УДК 338.24.01

ПОДХОДЫ К ОЦЕНКЕ РЕЗУЛЬТАТОВ ХОЗЯЙСТВЕННОЙ ДЕЯТЕЛЬНОСТИ НЕФТЕХИМИЧЕСКОЙ КОМПАНИИ ПЕРЕД ПОГЛОЩЕНИЕМ

Курилов Кирилл Юрьевич
Тольяттинский государственный университет
кандидат экономических наук, доцент кафедры «Финансы и кредит»

Аннотация
Целью исследования является оценка динамики финансово-хозяйственной деятельности нефтехимического предприятия в процессе подготовки к поглощению крупной компанией. В процессе исследования были использованы следующие методы: диалектический подход к познанию явлений, позволяющий проанализировать динамику финансово-хозяйственной деятельности нефтехимического предприятия в процессе подготовки к поглощению крупной компанией. По результатам оценки была выявлена динамика финансово-хозяйственной деятельности одного из крупнейших предприятий нефтехимической промышленности ПАО АНК «БАШНЕФТЬ», поглощение которого в ближайшее время готовиться осуществить такой гигант нефтехимической промышленности как ПАО «НК «Роснефть». Результаты оценки показывают что ПАО АНК «Башнефть» является динамично развивающейся российской вертикально-интегрированной нефтяной компанией, занимающей шестое место в России по объему добычи нефти. Оценка динамики финансово-хозяйственной деятельности позволила выявить, что в целом общество функционирует стабильно, однако в его деятельности наблюдается ряд негативных тенденций, таких как рост кредиторской задолженности и снижение доходности и рентабельности в краткосрочном периоде.

Ключевые слова: выручка, затраты, источники средств предприятия, ликвидность, отношения прибыли к заемному капиталу, отчет о финансовых результатов, переменные затраты, постоянные затраты, прибыль, рентабельность заемного капитала, соотношения собственных и заемных средств предприятия., финансовая рентабельность


APPROACHES TO THE EVALUATION OF THE ECONOMIC PERFORMANCE OF THE PETROCHEMICAL COMPANY BEFORE MERGER

Kurilov Kirill Yuryevich
Togliatti State University
candidate of economic sciences, associate professor of «Finance and Credit»

Abstract
The aim of the study is to assess the dynamics of the financial and economic activity of the petrochemical enterprises in the process of preparation for the absorption of a large company. During the research the following methods were used: a dialectical approach to the knowledge of phenomena, allowing to analyze the dynamics of financial and economic activity of the petrochemical enterprises in the process of preparation for the absorption of a large company. The evaluation has identified the dynamics of financial and economic activity of one of the largest petrochemical companies PJSC ANK "Bashneft", the absorption of which in the near future to prepare to implement such a giant petrochemical industry as PJSC "NC" Rosneft ". The evaluation results show that the PAO ANK "Bashneft" is a dynamically developing Russian vertically integrated oil company, which occupies the sixth place in Russia in terms of oil production. Assessment of the dynamics of financial and economic activity allowed to reveal that the company operates stably as a whole, but its activity is observed a number of negative trends, such as growth in accounts payable and decrease in yield and profitability in the short term.

Рубрика: Экономика

Библиографическая ссылка на статью:
Курилов К.Ю. Approaches to the evaluation of the economic performance of the petrochemical company before merger // Гуманитарные научные исследования. 2016. № 12 [Электронный ресурс]. URL: http://human.snauka.ru/2016/12/18121 (дата обращения: 29.04.2017).

PJSC «Bashneft» is a dynamically developing Russian vertically integrated oil company. The company ranked sixth in terms of oil production and fourth in terms of volume of primary processing among Russian oil companies. Bashneft demonstrates sustainable financial results and consistently high dividends. Currently konrolny package company acquires another giant oil industry of PJSC “NC” Rosneft “[1, c.83].
In this regard, there is actual conduct of the analysis of financial condition and profitability of PJSC «Bashneft».
In the first stage evaluation analyzed on the basis of a comparative analytical balance sheet.
Comparative data of the analytical company’s balance sheet shows that the company’s balance sheet total increased in 2014 and amounted to 421 990 567 thous. Rubles. This trend is characterized by positive economic activity of the enterprise [2, c.193].
We analyze the main components of assets and liabilities of PJSC «Bashneft».

