Introduction
The market economy necessitates development financial analysis first of all at the micro level - that is, at the level of individual enterprises, since it is enterprises (with any form of ownership) that form the basis of a market economy. Analysis at the micro level is filled with very specific content related to the daily financial activities of enterprises, their teams, managers, and owners.
This thesis aims to assess the effectiveness of financial and economic activity enterprise JSC "Stavropolenergo", to characterize its property and financial situation in the context of ongoing economic crisis accompanied by a decline in production and an increase in mutual non-payments in all links of the production mechanism. The problems caused by the general unsatisfactory state of the Russian economy are exacerbated by the political instability in the country and the crime situation in the North Caucasus region.
The energy industry differs from most industrial sectors in a number of specific features that characterize it as one of the most important in the structure of not only the state, but also the world. economic system and social sphere. The following distinguishing features can be distinguished:
These features of the industry require the technical and partly economic unity of the entire energy economy as a complex of interconnected systems from the extraction and production of energy resources to the final consumption of energy. In this regard, the Russian Joint Stock Company of Energy and Electrification was created on the basis of the Decree of the President Russian Federation dated August 15, 1992, No. 923 and whose main objectives are to ensure the reliable functioning and development of the Unified Electric Power System of the Russian Federation, the implementation of centralized operational dispatch control in the UES of Russia.
In modern market conditions, despite the division of property and the formation of joint-stock companies on the basis of the system of energy enterprises already created under socialism, there is an urgent technological need for a unified interaction of the entire fuel and energy system of the country, and on the other hand, there is a high degree of monopoly in the production and distribution of this goods. All this gives rise to the need for the state economic regulation functioning have grown. For this purpose, the Federal Law No. 41-FZ dated April 14, 1995 "On State Regulation of Electricity and Heat Energy Tariffs in the Russian Federation" was put into effect. In accordance with this law, bodies have been created government controlled that set tariffs for heat and electricity are:
Regional Energy Commission (REC)- the executive authority of the constituent entity of the Russian Federation, which carries out state regulation of tariffs for electric and thermal energy (services in the consumer market of electric energy (capacity) and thermal energy (capacity)) on issues related to its powers in accordance with legislative and regulatory legal acts of the Russian Federation and the Regulations on the REC, approved by the state authority (management) of the constituent entity of the Russian Federation.
Federal Energy Commission of the Russian Federation (FEC)- the federal executive body that carries out state regulation of tariffs on issues referred in accordance with the current legislation to its powers.
As part of the implementation of the Law "On State Regulation of Tariffs for Electricity and Heat in the Russian Federation", a Decree of the Government of the Russian Federation of 12.07.96 was adopted. No. 793 "On the federal (all-Russian) wholesale market electric energy (power)", according to which the definition is given federal (all-Russian) wholesale market of electric energy and capacity (FOREM), as a sphere for the sale and purchase of electrical energy (capacity) carried out by its subjects within the Unified Energy System of Russia.
In accordance with the federal law "On State Regulation of Tariffs for Electricity and Heat in the Russian Federation" REC sets rates:
For electric energy (capacity) and thermal energy (capacity) supplied by all energy supply organizations (including consumers - resellers) to consumers located in the region;
For electric energy (capacity) and (or) thermal energy (capacity) supplied by producers that are not FOREM subjects;
The amount of payment for services rendered in the consumer market of electric and thermal energy.
The regulation of tariffs for electricity (capacity) and heat energy (capacity), as well as services provided in the consumer market of electricity and heat, is carried out at the initiative of organizations engaged in regulated activities in this market.
The REC maintains a register of all energy supply organizations in the region and ensures control over the use of tariffs in the retail market of electric energy (capacity) and thermal energy (capacity) established in accordance with the Law on State Regulation of Tariffs for Electricity and Heat in the Russian Federation.
The enterprise JSC "Stavropolenergo" considered in this paper is an integral part of the Unified Electric Power System of Russia and, therefore, its economic activity is fully subject to the laws in force in the industry and decisions made by higher authorities to regulate this activity.
Conducting an analysis of the financial and economic condition of the enterprise JSC "Stavropolenergo" in the main, most important areas of the methodology of financial analysis, forms the basis of the mechanism financial management in the enterprise, is the starting point financial management. The correct assessment of the results of the analysis creates the necessary ground for the effective management of the assets and capital of the enterprise, competent management cash flows. Based on the foregoing, we analyze the financial and economic activities of the enterprise in the main part of the work.
1. General organizational and economic characteristics of the enterprise
Child open joint-stock company"Stavropol Joint-Stock Company of Energy and Electrification" (hereinafter referred to as the "Company") was established in accordance with Decrees of the President of the Russian Federation dated August 14, 1992 No. 922 "On the peculiarities of the transformation of state enterprises, associations, organizations of the fuel and energy complex into joint-stock companies", dated August 15, 1992 No. 923 "On the organization of management of the electric power complex of the Russian Federation in the context of privatization", dated November 5, 1992 No. 1334 "0 implementation in the electric power industry of the Decree of the President of the Russian Federation dated August 14, 1992 No. 922 "On the features of the transformation of state enterprises , associations, organizations of the fuel and energy complex into joint-stock companies" and operates in accordance with the Federal Law "On joint-stock companies" and the Charter of the joint-stock company.
The founder of the Company is the Russian Joint Stock Company for Energy and Electrification "UES of Russia" (Decree No. 14-r dated 15.01.93).
Full corporate name of the Company - Open Joint Stock Company "Stavropol Joint Stock Company of Energy and Electrification", abbreviated brand name - JSC "Stavropolenergo"
The Company is the legal successor of the Stavropol Production Association of Energy and Electrification "Stavropolenergo", on the basis of which the Company was formed (with the exception of the Stavropol and Nevinnomysskaya State District Power Plants), registered in Pyatigorsk by order No. 141-r dated 01.02.93.
Society is legal entity whose rights and obligations are acquired from the date of state registration. It owns separate property recorded on its independent balance sheet, can acquire and exercise property and personal non-property rights on its own behalf, incur obligations, be a plaintiff and defendant in court.
Society has civil rights and bears the obligations necessary for the implementation of any types of activities not prohibited by federal laws. The Company is a subsidiary of RAO "UES of Russia".
The Company is liable for its obligations with all its property, but is not liable for the obligations of its shareholders. Shareholders, in turn, are not liable for the obligations of the Company and bear the risk of losses associated with its activities within the value of their shares.
The state and its bodies are not liable for the obligations of the Company, just as the Company is not liable for the obligations of the state and its bodies.
The Company has the right to establish (participate in the establishment) in accordance with the established procedure commercial and non-profit organizations, create representations. Branches and other separate subdivisions (departments) acting on the basis of charters and regulations, respectively, approved by the Company. The Company includes representative offices, branches and other separate divisions.
The scope of the Company's activities includes basic and additional types. The most significant of them are shown in Figure 1.1.
The Company may carry out any type of activity, except for those prohibited by federal laws.
The energy system serviced by the Company is an integral part of the Unified Energy System of Russia. Based on this, obligatory conditions of the Company's activities are:
Ensuring the standard frequency of electric current, the voltage level at the nodal points of the network, the static and dynamic stability of the Unified Energy System of Russia;
Unconditional fulfillment of the dispatch schedule for load and consumption, tasks for the generation of electricity at the Company's power plants, including for transmission (reception) to (from) the Unified Energy System (s) of Russia, as well as transit transmission of electricity in accordance with operating mode of the integrated power system;
Provision of the Company's power plants with fuel in the volumes necessary to fulfill the task of operating capacity and energy production, creation of standard fuel reserves, their systematic maintenance in the volumes necessary to maintain the frequency and voltage in the network.
The Company ensures unconditional execution of:
Dispatch orders, industry norms and rules for the design and conditions for the safe operation of power plants;
picture 1
Requirements for labor safety in production and the introduction of new means and methods for preventing industrial injuries.
The management bodies of the Company are:
General Meeting of Shareholders;
Board of Directors of the Company;
CEO.
The structure of the governing bodies and the classification of the main issues within their competence are shown in Figure 1.2.
The supreme management body of the Company is General Meeting of Shareholders.
Once a year, an annual meeting of shareholders is held no earlier than two months and no later than six months after the end of fiscal year Society. The annual meeting of shareholders decides on the election of the Board of Directors of the Company, the Audit Commission of the Company, the approval of the auditor of the Company, considers the annual report of the Company submitted by the Board of Directors of the Company and other documents in accordance with the Charter of the Company. The general meetings of shareholders held in addition to the annual general meetings are extraordinary.
Date and procedure general meeting, the list of materials (information) provided to shareholders in preparation for the General Meeting of Shareholders is established by the Board of Directors of the Company in accordance with the requirements of the Charter and the Federal Law "On Joint Stock Companies".
In competence board of directors The Company includes resolving issues of general management of the Company's activities, with the exception of issues referred by the Company's Charter to the exclusive competence of the general meeting of shareholders.
The Board of Directors of the Company is responsible for:
Execution of decisions of meetings of shareholders;
figure 2
Consequences of decisions taken on issues within its exclusive competence;
Fulfillment of the specified balances of production and consumption, instructions of the North Caucasian branch of RAO "UES of Russia" Yuzhenergo and JSC "Central Dispatch Office of the UES of Russia", providing the standard frequency of electric current, the voltage level at the grid nodes, static and dynamic stability of the Unified Energy System of Russia;
Sale of electric and heat energy at established tariffs, ensuring timely settlements with consumers on the all-Russian wholesale electric energy (capacity) market and on a subscription fee for services to organize the functioning and development of the Unified Energy System of Russia.
The composition of the Board of Directors is determined in the amount of 7 people. The candidacy of the Chairman of the Board of Directors for election is proposed by the Board of Directors or shareholders (shareholder) of the Company, who in the aggregate own at least 2 percent of the voting shares of the Company, from among the elected members of the Board of Directors of the Company during the meeting of shareholders.
Issues related to the exclusive competence of the Board of Directors of the Company cannot be transferred to the executive bodies of the Company for wounding.
Decisions of the Board of Directors of the Company are valid if at least half of the members of the Board of Directors of the Company took part in their consideration. The procedure for making decisions by the Board of Directors is determined by the regulations for holding meetings of the Board of Directors. If necessary, decisions of the Board of Directors may be adopted by absentee voting (by poll).
Meetings of the Board of Directors are held as needed, but at least once a quarter. The procedure for convening and holding meetings is determined by the internal documents of the Company.
The Chairman of the Board of Directors organizes its work, convenes meetings of the Board and presides over them, presides over the general meeting of shareholders.
Management of the current activities of the Company is carried out by CEO.
An executive office of the Company is created under the General Director to carry out current activities and organize the implementation of his decisions.
The General Director is personally responsible for:
Execution of decisions of meetings of shareholders and the Board of Directors of the Company;
Unconditional fulfillment of the dispatch schedule for load and consumption, tasks for the generation of electricity at the Company's power plants, including for transmission (reception) to (from) the Unified Energy System (s) of Russia, as well as transit transmission of electricity in accordance with predetermined balances of production and consumption, instructions of the North Caucasian branch of the RLO "UES of Russia" Yuzhenergo and JSC "Central Dispatch Office of the UES of Russia" ", providing the standard frequency of electric current, the voltage level at the nodal points of the network, the static and dynamic stability of the Unified Energy System of Russia, formation of funds and timely settlements under agreements on the Formation of an industry fund for R&D, concluded by the Company;
Maximum use of the installed capacity of power plants;
Ensuring power supply to consumers connected to the Company's networks in accordance with the concluded agreements;
Protection of tariffs for electricity and heat energy in regional energy commissions that ensure the receipt of profit by the Company;
Sale of electric and heat energy at established tariffs, ensuring timely settlements with consumers, on the all-Russian wholesale market of electric energy (capacity) and on a subscription fee for services for organizing the functioning and development of the Unified Energy System of Russia, making a profit;
Provision of the Company's power plants with fuel in the volumes necessary to fulfill the task of operating capacity and energy production, creation of standard fuel reserves. their systematic maintenance in volumes. necessary to maintain the frequency and voltage in the network;
Ensuring the operation of power equipment in accordance with applicable regulatory requirements, carrying out timely and high-quality repairs of power equipment, technical re-equipment and reconstruction of power facilities;
The General Director performs actions on behalf of the Company without a power of attorney.
