The procedure for assessing the organization's net assets. Net assets: calculation, value, formula
According to economic theory, it is located at the intersection of supply and demand, that is, it is agreed upon between the buyer and seller when making an exchange. Changes in demand or supply lead to a revaluation of the product (service).
Assessment methods
Market value is established for the purpose of assessing collateral, property of the debtor during bankruptcy proceedings, property received free of charge, non-monetary investments in the authorized capital, etc. General methods for determining market value:- property (costly). Calculates the total costs of restoring or replacing an object, taking into account wear and tear;
- profitable. Predicts the profit from the object or future cash flows, adjusted to take into account the discount rate;
- comparative. Uses quotations of identical or similar assets obtained as a result of actual transactions for comparison with the subject matter.
Market value in accounting
In accounting, the market price usually diverges from the book value. The first is based on constantly changing supply and demand, and the second is a fixed value. The current value provides relevant information because it reflects the true value of the property adjusted for inflation.The accounting value of assets is adjusted to actual values through revaluation. Market price applied as fair or liquidation value.
Factors influencing market price
The market value of assets is formed under the influence of the following factors:- access to an active market. Current prices are formed as a result of trading operations, and therefore require access to an active market in which transactions are executed. Illiquid assets (buildings, equipment) are not traded on the market and are therefore assessed by specialists;
- current conditions. The valuation of the asset is determined on the date of the transaction. For a security, this is the amount of the last recorded transaction (for a bond, the last amount excluding accrued interest, or the “net price”);
- terms of sale. With an unlimited sales period, the asset can be sold at the stated value. Urgent sales lead to lower prices, since fewer potential buyers are attracted due to the short time;
- volatility . The cost of objects is regulated by the forces of supply and demand, which are characterized by instability. This causes price fluctuations (volatility). An increase in demand for products increases prices, while supply decreases them. Demand depends on the profitability of assets and the risk associated with their acquisition.
Market capitalization
Investors use current prices to measure market capitalization- cost joint stock company, calculated by multiplying the stock quote by its number.If the selling price of a share is greater than its par value, then it is traded at stock exchange with a premium, if less - with a discount. Market value of the company and its shares valuable papers increases with the growth of profits generated by assets, since this indicates the stability of the company, its ability to generate income and pay dividends. The Coca-Cola company's share price is 4-5 times its nominal value because its net profit is more than 16% of sales.
Introduction
1. Economic content of the “net assets” indicator of a joint-stock company
1.1 The concept and essence of “net assets”
1.2 Characteristics of existing methods for assessing the value of net assets joint stock company
1.2.1 Comparative characteristics assets and liabilities accepted for calculation
2. Organizational and economic characteristics of MOLOT OJSC
2.1 Organizational and legal characteristics
2.2 Financial and economic characteristics
3. Estimation of the value of the net assets of a joint-stock company
3.1 Assessment of changes in assets accepted for calculation
3.2 Assessment of changes in liabilities accepted for calculation
3.3 Estimation of changes in net asset value using known techniques
Conclusion
List of used literature
Introduction
The purpose of the work is a theoretical and practical study of assessing the risk and profitability of financial assets.
Achieving this goal determined the need to solve the following tasks: research of the basic concept of assessment financial assets; study of the concept of assessing the profitability of financial assets;
study of the concept of risk assessment of financial assets; making decisions on investments in financial assets.
The subject of the study is the concepts of risk and profitability of financial assets.
The main goal of financial analysis is to obtain the most informative parameters that give an objective and accurate picture of the financial condition of the enterprise, its profits and losses, changes in the structure of assets and liabilities, settlements with debtors and creditors.
In this case, the analyst may be interested in both the current financial state of the enterprise and its projection for the near or longer term, i.e. expected parameters of financial condition.
The goals of analysis are achieved as a result of solving a certain interrelated set of analytical problems. Analytical task represents a specification of the goals of the analysis, taking into account the organizational, informational, technical and methodological capabilities of the analysis. The main factor ultimately is the volume and quality of the source information. It should be borne in mind that the periodic accounting or financial statements of an enterprise are only “raw information” prepared during the implementation of accounting procedures at the enterprise.
Financial analysis is a flexible tool in the hands of a manager. The financial condition of an enterprise is characterized by the placement and use of enterprise funds. This information is presented in the balance sheet of the enterprise. The main factors determining the financial condition of the enterprise are, firstly, the implementation financial plan and replenishment as the need arises for own capital turnover at the expense of profit and, secondly, the speed of turnover of working capital (assets). The signal indicator in which the financial condition is manifested is the solvency of the enterprise, which means its ability to satisfy payment requirements on time, repay loans, pay staff, and make payments to the budget. The analysis of the financial condition of the enterprise includes:
analysis of liabilities and assets, their relationship and structure;
analysis of capital use and assessment of financial stability;
analysis of the solvency and creditworthiness of the enterprise, etc.
Information support for financial and economic activities has a complex structure and is determined by various factors: the level of management, the purpose of information, the composition of users, etc. At the enterprise level, the basis for information support for financial activities is accounting data.
Accounting statements are not the “final product” of an accountant, but the information basis for subsequent analytical calculations necessary for making management decisions.
1. Economic content of the “net assets” indicator of a joint-stock company
The indicator of an organization's net assets is an indicator of its stability and ability to meet its obligations
The net asset indicator for joint stock companies is of no small importance, because it characterizes not only the amount of the company’s equity capital, but also its financial stability. This indicator is no less significant for limited liability companies - it determines the actual value of the share of its participant.
By calculating net assets, you can assess the “health” of the company, learn about its financial condition, ability to answer to creditors, and justify the possibility of paying dividends. And sometimes the very existence of a company depends on the size of its net assets.
A firm's net assets are actually its equity. That is, assets free from all debt obligations. So the more of them, the more efficient the company’s work.
Joint-stock companies (closed and open) and limited liability companies are required to monitor the amount of net assets. After all, if this indicator becomes less than the authorized capital, then the authorized capital will have to be reduced, and the payment of dividends can be forgotten for a while (Article 35 of the Law of December 26, 1995 N 208-FZ “On Joint Stock Companies”, Article 20 of the Law dated February 8, 1998 N 14-FZ "On Limited Liability Companies"). Those companies whose authorized capital, as a result of recalculation, turns out to be less than the permissible minimum (currently for LLCs and CJSCs - 10,000 rubles, for OJSCs - 100,000 rubles) will have to be liquidated.
This requirement of legislators is quite understandable. After all, entrepreneurial activity should be aimed at “systematic receipt of profit” (Clause 1, Article 2 of the Civil Code). Therefore, over time, the company's equity capital should grow. And if it decreases, moreover, becomes less than the initially invested funds, then this means the financial instability of the society. The disappointing conclusion can be drawn that the company spends more than it earns. As a rule, the financial result of such organizations is a loss.
In such conditions, the owners are obliged to either take urgent measures to correct the situation or liquidate the company. Otherwise, the company may be liquidated by court decision. Similar situations occur in arbitration practice.
So the net asset indicator is of no small importance and monitoring its dynamics is vital for any company.
Net assets can be easily calculated using data from the balance sheet. To do this, the amount of liabilities is subtracted from the amount of assets. True, not all balance sheet indicators are included in the calculation. Thus, the value of own shares purchased from shareholders and the debt of the founders for contributions to the authorized capital must be excluded from the assets. And the liabilities do not take into account capital and reserves (section III) and deferred income (code 640 section V). All data should be taken from the last approved in accordance with the established procedure balance sheet society.
This calculation procedure is adopted for joint-stock companies (Order of the Ministry of Finance of Russia N 10n, FCSM of Russia N 03-6/pz dated January 29, 2003). There is no regulatory document for calculating the net assets of limited liability companies. Financial department specialists believe that LLCs can use the rules developed for joint-stock companies (Letter of the Ministry of Finance of Russia dated January 26, 2007 N 03-03-06/1/39).
