2. Financial operations

Financing the activities of the enterprise can be carried out through the issuance of shares, bond loans and receiving loans.

In the practice of finance in the conditions of the market, other examples used independently or in combination with the emission of basic securities are known.

Financial support of entrepreneurial activity is accompanied, as a rule, using borrowed capital.

Lending has two varieties: lending to the activities of the economic entity in the form of direct issuance of cash loans (financial credit); Lending as a kind of calculations with installment payments.

Loans depending on the provision there are blanks, that is, without collateral, and having provision. Loans with the provision are divided into bill (purchase or pledge of bills), fit, stock (under securities), mortgage (secured by real estate).

By the nature of the repayment of the loans are redeemed by a one-time contribution and by installments.

On the scope of application and types of borrowers, the financial loan is divided into two types: the interbank loan, in which the borrower acts as a borrower; commercial loan, i.e. credit for commercial purposes, in which the borrower is an enterprise, a partnership, joint-stock company etc.

Loans mainly issue banks, although they may be provided with business entities that have free money.

The latter includes insurance societies, investment funds, Seleng-company, trust companies, etc.

IN loan agreement The procedure for lending, design and repayment of loans is regulated. To get a loan, the borrower submits to the bank (i.e. creditor) application and other necessary documents.

The application indicates the purpose of obtaining a loan, the amount and period of repayment of the loan.

The composition of the remaining documents is established directly by the creditor by the Bank. These are necessarily the constituent documents, a card with signature and printing samples, balance.

Each creditor bank has its own requirements for the financial state of the borrowing bank.

Practice shows that it is difficult to get an interbank loan if the bank-borrower has authorized capital less than 100 million rubles.

The loan is issued, as a rule, in an amount not exceeding half the amount of share capital and no more than 5% of the balance of the borrower balance, less often - by the amount of authorized capital.

The most "simple" to get a loan under the bank guarantee or currency deposit, some lenders issue a loan secured by car, office equipment or real estate.

Under guarantees of insurance companies a loan is harder, only issued small sums (no more than 50-100 million rubles), while significantly increases the requirements for the borrower, its financial condition and quality of a commercial project.

It is extremely difficult to get a loan for commercial purposes if the borrower has a "zero" balance (minimum authorized capital and no results of activity).

Upon receipt of all documents from borrowers, the creditor bank checks the creditworthiness and solvency of the borrower and the guarantor, assesses the ability of the borrower to pay a loan and interest on it in a timely manner.

Each creditor bank has its own method of assessing the creditworthiness of the borrower, which makes it a commercial secret.

After estimating the creditworthiness of the borrower and the profitability of the credit operation, the Bank concludes loan agreements with the borrower (credit agreement).

IN loan agreement The type of loan is indicated, the amount and period of repayment, the calculations of interest and commission of the bank, the costs associated with the issuance of a loan, a loan formation, a loan form.

An important condition for issuing a loan is its provision. Providing loan is a commodity material values, real estate, securities, production costs and the upcoming production of products that serve for creditors a pledge of full and timely return to the debtor of the loan received and paying accrued interest.

Bank loans may be issued both in rubles and in currency, and on commercial conditions with an accrual of increased interest for the loan debt out of time.

The fee for a loan is charged at the rates existing in the monetary market for short-term loans And in the capital market - on long-term loans.

Interest rates on loans are usually determined by the Bank as a contractual agreement with the borrower; They are installed for a period due to a loan agreement.

The following interest fees can be applied: the percentage is held at the time of providing a loan, at the time of repayment of the loan or uniform contributions throughout the loan period.

The essence of interest payments is as follows. Capital owner, providing him for a certain time in debt, is counting on improving income from this transaction. The size of the expected income depends on the three factors: the values \u200b\u200bof the capital provided on credit, the period for which the loan is provided and the magnitude of the loan interest, or, otherwise, the interest rate.

The interest rate characterizes the profitability of the credit transaction.

It shows what a share of the amount of the loan issued will be returned as an income.

Forms of granting a loan borrower may be different, the following are most common: term loans, a contract loan, a non-skilled loan.

Urgent loan - This is an ordinary loan form. The bank lists the amount of the loan to the borrower's current account. After the deadline, the loan is repaid.

A special loan account of the borrower opens in the bank for the borrower.

Contractor (ITAL. CONTO CORRENTE - "Current Account") - a single account, which reflects all banks with a client.

The main types of credit as a variety of calculations (calculations with installment payments) are:

1) brand loan;

2) bill (accounting) credit;

3) factoring.

When calculating the export and import operations, such forms of the loan are applied as:

1) Fingering;

2) an open account loan;

3) overdraft.

Commercial (Corporate) Credit - This is a traditional lending form at which the supplier (seller) gives a loan to the buyer in the form of a delay of payment.

Species commercial loan is the advantage of the buyer who is paid by the Supplier (seller) after signing the contract.

Bill (account) credit Directly associated with acts of purchase and sale of goods.

A bill is a valuable paper, so its successful application is associated with the functioning of the capital market, credit policies.

With the help of bills, it is possible to calculate between brokers for sales transactions on stock exchanges.

Factoring (Eng. Factor - "Mediator") - a type of torment-commission operation related to lending to working capital.

Factoring is the invoice of the buyer's accounts receivable and is a specific type of short-term lending and intermediary activities. Factoring includes:

1) recovery (outcasting) buyer receivables;

2) providing him with a short-term loan;

3) release it from credit risks for operations. The main purpose of factoring is the immediate receipt of funds or within the period specified in the contract.

FORFECTION (FR. A Forfai - "The whole, total") is a form of export lending, which is carried out by a bank or financial company by buying them without turnover on the seller of bills and other debt requirements for foreign trade operations.

Fingering occurs in the supply of machines, equipment for large sums with long installment payment (up to 7 years).

Fingering mechanism is as follows. Fortor (Bank or Financial Company) acquires an exporter bill with a specific discount, that is, minus the amount of interest.

The size of the discount depends on many factors: market interest rates in this currency, the solvency of the importer, the loan term.

Forphetor can resell the bill purchased from the exporter in the secondary market.

An open account loan with export-import operations simultaneously means and calculations on an open account. These loans are provided in the calculation between permanent partners (counterparties), especially with multiple deliveries of homogeneous goods.

When providing loans or making calculations on an open account, the seller supplies the goods to the buyer and sends it to the commodity requirements. After that, the amount of debt refers to the debit of the account opened by it in the name of the buyer.

In the deadlines specified in the contract, the buyer repays its debt on an open account.

Overdraft (eng. Overdraft) is a negative balance at the current account of the Bank's customer. Overdraft is a form of a short-term loan, the provision of which occurs by writing off the Bank by the Customer's accounts exceeding its balance.

As a result, a negative balance is formed, i.e. the Bank's debt to the bank.

The bank and the client concludes an agreement on the maximum amount of overdraft, about the conditions for granting a loan, the order of its repayment, the amount of interest for the loan.

When overdraft, debt repayment is sent all amounts credited to the current account of the client. As a result, the volume of the loan varies as funds are received, which is distinguished by overdraft from the usual loan.

IN Russian Federation Banks almost do not provide overdraft.

Abroad, it is used quite wide.

Pledge

In economic practice, mortgage operations are widespread. Pledge operations are regulated Federal law from May 29, 1992 No. 2872-1 "On Pledge".

The following main provisions are based on mortgage operations:

1) the mortgage right to property passes with it to any new acquirer of this property;

2) the guarantee of fulfilling the requirements of the creditor - the pledgee is only a certain property of the debtor;

3) the pledgee lender has the right in the event of non-fulfillment of the debtor of obligations to get satisfaction with the laid property mainly to other creditors;

4) Pledge is allowed in relation to both movable and real estate (mortgage). The subject of collateral may also be property rights.

Forms of calculations with suppliers, budget, buyers

The main forms of calculations are as follows.

Credit card - Payment and settlement document issued by banks to their depositors to pay for the goods and services purchased by them.

Debit cards - This is a payment and settlement document issued by banks to your depositors to pay for their goods, services or receiving cash in banking machines.

Unlike credit cards Debit cards have a coded bills of the card holder.

The sale of goods is accompanied by the design of payment documents.

Payment order - This is the order of the enterprise serving bank On the listing of a certain amount from your account.

Payment requirements - orders are estimated documents, containing the requirements of the seller to buyer to pay on the basis of aimed, bypassing the bank, settlement and shipping documents, the cost of the goods delivered under the contract, performed by the work provided by him.

Collection – bank operationThrough which the Bank on behalf of his client receives money due to the payer for the goods shipped to its address and credits them on his bank account.

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The use of financial calculations to assess the estimated benefits is not limited to the framework of the tasks of changing agreements or obligations. Such calculations constitute the basis of the prevailing number of methods of quantitative financial analysis in different sectors of the economy. Consider how to do in practice using different methods for calculating, interest rates, methods of increasing and discount income.