Table 1 – Comparative analytical balance PJSC ANK “Bashneft”

Indicators

31.12.2012

 31.12.2013

31.12.2014

Deviation (+/-)

Total assets immobilized

193401985

214803417

257799357

103033492

Total current assets

151295839

156067881

164191210

38461368

Assets, total

344697824

370871298

421990567

141494860

Total shareholders’ equity

151530555

178409913

126643529

27792182

Total long-term liabilities

109020594

96223087

168092355

45284799

Total current liabilities

84146675

96238298

127254683

68417879

Liabilities, total

193167269

192461385

295347038

113702678

We will estimate the dynamics of changes in the immobilized assets of PJSC «Bashneft».
Most sostavlyayayuschih immobilizoovannyh assets increased compared with the year 2012 in comparison with 2013 year observed multidirectional dynamics.

Figure 1 - Changes in intangible assets and research and development results (thous. rubles).
Figure 1 – Changes in intangible assets and research and development results (thous. rubles)

However, such changes dinamikai compiling immobilizoovannyh assets as research and development is negative. Otkloenie on the results achieved in 2012 sostavlet (-482,560) thousand. Rub.
At the same time the negative dynamics of this index is associated with a reduction in the size of the results of research and development in otraennyh sostve immobilizoannyh assets of PJSC «Bashneft» [3, c.149].
In this case the absolute value of intangible assets increased by 22 668 thousand. Rub. and amounted to 29 463 thousand. rub. The highest growth is observed intangible assets for the period from 31.12.2012 on 31.12.2013. At the end of this period, the value of intangible assets increased and amounted to 5,705,072 thousand. rub.

Figure 2 - Changes in intangible assets (thousand rubles.)
Figure 2 – Changes in intangible assets (thousand rubles.)

Fixed assets of PJSC «Bashneft” during the analyzed period increased by 21,280 450tys. rub. and amounted to 115 927 025 thous. rubles.
A significant increase in the value of fixed assets occurred during the period from 31.12.2012 until 31.12.2013, when the value of the property increased by 17,485,817 thousand. Rub. and amounted to 115 927 025 thous. rubles. The greatest absolute value of 115 927 025 thousand. Rub. fixed assets value reached in 2014.
Changes in fixed assets in absolute terms is shown in Figure 3.

Figure 3 - Changes in fixed assets in absolute terms (thous. rubles)
Figure 3 – Changes in fixed assets in absolute terms (thous. rubles)

The indicator reflects the income-bearing investments in tangible assets increased by 1,820,922 thousand. Rub. and amounted to 7,443,073 thousand. rub.
Long-term investments in the period from 31.12.2012 on 31.12.2014 increased in absolute terms by 46,303,364 thousand. Rub., In relative to 38.49%.
The absolute value of other non-current assets for the period from 31.12.2012 till 31.12.2014 has decreased by 1,751,230 thousand. Rub. and amounted to 10,284,783 thousand. rub.
The indicator value of stocks on 31.12.2014 to 31.12.2012 has increased in absolute terms by 11,610,070 thousand. Rub. and amounted to 37,856,349 thousand. rub.
The most significant growth of this indicator has occurred with the 31.12.2013 on 31.12.2014. During this period, the value of stocks increased by 6,091,221 thousand. rub.

86/5000 Figure 4 - Changes in inventories and VAT to be recovered from the budget (thousand. rub.)
Figure 4 – Changes in inventories and VAT to be recovered from the budget (thousand. rub.)

