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In order to independently assess the current state of affairs in the company and its prospects, having analyzed the balance sheet data, it is not necessary to be an economist. It is enough to master a set of techniques related to this area economic theory like financial analysis.

Need or not need?

The world of an accountant is replete with primary documents, balance sheets, declarations, and regulations. Some of them, performing their routine work, dream of becoming a qualified and professional accountant, while others have already risen to this level. But there is one “but”: although most masters of their craft, as a rule, have an economic education, only for them the concept of “economics” remains something unknown. At the same time, a professional accountant should be “friends” with management accounting, economic and financial analysis.

It can be said with full confidence that most accountants have used such terms as “profitability”, “liquidity”, “solvency”, without understanding what semantic load they carry. And this can only be regretted, because the knowledge of theory and terminology speaks a lot about the professional training of a specialist - and it not only serves as a help in work, but also directly affects the size of the salary.

Vocabulary

Profitability(from the German rentabel - profitable) - an indicator of the effectiveness of the enterprise, characterizing the level of return on costs and the degree of use of funds. Comprehensively reflects the use of material, labor and financial resources and natural resources.

Liquidity(from the Latin liquidus - liquid, fluid) - the ability to turn the company's assets, values into a means of payment, into money, i.e. asset mobility.

Solvency (from English solvency, paying capacity) - the ability of an organization to fully fulfill its payment obligations, based on the availability of Money necessary and sufficient to fulfill these obligations.

Financial Accounting- accounting for the availability and movement of funds, financial resources, the main part of which is accounting.

Financial stability- such a state of the company, which guarantees its constant solvency.

Financial condition- the ability of the enterprise to finance its activities.

Vertical Analysis- determination of the structure of the final financial indicators identifying the impact of each reporting position on the result as a whole.

Horizontal Analysis- comparison of each reporting position with the previous period.

We analyze the liquidity of the balance

Liquidity analysis is necessary to assess the solvency of the organization, i.e. ability to timely and fully pay for all its obligations. Balance sheet liquidity is defined as the extent to which a firm's liabilities are covered by its assets, the maturity of which is equal to the maturity of the liabilities.

The methodology for analyzing the liquidity of the balance sheet consists in comparing the funds for an asset with liabilities for a liability. The former are grouped according to the degree of their liquidity and arranged in descending order of liquidity, the latter - according to their maturity, and their location is subject to the ascending order of terms.

Depending on the degree of liquidity, the assets of the enterprise are divided into the following groups.

A1. The most liquid assets - these include all items of cash and short-term financial investments (securities) that can be used immediately. This group is calculated as follows:
A1 = page 250 + page 260

A2. Marketable assets are receivables for which payments are expected within 12 months after the reporting date, i.e. assets that require a certain amount of time for circulation.
A2 = p. 240 + p. 270

A3. Slowly realizable assets - inventories minus deferred expenses, value added tax, receivables and other current assets.
A3 = page 210 - page 216 + page 220 + page 230

A4. Difficult-to-sell assets - items in section I of the asset balance - non-current assets.
A4 = page 190

The A4 asset group is intended to be used in the company's activities for a long period. The first three groups relate to the current assets of the organization and are subject to constant change.

The main goal of the analysis financial stability- timely identify and eliminate shortcomings in financial activities and find ways to improve financial condition enterprises.

As for the liabilities of the balance sheet, they are grouped according to the degree of urgency of their payment.

P1. The most urgent liabilities - these include accounts payable.
P1 = p. 620 + p. 630 + p. 660

P2. Short-term liabilities are short-term loans, loans and loans
P2 = p. 610

P3. Long-term liabilities - long-term loans and borrowings, items 4 of the balance sheet section
P3 = p. 590

P4. Permanent liabilities are items 4 of the balance sheet section “Capital and reserves” minus deferred expenses
P4 = p. 490 + p. 640 + p. 650 - p. 216

To determine the liquidity of the balance sheet, one should compare the results of the above groups for assets and liabilities.

The balance is considered absolutely liquid when:
A1 ≥ P1,
A2 ≥ P2,
A3 ≤ P3,
A4 ≤ P4.

If at least one inequality has the opposite sign, then it is impossible to recognize the balance as absolutely liquid.

Also, the liquidity of the enterprise can be determined using a number of financial ratios.

The absolute liquidity ratio is calculated as the ratio of the most liquid assets to the sum of the most urgent liabilities and short-term liabilities (the sum of accounts payable and short-term loans):
K AL = (p. 250 + p. 260) / (p. 610 + p. 620 + p. 630 + p. 660)

The normal limit is 0.2–0.5. This ratio shows what part of the current debt can be repaid in the near future (by the time of the balance sheet).