During the period when RAO "UES of Russia" owns a controlling stake in the Company, the contract with CEO concludes (terminates) the President of RAO "UES of Russia".
The First Deputy General Director - Chief Engineer of the Company (during the period when RAO "UES of Russia" owns a controlling stake) is appointed to the position on a contract basis by the General Director in agreement with RAO "UES of Russia".
The above organizational and legal form of JSC "Stavropolenergo" allows it to fully function in the current difficult economic situation, subject to well-coordinated, highly professional work of all levels of both management and execution.
Joint Stock Company Stavropolenergo (a subsidiary of the Russian Joint Stock Company for Energy and Electrification "UES of Russia"), registered by the Decree of the head of the administration of the city of Pyatigorsk on February 1, 1993, worked for eight years.
In 1996, the property of Stavropolenergo was estimated at 617 million 530 thousand rubles, in 2000, taking into account the property of the Pyatigorskenergoproekt Institute, it amounted to 618 million 750 thousand rubles.
As a result of revaluation of fixed assets for 1996-2000, the value of the authorized capital increased by 3624 times and amounted to 2 billion 242 million 350 thousand rubles in 2000 prices.
In connection with the change in the par value of shares when the authorized capital was doubled during the revaluation of fixed assets as of 01.01.96, the Regional Financial Department registered on 07.29.96 under the number 21-1-01177:
The value and structure of the authorized capital in the form of shares distributed among the founders is presented in Table 1.1.
Table 1.1.
|
Types of shares |
Quantity (things) |
Denomination (rub.) |
Sum (thousand roubles.) |
Structure, |
|
Privileged Type A |
||||
|
Ordinary |
||||
|
TOTAL |
The total number of shares is 1 billion 121 million 175 thousand pieces.
On the basis of the order of the Rostov regional branch of the Federal Securities Commission of Russia dated 19.01.98 M 52, state registration of this issue of shares and a report on the results of the issue of securities was registered.
Since 1993, the number of shares has increased 1812 times.
As of March 10, 2000, the list of shareholders of Stavropolenergo JSC included 4070 individuals holding 148,241,472 type A preference shares, 4,612 persons holding 154,641,288 ordinary shares (18.0% of votes at the meeting), 68 legal entities holding 113,858,892 preference shares, and 92 legal entities holding 704,433,348 ordinary shares shares (82% of the votes), of which RAO "UES of Russia" owns 612,640,824 ordinary shares (71.3% of the votes at the shareholders' meeting).
The supreme management body of the Company, as already noted, is the general meeting of shareholders. General management of the Company's activities, with the exception of issues referred to the exclusive competence of the general meeting, is carried out by the Board of Directors.
In the analyzed reporting year The Company carried out activities in the main areas:
1. Provided power supply to consumers connected to the Company's networks in accordance with the concluded agreements:
2. Sold electricity and heat energy at established tariffs, providing settlements with consumers, on the all-Russian wholesale electricity (capacity) market and at a subscription fee for the services of the UES of Russia:
3. Ensured the production, transmission and distribution of energy, the operation of its own power equipment, its repair, technical re-equipment and reconstruction in accordance with the current regulatory documents:
4. Carried out work agreed with RAO (YuzhMES) on the operation and repair of the system-forming network of the UES of Russia:
5. Carried out coordination and operational dispatch control of the electric power complex in the territory of the region.
In the reporting year, the Company received 6,034.9 million kWh of electricity from the wholesale market, and 12.5 million kWh from block stations. Own production amounted to 1,251.3 million kWh. (25.7% of the power consumption of the region).
Price set by the Society marketable products(service output) for the year amounted to RUB 1,672,186.0 thousand, including for electricity to own consumers 1,488,305.8 thousand rubles, for heat energy 41,703.3 thousand rubles, from other activities - 93,162.5 thousand rubles.
The actual cost of commercial products since the beginning of the year amounted to 1,672,186.0 million rubles. with a plan of 1,512,317 rubles.
Sales of marketable products, calculated on the fact of receipt of money to the settlement account of the Company, for 1999 amounted to 1,672,185.5 thousand rubles6.
The cost of sold products, calculated on payment - 1,622,494.0 million rubles.
The Company received the balance sheet profit calculated according to system accounting since the beginning of the year in the amount of 32,327.0 thousand rubles. (upon shipment). At the same time, income from the sale of marketable products amounted to 49,692.0 thousand rubles. with a plan of 51,875 million rubles6., losses from other sales - 22,407 thousand rubles, income from non-sales operations - 5,042.0 thousand rubles.
The balance sheet for JSC "Stavropolenergo" as of 01.01.99 amounted to the currency -3,037,052 thousand rubles, including:
Assets of the balance sheet of the enterprise - total - 3,037,052 thousand rubles,
including:
Liabilities on the balance sheet of the enterprise - total: - 3,037,052 thousand rubles.
including:
The upward change in current assets at the end of the reporting year, amounting to 4.8% (144,680 x100/3,037,052) of the total balance sheet currency, is explained by the following reasons:
Line 210 - an increase in stocks by 87% due to an increase in stocks of raw materials, low-value inventory and goods for resale;
Line 240 - reduction accounts receivable in connection with payments by 87% (619,453х100/654,549).
Other balance sheet items did not undergo significant changes.
The balance sheet of JSC "Stavropolenergo" consists of own and attracted borrowed funds, reflected in liabilities as liabilities to creditors.
Assessment of the structure of the Company's balance sheet by coefficients made it possible to establish that the calculated value of the coefficient current liquidity as of 01.01.2000 was 0.061 (as of 01.01.99 - 0.030), restoration of solvency - 1.76.
The coefficient indicators, although somewhat deteriorated over the year, indicate a stable financial position and a satisfactory structure of the balance sheet of Stavropolenergo JSC for 1999.
A brief analysis of the availability of property and sources of its coverage showed that the value of the property of Stavropolenergo JSC and the sources of its acquisition increased over the analyzed period. In general, the property increased by - 4,818 thousand rubles (3,037,052 - 3,032,234) or 0.2%. This happened due to an increase in receivables for the supplied electrical and thermal energy, work performed, services, etc. (619,453 - 654,549) by 35,096 thousand rubles or by 5.4% and a decrease in all other property by 30,278 thousand. rubles, including:
Net assets of the Company as of 01.01.99 amounted to -2,235,658 thousand rubles. (135% by 01.01.99).
For one ruble of own funds invested in assets, JSC Stavropolenergo at the end of the reporting year has liabilities for borrowed funds of only 7.6 kopecks, which characterizes financial autonomy (independence of the Company, since its own funds far exceed borrowed ones).
The excess of accounts receivable over accounts payable is 254,082 thousand rubles6. Solvency criteria testify to the stable financial condition of the Company.
As of 01.01.99 on the balance sheet of the Company (according to book value) there were 9,648,778 thousand rubles of fixed assets. Including funds of the main type of activity - 4,824,389 thousand rubles, industrial fixed assets of other industries - 4,738,686 thousand rubles and non-productive fixed assets - 85,703 thousand rubles.
During the year, fixed assets increased by 85,817 thousand rubles, including those put into operation and acquired by 75,197 thousand rubles, retired - by 80,955 thousand rubles. The main share of receipts of fixed assets - funds of the main type of activity - 69,255 thousand rubles. Fixed assets of other industries and non-production fixed assets were introduced - for 19,675 thousand rubles.
Put into operation:
Acquired heating network resort city of Kislovodsk.
Wear core production means for the year amounted to 2,833,236 thousand rubles. Non-productive fixed assets were depreciated by 319 thousand rubles.
On the overhaul equipment, stations, electrical networks, 1,066,290 thousand rubles were spent, for the repair of buildings and structures -
1,530,804 thousand rubles.
In total, 2,597,094 thousand rubles6 were spent on repair maintenance. (at the level of 1999 - 2,516,429 thousand rubles).
Let's spend brief analysis in the area of labor resources and their payment. At the end of 2000, 7417 people worked in the JSC, of which 7162 were industrial personnel or 92.6% of the normal number, and 255 were non-industrial personnel. In comparison with January 1, 1999, the total number increased by 1.7% (127 people).
In 2000, 101,815 million rubles were allocated for wages, against 164,772 million rubles in 19996. (growth by 1.7%). The entire increase was spent on salaries and other benefits for newly hired personnel.
The average monthly income per employee amounted to 1,281.6 thousand rubles, against 1,324.7 thousand rubles. in 1999 (down 3.3%).
The ratio of the increase in average income in JSC "Stavropolenergo" to the increase consumer prices on the edge for 1999 - 0.822.
The ratio of cash income of one employee in JSC "Stavropolenergo" to the average per capita living wage in the region - 3.72, which in families with two children approaches one. In 1997-2000, this ratio ranged from 5.92 to 4.16.
As of 01/05/2000, wage arrears amounted to 3.4 million rubles.
Reduced financial opportunities due to non-payments led to a reduction in funds for the development and reconstruction of the economy. Meanwhile, the level of depreciation of fixed assets reached 54 percent, and for machinery and equipment - 66 percent.
Renovation work has been carried out:
The hydro-generator of the Svistukhinskaya HPP and one hydro-turbine of the Yegorlykskaya HPP were replaced. However, 3.0 thousand km of 0.4 kV overhead lines, 1.7 thousand km of 0.4 kV overhead lines, and 680 transformer substations remained in an unsatisfactory condition. The commissioning of networks was sharply reduced: instead of 807 km of 0.4 kV overhead lines that fell into disrepair, only 26 km were put into operation, instead of 244 km of 10 km overhead lines - only 38 km. 215 TPs remained in an unusable condition. Not a single 35-110 kV substation, not a single km of 35-110 kV overhead lines was commissioned during the year.
0.43 thousand sq. m. m of housing (4% by 2000). Overall volume capital investments for the year amounted to 21,718 thousand rubles (285,815-307,533).
If the volume of industrial capital construction remains at the current level, the energy complex of the region in a few years will be unable to carry out the functions of energy supply to consumers.
As of 01.01.99, unfinished capital investments amounted to 24,338 thousand rubles, which corresponds to 88.6% by 01.01.99.
The results of a brief description of the economic potential of the enterprise JSC "Stavropolenergo", given on the basis of financial statements and reports on the results of the enterprise's activities for 1999, speak of a stable property and financial position of this enterprise and the feasibility of conducting a more detailed complex analysis his activities.
1.3. The main provisions of the methodology for a comprehensive analysis of the enterprise's activities
Figure 1.3.1. Scheme of a comprehensive analysis of the enterprise.
The division of analysis into financial and managerial is due to the division of the system that has developed in practice accounting enterprise-wide for financial accounting and management accounting. This division of analysis is somewhat arbitrary, because internal analysis can be seen as a continuation of external analysis and vice versa. In the interests of the case, both types of analysis feed each other with information.
Financial analysis is an essential element of financial management and audit. Almost all users financial statements enterprises use the results of financial analysis to make decisions to optimize their interests.
Owners analyze financial reports to increase the return on capital and ensure the stability of the enterprise. Lenders and investors analyze financial reports to minimize their risks on loans and deposits. We can firmly say that the quality of the decisions made depends entirely on the quality of the analytical justification of the decision. The interest in financial analysis is evidenced by the fact that in last years many publications devoted to financial analysis have appeared, are being actively developed overseas experience financial analysis and management of enterprises, banks, insurance organizations, etc.
Introduction of a new chart of accounts of accounting, bringing the forms of accounting statements in line with the requirements international standards necessitates the use of a new method of financial analysis, corresponding to the conditions of a market economy. Such a technique is needed for a reasonable choice of a business partner, determining the degree financial stability enterprises, assessment of business activity and efficiency of entrepreneurial activity.