1.1 The concept and essence of “net assets”
The main task is to use the results of net asset analysis to work in the mode of preventing undesirable situations, rather than correcting their consequences
The net assets of joint stock companies are one of the few financial indicators that appear in federal laws (“On Joint Stock Companies”, “On appraisal activities in the Russian Federation") and, importantly, enshrined in the Civil Code Russian Federation.
Net assets are the assets of an enterprise that, under certain conditions, can be claimed by their owner in proportion to the total value of the shares.
Net assets as an indicator can be used in a fairly wide range to analytically substantiate a management decision: when determining the financial stability of an enterprise, assessing its investment attractiveness, determining dividend policy, preparing an issue prospectus, to regulate the ratio between equity and borrowed capital, etc.
The practical use of net assets initially involves clarifying their economic nature, principles and rules of assessment as a specific procedure prior to making a decision regarding, for example, regulation.
IN in this case assessment requires measurement, comparison with the norm, with oneself, identification of deviations and their dynamics. Theoretically, these issues are almost not covered. As for the methodology for comprehensive analysis of net assets, it has hardly been developed. Without pretending to fully cover the practical use of net assets in the practice of financial management, we will dwell on some aspects of their analysis.
1.2 Characteristics of existing methods for assessing the value of net assets of a joint-stock company
The value of net assets is determined by order of the Ministry of Finance of Russia and the Federal Commission for the Securities Market dated August 5, 1996 No. 71/149 “On the procedure for assessing the value of net assets of joint-stock companies.” According to this normative act The book value of net assets is determined, which is reflected in Form No. 3 of the annual financial statements “Report on changes in capital” on line 150 (to be completed by all commercial organizations).
In technical terms, determining the book value of net assets is a fairly simple calculation: from the assets taken into account, the liabilities taken into account are subtracted. The term "taken into account" means that assets and liabilities must meet certain requirements presented in the above order. In addition, from January 1, 2001, when calculating the value of net assets, there is no money must meet the requirements of PBU 14/2000 “Accounting for intangible assets”.
1.2.1 Comparative characteristics of assets and liabilities accepted for calculation
The calculation of net assets according to the balance sheet (form No. 1), taking into account their changes, can be presented on conditional example(Table 1).
Table 1
Calculation of net assets (in balance sheet valuation) taking into account their changes, thousand rubles.
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Name |
Form line code No. 1 |
For the beginning of the year |
At the end of the year |
Change (absolute) |
Impact on change in net assets |
|
|
In thousand rubles |
In % of total change |
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Assets taken into account |
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1. Intangible assets |
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2. Fixed assets |
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4. Long-term financial investments |
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5. Other non-current assets |
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7. Accounts receivable |
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8. Short-term financial investments |
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9. Cash |
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10. Other current assets |
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11. Total - assets (sum of lines 1 - 10) |
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Liabilities taken into account |
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12. Targeted funding and revenues |
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13. Loans and credits |
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14. Accounts payable |
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15. Debt to participants (founders) for payment of income |
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16. Reserves for future expenses and payments |
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17. Other liabilities |
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18. Total - liabilities (sum of lines 11-17) |
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19. Net assets (lines 11 - 18) |
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From the principle underlying the calculation and from the data presented, it is clear that the greater the value of assets taken into account, the greater the value of net assets. And at the same time, the greater the amount of liabilities taken into account, the less the amount of net assets. In other words, net assets are largely the result of a policy of attracting borrowed capital.
In formalized form, net assets as a performance indicator, depending on the factors causing its change, can be represented in the form of an additive model:
NA = APR - PPR,
where: NAV is net assets;
APR - assets taken into account;
PPR - liabilities taken into account.
Using the rules of determination, you can lengthen (expand) this model: present the assets and liabilities taken into account in the context of balance sheet items in the form of an algebraic sum of factors. Essentially, this has already been done in Table 1. The influence of factors can be determined using traditional techniques of economic analysis.
The main task is not to determine the quantitative influence of factors (although, of course, this is important), but to use the results of the analysis to work in the mode of preventing undesirable situations, and not to correct their consequences. To do this, first of all, it is necessary to use the provisions of the Civil Code of the Russian Federation. Paragraph 4 of Article 99 “Authorized Capital of a Joint-Stock Company” of the Civil Code of the Russian Federation states that if at the end of the second and each subsequent financial year the value of the company’s net assets is less than the authorized capital, the company is obliged to declare and register in the prescribed manner a decrease in its authorized capital. If the value of the specified assets of the company becomes less than the minimum amount of authorized capital determined by law, the company is subject to liquidation. Essentially the same thing, but in more detail, is presented in paragraphs 4 and 5 of Article 35 “Funds and net assets of the company” Federal Law RF "On joint stock companies". The new version of the federal law, which came into force on January 1, 2002, left the content of these paragraphs unchanged. The point is that, if at the end of the second and each subsequent financial year in accordance with the annual balance sheet proposed for approval by the company's shareholders, or the results of the audit, the value of the company's net assets turns out to be less than its authorized capital, the company is obliged to announce a reduction of its authorized capital to an amount not exceeding the value of its net assets. If, at the end of the second and each subsequent financial year, in accordance with the annual balance sheet proposed for approval by the company’s shareholders, or the results of an audit, the value of the company’s net assets turns out to be less than the minimum authorized capital specified in Article 26 of the Federal Law, the company is obliged to make a decision on its liquidation. It should be taken into account that a more stringent restriction is presented in the above-mentioned Article 35 in paragraph 6. It provides that if a decision to reduce the authorized capital of a company or liquidate a company has not been made, then its shareholders, creditors, as well as bodies authorized by the state have the right demand the liquidation of the company in judicial procedure. The latest edition of the federal law has made Article 35 more transparent by specifying paragraph 6, indicating the initiators of liquidation. This is the body that carries out state registration of legal entities, or other state bodies or local government bodies, which are granted the right to make such a claim by federal law. However, here, as in the previous version of the law, the liquidation mechanism itself is not spelled out and there is no reference to another normative act.
There is still a need to return to this point, i.e. to the right to demand liquidation. For now, let’s turn to the authorized capital, which in the civil code and other laws is associated with net assets.
The old and new editions of the Federal Law “On Joint-Stock Companies” indicate that the size of the authorized capital is determined by its founders and at the time of registration of the company cannot be less than 1000 times the minimum monthly wage for an open joint-stock company and 100 times the minimum monthly wage for a closed joint-stock company. The size of the authorized capital, as is known, is indicated in the charter, as well as in the agreement between the founders on the creation of a joint-stock company. The agreement or charter also specifies the procedure for forming the authorized capital: the size of the contribution of each of the founders, the form of payment for this contribution, etc. The authorized capital of a joint stock company in accordance with the Civil Code of the Russian Federation is made up of the par value of the company's shares acquired by shareholders. At the time of establishment of the company, the authorized capital is the only source of equity funds. Only then do profit and funds formed from net profit appear in the balance sheet, which increase the sources of own funds. The opposite picture is also possible - losses. They reduce the availability of sources of own funds (equity).
Thus, in accordance with the Civil Code and the Federal Law “On Joint Stock Companies”, at the end of the second and each subsequent financial year, it is necessary to compare net assets with the authorized capital. If they are more than the authorized capital, everything is fine. And if it is less, then you need to make a comparison with the minimum authorized capital.
The question arises, what should we take as the most basic value of the minimum monthly wage, in order to then make a comparison with net assets? Let's say a joint-stock company was founded in 1996, and the authorized capital, based on 1000 minimum wages, was 75.9 million rubles. After the denomination, this is 75.9 thousand rubles. As you know, in subsequent years the minimum monthly wage has constantly increased. So what should we take into account? Minimum wage level, 1996 or each subsequent year? The answer to the question, in our opinion, can be given by Article 4 of the Civil Code of the Russian Federation “Effect of civil legislation in time,” which states that acts of civil legislation do not have retroactive force and apply to relations that arose after their entry into force." This means that when analysis of the statements of 1998 and each subsequent year, the book value of net assets must be compared with the authorized capital, formed in this case based on the level of the minimum wage in 1996, i.e. with 75.9 thousand rubles.