Any financial or credit operation investment project Or a commercial agreement provides for a number of conditions for their implementation, with which participating parties agree. But in practice it is often necessary to replace one monetary obligation Another, change the interest rate on loans or deposits, to combine several payments to one, change the terms of the contract, etc. And each of the parties involved in the parties suggests a certain benefit from such changes. For the debtor, this benefit can be a postponement of payments, that is, in winning the use of creditor money. After all, not in vain say that "time is money". And the seller or the lender is interested in this case in obtaining additional income or increasing the amount of debt compared to the previous terms of the agreement (transaction). It is clear that such changes in the contract cannot be established arbitrarily. The question of the quantitative assessment of the benefit or, on the contrary, damage to changes to the terms of contracts or agreements is inevitably arise. Many novice businessmen on their own experience learned the consequences of rapid decisions. Therefore, any transaction should be based on financial calculations. After all, who better owns similar calculations, he will be able to conclude a contract, which at least will not infringe upon his interests.

Consolidation (Combination) of Debt

Often, participants in the transaction agree to replace several cash payments divided into one consolidated payment. In this case, it is necessary to determine the size of one payment that replaces the payment of several monetary amounts. To do this, in financial mathematics, formulas are used to bring payments to one date, additional benefit or damage is estimated using a market interest rate, and the desiracted value of the consolidated payment is as the amount of extensive and discounted payments. At the same time, with the consolidation of payments, a total debt increases to a later date, and for an earlier period - discounting (decrease) of debt.

Example 1.

In accordance with the signed contract, a major investor must receive incredible income from the use of its capital in the following order:

• the first payment in the amount of 1 million rubles. should have been received 180 days from the beginning of this year;
• the second payment in the amount of 1.5 million rubles. - After 300 days from the beginning of the year.

The debtor invites them to one payment with a maturity of 270 days. The parties agreed on the use of a simple bet in the conversion of payments, equal to 20%. Let us estimate how profitable to the investor.

First we calculate the consolidated amount of debt ( S. 0) in a simple way:

And now we will spend the same calculation with another way to bring payments to one date, often used in financial calculations:

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Some difference in the calculation results in the example is due to the use of different income rules and discount incomes by simply percentages. Therefore, when changing the financial agreement, it is necessary to specify in advance how to use when making calculations to a single denominator.

From these calculations, it follows that the final result is the impact of the payment with the initial amount of 1 million rubles, therefore the consolidated payment amount turned out to be about 25 thousand rubles. More than for an option with a rapid duty repayment periods. Therefore, the investor should agree with such a scheme for obtaining a consolidated payment from the debtor.

But it happens not always. Consider the following example.

Example 2.

Two payments - 1 million rubles. and 1.5 million rubles. - With the terms of payment, respectively, 180 and 300 days are combined into one payment with a maturity of 200 days. The interest rate in the conversion of payments is adopted equal to 20%.

We use the first way to calculate the consolidated amount of debt:

Due to the high influence of the fourth member of the amount on the calculation results, the consolidated amount of payment was 71,232.9 rubles. Less than for the option with the diverse duty repayment periods. Investor should not agree with this repayment scheme of the consolidated payment by the debtor.

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Change of contract conditions

In practice, there are often situations that force the participants in the transaction to change the conditions of the previously concluded financial agreement. In particular, this applies to payments (for example, the timing of payments is changed, usually to more remote, and sometimes towards the reduction, that is, the debt is repaid early). Naturally, as a result of any changes, none of the participants must carry losses. Therefore, in this kind of situations, the parties are guided by the principle of equivalence benefits of the benefit before and after changing the financial agreement. For one of the participants in the Treaty, this may be obtaining additional economic benefits in monetary terms, and for another participant, this benefit is expressed in the form of a temporary factor in the deferment of payments under the contract. In each case, the benefit is determined by the terms of the contract. The procedure for assessing the equivalence of compared transactions when changing the terms of the contract is more convenient to show on a specific example.

Example 3.

There are two obligations. In the first one, it is necessary to pay 10 million rubles to the investor. After 3 months from the beginning of the year, on the second - 8 million rubles, but after 5 months, too, from the beginning of the year. Due to the lack of funds, the debtor proposes to change the duration of the debt repayment as follows: the first payment is to pay off after 6 months from the beginning of the year, and the second - after 11 months. It will be necessary to determine which amounts of income income will arrange an investor when using a simple interest rate equal to 20% per year.

Given the income income, the first payment must be:

Then total amount Payments will be equal to:

S 0 \u003d S 1 + S 2 \u003d 1.05 + 8.8 \u003d 19.3 million rubles.

In this case, when shifting payments at a later date, their total amount increased by 1.3 million rubles. Therefore, the investor should take this proposal of the debtor on transferring payments to a longer time.

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Note!

When the conditions of the parties are changed, the parties' position may be directly opposite. For one of the participants in the transaction, the benefit is expressed, for example, in a postponement of payments, and for another - in obtaining additional benefits in the form of income income or the amount of debt.

Evaluation of the market value of debt

Assess the incidence of the amount of debt in the event of a delay of payments from the buyer, using the level of market interest rates on loans or deposits. Consider one of these ways to bring payments to a later date. Suppose you need to choose one of the receipt options money From the buyer to the seller. They differ by sums ( S. 1 I. S. 2) and the terms of payments ( n. 1 I. n. 2). Moreover S. 2 > S. 1 I. n. 2 > n. 1, otherwise the task has no economic sense. Logically, the choice of one of the options can be substantiated by the following reasoning. Suppose you can give a smaller amount ( S. 1) at percentages at the time of delaying payment on the second option ( n. 2 - n. one). What a percentage rate of income income is satisfied with us as a result of getting the same amount as on the second option ( S. 2)? Obviously, the results of the choice depend on the expected market level of interest rates. Consider the method of solving such a task for a general income income income on a simple interest rate.

For simple bets, we have the following income income equality:

S. 1 = S. 2 ,

where m. - number of months of delay payments from the buyer in the second option;

i R. - Market interest rate per year.

From here finally get:

i R. \u003d 12 × ( S. 2 / S. 1 - 1) / m..

From the last expression it follows that the larger the ratio S. 2 / S. 1, the higher the market rate is required for the equivalent comparison of both options in the time section. Consider an example.

Example 4.

Compare two options for money from the buyer. In the first version, the buyer can pay the supplier to date the amount of debt S. 1 \u003d 100 thousand rubles, and on the second option can return a large amount S. 2 \u003d 110 thousand rubles, but only through m. \u003d 5 months. At which market interest rate, both calculation options will be equal?

Find a market interest rate:

i R. \u003d 12 × (110 000/100 000 - 1) / 5 \u003d 1.2 / 5 \u003d 0.24,

or exactly 24% per year.

It follows that with a market simple interest rate less than 24% for the seller, a more distant date for receiving the payment under all other equal conditions is preferable. In this case, the Seller will receive a large amount than if he gave the initial amount (100 thousand rubles) in growth in interest at more early time Return of debt from the buyer. And on the contrary, if the interest rate is above 24%, it is more profitable to get money from the buyer today.

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Assignment (assignment) rights of debt claim

Under concession right requirements It is understood by the transaction to transfer the creditor of law (requirements) belonging to him on the basis of an obligation, to another person. Consider the most interesting option when the assignment by the seller the rights of the debt claim to a third party is made after the date of payment, for example, in case of delay in payment by the buyer.

Example 5.

The company seller has overdue receivables from one of its buyers in the amount of 300 thousand rubles. Hope to return debt is very weak, at the same time not earlier than the year at the moment of time. The company decided to render (sell) this debt collectors, naturally, for less cost than the debt itself. This loss in the cost of selling debt company can compensate if the money has reisted, for example, on a deposit, and also for 1 year. Suppose the interest rate on the deposit is 20% per year. For what price the company is ready to render the debt to the third party in order not to incur damages?

From the general formula for accrual at the rate of simple interest follows:

P. = S. / (1 + i.) \u003d 300 000 / (1 + 0.20) \u003d 300 000 / 1.2 \u003d 250 000 rub.,

that is, the equivalent amount of the sale of debt will be the magnitude of the transaction in the amount of at least 250 thousand rubles.

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Accrual interest m. once a year

IN modern conditions Interest may be capitalized not one, but several times a year - in half a year, quarters, etc. Some foreign commercial banks practice even daily interest accrual.

When percent accrual, several times a year you can use the calculation formula complex interest:

S. = P. × (1 + i. / m.) N.,

where i. - interest rate per year;

m. - the number of interest accruals per year;

N. — the total number of accrual periods.

For example, with quarterly interest accrual for n. \u003d 5 years The total number of extension periods will be:

N. = m. × n. \u003d 4 × 5 \u003d 20 times.

Denote the second factor in the previous formula through the indicator q.:

q. = (1 + i. / m.) N..

Thus, the more often interest is accrued, the faster the process of increments (chain process) is underway. Check this statement.

Example 6.

The investor is going to deposit 100 thousand rubles. and considers the proposals of two banks. One bank proposes to place the investor capital on a 4-year deposit with a quarterly accrual interest rate at a rate of 20% per year, the second bank proposes to place the investor money for the same period, but under a simple interest rate 26% per year. How is it more profitable to enter the investor?

To make the right choice, we first calculate the amount of income income in the formula of complex interest for the first option:

S. 1 \u003d 100 000 (1 + 0.20 / 4) 4 × 4 \u003d 100 000 × 1.05 16 \u003d 100 000 × 2,182875 \u003d 218 287.5 rubles;

for the second option - by the formula of simple percentage:

S. 2 \u003d 100 000 (1 + 4 × 0.26) \u003d 100 000 × 2.04 \u003d 204 000 rub.

As you can see, options are unequal in the sense of the financial results obtained. According to the first version, the income income turned out to be more than 14,287.5 rubles. From here it follows that the investor is more profitable to place its capital under a complex interest rate, albeit with a smaller size of it.