The significant weight in the overall balance sheet structure is subjected to be carried summma VAT which is recoverable from the federal budget [4, c.7].
It should be noted that at the beginning and end of the study period, this figure has a large weight in the total balance sheet structure. Also, its absolute value increased by 1,616,555 thousand. Rub.
Index of accounts receivable for the period from 31.12.2012 31.12.2014 decreased in the year. The largest decrease occurred in the period from 31.12.2012 on 31.12.2014. During this period, this figure has changed to (4657277 thous. Rub.).
The share of this indicator in the total amount of working capital sotstavilo 46.62% as at 31.12.2012 and 33.12% as at 31.12.2014 year.
It should be noted that for the period from 31.12.2012 till 31.12.2014, the share of receivables exceeds the standard value, which constitutes 25-27% of the total current assets.
The level of investments PJSC ANK “Bashneft” has decreased by 22,303,151 thousand. Rub. This is explained by the reduction of investments in the company’s funds kratkorsrochnye securities of the corporate sector as well as in government securities.
Most likivdnaya component of the balance sheet asset of the enterprise – the funds for the period from 31.12.2012 till 31.12.2014 year increased by 34,757,817 thousand rubles and reached at 31.12.2014 46,935,495 thousand. rub.
The structure of the liabilities of PJSC «Bashneft” is shown in Figure 5.

Figure 5 - The structure of the liabilities of the enterprise as of 31.12.2014 (%)
Figure 5 – The structure of the liabilities of the enterprise as of 31.12.2014 (%)

Figure 5 illustrates the basic components of the balance sheet liability as of 31.12.2014. Equity PJSC «Bashneft” is 30,01% of the total Company liabilities, non-current liabilities amount to 39.83% of the company’s liabilities, while the share of short-term liabilities is equal to 30.16%.
Carry out an assessment of its own capital of the enterprise. It is composed on 31.12.2014 is possible to allocate additional capital, capital reserve and retained earnings.
The absolute value of the additional capital decreased by 36,955,188 thousand. Rub. and amounted to 4,937,220 thousand. rub.
It should be noted that the balance of the reserve capital structure is present, the absolute value of which increased by 34 108 thousand. Rub. and was 34 108 thousand. rub.
According to the balance sheet can be seen that at the end of each period in the company’s balance sheet reflected retained earnings of the company. According to the balance of retained earnings of the absolute figure rose to 9,420,851 thousand. Rub. and amounted to 126 893 877 thous. rubles.
The value of long-term debt peaked in the amount of 168 092 355 thous. Rubles. to 31.12.2014, value of this indicator increased in comparison with the value at 31.12.2012 to 59,071,761 thousand. rub. In relative terms, the increase was 64.86% of the original level [5, c.72].
The highest value in the structure of long-term liabilities at beginning of period are borrowed funds, which account at beginning of period 85.19% of the total long-term liabilities. At the end of the period the level of long-term liabilities amounts to 77.19% of the total long-term liabilities.
The absolute value of short-term debt obligations at 31.12.2014 year has increased compared to 31.12.2012 to 10,539,848 thousand. Rub. and amounted to 28,556,129 thousand. rub.
Indicator payable PJSC ANK “Bashneft” has increased in comparison with the similar indicator as of 31.12.2012 to 35,523,133 thousand. Rub. and amounted to 96,806,636 thousand. rub. The largest increase in this indicator was observed in the period from 31.12.2012 until 31.12.2014 year.
It should be noted that during the analyzed period there was a change in the ratio between receivables and payables.
At the beginning of the analyzed period 31.12.2012 receivables increased accounts by 15.1%, and as of 31.12.2013 the accounts payable were higher receivables by 78%.
The situation with the ratio of accounts receivable and accounts payable of the enterprise make it necessary to develop measures to improve the company’s balance sheet structure.
The second stage will conduct an analysis of profit and profitability. Profit is an indicator based on which to assess the effectiveness of the enterprise. This profit is the main source of funding for the company.
We analyze the main components of the profit of PJSC «Bashneft”
Table 2 – Analysis of the main components of the profit of PJSC «Bashneft”

