Analysis of property potential - Financial analysis for managers

Analysis of property potential

The analysis of the property potential of the company is carried out on the basis of the balance sheet. The structure of the company's assets and liabilities is constantly changing. In the balance sheet information is provided on a certain date, therefore for the study of dynamics indicators are calculated for several accounting periods.

In the balance sheet, the assets and liabilities of the company are grouped according to the degree of liquidity and maturity, respectively. The relationship between assets and sources of their coverage is analyzed.

The main standard stages of analyzing the structure of the company's assets are:

o estimation of the dynamics of changes in the balance currency;

o determination of net assets (A/A):

A/Ax = A = 0, i.e. of all assets of the company are deducted all liabilities, this indicator determines the book value of the company,

NA2 = A - THAT, i.e. of all assets only current liabilities of the company are deducted, used to calculate financial stability indicators;

o calculation of working capital MG = TA - TO = SC + DO - VA - the size of exceeding the value of TA over TO;

o analysis of the structure of assets and classification by the degree of their liquidity;

o analysis of liabilities structure and classification by maturity of maturity;

o Evaluation of the satisfactory structure of the balance sheet.

For GK in analyzing the property potential, it is necessary to take into account the following features that are common to all GKs and affect the indicators of property potential:

1. The predominance of IA over all assets (generating equipment, buildings and structures, management systems are expensive). It is necessary to clearly understand, due to what changes in the size of the VA (withdrawal of obsolete equipment, commissioning of new capacities, etc.) occur. From the technical state and characteristics, the uninterrupted and economical operation of the equipment depends, and, accordingly, the revenue received by the GK is directly dependent.

2. Significant proportions of long-term and short-term financial investments (DPF, KVF) are due to the placement of received DS from the sale of shares.

3. Among the TA, stocks (raw materials and materials-fuel stocks, the amount of main and reserve fuel reserves are determined by the technical characteristics of the equipment, the type of fuel, the distance from the fuel source, the season) and accounts receivable (advances to suppliers and contractors for construction and reconstruction). Changes in specific weights are possible in case of a change in the price of fuel, deviations of actual fuel stocks from planned ones. The main fuel is consumed continuously, in connection with the significant volumes of fuel consumed for the CC it is important to have an uninterrupted fuel source, the reserves are created, as a rule, for the winter period or in the presence of risks of disrupting fuel supplies. Fuel has a major impact on the cost of production and retained earnings.

4. KFV (funds attracted to the investment program (DS), temporarily placed, as a rule, on deposits).

5. In connection with the crisis phenomena it is necessary to pay special attention to the growth rate of the DZ. This indicator is more important for TGCs that sell heat energy to enterprises and the population that have more opportunities to delay payments, while OGKs are in a safer position when selling electricity.

6. As a rule, all the main assets of the Civil Code are hard-to-fulfill illiquid, for VA this is due to the high cost and inability to sell equipment in whole and in part, TA, consisting mainly of fuel stocks, are also illiquid and difficult to implement, which is connected with the impossibility of selling fuel supplies (overload, transportation, etc.).

7. Significant amounts of statutory and additional capital, sometimes long-term obligations are stipulated by the financing of investment programs.

Based on the balance sheet data for several reporting periods, the balance structure is satisfactory.

However, it is necessary to take into account that in the conditions of implementing investment programs, the balance sheet indicators are subject to abrupt changes, which, when assessing the satisfactory structure of the balance sheet, must be taken into account:

o reasonable growth, decrease in the currency of the balance sheet - it is important to take into account the reasons for the changes - changes in IA (input and output of equipment), changes in capital and liabilities (attraction for construction and reconstruction of facilities);

o TrSK & gt; ТрZК - the changes are not smooth, can significantly change for one reporting period and be determined by the strategy of financing investment projects;

o Determining the structure of capital invested in HK is very important for assessing the effectiveness of the activities of the Civil Code. The detailed structure of invested capital, which consists of operational invested capital and non-operational investments, will allow us to assess and control the effectiveness of the management of the funds of the Civil Code.

Operating capital invested, calculated as the amount of operating working capital (TA - Long-term DZ - Part of KFV) and net fixed assets (used in core business) and net other of assets, represents the amount of investment in core activities and is necessary to assess the effectiveness of the activities of the Civil Code, the calculation of profitability.

Operating Capital is the sum of all the current assets of the Group of Companies that are used in the core business. Excluded are only long-term DZ (advances given to suppliers of equipment and materials), KVV and cash in excess of the normative balance (the company may have significant cash in certain periods in the accounts and in KFV for transferring to suppliers and contractors for investment projects).

Net fixed assets - the book value of the existing power objects owned by the Civil Code.

As a result, the separation of the amount of invested capital into operating investment capital will allow analyzing the efficiency of operating activities, regardless of short-term changes in the structure of capital and assets, and the amount of non-operational investments will allow analyzing the effectiveness of investment programs of the Civil Code.

Key balance ratios for GK:

1. BA ^ & gt; TA-key industry specifics.

2. TA & gt; TO - recommended.

3. Tp (BP) & gt; Тр (ТА) - it is recommended (means, that Тр proceeds ГК above Тр cost of fuel).

4. Tr (BP) Тр (ZК), Тр (СК) Тр (ZК) - depends on the company's strategy for financing investment programs.

5. Before (DZ) & lt; Up to (KZ) is recommended (for WGCs such a ratio is characteristic and achievable, due to more stringent control over the power wholesale market, which can not be said for TGCs).

6. Tp (II) & gt; Тр (ВР) - it is recommended (it characterizes the fuel efficiency of the stations included in the GC).

7. Tp (BP) ~ 5 & gt; Tr (A) - the rate of revenue growth is less than the growth rate of assets, which is associated with the implementation of investment programs; this ratio is subject to significant and dramatic changes.

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