The main (and in some cases the only) source of information about the financial activities of a business partner is the financial statements, which have become public. The company's reporting market economy based on generalization of data financial accounting and is an information link connecting the enterprise with society and business partners-users of information about the activities of the enterprise.
The subjects of analysis are, both directly and indirectly, users of information interested in the activities of the enterprise. To first group users include owners of enterprise funds, lenders (banks, etc.), suppliers, customers (buyers), tax authorities, enterprise personnel and management. Each subject of analysis studies information based on their interests. So, the owners need to determine the increase or decrease in the share of equity capital and evaluate the efficiency of the use of resources by the administration of the enterprise; to lenders and suppliers - the expediency of extending the loan, credit conditions, loan repayment guarantees; potential owners and creditors - the profitability of investing their capital in the enterprise, etc. It should be noted that only the management (administration) of the enterprise can deepen the analysis of reporting using production accounting data as part of the management analysis carried out for management purposes.
Second group users financial reporting- these are the subjects of analysis, which, although not directly interested in the activities of the enterprise, must, under the contract, protect the interests of the first group of reporting users. These are audit firms, consultants, exchanges, lawyers, press, associations, trade unions.
In certain cases, to achieve the goals of financial analysis, it is not enough to use only financial statements. Separate user groups, such as management and auditors, have the opportunity to attract additional sources (production and financial accounting data). However, most often annual and quarterly reports are the only source of external financial analysis.
The methodology of financial analysis consists of three interrelated blocks:
1. analysis of the financial condition;
2. analysis financial results the activities of the enterprise;
3. analysis of the effectiveness of financial and economic activities.
The main source of information for financial analysis is the balance sheet of the enterprise (Form No. 1 of annual and quarterly reporting). Its importance is so great that the analysis of the financial condition is often called the analysis of the balance sheet. The source of data for the analysis of financial results is the report on financial results and their use (Form No. 2 of annual and quarterly reporting). The source of additional information for each of the blocks of financial analysis is the appendix to the balance sheet (Form No. 5 annual reporting). These forms were approved by the Ministry of Finance of the Russian Federation for the annual accounting report for 1997, and forms No. 1 and No. 2 for the quarterly reporting for 1997 as well. Somewhat different reporting is approved for enterprises with foreign investment foreign economic firms.
Why are such sources of information convenient for insolvent enterprises?
First of all, by the fact that, without preparing data for analysis, already on the basis of the balance sheet of the enterprise (Form No. 1) and (Form No. 2), a comparative express analysis of the company's reporting indicators for previous periods can be made.
Secondly: with the advent of special automated accounting programs for analyzing the financial condition of an enterprise, it is convenient, immediately after compiling reporting forms, without leaving the program, to perform, on the basis of ready-made forms of accounting reports, using the built-in financial analysis block, the simplest express analysis of the enterprise.
The main purpose of financial analysis is to obtain a small number of key (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, in settlements with debtors and creditors, while the analyst and manager (manager ) may be of interest to both the current financial condition of the enterprise and its projection for the near or more distant future, i.e. expected parameters of the financial condition.
The objectives of the analysis are achieved as a result of solving a certain interrelated set of analytical tasks. The analytical task is a specification of the goals of the analysis, taking into account the organizational, informational, technical and methodological capabilities of the analysis. Ultimately, the main factor is the volume and quality of the initial information. At the same time, 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.
To make management decisions in the field of production, marketing, finance, investment and innovation, management needs constant business awareness on relevant issues, which is the result of the selection, analysis, evaluation and concentration of the original raw information. It is also necessary to read the source data analytically based on the goals of analysis and management.
The basic principle of analytical reading of financial statements is the deductive method, i.e. from the general to the particular, But it must be applied repeatedly. In the course of such an analysis, as it were, the historical and logical sequence of economic facts and events, the direction and strength of their influence on the results of activity are reproduced.
The practice of economic and financial analysis has already developed the main types of analysis (method of analysis) of financial statements. Among them, 6 main methods can be distinguished:
horizontal (temporal) analysis- comparison of each reporting position with the previous period;
vertical (structural) analysis- determination of the structure of the final financial indicators identifying the impact of each reporting position on the result as a whole;
trend analysis- comparing each reporting position with a number of previous periods and determining the trend, i.e. the main trend in the dynamics of the indicator, cleared of random influences and individual characteristics of individual periods. With the help of the trend, possible values of indicators are formed in the future, and therefore, a prospective predictive analysis is carried out;
analysis of relative indicators (coefficients)- Calculation of relationships between individual report items or items different forms reporting, determination of interrelations of indicators;
comparative (spatial) analysis- this is both an on-farm analysis of summary reporting indicators for individual indicators of an enterprise, branches, divisions, workshops, and an inter-farm analysis of the indicators of a given enterprise in comparison with those of competitors, with average industry and average economic data;
factor analysis- analysis of the influence of individual factors (reasons) on the performance indicator using deterministic or stochastic methods of research. Moreover, factor analysis can be both direct (analysis itself), when the analysis is divided into component parts, and reverse, when a balance of deviations is made up and at the stage of generalization all the identified deviations are summed up, the actual indicator from the baseline due to individual factors.
Financial analysis is part of a general, complete analysis of economic activity, which consists of two closely related sections: financial analysis and production management analysis.
Features of external financial analysis are:
Financial analysis, based on data only from financial statements, acquires the character of an external analysis, i.e. analysis carried out outside the enterprise by its interested counterparties, owners or government bodies. This analysis, based only on reporting data, which contains only a very limited part of information about the activities of the enterprise, does not allow revealing all the secrets of success or failure in the activities of the enterprise.
There is a diverse economic information about the activities of enterprises and many ways to analyze this activity. Financial analysis according to financial statements is called the classic method of analysis. On-farm financial analysis uses data on the technical preparation of production, regulatory and planning information, and other system accounting data as a source of information.
In the system of on-farm management analysis, it is possible to deepen financial analysis by attracting management production accounting data, in other words, it is possible to conduct a comprehensive economic analysis and evaluation of the effectiveness of economic activity. The issues of financial and managerial analysis are interrelated in the justification of business plans, in monitoring their implementation, in the marketing system, i.e. in the management system for the production and sale of products, works and services oriented to the market.
Features of management analysis are:
maximum secrecy of the analysis results in order to preserve commercial secrets.
2. Analysis of production costs and pricing features in the energy industry
Each enterprise, association in the conditions of market relations must work profitably, measure the results of its work with costs, achieve increased results and reduced costs. Comparison of costs and results at any level of management of the national economy in solving both current and future economic problems is impossible without an appropriate tool. Such tools are prices, tariffs and rates.
From the point of view of the possibilities of comparing the results of various types of activities, most energy enterprises are in a special position. The results of their activities can be measured in a physical way, in common units energy. However, this comparison is very imperfect. So, the pressure of selected steam, the range of voltage fluctuations of electricity and their frequency can be different. Essential for measuring the value of energy is the time (during the day and during the year) in which it is necessary to provide energy to the consumer. Comparison of different-quality and different-time energy in the usual physical way is impossible. It is much more difficult to compare heterogeneous material and non-material costs. Physically, they are incommensurable. For example, fuel and living labor in the current operation of power plants, cement and equipment in their construction can only be measured through prices and wage rates.
Prices are currently national economy quite varied. This variety of prices (their differentiation) is caused by the fact that they must fulfill all the accounting, stimulating and distributive functions assigned to them, reflect the costs of production and at the same time be an effective tool of economic policy.
The broad liberalization of prices, which began on January 2, 1992, was aimed at overcoming the vices of centralized pricing and establishing market equilibrium - the first stage of a radical economic reform in Russia. But as already mentioned in the introduction, the energy industry, being a natural monopoly, is under the control of government agencies in the formation of prices for their services, being within the framework of the concept marginal cost pricing (CPI).
2.1. Fundamentals of building tariffs for electricity
Tariffs is a differentiated price. Energy tariffs occupy a middle position between tariffs for services and prices for material goods, since the result of the activities of energy enterprises - energy - has some properties of both services and material goods. The economic nature of energy tariffs is the same as prices, that is, the cost of socially necessary labor for the reproduction of energy, as well as the reproduction of all types of fuel, equipment and other means of production in the volumes and proportions necessary for the reproduction of energy.
The main elements of energy tariffs are total cost energy production and profit. The cost of energy production varies significantly for individual production and energy associations (energy systems) due to significant differences in the structure of generating capacities, differences in the cost of power plants used. Therefore, energy tariffs vary by zone or district.
Electricity requires a special transportation system, i.e. transmission and distribution, down to every consumer. At the same time, transmission and distribution systems - power grid enterprises- due to the peculiarities of the production and use of energy, they are obliged to work in close technological and organizational cooperation with the power plants of this PEO (energy system) and with consumers. Due to such a close technological connection between the production and transmission of energy, it is always sold at a price (tariff) free consumer, therefore, includes the costs of transmission and distribution, and hence the cost and profit of power grid enterprises. Therefore, energy tariffs depend not only on the cost of energy production in a given area, but also on the cost of its transmission.
Features of energy production depend on average annual and average daily conditions. Average annual and average daily production costs should be reflected in energy tariffs in order to ensure normal conditions for the self-supporting activities of each energy enterprise. But the production of electricity cannot focus only on average volumes of energy consumption, since the mode of energy production is determined by the mode of its consumption. Energy consumption is characterized by a pronounced unevenness during the day. The high cost of basic production assets power companies, large specific gravity 30-40% of semi-fixed costs as part of the cost of energy are due to the need to meet the energy needs of those consumers who need energy just during the hours of the daily maximum load. If energy tariffs were built on the basis of the average daily volume of energy consumption, then they would not fulfill their main function - a reliable accounting of socially necessary costs for the production of those types of products that are produced mainly during peak hours of energy systems. Orientation of tariffs to the average daily volume of energy consumption would not stimulate a more uniform and, therefore, more economical mode of energy consumption.
Differences in the cost and capital intensity of energy production by time of day are the basis of multi-part tariffs. In practice, as a rule, two-part tariffs are used, and much less often - three-part tariffs.
In addition to stimulating a more economical mode of energy consumption through electricity tariffs, industrial consumers also receive discounts or tariff surcharges for the voltage mode (for cos j or tg j).
For the main industrial consumers of electricity with an annual maximum load of at least 500 kW, a two-part tariff is currently applied. It consists of two parts: a tariff (rate) for 1 kVA of connected power or 1 kW of declared maximum load and a tariff (rate) for each kilowatt-hour of consumed active energy. The total connected power is determined by the power of step-down transformers and high-voltage electric motors connected directly to the substations of the power supply company.
Claimed maximum load- this is the largest half-hour power supplied to consumers during the hours of the daily maximum load of the power pool. control and accounting of connected power does not cause difficulties, since the declared power is fixed in contracts with consumers and is periodically monitored according to the readings of special devices.
The total amount of payment for electricity consumed per year with two-part tariff is determined by the formula:
t = aN + bW, (8)
where a is the rate (tariff) for 1 kV*A of connected power, rub./kV*A, or 1 kW of the declared maximum load, rub./kW; N - connected power, kV * A, or the declared maximum load, kW; b - rate (tariff) for 1 kWh of consumed active energy, rub./kWh; W is the amount of energy consumed, kWh/year.
If we take into account that W=Nhe, where he is the annual number of hours of use of the maximum connected power or the declared maximum load, h/year, then the average annual two-part tariff for 1 kWh of energy consumed is inversely proportional to the number of hours of use of the connected power or maximum load:
q \u003d t / W \u003d (a / he) + b. (9)
Three-part tariff consists of the maximum tariff for energy released in the time zone of maximum loads; the average tariff for energy in the zone of the time of day, corresponding to daily and semi-peak loads; the minimum tariff at night during the hours of minimum loads.
