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Financial result of Wimm Bill Dann. JSC "wimm-bill-dann": financial statements and financial analysis. Brief balance sheet analysis

Full name: JSC "WIMM-BILL-DANN"

TIN: 7713085659

Type of activity (according to OKVED): 10.51 - Production of milk (except raw) and dairy products

Form of ownership: 16 - Private property

Legal form: 12200 - Joint stock companies

Reporting is done in thousand rubles

See detailed verification of the counterparty

Accounting statements for 2011-2018

1. Balance sheet

Name of indicator	Code	#DATE#
ASSETS
I. NON-CURRENT ASSETS
Intangible assets	1110	#1110#
Research and development results	1120	#1120#
Intangible search assets	1130	#1130#
Tangible Exploration Assets	1140	#1140#
fixed assets	1150	#1150#
Profitable investments in material values	1160	#1160#
Financial investments	1170	#1170#
Deferred tax assets	1180	#1180#
Other noncurrent assets	1190	#1190#
Total for Section I	1100	#1100#
II. CURRENT ASSETS
Stocks	1210	#1210#
Value added tax on acquired valuables	1220	#1220#
Accounts receivable	1230	#1230#
Financial investments (excluding cash equivalents)	1240	#1240#
Cash and cash equivalents	1250	#1250#
Other current assets	1260	#1260#
Total for Section II	1200	#1200#
BALANCE	1600	#1600#
LIABILITY
III. CAPITAL AND RESERVES
Authorized capital (share capital, authorized fund, contributions of comrades)	1310	#1310#
Own shares repurchased from shareholders	1320	#1320#
Revaluation of non-current assets	1340	#1340#
Additional capital (without revaluation)	1350	#1350#
Reserve capital	1360	#1360#
Retained earnings (uncovered loss)	1370	#1370#
Total for Section III	1300	#1300#
IV. LONG TERM DUTIES
Borrowed funds	1410	#1410#
Deferred tax liabilities	1420	#1420#
Estimated liabilities	1430	#1430#
Other liabilities	1450	#1450#
Total for Section IV	1400	#1400#
V. SHORT-TERM LIABILITIES
Borrowed funds	1510	#1510#
Accounts payable	1520	#1520#
revenue of the future periods	1530	#1530#
Estimated liabilities	1540	#1540#
Other liabilities	1550	#1550#
Section V total	1500	#1500#
BALANCE	1700	#1700#

Brief balance sheet analysis

Graph of changes in non-current assets, total assets and capital and reserves by years

financial indicator	31.12.2018	31.12.2017	31.12.2016	31.12.2015	31.12.2014	31.12.2013	31.12.2012	31.12.2011
Net assets	29892708	33668986	29351141	28544519	22177681	21531191	20133326	16799624
Autonomy coefficient (norm: 0.5 or more)	0.56	0.61	0.57	0.57	0.51	0.52	0.5	0.41
Current liquidity ratio (norm: 1.5-2 and above)	1.3	1.2	1.1	1.1	0.9	0.9	1.1	0.8

2. Profit and loss statement

Name of indicator	Code	#PERIOD#
Revenue	2110	#2110#
Cost of sales	2120	#2120#
Gross profit (loss)	2100	#2100#
Selling expenses	2210	#2210#
Management expenses	2220	#2220#
Profit (loss) from sales	2200	#2200#
Income from participation in other organizations	2310	#2310#
Interest receivable	2320	#2320#
Percentage to be paid	2330	#2330#
Other income	2340	#2340#
other expenses	2350	#2350#
Profit (loss) before tax	2300	#2300#
Current income tax	2410	#2410#
including permanent tax liabilities (assets)	2421	#2421#
Change in deferred tax liabilities	2430	#2430#
Change in deferred tax assets	2450	#2450#
Other	2460	#2460#
Net income (loss)	2400	#2400#
FOR REFERENCE
Result from the revaluation of non-current assets, not included in the net profit (loss) of the period	2510	#2510#
Result from other operations, not included in the net profit (loss) of the period	2520	#2520#
Cumulative financial result of the period	2500	#2500#

Brief analysis of financial results

Schedule of changes in revenue and net profit by years

financial indicator	2018	2017	2016	2015	2014	2013	2012
EBIT	7791621	7866739	5071713	8311411	5154804	3482603	4792427
Profitability of sales (profit from sales in each ruble of revenue)	8.1%	7.8%	4.7%	6.8%	6.2%	5.3%	7.5%
Return on equity (ROE)	19%	18%	13%	25%	17%	11%	19%
Return on assets (ROA)	11.1%	10.8%	7.5%	13.6%	8.6%	5.4%	8.7%

4. Cash flow statement

Name of indicator	Code	#PERIOD#
Cash flows from current operations
Income - total	4110	#4110#
including: from the sale of products, goods, works and services	4111	#4111#
lease payments, license payments, royalties, commissions and other similar payments	4112	#4112#
from the resale of financial investments	4113	#4113#
other supply	4119	#4119#
Payments - total	4120	#4120#
including: to suppliers (contractors) for raw materials, materials, works, services	4121	#4121#
in connection with the remuneration of employees	4122	#4122#
interest on debt obligations	4123	#4123#
corporate income tax	4124	#4124#
other payments	4129	#4129#
Balance of cash flows from current operations	4100	#4100#
Cash flows from investment operations
Income - total	4210	#4210#
including: from the sale of non-current assets (except for financial investments)	4211	#4211#
from the sale of shares of other organizations (participatory interests)	4212	#4212#
from the return of loans granted, from the sale of debt securities (rights to claim funds from other persons)	4213	#4213#
dividends, interest on debt financial investments and similar income from equity participation in other organizations	4214	#4214#
other supply	4219	#4219#
Payments - total	4220	#4220#
including: in connection with the acquisition, creation, modernization, reconstruction and preparation for the use of non-current assets	4221	#4221#
in connection with the acquisition of shares of other organizations (participation interests)	4222	#4222#
in connection with the acquisition of debt securities (the rights to claim funds from other persons), the provision of loans to other persons	4223	#4223#
interest on debt obligations included in the cost of an investment asset	4224	#4224#
other payments	4229	#4229#
Balance of cash flows from investment operations	4200	#4200#
Cash flows from financial transactions
Income - total	4310	#4310#
including: obtaining credits and loans	4311	#4311#
cash deposits of owners (participants)	4312	#4312#
from issuance of shares, increase in participation	4313	#4313#
from the issuance of bonds, bills of exchange and other debt securities, etc.	4314	#4314#
other supply	4319	#4319#
Payments - total	4320	#4320#
including: owners (participants) in connection with the redemption of shares (participatory interests) of the organization from them or their withdrawal from the membership	4321	#4321#
to pay dividends and other payments	4322	#4322#
on the distribution of profits in favor of the owners (participants) in connection with the redemption (repurchase) of bills of exchange and other debt securities, the return of loans and borrowings	4323	#4323#
other payments	4329	#4329#
Balance of cash flows from financial operations	4300	#4300#
Balance of cash flows for the reporting period	4400	#4400#
Balance of cash and cash equivalents at the beginning of the reporting period	4450	#4450#
Balance of cash and cash equivalents at the end of the reporting period	4500	#4500#
The magnitude of the impact of changes in the foreign exchange rate against the ruble	4490	#4490#

6. Report on the intended use of funds

Name of indicator	Code	#PERIOD#
Balance at the beginning of the reporting year	6100	#6100#
Funds received
Entry fees	6210	#6210#
Membership fee	6215	#6215#
earmarked contributions	6220	#6220#
Voluntary property contributions and donations	6230	#6230#
Profit from income-generating activities of the organization	6240	#6240#
Other	6250	#6250#
Total funds received	6200	#6200#
Funds used
Expenses for targeted activities	6310	#6310#
including:
social and charitable assistance	6311	#6311#
holding conferences, meetings, seminars, etc.	6312	#6312#
other events	6313	#6313#
The cost of maintaining the administrative apparatus	6320	#6320#
including:
payroll expenses (including accruals)	6321	#6321#
payments not related to wages	6322	#6322#
travel and business travel expenses	6323	#6323#
maintenance of premises, buildings, vehicles and other property (except for repairs)	6324	#6324#
repair of fixed assets and other property	6325	#6325#
others	6326	#6326#
Acquisition of fixed assets, inventory and other property	6330	#6330#
Other	6350	#6350#
Total funds used	6300	#6300#
Balance at the end of the reporting year	6400	#6400#

2018 2017 2016 2015 2014 2013 2012

No data for this period

Name of indicator	Code	Authorized capital	own shares, purchased from shareholders	Extra capital	Reserve capital	retained earnings (uncovered loss)	Total
The amount of capital on	3200
Behind Capital increase - total:	3310
including: net profit	3311	X	X	X	X
property revaluation	3312	X	X		X
income attributable directly to capital increases	3313	X	X		X
additional issue of shares	3314				X	X
increase in the par value of shares	3315				X		X
	3316
Decrease in capital - total:	3320
including: lesion	3321	X	X	X	X
property revaluation	3322	X	X		X
expenses attributable directly to depreciation of capital	3323	X	X		X
depreciation of shares	3324				X
reduction in the number of shares	3325				X
reorganization of a legal entity	3326
dividends	3327	X	X	X	X
Change in additional capital	3330	X	X				X
Change in reserve capital	3340	X	X	X			X
The amount of capital on	3300

Additional checks

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* An asterisk indicates indicators that are adjusted in comparison with Rosstat data. The adjustment is necessary to eliminate obvious formal inconsistencies in reporting indicators (difference in the sum of lines with the final value, typos) and is carried out according to an algorithm specially developed by us.