The ratio between net assets and authorized capital shows how many times equity (assets formed from equity) exceeds the original authorized capital.
The authorized capital of a joint stock company can remain at its original value for a number of years (as many examples can be given), and net assets can exceed its value by tens, hundreds and thousands of times (Table 2).
table 2
The ratio of net assets and authorized capital over time for the largest enterprises Orenburg region, thousand roubles.
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Indicators |
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JSC "Inverter" Orenburg |
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Authorized capital |
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Net assets |
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Ratio, in times |
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JSC "Nosta" Novotroitsk, Orenburg region |
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Authorized capital |
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Net assets |
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Ratio, in times |
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OJSC "Orenburgneft" Orenburg |
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Authorized capital |
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Net assets |
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Ratio, in times |
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Net assets are of decisive importance in determining the directions of an enterprise's dividend policy. This follows from the fact that, in accordance with Article 102 of the Civil Code of the Russian Federation and Article 43 of the Federal Law “On Joint-Stock Companies,” a joint-stock company does not have the right to declare and pay dividends if the value of net assets is less than the authorized and reserve capital or will become less as a result of paying dividends. This predetermines the need for another analysis procedure: comparing net assets with the total value of the authorized capital and reserve fund.
The new edition of the Federal Law “On Joint-Stock Companies,” which came into force in 2002, certainly contains a number of positive amendments and innovations regarding net assets. Net assets appear in Article 28 “Increase in the authorized capital of the company”, Article 35 “Funds and net assets of the company”, Article 43 “Restrictions on the payment of dividends”, Article 73 “Restrictions on the company’s acquisition of outstanding shares”, etc. All these articles were in changed to one degree or another.
Summarizing the above, the main directions of analysis of net assets can be defined as follows: determination of the book value of net assets; calculating the impact of changes in net assets due to balance sheet items using an additive model; comparison of net assets: firstly, with authorized capital; secondly, with a minimum amount of authorized capital; thirdly, with the amount of the authorized capital and reserve fund; interpretation of analysis results, formulation of preliminary conclusions; dynamics of net assets, assessment of the rate of their change.
Other directions of analysis are also possible. Their selection and content are determined by the financial manager.
Net assets are of particular importance in determining the liquidation value of an enterprise. We are talking about the value of net assets at market prices. Here the Federal Law of the Russian Federation “On Valuation Activities in the Russian Federation” comes into force. Of course, it is good to know the market value of net assets, but without bankruptcy proceedings.
2. Organizational and economic characteristics of MOLOT OJSC
This chapter will conduct an in-depth analysis of the influence of the structure and composition of personnel on the efficiency of an enterprise using the example of the open joint-stock company "Molot".
OJSC "Molot" is a commercial organization, the authorized capital of which is divided into a certain number of shares, certifying the mandatory rights of the company's participants (shareholders) in relation to the company.
"Molot" is a legal entity and owns separate property, which is accounted for on its independent balance sheet; it can, in its own name, acquire and exercise property rights, bear responsibilities, and be a plaintiff and defendant in court.
The Company has civil rights and bears the responsibilities necessary to carry out any types of activities not prohibited by federal laws, including the main types of activities:
1. Production of soft and alcoholic drinks, mustard, corn sticks;
2. Carrying out trade and commercial activities;
3. Provision of services to legal entities and individuals;
4. Foreign economic activity;
5. Other activities that are derivative of the main ones and help to carry them out.
The main types of activities, the list of which is determined by federal laws, can be engaged in by an OJSC only on the basis of a special permit (license).
Solving these problems requires using labor resources high quality: education, special training, selection, training, formation of an economic approach.
net asset valuation value
The personnel management system has priority in matters of managing the activities of the entire enterprise.
Molot OJSC is headed by a general director who coordinates the activities of the entire organization. All issues of the current activities of Molot OJSC are within his competence, with the exception of issues falling within the competence of the general meeting of the enterprise.
The limited structure of Molot OJSC includes divisions that perform a certain range of functions. Each division (sales sector, production sector, technical sector) is allocated in organizational terms and has to some extent administrative and economic independence, that is, it has the right to accept and ensure the implementation of relevant management decisions within the limits of its competence, determined for each division by the General Director.
Each division is headed by a chief (commercial director - sales sector; shop manager - production sector; technical director - technical sector).
All divisions are divided into departments that directly carry out their activities, for the sake of which they are created. All these departments perform the functions of main production, management, service, sales, etc.
As you know, the better departments perform their functions, the better specialized they will be.
In this case, specialization contributes to the improvement of qualifications and the rapid acquisition by staff of the necessary practical skills, simplifies the management of the unit by a higher authority, since it reduces the variety of goals that the management body sets for the managed unit and control over the degree of their achievement.
2.1 Organizational and legal characteristics
The organization of management processes at Molot OJSC is based on a combination of two principles for constructing management structures: linear and functional.
Linear management structure of Molot OJSC: the lower level (division, employee) is completely subordinate to the superior manager. At general director OJSC "Molot" has created a staff of his deputies (heads of structural sectors) who prepare draft decisions, which requires high professionalism from the general director in the decision-making process. However, in order to avoid negative consequences, the General Director sets out the concentration of decision-making rights, delegates a significant part of the powers to lower-level managers of divisions of OJSC Molot (while retaining the right to control and evaluate the quality of management decisions made by lower echelons, which retains in the management structure of the enterprise main features of linear structure).
The functional structure of the management of Molot OJSC is expressed in the fact that specialized departments have been created for each production sector, according to the functions performed.
As part of Molot OJSC, the divisions are divided, in accordance with the functions performed, into 3 sectors (production, technical, sales). Each sector includes a number of departments, which are distributed according to the principle of specialization.
The analysis of the structure of departments of divisions is carried out taking into account the responsibilities assigned to them. As a result, the manufacturing sector has departments involved in the production of products, mastering new technologies, etc. departments of the technical sector organize the activities of Molot OJSC, and also serve the company, etc. The sales sector organizes the sale of products wholesale and retail, coordinates the work of branches, stores, etc.
All sectors of Molot OJSC, when performing their functions, are aimed at achieving common goal- efficient operation of the enterprise, therefore their activities are interdependent.
It is very important to take into account when building the organizational structure of an enterprise that the activities of sector departments do not duplicate each other, since this is accompanied by additional costs of working time and complicates the decision-making process.
When analyzing the activities of the organizational structure of Molot OJSC, it turned out that several specialists from the production sector perform the functions of the sales sector, which is unacceptable. It is noteworthy that with such a large volume of product output, Molot OJSC does not have a marketing department. The functions of the marketing department are performed by specialists from different departments of the sales sector. This situation does not allow Molot OJSC to develop an effective marketing strategy to increase sales volumes of its products.
In general, the organizational structure of Molot OJSC corresponds to the specifics of the enterprise, its goals and the solution of the tasks facing it. Separation of sectors and departments according to the specifics of the enterprise. However, the sales sector of Molot OJSC needs some reorganization and specification of the functions of its departments.
2.2 Financial and economic characteristics
It is impossible to evaluate the activity of an enterprise without analyzing the main indicators of production and economic activity (PCB).
Based on the PCB analysis data, the requirements for financial resources are determined; the efficiency of the enterprise structure is assessed; the financial results of the company's activities are predicted, and other tasks related to the management of production resources and financial activities of Molot OJSC are solved (Table 2.1).
An analysis of the PKD results shows that Molot OJSC is profitable. However, it should be noted that there is a discrepancy between net profitability and profit margins. The profitability plan was fulfilled only in 2008. And although the net profitability indicator in 2010 increased by 9.5% compared to 2009, and the profit margin by only 4.3%, the profitability plan was not fulfilled in 2009 0.6%.