Index’s

2012

2013

2014

Derivation 2014/2012

I. Earnings - total

526339579

571706146

637360371

111020792

II. Costs – всего

470306150

485287948

554377181

84071031

III. The ratio of total income to total expenses

1,119

1,178

1,15

0,031

IV. The ratio of revenues from ordinary activities to the appropriate amount of costs

1,158

1,199

1,17

0,012

As can be seen from Table 2 of PJSC «Bashneft ‘revenue rose 111 020 792 thous. Rubles. and amounted to 637 360 371 thous. rubles.
Table 2 shows that income from ordinary increased by 92,914,966 thousand. Rub. In relative terms, revenues from ordinary activities increased by 18.99%.
Expected interest income increased by 1,753,988 thousand. Rub. or 37.52%
Revenues PJSC «Bashneft” from participation in other companies decreased by 398 631 thous. Rubles. In relative terms, revenues from participation decreased by 24.23% in other organizations.
Other income of PJSC «Bashneft” grew in absolute terms by 16,750,469 thousand. Rub. or 54.37%.
The largest share in the composition of the organization income is income from ordinary activities. The share of these revenues is 91.33%.
Expenses PJSC ANK “Bashneft” has increased to 84071031 thousand. Rub. and amounted to 554 377 181 thous. rubles.
Let us consider the main components of the company’s expenses.
In absolute terms, expenditure on ordinary activities increased by 74,883,033 thousand. Rub. or 17.73% in relative terms.
If we analyze the data specified in Table 2.2, we can conclude that the interest payable increased by 797 645 thous. Rubles. in relative terms, the increase in interest payable amounted to 7.41%.
The increase in other expenses in absolute terms amounted to 8,390,353 thousand. Rub., And in relative terms by 22.63%.
The total volume of PJSC «Bashneft” costs prevail expenses from ordinary activities 89.71%.
In general, the analysis of the main components of the profit of PJSC «Bashneft” has shown that the dynamics of the company’s financial performance is positive, although some indicators, such as income from participation in other organizations tend to decrease.
Table 3 – The dynamics of factors of formation of financial results of PJSC «Bashneft”

Index’s

2012

2013

2014

Derivation 2014/2012

1. Gross profit from sales

207709671

249223499

279675987

71966316

2. Selling expenses

130226664

153544673

184487350

54260686

3. Management expenses

10734132

9858430

10407829

-326303

4. Profit (loss) on sales

66748875

85820396

84780808

18031933

5. Profit (loss) before tax

56033429

86418198

82983190

26949761

6.  Net profit (loss) of the reporting period

44469638

69392852

65272010

20802372

During the period from 31.12.2012 till 31.12.2014, the Company PJSC ANK “Bashneft” has increased the size of the resulting gross profit. The main factors that contributed to the profit growth of steel – by 129.1 change in revenue, 29.11% on cost variation.
The growth of income from sales 18,031,933 thousand. Rub. due to the growth in gross profit.
The increase in financial income to 26,949,761 thousand. Rub. It was due to the growth in profits from sales to 66.91% and an increase in the balance of other income and expenses 33.09%.
On the formation of the net profit (loss) for the reporting period provided by: an increase in profit before tax – 42.87%, and an increase in the amount of taxes paid from profits to 29.55%.
We will estimate the yield of PJSC «Bashneft” on the basis of available data, the financial statements of the Company.
yield evaluation results are shown in Table 4.
Table 4 – Results of yield estimation PJSC ANK “Bashneft”

 Index’s

2012

2013

2014

Derivation 2014/2012

Return on assets

1,684

1,598

1,608

-0,076

Return on equity

4,2

3,463

4,176

-0,024

Yield debt capital

2,81

2,967

2,614

-0,196

Yield production

1,738

1,929

1,925

0,187

The yield on ordinary activities expenses

1,158

1,199

1,17

0,012

Yield of total expenditures

1,119

1,178

1,15

0,031

As can be seen from Table 4 Indicators of profitability ANK “Bashneft” PJSC are mixed trends. For example, the yield on assets declined compared to the year 2012, but has grown in comparison with 2013 year. profitability ratios of total expenditure, on the contrary has grown in comparison with 2012 and decreased in comparison with 2013 year.
Changes in these parameters is shown in Figure 6.

