Finance and Statistics - Ковалева А.М.

10.2 DIRECTIONS OF FINANCIAL HEALTH INSURANCE OF THE ENTERPRISE

Earlier it was noted that the financial recovery of the enterprise , i.е. Restoration of its solvency, is the purpose of such bankruptcy procedure, as external management. For this, a plan for external management is being developed. At one time, the Federal Office for Insolvency (Bankruptcy) Affairs ordered Decree No. 98-r of December 5, 1994 to approve the standard form of a financial recovery plan (business plan), methodological recommendations for its drafting, which in their main provisions are relevant and may be Are used in the above cases.

The financial rehabilitation plan is complex and unified. It is made in a certain form. Let's consider the main sections of this plan.

First of all, a general description of the enterprise is given. It includes: the name of the enterprise, its postal and legal address, bank details, the subordination of the higher organization, the main type of activity, the organizational and legal form and the form of ownership, indicating the percentage of the state or the subject of the Federation in the capital. In addition, the general characteristics of the company indicate the date of its registration, the number of the registration certificate and the name of the body that registered the enterprise; In the form of a scheme, the organizational structure is given, as well as the name of all its structural subdivisions and subsidiaries; The name and address of the tax inspection supervising the enterprise shall be indicated.

General characteristics of the enterprise are completed by a list of all officials from the company's managers to the heads of its structural divisions, indicating their phone numbers, fax numbers and brief characteristics (surname, name, patronymic, age, work experience at the enterprise, education and qualifications, previous three positions and place Work).

Section 2 of the business plan provides a summary of the financial recovery plan, which allows you to set the price for restoring the company's solvency and maintaining its effective operations. In this section, the plan is shown in months, the total amount of funds required by the enterprise. The data characterizing the financial result obtained during the implementation of the plan (repayment of overdue accounts payable, an increase in the assets of the enterprise, etc.) are given.

Section 3 of the plan is devoted to the analysis of the financial condition of the enterprise and the establishment of the reasons that led to its insolvency.

As a result of the analysis of financial and economic activities, conclusions are drawn as to the reasons that led the enterprise to insolvency.

Section 4 of the plan proposes a list of measures to restore solvency and support the effective economic activity of the enterprise. In addition to the list of proposed activities, the dates of their implementation and the means necessary for this are indicated.

Section 5 of the plan is called "Market and competition". It characterizes the market at which the enterprise operates, its capacity and size, consumer groups (population, industrial enterprises, etc.), current and anticipated prices in the market of the given product (or services), alternative variants of the planned sales volume based on the expected price And expected competition. It is very important to correctly assess the consequences of establishing not only low, but also excessively high prices, as obtaining high profits attracts new competitors. When forecasting revenue from sales, one should take into account the possible reaction not only of competitors but also of customers, as well as the cycle of purchases of products by potential consumers. This section of the plan provides data on legislative restrictions on penetration of the market and setting prices for products. In the first case, it is necessary to have a license, tax and customs prohibitions, etc.

To successfully implement the plans of the company, its marketing activities are important, which is devoted to section 6 of the plan. It reflects the enterprise's intentions to penetrate the new market, the introduction of a new product into the old market, the development strategies of the enterprise itself, the distribution channels, as well as a set of measures on the company's impact on the buyer, called the marketing communications system. This system includes: all kinds of advertising products, issues of stimulating its sale; Creation and preservation of the company's image (first of all, through propaganda); Marketing solutions that affect the external environment of the enterprise (marketing policy, marketing strategy, decisions about changing the price of a product or the release of a new product, etc.).

In section b of the plan, an important place is occupied by the description of the sales strategy. This includes the characteristics and analysis of sales channels and the volume of sales for each channel. The description of the goods (or services) is given, the saturation of the market is determined, and measures are proposed to maintain its demand (improving the quality of the product, reducing its price, etc.). At the same time, proposals are made for the production of a new product or for the modernization of an existing one.

Section 7 of the plan is devoted to the procedure for the development of the production program of the enterprise and is called the "Production plan". In it, based on existing production capacities and market conditions, the volume of output in kind is determined throughout the range and the planned volume of sales of products in monetary terms for each of its types. If necessary, there is a need to increase the production capacity of the enterprise, which serves as the basis for choosing the solution to this problem, for example, internal reserves of the enterprise are used, technical re-equipment or reconstruction measures are being carried out or new production capacities are being built through new construction. All this will be reflected in the plan of technical development and organization of production.

When determining the volume of sales, the projected price of the product is determined by marketing research. Then, in section 7 of the plan, the calculation of the need for material and labor resources for the production program is made, the cost estimate is determined and the cost of the planned production is calculated, and the enterprise needs additional investments.

The plan is completed by section 8 - the development of a financial plan. It includes, first and foremost, the forecast of the financial results of the enterprise's activities, as well as the formation of sources of funding for the need for additional investments, the size of which was determined earlier.

Forecasting of the financial results of the enterprise is carried out based on previously made calculations. They allow you to determine the projected balance sheet profit of the enterprise (based on the forecasted sales volumes and unit prices, production costs, and revenues and expenses from non-operating transactions), payments to the budget from profit and net profit of the enterprise.

Sources of financing of the need for additional investments are an increase in the amount of share capital during the project implementation period, the use of raised capital in the form of long-term and short-term loans and loans, as well as sources of financing.

It should be borne in mind that the money that goes to the investment at the beginning of the project (this time is usually called the zero point of time) is replenished in subsequent years by the inflow of cash proceeds from the investment itself (income received for investment). To ensure comparability of these amounts, an adjustment is made to the cost of additional funds invested during the project period at the zero point in time. This process is called discounting.

The amount of cash at the zero point in time shows the current (discounted, reduced, present) value.

All subsequent investments received by the enterprise, except for the initial ones, are also brought to their present value.

Based on the forecast of financial results obtained in section 8 of the enterprise plan, a discounted cash flow model is formed in the process of implementing the investment project under consideration for its entire period.

Section 8 of the plan calculates the coefficient of internal rate of return. As a rule, it is determined by the method of selecting different discount rates so that the net current (discounted) value approaches the zero value as much as possible, but does not become a negative value. Then it is determined, for how long this will happen, i.e. When the discounted cash flows of income will be equal to the discounted cash flow of costs. This period is called the discount (dynamic) payback period of the project.

In the same section of the plan, based on the established terms of repayment and contractual terms, a schedule is made for repayment of accounts payable.

The development of the financial plan is completed by compiling an aggregated forecast balance sheet for the years of the planned period.

In accordance with the orders of the Federal Service for Insolvency and Financial Recovery of Russia1 "On the Introduction of Monitoring the Financial Condition of Organizations and Accounting for Their Solvency" of March 31, 1999 No. 13-p, as amended on June 28, 1999 No. 17-r, a systematic Analysis (monitoring) of the financial condition of the following large, economically or socially significant organizations:

'At present - the Federal Service of Russia for financial recovery and bankruptcy.

  • Which are among the 100 largest companies in Russia at market value;
  • Having actual number of employees over 10 thousand people (for holdings - taking into account subsidiaries);
  • Natural monopolies;
  • City-forming, having an actual number of employees over 1,000 people;
  • Debtors that are important for the economy of the respective regions.

Control questions

  • What is the essence of bankruptcy? What are its main criteria?
  • What is a deliberate and fictitious bankruptcy?
  • Define the purposes and features of bankruptcy procedures: supervision, external management, bankruptcy proceedings.
  • What is the order of satisfaction of creditors' claims?
  • What are the features of the settlement agreement?