One-part tariff assumes the size of the payment for the consumed energy, strictly proportional to its quantity:
The one-part tariff is very simple and does not require special counters. To use it, it is enough to install cheap energy meters. This type of tariff is used in calculations for consumed energy with small consumers: small industrial enterprises and organizations, household consumers. The single-rate tariff is also used in settlements with those consumers whose energy consumption regime does not depend on the consumers themselves. These include electrified transport, factories for the production of non-ferrous metals, etc. The population and enterprises of trade and Catering pay for the consumed electricity also at one-part tariffs, regardless of their location.
In the process of establishing market relations, the procedure for calculating tariffs for electricity supplied to consumers is being improved and unified. Thus, in pursuance of the Federal Law "On State Regulation of Tariffs for Electricity and Heat in the Russian Federation", "Temporary guidelines on the procedure for calculating tariffs for electricity and heat in the consumer market" , according to which the procedure for calculating, putting into effect and changing tariffs for electrical energy (capacity) sold to consumers is currently being established.
To regulate tariffs for electric energy (capacity) and thermal energy (capacity), the energy supplying organization submits substantiating materials to the REC.
In the process of reviewing and approving tariffs for electricity (capacity), The REC evaluates the validity of the following materials:
1. Determining the types and volumes of products (services) in physical terms supplied by the energy supply organization to consumers for regulated activities.
2. Economic justification of the total need for financial resources(cost and profit) of commercial organizations for regulated activities for the period of regulation.
3. Distribution of the total need for financial resources (cost and profit) of commercial organizations between types of products for regulated activities.
4. Calculation of tariffs: average for the energy supplying organization and with differentiation by groups and categories of consumers.
Based on the results of consideration of materials submitted by energy supplying organizations, the REC approves tariffs for electric energy (capacity) for groups and categories of consumers in the region served by this energy supplying organization.
2.2. Determination of the total need for financial resources (cost and profit) of the energy supply company.
Definition ( economic justification) the total need for financial resources (cost and profit) of the energy supplying organization for regulated activities for the period of regulation should provide full refund justified material costs, including the cost of purchased energy, covering financial costs (interest on loans or bonds), paying taxes, depreciation and deductions for the formation of other special funds of the energy supply organization. accrual of dividends on shares and formation of the necessary amount of net profit for the implementation of production and social programs.
The total need of energy supplying organizations for financial resources includes the types of expenses for reproduction given below.
Funds attributable to the cost of production:
1. Raw materials, basic materials. The calculation is based on current regulations and standards, taking into account the prices and tariffs predicted during the period of regulation for the specified raw materials and materials.
2. Auxiliary materials. The calculation is made on the basis of the current norms and standards, taking into account the prices and tariffs predicted during the period of regulation for the specified auxiliary materials.
3. Production services. The calculation is made on the basis of the need to carry out routine (repair and other) work, taking into account the prices and tariffs for these services predicted during the period of regulation.
4. Fuel for technological purposes. The need for funds to pay for fuel is determined on the basis of the standards for specific fuel consumption for the production of electricity and heat, calculated on the basis of the normative energy characteristics of power equipment and the planned operation mode of the equipment for the regulatory period, taking into account forecasted fuel prices and transportation tariffs.
5. Purchased energy for production and household needs, including the cost of purchased electricity and capacity and heat received from FOREM or from other energy producers. The cost of purchased energy from FOREM is calculated based on the energy and capacity balance approved by the FEC and the level of tariffs approved by the FEC for electricity and capacity supplied from FOREM.
The cost of purchased electricity from block stations and other electricity producers not listed on FOREM is determined on the basis of the electricity supply organization's balance of electricity and the tariffs established by the REC.
6. Labor costs. The calculation of the amount of expenses for remuneration of personnel employed in the main activity is carried out in accordance with industry tariff agreements.
The methodology for calculating the amount of funds for wages in accordance with the industry tariff agreement is approved by the FEC of Russia.
7. Deductions for social needs, including: deductions for social insurance, contributions to the employment fund, mandatory health insurance, in Pension Fund and other deductions stipulated by the current legislation. Calculations are made on the basis of the norms and standards of the specified deductions established by the current regulatory legal acts.
8. Depreciation of fixed assets. Calculation of depreciation charges for the full restoration of fixed assets is carried out according to depreciation rates approved in the prescribed manner for the types of fixed assets of commercial organizations.
9. Other expenses including:
The costs of the JSC "Stavropolenergo", attributed to the cost of production of electrical and thermal energy, its transmission and distribution in networks, will be presented in the form of table 4.1.
According to the results of Table 4.1, some negative shifts in changes in costing items can be noted. For example: compared to last year, the cost of the main wages production workers - the change amounted to 2141.52 million rubles; the amount of deductions for social insurance decreased by 1228.08 million rubles; the cost of depreciation of production equipment decreased by 3812.31 million rubles. These changes are the result of forced measures taken by the management of JSC "Stavropolenergo" in a difficult economic situation, to reduce costs attributable to the cost of production. But as you know, the reduction of funds attributable to reproduction processes will ultimately have a negative impact on the functioning of the entire production as a whole. Therefore, there is an urgent need to change the economic policy pursued by the management of the enterprise in terms of costs.
Funds generated from profits:
1. For the development of production including capital investments.
2. On the social development , including capital investments and the formation of a consumption fund at the expense of profits.
3. Dividends on shares. In accordance with Article 4 of the Law on State Regulation of Tariffs for Electricity and Heat in the Russian Federation
Table 4.1
4. Profit for other purposes, including:
Payments for exceeding the maximum allowable emissions (discharges) of pollutants;
Payment of interest on a loan received and on budget loans, in the part carried on profit;
Deductions to reserve (and other) funds provided for by the current legislation.
The calculation of the need for financial resources for the production, scientific, technical and social development of the energy supply organization is carried out with the justification of all sources of financing on the basis of the adopted development schemes and investment programs.
The level of profitability of commercial organizations for regulated activities is formed on the basis of the volumes of the above funds, formed from profits.
6. Lost earnings the energy supply organization, which have arisen for reasons beyond its control, are taken into account by the REC at the next stage of regulating tariffs for electricity and heat.
Based on the need to compensate the economically justified costs of energy supply organizations caused by the growth of tariffs for FOREM and the decision of the regional energy commission of the Stavropol Territory dated June 2, 2001, it was decided to approve the following tariffs for electric energy for the population of the Stavropol Territory (Table 1).
|
Types of consumers |
Payment for 1 kW of declared power, per month Rub/kW |
Payment for 1 kWh of electricity, per month. Cop/kWh |
high voltage (VN) medium voltage (SN) low voltage (HH) high voltage (VN) medium voltage (SN) low voltage (HH)
medium voltage (SN)
|
In table 1, for items 1, 2, 3, 4, value added tax is charged additionally.
The approved tariff for the urban population is 1.6 times lower than the cost, for rural population 2.2 times. The actual level of electricity tariffs for the population is 3.5 times lower than the cost. Replenishment of the reduced cost comes at the expense of industrial consumers, but this introduces an increase in the cost of their products, which naturally affects general increase prices.
Electricity supply to consumers connected to the Company's grids in accordance with contracts is the main activity of the enterprise, bringing it a significant share of profits and significantly affecting its financial condition. In this regard, I would like to give some figures characterizing the activities of the enterprise in 2000:
3. Assessment of the state and movement of the property of the enterprise JSC "Stavropolenergo" and the sources of its formation
Analysis of financial and economic activities according to financial statements can be performed with varying degrees of detail. The basis of the analysis is a system of indicators and analytical tables, the logic of selection and compilation of which involves an analysis of the state and dynamics of the economic potential of the enterprise, the results and efficiency of its use.
The economic potential of an economic entity can be characterized in two ways: from the standpoint of the property status of the enterprise and from the standpoint of its financial position. Both of these aspects of financial and economic activity are interconnected - the irrational structure of property, its poor-quality composition can lead to a deterioration in the financial situation and vice versa.
The stability of the financial position of the enterprise largely depends on the appropriateness and correctness of the investment financial resources into assets. Assets are dynamic in nature. In the course of the functioning of the enterprise, both the value of assets and their structure undergo constant changes. The most general idea of the qualitative changes that have taken place in the structure of funds and their sources, as well as the dynamics of these changes, can be obtained using a vertical and horizontal analysis of reporting.
The concept of the property status of the enterprise, the qualitative changes taking place in the structure of funds and sources, as well as the dynamics of these changes can be seen using the modern form of the annual balance sheet, without converting it for these purposes, since the balance sheet currency - net is the net property of the enterprise .
Data for the analysis of the state and movement of economic assets (property) of the enterprise are presented in the form of table No. 2, for the convenience and versatility of calculations performed using the software product Microsoft EXCEL (all tables thesis also performed using this software), which allows, by substituting the initial values, to obtain finished results in the final columns of the table with brief description obtained financial ratios, which makes it possible, in the presence of a PC with this software, to use all the tables of the thesis to analyze the standard financial statements of any enterprise.
Table 2.
Status and movement of the property of JSC "Stavropolenergo" in 1999.
Picture 1
Picture 1
Figure 2
From the data in Table 2, an increase in the total value of the property of the analyzed enterprise by the end of the reporting period by 0.15 percent, which amounted to 4,818 thousand rubles, is clearly visible. This happened due to an increase in the amount of current assets by 6.17 percent, which is 46,573 thousand rubles. and speaks of the complexity of the property structure, since an increase in working capital, with their proper use, implies an increase in profits from core and other activities, but in an unfavorable economic situation, it increases the risk of losses and a decrease in profits.
In turn, the share of non-current assets slightly decreased. Its value by the end of the reporting period amounted to 80 percent of the total value of the property, which is 1.9 percent lower than at the beginning of the year. And in the horizontal section, the decrease amounted to 1.83 percent, that is, 41,755 thousand rubles (Figures 1 and 2). From this brief, enlarged analysis, we can conclude that there has been a slight change in the property structure of the Stavropolenergo JSC enterprise in the direction of increasing mobile assets. For a more detailed consideration of the state and movement of the property of the enterprise, we will analyze separately each part of the asset balance.
Assessing the dynamics of non-current assets, we note changes in the composition of long-term financial investments in the direction of their increase in both vertical and horizontal sections. At the end of the analyzed period, there is an increase in the share of this part of non-current assets by 0.20 percent compared with the share at the beginning of the year. The increase in long-term financial investments amounted to 0.23 percent, which is equal to 15 thousand rubles.
This balance sheet item, reflecting long-term investments of the enterprise, earning assets of other enterprises, authorized funds of other enterprises, as well as loans granted to other enterprises, indicates that the enterprise is actively developing financial operations, since in the conditions of market relations financial activities becomes the same equal in terms of the formation of the final financial result of the activity as its main activity.
Significant share of fixed assets in total amount of non-current assets indicates good production capabilities of JSC "Stavropolenergo" and this is typical for an energy industry enterprise, but its slight increase due to the growth of long-term financial investments can be assessed as a positive trend, as it is offset by an increase in the share of unfinished capital investments, which are a potential source increase in fixed assets of the enterprise. There is an increase in the share of unfinished capital investments by 2.1 percent and an increase in the amount Money at the end of the year by 43,666 thousand rubles compared to the beginning of the year.
Analyzing the dynamics of current assets, which significantly influenced the increase in property, it can be noted that the increase in property by 35,096 thousand rubles or 5.4 percent was also due to an increase in accounts receivable for the supplied electric and thermal energy, work performed, services, and also by increasing production stocks by 46.5 percent or by 67,288 thousand rubles.
The formation of the property of the enterprise is carried out at the expense of own and borrowed funds, the state and movement of which is presented in the liability of the balance sheet. The ratio of own and borrowed funds characterizes the financial position of the enterprise. You can not unequivocally give preference only to their own means. Depending on the financial situation at the enterprise, there is often a need for borrowed funds and the correct disposal of these funds becomes very important, since their return is accompanied by an increase in the amount of funds by the value of the interest on the loan
The characteristics of the sources of financing the property of the enterprise, as well as the structure and ratio of own and borrowed funds will be presented in the form of table 3.