The decrease in net profitability in 2009 by 0.7% compared to 2008 is explained by the economic crisis of the country's financial system. However, in the future this played a positive role: due to the rise in the dollar exchange rate, prices for imported alcoholic beverages increased, therefore the demand for domestically produced alcoholic beverages increased. As evidenced by the increase in revenue in 2010 by 36.9% compared to 2009.
Table 1
Main indicators of PCB OJSC "Molot"
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Index |
Period, year |
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Product output, thousand rubles. |
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Cost, thousand rubles. |
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Net profit, thousand rubles. |
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Net profitability PE/seb * 100%, % |
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Profit rate, % |
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Capital turnover, k (n=1) |
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Working capital turnover, k |
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Autonomy coefficient, k |
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Total liquidity ratio, k |
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Number of personnel, including workers |
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Staff productivity |
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Worked people /day Person /hour. |
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The growth in sales revenue accordingly increased the net profit received by Molot OJSC. It should be noted that an increase in gross income by 36.9% in 2010 relative to 2009 and an increase in the cost level by 31.2% (the difference between the growth of revenue and cost of 5.7%) determined the increase in net profit in 2010 by 42.8% compared to 2009
An analysis of the rate of return and net profitability shows that in 2008, Molot OJSC received profits for each ruble of production costs that were 0.3% (or 30 kopecks) more than planned. However, in 2009 there was a shortfall of 1.1% (or 1 ruble 10 kopecks), in 2010 - 0.6: (60 kopecks) for each ruble of expenses. Thus, the amount of lost profit:
in 2009: 119263/100=1311.9 rubles;
in 2010: 0.6 * 156524/100 = 939.1 rubles.
The increase in profitability in 2010 was due to a decrease in product costs.
The above confirms that at OJSC Molot there is a tendency towards an increase in revenue volumes, which leads to an increase in production volumes. However, it is worth noting that the growth in sales income in 2010 was 36.9% compared to 2009, and the growth in output volumes in physical terms was 29.3%. Consequently, the growth in gross income is also due to rising product prices.
Autonomy coefficient in 2008-2009 was above 0.5, which means that most of the property of Molot OJSC was formed from its own funds. However, in 2010 there was a decrease in the autonomy indicator by 25.8%, which is explained by an increase in accounts payable.
The total liquidity ratio indicates that the share of equity capital in 2008-2010. could cover all existing accounts payable of the enterprise. However, there is a steady trend towards a decrease in overall liquidity (by 20% in 2010 relative to 2009), which negatively characterizes the financial position of Molot OJSC.
Against the backdrop of an increase in profits, at the same time, there is a decrease in capital turnover and the working capital turnover ratio, which indicates a decrease in the efficiency of Molot OJSC. These facts influenced the labor productivity indicator.
If in 2009, personnel productivity increased by 3.9 thousand rubles, then in 2010 it decreased by 0.3% compared to 2009. This phenomenon explains the fact of a shortfall in profit in 2010.
In 2010, the growth in the average number of personnel was 37.3% compared to 2009, but the number of man-hours and man-days worked increased by only 36.7% in 2010 compared to 2009. This was one of the factors for the decrease labor productivity.
The decrease in labor productivity in 2010 by 0.3% compared to 2009 explains the discrepancy between the growth of gross income in 2010 by 36.9% and the increase in the number of personnel by 37.3%. The difference between the growth of gross income and the growth of the average monthly number of personnel is 0.4%.
The growth of all personnel in 2010 was 37.3%, while that of workers was 33.1%, which indicates an increase in the number of specialists and employees in the staff structure of Molot OJSC.
The analysis allowed us to draw the following conclusions:
At JSC Molot, the organizational structure is built in accordance with the specifics of the enterprise and meets the requirements of the markets.
However, the sales sector requires some reorganization and specification of the functions of the departments of the division.
In general, the financial and economic condition of Molot OJSC is quite stable, there is a tendency for profit growth, which, however, causes an increase in costs associated with the production of products. The firm's capital utilization ratio indicates a decrease in production efficiency.
It cannot be denied that production efficiency and productivity growth directly depend on the structure and composition of the personnel of Molot OJSC. As a result, the next step thesis There will be a separate analysis of the composition and structure of the personnel of Molot OJSC.
3. Estimation of the value of the net assets of a joint-stock company
The value of the net assets of a joint-stock company is understood as a value determined by subtracting the amount of its liabilities accepted for calculation from the amount of assets of the joint-stock company accepted for calculation.
The assessment of property, funds in settlements and other assets and liabilities of the joint-stock company is carried out taking into account the requirements of the provisions on accounting and other regulatory legal acts on accounting. To assess the value of a joint stock company's net assets, a calculation is made based on financial statements.
The assets accepted for calculation include:
non-current assets reflected in the first section of the balance sheet (intangible assets, fixed assets, construction in progress, profitable investments in tangible assets, long-term financial investments, other non-current assets);
current assets reflected in the second section of the balance sheet (inventories, value added tax on acquired assets, accounts receivable, short-term financial investments, cash, other current assets), with the exception of the cost in the amount of the actual costs of repurchasing its own shares purchased by the joint-stock company from shareholders for their subsequent resale or cancellation, and the debt of the participants (founders) for contributions to the authorized capital.
The liabilities accepted for calculation include:
long-term liabilities for loans and credits and other long-term liabilities;
short-term obligations for loans and credits;
accounts payable;
debt to participants (founders) for payment of income;
reserves for future expenses;
other short-term liabilities.
The assessment of the value of net assets is carried out by the joint-stock company quarterly and at the end of the year on the corresponding reporting dates.
Information on the value of net assets is disclosed in interim and annual financial statements.
|
Indicator name |
Balance sheet line code |
At the beginning of the reporting year |
At the end of the reporting year |
|
1. Intangible assets |
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|
2. Fixed assets |
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|
3. Unfinished construction |
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|
4. Profitable investments in material values |
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5. Long-term and short-term financial investments 1 |
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|
6. Other non-current assets 2 |
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8. Value added tax on purchased assets |
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9. Accounts receivable 3 |
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10. Cash |
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11. Other current assets |
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12. Total assets accepted for calculation (the sum of these points 1-11) |
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|
II. Liabilities |
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|
13. Long-term liabilities for loans and credits |
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14. Other long-term liabilities 4, 5 |
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15. Short-term liabilities for loans and credits |
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|
16. Accounts payable |
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|
17. \Debt to participants (founders) for payment of income |
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18. Reserves for future expenses |
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19. Other current liabilities 5 |
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20. Total liabilities accepted for calculation (the sum of these points 13-19) |
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|
21. The value of the net assets of a joint stock company (total assets accepted for calculation (p. 12) minus total liabilities accepted for calculation (p. 20) |
With the exception of actual costs of repurchasing own shares from shareholders;
Including the amount of deferred tax assets;
With the exception of debt of participants (founders) for contributions to the authorized capital;
Including the amount of deferred tax liabilities;
The data on the value of other long-term and short-term liabilities shows the amounts of reserves created in accordance with the established procedure in connection with contingent liabilities and termination of operations.
If the value of net assets for reporting period is less than the authorized capital of the organization, then the authorized capital must be reduced to the amount of net assets. The new amount of the authorized capital must be registered in the register in the prescribed manner.
If, in this case, the new amount of the authorized capital is less than the minimum established for this organizational and legal form, then the organization is subject to liquidation.
3.1 Assessment of changes in assets accepted for calculation
The balance sheet asset contains information about the allocation of capital available to the enterprise. The main feature of the grouping of balance sheet asset items is the degree of their liquidity. On this basis, all assets are divided into long-term (fixed capital) and current (current) assets. The allocation of enterprise funds is of great importance. From what funds are invested in fixed and working capital how many of them are in the sphere of production and the sphere of circulation, in monetary and material form, largely determine the results of production and financial activities, and therefore the financial condition of the enterprise. Therefore, in the process of analyzing the assets of an enterprise, first of all, one should study changes in their composition, structure and evaluate them.