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Purchase and sale of bills

In addition to the acquisition of borrowed capital, they can also be used to obtain additional income on the secondary securities market at their purchase and sale (the so-called financial promissory bills). Unlike them, a commercial bill is usually used in ensuring a commercial or commodity loan. Bank bills revenues can be obtained when repaying bills commercial Bank Either when selling bills on the secondary securities market. At the same time, the bill can be released both with a discount and with the payment of a fixed percentage to the nominal at the time of its repayment (interest notes). In the first case, the bill is a discount paper, which is the difference between the purchase price and the face value.

Quite often a bill or other type of similar obligation is sold (bought) before the date of repayment. Such an operation is of practical interest for the investor. If you are a bill holder and intend to take into account him in a bank to repay, will this operation be profitable or unprofitable for you? And is it possible to quantify the resulting income or a loss from this operation?

In financial calculations, the profitability of operations for the seller and the buyer of the bill of exchange is determined by the ratio of parameters such as the level of the discount, the market interest rate at the time of the promissory bill and the number of days during the early repayment of the bill. Wherein the income of the first willssel holder (seller) consists of a commission for early repayment bill of exchange at a market interest rate ( D. 1) defined by the formula:

D. 1 = N. × d. × t. / 360,

where N. - nominal value of the bill;

d. - Market rate (profitability) at the time of the transaction;

t. - the number of days from the date of the transaction until the redemption of the bill;

360 - Typically received number of days a year when accounting for bills.

However, in practice, the Bank can establish a discount rate above the market rate. This is done in order to avoid risks, as well as losses associated with early repayment of the bill of exchange by the buyer.

The income of the second notes (buyer) It is defined as the difference between the value of the nominal and buying a bill of exchange minus the accrued commission for the seller:

D. 2 = -P. + N. × (1 - d. × t. / 360),

where P. - The cost of buying a bill.

Obviously, the total income on the bill will take shape from the revenues of the seller and the buyer. At the same time, the new owner of the bill (buyer) with early repayment can receive a certain income, and under adverse conditions - to incur damages. Consider the following example.

Example 7.

Financial bill standing N. P. \u003d 85 thousand rubles. The bank's discount rate on the bill in the accounting of commission is 60%. The term of accounting (repayment) of bills in the bank - 60 days.

After 30 days from the date of sale of the bill of exchange, the buyer decided to take into account the bill in the bank. We define income that will receive both the seller (bank) and the first buyer of the bank (client).

The income of the first willssel holder (bank) in the form of a commission for early repayment of the bill will be equal to:

D. 1 \u003d 100 × 0.60 × 30/360 \u003d 5000 rub.

The income of the second noter holder (buyer) with early repayment of the bill will be:

D. 2 \u003d -85,000 + 100 × (1 - 0.60 × 30/360) \u003d -85 000 + 95 000 \u003d 10 000 rubles.

The meaning of this calculation lies in the fact that, when repaying the bill of exchange in the Bank, the amount is refunded not at par (100 thousand rubles), but minus the Commission (95 thousand rubles).

The total income on the vendor of the seller and the buyer is:

D S. \u003d 5000 + 10 000 \u003d 15 000 rubles.

It follows that if the buyer had presented a bill to maturity to the agreed period, he would receive a full income in the amount of 15 thousand rubles.

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Note!

The earlier the declared period is redeemed financial bill, the more the seller's income (bank) on the commission and, accordingly, less than the income of the buyer of the bill will be.

Example 8.

Financial bill standing N. \u003d 100 thousand rubles. acquired by a client in a commercial bank for the price P. \u003d 95 thousand rubles. The term of accounting (repayment) of bills in the bank - 180 days. The buyer decided to take into account (repay) bill in the bank before - 90 days before the term. The current discount rate of the bank remained the same - 60% per year. We define how profitable is such a deal for the first buyer of the bill (client).

The income of the first willssel holder (seller) in the form of a commission for early repayment of the bill will be equal to:

D. 1 \u003d 100 000 × 0.60 × 90/360 \u003d 15 000 rub.

The income of the second earlist (buyer) will be:

D. 2 \u003d -95 000 + 100 × (1 - 0.60 × 90/360) \u003d -95 000 + 85 000 \u003d -10 000 rub.

Thus, by buying a bill for 95 thousand rubles. And then rebuilding him ahead of time with obtaining over the amount of 85 thousand rubles, the client received a loss in the amount of 10 thousand rubles.

Total income on the bill of sale and buyer:

D S. \u003d 15 000 - 10 000 \u003d 5000 rubles.

As you can see, the total income on the bill remained the same (5 thousand rubles) (defined as the difference between the face value and the purchase cost of the bill). Only now the seller received all income on the bill, and the buyer is only a loss. Therefore, such a repayment scheme is clearly not satisfied with the buyer of the bill. And in general, with such a low yield (5%), the client should not buy a bill from the seller (bank).

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Revenues for shares and bonds

Besides those listed above financial instruments Urgent transactions Additional income can also be obtained when placing such debt securities on the market as stocks and bonds.

Differences in receipt of income on shares and bonds are as follows. The total income on shares, depending on the amount of dividend paid and the increase in the course value, as a rule, exceeds the income on bonds. That is why the shares are the main object of investments. On the other hand, the yield of bonds is less susceptible to the oscillations of the market situation. After all, the bonds bring their owners income in the form of a fixed percentage or discount between nominal (nominal) and purchased by their cost. In addition, during the possession of bonds, coupon income (quarterly, in a semi-annual or annual basis) is paid. At the end of the duration of the bonds, they redeem the owner at a nucleational value. Therefore, in the conditions of an unstable economic situation, the priority in choosing financial instruments can be completely different. If the degree of reliability of its deposits for the investor is preferable to the amount of profitability, it can choose the second option - the purchase of bonds.

Note!

The feasibility of acquiring shares or bonds is determined by their return depending on market conditions their placement.

Example 9.

The investor can buy a bond at a market price of 850 rubles, and the numerous cost of the bond - 1000 rubles, the annual coupon rate is 12%. The bond will be taken to repay after 3 years.

For the same money you can buy a share at the same market price - 850 rubles. Suppose the nominal value of the action is also 1000 rubles. For a piece (usually it does not have a direct value for such calculations and is given here only for information and conditionally to evaluate dividends from this price). Let the dividend rate from the nominal value of the shares is 15%. After 3 years, the owner of the action sells it on the market at a price of 950 rubles. In which case, the net income of the investor will be more - on the action or on the bond?

In the first case, buying a bond for 850 rubles, in the next 3 years the Bond holder will receive a coupon income at the end of the next year in the amount of 120 rubles. (12% of the nominal). In addition, when repaying the bond, it will receive the redemption cost of the bond in the amount of the nominal - 1000 rubles. From here, his net income after 3 years will be:

D. 1 \u003d -850 + 120 × 3 years + 1000 \u003d 510 rub.

In the second case, by purchasing a share for the same price (850 rubles), the owner of the action will receive dividends in the amount of 150 rubles each year. (15% of the nominal) and its net income for 3 years will be equal to:

D. 2 \u003d -850 + 150 × 3 years + 950 \u003d 550 rub.

Thus, on the promotion, additional income is 40 rubles. higher than on bonds. This should be expected because the market profitability of shares is usually higher than the fixed yield of bonds. But this happens not always, since the market price of shares can fall, and dividends - not to pay at all.

Suppose, due to the deterioration of the situation in the market, the company stopped paying dividends on shares. We define, at which market price for the sale of shares after 3 years, the results of calculating net income on the action and bonds will be equal. To do this, solve equation:

850 + 0 + X. = 510,

where X. - market price selling stock at the end of the 3rd year.

X. \u003d 510 + 850 \u003d 1360 rubles.

As you can see, the investor will receive an additional benefit compared to the acquisition of the bond only if the market value of the action will increase at the end of the estimated period by more than 1.6 times (1360 rubles / 850 rubles). And this is not always possible in the conditions of an unstable economy. And then it is already necessary to choose the first option - the acquisition of the bond.

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Currency conversion

The principles of assessment of the additional benefit of financial transactions considered above can also be used in the exchange of ruble funds on a freely convertible currency (SLE), in particular, in solving such tasks as accommodating deposits of funds. Leave the available funds in the currency and receive income when increasing interest in SD or convert currency to rubles to use the expected change currency rate and the difference in interest rates?

Schematically, the image of the second operation can be represented as follows:

SLE → Rubles → Ruble deposit → SC.

In operations income income with currency conversion, there are two sources of income: a change in the currency exchange rate and the income of interest income on the deposit in rubles. The second source is unconditional income, since interest rate is fixed, which cannot be said about the first source of income - currency conversion. Moreover, double currency conversion at the beginning and end of the operation can even make a loss, for example, due to the strong growth in the foreign exchange rate to the ruble at the end of the operation, since in this case the currency will have to be purchased at a higher cost.