In addition to the indicators taken from the balance sheet, the table contains the calculated indicator: "Availability of own working capital", which is determined according to the scheme:
Es \u003d K + Pd - Av.
Table 3
Characteristics of the sources of formation of the property of the enterprise JSC "Stavropolenergo" in 1999.
Figure 3
Figure 4
As can be seen from Table 3, the basis of the sources of property of the enterprise JSC "Stavropolenergo" is its own funds. Their share in the total balance sheet totaled 88.9 percent at the beginning of the year (Figures 3.4). The balance sheet currency for the analyzed period increased by 0.16 percent, which is 4,818 thousand rubles, and this happened due to an increase in borrowed funds by 9.80 percent at the end of the year compared to the beginning of the year. This amount of funds amounted to 32,807 thousand rubles. Share of borrowed funds in common property enterprises grew from 11.04 percent at the beginning of the year to 12.11 percent at the end of the year.
The availability of own current assets increased by 3.28 percent due to the decrease in non-current assets by the end of 1999 (see table 2).
Concluding the analysis of the state and movement of the property of the JSC "Stavropolenergo" enterprise, I would like to note once again that despite some shortcomings in the balance sheet structure, there is a trend towards a healthy economic life and activities of the enterprise. This is confirmed by:
The shortcomings in the structure of the property of the enterprise and the sources of its formation include:
4. Assessment of creditworthiness and calculation of indicators of liquidity of the assets of the enterprise JSC "Stavropolenergo" and the liquidity of its balance sheet.
Creditworthiness- is the ability of the company to pay off its debts in a timely manner and in full. In the course of the analysis of creditworthiness, we will carry out calculations to determine the liquidity of the assets of the enterprise JSC "Stavropolenergo" and the liquidity of its balance sheet.
The liquidity of assets is the reciprocal of the time required to turn them into money. The liquidity of the balance sheet is expressed in the extent to which the company's liabilities are covered by its assets. The liquidity of the balance sheet is achieved by establishing equality between the obligations of the enterprise and its assets.
The technical side of the liquidity analysis of the balance sheet is to compare the funds for the asset with the liabilities for the liability. Moreover, assets should be grouped according to their degree of liquidity and arranged in descending order, while liabilities should be grouped according to their maturity and arranged in ascending order of payment terms.
It is advisable to present the grouping of assets of the analyzed enterprise by liquidity classes in the form of table 6, and the grouping of liabilities according to the degree of urgency of payment - in the form of table 7.
Table 6
The structure of assets by the degree of liquidity of the enterprise JSC "Stavropolenergo".
Figure 6
The balance sheet is considered liquid, subject to the following ratios of groups of assets and liabilities:
A1³ P1
A2³ P2
A3³ P3
P4³ A4
For the values obtained in tables 6 and 7 we have:
A2 = 619 453³ P2 = 0
A3 = 148 670³ P3 = 0
P4 = 2 670 863³ A4 = 2 230 850
For the full liquidity of the enterprise's balance sheet, the first ratio is not met, therefore it cannot be considered absolutely liquid, but the prospective liquidity, that is, the predicted solvency, is quite high.
The liquidity of the enterprise is also determined using a number of coefficients. They reflect the readiness of the enterprise to repay short-term debt with its own funds. When calculating these indicators, short-term liabilities are taken as the calculation base.
The calculation of the liquidity indicators of the analyzed enterprise will be presented in the form of a spreadsheet 8.
Table 8
Based on the results of the calculations presented in Table 8, the following conclusions can be drawn:
The figures obtained indicate some deterioration in the situation with respect to the liquidity of the JSC "Stavropolenergo". The values of all liquidity ratios decreased, which is clearly shown in Figure 8. Moreover, the absolute liquidity ratio fell to an undesirable level. However, the payment readiness of the enterprise remains quite high, as evidenced by the intermediate coverage ratio and the current liquidity ratio, which have high values.
Nevertheless, the identified trend is unfavorable and it can be corrected only after the clients fulfill their obligations to pay for the work performed and the services provided by the enterprise.
5. Calculation of indicators of business activity of the enterprise JSC "Stavropolenergo".
the most important integral part financial resources of the enterprise are its current assets. The successful implementation of the production cycle of the enterprise depends on their condition. This necessitates constant monitoring of current assets and analysis of their turnover.
The business activity ratios include various turnover indicators, which for convenience and formalization are presented in table 1.5. When calculating the indicators of business activity, we use the data of both Form No. 1 and Form No. 2 - Report on financial results and their use of the accounting statements of the enterprise JSC "Stavropolenergo".
Table 1.5.
Calculation of indicators of business activity of the enterprise JSC "Stavropolenergo".
From those obtained in tables 1.5. results, one can trace some positive trend in the work of JSC "Stavropolenergo" for the reporting period:
6. Analysis of the use of enterprise capital (fixed and circulating)
6.1. Calculation and evaluation of indicators of the movement of fixed assets
A necessary condition for an enterprise to receive a profit on advanced capital is capital reproduction planning, which covers the stages of investment, production, sale and consumption. The formation and use of various monetary funds to reimburse the cost of capital, its accumulation and consumption is the essence of the mechanism of financial management in the enterprise.
The capital of the enterprise, divided into own and borrowed, fixed and circulating, fixed and variable, is constantly in the process of continuous movement, taking various forms depending on the specific stage of the circuit. As you know, the totality of the circulation of various parts of the capital of an enterprise for a certain period represents its full turnover or reproduction.
The concept of "non-current assets" and "fixed capital" are identical. Fixed capital includes fixed assets, as well as uncompleted long-term investments, intangible assets and new long-term financial investments.
Fixed assets - funds invested in the totality of material assets related to the means of labor, constitute a significant share in the fixed capital. They have a multifaceted and versatile impact on the financial condition and performance of the enterprise. Therefore, there is a need to analyze the effectiveness of the functioning of fixed assets, during which it is necessary to assess the size, dynamics and structure of capital investments of the JSC "Stavropolenergo" enterprise in fixed assets, to identify the main functional features his production activities.
To this end, we will compare the data at the beginning and end of the reporting period for all elements of fixed assets. A generalized picture of the process of movement and renewal of fixed assets in the context of standard classification groups can be obtained from the data of form No. 5 of the appendix to the annual balance sheet of the JSC Stavropolenergo enterprise, section "Depreciable property" (see Appendix No.).
To conduct a "horizontal" analysis of the indicators of the movement of fixed assets, we will compile Table 3.1.
As can be seen from Table 3.1., at the analyzed enterprise JSC "Stavropolenergo" the indicator of fixed assets in reporting period increased and its absolute change was line No. 350 of form No. 5 - 1,642 thousand roubles., which in percentage terms by the beginning of the year amounted to 5 ,72 growth percentage. This happened due to the excess of receipts from all types of fixed assets over their retirement. We note the decline in the growth of fixed assets in line 365 "Industrial and household inventory" and it amounted to 5.7%. The largest share in the total amount of the absolute increase in fixed assets falls on lines 361 "Buildings" (4 ,5 % ) and 362 "Constructions" (9 ,9% ), which is a positive indicator, especially if we take into account the industry-specific features of energy production, where the main part of the production load is borne by these indicators.
In the dynamics of changes, a positive trend is the outstripping growth of production assets in comparison with non-production assets, where the absolute increase of the former amounted to 16,333 thousand rubles. Decrease in non-productive assets by 11,471 thousand rubles. suggests
Table 3.1
Tayulitsa 3.2
removal from the enterprise of a part of depreciation deductions in the non-productive sphere.
As can be seen from table 3.2, the share of production assets for the reporting period increased by 1 ,63 % , including buildings at 0 ,5 % , vehicles at 0 ,04 % , inventory at 0 ,1 %. A significant part of fixed assets is the passive part (more than 70%), which is natural for an energy industry enterprise. The highest growth rate, outpacing the overall growth in the value of fixed assets, is noted in the lines “building” (9.01%), vehicles(3.66%) and as already noted in the results of table 3.1 in the line "production and household inventory" (5.7%). and its financial capabilities in the context of the current moment in the economy.
There is an interconnected set of indicators for accounting, analysis and evaluation of the process of renewal of production assets (OPF), based on their balance:
F k.y.= F n.g.+ F new- F select, (1)
where F c.g. - production assets at the end of the year;
F n.g. - - production assets at the beginning of the year;
F new - production assets maintained in the reporting year;
F sel. - production assets retired in the reporting year.
We calculate the indicators based on the above equality:
K 1= F kg/ F ng (2)
K1 = 4738686/4722353 = 1.00 (100%),
indicates the growth trend of OPF for the reporting period.
K 2= F new/ F kg (3)
K2 = 73365/4738686 = 0.015,
indicates a relatively low level of renewal of production assets.
K3= F sb/ F new (4)
K3 = 57032/73365 = 0.777,
indicates a low intensity of OPF renewal.
K4= F new/ F ng (5)
K4 = 73365/4722353 = 0.015,
indicates a small amount of renewal of the OPF.
K5=( F ng- F sb)/ F ng (6)
K5 \u003d (4722353-57032) / 4722353 \u003d 0.988,
shows high stability of the OPF.
K6= F sb/ F ng (7)
K6 = 57032/4722353 = 0.012,
indicates a low degree of OPF retirement.
Giving a general assessment of the indicators of the renewal of the BPF of the enterprise JSC "Stavropolenergo" it can be noted that with the observed trend of growth of the BPF ( 100% ), the degree of their renewal is low, as evidenced by the calculated coefficients.
6.2. Analysis of the efficiency of the use of fixed capital
The final efficiency of the use of fixed assets is characterized by indicators of capital productivity, capital intensity, profitability, relative savings in funds, increasing production volumes, increasing labor productivity of workers, reducing production costs and the cost of reproducing fixed assets, increasing the service life of labor tools, etc.
Improving the use of the main production assets of the energy industry gives great economic results due to the significant size of these funds and the high capital-labor ratio. However, energy is a very specific industry. The volume of its products - electrical and thermal energy - cannot exceed the established load schedule. For this real economical effect improving the use of fixed assets in the energy sector can not be realized in the form of an increase in output, as in other industries. In the energy sector, this effect is realized at the stage of capital investments and the construction of new energy enterprises. Better use of existing production assets reduces the capital intensity of energy production, and the planned increase in energy production can be achieved with less capital expenditure.
Energy production per 1 ruble of fixed production assets of energy systems depends on the annual number of hours of use of the average annual capacity and the specific cost of this capacity. The annual number of hours of power use, in turn, depends on: 1) the state of operational readiness of the power plant equipment, the total duration of major and current repairs; 2) from the schedules of consumption of electrical and thermal energy. The first group of factors depends on the work of the staff of the energy enterprise and repair departments. Energy consumption curves do not depend on the power company. The tighter the schedule of electrical load in the power system, the higher the return on production per 1 ruble of fixed production assets.
To calculate the efficiency indicators for the use of fixed assets by the enterprise JSC "Stavropolenergo", we will compile Table 3.3.
Table 3.3
Calculation of performance indicators for the use of fixed assets
The data in Table 3.3 indicate that the performance indicators for the use of fixed assets tend to increase: the return on assets increased by 11.03%. Due to the growth of capital productivity, an increase in production of 161,867.08 thousand rubles was obtained, which is 96.97% of the total increase in production. The growth of the return on assets leads to a relative reduction in the enterprise's need for labor, i.e., to a relative saving of fixed assets in the amount of 150,593 thousand rubles, which is 3.18% of their actual value in the reporting year. At the same time, the rate of profit growth outstrips the rate of growth in the volume of products sold, which indicates an increase in the profitability of products, which increased by 58.51%. All these data indicate an increase in the efficiency of the use of fixed assets by JSC "Stavropolenergo" and the correct economic policy conducted at the enterprise to improve the efficiency of production and use of fixed assets.