Quick liquidity ratio. It is calculated as the ratio of cash and liquid securities, assets to the amount of short-term liabilities.
K BL \u003d (section II ball. - p. 210 - p. 220 - p. 230) / (p. 610 + p. 620 + p. 630 + p. 660)

The normal limit of this ratio is in the range of 0.7 to 0.8. It reflects the predicted solvency of the organization, subject to timely settlements with debtors.

The current liquidity ratio is defined as the ratio of all working capital(current assets) net of VAT on acquired valuables and receivables, payments on which are expected more than 12 months after the reporting date to current liabilities.
K TL \u003d (section II ball. - p. 220 - p. 230) / (p. 610 + p. 620 + p. 630 + p. 660)

Normal value for this indicator it is considered 2. The fulfillment of this standard by the organization means that for each ruble of short-term liabilities there are at least two rubles of liquid funds. Exceeding the coverage ratio means that the company has a sufficient amount of free resources generated from its own sources. Failure to comply with the established standard creates a threat to the financial instability of the company due to the varying degree of liquidity of assets and the impossibility of their quick sale if several creditors apply at the same time.

Total liquidity ratio. For integrated assessment balance sheet liquidity as a whole, you should use the general liquidity indicator calculated by the formula:
K OL = p. 250 + p. 260 + 0.5 × (p. 240 + p. 270) + 0.3 × (p. 210 - p. 216 + p. 220 + p. 230) / (p. 620 + + p. 630 + p. 660)+ 0.5 × (p. 610) + 0.3 × (p. 590).

The normal limit of this ratio should be greater than 1. This summary liquidity indicator indicates how much current liabilities loans and settlements can be repaid by mobilizing all working capital.

Various indicators of liquidity not only allow characterizing the stability of the financial condition of the organization. With varying degrees of accounting for the liquidity of funds, they meet the interests of various external users of analytical information.

Expert comment

Even an experienced accountant with a solid experience does not often analyze financial activity companies. In addition, balance sheet analysis is by no means an exhaustive tool. financial analysis, since it only allows you to assess the state of affairs at the current moment and compare it with the results for previous periods.

Even if at first it was not possible to cope with the necessary calculations, there is no need to be upset. Any accountant was once a student or trainee, and probably somewhere on the shelf a textbook on the analysis of financial and economic activity is waiting in the wings - it will serve as an excellent assistant.

Olga Sizova, expert of the magazine "Consultant"

Calculating profitability is easy!

The economic efficiency of the organization is characterized by a system of indicators of profitability or profitability of the company. Profitability is calculated simply - it is the ratio of profit to costs or production costs. The main source of analysis is Form No. 2 “Profit and Loss Statement”

General formula for calculating profitability:
R = P ÷ V,
where P is the profit of the organization;
V is the indicator in relation to which the profitability is calculated.

Below are the profitability indicators that quite fully characterize the efficiency of the company:

Return on total capital (Ra) on accounting profit is calculated as the ratio of profit before tax to the average annual value of assets.
The total return on equity for accounting profit (Rtot.sk.) is defined as the ratio of profit before tax to the average annual cost of equity.
Return on equity in terms of net profit (Rch.sk.) is the ratio of net profit to the average annual cost of equity.
Profitability of sales in terms of net profit (Rch.pr.) - the ratio of net profit to proceeds from product sales.
Profitability of sales by profit from sales (Rpr.) - the ratio of profit from sales to revenue from sales of products.

The considered indicators can be calculated both at the beginning and at the end of the reporting period. To do this, it is enough to substitute the balance indicators at the beginning or at the end of the period in the denominator of the fraction, respectively.

Sustainable or not?

There is a method that allows you to answer some very important questions related to the state of affairs in the organization. For example, how independent is the firm from a financial point of view, and whether its financial position is stable. This is a financial stability analysis. It shows how solvent the company is in relation to suppliers, as well as the state budget. The concept of "financial stability" implies such a state of financial resources and their use, which ensures the development of the company while maintaining its solvency and creditworthiness.

The financial stability of the company is based on the optimal ratio between certain types assets (current, non-current) and sources of their financing - own or attracted.

As absolute indicators financial stability use parameters that characterize the degree of provision of reserves and costs with sources of their financing. This is the data of the group of articles "Reserves" section II of the asset balance. To characterize the sources of formation of reserves, the following indicators are used:

Availability of own working capital (SOS). This indicator is defined as the difference between capitals and reserves (section III of the balance sheet liability) and non-current assets (section I of the balance sheet asset).
SOS \u003d IIIrP - IrA, where
IIIrP - the third section of the liability balance;
IрА - the first section of the asset balance.