Reference: The financial statements are presented according to Rosstat data, disclosed in accordance with the legislation of the Russian Federation. The accuracy of the given data depends on the accuracy of the data submission to Rosstat and the processing of these data by the statistical agency. When using this reporting, we strongly recommend that you check the figures with the data of the paper (electronic) copy of the reporting posted on the official website of the organization or received from the organization itself. The financial analysis of the presented data is not part of the Rosstat information and is performed using a specialized

Content

Introduction

I. Essence and types of financial condition

1.1 The concept, essence of the financial condition and indicators characterizing it

1.2 Types of financial condition

II. Analysis of the financial condition of the enterprise

2.1 Brief economic characteristics of JSC "Wimm-Bill-Dann"

2.2 Structural analysis of assets and liabilities

2.5 Assessment of the financial condition by relative indicators

II. negotiable

7 633 529 13 113 420 36 46 +5 479 891 +10 +75 Total assets 21 112 309 28 428 438 100 100 +7 316 129 0 +100

Coefficient

ratios

negotiable and

non-current assets

0,57 0,86 × × +0,29 × ×

Based on table 2, we can conclude that the increase in the sources of funds of the enterprise was most directed at increasing working capital (75%). The ratio of current and non-current assets increased its value (+0.29). However, it is impossible to draw specific conclusions about the financial condition of the enterprise, because the value of this coefficient is largely due to the industry-specific features of the circulation of enterprise funds.

A more specific analysis of the structure of assets and its changes is carried out separately for each aggregated type of assets (Tables 3, 4).

Table 3 Analysis of the structure of non-current assets(in thousand rubles)

Indicators	Absolute values				Changes
Indicators	for the beginning of the year	at the end of the year	for the beginning of the year	at the end of the year	in absolute terms	in specific gravity	in % to the change in the total value of non-current
1	2	3	4	5	6	7	8
Intangible assets	72 131	69 680	0,5	0,4	-2 451	-0,1	-0,13
Main facilities	8 448 586	9 783 620	62,7	63,9	+1 335 034	+1,2	+72,7
Construction in progress	2 705 578	2 896 392	20,1	18,9	+190 814	-1,2	+10,4
Income. attachments in mat. values	-	-	-	-	-	-	-
Long-term financial attachments	1 983 868	2 264 035	14,7	14,8	+280 167	+0,1	+15,25
Deferred tax assets	268 617	301 291	2	2	+32 674	0	+1,78
Long term accounts receivable debt	-	-	-	-	-	-	-
Other noncurrent assets	-	-	-	-	-	-	-
Total non-current assets	13 478 780	15 315 018	100	100	+1 836 238	0	+100

For the purposes of analysis, the structure of non-current assets reflects long-term receivables, since these funds actually fall out of the current circulation of the enterprise.

The greatest contribution to the increase in the total value of non-current assets was made by the increase in fixed assets (72.7%). We can also highlight a less significant increase in construction in progress (10.4%) and long-term financial investments (15.25%).

The largest part of non-current assets is represented by production fixed assets (63.9%) and construction in progress (18.9%). Together with a high share of their growth, this characterizes the company's orientation towards creating material conditions for expanding its core activities.

Table 4 Analysis of the structure of current assets(in thousand rubles)

Indicators	Absolute values		Specific gravity (%) in total		Changes
Indicators	for the beginning of the year	at the end of the year	for the beginning of the year	at the end of the year	in absolute terms	in specific gravity	in % to the change in the total amount of current
1	2	3	4	5	6	7	8
Stocks	2 974 314	3 369 776	39	25,7	+395 462	-13,3	+7,21
VAT on purchased assets	133 626	150 219	1,75	1,15	+16 593	-0,6	+0,3
Short-term accounts receivable debt	4 383 916	8 031 431	57,43	61,25	+3 647 515	+3,82	+66,56
Short-term financial attachments	71 026	397 397	0,9	3,02	+326 371	+2,12	+5,96
Den. facilities	64 933	1 160 398	0,85	8,85	+1 095 465	+8	+20
Other current assets	5 714	4 199	0,07	0,03	-1 515	-0,04	-0,03
Total current	7 633 529	13 113 420	100	100	+5 479 891	0	+100

The greatest contribution to the increase in the total value of current assets was made by the increase in short-term receivables (66.56%), which has an extremely negative effect on the organization's activities. The increase in receivables is directly related to the increase in sales. However, the growth rate of debt (83.2%) is much higher than the growth rate of sales revenue (66.3%). Accordingly, the enterprise needs to look for the causes and ways to solve this problem.

The growth of cash (20%) cannot be assessed unambiguously. It is in the interests of the enterprise to keep on the accounts the minimum necessary amount of money that is needed for current operational activities. Since cash, being in cash or in bank accounts, does not generate income, they must be available at a safe minimum level.

The share of reserves in the overall structure is decreasing (-13.3%). Comparing the small growth rate of reserves (13.3%) with the growth rate of the company's financial results, we can conclude that raw materials and materials were used much better in the reporting period compared to the previous one. This indicates an increase in business activity.

Other indicators have changed slightly.

Analysis of the structure of liabilities

In general, the sources of funds can be divided into own and borrowed. The structure of liabilities is characterized by:

autonomy coefficient, calculated as a ratio:

k A \u003d Real equity capital / Total value of the sources of funds of the enterprise \u003d I C / B, (3)

where I C - the value of the real equity capital of the enterprise at the reporting date;

B - the total amount of liabilities (sources of funds) of the enterprise as of the reporting date;

ratio of borrowed and own funds, calculated by the formula:

k c/s = (Adjusted long-term liabilities + Adjusted short-term liabilities) / Real equity = (K T + K t + R p) / I C, (4)

where K T - long-term liabilities of the enterprise (long-term loans and borrowings received and other long-term liabilities) as of the reporting date;

K t - short-term loans and borrowings received as of the reporting date;

R p - accounts payable and other short-term liabilities and liabilities (including the enterprise's debt to participants (founders) for the payment of income, reserves for future expenses, etc.) as of the reporting date.

Normal limits for coefficients:

k A ³ 0.5, k g/s ≤ 1(5)

When calculating these coefficients, real equity capital coincides with the value of net assets. The total value of the sources of funds of the enterprise is formed as the difference between the balance sheet total and the debt of participants (founders) for contributions to the authorized capital.

The calculation of real equity and adjusted borrowings is presented in tables 5 and 6.

Table 5 Real equity(in thousand rubles)

To obtain the real equity capital of the enterprise, it is necessary to increase the total of section III “Capital and reserves” of the liabilities of the balance sheet (line 490) by the amount under the item “Deferred income” (line 640) of section V “Current liabilities” and reduce by the amount of debt of participants (founders) on contributions to the authorized capital (section II, line 244). Deferred income is treated as part of equity since. actually reflect the organization's debt to itself.

Table 6 (in thousand rubles)

Adjusted borrowings are obtained by reducing the sum of the totals of sections IV "Long-term liabilities" and V "Current liabilities" by the amount under the item "Deferred income" line 640 from section V "Current liabilities".

A preliminary analysis of the structure of liabilities is carried out on the basis of the data in Table 7.

Table 7 Analysis of the structure of liabilities(in thousand rubles)

Indicators	Absolute quantities		Specific gravity (%) in total liabilities		Changes
Indicators	for the beginning of the year	at the end of the year	for the beginning of the year	at the end of the year	in absolute terms	in specific gravity	in % to the change in the total amount of liabilities
1	2	3	4	5	6	7	8
Real own	11 835 136	14 297 255	44	50	+2 462 119	-6	+34
Adjusted borrowings	9 277 173	14 131 183	56	50	+4 854 010	+6	+66
Total sources of funds	21 112 309	28 428 438	100	100	+7 316 129	0	+100
Coefficient autonomy	0,56	0,5	×	×	-0,06	×	×
Coefficient ratios borrowed and own funds	0,78	0,99	×	×	+0,21	×	×

The increase in borrowed funds (66%) had the greatest impact on the increase in the property of the enterprise for the reporting period. Although the values of the relative indicators still correspond to the normal limits (5) and the obligations of the enterprise can be covered by its own funds, it can be said that the financial independence of the enterprise is decreasing. This confirms the decrease in the autonomy coefficient and the increase in the ratio of borrowed and own funds.

To increase the level of financial independence, it is necessary to replenish real equity capital and reduce short-term receivables.

A detailed analysis of the structure of liabilities and its changes is carried out separately for each aggregated type of liabilities (tables 8, 9).

Table 8 Analysis of the structure of real equity capital(in thousand rubles)

Indicators	Absolute quantities		Specific gravity (%) in total liabilities		Changes
Indicators	for the beginning of the year	at the end of the year	for the beginning of the year	at the end of the year	in absolute terms	in specific gravity
1	2	3	4	5	6	7	8
	390	431	0,0033	0,003	+41	-0,0003	+0,002
Additional	2 623 132	2 690 130	22,16	18,82	+66 998	-3,34	+2,721
Spare	52	108	0,0004	0,0008	+56	+0,0004	+0,002
Retained earnings (uncovered loss)	9 131 771	11 542 261	77,16	80,73	+2 410 490	+3,57	+97,903
revenue of the future periods	104 930	64 325	0,89	0,45	-40 605	-0,44	-1,649
Negative Adjustments
Own shares repurchased from shareholders	25 139	0	0,21	0	- 25 139	-0,21	-1,021
Participants' debt (founders) on contributions to authorized capital	-	-	-	-	-	-	-
total real own	11 835 136	14 297 255	100	100	+2 462 119	0	+100

In the structure of the real equity capital of the enterprise, the largest part is retained earnings (80.73% at the end of the period), a fairly large share compared to other items is additional capital (18.82% at the end of the period).

Table 8 shows that the increase in real equity capital was due to an increase in retained earnings (97.9%). The rest of the articles have changed slightly.

In accordance with the decision of the annual general meeting of shareholders dated June 27, 2008 on non-payment of dividends to shareholders in 2008, part of the net profit received from the results of operations in 2007 was used to finance capital investments and further develop the production base of WBD OJSC .

The strategy of the enterprise in relation to the accumulation of own capital is determined by equity accumulation ratio, which shows the share of sources of own funds allocated for the development of core activities:

k n \u003d (Reserve capital + Retained earnings (uncovered loss)) / Real equity capital \u003d (I C res + R h) / I C, (6)

where And C res - the reserve capital of the enterprise as of the reporting date;

P h - retained earnings (uncovered loss);

And C - the real equity capital of the enterprise at the reporting date.

k n \u003d (52 + 9 131 771) / 11 835 136 \u003d 0.77 - at the beginning of the year;

k n \u003d (108 + 11 542 261) / 14 297 255 \u003d 0.81 - at the end of the year.

The positive dynamics of the coefficient indicates the progressive accumulation of equity as a result of the profitable activities of the enterprise.