To analyze asset items, we will use development table 1. From the data in table 1 it follows that during the analyzed period, the enterprise’s assets increased significantly, the growth rate was 159.8%. This was mainly due to the growth of immobilized assets, which increased by 91.8%.
The company's current assets also increased, the increase amounted to 29.5%. The largest increase occurred in the item “Accounts receivable”, the growth rate was 80.2%. During the analyzed period, the company's funds increased by 39.4%. As for the inventory item, there is a decrease of 33.8%.
Table 1
Analytical grouping and analysis of balance sheet asset items thousand rubles.
|
Balance sheet asset |
At the beginning of the period |
At the end of the period |
Absolute deviation |
Growth rate, % |
Growth rate,% |
|
Property - total |
|||||
|
Current assets, |
|||||
|
including stocks |
|||||
|
Accounts receivable |
|||||
|
Cash |
For a more detailed analysis of the asset structure, we will use Table 2. According to Table 2, it can be seen that during the reporting period, the asset structure of the analyzed enterprise changed significantly: the share of fixed capital increased, and the share of working capital decreased accordingly by 9.7 percentage points. Among non-current assets the largest specific gravity belongs to fixed assets.
The state of inventory has a great influence on the financial condition of the enterprise. Having smaller but more moving inventory means that less financial resources frozen in stock. The presence of large inventories indicates a decline in the activity of the enterprise. The share of inventories decreased by 12 percentage points. This was largely due to a decrease in the share of finished products by 8.2 points, which indicates an acceleration of capital turnover.
It is necessary to analyze the impact on the financial condition of the enterprise of changes in accounts receivable. If a company expands its activities, the number of customers and receivables increase. Consequently, the growth of accounts receivable is not always assessed negatively. It is necessary to distinguish between normal and overdue debt. The presence of the latter leads to a slowdown in capital turnover. In our example, the share of receivables increased by 3.1 percentage points, and in the article “Buyers and customers” there was a significant increase in the share (by 9.6 points), and in the article “Advances issued” - a decrease of 4.4 points.
table 2
Detailed analysis of balance sheet asset items thousand rubles.
|
Balance sheet asset |
At the beginning of the period |
At the end of the period |
Deviation in percentage points |
||
|
Percentage to total |
Percentage to total |
||||
|
Property - total |
|||||
|
Immobilized (non-current) assets |
|||||
|
Including non-tangible assets |
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|
Fixed assets |
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|
Current assets, |
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|
Including stocks |
|||||
|
Of these, raw materials, materials, costs in non-existent. production finished products |
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|
Accounts receivable |
|||||
|
buyers and customers advances issued |
|||||
|
cash |
|||||
An increase in funds in accounts usually indicates a strengthening of the financial condition of the enterprise. Their amount must be sufficient to cover the priority payments. However, holding large cash balances over a long period of time may be a result of improper use of working capital. According to our example, at the end of the reporting period there was a slight decrease in the share of cash - by 0.8 percentage points.
If the assets of the balance sheet reflect the funds of the enterprise, then the liabilities - the sources of their formation. The financial condition of an enterprise largely depends on what funds it has at its disposal and where they are invested. According to the degree of ownership, the capital used is divided into equity and borrowed capital. Based on the duration of use, a distinction is made between long-term (constant, permanent) and short-term capital.
We begin the analysis of balance sheet liability items by examining Table 3. During the analyzed period, the growth rate of the enterprise’s sources of property was 159.8%. This was largely due to an increase in equity capital by 61.3%. This fact positively characterizes the financial stability of the enterprise.
3.2 Assessment of changes in liabilities accepted for calculation
Borrowed capital during the analyzed period increased by 55%. The largest increase occurred in the item “Accounts payable” - by 89.1%, as well as in the item “Short-term loans and borrowings” - by 77.1 percent. When analyzing accounts payable, it should be taken into account that it is also a source of covering accounts receivable. In our example, at the beginning of the period, accounts receivable exceeds accounts payable by 77,061 thousand rubles. (130799 - 53738), at the end of the period - by 134128 thousand rubles. (235723 - 101595). This indicates the immobilization of equity capital into accounts receivable and negatively characterizes the financial condition of the enterprise.
Long-term liabilities decreased by 9.4%. An increase in long-term liabilities could be viewed as positive factor, since they are equal to equity capital. A decrease in long-term liabilities along with an increase in short-term ones can lead to a deterioration in the financial stability of the enterprise.
Table 3
Analytical grouping and analysis of liability items on the balance sheet, thousand rubles.
|
Liability balance |
At the beginning of the period |
At the end of the period |
Absolute deviation |
Growth rate, % |
Growth rate,% |
|
Sources of property - total |
|||||
|
Equity |
|||||
|
Borrowed capital |
|||||
|
including |
|||||
|
long term duties |
|||||
|
accounts payable |
A more detailed analysis of the balance sheet liabilities items is carried out using Table 4. Table 4 shows the structure of the balance sheet liabilities. The largest share in the sources of property is occupied by equity capital, consisting of authorized capital, retained earnings of previous years and retained earnings of the reporting year. The share of equity capital in the structure of property sources increased by 0.7 percentage points.
This indicates increased independence of the enterprise. However, it must be taken into account that financing the activities of an enterprise only from its own funds is not always beneficial for it, especially in cases where production is seasonal. In addition, it should be borne in mind that if prices for financial resources are low, and the company can provide a higher level of return on invested capital than it pays for credit resources, then by attracting borrowed funds, it can increase its return on equity.
The share of debt capital decreased by 0.7 percentage points as a result of an increase in the share of equity capital. The share of long-term liabilities decreased by 3.2 points. The share of short-term loans increased by 0.7 percentage points, the share of accounts payable - by 1.8 points. The structure of accounts payable also changed: the share of liabilities under the item “Suppliers and contractors” increased by 2.4 percentage points; the share of debt to personnel decreased by 0.3 points.
In general, the financial condition of the enterprise is characterized as positive.
Table 4
Detailed analysis of liability items, thousand rubles.
|
Liability balance |
At the beginning of the period |
At the end of the period |
Deviation |
||
|
in percentage |
|||||
|
Sources of property - total |
|||||
|
Equity |
|||||
|
Borrowed capital |
|||||
|
including |
|||||
|
long term duties |
|||||
|
short-term loans and borrowings |
|||||
|
accounts payable |
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|
suppliers and contractors |
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|
Debt to staff |
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|
debt to extrabudgetary funds |
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|
debt to the budget |
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|
advances received |
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3.3 Estimation of changes in net asset value using known techniques
There are four methods for valuing enterprises: asset accumulation; adjusted book value (or net asset method of the enterprise); substitution; calculation of liquidation value.
1. The method of adjusted book value (or the method of net assets of an enterprise) involves analyzing and adjusting all items of the enterprise’s balance sheet, summing up the value of assets and subtracting from the resulting amount the adjusted liability items of the balance sheet in terms of long-term and current debts. This methodology for calculating the value of enterprises complies with the International Accounting Principles and is currently widely used in the so-called normative assessment when determining the value of net assets of joint-stock companies (letter of the State Tax Service of the Russian Federation dated May 27, 1996 No. PV-6-13 364; Instructions on accounting, Appendix 2 to the order of the Ministry of Finance of the Russian Federation dated July 28, 1995 No. 81\1) and in the process of privatization of state or municipal enterprises, i.e. in cases where we're talking about on transactions with state or municipal property.1
Below is an algorithm for implementing the adjusted book value methodology.
Calculation of the net assets of an enterprise:
The balance sheet items of the enterprise are summarized:
residual value of intangible assets;
residual value of fixed assets;
Equipment for installation;
unfinished capital investments;
long-term financial investments;
other non-current assets;
productive reserves;
animals;
residual value of low-value and wearable items;
unfinished production;
Future expenses;
finished products;
other inventories and costs;
goods shipped;
settlements with debtors;
advances issued to suppliers and contractors;
short-term financial investments;
cash;
Other current assets.