In accordance with the scheme presented above this operation It assumes three steps: currency exchange for rubles, the income of interest income on this amount on the ruble deposit and, finally, the conversion to the initial currency. Hence the final (extensive) amount of income in the currency ( S V. 1) is determined by the formula:

S V. 1 = P V. × K. 0 × 1 / K. 1 ,

where P V. - the initial amount of money in the SLE;

K. 0 - exchange rate at the beginning of the operation (course of SD in rubles);

K. 1 is a exchange rate at the end of the operation;

m. - the term of the deposit in months;

i. - Betting rate for ruble deposits.

The last three factors of this formula correspond to three steps. Moreover, with an increase in interest rate on the deposit, the amount of increasing income is linearly increasing. In turn, the growth of the final currency exchange reduces income income. To assess the effectiveness of this operation, it is usually compared with another income scheme, namely by direct premises to a deposit monetary sum In SLE:

SC → Deposit in SLE.

Then getting such an income can be represented as follows:

S V. 2 = P V. × ,

where j. - interest rate for the currency deposit.

Example 10.

The client decided to place $ 2000 in the bank for a ruble deposit for a term m. \u003d 6 months. Currency sales rate at the beginning of the deposit period K. 0 \u003d 60 rubles. for $ 1, dollar purchase rate at the end of the operation K. 1 \u003d 65 rubles. For $ 1 interest rate on a ruble deposit i. \u003d 22% per year, according to the currency deposit j. \u003d 12%. We define the effectiveness of this operation as compared with the premises of the currency amount immediately on the deposit in the SLE.

So, the yield for the deposit in rubles will be:

S V. 1 \u003d 2000 × 60 × × 1/65 \u003d 2000 × 1,024615 \u003d $ 2049.23;

for a deposit in currency (dollars):

S V. 2 \u003d 2000 × \u003d 2000 × 1.06 \u003d 2120 dollars.

It follows that the currency deposit through the conversion in rubles is less profitable than the currency deposit.

_____________________

Note!

In the event of a significant increase in the currency rate in relation to the ruble, it is more profitable to immediately put money in foreign currency on a deposit in the same currency. Then his income income will be much higher than when converting currency in rubles to place a ruble deposit.

We now consider the option with a double conversion when the initial amount is expressed in rubles, that is, the following operation scheme takes place:

Rubles → SC → Deposit in SLE → Rubles.

In this embodiment, three factors of the formula correspond to the three steps of the operation:

S R. 1 = P R. × 1 / K. 0 × × K. 1 ,

where P R. - The initial amount of money in rubles.

In this case, the income income multiplier also depends on the bet, but now from the interest rate for SD. From the end course of the exchange or its growth rate, it also depends linearly, but now with increasing K. 1 income income also grows.

For comparison, consider another calculation scheme when the amount in rubles is immediately placed on a ruble deposit:

Rubles → Ruble deposit.

The formula for direct deposit on the deposit in rubles has the form:

S R. 2 = P R. × .

Example 11.

The entrepreneur is going to a free amount of money in the amount of 60 thousand rubles. Place on time m. \u003d 9 months per currency deposit in dollars. Currency purchase rate at the beginning of the deposit period K. 0 \u003d 62 rubles., Expected sales course after 9 months K. 1 \u003d 67 rubles. Interest rates on the ruble ( i.) and dollars ( j.) The deposit is respectively equal to 22 and 15%. We define the effectiveness of this operation as compared with the amount of the amount in rubles immediately to the ruble deposit.

When converting rubles to dollars, incredible income on the currency deposit and after the translation of it in rubles will be equal to:

S R. 1 \u003d 60 000 × 1/62 × × 67 \u003d 60 000 × 1,202218 \u003d 72 133,08 руб.

When using only a ruble deposit, an extensive amount will be:

S R. 2 \u003d 60 000 × \u003d 60 000 × 1,165 \u003d 69 900 rubles.

Thus, with the expected course of sale at the end of the deposit period K. 1 \u003d 67 rubles. Currency conversion is suitable.

_____________________

Note!

Translation of ruble sums through the conversion to the currency deposit is more profitable ruble deposit in the event that an increase in the exchange rate of the currency at the end of the operation exceeds the effect of using more high Betting percent on a ruble deposit.

conclusions

The considered methods of quantitative assessment of the benefit from financial transactions are applied to prevent any of the participating parties to agreements or transactions through the appropriate calculations.

For one side, this benefit may be in obtaining an additional economic gain in monetary terms, and for another - in the form of a temporary factor expressed in the postponement of payments for obligations and transactions.

According to the acquired securities (bills, shares and bonds), the incredible income of the investor depends on their market valueAs well as from their species - a fixed discount, interest income in the form of dividends or coupon payments.

The benefit from the investor's cash premises on ruble or foreign exchange deposits is determined by two factors: exchange rate on rubles at the end of the operation and interest rates on ruble and foreign exchange accounts.

V.I. Semenov, Accountant, Cand. tehn Science

In the process of its activities, the organization carries out various financial transactions related both to the direct activity of the organization and to ensure the stable functioning of the organization's main activity.

In addition to the main activity associated directly with financial transactions, all organizations are involved in monetary relations. The organization of the production sector and services are used by the services of banks with service operations, use leasing services by the relevant organizations, etc.

All organizations participate in financial relations, both from the Client, and by the Organization for the Provision of Financial Services.

Financial operations in each organization are different, this is associated with its organizational and legal form and the direction of the main activity. Financial Operation - Transactions and other actions of citizens or legal entities with financial resources regardless of the form and method of their implementation related to the transition of ownership and other rights, including operations related to the use financial means As a means of payment.

Financial operations are an essential element of economic relations.

Consider the main financial operations of organizations.

Leasing is the provision of the right to use movable or real estate By transferring it to possession for a certain period or indefinite time for periodically paid compensation.

Leasing is, as a rule, a tripartite complex of relations in which leasing company At the request and instructions of the user purchases the manufacturer equipment, which then gives him temporary use.

Financial operations include credit operations. Credit operations - this is a relationship between the lender and the borrower (by the debtor) on the provision of the first last certain amount of funds on terms of payability, urgency, repayment.

Bank credit operations are divided into two large groups:

1) active when the bank acts in the person of the lender, issuing a loan;

2) Passive when the bank acts as a borrower (debtor), attracting money from customers and other banks on terms of payability, urgency, repayment.

Subjects of credit relations in the field bank credit There are business entities, the population, the state and the banks themselves. Under the lending object should be understood the purpose of the loan ..

The purpose of the loan expresses the specific temporary needs for additional funds of business and other market entities, to the satisfaction of which can be granted a loan. . The need for a loan follows from the features of capital circuit. Some business entities at certain intervals appear temporarily free money, others have the need for them, which is satisfied with the help of a loan.

Credit operations of commercial banks play important role in a market economy.

Classification of bank loans is carried out on a variety of features: categories of borrowers, nature of collateral, timing and maturity methods, etc.

Loans provided to corporate clients;

Loans secured by real estate;

Loans to the end consumer, mainly on the purchase of cars and other consumer goods for long-term use with repayment by installments;

Loans to other credit and financial institutions, including foreign banks, intermediaries on the stock exchange.

Depending on the provision, loans are divided into secured and unsecured or without collateral (blank loans).

Secured loans (loans provided to security, against ensuring), in turn, are divided into type of provision for bills, fit and stock (under securities).

Bill loans occupy a large place in the operations of commercial banks carrying out funding for international trade.

Commercial banks Not all bills are taken into account, but only those of them, which, in turn, can be overwhelmed in the Central Bank. Unlike the accounting operation, the loan secured by bills of exchanges means only a temporary transition of the bill from its owner to the Bank - after the expiration of the loan period, the borrower repays it together with interest and receives the bill back. With loans on bail bills, the Bank issues a borrower usually only 60-80% of the exchange currency (the monetary amount marked on the bill).

Film loans include loans secured by goods and commodity documents (Duplicates of railway invoices, warrants, cavias). Supported loans are usually issued in the amount of 50-70% of the market value of the goods being laid. The main thing is the requirement for the quality of goods, to a high degree of its realizability in the event of an outstanding or delay with repayment of the loan.

Stock loans, i.e. Loans under securities are provided by banks usually in the amount of part of the course value of securities that go to the bank from the borrower only temporarily as ensuring the loan until its return along with interest.

Despite the fact that real support serves as one of the ways to reduce the risk of credit operations, approximately half of all bank loans are provided without ensuring or in the form of blank loans. Such bank loans usually provide large trade and industrial companies with which they are closely connected and in solvency of which are confident. As a rule, the larger the borrower and what more sum Loan, the sooner it will be provided without ensuring.

One of the forms of bank loan is overdraft - payment of accounts, checks of the client (trade and industrial company, a private person or another financial and credit institution) over the remainder at its current account or in the absence of such. Usually the client has a limit overdraft limit, within which it can use any amount. Unlike other forms of bank loans, overdraft and its value can be based on oral agreement; In this case, the conclusion of any formal agreements is required. At the same time, in some cases, overdraft can be fulfilled when various securities are as collected. Overdraft is generally a very expensive loan, and at the same time, in modern conditions, many large banks charge the overdraft percentage during a certain period, after which the rate increases repeatedly compared to conventional market rates.