Table 9 Analysis of the structure of borrowings (adjusted)(in thousand rubles)

Indicators	Absolute quantities		Specific gravity (%) in total liabilities		Changes
Indicators	for the beginning of the year	at the end of the year	for the beginning of the year	at the end of the year	in absolute terms	in specific gravity	in % to the change in the total equity
1	2	3	4	5	6	7	8
Long-term credits and loans	3 674 257	5 012 925	39,6	35,5	+1 338 668	-4,1	+27,6
Deferred tax obligations	402 739	359 740	4,3	2,5	-42 999	-1,8	-0,9
long term duties	125 925	35 187	1,4	0,3	-90 738	-1,1	-1,8
Short-term loans and credits	1 499 737	1 806 488	16,2	12,8	+306 751	-3,4	+6,3
Short-term accounts payable debt	3 442 886	6 729 743	37,1	47,6	+3 286 857	+10,5	+67,7
Debt to the participants (founders) for the payment of income	-	-	-	-	-	-	-
upcoming expenses	131 629	187 100	1,4	1,3	+55 471	-0,1	+1,1
Short-term liabilities	-	-	-	-	-	-	-
Total borrowed	9 277 173	14 131 183	100	100	4 854 010	0	+100

The growth of short-term accounts payable (67.7%) and to a lesser extent long-term credits and loans (27.6%) influence the increase in borrowed funds. The most rational structure of borrowed funds is considered to be the structure in which the majority are long-term loans and loans, which contribute to the increase in the financial stability of the enterprise, therefore, the high growth rate of short-term accounts payable and its large share (47.6%) negatively affects the financial stability of the enterprise.

The ratio of short-term liabilities and permanent capital calculated by the formula:

k c.o./c.c = Adjusted short-term liabilities / (Real equity + Adjusted long-term liabilities) = (K t + R p) / (I C + K T),(7)

where K t - short-term loans and borrowings received as of the reporting date;

And C - the value of the real equity capital of the enterprise at the reporting date;

K T - long-term liabilities of the enterprise (long-term loans and borrowings received and other long-term liabilities) as of the reporting date.

k c/c > 1 is acceptable if k c.o/c.c ≤ 1.(8)

k k.o./p.k. = 5,074,252 / (11,835,136 + 4,202,921) = 0.32 - at the beginning of the year;

k k.o./p.k. = 8,723,331 / (14,297,255 + 5,407,852) = 0.44 - at the end of the year.

An increase in the value of this ratio indicates a decrease in the financial independence of the enterprise, mainly due to a significant increase in short-term liabilities.

2.3 Financial sustainability analysis

Analysis of the availability and sufficiency of real equity capital

The difference between real equity and authorized capital is the main initial indicator of the stability of the financial condition of the enterprise.

= (Real Equity) – (Share Capital) = (Additional Capital) + (Reserve Capital) + (Retained Earnings) + (Deferred Earnings) – (Uncovered Losses) – (Treasury Shares) – (Debt of Members (founders) on contributions to the authorized capital).(9)

The positive terms of this expression can be conventionally called equity capital growth after the formation of the enterprise, the negative terms are diversion of own capital, which, among other things, may be associated with capital losses due to losses.

As can be seen from Table 10, the growth of equity capital many times exceeds the diversion of equity capital, and, therefore, the minimum condition for the financial stability of the enterprise is met. The increase in the difference between real equity capital and authorized capital for the reporting period (2,462,078 thousand rubles) is mainly due to the growth of retained earnings (2,410,490 thousand rubles).

Table 10 Analysis of the difference between real equity capital and authorized capital(in thousand rubles)

Index	For the beginning of the year	At the end of the year	Changes
1	2	3	4
1. Additional capital	2 623 132	2 690 130	+66 998
2. Reserve capital	52	108	+56
3. Retained earnings	9 131 771	11 542 261	+2 410 490
4. Deferred income	104 930	64 325	-40 605
5. Total increase in equity after the formation of the enterprise	11 859 885	14 296 824	+2 436 939
6. Uncovered damages	-	-	-
7. Own shares repurchased from shareholders	25 139	0
8. Debt of participants (founders) on contributions to the authorized capital	-	-	-
9. Total distraction of one's own capital	25 139	0	- 25 139
10. Difference of real own capital and authorized capital	11 834 746	14 296 824	+2 462 078

Analysis of the availability of reserves with sources of their formation

The ratio of the cost of reserves and the values of own and borrowed sources of their formation is one of the most important factors in the stability of the financial condition of the enterprise, along with the ratio of real equity and authorized capital. This is explained by the fact that stocks and costs characterize the production cycle, i.e. due to them the continuity of activity is ensured.

Total reserves(below in the formulas it is indicated by the symbol Z) of the enterprise is equal to the sum of the values \u200b\u200bfor the items of reserves of section II "Current assets" of the balance sheet (including VAT on acquired values, since before it is accepted for reimbursement in settlements with the budget, it must be financed from sources of formation of reserves).

To characterize the sources of formation of reserves, the following indicators are used, reflecting the different degree of coverage of different types of sources:

own working capital, calculated as the difference between the value of real equity capital and the sum of non-current assets and long-term receivables:

E C \u003d AND C -F, (10)

where And C - real equity;

F - non-current assets (at residual value) and long-term receivables;

availability of long-term sources of reserves formation is calculated by increasing the previous indicator by the amount of long-term liabilities:

E T \u003d E C + K T, (11)

where E C - the presence of own working capital;

K T - long-term liabilities;

total value of the main sources of reserves formation is equal to the sum of long-term sources and short-term loans and borrowings:

E S = E T + K t ,(12)

where E T is the presence of long-term sources of reserves formation;

K t - short-term credits and loans.

Three indicators of the availability of sources of formation of reserves correspond to three indicators of the availability of reserves with sources of their formation:

excess or shortage of working capital, equal to the difference between the value of own working capital and the value of stocks:

dE C = E C – Z;(13)

excess or shortage of long-term sources of stockpiling, equal to the difference between the value of long-term sources of formation of reserves and the value of reserves:

dE T = E T – Z;(14)

excess or shortage of the total value of the main sources of stock formation, equal to the difference between the value of the main sources of formation of reserves and the value of reserves:

dE S = E S - Z.(15)

The calculation of three indicators of the provision of reserves with sources of their formation allows us to classify financial situations according to the degree of their stability and express through a system of limitations of indicators:

1) absolute stability of the financial condition:

2) normal financial stability:

3) unstable financial condition:

dE T< 0,(18)

4) crisis financial condition:

dE T< 0,(19)

Table 11 Sources back-to-back analysis(in thousand rubles)

Index	For the beginning of the year	At the end of the year	Changes
1	2	3	4
1.Real equity	11 835 136	14 297 255	+2 462 119
2. Non-current assets	13 478 780	15 315 018	+1 836 238
3. Availability of own working capital	-1 643 644	-1 017 763	+625 881
4.Long-term liabilities	4 202 921	5 407 852	+1 204 931
5. Availability of long-term sources stock formation	2 559 277	4 390 089	+1 830 812
6.Short-term loans and credits	1 499 737	1 806 488	+306 751
7. The total value of the main sources of reserves formation	4 059 014	6 196 577	+2 137 563
8.Total inventory	3 107 940	3 519 995	+412 055
9. Surplus (+) or deficiency (-) own working capital	-4 751 584	-4 537 758	+213 826
10. Surplus (+) or lack (-) of long-term sources of stockpiling	-548 663	+870 094	+1 418 757
11. Surplus (+) or deficiency (-) the total value of the main sources stock formation	+951 074	+2 676 582	+1 725 508
12. Type of financial condition	unstable	Normal stability	×

Table 11 shows that the company's own working capital is not enough to form stocks. However, the successful activity of the enterprise in 2008 brought him out of an unstable financial condition. To a greater extent, this was facilitated by the attraction of long-term loans and borrowings (+1,418,757). Also, the financial stability of the enterprise (reducing the lack of own working capital) was positively affected by the decrease in the share of non-current assets (table 2) by 10%; decrease in the share of reserves in the total value of current assets (table 4) by 13.3%; increase in real equity capital due to retained earnings (table 8). The absence of long-term receivables has a positive effect.

Long-term reserves coverage ratio calculated as a ratio:

k about \u003d E T / Z, (20)

Indicator limit:

k vol ≥ k a.i.(21)

k vol \u003d 2,559,277 / 3,107,940 \u003d 0.82 (at the beginning of the year);

k about \u003d 4,390,089 / 3,519,995 \u003d 1.25 (at the end of the year).

Coefficient of self-sufficiency :

k O \u003d Own working capital / Current assets, (22)

Normal limit:

k О ≥ 0.1.(23)

k O \u003d -1 643 644 / 7 633 529 \u003d -0.2 (at the beginning of the year),

k O \u003d -1,017,763 / 13,113,420 \u003d -0.08 (at the end of the year).

When calculating the following financial ratios, long-term liabilities of the organization are also included in the composition of own working capital, because the enterprise can freely dispose of these funds for a long time.

Agility factor calculated by the formula:

k m \u003d E T / I C .(24)

k m \u003d 2,559,277 / 11,835,136 \u003d 0.22 (at the beginning of the year);

k m \u003d 4,390,089 / 14,297,255 \u003d 0.31 (at the end of the year).

Coefficient of autonomy of sources of reserves formation :

k a.i = E T / E S .(25)

k a.i = 2,559,277 / 4,059,014 = 0.63 (at the beginning of the year);

k a.i = 4,390,089 / 6,196,577 = 0.71 (at the end of the year).

The reserve coverage ratio with long-term sources corresponds to the limitation (21), has a positive trend (+0.43).

The values of the coefficient of provision with own sources at the beginning and at the end of the year do not correspond to the limitation (23). At the same time, in the economic literature it is recommended to evaluate the structure of the balance sheet of an enterprise as unsatisfactory. The dynamics of the indicator change is positive (+0.12).

The maneuverability coefficient at the end of the reporting period (0.31) shows that 31% of own funds are in a mobile form and the company can relatively freely maneuver them. The value of the indicator increased (+0.09) compared to the previous year, which indicates a positive trend in the change in the financial stability of the enterprise and confirms the conclusions made on the basis of table 11.