Figure 6 - Changes in profitability ratios
Figure 6 – Changes in profitability ratios

Next, analyze the indicators of financial profitability of the company, ie return on borrowed capital, the ratio of profit to loan capital, sources of venture funds and their components. Changes in these parameters are shown in Table 5.
Table 5 – Changes in financial profitability

                                                          Index’s

2012

2013

2014

Derivation 2014/2012

Return on equity

0,355

0,42

0,428

0,073

Return on invested capital

0,182

0,256

0,227

0,045

Return on permanent capital

0,277

0,321

0,298

0,021

Return on investment

0,229

0,281

0,259

0,03

Return on loan capital

0,351

0,437

0,344

-0,007

As seen in Table 5, the dynamics of change in the financial profitability is a positive trend. Compared with 2012, in 2014 there was growth in all profitability indicators with the exception of return on borrowed capital.
On specific issues in the enterprise may indicate that a decrease in financial indicators of profitability compared with 2013 year.

Figure 7 - Changes in financial profitability
Figure 7 – Changes in financial profitability

Economic profitability of PJSC «Bashneft” shows a similar trend.
Table 6 – Changes in indicators of economic profitability

Index’s

2012

2013

2014

Derivation 2014/2012

Return on total assets

0,179

0,242

0,209

0,03

The effectiveness of the non-current capital

0,255

0,34

0,276

0,021

Return on working capital

0,321

0,452

0,408

0,087

Figure 8 - Dynamics of indicators of economic profitability
Figure 8 – Dynamics of indicators of economic profitability

Table 7 – Changes in the profitability of production and sales

Index’s

2012

2013

2014

Derivation 2014/2012

Profitability of production and sales of ordinary activities expenses

0,158

0,199

0,17

0,012

Return on total expenditure

0,092

0,138

0,114

0,022

Production profitability

0,237

0,32

0,28

0,043

Return on sales

0,136

0,166

0,146

0,01

Return on gross output

0,425

0,482

0,48

0,055

Changes in profitability of production and sales as a whole is positive, however, it should be noted that, as in the analysis of other species to observe the dynamics of profitability decrease compared with 2013 year.

Figure 9 - Changes in the profitability of production and sales
Figure 9 – Changes in the profitability of production and sales

The evaluation of the comparative analytical balance PJSC ANK “Bashneft”, as well as assessment of the profitability of the company has allowed to reveal that the whole society is functioning stably, but in his work observed a number of negative trends, such as an increase in accounts receivable and a decrease of profitability and return on PJSC «Bashneft “in the short term. This negative trend is related to the economic instability in Russia, the fall of the ruble, and the introduction of sanctions against Russia the European Union and the United States. Therefore, the future owner of PJSC mazhiritarnomu ANK “Bashneft” – PJSC “NC” Rosneft “needs an action plan allowing to restore profitability and profitability of the enterprise and provide an acceptable level of accounts payable.


References
  1. Курилов К.Ю., Курилова А.А. Концепция возникновения экономических циклов // Вектор науки Тольяттинского государственного университета. Серия: Экономика и управление. 2013. № 1 (12). c. 83.
  2. Курилов К.Ю. Анализ деятельности предприятия с учетом влияния цикличности // Инновационное развитие экономики. 2013. № 6 (17). c. 193.
  3. Ajupov A.A., Artamonov A.B., Kurilov K.U., Kurilova A.A. Reconomic bases of formation and development of financial engineering in financial innovation // Mediterranean Journal of Social Sciences. 2014. Т. 5. № 24. c. 149.
  4. Курилов К.Ю. Прогнозы развития мировой автопромышленности // Международный научный журнал. 2011. №  5. c. 7.
  5. Курилова А.А. Формирование эффективной структуры организации // Карельский научный журнал. 2014. №  3. c. 72.


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