Contractive loan can also be provided in a bath form. The contract is a single active-passive account through which the Bank's Credit Operations Credit Operations are held: loans provided by the Bank to Customers are recorded in the debit (asset) of this account, and on credit (passive) - all amounts coming from customers in the form of deposits and Return of loans. With a loan residue on the account (the client is a bank lender), the client is charged a percentage of a deposit, and, on the contrary, under the debit balance (the client is a bank debtor) from the client a percentage of the Bank for the use of a loan is charged. Within the agreed loan amount, the client can receive and repay loans both completely and in parts.

Depending on the term, loans may be short-term - for up to one year, provided by 3, 6, etc. months, medium-term (from 1 year to 7-8 years) and long-term (for more than 8 years). In Russia, short-term loans are considered for a period of up to six months, medium-term - from six months to a year, long-term - over the year.

Credits can wear a one-time character (simple urgent loan) or renewable (online credit, repaid at the request of the Bank).

From the point of view of return (repayment of the principal amount of debt and interest), loans can be repaid in one fee (for example, training fees) or a payment series. Interest may be paid at the time of repayment of the principal amount of debt equal to the amount throughout the term of the loan, at the time of providing a loan. An example of the latter is the account of the bill, in which the bank pays the currency of the bill of exchange minus the percentage.

By the nature of lending distinguish: direct loans (when the bank directly credits borrowers); purchase (accounting) of commercial bills, bank guarantees and bank acceptance (when banks replace former creditors in the credit operation); Acquisition of debt obligations from firms selling goods in installments.

Also financial transactions are calculations with suppliers and consumers of services.

Suppliers and contractors include enterprises and organizations. Supplying raw materials, materials and other commodity and material values, consumers include the category of citizens who receive certain services from this organization for material remuneration.

The receipt of material values \u200b\u200bfrom suppliers is made on the basis of the delivery contracts concluded by the Organization. The provision of services to customers is also carried out on the basis of concluded contracts.

The contracts contain the type of goods supplied, work performed or services, the terms of delivery, the deadlines for the shipment of goods, the performance of work, the provision of services, the procedure for calculations (terms of payments).

Calculations with suppliers and consumers are carried out after shipment of commodity and material values, performing work or services, simultaneously with them or an advance. Payments with accounts of organizations are made in the calendar order of admission to the bank of the settlement documents. Payments to the accounts of the organization are manufactured according to the terms of the contract.

Calculations with suppliers are carried out using various forms of calculations - payment orders, payment requirements of letters of credit, checks. Calculations are also possible with the help of bills, or cash payments with the transfer of money directly to the provider's cash register, the contractor (now they are limited to the amount of 100 thousand rubles). Customer Calculations with the Organization are carried out in cash or non-cash form (through banks, payment terminals). The form of calculations is established in the contract, contract.

As a result of the estimated relationship with suppliers, the company's debt arises.

Part current assets Organizations aimed at calculations with physical and legal entitiesis receivable. Under receivables, arrears of organizations, employees of enterprises and customer organizations are understood. When calculating with suppliers, receivables arises when shipping products sold. Also receivables arises at the moment when the organization provided its products, services to customers. Organizations and persons who have to have this organization are called debtors.

Depending on the maturity time, debt is divided into short-term and long-term. Maturity short-term debt Installed within 12 months from the moment of occurrence, and long-term - more than 12 months.

In accordance with the Regulations on accounting and accounting reporting In the Russian Federation, receivables and payables reflect in the balance sheet by type on the basis of accounting recordsMolded on the accounts of synthetic accounting.

Receivables of suppliers and consumers is a consequence of the fulfillment of contractual obligations by organizations as a result of the transaction, after which the seller transmits finished products, services and gets the right payment requirements.

When shipping products to customers and presentation of settlement documents (invoice - invoice, commodity invoice, etc.) Including the supplier shows the formation of receivables in the amount of the cost of sold products, including VAT due to receipt from buyers. When providing services and providing receipts to pay for work performed, services also arises receivables.

When calculating suppliers, payables may arise. It represents the obligations of the organization for the goods supplied by it, work and services, as well as other obligations in favor of creditors, due to past economic events and transactions.

In the case of calculations with suppliers of formation accounts payable There will be advance payments obtained by suppliers from buyers in accordance with the terms of settlements under the supply contract.

Credit Debt is an object of VAT. In accounting, the received advances are considered only as the source of the organization's property, the appearance of which is associated with the subsequent execution of the transaction provided for by the Treaty. The fulfillment of the organization's commitments entails the use of assets in a certain period, i.e. Their transmission at the request of creditors.

One of the types of financial transactions is the calculation with staff on wages.

Wages (employee's work) - remuneration for labor, depending on the qualifications of the employee, complexity, quantity, quality and conditions of work performed, as well as compensatory payments and stimulating payments.

Calculations with personnel on remuneration are carried out by means of payments. main wages (remuneration for the work done in accordance with the established labor standards (tariff rates, salaries, piece rates)) and additional salary (remuneration for the work in excess of the established norm, for labor successes and for special conditions Labor (surcharge, surcharge, compensation payments)).

The organization is formed by the Fund of remuneration in order to determine the limit costs of the enterprise's production, labor prices at the conclusion of general, sectoral and territorial tariff agreements, collective contracts of enterprises at the beginning and end of their term of action. Also forecasting and formation of the wage fund allows you to most effectively use the finance of the enterprise.

Fund of remuneration includes:

1. Payment of spent time (in monetary and natural form):

Salary at tariff rates and salary;

Salary for piece rates, as a percentage of revenue from the sale of products, in profits from profit;

Prizes and rewards. Wearing systematic nature, regardless of the source of payment;

Stimulating surcharges and surcharges for tariff rates and salary;

Compensation paymentsassociated with the mode of operation and working conditions, etc.;

The labor of people accepted for part-time work;

Payment of work of workers is not a list of composition.

2. Payment of indispensable time (in monetary and natural form):

Payment of annual and additional vacations;

Payment of educational leave;

Payment of preferential hours of adolescents;

Fee for the period of advanced training, retraining or learning to the second profession;

Payment downtime is not due to the fault of employees;

Payment. maintained at the place of main work for employees who perform state and public duties;

Payment of the days of the Neboda at the expense of the organization's funds and (for the exception of temporary disability benefits);

Payment time forced absenteeism.

3. One-time incentive and other payments:

One-time premiums regardless of the source of payment;

Remuneration on the results of work for the year, annual remuneration for years of service;

Material aidprovided to all or most workers;

Financial compensation for unused vacation;

The cost is free issued as promotion of shares;

Additional payments in the provision of annual leave;

Other lump-sum incentive payments, including gift value.

4. Power payments, housing, fuel (carrying regular character):

The cost of free food and products (in accordance with the legislation);

Funds for reimbursement of costs for housing and communal services;

The cost of free fuel provided by employees;

The cost of free housing and utilities (in accordance with the legislation);

Payment for the nutrition of workers (over-established legislation).

Thus, the financial operations of the organization are acquisition operations financial assets and acceptance financial obligations. Financial operations provide income generation. Revenues and accumulations of some subjects and spending others. Their implementation allows the Organization to effectively fulfill its obligations in terms of economic relations.

1.2. Methodology for analyzing financial transactions.

An organization's financial analysis is a calculation, interpretation and assessment of a complex of financial indicators characterizing various parties to the activities of this organization.

The financial condition of the economic entity is the characteristics of its financial competitiveness (ie solvency, creditworthiness), the use of financial resources and capital, fulfilling obligations to the state and other business entities. The financial condition of the economic entity includes the analysis: profitability and profitability; financial Sustainability; creditworthiness; capital use; Currency self-sufficiency.

An analysis of the financial condition is carried out using the following main techniques: comparisons, summary and grouping, chain substitutions.

Receiveing \u200b\u200btransparent in comparison of financial indicators of the reporting period with their planned values \u200b\u200b(standard, norm, limit) and with the indicators of the preceding period. In order for the comparison results to ensure the correct analysis conclusions. It is necessary to establish comparability of compared indicators, that is, their homogeneity and one-quality, comparability of analytical indicators are associated with comparability of calendar terms, assessment methods, inflationary processes.

The reception of the reports is to combine information materials into analytical tables. Analytical groupings allow you to identify the relationship between different economic indicators phenomena and indicators, determine the influence of the most significant factors and detect certain patterns and trends in the development of financial processes.

The reception of chain substitutions is used to calculate the magnitude of the influence of individual factors in the overall complex of their impact on the level of the cumulative financial indicator. This technique is used in cases where the relationship between indicators can be expressed mathematically in the form of functional dependence. The essence of receiving chain substitutions is that, consistently replacing each reporting indicator of the basic (i.e., the indicator with which the analyzed indicator is compared), all other indicators are considered as unchanged. Such a replacement allows you to determine the degree of influence of each factor on the cumulative financial indicator.

To make decisions on production management, sales, finance, investments and innovations, management needs permanent business awareness of relevant issues, which is the result of the selection, analysis, assessment and concentration of initial raw information. Analytical reading of the source data is also necessary on the basis of analysis and management purposes.

The basic principle of analytical reading financial reports - This is a deductive method (i.e., from common to particular), but it should be applied multiple times. During such an analysis, as it were, the historical and logical sequence of economic facts and events, the focus and the strength of their influence on the results of activity.