The coefficient of autonomy of the sources of formation of reserves at the end of the year (0.71) shows that the share of own working capital in the total amount of the main sources of formation of reserves is 71%. The growth of the coefficient (+0.08) is assessed positively, because. reflects a trend towards a decrease in the dependence of the enterprise on borrowed sources (in this case, short-term ones).

2.4 Analysis of liquidity and solvency

Analysis of the liquidity of the balance sheet consists in comparing the funds for an asset, grouped by the degree of their liquidity and arranged in descending order, with liabilities for liabilities, grouped by maturity and arranged in ascending order.

Depending on the degree of liquidity, i.e. the rate of conversion into cash, the assets of the enterprise are divided into the following groups:

A1) absolutely and most liquid (realizable) - cash and short-term financial investments (securities);

A2) quickly realizable - accounts receivable, payments on which are expected within 12 months after the reporting date, other current assets;

A3) slow-moving - a group of items "Inventories" of section II of the balance sheet asset (together with VAT), with the exception of the item "Deferred expenses", items "Profitable investments in material assets" and "Long-term financial investments" of section I of the balance sheet asset, receivables, payments for which are expected more than 12 months after the reporting date;

A4) difficult to sell - items in section I of the asset of the balance sheet "Non-current assets" with the exception of items accounted for in the previous group, as well as "Deferred expenses" in section II of the balance sheet.

Liabilities of the balance sheet are grouped by urgency their payment:

P1) the most urgent liabilities - accounts payable, debts to participants (founders) for the payment of income and other short-term liabilities; P2) short-term liabilities - short-term loans and credits; P3) long-term and medium-term liabilities - long-term loans and credits; P4) permanent liabilities, i.e. own funds, - articles of section III of the liabilities side of the balance sheet. To maintain the balance of assets and liabilities, the total of this group is reduced by the amount of losses (section III of the liabilities) and increased by the amounts under the items “Deferred income”, “Reserves for future expenses”.

Table 12 Balance liquidity analysis(in thousand rubles)

Assets	For the beginning of the year	At the end of the year	Liabilities	For the beginning of the year	At the end of the year	Payment surplus or deficiency
Assets	For the beginning of the year	At the end of the year	Liabilities	For the beginning of the year	At the end of the year	For the beginning of the year	At the end of the year
1	3	4	5	7	8	9	10
1. Most liquid	135959	1557795	1. Most urgent	3442886	6729743	-3306927	-5171948
realizable	4389630	8035630	2. Short term	1499737	1806488	2889893	6229142
3. Slow to implement	5020082	5703898	3. Long-term and medium-term	4202921	5407852	817161	296046
realizable	11566638	13131115	4. Permanent	11966765	14484355	-400127	-1353240
Balance	21112309	28428438	Balance	21112309	28428438	×	×

The balance is considered absolutely liquid if:

A3 ≥ P3,(26)

When comparing the results of the first group of assets and liabilities (A1 and P1, terms up to 3 months), there is a discrepancy with condition (26), from which we can conclude that the liquidity of the balance sheet differs to some extent from absolute. That. current receipts do not fully cover current payments. A deficiency in one group of assets is compensated by an excess in another (A2), although compensation takes place only in terms of value, since in a real payment situation less liquid assets cannot replace more liquid ones.

Comparison of other groups satisfies condition (26).

Comparison of the results of the second group of assets and liabilities (A2 and P2, terms from 3 to 6 months) shows a tendency to increase current liquidity in the near future, indicates the solvency of the organization for the next period of time.

Comparison of slow-moving assets with long-term and medium-term liabilities (A3 and P3) reflects promising liquidity, solvency in a relatively distant future.

The analysis of the liquidity of the balance sheet carried out according to the above scheme is approximate, mainly due to the fact that the correspondence between the degree of liquidity of assets and the maturity of liabilities in liabilities is planned approximately.

To assess the liquidity of an enterprise, three relative indicators are used, which differ in the set of liquid assets considered as coverage for short-term liabilities.

The instant liquidity of an enterprise is characterized by absolute liquidity ratio :

k a.l = (Cash + Short-term financial investments) / Adjusted short-term liabilities. (27)

The liquidity of an enterprise, taking into account future receipts from debtors, characterizes current ratio :

k l \u003d (Cash + Short-term financial investments + Short-term receivables) / Adjusted short-term liabilities. (28)

The projected payment capabilities of the enterprise, subject to the repayment of short-term receivables and the sale of existing reserves, reflects total coverage ratio :

k p \u003d (Cash + Short-term financial investments + Short-term accounts receivable + Inventory, including unwritten VAT) / Adjusted short-term liabilities. (29)

Table 13 Analysis of liquidity indicators of the enterprise(in thousand rubles)

It should be noted that the coefficient standards officially recommended and widely used in the economic literature (column 2) should be considered somewhat overestimated. The difference between real coefficients and normative ones is influenced by: the specifics of the industry, the activities of enterprises, the domestic economy compared to foreign ones, the heterogeneous structure of debt repayment periods.

Absolute liquidity ratio, having at the end of the year the value of 0.18 shows that 18% of short-term liabilities are subject to repayment every day. The value of the coefficient has increased significantly compared to the previous period, and although it does not correspond to the normal limit, it should be assessed positively. To increase the level of absolute liquidity, the company needs to restrain the growth of accounts receivable, monitor its uniform and timely repayment, and reduce the level of short-term liabilities.

The current liquidity ratio, which has a value of 1.1 at the end of the year, shows that cash and future receipts from current activities cover current debts. Table 13 shows that the situation has become much better compared to the previous period (+0.21). Correlating this fact with the data in Table 11, we can conclude that the increase in the current liquidity ratio was facilitated by the growth in the provision of reserves with own working capital and long-term loans and borrowings.

The coverage ratio at the beginning and at the end of the period has not changed its value and does not correspond to the officially recommended limit. The fact that k p > 1 should already be assessed positively. The value of the coefficient (1.5) means that by the end of the reporting period, current assets exceed short-term liabilities by 50% and indicates that the company may experience difficulties in the event of urgent repayment of short-term debt. To increase the ratio, the company needs to replenish real equity capital.

Solvency ratio calculated by the formula:

k o.p = Assets of the enterprise / Adjusted borrowings of the enterprise = 1 + I C / (R P + K t + K T).(30)

Normal Coefficient Limit:

k o.p ³ 2.(31)

k o.p = 21112309 / 9277173 = 2.28 (at the beginning of the year);

k o.p = 28428438 / 14131183 = 2.01 (at the end of the year).

Although the dynamics of the change in the coefficient is negative, its value corresponds to the normal limit (31), from which we can conclude that the organization remains solvent.

The fact that the company is actively using borrowed funds, i.e. banks and financial credit companies evaluate the enterprise as an important solvent client and finance its activities.

To summarize the results of the calculations, it is necessary to bring all the relative indicators characterizing the financial condition of the enterprise into a summary table.

Table 14 Summary table of the main coefficients characterizing the financial condition of the enterprise

Index	normal limit	For the beginning of the year	At the end of the year	Change
1	2	3	4	5
1. The ratio of current and non-current assets	-	0,57	0,86	+0,29
2. Autonomy coefficient	³ 0.5	0,56	0,5	-0,06
3. Ratio ratio borrowed and own funds	≤ 1	0,78	0,99	+0,21
4. Accumulation rate equity	-	0,77	0,81	+0,04
5. The ratio of short-term liabilities and permanent capital	≤ 1	0,32	0,44	+0,12
6. Agility factor	0,5	0,22	0,31	+0,09
7. Coefficient of autonomy of sources of reserves formation	-	0,63	0,71	+0,08
8. Long-term reserves coverage ratio	≥ k a.i.	0,82	1,25	+0,43
9. Security ratio own sources	≥ 0,1	-0,2	-0,08	+0,12
10. Absolute coefficient liquidity	³ 0.2	0,03	0,18	+0,15
11. Coefficient of current liquidity	³ 1	0,89	1,1	+0,21
12. Coverage ratio	³ 2	1,5	1,5	0
13. Coefficient of overall solvency	³ 2	2,28	2,01	-0,27

In order to more accurately study the dynamics of the coefficients and their impact on the state of the enterprise, ideally, it is necessary to use the values of these indicators according to the enterprise in the optimal year of operation (i.e., the best indicators) or a trend series. In the absence of such information, benchmarks for financial indicators, common in the economic literature, are used.

The dynamics of the ratio of current and non-current assets is positive. The increase in its value is associated with an increase in the share of current assets and, accordingly, with a decrease in the share of current assets in the structure of the enterprise's balance sheet. The value of the coefficient is largely due to the industry-specific features of the circulation of enterprise funds. However, during the analysis it turned out that the largest increase in the working capital of the enterprise is associated with an unreasonably large increase in short-term receivables (p. 20), so the increase in the value of the indicator under these conditions cannot be assessed positively.

A decrease in the autonomy coefficient and an increase in the ratio of borrowed and own funds indicate an increase in the financial dependence of the enterprise on borrowed funds. However, the values of these indicators correspond to the normal limits. Therefore, it cannot be said that their change had a negative impact on the activities of the enterprise.

The change in these ratios is associated to a greater extent with an increase in short-term liabilities (table 9), which negatively affects the financial condition of the enterprise. However, there is also a significant increase in long-term liabilities (table 9), which contributed to the company's exit from an unstable financial condition (table 11). Accordingly, this was reflected in the positive dynamics of the relative indicators of the financial condition of the enterprise - the coefficient of maneuverability, the coefficient of autonomy of the sources of formation of reserves, the coefficient of provision of reserves with long-term sources.

The dynamics of the relative liquidity indicators of the enterprise is positive - this is due to an increase in cash and short-term receivables (table 4). The value of the absolute liquidity ratio does not correspond to the recommended ones, this is also confirmed by the non-fulfillment of the condition A1 ≥ P1 (table 12). This is mainly due to the large share of short-term receivables (Table 4). Therefore, the current liquidity ratio corresponds to the normal limit, which indicates the ability of the enterprise to cover current liabilities subject to repayment of receivables.