Total assets of the enterprise:
The liabilities (debts) of the enterprise are summed up on the liabilities side of the balance sheet:
targeted funding and revenues;
lease obligations;
long-term bank loans;
long-term loans;
short-term bank loans;
bank loans for employees;
short-term loans;
settlements with creditors;
advances received from buyers and customers;
settlements with founders;
reserves for future expenses and payments;
other short-term liabilities.
Total liabilities of the enterprise:
From the amount of assets (total according to point 1), the amount of liabilities (total according to point 2) is subtracted.
The market value of the land is added to the resulting difference, and the sum of the enterprise’s net assets is obtained.
Adjusting balance sheet items for the purpose of assessing the value of an enterprise consists of both normalizing financial statements (including balance sheet items) and recalculating balance sheet asset and liability items into current prices.
Normalization of financial statements is the introduction of “normalizing” amendments to balance sheet items and to the income statement that are characteristic of a normally operating enterprise.
The amendments concern:
one-time net income and expenses (they are excluded from the calculations);
net income and expenses on excess or non-operating (non-productive or redundant) assets (they are excluded from the calculations);
unusual expenses of the owners of the enterprise themselves (they are also excluded from the calculations).
Conversion of asset items of the enterprise balance sheet into current prices consists of:
in determining the residual replacement value of fixed assets and intangible assets;
in determining the actual current value of “work in progress”;
in the analysis and assessment at current prices of reserves, costs and funds;
in the analysis and determination of the current value of the company’s debts.
After adjusting the balance sheet items of an enterprise, you can calculate the net value of its assets using the above algorithm.
The level of enterprise value obtained using this calculation method characterizes the lowest level of value of the enterprise being valued.
The same scheme for calculating the value of enterprises is used in the method of asset accumulation, which allows one to determine the market value of an enterprise.
2. The replacement method consists in determining the costs in current prices for the construction of an enterprise that has similar utility to the one being assessed, but was built in a new, modern architectural style, using progressive design and technological standards, using advanced materials, structures and equipment.
When implementing the replacement methodology, adjustments are made for the physical, functional and economic wear and tear of the enterprise being valued. In this case, physical depreciation is associated with a decrease in the value of the assets of the enterprise being valued under the influence of operational and climatic factors. Functional wear and tear is a decrease in the value of an enterprise due to a decrease in its functional efficiency. Economic (or external) wear and tear is a consequence of the influence of economic or other external factors on the value of an enterprise (an unfavorable change in the ratio of supply and demand in the enterprise market or a negative impact on the value of an enterprise from the natural environment).
The most difficult moment in implementing this methodology for assessing enterprises is determining the unit cost of constructing an enterprise - functional analogues. If before 1991 in Russia there were institutions and government departments that developed and approved aggregated specific cost standards for industrial enterprises, then after 1991. there is no such order. Currently, the Central Research Institute of Economics and Construction Management (TsNIIEUS) of the Ministry of Construction of the Russian Federation is actively developing cost indicators per consumer unit of construction products (including for industrial buildings and structures). Moreover, calculations are made at basic, current and forecast price levels based on quarterly prices for construction resources. Table 1 presents a fragment of the Collection of cost indicators per unit of construction products for some industrial facilities, completed by TsNIIEUS. This table is taken from the scientific report "Development of cost indicators per consumer unit of construction products by characteristic types buildings and structures at basic, current and forecast price levels based on quarterly prices for resources and UPSS", carried out by the Central Scientific Research Institute of Electrical and Electrical Engineering of the Ministry of Construction of the Russian Federation in 1995.
This method of calculating the value of an enterprise (substitution method) has always been used in Soviet valuation practice when developing feasibility studies for the construction of an object. Currently, appraisers can use this technique for approximate calculations of the market value of an enterprise (of course, with appropriate adjustments for all types of depreciation of the enterprise being valued).
3. Methodology for calculating liquidation value
All previously discussed methods for assessing the value of an enterprise related to well-functioning enterprises. However, in practice it is often necessary to calculate the value of an enterprise subject to liquidation. In these cases, a method is used to determine the liquidation value of the enterprise.
Liquidation value is the net amount of money that the owner of a business can receive upon liquidation of the business and the separate sale of its assets.2
There are three types of liquidation value of enterprises:
orderly, when the sale of the assets of the liquidated enterprise is carried out within a reasonable period of time so that the highest possible sale prices for the assets can be obtained;
forced, when the assets of the enterprise are sold as quickly as possible, often simultaneously and at one auction;
the liquidation value of the cessation of existence of the assets of an enterprise, when the assets of the enterprise are not sold, but are written off and destroyed. The value of the enterprise in this case is a negative value, since in this case the owner of the enterprise is required to pay certain costs to liquidate assets.
Technological sequence of work to calculate the ordered liquidation value of an enterprise, i.e. The value that can be recovered in an orderly liquidation of a business includes:
development of a calendar schedule for liquidation of enterprise assets;
calculation of the replacement cost of assets taking into account the costs of their liquidation;
adjustment of replacement cost;
determining the amount of the enterprise's liabilities;
subtracting the amount of the enterprise's liabilities from the replacement (adjusted) cost of assets;
the following calculation: the market value of the land plot on which the enterprise is located is added to the difference obtained in paragraph 5.
When calculating the liquidation value of an enterprise, it is necessary to take into account and subtract the costs of liquidating the enterprise from the replacement cost of assets. These are administrative costs for maintaining the operation of the enterprise until the completion of its liquidation, severance pay and payments, costs of transporting sold assets, etc. The proceeds from the sale of assets, cleared of associated costs, are discounted at the valuation date at an increased discount rate, taking into account the associated There is a risk with this sale.
4. The essence of the method of accumulating assets is to determine the market value of each asset and liability of the balance sheet and subtract all debts of the enterprise from the amounts of assets. At the same time, the normalization of financial statements in connection with the valuation of an enterprise has certain specifics: adjustments are made not to the income and expenses of the enterprise for the historical period, but to the content of the articles of the latest balance sheet of the enterprise in terms of non-operating (excess or non-productive) assets and other adjustments. After making the appropriate adjustments, the financial and economic indicators of the enterprise being assessed are calculated and analyzed. This approach allows the appraiser to get an idea of the financial and economic condition of the enterprise and make appropriate final adjustments to the value of the enterprise, calculated using the asset accumulation method.
Basic methods for calculating the market value of asset and liability items:
Intangible assets
Intangible assets are subject to assessment, both those on the balance sheet and those not included in the balance sheet (for example, those for which applications for copyright certificates have been submitted) and only those that will bring net income in the future.
It should be noted that there is no universal method for determining the value of intangible assets, since each of them is so individual that it is almost impossible to create a mathematical algorithm for a reliable calculation. The complexity of assessing scientific equipment is due to the difficulties of quantitatively determining the results of the commercial use of a given object, which is at one or another stage of development, industrial development or use, due to the influence of many, sometimes multidirectional factors.
Cost calculation method - calculation of costs for the development and provision of legal protection of intangible assets. This method is used mainly to estimate the value of the results of research and development work. When implementing this method, it is necessary to take into account that from the stage of scientific research of the problem to the stage of commercial implementation of the idea it is necessary:
carry out development work;
carry out product design and manufacturing;
build an appropriate enterprise;
master production capacity and begin production;
conquer the market.
Each of the listed stages requires time and corresponding material costs.
Buildings and constructions
The property or cost approach to assessing the value of buildings and structures is based on the assumption that the costs of constructing the object being valued (including depreciation) are an acceptable guide for determining the market value of the object. This assessment approach is implemented in several stages.
First stage. The market value of the land plot on which the building and structure is located is determined, taking into account its current use.
Second phase. The replacement cost or replacement cost of the structure(s) is calculated.
Third stage. All types of deterioration of buildings are calculated: physical, functional and external.
Fourth stage. The amount of general depreciation of buildings is subtracted from the costs of reproduction or replacement of the object (the result of stage 2 minus the result of stage 3).
Fifth stage. The value of a property is determined by summing the market value of the land in its current use and the cost of the building.