In the practice of financial analysis, the main types of analysis (methods of analysis) of financial reports have already been established. Among them, six main methods can be distinguished, some of which have already been mentioned in general System Analysis:

1.Gorizontal (temporary) analysis - comparison of each reporting position with previous period. This is one of the financial analysis systems based on the study of the dynamics of individual financial indicators in time.

In the process of carrying out this analysis, the growth rates (growth) of individual indicators are calculated financial statements Over a number of periods and the general trends of their change (or trend) are determined. The following forms of horizontal (trend) financial analysis were obtained the greatest distribution:

-Changing financial indicators of the reporting period with the indicators of the previous period(for example, with the indicators of the previous decade, month, quarter);

- Consolidation of financial indicators of the reporting period with indicators of the same period last year(for example, indicators of the second quarter of the reporting period with the same indicators of the second quarter of the previous year)

- Creating financial indicators over a number of previous periods.The purpose of such an analysis is to identify the trend of the change in individual indicators characterizing the results of the financial activity of the enterprise (definition of a trend line in dynamics).

2.The Suite (structural) analysis is determining the structure of the final financial indicators with the identification of the influence of each position of reporting on the result as a whole. This is one of the financial analysis systems based on the structural decomposition of certain indicators of the financial statements of the enterprise. In the process of carrying out this analysis, the specific gravity of individual structural components of the financial indicators aggregated in the reporting are calculated.

There are the following forms of vertical (structural) analysis:

1) Structural Asset Analysis. In the process of this analysis are determined by:

Specific weights of negotiable and non-current assets;

The elemental composition of current assets;

The elemental composition of non-current assets;

The composition of the assets of the enterprise in terms of liquidity;

The composition of the investment portfolio and others.

2) Structural capital analysis.In the process of this analysis are determined

The proportion of own and borrowed capital;

The elemental composition of the equity used;

The elemental composition of the borrowed capital by type;

The elemental composition of used borrowed capital of urgency of obligations and others.

3) Structural cash flow analysis.In the process of this analysis, a cash flow is allocated as part of a total cash flow:

On operating (production and commercial) activities;

According to financial activities;

On investment activities.

Each of these types of cash flow in turn can be more deeply structured in the process of analysis in a separate component of its elements.

3.Rend analysis is a comparison of each reporting position with a number of previous periods and the definition of trend, i.e. The main trend of the dynamics of the indicator, purified from random effects and individual characteristics of individual periods. With the help of the trend, the possible values \u200b\u200bof the indicators in the future are formed, and, therefore, a promising forecast analysis is carried out. This type of analysis is used in cases where it is necessary to compile a forecast for individual financial indicators or by the financial condition of the enterprise as a whole. .

4. Analysis of relative indicators (coefficients) is the calculation of relations between the individual positions of the report or the positions of different reporting forms, determining the relationships of indicators. The coefficients allow you to determine the circle of information that is important for users of information on the financial condition of the enterprise in terms of decision-making. The coefficients make it possible to find out the main symptoms of changes in the financial position and determine the trends of its change. For proper coefficients You can define areas requiring further study. The greater advantage of the coefficients is that they smooth the negative influence of inflation, which significantly distorts the absolute indicators of financial statements, thereby makes it difficult to compare in dynamics.

5. The compliant (spatial) analysis acts as an intravenial analysis of consolidated reporting indicators on individual indicators of the enterprise, branches, divisions, shops and inter-farm analysis of the indicators of this enterprise in comparison with the indicators of competitors, with medium-divers and average economic data. His goal is to identify similarities and differences in homogeneous objects. With the help of comparison, changes are established in the level of economic indicators, trends and patterns of their development are being studied, the influence of individual factors is measured, settlements are made to make decisions, reserves and development prospects are revealed.

6.Factor analysis - Accounting for the influence of individual factors (reasons) for the productive indicator using deterministic or stochastic research techniques. Factor analysis can be both direct (actually analysis), when the whole is crushed into components and inversely, when the balance of deviations is constituted and at the stage of generalization, all identified deviations of the actual indicator from the basic - due to individual factors are summoned. .

Factor analysis can be single-stage when the analysis is used for the analysis of only one level and multistage, when the factors are detailed to the component elements to explore their behavior.

Factor analysis can be retrospective when the reasons for the change in the resultant indicators in past periods are being studied, and promising when they investigate the behavior of factors and their impact on productive indicators in the future.

Factor analysis can be static, to study the influence of factors for productive indicators on a specific date, and dynamic, when causal relations are studied in dynamics.

Based on the above, it can be concluded that for analyzing financial operations of the Organization different kinds and receptions of analysis. In the aggregate, they constitute a methodology for analyzing the analysis necessary for an objective assessment of the financial condition of the organization and its financial transactions. The results of the analysis make it possible to make management decisions based on the assessment of the current financial situation, the organization's activities for the previous years and the projections of the financial condition for the future, i.e. Expected financial position parameters.

Information on cash flow provides users with the opportunity to assess the organization's ability to generate money and evaluate its needs for money. Requirements for the presentation of information on cash flow and the disclosure of relevant information established IFRS (MS) 7 "Report on cash flow".

Must submit for the period, classifying them by operating, investment and financial activities.

The classification of flows by categories of activity ensures the presentation of information that allows users to assess the influence of each type of activity on the company's financial position and the amount of funds (and their equivalents). This information may also be used to analyze the link between the specified business categories.

The same operation can lead to the formation of cash flows that will be classified in different ways.

Operating activities

The amount of funds arising from operating activities is the most important indicator of whether this category creates sufficiently funds for repayment of loans, checked the productive ability of the company, payment of dividends (and the implementation of new investments) without attracting external sources of financing.

When forecasting cash streams Operating activities presents value information about the individual components in conjunction with other information.

Cash flows on operating activities are formed mainly during the main activity that creates the company's revenue. Thus, they are usually the result of operations affecting the formation of pure profits.

Examples of cash flows on operating activities can be:

• receipts from the sale of goods and the provision of services;
• receipts of rental payments for the provision of rights, remunerations, commission and other types of revenues;
• payments to suppliers of goods (and services);
• payments to employees (and on their behalf);
• receipts and payments of insurance companies on insurance premiums, claims, at the rental and other types of insurance policies;
• payments (or compensation) of income taxes, other than financial or investment activities;
• receipts (and payments) under contracts for the implementation of commercial (or exchange) operations.

As a result of some operations, such as the sale of a production facility may occur financial resultswhich is included in pure profits. However, the relevant cash flow refers to investment activities.

Companies specializing in securities operations will reflect them as reserves purchased for the purpose of resale. Cash flows formed as a result of securities purchase and sale operations are classified as operating activities. As for other companies, it will be either investment activities or cash equivalents.

Advancement of funds and the provision of loans by financial institutions is usually classified as operating activities, as they relate to the main activity that creates the company's revenue.

Investment activities

A separate disclosure of information on cash flows on investment activity reflects the scale of the costs of resources intended to create in the future of income and cash flows.

Examples of cash flows on investment activities can be:

• payments for the acquisition of fixed assets intangible assets and other non-current assets. These include payments related to the capitalization of the cost of development and construction of fixed assets in a business method;
• receipts from the sale of fixed assets, intangible assets and other non-current assets;
• payments for the acquisition of shares or debt tools of other companies, as well as shares in joint ventures (with the exception of such tools that act as equivalents of cash or tools for committing commercial (or exchange) operations);
• revenues from the sale of shares (or debt instruments) of other companies, as well as shares in joint ventures (with the exception of such tools that act as equivalents of cash or tools for committing commercial (or exchange) operations);
• advancement (or lending) of other Parties (with the exception of similar operations carried out by financial institutions);
• revenues to repay the advanced amounts or loans provided to other Parties (with the exception of similar operations carried out by financial institutions);
• payments on futures, forward, optional treaties and swaps (with the exception of contracts concluded in order to commit commercial or stock operations, or payments relating to financial activities).

Financial activities

A separate disclosure of information on funds for financial activities is necessary to predict monetary requirements from those who provide the Captain company.

Examples of cash flows for financial activities can be:

• income from the issue of shares or the release of other equity tools;
• payments to owners when redeeming or repaying stock shares;
• receipts from the issue of bonds, bills, mortgages, loans, as well as other short-term or long-term debt instruments;
• payments to repayment of loans;
• payments to the tenant to repay the obligations on financial leases.

The company should compile a report on cash flow in terms of submission of cash flows on operating activities, using:

• direct method In accordance with which information is revealed on the main classes of gross revenues and gross payments; or
• indirect method In accordance with which net profit is adjusted, taking into account the influence of non-monetary operations, deferred (or accrued) amounts on the past (or future) receipts of cash on operating activities, as well as income (or expense) articles related to cash flows on investment or financial Activities.

Methods for drawing up a cash flow report on operating activities are reflected in Table. one.

Companies are recommended in the cash flow report to reflect cash flows on operating activities based on a direct method, since this method provides a presentation of the information that the indirect method does not allow.