The coverage factor does not meet the limitation common in the literature. However, the standard is overestimated and for a particular industry can be determined only on the basis of statistical processing of data from a number of enterprises. To increase the level of this ratio, it is necessary to replenish real equity capital, to restrain the growth of non-current assets and long-term receivables. At this enterprise, real equity is large enough and does not require a large increase, there is a decrease in the level of non-current assets and there is no long-term receivables. There is no change in the value of the indicator. It can be concluded that k p = 1.5 is optimal for the enterprise.

The dynamics of the overall solvency ratio is negative, which is associated with the attraction of a large amount of borrowed funds. However, the value of the coefficient corresponds to the normal limit, and the enterprise remains solvent.

Summing up, we can say that the company has improved its financial condition, so the measures that need to be recommended should be aimed at maintaining and consolidating the achieved position.

Reserves for improving the efficiency of this enterprise should be based on a decrease in the share of short-term receivables and cash.

Because Since the growth rate of short-term receivables (83.2%) is higher than the growth rate of sales proceeds (66.3%), it can be said that a sharp increase in receivables is associated not only with an increase in sales volumes, but also with an incorrect credit policy of the enterprise in relation to to buyers and customers, other debtors.

We can suggest the following ways to optimize the credit policy in relation to debtors:

Timely execution of settlement documents;

Providing discounts for early repayment of debt;

Release of goods on the terms of prepayment;

Registration of a transaction with buyers with a commercial bill with interest for deferred payment;

Introduction of penalties for late payment;

Assignment of the right to claim;

Factoring;

Insurance protection.

Optimization (reduction) of the size and share of receivables will increase the turnover of capital and minimize the risks associated with non-payment of debts, which will positively affect the financial results and financial condition of the enterprise.

The amount of cash that a well-managed enterprise needs is a safety stock designed to cover short-term imbalances in cash flows. The increase in cash balances in bank accounts is due to the level of imbalance in cash flows. The growth rate of funds in the analyzed period amounted to 1687%. An excess of free cash can be used to pay off obligations, invest in material assets and securities, and replenish reserve capital.

A decrease in short-term receivables and cash on hand and on the current account will entail a decrease in the value of current assets, which will accordingly accelerate the turnover of current assets, increase the profitability of current assets, as a result will cause an increase in sales revenue, sales profit, net profit.

In order to determine the effect of the implementation of measures, it is necessary to calculate the turnover ratio of current assets (k o.a.), the ratio of profit from sales to current assets (k p / o.a.) and the profitability ratio of current assets (R o.a. ). These coefficients show how many rubles of sales proceeds, sales profit, net profit, respectively, were received per 1 ruble of current assets:

k o.a. = Sales revenue / Current assets;(32)

k p/o.a. = Profit from sales / Current assets;(33)

R o.a. = Net profit / Current assets, (34)

where current assets is their average value for the period, calculated as: Current assets = (7,633,529 + 13,113,420) / 2 = 10,373,474.5 thousand rubles.

k o.a. \u003d 44,739,813 / 10,373,474.5 \u003d 4.31 rubles. from 1 ruble;

k p/o.a. \u003d 2,658,214 / 10,373,474.5 \u003d 0.26 rubles. from 1 ruble;

R o.a. \u003d 1,282,688 / 10,373,474.5 \u003d 0.12 rubles. from 1 ruble.

Using these coefficients, it is necessary to calculate the change in sales revenue (∆V), sales profit (∆P) and net profit (∆P h) after the implementation of the measures.

The average amount of accounts receivable for the period = (4,383,916 + 8,031,431) / 2 = 6,207,673.5 thousand rubles.

Reduction of receivables by 25% i.e. by RUB 1,551,918.375 thousand will result in the following performance changes:

∆B = 1,551,918.375 thousand rubles × RUB 4.31 from rub. = 6,688,768 thousand rubles.

∆P = 1,551,918.375 thousand rubles × 0.26 rub. from rub. = 403,499 thousand rubles.

∆P h \u003d 1,551,918.375 thousand rubles. × 0.12 rub. from rub. = 186,230 thousand rubles.

The average amount of funds for the period = (64,933 + 1,160,398) / 2 = 612,665.5 thousand rubles.

Reducing free cash by 80% i.e. by 490,132.4 thousand rubles. will result in the following performance changes:

∆B = 490 132.4 thousand rubles. × RUB 4.31 from rub. = 2 112 471 thousand rub.

∆P = 490 132.4 thousand rubles. × 0.26 rub. from rub. = 127,434 thousand rub.

∆P h \u003d 490 132.4 thousand rubles. × 0.12 rub. from rub. = 58,816 thousand rubles.

Accordingly, other things being equal, the financial results of the enterprise will take the values reflected in table 15.

A decrease in short-term receivables should also lead to a decrease in the share of short-term liabilities and an increase in the share of equity in the company's liabilities, respectively, the relative indicators of the company's financial condition will improve. Below are the calculations for some of them.

The decrease in accounts receivable by the end of the reporting period by 25% will amount to 2,007,857.75 thousand rubles, respectively, short-term liabilities will decrease by the same amount and the equity capital of the enterprise will increase at the end of the reporting period. From here:

the autonomy coefficient at the end of the reporting period will take the value:

k A \u003d (14,297,255 + 2,007,857.75) / 28,428,438 \u003d 0.57;

ratio of borrowed and own funds:

coefficient of the ratio of short-term liabilities and permanent capital: k k.o./p.k.

overall solvency ratio:

k o.p = 28,428,438 / (14,131,183 - 2,007,857.75) = 2.35.

Table 15 Financial results of the enterprise(in thousand rubles)

Index	actual value	Significance after the implementation of measures	Rate of change, %
Decrease in receivables
current assets	10 373 474,5	8 821 556,125	-15
Sales revenue	44 739 813	51 428 581	15
	4,31	5,83	35,3
Revenue from sales	2 658 214	3 061 713	15,2
	0,26	0,35	34,6
Net profit	1 282 688	1 468 918	14,5
	0,12	0,17	41,7
Decrease in free cash
current assets	10 373 474,5	9 883 342,1	-4,7
Sales revenue	44 739 813	46 852 284	4,7
Current assets turnover ratio, rub. from 1 ruble	4,31	4,74	10
Revenue from sales	2 658 214	2 785 648	4,8
The ratio of profit from sales to current assets, rub. from 1 ruble	0,26	0,28	7,7
Net profit	1 282 688	1 341 504	4,6
Return on current assets, rub. from 1 ruble	0,12	0,14	16,7

conclusions

The work performed allows us to draw the following conclusions:

1. The financial condition of Wimm-Bill-Dann OJSC at the end of the reporting period is normally stable. During the reporting period, the company improved its financial condition - at the beginning of the year it was unstable.

2. The improvement of the financial condition of the enterprise was facilitated by the attraction of long-term sources of formation of reserves (+1,830,812 thousand rubles) and the increase in real equity capital (+2,462,119 thousand rubles), mainly due to retained earnings (an increase of 97. 9% in real equity change)

3. The financial results of the enterprise have a positive trend. In the reporting period, WBD JSC used its assets more efficiently, as evidenced by the excess of the growth rate of sales proceeds (66.3%) over the growth rate of assets (34.7%).

4. In the reporting period, the company used raw materials and materials much better than last year - the growth rate was only 13.3%. A high proportion of changes in fixed assets in the total value of non-current assets (72.7%) indicates the company's orientation towards creating material conditions for expanding activities. The absence of long-term receivables is also positive. However, there are significant negative aspects in the activities of the enterprise: high growth rates of short-term receivables (83.2%) and cash on hand and on the current account (1687%). Therefore, the company should take a number of measures to strengthen the financial condition, mainly in relation to reducing the share and growth rate of receivables and free cash.

5. To reduce receivables, the following measures are recommended for the enterprise:

release of goods to buyers and customers on a prepaid basis. This is expedient from the point of view that JSC WBD is a large well-known enterprise that produces high-quality products, so buyers and customers will take such a measure in order to maintain profitable relations;

· Registration of transactions with buyers by commercial bill with interest for deferred payment. Receipt of a bill does not reduce the amount of receivables in the company's current assets, however, it provides the holder with more options for managing and optimizing receivables. The presence of the bill guarantees the holder of the bill the receipt of the specified amount after a certain period, allows him to pay this bill with his counterparties for the goods or services received. If necessary, the holder of the bill will receive funds on this bill earlier than the term specified in the bill, having realized it to third parties;

· for other debtors, it is advisable to introduce or increase penalties for late payment;

If there is an untimely preparation of settlement documents, then it is necessary to optimize this process as well.

6. It is expedient to allocate a part of free funds for long-term financial investments, since at the same time, the value of current assets will decrease, which will accelerate their turnover, and additional income will be received.

7. A 25% decrease in short-term receivables leads to an increase in sales revenue by 6,688,768 thousand rubles. (15%), profit from sales by 403,499 thousand rubles. (15.2%) and net profit by 186,230 thousand rubles. (14.5%). The decrease in cash on hand and on the current account of the enterprise by 80% leads to an increase in sales revenue by 2,112,471 thousand rubles. (4.7%), profit from sales by 127,434 thousand rubles. (4.8%) and net profit by 58,816 thousand rubles. (4.6%). The implementation of measures in the aggregate will increase sales revenue by 8,801,239 thousand rubles. (19.7%), profit from sales by 530,933 thousand rubles. (20%) and net profit by 245,046 thousand rubles. (19.1%). The dynamics of performance indicators will positively affect the financial condition of the enterprise. The relative indicators of the financial condition of the enterprise will improve. That. after the implementation of measures, the financial condition will remain stable, but prerequisites will be created for its preservation.

List of used literature

1. Bakanov M. I., Melnik M. V., Sheremet A. D. Theory of economic analysis. Textbook. / Ed. M. I. Bakanova. - 5th ed., revised. and additional - M.: Finance and statistics, 2005, - 536 p.: ill.

2. Berdnikova T. B. Analysis and diagnostics of the financial and economic activities of the enterprise: Proc. allowance. – M.: INFRA-M, 2007. – 216 p. - (Higher education).

3. Kovalev VV Financial management: theory and practice. - 2nd ed., revised. and additional - M .: TK Velby, Publishing House Prospekt, 2007. - 1024 p.

4. Miller M. V., Gerasimova E. B. Analysis of the financial and economic activities of the enterprise: Textbook. - M.: FORUM: INFRA-M, 2008. - 192 p. - (Professional education).