6.3. Assessment of the composition and structure of working capital according to the balance sheet of the enterprise JSC "Stavropolenergo"
In the practice of planning, accounting and analysis, working capital is grouped according to the following criteria:
Revolving funds in the energy sector mainly include stocks of fuel, spare parts for repairs, auxiliary materials, low-value and wearing items. There are practically no stocks of raw materials of basic materials and purchased semi-finished products in the energy sector. Revolving funds include the so-called deferred expenses; costs for the preparation and development of new products, development and implementation of new equipment and technologies.
The amount of working capital is determined on the basis of their normalization. The size of circulation funds, due to their significant fluctuations, as a rule, is not standardized. Working capital should have a minimum but sufficient size for the normal, uninterrupted functioning of production. The structure of working capital and funds for an energy enterprise depends significantly on the composition of generating capacities and the length of electrical networks. With a large share in the power system of HPPs, the share of fuel is significantly reduced and the share of spare parts and auxiliary materials increases.
Normalized working capital is reflected in the financial plans of the enterprise, while non-standardized working capital is practically not an object of planning.
The division of working capital on a functional basis into working capital and circulation funds is necessary for separate accounting and analysis of the time spent by working capital in the process of production and circulation. Table 3.4 shows the grouping and structure of the working capital of the enterprise, depending on their functional role in the production process.
Table 3.4 shows that the largest share in the working capital of the JSC "Stavropolenergo" is occupied by raw materials and low-value and BIP (18.4%), which is explained by the need for production of spare parts to maintain power grids in operational readiness. A large share in the article "settlements with other
Table 3.4
enterprises" (77.78%) is due to delays in payment by consumers for the received electricity and heat, which is a big minus in the overall structure of the working capital of the enterprise.
Sources of working capital formation are indistinguishable in the process of capital circulation. So, in the course of production, information about the funds used to purchase the consumed raw materials and materials is not used in any way. However, the system of formation of working capital affects the rate of turnover, slowing down or accelerating it. In addition, the nature of the sources of formation and the principles of the various use of own or borrowed working capital are decisive factors affecting the efficiency of the use of working capital and all capital.
The grouping of working capital according to the method of reflection in the balance sheet of the enterprise makes it possible to single out groups of these funds, which are presented in table 3.5.
The classification of working capital according to the degree of their liquidity and the degree of financial risk characterizes the quality of the company's funds in circulation. Effective management of the working capital of an enterprise involves not only the search and attraction of additional sources of financing, but also their rational placement in the assets of the enterprise, especially in current assets.
The grouping of working capital of the enterprise JSC "Stavropolenergo" depending on their liquidity will be presented in the form of table 3.6.
Table 3.5
Table 3.6
Figure 3.1. The structure of working capital of JSC "Stavropolenergo" according to the degree of their liquidity.
According to table 3.6, we can conclude that the smallest part of the working capital of the enterprise JSC "Stavropolenergo" is the most liquid working capital (see Figure 3.1). Their value at the end of the year amounted to 22,493 thousand rubles, which is 12,291 thousand rubles. less than at the beginning of the year. The reason for this was an increase in funds on the settlement account of the enterprise by 5,807 thousand rubles.
At the same time, a significant share in the structure of working capital falls on fast-selling assets (78.6%) and slow-moving assets (18.36%), they also underwent an increase by the end of the year: the growth rate of fast-selling working capital amounted to 94.65% , and the growth rate of slow-moving working capital amounted to 187.9%, which is equal to 67,295 thousand rubles.
The liquidity of current assets is the main factor determining the degree of risk of capital investment in working capital. The accumulated estimates of the feasibility of certain types of working capital over a long period of time make it possible to determine the likelihood of investment risk in these assets. But for the enterprise of the energy industry, a number of factors are characteristic, which were discussed above. The main reason for the decrease in the share of highly liquid current assets is the non-payment of debtors for products sold by the enterprise.
7. Evaluation of the main financial results of the production and economic activities of the enterprise JSC "Stavropolenergo" and calculation of profitability ratios.
In the conditions of market relations, the purpose of the production activity of any enterprise is to make a profit. Profit provides the enterprise with the possibility of self-financing, satisfaction of the material and social needs of the owners of capital and employees of the enterprise, on the basis of the profit tax paid by the enterprise, a significant part of budget revenues is formed.
AT general view the composition, volume of balance sheet profit and directions of its use are reflected in Form No. 2 "Profit and Loss Statement". The process of forming the financial results of the enterprise JSC "Stavropolenergo" will be presented in the form of table No. 1.2.
Table 1.2.
Determination of the balance profit of the enterprise JSC "Stavropolenergo" in 1999.
|
Name of indicator |
During the reporting period |
For the same period last year |
|
Proceeds from the sale of products, excluding VAT, excises, etc. (010) |
||
|
Cost of sales of goods, products, works, services (020) |
||
|
Commercial and management expenses (030) |
||
|
Profit (loss) from sales 050 (010+020+030-040) |
||
|
Profit (loss) from financial and economic activities 110 (050+060+070+080+090-100) |
||
|
Other non-operating income (120) |
||
|
Other non-operating expenses (130) |
||
|
Profit (loss) of the reporting year (140) (110+120-130) |
||
|
Income tax (150) |
||
|
Diverted funds (160) |
||
|
Retained earnings (loss) of the reporting year (170) |
To compare the overall financial performance of the enterprise, we will compile an analytical table No. 1.3.
Table 1.3.
As can be seen from table No. 1.3, the change in the balance sheet profit at the JSC "Stavropolenergo" enterprise amounted to 67.3% compared to previous year which positively characterizes the activity of the enterprise. The main share falls on the profit from the sale of products and this indicates the priority direction of the enterprise's main activity, which is natural, given the industry affiliation of JSC "Stavropolenergo".
The balance sheet profit received by the enterprise is distributed between the state, in the form of income tax, and the enterprise. After paying taxes from profits to the federal, regional and local budgets, the enterprise has at its disposal net profit, which is sent to the accumulation, consumption and social sphere funds (Appendix No. 1).
The most important indicator reflecting the final financial results of the enterprise is profitability. It characterizes the profit received from each ruble of funds invested in an enterprise or other financial transactions. Profitability indicators do not have normative values, since they depend on many factors and vary significantly for enterprises of various profiles, size, structure of assets and sources of funds.
Depending on the basis of comparison, there are several types of profitability indicators. Calculations of the most important of them are summarized in spreadsheet 1.4.
Table 1.4.
Calculation of indicators of profitability of the enterprise JSC "Stavropolenergo".
Based on the results of calculating the profitability indicators, it can be concluded that the profitability of the enterprise JSC "Stavropolenergo" has decreased and its financial well-being. This is evidenced by all the coefficients (see Figure 1):
The decline in profitability was affected by the payment of fines by the enterprise for late payment of taxes to the budget and extra-budgetary funds, which led to a decrease in balance sheet profit. In general, one can note the improvement in the financial results of the enterprise.
Conclusion
Summing up, we can draw some conclusions about the financial and economic activities of the JSC "Stavropolenergo", its property and financial condition. First of all, I would like to once again note the industry specifics of the JSC "Stavropolenergo" enterprise, its belonging to the Unified Energy System of Russia, which introduces a number of fundamental features into the economic activity of the enterprise. In the foreground, one can single out the natural monopoly of the enterprise in offering the consumer such a product as electricity. As a consequence of this - the implementation of state economic regulation of the enterprise in terms of the adoption of tariff rates for the calculation of energy consumed. In fact, the enterprise is in a strict framework regarding the freedom to plan and regulate its production and economic activities.
Another distinguishing feature is specific features technologies for the production, distribution and consumption of energy with limited possibilities for its accumulation. They are based on a high degree of concentration of complex and expensive types of power equipment and structures that require significant depreciation deductions for their reproduction and maintenance in high operational readiness.
Being an integral part, and by legal status a subsidiary of RAO "UES of Russia", JSC "Stavropolenergo" strictly adheres to the fulfillment of the specified balances of production, distribution and consumption of electricity, the instructions of the North Caucasus branch of RAO "UES of Russia" Yuzhenergo and JSC "Central Dispatch Office of the UES Russia", providing the standard frequency of electric current, the voltage level at the nodal points of the network, the static and dynamic stability of the Unified Energy System of Russia.
At the same time, JSC "Stavropolenergo" is an independent economic entity that manufactures products and provides services in order to meet public needs and make a profit, a full-fledged participant economic relations in all their complexity and diversity.
The analysis carried out showed, on the whole, a stable property and financial position of the JSC "Stavropolenergo" enterprise. During the period under review, such important indicators of the composition and structure of fixed and current assets as the availability of fixed assets, capital productivity, profitability of fixed assets increased. The indicators of business activity have increased. For example, the overall turnover ratio increased (from 0.48 to 0.53) and the turnover ratio of own funds (from 0.54 to 0.61), which indicates a positive direction in the use of funds by the enterprise.
The data of the analysis of the state and movement of economic assets also indicate positive trends. This is evidenced by an increase in the total value of the company's property by 0.16%, which is 4,818 thousand rubles, an increase in inventories by 67,288 thousand rubles or by 86.9%, and the absence of short-term and long-term loans.
Analysis of the financial condition confirms the stability and relative stability of the enterprise. The assessment of the company's creditworthiness showed a rather high prospective liquidity of the company's balance sheet assets, its predicted solvency. Despite some decrease in liquidity ratios, most of them remained at a good level: the intermediate coverage ratio was 1.76, while the standard at the end of the reporting period was 0.7-0.8; the overall coverage or current liquidity ratio amounted to 2.15 with a standard of at least 2; the share of reserves and costs in the amount of short-term liabilities amounted to 0.39.
The assessment of the main financial results of the production and economic activities of the enterprise demonstrates an increase in the balance sheet profit, which positively characterizes its work. This is also evidenced by profitability indicators, which increased significantly by the end of the reporting period.
But not all is well in the enterprise. Many results of the analysis can serve as a basis for this assertion. An analysis of the use of fixed capital of an enterprise showed low coefficients: renewal of production assets (0.015), intensity of renewal of the fixed assets (0.777), scale of renewal of the fixed assets (0.015). When analyzing working capital, we observe a large share in the item "settlements with enterprises", which is explained by delays in payment by consumers for the received electricity and heat and is a big minus, affecting the entire financial and economic activities of the Stavropolenergo JSC enterprise. Analysis of working capital also revealed some negative points. First of all, this is a small share of the most liquid assets in the structure of the enterprise's working capital and its small increase in the reporting period by only 12,291 thousand rubles, which was also the result of non-payments.
Negative aspects are visible in the reimbursement of reasonable material costs attributable to the cost of production, transmission and distribution of electrical and thermal energy. Costs for the basic wages of production workers have been reduced. The volume of deductions for social insurance has decreased. Decreased depreciation costs for production equipment, which in the future may cause a decrease in the operational readiness of complex technological equipment. As mentioned above, these are forced measures taken by the management of the enterprise in the current difficult economic situation, since the approved tariffs, in some cases, are lower than the cost of electricity consumed.
Focusing on the analysis of the property status of the JSC Stavropolenergo, one can note a significant increase in accounts receivable (by 8,596 thousand rubles) and, as a result, an increase in accounts payable by 33,913 thousand rubles. The reason for this is all the same debts to the enterprise. As a result, the company itself is unable to pay off its debts due to lack of funds. The same reason served to reduce such an important indicator of creditworthiness as the absolute liquidity ratio, which in the reporting period reached an undesirable mark - 0.06.
In conclusion, I would like to note the significance and importance for the entire economy of the region of the results of the economic activity of such a large, on a regional scale, enterprise as Stavropolenergo JSC. The well-being of the entire industrial and social infrastructure of the Stavropol Territory depends on its successful work. Further strengthening of the enterprise as an economic entity will allow maintaining the fuel and energy complex of the region at a high technological level and in high operational readiness, which will make it possible to successfully develop the economy of the entire region as a whole.
Literature
Temporary guidelines on the procedure for calculating tariffs for electrical and thermal energy in the consumer market / Edited by N.D. Boyko, G.P. Putovoy. - M.: Analytical and methodological center of the federal energy system, 1999. - 43
The Federal Energy Commission of the Russian Federation (FEC) is a federal executive body that carries out state regulation of tariffs on issues referred to its powers in accordance with the current legislation.