Table 1. Methods for making a cash flow report

Direct method	Indirect method
Information on the main types of gross revenues and payments, which can be obtained are revealed: either from accounting data; either by adjusting sales and their costs, taking into account: changes in reserves, operating accounts and receivables for the reporting period; other non-monetary articles; other articles leading to investment or financial cash flows	Profit (loss) for the reporting period is adjusted with: results of non-monetary operations; any deferment or charges regarding operational cash receipts or payments relating to past or future periods; articles of income and expenses related to investment or financial cash flows

In accordance with the direct method, information on the main classes of gross flow and gross payments can be obtained:

• from account registers;
• by adjusting revenue indicators, cost costs (for financial organizations - percent and similar types of income, expenses for interest and similar types of expenses), as well as other articles in the statement of total income, taking into account:
• changes in indicators of reserves, receivables and accounts debt on operating activities;
• other non-monetary articles;
• other articles, whose movement is associated with investment or financial activities.

Alternatively, net cash flow on operating activities can be presented using an indirect method, by reflecting revenue and expenses on the statement of total income, as well as changes for the reporting period of reserves, receivables and accounts for operating activities.

The company must submit gross receipts and cash payments separately on investment and financial activities, with the exception of cash flows reflected rolled.

The following cash flows on operating, investment or financial activities can be submitted in the reporting in the collapse:

• receipts and payments on behalf of customers when cash flow in more than Reflects the client's activities, rather than the company itself. Examples of such income and payments can be:
• acceptance (and payment) by banking Deposit on demand;
• financial funds intended investment company for clients;
• rental fee collected on behalf of the property owners (and paid) to them;
• receipts and payments on articles characterized by high turnover, major amounts and short maturity. Examples of such receipts and payments include advance payments (and repayment) by:
• the principal amount of debt in calculating customers with credit cards;
• acquisition and sale of investments;
• other short-term loans, for example, the repayment period of which does not exceed 3 months.

Cash flows arising in the course of each of the activities listed below the activities of the Financial Institute may be minted:

• receipts and payments associated with acceptance (and payments) on deposits with a fixed maturity;
• placement (and closing) of deposits in other financial institutions;
• advance payments and loans provided to customers (and repaying such advance payments and loans).

Indicators of the Monetary Movement Report

Cash - The most liquid category of assets, which provides the organization the greatest degree of liquidity. In the process of implementing all types of financial and economic operations The organization generates cash flow in the form of their receipt or spending.

A report on cash flow discloses data on cash flow in the reporting period, characterizing the availability, admission and spending of funds in the organization.

The information provided in the form allows internal and external users to evaluate how the company creates and uses funds enough for cash to repay current obligations and dividend payments, allows you to determine whether the enterprise requires additional funding, etc.

A report on cash flow complements and information about the ability of the organization to attract and use money.

Cash Movement Report It characterizes the changes in the financial position of the organization in the context of current, investment and financial activities.

The formation of this reporting form is regulated by PBU 23/2011 "Report on cash flow" (Order of the Ministry of Finance of February 2, 2011 No. II H).

The main source of funds must be current activities. Current activities The activities of the Organization, which pursues the extraction of profits, is considered as a main goal or not to extract the profit as such a goal in accordance with the objects and objectives of the activity, i.e. Activities, which, in accordance with PBU 9/99 "Organization's revenues", is usual (Fig. 5.1).

Fig. 5.1. Channels of income and payments for current activities

Investment activities The activities of the organization are considered. associated with the acquisition land plots, buildings and other real estate, equipment, intangible assets and other non-current assets, as well as their sale; with its own construction, expenditures on research, experimental and technological developments; With the implementation of financial investments (the acquisition of securities of other organizations, including debt, deposits into authorized (share) capital of other organizations, providing other loans organizations, etc.) (Fig. 5.2).

Financial activities - This is the organization of the organization, as a result of which the magnitude and composition of the equity of the Organization, borrowed funds change (income from the issuance of shares, bonds, providing other loan organizations, repayment of borrowed funds, etc.).

Fig. 5.2. Channels of revenues and payments on investment and financial activities

There are two methods of representing cash flows from the current (operating) activity: direct and indirect.

Direct method It is based on the definition of the inflow (revenue from the sale of products, works, services, advances received, etc.) and outflow (payment of supplier accounts, the return of the received short-term loans and loans, etc.) of funds. The initial element of the calculation is the revenue from the sale of products.

The direct method of determining cash flows is based on information about all operations produced in the reporting period on bank accounts and with cash cash circulated in a certain way. The direct method approved for the use of Russian organizations.

Indirect method Distributed in foreign practice, where, when drawing up a cash flow report, operating, investment and financial activities are allocated.

Operational activities are cash flows associated with the main activity of the organization that brings its main profit.

The indirect method of representing cash flows from operating activities includes an element of analysis, as it is based on comparison of changes in various articles accounting balance During the reporting period, characterizing the property and financial position of the Organization, and also includes the analysis of the movement of fixed assets, their depreciation and other indicators. As a result of the application of an indirect method, the final financial result (net profit for the reporting period) is transformed into a difference between the values \u200b\u200bof the funds available from the organization as of the beginning and end of the reporting year.

When drawing up the calculation proceed from the fact that in accounting, the operations are reflected at the time of the transition of the right of ownership, regardless of payment. In this regard, the revenue reflected in the income statement is not always equivalent monetary receiptsAccordingly, the costs specified in the income statement are not equal to the paid costs. As a result, the net profit indicator on profits and loss report does not reflect the actual availability of funds available at the organization at the reporting date.

Therefore, when drawing up a cash flow report, the net profit indicator is adjusted in the following order:

1. Depreciation of property is added to net profit, since depreciation deductions are a flow rate forming net profit but not leading to cash outflow.

2. Correction is performed on the value of changes in the remains of material and production reserves and the end of the reporting year. If the reserves have increased, then the difference in the residues is deducted from net profit, since the increase in reserves leads to the outflow of funds. In the event of reserves - the difference is added.

3. Adjustment is performed on the amount of changes in receivables. If receivables decreased at the end of the year, then the difference is added to net profit, otherwise it is deducted from it.

4. Correction is performed on the amount of accounts payable. At the same time, the growth of accounts payable leads to the influx of funds, so the difference in payables is added to net profit, otherwise the difference is deducted.

As a result of these adjustments, the value of net cash flow from operating activities is calculated.

The cash flow on investment and financial activities is determined by the direct method. The difference between the influx (intake) and the outflow (retirement) of funds is a net cash flow, which is determined for each type of activity. The total net flow in all types of activities is the increase in cash during the reporting period, defined as the difference in cash balances and the end of the reporting period.

In foreign practice in the financial statements, information is disclosed not only about the monetary funds of the organization, but also on their equivalents. Under cash equivalents The short-term highly liquid attachments are implied, easily reversible in cash and subjected to minor risk of values.

For the purpose of making a report on cash flow in Russia under cash It is understood directly money in cash and in non-cash form, located at the office of the organization, on its settlement, currency and special accounts.

In the cash flow report, data directly arising from records on accounts accounting accounts: 50 "Cashier" (with the exception of the residue on subaccount 50-3 " Monetary documents"), 51" Current accounts ", 52" Currency Accounts ", 55" Special Accounts in Banks "(with the exception of the residue on subaccount 55-3" Deposit Accounts "), 57" Transfers on the way ".

Information about the cash flow of the Organization on these accounts is reflected by the growing outcome since the beginning of the year and are submitted to the currency of the Russian Federation.

In the case of (movement) of funds in foreign currency, information on the movement of foreign currency for each of its appearance is initially formed in relation to the cash flow report adopted by the Organization. After that, the data of each calculation drawn up in foreign currency is recalculated at the rate Central Bank RF at the date of accounting reporting. The data obtained on individual calculations are summed up when filling out the corresponding indicators of the cash flow report.

Cash Money For Current Activities

In the section "Money Money For Current Activities" reflected:

Reveals information about the amounts received from:

• sales of products, goods, works and services, including advances;
• rental and license payments, fees, commission payments, etc.;
• other revenues.

To fill this line, debit turns on the accounts of 50 "Cassa" are used, 51 "Settlement accounts", 52 "Currency Accounts" in correspondence with accounts 62 "Calculations with customers and customers" and 76 "Settlements with different debtors and creditors" (including VAT , excise taxes paid by buyers).

On the line "Other arrivals" Show the amounts of funds received, which are related to the current activities of the organization and are not specified in the previous line:

budget and targeted financing and receipt:

• Debit accounts 50 "Cassa", 51 "Settlement accounts", 52 "Currency Accounts" Account Credit 86 "Trust Financing":

gratuitous arrivals:

• Debit accounts 50 "Cassa", 51 "Settlement accounts", 52 "Currency Accounts" Credit account 98 "Revenues of future periods" (91 "Other income and expenses"):

return of cash from suppliers:

• Debit accounts 50 "Cashier", 51 "Current accounts", 52 "Currency Accounts" Credit account 60 "Calculations with suppliers and contractors";

revenues to satisfaction claims, amounts insurance compensation and etc.:

• Debit accounts 50 "Cassa", 51 "Settlement accounts", 52 "Currency Accounts" Credit account 76 "Settlements with different debtors and creditors";

return of unused accountable amounts:

• Debit account 50 "Cashier" Credit account 71 "Calculations with accountable persons";

revenues for compensation for material damage, etc.:

• Debit accounts 50 "Cassa", 51 "Settlement accounts" Credit account 73 "Settlements with staff for other operations".