5. Savitskaya GV Analysis of the economic activity of the enterprise: Textbook. – 5th ed., revised. and additional – M.: INFRA-M, 2009. – 367 p. - (Higher education).

6. Sheremet AD Analysis and diagnostics of the financial and economic activities of the enterprise: Textbook. – M.: INFRA-M, 2009. – 367 p. - (Higher education).

7. Sheremet AD Comprehensive analysis of economic activity. - M.: INFRA-M, 2006. - 415. - (Higher education).

8. Sheremet A. D., Negashev E. V. Methods of financial analysis of the activities of commercial organizations. – M.: INFRA-M, 2003. – 237 p.

9. Sheremet A. D., Negashev E. V. Methods of financial analysis of the activities of commercial organizations. - 2nd ed., revised. and additional – M.: INFRA-M, 2010. – 208 p.

10. Official website of JSC "Wimm-Bill-Dann" http://www.wbd.ru.

Applications

Annex 1

Appendix 2

Full name: JSC "WIMM-BILL-DANN DRINKS"

TIN: 5040005678

Type of activity (according to OKVED): 10.32 - Manufacture of juice products from fruits and vegetables

Form of ownership: 16 - Private property

Legal form: 12200 - Joint stock companies

Reporting is done in thousand rubles

See detailed verification of the counterparty

Accounting statements for 2011-2018

1. Balance sheet

Name of indicator	Code	#DATE#
ASSETS
I. NON-CURRENT ASSETS
Intangible assets	1110	#1110#
Research and development results	1120	#1120#
Intangible search assets	1130	#1130#
Tangible Exploration Assets	1140	#1140#
fixed assets	1150	#1150#
Profitable investments in material values	1160	#1160#
Financial investments	1170	#1170#
Deferred tax assets	1180	#1180#
Other noncurrent assets	1190	#1190#
Total for Section I	1100	#1100#
II. CURRENT ASSETS
Stocks	1210	#1210#
Value added tax on acquired valuables	1220	#1220#
Accounts receivable	1230	#1230#
Financial investments (excluding cash equivalents)	1240	#1240#
Cash and cash equivalents	1250	#1250#
Other current assets	1260	#1260#
Total for Section II	1200	#1200#
BALANCE	1600	#1600#
LIABILITY
III. CAPITAL AND RESERVES
Authorized capital (share capital, authorized fund, contributions of comrades)	1310	#1310#
Own shares repurchased from shareholders	1320	#1320#
Revaluation of non-current assets	1340	#1340#
Additional capital (without revaluation)	1350	#1350#
Reserve capital	1360	#1360#
Retained earnings (uncovered loss)	1370	#1370#
Total for Section III	1300	#1300#
IV. LONG TERM DUTIES
Borrowed funds	1410	#1410#
Deferred tax liabilities	1420	#1420#
Estimated liabilities	1430	#1430#
Other liabilities	1450	#1450#
Total for Section IV	1400	#1400#
V. SHORT-TERM LIABILITIES
Borrowed funds	1510	#1510#
Accounts payable	1520	#1520#
revenue of the future periods	1530	#1530#
Estimated liabilities	1540	#1540#
Other liabilities	1550	#1550#
Section V total	1500	#1500#
BALANCE	1700	#1700#

Brief balance sheet analysis

Graph of changes in non-current assets, total assets and capital and reserves by years

financial indicator	31.12.2018	31.12.2017	31.12.2016	31.12.2015	31.12.2014	31.12.2013	31.12.2012	31.12.2011
Net assets	1628737	1289225	1432160	2949171	6662401	6460162	6340078	5591601
Autonomy coefficient (norm: 0.5 or more)	0.97	0.96	0.93	0.87	0.61	0.67	0.57	0.58
Current liquidity ratio (norm: 1.5-2 and above)	18	4	3	3.8	1.5	1.8	1.8	1.9

2. Profit and loss statement

Name of indicator	Code	#PERIOD#
Revenue	2110	#2110#
Cost of sales	2120	#2120#
Gross profit (loss)	2100	#2100#
Selling expenses	2210	#2210#
Management expenses	2220	#2220#
Profit (loss) from sales	2200	#2200#
Income from participation in other organizations	2310	#2310#
Interest receivable	2320	#2320#
Percentage to be paid	2330	#2330#
Other income	2340	#2340#
other expenses	2350	#2350#
Profit (loss) before tax	2300	#2300#
Current income tax	2410	#2410#
including permanent tax liabilities (assets)	2421	#2421#
Change in deferred tax liabilities	2430	#2430#
Change in deferred tax assets	2450	#2450#
Other	2460	#2460#
Net income (loss)	2400	#2400#
FOR REFERENCE
Result from the revaluation of non-current assets, not included in the net profit (loss) of the period	2510	#2510#
Result from other operations, not included in the net profit (loss) of the period	2520	#2520#
Cumulative financial result of the period	2500	#2500#

Brief analysis of financial results

Schedule of changes in revenue and net profit by years

financial indicator	2018	2017	2016	2015	2014	2013	2012
EBIT	535483	-116993	28996	92614	250175	277809	1818247
Profitability of sales (profit from sales in each ruble of revenue)	-192.8%	-512.5%	-7.5%	0.2%	2.3%	0%	7.5%
Return on equity (ROE)	39%	-8%	2%	1%	3%	3%	24%
Return on assets (ROA)	37.6%	-7.7%	1.4%	0.3%	1.6%	2%	13.7%

4. Cash flow statement

Name of indicator	Code	#PERIOD#
Cash flows from current operations
Income - total	4110	#4110#
including: from the sale of products, goods, works and services	4111	#4111#
lease payments, license payments, royalties, commissions and other similar payments	4112	#4112#
from the resale of financial investments	4113	#4113#
other supply	4119	#4119#
Payments - total	4120	#4120#
including: to suppliers (contractors) for raw materials, materials, works, services	4121	#4121#
in connection with the remuneration of employees	4122	#4122#
interest on debt obligations	4123	#4123#
corporate income tax	4124	#4124#
other payments	4129	#4129#
Balance of cash flows from current operations	4100	#4100#
Cash flows from investment operations
Income - total	4210	#4210#
including: from the sale of non-current assets (except for financial investments)	4211	#4211#
from the sale of shares of other organizations (participatory interests)	4212	#4212#
from the return of loans granted, from the sale of debt securities (rights to claim funds from other persons)	4213	#4213#
dividends, interest on debt financial investments and similar income from equity participation in other organizations	4214	#4214#
other supply	4219	#4219#
Payments - total	4220	#4220#
including: in connection with the acquisition, creation, modernization, reconstruction and preparation for the use of non-current assets	4221	#4221#
in connection with the acquisition of shares of other organizations (participation interests)	4222	#4222#
in connection with the acquisition of debt securities (the rights to claim funds from other persons), the provision of loans to other persons	4223	#4223#
interest on debt obligations included in the cost of an investment asset	4224	#4224#
other payments	4229	#4229#
Balance of cash flows from investment operations	4200	#4200#
Cash flows from financial transactions
Income - total	4310	#4310#
including: obtaining credits and loans	4311	#4311#
cash deposits of owners (participants)	4312	#4312#
from issuance of shares, increase in participation	4313	#4313#
from the issuance of bonds, bills of exchange and other debt securities, etc.	4314	#4314#
other supply	4319	#4319#
Payments - total	4320	#4320#
including: owners (participants) in connection with the redemption of shares (participatory interests) of the organization from them or their withdrawal from the membership	4321	#4321#
to pay dividends and other payments	4322	#4322#
on the distribution of profits in favor of the owners (participants) in connection with the redemption (repurchase) of bills of exchange and other debt securities, the return of loans and borrowings	4323	#4323#
other payments	4329	#4329#
Balance of cash flows from financial operations	4300	#4300#
Balance of cash flows for the reporting period	4400	#4400#
Balance of cash and cash equivalents at the beginning of the reporting period	4450	#4450#
Balance of cash and cash equivalents at the end of the reporting period	4500	#4500#
The magnitude of the impact of changes in the foreign exchange rate against the ruble	4490	#4490#

6. Report on the intended use of funds

Name of indicator	Code	#PERIOD#
Balance at the beginning of the reporting year	6100	#6100#
Funds received
Entry fees	6210	#6210#
Membership fee	6215	#6215#
earmarked contributions	6220	#6220#
Voluntary property contributions and donations	6230	#6230#
Profit from income-generating activities of the organization	6240	#6240#
Other	6250	#6250#
Total funds received	6200	#6200#
Funds used
Expenses for targeted activities	6310	#6310#
including:
social and charitable assistance	6311	#6311#
holding conferences, meetings, seminars, etc.	6312	#6312#
other events	6313	#6313#
The cost of maintaining the administrative apparatus	6320	#6320#
including:
payroll expenses (including accruals)	6321	#6321#
payments not related to wages	6322	#6322#
travel and business travel expenses	6323	#6323#
maintenance of premises, buildings, vehicles and other property (except for repairs)	6324	#6324#
repair of fixed assets and other property	6325	#6325#
others	6326	#6326#
Acquisition of fixed assets, inventory and other property	6330	#6330#
Other	6350	#6350#
Total funds used	6300	#6300#
Balance at the end of the reporting year	6400	#6400#

2018 2017 2016 2015 2014 2013 2012

No data for this period

Name of indicator	Code	Authorized capital	own shares, purchased from shareholders	Extra capital	Reserve capital	retained earnings (uncovered loss)	Total
The amount of capital on	3200
Behind Capital increase - total:	3310
including: net profit	3311	X	X	X	X
property revaluation	3312	X	X		X
income attributable directly to capital increases	3313	X	X		X
additional issue of shares	3314				X	X
increase in the par value of shares	3315				X		X
	3316
Decrease in capital - total:	3320
including: lesion	3321	X	X	X	X
property revaluation	3322	X	X		X
expenses attributable directly to depreciation of capital	3323	X	X		X
depreciation of shares	3324				X
reduction in the number of shares	3325				X
reorganization of a legal entity	3326
dividends	3327	X	X	X	X
Change in additional capital	3330	X	X				X
Change in reserve capital	3340	X	X	X			X
The amount of capital on	3300

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Preparation of the balance sheet and income statement of the enterprise. Calculation of the availability of own current and non-current assets. Solvency assessment, calculation of net assets. Analysis of financial stability indicators and profitability indicators.