As part of the implementation of the Law "On State Regulation of Tariffs for Electricity and Heat in the Russian Federation", a Decree of the Government of the Russian Federation of 12.07.96 was adopted. No. 793 "On the federal (all-Russian) wholesale electricity (capacity) market", according to which the definition of the federal (all-Russian) wholesale electricity and capacity market (FOREM) is given as the sphere of purchase and sale of electric energy (capacity) carried out by its subjects in within the Unified Energy System of Russia.
In accordance with the federal law "On State Regulation of Tariffs for Electricity and Heat in the Russian Federation", the REC sets the tariffs for:
for electric energy (capacity) and thermal energy (capacity) supplied by all energy supply organizations (including consumers - resellers) to consumers located in the region;
for electric energy (capacity) and (or) thermal energy (capacity) supplied by producers that are not FOREM subjects;
the amount of payment for services rendered in the consumer market of electric and thermal energy.
The regulation of tariffs for electricity (capacity) and heat energy (capacity), as well as services provided in the consumer market of electricity and heat, is carried out at the initiative of organizations engaged in regulated activities in this market.
The REC maintains a register of all energy supply organizations in the region and ensures control over the use of tariffs in the retail market of electric energy (capacity) and thermal energy (capacity) established in accordance with the law "On State Regulation of Tariffs for Electricity and Heat Energy in the Russian Federation".
The enterprise considered in this paper is an integral part of the Unified Electric Power System of Russia and therefore its economic activity is fully subject to the laws in force in the industry and decisions taken by higher authorities to regulate this activity.
Conducting an analysis of the financial condition of the enterprise in the main, most important areas of the methodology of financial analysis, forms the basis of the mechanism of financial management at the enterprise, is the starting point of financial management. The correct assessment of the results of the analysis creates the necessary ground for the effective management of the assets and capital of the enterprise, the competent management of cash flows.
"On Approval of the Regulations on the Federal Energy Commission of the Russian Federation"
The Government of the Russian Federation decides:
1. Approve the attached Regulations on the Federal Energy Commission of the Russian Federation.
2. Decree No. 739 of the Government of the Russian Federation of June 19, 1994 "On Approval of the Regulations on the Federal Energy Commission" (Sobraniye Zakonodatelstva Rossiyskoy Federatsii, 1994, No. 9, Art. 1022) to be invalidated.
Prime Minister
Russian Federation V.Chernomyrdin
Position
on the Federal Energy Commission of the Russian Federation
1. The Federal Energy Commission of the Russian Federation (FEC of Russia), formed by Decree of the President of the Russian Federation of November 29, 1995 N 1194 "On the Federal Energy Commission of the Russian Federation", is federal agency executive power, exercising in accordance with federal law"On natural monopolies" regulation of the activities of entities natural monopolies in the fuel and energy complex and in transport, as well as state regulation of tariffs for electricity and heat in accordance with the Federal Law "On State Regulation of Tariffs for Electricity and Heat in the Russian Federation".
2. The Federal Energy Commission of the Russian Federation in its activities is guided by the Constitution of the Russian Federation, federal laws, decrees and orders of the President of the Russian Federation, decrees and orders of the Government of the Russian Federation, as well as these Regulations.
3. The Federal Energy Commission of the Russian Federation carries out its activities in cooperation with other federal executive authorities and executive authorities of the constituent entities of the Russian Federation and is accountable to the Government of the Russian Federation.
4. The main goals and objectives of the Federal Energy Commission of the Russian Federation are:
state regulation of prices and tariffs for products (services) of natural monopolies in the fuel and energy complex and in transport in accordance with applicable law;
achieving a balance of economic interests of producers and consumers of fuel and energy resources, ensuring the availability for consumers of products (services) sold by subjects of natural monopolies;
creation of economic incentives that ensure the use of energy-saving technologies in production processes;
formation of a competitive environment in the areas of activity of subjects of natural monopolies in the fuel and energy complex and in transport.
5. The main functions of the Federal Energy Commission of the Russian Federation are:
regulation and control of the activities of natural monopoly entities in the areas of transportation of oil and oil products through main pipelines, transportation of gas through pipelines, rail transportation, services for the use of public railway transport infrastructure, services for the transmission of electrical and thermal energy, services of transport terminals, ports and airports, including price regulation, as well as the determination of consumers subject to mandatory service, or the establishment of a minimum level of their provision in the event that it is impossible to satisfy in full the needs for goods (works, services) sold by a subject of natural monopoly;
6. The Federal Energy Commission of the Russian Federation, in order to implement the tasks and functions assigned to it:
forms and maintains registers of subjects of natural monopolies in the fuel and energy complex and in transport, in respect of which state regulation and control are carried out;
determines the methods of regulation in relation to a specific subject of natural monopoly;
establishes, in accordance with the principles set forth in the Federal Law "On State Regulation of Tariffs for Electricity and Heat in the Russian Federation", tariffs for electricity (capacity) on the federal (all-Russian) wholesale electricity (capacity) market and standards for the formation of funds intended for to finance the activities and development of the Unified Energy System of Russia, organize the functioning of the federal (all-Russian) wholesale electricity (capacity) market, including the establishment of an economically justified amount of the subscription fee for services to organize the functioning and development of the Unified Energy System of Russia and other services provided on the federal ( all-Russian) wholesale market of electric energy (capacity), as well as the standard for the formation of funds intended for the development and ensuring the safety of the operation of nuclear power plants;
considers disagreements arising between regional energy commissions, consumers whose electricity is supplied from the federal (all-Russian) wholesale electricity (capacity) market, and energy supply organizations at their request, and makes appropriate decisions on the disagreements under consideration with the establishment of mandatory limit values tariffs for electricity and heat energy for end consumers;
regulates, in accordance with the established procedure, wholesale prices for natural gas sold to gas distribution organizations, prices for natural gas sold directly to end consumers, as well as marketing markups to the wholesale price of industry for natural gas sold to end consumers (except for the population) by gas distribution organizations (resellers);
within its competence, makes decisions and issues instructions that are binding on federal executive bodies, executive bodies of constituent entities of the Russian Federation, as well as organizations regardless of their form of ownership and subordination;
controls compliance with the requirements of the Federal Laws "On Natural Monopolies" and "On State Regulation of Tariffs for Electricity and Heat in the Russian Federation";
develops proposals for improving existing and adopting new federal laws and other regulatory legal acts in the field of state regulation tariffs for electrical and thermal energy, as well as regulation of natural monopolies in the fuel and energy complex and transport;
requests and receives from federal executive authorities, executive authorities of the subjects of the Russian Federation, subjects of natural monopolies and other organizations information and necessary materials on the regulation and control of the activities of subjects of natural monopolies in the fuel and energy complex and in transport and state regulation of tariffs for electricity and thermal energy;
creates, in accordance with the established procedure, expert and working groups to consider issues within its competence;
participates in the work of international organizations on pricing and regulation of the activities of natural monopoly entities in the fuel and energy complex and in transport and carries out scientific and technical cooperation in this area;
on the proposal of the executive authority of the subject of the Russian Federation, gives consent to the appointment of the chairman of the regional energy commission;
informs through mass media on its decisions on the issues of regulating the activities of subjects of natural monopolies in the fuel and energy complex and in transport and setting prices (tariffs);
performs other actions in accordance with the Federal Laws "On Natural Monopolies" and "On State Regulation of Tariffs for Electricity and Heat Energy in the Russian Federation";
establishes, on the proposal of the regional energy commissions, the maximum fees for services for the transmission of electric energy (capacity) through the networks of organizations included in the register of subjects of natural monopolies and located in the territories of the respective constituent entities of the Russian Federation, and exercises control over the establishment of fees for these services;
by agreement with the state authorities of the constituent entities of the Russian Federation, regional energy commissions, may delegate to them the exercise of their powers, if this does not contradict the Constitution of the Russian Federation and federal laws;
may exercise part of the powers of regional energy commissions transferred by them under agreement with the Commission and state authorities of the constituent entities of the Russian Federation;
considers, in accordance with the established procedure, issues related to the access of organizations to local gas distribution networks;
provides methodological guidance to the activities of subjects of natural monopolies on the implementation of public policy in the field of regulation of tariffs for electric and heat energy, rail transportation, services for the use of infrastructure of public railway transport, transportation of oil and oil products through main pipelines, transportation of gas through pipelines, services of transport terminals, ports and airports, as well as analysis of the practice of such regulation, gives, within its competence, clarifications on the issues of state regulation of tariffs for the specified types of goods (works, services).
7. The Federal Energy Commission of the Russian Federation is headed by a chairman appointed to and dismissed by the President of the Russian Federation on the proposal of the Chairman of the Government of the Russian Federation.
The Chairman of the Federal Energy Commission of the Russian Federation has deputies who are appointed and dismissed upon his recommendation by the Government of the Russian Federation.
The Secretary of the Federal Energy Commission of the Russian Federation is appointed and dismissed by the Government of the Russian Federation on the proposal of the Chairman of the Federal Energy Commission of the Russian Federation.
To determine the main activities of the Commission and make decisions related to its competence, the Commission shall form a board to regulate the activities of subjects of natural monopolies in the fuel and energy complex and a board to regulate the activities of subjects of natural monopolies in transport, headed by the Chairman of the Federal Energy Commission of the Russian Federation.
Members of the Boards of the Commission are appointed by the Government of the Russian Federation on the proposal of the Chairman of the Federal Energy Commission of the Russian Federation. The Chairman and Secretary of the Federal Energy Commission of the Russian Federation are ex officio members of the Board of the Commission.
The distribution of duties between the members of the boards and the determination of the duties of the secretary of the Commission is carried out by the chairman of the Commission.
Chairman of the Federal Energy Commission of the Russian Federation:
directs the activities of the Commission;
bears personal responsibility for the fulfillment of the tasks assigned to the Commission and the exercise by it of its functions;
submits, in accordance with the established procedure, for consideration by the Government of the Russian Federation drafts of normative acts on issues within the competence of the Commission;
establishes the duties of the deputy chairmen and heads of the structural divisions of the Commission;
approves the structure and staffing central office Commissions within established by the Government Russian Federation wage fund and the number of its employees, regulations on its structural divisions, as well as an estimate of the costs of its maintenance within the limits of the budget appropriations approved for the corresponding period;
appoints and dismisses employees of the central office of the Commission, approves regulations (charters) on subordinate organizations;
submits, in accordance with the established procedure, especially distinguished employees of the Commission for the conferment of honorary titles and for the awarding of state awards of the Russian Federation.
The Chairman of the Federal Energy Commission of the Russian Federation shall have the right to delegate certain powers granted to him to subordinate officials, except for the rights relating to his exclusive competence.
8. Under the Federal Energy Commission of the Russian Federation, there is an Interdepartmental Board of Experts consisting of representatives of federal executive authorities, executive authorities of constituent entities of the Russian Federation, as well as scientists and specialists.
The regulation on the Interdepartmental Board of Experts is approved by the Government of the Russian Federation.
9. Financing of work performed by expert and working groups on the examination of materials submitted to the Federal Energy Commission of the Russian Federation, as well as on the development of draft regulatory and methodological documents, is carried out at the expense of special deductions established when regulating prices (tariffs) for products (services) of natural monopolies in the fuel and energy complex, according to the standards agreed with the Government of the Russian Federation.
10. The Federal Energy Commission of the Russian Federation may publish a special information bulletin on a self-financed basis.
11. The Federal Energy Commission of the Russian Federation is a legal entity, has settlement and other accounts, including currency, in banking institutions, a seal depicting the State Emblem of the Russian Federation and with its name.
Location of the Federal Energy Commission of the Russian Federation - Moscow.