1. To pay for goods, works, services:

• Debit accounts 60 "Calculations with suppliers and contractors", 76 "Calculations with different debtors and creditors" Country Credit accounts, 51 "Current accounts", 52 "Currency Accounts", 55 "Special Accounts in Banks" (including prepayment);

2. For wages:

• Debit account 70 "Calculations with staff for paying for labor" Credit accounts 50 "Cashier", 51 "Current accounts";

3. For payment of interest on debt obligations:

a) dividends paid by founders;

• Debit accounts 75 "Calculations with the founders", 70 "Calculations with personnel on wage" Credit accounts 50 "Cashier", 51 "Current accounts", 52 "Currency Accounts".

The amounts of the principal debt on loans and loans that the organization repaid in the reporting year is not shown in this line. They are indicated in the section "Money Money For Financial Activities":

• Debit accounts 66 "Calculations on short-term loans and loans", 67 "Calculations on long-term loans and loans" Credit accounts of 50 "Cashier", 51 "Settlements", 52 "Currency Accounts";

4. On taxes on taxes and fees:

• Debit accounts 68 "Calculations for taxes and fees", 69 "Calculations for social Insurance and providing "Credit accounts 50" Cashier "," Settlement accounts "(including the size of the listed penalties).

For paid contributions for compulsory pension insurance and insurance against industrial accidents and occupation, you can enter an additional line:

• Debit accounts 69 "Calculations for social insurance and provision" Credit account 51 "Settlement accounts";

5. On other payments, enumerations:

a) fines, penalties, penalties paid by the organization for violation of the conditions of economic contracts:

• Debit accounts 76 "Calculations with different debtors and creditors" credit credit 51 "Settlement accounts";

b) Cash issued to accountable persons:

• Debit account 71 "Calculations with accountable persons" Credit account 50 "Cashier";

c) loans issued to employees:

• Debit account 73 "Calculations with staff for other operations" Credit account 50 "Cashier", etc.

If there are significant revolutions under the articles "Other income" and "On other expenses", it is necessary to decipher in the additional lines of the report.

The results of the movement of funds from current activities

On the line "The results of the movement of funds from the current activity" The difference between the receipt and retirement of funds for current activities is reflected. This difference can be positive and negative. In the second case, the indicator "The results of the movement of funds from the current activity" is reflected in parentheses.

In the section "Money Money on Investment Activities" reflected:

The indicator "Received money - total" Forms as the sum of numerical data for the following items:

1. "From the sale of facilities of fixed assets and other property."This line reflects the means obtained from the sale of equipment, leased, intangible assets, objects of unfinished construction, etc. To fill the line, appropriate revs on the debit of cash accounting accounts in correspondence with accounts 62 "Calculations with buyers and customers" and 76 "Settlements with different debtors and creditors". VAT sums are not deducted:

2. "Dividends, interest on financial investments" - Amounts received from participation in the capital of other organizations (dividends):

• Debit accounts 50 "Cassa", 51 "Current accounts", 52 "Currency accounts" Credit accounts 91 "Other income and expenses", 16 "Settlements with different debtors and creditors".

Interest on securities (except for shares), loans, interest, which accrue the bank to the balance of cash:

• Debit accounts 50 "Cassa", 51 "Current accounts", 52 "Currency Accounts" Credit accounts 91 "Other income and expenses", 76 "Settlements with different debtors and creditors";

3. "Other supply". This line reflects revenues from:

a) sales of equity and debt securities acquired for a period of more than 12 months (stocks, bonds, bills) and other financial investments that are taken into account on the debit of accounts 50 "Cassa", 51 "Current accounts", 52 "Currency Accounts" in correspondence with accounts 58 " Financial investments", 62" Calculations with buyers and customers "and 76" Calculations with different debtors and creditors ";

b) repayment of loans provided to other organizations:

• Debit accounts 50 "Cashier", 51 "Settlement accounts", 52 "Currency Accounts" Account Credit 58 "Financial Investments".

The string "directed money - total" Forms as the sum of numerical data for the following items:

1. "To acquire fixed assets (including profitable investments In material values) and intangible assets). " This line provides the amounts paid to suppliers and contractors for acquired or created non-current assets:

• Debit accounts 60 "Calculations with suppliers and contractors", 76 "Calculations with different debtors and creditors" Credit accounts 50 "Cashier", 51 "Current accounts", 52 "Currency accounts", 55 "Special accounts in banks" (including prepayment) ;

2. "On Financial Investments" - At this line, the amounts listed by sellers of securities and other organizations and persons in connection with their acquisition are decrypted:

• Debit accounts 60 "Calculations with suppliers and contractors", 76 "Settlements with different debtors and creditors" Credit accounts of 50 "Cassa", 51 "Current accounts", 52 "Currency Accounts", 55 "Special Accounts in Banks";

3. "On other payments, enumerations". On this line, the amounts listed by borrowers may be given in accordance with the loan agreement:

• Debit accounts 58 "Financial investments" Credit accounts 50 "Cashier", 51 "Settlement accounts".

On the line "The result of cash flow from investment activity" Reflected the difference between the receipt and disposal of cash on investment activities. This difference can be Positive and Negative. In the second case, the indicator "The result of cash flow from investment activity" is reflected in parentheses.

Financial Money Money

In the section "Money Money For Financial Activities" reflected:

The indicator "Received money - total" Forms as the sum of numerical data for the following items:

1. "Credits and loans" - The amounts received from lenders under contracts (loan, credit) excluding accrued interest. The interests of interest are reflected in the operations on current or investment activities, depending on the purpose of attracting borrowed sources:

• Debit accounts 51 "Current accounts", 52 "Currency accounts" Credit accounts 66 "Calculations for short-term loans and loans", 67 "Calculations on long-term loans and loans";

2. "Budget allocations and other target financing" - indicate the amounts of budget and targeted financing;

3. "Deposits of participants" - Amounts received from shareholders (founders) as a result of placing their own equity securities:

• Debit accounts 50 "Cashier", 51 "Settlement accounts", 52 "Currency accounts" Credit account 75 "Settlements with founders" (81 "Own shares (shares)");

4. "Other arrivals" - The amounts of financial revenues that have not found reflections on the listed lines.

The indicator "Sending money - total" Forms as the sum of numerical data for the following items:

1. "To repay loans and loans" - funds listed in repayment of the principal debt on borrowed funds (excluding interest):

• Debit accounts 66 "Calculations on short-term loans and loans", 67 "Calculations on long-term loans and loans" Credit accounts 51 "Currencies", 52 "Currency Accounts";

2. "On the payment of dividends" - This line provides dividends sums paid by the Company's participants:

3. "On other payments, transfers" - At this line, the amount of leasing payments listed by the lessor can be shown:

• Debit account 76 "Calculations with different debtors and creditors" Credit accounts 51 "Settlement accounts", 52 "Currency Accounts", 55 "Special Accounts in Banks".

On the line "The result of cash flow from financial activities" Reflected differences between the receipt and disposal of funds for financial activities. This difference may be Positive and Negative. In the second case, the indicator "The result of money from financial activities" is reflected in parentheses.

The indicator "The result of cash flow during the reporting period" - This is an algebraic amount of indicators of the results of the cash flow for the reporting period for all types of activities. He can also have Positive or negative meaning.

The report on cash flow shows the total balance of funds for all types of activities at the beginning of the reporting period ( the string "The balance of funds at the beginning of the reporting year").

Cash balance at the end of the reporting period It is calculated by adjusting (increasing or decreasing) the balance of cash at the beginning of the reporting period by the value of the results of the cash flow during the reporting period.

Information on the flow of funds is provided in the reporting at least in two years (reporting and previous).

Features of financial operations

To understand all the features of the financial world, you should certainly realize the features of financial transactions. What is financial operations? This is a certain way of changing all existing financial assets or liabilities, and such changes can occur in almost any sector of activity of a particular company.

It should be noted that the types of financial transactions include gold operations, with special borrowing rights, transactions with cash and depository, as well as any other operations that in one way or another are related to the listing or the operation of assets and liabilities. Offshore companies also have the ability to produce certain financial transactions that will be directly related to valuable metals, documents, promissory promotions, shares and cash. Thus, it can be said with significant confidence that many areas of activity, for example, such as offshore are directly related to the financial world, and can take their active participation in it.

There is a huge number of features of the financial world. For example, the features of the work of certain financial transactions are interpreted by companies or organizations that this transaction is carried out as financial activities. In any case, many companies, one way or another, participate in operations that relate to this kind Activities.

The use of offshore schemes makes it possible to significantly reduce the operational costs and taxes that are paid upon receipt of profits from securities or any other operations. Since sooner or later, the issue of taxation still arises, it is necessary to refer to a qualified lawyer in order to determine the possibility of using this scheme when working on financial markets. This question must be viewed at the initial stage when it comes to possible investments In this or that project. Accounting for the cost of the Company's activities is reflected in the financial statements, which, as a rule, affects the behavior of potential investors and possible founders.

A separate question should consider various schemes of activity within legal obligations and legal features to regulatory authorities. The presence of transparent and affordable reporting provides not only investor confidence, but the same guarantees, the maintenance of assets in the event of a deterioration in the overall financial situation in the world as it was in 2008, when many companies, including large banks, either bankrupt, or in the center of loud scandals related to their financial activities.