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1. Description of the enterprise

2. Accounting statements for 2011 and 2010

2.1 Balance sheet for 2011

2.2 Profit and loss statement for 2011

2.3 Balance sheet for 2010

2.4 Profit and loss statement for 2010

3. Analysis of financial and economic activities

3.1 Analysis of the composition and structure of the property of the enterprise

3.2 Calculation of own current and non-current assets

3.3 Analysis of the composition and structure of the sources of the enterprise

3.4 Calculation of net assets

3.5 Solvency assessment

3.6 Analysis of financial stability indicators

3.7 Analysis of profits and their use

3.8 Analysis of profitability indicators

3.9 Comparative analytical balance sheet of the enterprise

3.10 Determining the type of situation at the enterprise for the reporting year

3.11 Liquidity analysis of the company's balance sheet

Opinion on the financial analysis of JSC Wimm-Bill-Dann

1. Description of the enterprise

balance solvency financial profitability

Wimm-Bill-Dann is the market leader in dairy products and baby food in Russia and one of the leading players in the soft drinks market in Russia and the CIS countries. Wimm-Bill-Dann owns more than 35 processing plants in Russia, Ukraine and Central Asia. Wimm-Bill-Dann has created a unified production network in the regions of Russia and the CIS countries, becoming a nationwide Russian manufacturer.

Now the Wimm-Bill-Dann group of companies includes 37 manufacturing enterprises. WBD's strategy is to produce dairy products in the region where they are consumed, supplying the Russian market with the best dairy products at affordable prices.

Each plant, each enterprise of the company is unique, but they are united by one thing - the high quality of products. A total of more than 18 thousand people work at these enterprises and in WBD trade branches.

Our most recognizable brands are House in the Village, Chudo, Cheerful Milkman, Bio-Max, Imunele and Lamber. We own the most famous Russian juice brand - J7. No less popular are the brands "Lubimiy Sad", "Miracle Berry", "Essentuki". Our Agusha brand is the most recognizable baby food brand in Russia.

Mission company reflects our fundamental values:

Wimm-Bill-Dann helps people, delighting them every day with tasty and healthy food for the whole family.

One of the most important reasons for the successful business of Wimm-Bill-Dann was the cooperation with the transnational corporation Tetra Pak, the world leader in the production of equipment and materials for aseptic packaging of liquid food products. Nearly half a century ago, Tetra Pak developed the now famous rectangular beverage carton pack, which has gained wide popularity among consumers around the world due to its reliability and convenience. The partnership between Wimm-Bill-Dann and Tetra Pak can without exaggeration be called strategic and aimed at long-term mutually beneficial cooperation.

The Wimm-Bill-Dann Group maintains partnership relations with such well-known companies as SIG Combibloc, GEA Finnah, Senaplast, APV. The installation of TVA filling machines, GEA Finnah lines, Mariani (Italy) sterile air production systems and washing systems at Wimm-Bill-Dann enterprises makes it possible to improve the quality and consumer properties of products, provide products with convenient packaging for the buyer, and optimize production processes.

The cooperation between Wimm-Bill-Dann and the transnational company Cargill, the world's largest supplier of juice concentrates, deserves special mention. In cooperation with Cargill, we managed to create a series of J-7 juices, which is the “visiting card” of our company and the best-selling juice brand in Russia. Thanks to cooperation with Cargill, the J-7 has become a recognized benchmark for all Russian producers of juices and juice drinks.

One of the main missions of Wimm-Bill-Dann is to work for the benefit of the Russian economy, striving to maximize the opportunities of Russian suppliers of raw materials, equipment and packaging. Today, Wimm-Bill-Dann cooperates with such manufacturers of packaging materials as Ruskart, Soyuz and BFK-Invest. At present, Wimm-Bill-Dann Group companies use the services of 286 suppliers, including 251 Russian companies. The number of Wimm-Bill-Dann suppliers is constantly growing.

Wimm-Bill-Dann was especially proud of the high appreciation of its products by the largest Western corporations operating in the Russian market. For example, Wimm-Bill-Dann has become a supplier of Russian fast food restaurants of the McDonald's network. The agreements with McDonald's involve increasing the supply of milk from Wimm-Bill-Dann as new chain restaurants open in Russian cities.

Another strategically important partner of Wimm-Bill-Dann is Kellog's, a world-famous manufacturer of cereals and breakfast cereals. Tastings of Kellog's breakfast cereals using Wimm-Bill-Dann's dairy products are regularly held in Moscow stores

2. Accounting statements 2011 and 2010G.

2.1 Balance sheet for 2011

BALANCE SHEET


Form № 1 according to OKUD
Date (year, month, day)
Organization JSC "Vimm-B"ill-Dann" OKPO
Taxpayer Identification Number TIN
Kind of activity Dairy productionproducts OKVED
Organizational and legal form / form of ownership public corporation/private property under OKOPF/OKFS
Unit of measurement: thousand rubles by OKEI
Location (address) 127591 , Moscow, Dmitrovskoe highway, d. 108

Approval date
Date of dispatch (acceptance)
	Indicator code	At the beginning of the reporting year	At the end of the reporting period

I. FIXED ASSETS Intangible assets
fixed assets
Construction in progress


Deferred tax assets
Other noncurrent assets
TOTAL but section I

Form 0710001

IICURRENT ASSETS
including: raw materials, materials and other similar values


			1 .749.843
goods shipped
Future expenses
other inventories and expenses

Accounts receivable (payments of which are expected more than 12 months after the reporting date)
Accounts receivable (for which payments are expected within 12 months after the reporting date)


Cash
Other current assets
TOTAL but section II
BALANCE

Form 071 LLC 1 s.

	Indicator code	At the beginning of the reporting year	At the end of the reporting period

III. CAPITAL ANDRESERVES Statutory capital

Extra capital
Reserve capital
including: reserves formed in accordance with the law


TOTAL for Section III
IVLONG TERM DUTIES Loans and credits


TOTAL but section IV
VSHORT-TERM LIABILITIES Loans and credits
Accounts payable



debt but taxes and fees
other creditors

revenue of the future periods
Reserves for future expenses

TOTAL but section V
BALANCE

including leasing

Goods accepted for commission


Security for obligations and payments issued
Depreciation of the housing stock
Depreciation of objects of external improvement and other analogues / objects
Intangible assets received for use


Forms of strict reporting
Fixed assets on lease
including those transferred to sub-leasing

2.2 Profit and loss statement for 2011

Index	During the reporting period	For the same period of the previous year
Name

Income and expenses for ordinary activities

Gross profit
Selling expenses
Management expenses
Profit (loss) from sales		3, 726388
Other income and expenses Interest receivable
Percentage to be paid

Other income
other expenses
Profit (loss) before tax			4, 272.169
Deferred tax assets
Deferred tax liabilities
Current income tax
Current income tax (past reporting periods)

Other profits (losses)
Net income (loss) reporting period
FOR REFERENCE
Vast earnings (loss) per share

2.3 Balance sheet for 2010

		At the beginning of the reporting	At the end of the reporting
	indicator

I. FIXED ASSETS
Intangible assets
fixed assets
Construction in progress
Profitable investments in material values
Long-term financial investments
Deferred tax assets
Other noncurrent assets
TOTAL for Section I
II. CURRENT ASSETS
including: raw materials, materials and other similar values
animals for growing and fattening
work in progress costs
finished goods and goods for resale
goods shipped
Future expenses
other inventories and expenses
Value added tax on acquired valuables
Accounts receivable (for which payments are expected more than 12 months after the reporting date)
Accounts receivable (for which payments are expected within 12 months after the reporting date)
including: buyers and customers
Short-term financial investments
Cash
Other current assets
TOTAL for section II
BALANCE

	Indicator code	Back to top reporting period	At the end of the reporting period

III. CAPITAL AND RESERVES Authorized capital
Own shares repurchased from shareholders
Extra capital
Reserve capital
including: reserves formed in accordance with the law
reserves formed in accordance with constituent documents
Retained earnings (uncovered loss)
TOTAL for Section III
IV. LONG TERM DUTIES Loans and credits
Deferred tax liabilities
Other long-term liabilities
TOTAL for section IV
V. SHORT-TERM LIABILITIES Loans and credits
Accounts payable
including: suppliers and contractors
debt to the staff of the organization
debt to state off-budget funds
debt on taxes and fees
other creditors
Debt to the participants (founders) for the payment of income
revenue of the future periods
Reserves for future expenses
Other current liabilities
TOTAL for section V
BALANCE
Certificate of availability of valuables recorded on off-balance accounts Leased fixed assets
including leasing
Inventory assets accepted for safekeeping
Goods accepted for commission
Written-off debt of insolvent debtors
Collateral for obligations and payments received
Security for obligations and payments issued
Depreciation of the housing stock
Depreciation of objects of external improvement and other similar objects
Intangible assets received for use
Materials accepted for recycling
Equipment accepted for installation
Forms of strict reporting
Fixed assets on lease
including sub-leasing

2.4 Profit and loss statement for 2010

Index	For the reporting	For the same period
Name			previous year

Income and expenses from ordinary activities Proceeds (net) from the sale of goods, products, works, services (net of value added tax, excises and similar obligatory payments)
Cost of sold goods, products, works, services
Gross profit
Selling expenses
Management expenses
Profit (loss) from sales
Other income and expenses Interest receivable
Percentage to be paid
Income from participation in other organizations
Other income
other expenses
Profit(lesion) before tax
Deferred tax assets
Deferred tax liabilities
Current income tax
Current income tax (past reporting periods)
Other similar payments (tax sanctions)
Other profits (losses)
Net profit (loss) of the reporting period
FOR REFERENCE Permanent tax liabilities (assets)
Basic earnings (loss) per share
Diluted earnings (loss) per share

3. Analysis of financial and economic activities

3.1 Analysis of the composition and structure of the property of the enterprise

Table 1

Analysis of the composition and structure of property
Indicators	At the beginning of the reporting period	at the end of the reporting period	changes for the reporting period	% to total changeen (struct-rasset change
	thousand roubles	% to total (assets)	thousand roubles	% of total (assets)	thousand roubles	%to the beginning of the yeartotal assets.
	Fixed assets:	Fixed assets:
intangible assets
fixed assets
Construction in progress
long-term financial investments
Other noncurrent assets

			th assets:
inventory and costs
accounts receivable
short-term financial investments
cash
Other current assets
total:
Total:

Consider the table above. It shows that the balance sheet for the reporting period increased by almost 8 billion rubles, i.е. by 0.25%, which is a positive trend. Revenues under code 110 for the reporting period increased by 11 billion rubles, which amounted to almost 122%. (See Form 2 for 2011)

Such good results were achieved primarily due to the increase in production volumes, respectively, increased inventory and costs by 3.25%. As a result, the volume of the enterprise's cash increased by 1%, but such a small increase may cause some concerns among creditors. Other current assets grew during the reporting period by 0.8%, this was facilitated by the purchase of own shares for further resale. In total, the group of current assets increased by 0.66% over the year, which amounted to 3,648,914 thousand rubles, despite the fact that indicators of short-term financial investments fell by more than 2.5%

Non-current assets for the year increased by 0.24, which in monetary terms amounted to 4,177,875 thousand rubles. It can be seen from the calculations that, in general, there is no negative dynamics in the group, but the increase is not significant, on average it amounted to 0.5. It is worth noting that this group also reflected own shares purchased by the plant, as well as investing money in the construction of a plant in St. Petersburg.

