 | 137,9 | 290,1 | 149,1 | |
| Management expenses | 204,7 | 340,2 | 125,7 | 356,6 | 144,8 | |
| Profit from sales | 220,2 | 270,2 | 166,2 | 285,6 | 174,2 | |
| Percentage to be paid | 50,3 | 57,4 | 110,0 | 64,8 | 129,0 | |
| Profit from financial and economic | ||||||
| activities | 118,3 | 154,3 | 130,4 | 161,3 | 136,3 | |
| Other non-operating income | 25,1 | 26,3 | 104,8 | 20,7 | 82,6 | |
| Profit of the reporting period | 58,6 | 90,9 | 155,1 | 114,2 | 194,9 | |
| income tax | 20,5 | 31,8 | 155,1 | 40,0 | 194,9 | |
| Net profit | 38,1 | 59,1 | 155,1 | 74,2 | 194,9 | |
| Distracted | o | |||||
| facilities | 24,4 | 44,0 | 180,4 | 66,0 | 270,4 | |
| Retained earnings of the reporting period | 13,7 | 15,1 | 110,0 | 8,3 | 60,4 |
Horizontal analysis is a complement to vertical analysis. When conducting it, it is necessary to take into account the impact of inflation on the results of past activities. Business performance is characterized by a whole group of profitability indicators. In itself, the growth of revenue, all types of profits, already characterizes the activity of any enterprise as quite successful. However, in order to answer the question of what caused this increase simply by an absolute expansion of the scale of activities or a reduction in costs, a more complete and rational use of the material and human potential of the enterprise, it is necessary to calculate profitability ratios that link the obtained financial results with the volume of resources used. Some investors view profitability ratios as fundamental when considering capital investment, even more important than liquidity and financial strength. If profitability indicators improve over several years, this indicates the effectiveness of management, the ability of the enterprise to make a profit in the present and in the future. The performance indicators of the enterprise can be divided into two large groups:
|
CHAPTER 4
Analysis of the results of the travel agency
4.2. The effectiveness of current activities
The goal of any commercial organization is to obtain maximum profit as a result of its activities. Hence the main task of enterprise management is to ensure, in the long term, taking into account technical progress and competition, the conditions for stable profit growth. Improving the efficiency of tourism enterprises, their expansion and technical re-equipment, improving the management system while increasing the range of products, works and services are necessary prerequisites for achieving this target.
Thus, the effectiveness of the current activities of a tourist enterprise can be measured by profitability indicators that link the amount of profit received in the reporting period with the amount of costs required for this. Before proceeding to the description of individual profitability indicators, we will pay a little attention to the consideration of the issue of reflecting profit in financial statements, especially since different types of profit can be used when calculating different profitability indicators. In the balance sheet, the financial result is represented by retained earnings, calculated as the difference between the value of the final financial result for the reporting period and the amount of taxes and other payments due from profit. In form No. 2 "Profit and Loss Statement", illustrating the formation of the financial result, several types of profit are given, differing in the breadth of accounting in their calculation of various business transactions.
The receipt of proceeds from the sale of products (works, services) is the basis for the formation of the financial result. Revenue minus the cost of production gives profit from the main activity, and the difference between revenue and costs for the production of products (works, services) gives profit from sales. Both of these indicators are widely used in the calculation of profitability indicators. When evaluating the result of current activities, profit, as a rule, is attributed to the volume of either production costs (in this case, the profitability of production is determined) or revenue (calculation of the profitability of products).
In view of the foregoing, the following formulas for calculating profitability indicators can be proposed:
profitability of production (according to profit from the main activity):
production costs
profitability of products (based on profit from core activities):
Revenue Cost of sales
Revenue ren. products
profitability of production (by profit from sales):
Revenue Cost of production (4.3)
Production costs profitability of products (by profit from sales): (4.4)
ren. products
Revenue Cost of production Revenue
Along with the profit from sales, the financial statements directly show the values of profit from financial and economic activities, profit of the reporting period, redistributed profit. In principle, profitability indicators can be calculated for each of these types of profit. However, in each particular case, a possible analytical evaluation of their calculation should be additionally substantiated. It is advisable to calculate these coefficients in the case when other and non-operating income and expenses are either relatively small or significantly depend on the volume of the main activity. In practice, indicators of profitability of production and products calculated on net profit (ie, on the profit of the reporting period minus income tax and other taxes and fees attributable to profit remaining at the disposal of the enterprise) are widely used. The popularity of these indicators is explained by the fact that net profit is the financial result that, along with depreciation, constitutes the company's own funds and which can be relatively freely used by it to implement its socio-economic development policy, dividend policy, etc.
An example of calculating profitability indicators is given in Table. 4.3.
| Indicators reflecting the share of profit in the cost, costs or the amount of revenue received, characterize the efficiency of the current activities of the enterprise. They show to what extent, having covered the costs associated with the production of products (works, services), the enterprise is able to direct its own funds to expand the scale of activities, pay dividends, create and increase funds and reserves. However, there is a wide range of subjects of economic relations who are interested not only in the profitability of current activities, but also in the effectiveness of non-current assets and financial resources used by the enterprise. Such information is very interesting for owners, managers of the enterprise, potential investors. All of them are interested not only in what amount of expenses is carried out in the course of activity in order to receive this or that amount of profit, but also in what size fixed assets received this profit. It is very important for owners and shareholders to know how much profit each unit of money they invested brought, for managers how much profit falls on the unit cost of all used economic assets. In order to get an idea of the effectiveness of the use of enterprise resources, a number of profitability indicators are calculated that link the amount of profit received with the amount of material or financial resources used. The effectiveness of non-current and financial "resources can be expressed in two ways: either as a share, which is the annual amount of profit in the volume of the resource used (profitability ratios), or as the number of turnovers (years), for which the resource in question can be reimbursed at a cost from profit ( Let's take a look at some of the most commonly used ratios in practice: Profitability ratio for the use of fixed capital Calculated as the ratio of net profit at the disposal of the enterprise) to the average annual volume of all used economic assets or all attracted capital (half the sum of the balance sheet total at the beginning and end of the period).This indicator is calculated by the formula |
| The return on equity ratio is of great interest to the owners of the company and potential investors, as it shows how effective the funds advanced by the owners and shareholders are. This ratio, in the case of a significant amount of capital raised, may differ significantly from the return on equity ratio, In this case, the most significant results are the cost of paying interest on loans and borrowings.It is this indicator that is most suitable as a criterion for deciding on equity participation: a high return on equity, as a rule, ensures the ability to pay high dividends and thus attract additional capital, if necessary.Profitability of fixed assets Determined by the ratio of net profit to the average annual volume of used fixed assets of the enterprise.This indicator characterizes the effectiveness of that part of economic assets that is embodied in the fixed assets of the enterprise. Profitability of long-term financial investments. It is determined by dividing the volume of interest received by the firm from participation in the capital of other enterprises, etc. (data are given in form No. 2) by the average annual value of long-term financial investments (investments in dependent, subsidiaries and other enterprises): Net profit (4.7) |