Federal Energy Commission p. 171In connection with the fuel crisis in the United States, the problems of further development of energy in the country are widely discussed. The containment of prices for the sale of natural gas has led to a reduction in exploration for gas and to a well-known reduction in proven reserves. According to data published in the US press, the monopolies are artificially reducing gas supplies in an attempt to put pressure on the Federal Energy Commission (FEC) in order to increase prices.
The cost of electricity transmission services is determined by the lessor in accordance with paragraph 1.20 of the instructions of the State Committee for Prices of the Russian Federation and the Ministry of Fuel and Energy of the Russian Federation dated November 30, 1993 No. 01-17 / 1443-11, VN-7539 changes and additions). This paragraph sounds like this: the main consumers pay for resold electrical and thermal energy both with the energy supply organization and with their subscribers at tariffs established by decisions of the Government of the Russian Federation or the regional (federal) energy commission. At the same time, all subscribers (except for the population) pay the consumer for services for the transmission of electrical and thermal energy at an agreed price.
A general price freeze (it is applied in case of extremely strong inflationary development of the economy) or a price freeze for certain groups of goods (individual goods). For example, instead of quarterly changing electricity tariffs in 1996, the Federal Energy Commission proposed to freeze them for a period of 1 year and introduced stable electricity tariffs from January 1, 1997, taking into account inflation and other factors. Experts argued that this would bring stability to the relationship between energy suppliers and recipients.
An example of a real struggle to improve antimonopoly legislation, albeit using terminology from the field of political populism, is the activity of the Federal Energy Commission (FEC). The subject of her interests is the regulation of prices and tariffs for electricity and gas on the wholesale market, as well as control over the transmission of oil and gas through pipelines.
Together with similar commissions that have not yet been created in the Russian Federation to regulate rail transportation and certain sub-sectors of communications, the Federal Energy Commission should ideally prevent any attempt by natural monopolists to establish their dictatorship on Russian market. Meanwhile, such a dictatorship has already become a significant factor in the Russian economy today.
In addition to reporting to state commissions, all electricity and natural gas producers file detailed reports with the Federal Energy Commission. These reports are available from the Commission's headquarters in Washington, DC and, in some cases, from the Commission's regional offices.
Originally called the Federal Energy Commission, renamed in 1977
Regulatory bodies in the energy sector in the United States, as in Russia, are the Federal Energy Commission (FEC) and regional commissions for regulating the commercial activities of public utility companies (RECs).
The composition of variable and fixed costs must be established by regulatory calculationsapproved by the Federal Energy Commission. Level from-
To carry out the functions of state management of the fuel and energy complex, the Ministry of Energy of the Russian Federation (formerly fuel and energy), the Ministry of the Use of Natural Resources and the Federal Energy Commission were created. The main tasks of the Ministry of Energy are to
The main function of the Federal Energy Commission is to set prices for gas and electricity, as well as tariffs for the transportation of oil and gas through pipelines.
Gazprom is the main producer and supplier of natural gas to the domestic and foreign markets. OAO Gazprom is a natural monopoly along with the Ministry of Railways and RAO UES. Prices and tariffs for products and services of natural monopolies are developed by the Federal Energy Commission (FEC) of the Russian Federation.
federal Service at tariffs (FTS) of the Ministry of Economic Development and Trade of the Russian Federation (until March 9, 2004 - the Federal Energy Commission of the Russian Federation (FEC))
By Decree No. 49-E/8 of July 31, 2002, the former Federal Energy Commission of the Russian Federation approved the Guidelines for the Calculation of Regulated Tariffs and Prices for Electricity (Heat) Energy
The specialized executive authorities for tariffs for electricity and heat are the Federal Energy Commission (FEC) and regional energy commissions.
Information Bulletin of the Federal Energy Commission of the Russian Federation dated May 25, 2000. - No. 10.
In (12), on the example of a system accident on November 9, 1965 in the northeastern part of the United States and the province of Ontario in Canada, the importance of uninterrupted power supply is shown and some proposals of the report of the Federal Energy Commission Prevention of system accidents are given.
The December 6, 1965, Federal Energy Commission report on a systemic accident in the northeastern United States has been widely circulated. In July 1966, the Commission presented to the President its extensive report, Prevention of System Accidents, which provides further analysis of the accident in the northeastern United States and the measures taken. It recommends measures to improve the reliability of electricity supply in the northeast and in the whole country. These measures are put forward not only to prevent cascading accidents, but also to prevent the possibility of power cuts. The report concludes that through concerted efforts, these goals can be achieved by 1975. Although steps have been taken by enterprises to limit the size and duration of any future accident, it will take 6-8 years to strengthen district high voltage networks and connections between districts to prevent their separation during major accidents.
Conclusions from the system accident on November 9, 1965 in the USA. Recommendations of the Federal Energy Commission on improving the reliability of electricity supply. Causes of major accidents. Estimates of the cost of ensuring reliability and economic benefits from increasing the latter.
INCREASING REQUIREMENTS FROM STATE INSTITUTIONS. ENFORCEMENT OF THE LAWS Congress established a number of federal regulatory agencies to enforce laws, including the Federal Trade Commission, the Food, Drug, and Cosmetic Administration, the Interstate Transportation and Trade Commission, the Federal Communications Commission, the Federal Energy commission, the Civil Aviation Authority, the Consumer Product Safety Commission, the Environmental Protection Agency, and the Consumer Affairs Administration. The activities of all these institutions can have a decisive influence on the effectiveness of the firm's marketing activities. Enforcement of laws state institutions are usually sensible. But from time to time their actions are too zealous and unpredictable. These institutions employ mostly lawyers and economists, often with little understanding of business and marketing practices. To better understand complex issues, in recent years the FTC has added marketing experts to its staff. During the Reagan administration, the severity of enforcement action by these institutions is softened, there is a strong trend towards deregulation 13,
At the same time, it should be noted that in the case of prices for those types of products, settlements for which occur between the lessor and the lessee, a different procedure for reflecting such operations in accounting can be applied. For example, in accordance with the Federal Law of April 14, 1995 No. 41-FZ On State Regulation of Tariffs for Electricity and Heat Energy in the Russian Federation, tariffs for electricity and heat energy supplied to enterprises and organizations are subject to state regulation, which is carried out by establishing economically reasonable tariffs or their maximum level. In addition, paragraph 1.21 of Instructions of the State Committee for Prices of Russia and the Ministry of Fuel and Energy of Russia dated November 30, 1993 No. 01-17 / 1443-11, VK-7539 On the procedure for paying for electrical and thermal energy, it is determined that when electricity is supplied by energy supply organizations through Electricity of the net other consumers for end consumers, the tariffs established by the regional (federal) energy commission apply.
The Government of the Russian Federation establishes the procedure for state regulation of prices (tariffs) for industrial and technical products, consumer goods and services, and the Federal Energy Commission of the Russian Federation establishes the procedure for state regulation and application of tariffs for electric and thermal energy with its submission for approval to the Government of the Russian Federation.
The Federal Energy Commission of the Russian Federation (hereinafter referred to as the FEC of Russia), by Resolution No. 6/6 dated January 30, 2002, established wholesale prices for gas intended for subsequent sale to the population from February 15, 2002.
The Federal Energy Commission of the Russian Federation, the Federal Service of Russia for Transport and the Federal Service of Russia for the Regulation of Natural Monopolies in the Field of Communications when regulating prices and tariffs for products and services of subjects of natural monopolies, in order to reduce them, should be taken into account in the costs of production and sale of products (works, services) depreciation charges, adjusted based on the revised book value of fixed assets.
On May 13, 1999, the US Federal Energy Commission proposed to amend the reforms that had begun in the electric power industry and ordered the creation of regional organizations for the distribution of electric energy in order to ensure the efficient and reliable operation of energy systems in the conditions of the formation of a competitive electricity market.
Responsibility for the reliability of the UES of Russia should also be borne by the regulatory bodies of the Federal Energy Commission. The Ministry of Fuel and Energy and federal authorities - to the extent that will be established by legislative acts.
There is a clear need to streamline the pricing of products and services of natural monopolies. In 1996, the main direction of state regulation was to limit the growth of prices and tariffs for products of natural monopolies within the inflation rate in industry in accordance with the government decree of February 12, 1996 "On measures to limit the growth of prices and tariffs for products (services) of natural monopolies" . Freezing prices and tariffs in the fourth quarter of 1995 and limiting their growth in the first half of 1996 made it possible at first to reduce price imbalances in industry and contributed to a reduction in the rate of inflation. But recently, the financial condition of many enterprises in the natural monopoly sectors has deteriorated sharply compared to 1995; In all industries, except for the gas industry (including gas transportation), the profitability of production has decreased due to the outpacing growth in costs. In the electric power industry, having decreased by 3.5 percentage points, profitability in 1996 reached the highest low level in recent years. In addition to a 2-3-fold increase in depreciation charges, the cost of cross-subsidization for certain categories of consumers increased in all industries. From August 1, 1996, by decision of the Federal Energy Commission, electricity tariffs were increased by 1.56 times. As a result, the overall rise in prices in the energy sector amounted to 11.6%. The outpacing growth of tariffs in the electric power industry again worsened price ratios for consumers. On October 17, 1996, a presidential decree "On additional measures to limit the growth of prices (tariffs) for products (services) of natural monopolies and create conditions for stabilizing the work of industry" was issued. In accordance with it, from November 1, the prices for electricity and services of the UES of Russia were reduced by an average of 10%, wholesale prices for gas supplied by RAO Gazprom were frozen. As a result, the growth rates of producer and industrial prices at the end of 1996 decreased to 0.9%.
Thus, in the 60s. of our century, per capita electricity consumption in the United States and some industrialized countries of Western Europe was 500-1000 times higher than in Africa - 500-1000 times, Latin America - 50-100 times, Asia and the Far East - 200-300 times. As indicated in a survey published by the US Federal Energy Commission2, per capita electricity consumption in the country will increase in 1980.
Federal Energy Commission of the Russian Federation. It is the federal executive body... Administrative law. Dictionary-reference
of Russia Federal Energy Commission of the Russian Federation on March 9, 2004 after: FTS of Russia http://www.fecrf.ru organization, RF, energy. FEC of Russia Dictionary: S. Fadeev. Dictionary of abbreviations of the modern Russian language. S. Pb .: Polytechnic, 1997 ...
Chronology of gas relations between Russia and Belarus- On April 12, 2002, the Governments of Russia and Belarus signed intergovernmental agreements on creating equal conditions in the field of pricing policy and on expanding cooperation in the gas industry. In accordance with the first agreement, Russia ... ... Encyclopedia of newsmakers
FTS FTS of Russia Federal Tariff Service from March 9, 2004 earlier: FEC of Russia http://www.fecrf.ru/ … Dictionary of abbreviations and abbreviations
RAO "UES of Russia"- - The Russian Joint Stock Company for Energy and Electrification, established on the basis of Decree of the President of the Russian Federation of August 15, 1992 No. 923, whose main tasks are to organize the reliable functioning and development of the UES of Russia, to implement ... ...
Why Russia is not America -
Why Russia is not America (book)- Why Russia is not America Author: Andrey Parshev Genre: journalism Original language: Russian Original published: 1999 Publisher: AST ... Wikipedia
Yarkin, Evgeny Valentinovich- Deputy Chairman of the Federal Energy Commission (FEC) of the Russian Federation, member of the Board of the FEC of Russia for the fuel and energy complex since October 2002; was born on April 27, 1948 in Moscow; Graduated from the Moscow Engineering and Economic Institute. S. Ordzhonikidze on ... ... Big biographical encyclopedia
Power rate- - the price rate at which 1 kW of installed working or contractual (declared) capacity, supplied to the market or released from the market, is paid. Tariff rate for capacity in the wholesale market is set per month: for ... ... Commercial power industry. Dictionary-reference
Engdahl, Frederick William- Frederick William Engdahl (Eng. Frederick William Engdahl; August 9, 1944 (19440809), Minneapolis) American economist, freelance journalist, writer and political scientist; author of a number of well-known books and studies. Graduated from Princeton ... ... Wikipedia