In general, we can observe that non-current assets occupy a large share in the balance sheet, which indicates a high level of quality of non-current assets, however, over the year they grew 3 times less than fixed assets, which suggests that the shareholders were not interested in long-term investments, and were aimed at maximizing profit from the enterprise.

3.2 Calculation of own current and non-current assets

Table 2-a Calculation of the availability of own working capital

No. p / p	indicators	at the beginning of the reporting period	at the end of the reporting period	Change-I am for reporting period
	sources of own funds (section 3 of liabilities)
	long-term loans and borrowings (4 section of liabilities)
	sources of own funds (1 point + 2)
	non-current assets (1 asset section)
	availability of own working capital (item 3-4)
	the amount of working capital (%) (3:5)

Table 2-b

No. p / p	indicators	at the beginning of the reporting period	at the end of the reporting period	Change-I am for reporting period
	inventory and costs
	cash
	accounts receivable
	Other current assets
	total working capital
	short-term loans, settlements and other liabilities
	availability of own working capital (5 indicator-6)
	share of own working capital in general the amount of working capital (%) (7:5)

From the above calculations, the following conclusions can be drawn:

Equity in current assets is about 25%, which is most likely due to the peculiarities of production. Since the cycle of production and sale of goods takes an average of 2-5 days, the delay in debit payments is 3-5 days, for key customers an average of 14 days. That is, the money spent on production is partially returned after 5 days, and the whole amount is credited to the company's accounts in 14 days. Thus, it is cheaper for an organization to resort to short-term loans from time to time, rather than to raise funds from non-current assets, etc.

It should be noted that own funds (SOS) in the considered accounting period do not cover the amount of borrowed funds, which may indicate the illiquidity of the enterprise.

However, as we can see, even in the negative trend there are positive aspects, the share of SOS did not rise, but did not fall either, on the basis of which, we can conclude that the company is struggling with this phenomenon. Also, the stability of the results gives us the right to assume that the company has its own constant market share, and should work to increase this share in future periods.

3.3 Analysis of the composition and structure of the sources of the enterprise

Table 3 Analysis of the composition and structure of enterprise sources

Indicators	At the beginning of the reporting period	at the end of the reporting period	changes during the reporting period	% to total change (structure change- niya passi- wow)
	thousand roubles	% to total (liabilities)	thousand roubles	% to total (liabilities)	thousand roubles	%to the beginning of the year (total liabilities)
Own funds (capital and reserves):
authorized capital
Extra capital
Reserve capital
target financing and target receipt
retained earnings
uncovered loss

Borrowed funds and liabilities:
long-term credits and loans
short-term credits and loans
accounts payable
dividend payments
revenue of the future periods
reserves for future expenses and payments
other short-term liabilities

This table shows that during the reporting period it was not possible to bring own funds and borrowed funds to the ratio of 50/50. Despite all the efforts of top management: an increase in the authorized capital, the introduction of additional capital, the amount of borrowed funds increased by 22% compared to the previous year, while equity increased by only 2% over the same period, which amounted to 6 billion rubles. rub. and 700 million rubles. respectively.

However, despite a large change in the structure of liabilities in the direction of an increase in AP and liabilities, the company managed to stay within the limits of close to optimal ratio of equity and borrowed capital. This was mainly achieved by increasing accounts payable (as can be seen from the company's balance sheet, 70% of this debt is debt to suppliers.), Which allowed to increase the volume of stocks, and as a result, the volume of production.

Thus, we can conclude that the organization formed working capital at the expense of debts to suppliers. And if at the beginning of the year the organization could still cover its debts and come out with + 9%, then at the end of the year the situation changed exactly the opposite, since by the end of the year the amount of borrowed funds increased by 6 billion rubles, and CC by only 705,071 thousand rubles. r., i.e. 110%

3.4 Calculation of net assets

Table No. 4

Balance sheet


Form № 1 according to OKUD
Date (year, month, day)
Organization JSC "Wimm-Bill-Dann" OKPO
Taxpayer Identification Number TIN
Kind of activity Dairy productionproducts OKVED
Public corporation/private property under OKOPF/OKFS
Unit of measurement: thousand rubles by OKEI
Location (address) 127591, Moscow, Dmitrovskoe highway, d. 108

Approval date
Date of dispatch (acceptance)
	Indicator code	At the beginning of the reporting year	At the end of the reporting period

I. FIXED ASSETS Intangible assets
fixed assets
Construction in progress
Profitable investments in material values
Long-term financial investments
Deferred tax assets
Other noncurrent assets
TOTAL but section I

Form 0710001

IICURRENT ASSETS
including: raw materials, materials and other similar values
animals for growing and fattening
work in progress costs
finished goods and goods for resale			1 .749.843
goods shipped
Future expenses
other inventories and expenses
Value added tax on acquired valuables
Accounts receivable (payments of which are expected more than 12 months after the reporting date)
Accounts receivable (for which payments are expected within 12 months after the reporting date)
including: buyers and customers
Short-term financial investments
Cash
Other current assets
TOTAL but section II
BALANCE

Form 071 LLC 1 s.

	Indicator code	At the beginning of the reporting year	At the end of the reporting period

III. CAPITAL ANDRESERVES Statutory capital
Own shares repurchased from shareholders
Extra capital
Reserve capital
including: reserves formed in accordance with the law
reserves formed in accordance with constituent documents
Retained earnings (uncovered loss)
TOTAL for Section III
IVLONG TERM DUTIES Loans and credits

Other long-term liabilities
TOTAL but section IV
VSHORT-TERM LIABILITIES Loans and credits
Accounts payable
including: suppliers and contractors
debt to the staff of the organization
debt to state off-budget funds
debt but taxes and fees
other creditors
Debt to the participants (founders) for the payment of income
Revenue of the future periods
Reserves for future expenses
Other current liabilities
TOTAL but section V
BALANCE
Certificate of availability of valuables recorded on off-balance accounts Leased fixed assets
including leasing
Inventory assets accepted for safekeeping
Goods accepted for commission
Written-off debt of insolvent debtors
Collateral for obligations and payments received
Security for obligations and payments issued
Depreciation of the housing stock
Depreciation of objects of external improvement and other analogues / objects
Intangible assets received for use
Materials accepted for recycling
Equipment accepted for installation
Forms of strict reporting
Fixed assets on lease
including those transferred to sub-leasing

GAINS AND LOSSES REPORT

behind January December 2011

Form No. 2 according to OKUD Date (year, month, day)

Organization JSC "Vnmm-Bnl.p.-Dann"

Identification pomer taxpayer

Kind of activity

Organizational and legal form / form of ownership

Open joint stock company / private property

Unit of measurement: thousand rubles

Index	During the reporting period	For the same period of the previous year
Name	During the reporting period	For the same period of the previous year

Income and expenses for ordinary activities Proceeds (net) from the sale of goods, products, works, services (net of value added tax, excises and similar obligatory payments)
Cost of sold goods, products, works, services
Gross profit
Selling expenses
Management expenses
Profit (loss) from sales	3, 726388
Other income and expenses Interest receivable
Percentage to be paid
Income from participation in other organizations
Other income
Other expenses
Profit (loss) before tax		4, 272.169
Deferred tax assets
Deferred tax liabilities
Current income tax
Current income tax (past reporting periods)
Other similar payments (tax sanctions)
Other profits (losses)
Net income (loss) reporting period
FOR REFERENCE Permanent tax liabilities (assets)
Vast earnings (loss) per share
Diluted earnings (loss) per share

according to OKOPF / OKFS according to OKEI

BALANCE SHEET

on31 December _ 2010_ G.

Organization JSC "Wimm-Bnll-Dann"

Tax identification number

Kind of activity Dairy production

Form No. 1 according to OKUD

Date (year, month, day)

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Financial result of Wimm Bill Dann. JSC "wimm-bill-dann": financial statements and financial analysis. Brief balance sheet analysis

Accounting statements for 2011-2018

1. Balance sheet

Brief balance sheet analysis

2. Profit and loss statement

Brief analysis of financial results

4. Cash flow statement

6. Report on the intended use of funds

2018 2017 2016 2015 2014 2013 2012

Additional checks

Content

Analysis of the structure of liabilities

2.3 Financial sustainability analysis

Analysis of the availability and sufficiency of real equity capital

Analysis of the availability of reserves with sources of their formation

2.4 Analysis of liquidity and solvency

conclusions

List of used literature

Applications

Accounting statements for 2011-2018

1. Balance sheet

Brief balance sheet analysis

2. Profit and loss statement

Brief analysis of financial results

4. Cash flow statement

6. Report on the intended use of funds

2018 2017 2016 2015 2014 2013 2012

Additional checks

Preparation of the balance sheet and income statement of the enterprise. Calculation of the availability of own current and non-current assets. Solvency assessment, calculation of net assets. Analysis of financial stability indicators and profitability indicators.

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