The assessment of buildings and structures is carried out on the basis of information contained in primary accounting documents (inventory cards, acceptance certificates, liquidation acts, other materials).
cars and equipment
The base cost in the cost approach is the full replacement cost (or the full cost of reproduction) of the object, from which all three types of wear and tear are subtracted: physical, functional and external. To calculate the full cost of reproduction, direct and indirect cost approaches are used.
Direct cost approach - includes a detailed costing method based on determining the composition and quantity of material spent on the production of equipment. Labor costs are then calculated, as well as other costs associated with producing the equipment. These cost items are recalculated at current cost and summed up. The resulting amount represents the base cost of the asset and components, to which the costs of transportation, installation, connection and brokerage commissions must be added. An expert appraiser should know that the costs of producing an object also include the costs of research and development work. Another way to determine the cost of equipment, related to the direct cost approach, is to obtain information from the manufacturer about the costs of manufacturing this or a similar object. And finally, data on the costs of manufacturing this or that equipment are often published in the press.
The indirect cost approach to the valuation of machinery and equipment involves the use of a multiplier, power data and the index method.
The index method is to measure the fluctuations in the price of an object over time. The basic formula looks like this:
Replacement cost of the object = Initial cost X Price change index
In this case, two problems arise: calculating the price change index (through revaluation coefficients, exchange rates of stable currencies, the cost of gold) and determining the initial cost of the object (purchase price, construction price, cost according to accounting documents when received free of charge).
Cost/power multiplier.3
This assessment method is based on the existing characteristics of analogue machines. It is known that a change in the power of a unit of equipment of certain groups of equipment is, as a rule, accompanied by a change in cost in the following ratio: Cost A; Power A; Cost B; Power B; where n is an exponent, the normal interval is 0.4-1, the optimal value is 0.6.
In further calculations, the amount of depreciation is subtracted from the resulting total replacement cost (or replacement cost), and thus the residual replacement cost (or residual replacement cost) of the equipment being valued is obtained.
Land
There are more than 20 methods for assessing land plots, for example:
method of comparative analysis of comparable sales;
(Compare and compare data on similar vacant land plots that have been sold recently and make adjustments to sales prices).
method of correlation (transfer);
(Dividing the total sales price of a comparable complex, including a property and a land plot, into two components - the price of the building and the price of the land plot. First, the value of the building located on this site is estimated, and then the cost of buildings and structures is subtracted from the total property complex and the value is obtained land plot).
capitalization method; land rent;
(Determination of the value of a land plot using the method of capitalization of income received through rental payments).
residue technique for land;
(Similar to the ground rent method, but capitalized income is calculated based on the share of profit obtained taking into account the best and most efficient use of the land and the property built on it).
land development method;
cost method;
(Determining the value of a land plot based on the costs of its development).
unit of comparison (unit cost) method;
(Calculation of average values of the cost of comparison units for individual areas and plotting them on a map. The average value is determined by calculating the median or arithmetic mean value of the cost of a comparison unit for similar land plots. To determine the value of the assessed land plot, the corresponding value of the unit cost is multiplied by the area of the given plot).
base section method;
(The method consists of determining the unit value of the base land plot and subsequently comparing the assessed plots with it by appropriate adjustment).
regression method;
where C is the cost of the land plot being assessed;
ai is the i-th factor by which the analysis of its influence on the level of value of the land plot is carried out;
correlation coefficient for the i-th factor;
number of factors considered.
The location, size, shape, economic potential of the land plot, and other factors can be taken as a factor in this model.
gross rent multiplier method;
(Determining the market relationship between sales prices for similar land plots and actual or potential gross net income from these plots, i.e. determining the gross rental multiplier and using it to calculate the value of the assessed plot).
Current assets
Inventories are valued at market prices plus actual transportation and storage costs.
Costs in work in progress are estimated at the actual cost of production.
Goods shipped - at market value.
Future expenses are analyzed and their reality is revealed. If their reality is confirmed, they are valued at face value.
Accounts receivable are analyzed for the possibility of repaying the debt on time. If the debt is recognized as bad, then it is not assessed, and the debts of the founders for contributions to the authorized capital are also not assessed. If the debt is considered recoverable, it is valued at its current value.
Investments are valued based on market value at the valuation date.
Currency funds are valued at the exchange rate on the date of valuation.
Enterprise debt
The enterprise's liabilities are subtracted from the accumulated amount of assets in terms of:
targeted funding and revenues;
borrowed funds (short-term and long-term);
accounts payable;
dividend settlements;
reserves for future expenses and payments;
other liabilities (long-term and short-term).
Liabilities are valued at their book value as of the valuation date.
Conclusion
The huge variety of investment instruments provided by the modern financial market forces corporate investors to analyze everything every day. large quantity financial information.
The work examined the nature of risk, which made it possible to more fully take into account the relationships between such categories as “risk” and “return”, and, consequently, improve the quality of investment decisions.
So, the JSC is obliged to determine the value of its net assets based on the results of each reporting period. Note that in accordance with the requirements of Law No. 352-FZ, for the first two years of activity, the required value is calculated mainly for internal use. In the future, information must be provided to external interested parties in certain cases. However, first things first.
If at the end of the second year (or each subsequent financial year) the value of net assets is less than the “charter”, the board of directors (supervisory board) of the company, when preparing for the annual general meeting of shareholders, will have to include in the annual report a section on the state of its net assets . This part must contain:
indicators characterizing the dynamics of changes in the value of the net assets and authorized capital of the company for the last three completed financial years, including the reporting year, or, if the company has existed for less than three years, for each completed financial year;
the results of an analysis of the reasons and factors that, in the opinion of the board of directors (supervisory board) of the company, led to the fact that the value of the company’s net assets was less than its authorized capital;
a list of measures to bring the value of the company’s net assets in line with the amount of its authorized capital.
By the way, joint-stock companies are required to form a reserve fund from their net profit, the minimum size of which is equal to 5 percent of the authorized capital. This is the requirement of paragraph 1 of Article 35 of Law No. 208-FZ. Accordingly, if the net assets turned out to be less than the “statutory”, this clearly indicates that the “margin of safety” was not formed in two years. If so, then the company’s activities are unprofitable.
The property approach methods discussed above require a large number of practical calculations, further analysis of the results obtained, the formation of an appropriate regulatory framework for the application of these methods, as well as their consistent improvement.
The methods described are suitable for assessing various types enterprise values. The adjusted book value method establishes either the book value or the replacement value of the enterprise (which depends on the difference in the dates of valuation of the enterprise and the revaluation of fixed assets of this enterprise); The replacement methodology allows you to calculate the cost of replacing an enterprise; liquidation value methodology - liquidation value of the enterprise; methodology for accumulating assets - the market value of the enterprise.
List of used literature
Grade industrial value
Abstract >> Economics03-6/w order assessments cost clean assets joint stock societies" calculation determined indicator « clean assets". Clean assets - This a value determined... by the action of such factors as expected changes in economic conditions, changes in the structure...
Analysis of financial stability of open joint stock society"Smolensknerud"
Thesis >> Financial SciencesPeriod as well as influence factors on change these indicators. Return on sales (RP) – This ratio of the amount of profit... .07.2003 No. 67n. 6. Order assessments cost clean assets joint stock societies: joint order of the Ministry of Finance of Russia and the Federal...
Pratt P. Business valuation: analysis and valuation of closed companies. Illinois, 1989, 20th ed. Per. from English M.: ROO, 1995.
Glenn M., Desmond, Richard E. Kelly. Business Valuation Guide. M.: ROO, 1996.
Kovalev A.P. How to evaluate the property of an enterprise. M.: Finstatinform, 1996.
Fedotova M.A. How much is a business worth: Valuation methods. M.: Perspective, 1996.
Shannon P. Pratt. Business assessment / edited by V.N. Lavrentieva.M., 1995.
Valuation of machinery and equipment: Training program for appraisers. Institute economic development World Bank. 1995
Sheremet A.D. Economic analysis industrial enterprises- M.: VSh, 1997.
Trade Economics: B.A. Soloviev, L.A. Alkevich, V.I. Androsov et al. - M.: Economics, 2004.
Economics of a trading enterprise: Textbook for universities / A.I. Grebnev, Yu.K. Bazhenov, O.A. Gabrielyan and others - M.: OJSC Publishing House "Economy", 2003.
Assets. Indicators...everyone factor a provided for in this models on change profitability clean assets Can...
(approved by order Ministry of Finance of the Russian Federation and the Federal Commission for the Securities Market dated January 29, 2003 N 10n, 03-6/pz)
1. The value of the net assets of a joint-stock company is understood as the value determined by subtracting the amount of its liabilities accepted for calculation from the amount of the assets of the joint-stock company accepted for calculation.
2. The assessment of property, funds in settlements and other assets and liabilities of the joint-stock company is carried out taking into account the requirements of accounting regulations and other regulatory legal acts on accounting. To assess the value of a joint stock company's net assets, a calculation is made based on financial statements.
3. The assets accepted for calculation include:
Non-current assets reflected in the first section of the balance sheet (intangible assets, fixed assets, construction in progress, profitable investments in tangible assets, long-term financial investments, other non-current assets);
Current assets reflected in the second section of the balance sheet (inventories, value added tax on acquired assets, accounts receivable, short-term financial investments, cash, other current assets) with the exception of the cost in the amount of actual costs of repurchasing its own shares purchased by the joint-stock company from shareholders for their subsequent resale or cancellation, and debts of participants (founders) for contributions to the authorized capital.
4. The liabilities accepted for calculation include:
Long-term liabilities for loans and credits and other long-term liabilities;
Short-term liabilities for loans and credits;
Accounts payable;
Debt to participants (founders) for payment of income;
Reserves for future expenses;
Other current liabilities.
5. The assessment of the value of net assets is carried out by the joint-stock company quarterly and at the end of the year on the corresponding reporting dates.
6. Information on the value of net assets is disclosed in the interim and annual financial statements.
Applicationto the Procedure for assessing the value of net assets of joint stock companies
Calculation of the estimated value of the net assets of a joint-stock company
Indicator name |
Balance sheet line code |
At the beginning of the reporting year |
At the end of the reporting period |
| I. Assets | |||
| 1. Intangible assets | |||
| 2. Fixed assets | |||
| 3. Unfinished construction | |||
| 4. Profitable investments in material assets | |||
| 5. Long-term and short-term financial investments*(1) | |||
| 6. Other non-current assets*(2) | |||
| 7. Inventories | |||
| 8. Value added tax on purchased assets | |||
| 9. Accounts receivable*(3) | |||
| 10. Cash | |||
| 11. Other current assets | |||
| 12. Total assets accepted for calculation (the sum of these points 1-11) | |||
| II. Liabilities | |||
| 13. Long-term liabilities for loans and credits | |||
| 14. Other long-term liabilities*(4), *(5) | |||
| 15. Short-term liabilities for loans and credits | |||
| 16. Accounts payable | |||
| 17. Debt to participants (founders) for payment of income | |||
| 18. Reserves for future expenses | |||
| 19. Other short-term liabilities*(5) | |||
| 20. Total liabilities accepted for calculation (the sum of these points 13-19) | |||
| 21. The value of the net assets of a joint stock company (total assets accepted for calculation (p. 12), minus total liabilities |
_____________________________
*(1) With the exception of actual costs of repurchasing own shares from shareholders;
FEDERAL COMMISSION ON THE SECURITIES MARKET
N 03-6/pz
ORDER dated January 29, 2003
ON APPROVAL OF THE PROCEDURE FOR ASSESSING THE VALUE OF NET ASSETS OF JOINT STOCK COMPANIES
In accordance with paragraph 3 of Article 35 of the Federal Law of December 26, 1995 N 208-FZ “On Joint Stock Companies” (Collection of Legislation of the Russian Federation; 1996, N 1, Art. 1; N 25, Art. 2956; 1999, N 22 , Article 2672; 2001, No. 33, Article 3423; 2002, No. 12, Article 1093, No. 45, Article 4436) we order:
1. Approve the attached Procedure for assessing the value of net assets of joint stock companies.
2. Establish that this Procedure does not apply to joint stock companies engaged in insurance and banking activities.
3. The Order of the Ministry of Finance of Russia and the Federal Securities Commission of Russia dated August 5, 1996 N 71/149 “On the procedure for assessing the value of net assets of joint-stock companies” shall be declared invalid.
Minister of Finance of the Russian Federation
A.L.KUDRIN
Chairman of the Federal Commission for the Securities Market
I.V.KOSTIKOV
ESTIMATES OF THE VALUE OF NET ASSETS OF JOINT STOCK COMPANIES
1. The value of the net assets of a joint-stock company is understood as the value determined by subtracting the amount of its liabilities accepted for calculation from the amount of the assets of the joint-stock company accepted for calculation.
2. The assessment of property, funds in settlements and other assets and liabilities of the joint-stock company is carried out taking into account the requirements of accounting regulations and other regulatory legal acts on accounting. To assess the value of a joint stock company's net assets, a calculation is made based on financial statements.
3. The assets accepted for calculation include:
Non-current assets reflected in the first section of the balance sheet (intangible assets, fixed assets, construction in progress, profitable investments in tangible assets, long-term financial investments, other non-current assets);
Current assets reflected in the second section of the balance sheet (inventories, value added tax on acquired assets, accounts receivable, short-term financial investments, cash, other current assets), with the exception of the cost in the amount of actual costs for the repurchase of own shares purchased by the joint-stock company from shareholders for their subsequent resale or cancellation, and debts of participants (founders) for contributions to the authorized capital.
4. The liabilities accepted for calculation include:
Long-term liabilities for loans and credits and other long-term liabilities;
Short-term liabilities for loans and credits;
Accounts payable;
Debt to participants (founders) for payment of income;
Other current liabilities.
5. The assessment of the value of net assets is carried out by the joint-stock company quarterly and at the end of the year on the corresponding reporting dates.
6. Information on the value of net assets is disclosed in the interim and annual financial statements.
Application
to the Procedure for assessing the value of net assets
joint stock companies
CALCULATION OF THE VALUE OF THE NET ASSETS OF A JOINT STOCK COMPANY
| Indicator name | Balance sheet line code | At the beginning of the reporting year | At the end of the reporting period |
| I. Assets | |||
| 1. Intangible assets | |||
| 2. Fixed assets | |||
| 3. Unfinished construction | |||
| 4. Profitable investments in material assets | |||
| 5. Long-term and short-term financial investments | |||
| 6. Other non-current assets | |||
| 7. Inventories | |||
| 8. Value added tax on purchased assets | |||
| 9. Accounts receivable | |||
| 10. Cash | |||
| 11. Other current assets | |||
| 12. Total assets accepted for calculation (the sum of these points 1 - 11) | |||
| II. Liabilities | |||
| 13. Long-term liabilities for loans and credits | |||
| 14. Other long-term liabilities, | |||
| 15. Short-term liabilities for loans and credits | |||
| 16. Accounts payable | |||
| 17. Debt to participants (founders) for payment of income | |||
| 18. Reserves for future expenses | |||
| 19. Other short-term liabilities | |||
| 20. Total liabilities accepted for calculation (the sum of these points 13 - 19) | |||
| 21. The value of the net assets of the joint-stock company (total assets accepted for calculation (p. 12), minus total liabilities accepted for calculation (p. 20)). | |||
Note to the table:
Excluding actual costs of repurchasing own shares from shareholders.
Including the amount of deferred tax assets.
With the exception of debt of participants (founders) for contributions to the authorized capital.
Including the amount of deferred tax liabilities.
The data on the value of other long-term and short-term liabilities shows the amounts of reserves created in accordance with the established procedure in connection with contingent liabilities and termination of operations.