This indicator characterizes net working capital. Its increase indicates further development firm's activities.

Availability of own and long-term borrowed sources of formation of reserves and costs (SD). It is calculated by increasing own working capital by the amount of long-term liabilities.
SD \u003d SOS - IVrP, where
IVrP - the fourth section of the liability balance.
The total value of the main sources of formation of reserves and costs (IFZ), which is considered by increasing the previous indicator by the amount of short-term borrowings (GLC) - meaning page 610 of section V of the balance sheet.
IFZ = SD + KZS.

The type of financial stability is determined based on the ratio of the value of reserves and costs and the sources of their formation.

Surplus (+) or shortage (-) of own working capital:
SOS - ZZ \u003d ±, where
ZZ - stocks and costs.
Excess (shortage) of own and long-term borrowed sources of reserves and costs:
SD - ZZ = ±
3. Surplus (deficiency) of the total value of the main sources of formation of reserves and costs:
IFZ - ZZ = ±

The determination of the type of financial stability of the organization is carried out on the basis of a three-component indicator, which is formed using the three above. If there is an excess of funds for the corresponding indicator, then 1 is put in its place in the three-component indicator, if there is a shortage, then 0. There are four types of financial stability, which are shown in Table 1.

Table 1

If your organization has absolute stability S‹1;1;1›, then you can say that everything is “excellent”, since a firm with 100 percent stability is extremely rare.

Normal financial stability S‹0;1;1› indicates the solvency of the company.

If the analysis showed that the firm is in an unsustainable financial position S‹0;0;1›, then the accountant can only be reassured by admissible stability. At the same time, the minimum conditions for financial stability can be expressed as follows:
section I of the asset section II of the asset > section V of the liability.

Your business will live on until you decide to bury it yourself. In order to never have to do this, it is enough to track only three sources of data, on the basis of which it is possible to draw conclusions about both the deterioration and improvement of the firm's performance.

Implicit indicators of the real state of affairs in the company

Yaroslav Vyacheslavovich Sokolov, Doctor of Economics, Professor, Head of the Department of Statistics, Accounting and Audit, St. Petersburg State University.

It's impossible to keep up all the time. Successes are followed by failures, and the realization of their possibility upsets many. However, no defeat can be considered inevitable. Your enterprise will live until you yourself decide to bury it. And to ensure that this never has to be done, three sources of data should be systematically tracked:

1. personal observations: on their basis, conclusions can be drawn both about the deterioration and improvement of the company's performance;

2. non-formalized criteria, the analysis of which will allow to foresee possible troubles;

3. accounting data, the interpretation of which will give a fairly convincing picture of upcoming undesirable events.

1. Personal observations of the manager

Such observations are very easy to obtain, and their significance is enormous:

staff turnover increases, and key figures in the administration, your closest assistants, leave the company, talking about a possible departure (they can say this all the time, but the degree of their real desires varies);

the chief accountant submits an application;

at a meeting of directors, someone seems to object to the case, but you clearly see a personal connotation in this;

there is a technical and organizational backlog in the work of the company. Many managers do not perceive and do not notice this circumstance, but in fact it may indicate a future crisis;

reduced sales, reduced number of orders; your firm serves fewer customers;

there are problems with payments;

increasing dependence on one customer (or one supplier);

the terms of contracts in relation to your company become more stringent;

there are lawsuits that can be lost. Outwardly, they may look like receivables - a full-fledged asset, but in reality they are already abstract funds, that is, a clear loss; a hole in the company's working capital;

a drop in discipline among the employees of the company, this is one of the possible ominous symptoms;

shifting in the explanations and analysis of the causes of the emerging difficulties of one's guilt on objective conditions and the poor performance of others is one of the reasons for the failure in economic work;

putting forward some not too optimistic plans for the future, which should always alert an experienced administrator, because in life, first of all, caution is needed;

violation of the rhythm of technical and financial processes. The more often such cases are observed, the more anxious one should become for the fate of the firm;

reduction in profitability, the company is getting poorer, but the welfare of the owners is proportionally growing - this is the main sign of the approaching collapse.

In this regard, four situations are possible:

1. the administration is getting poorer (or its well-being does not change), and the company is developing and getting richer - the administration lives for the cause;

2. the administration is getting richer, and the firm is getting poorer - the administration considers the firm as a means of its personal enrichment;

3. management gets richer and the firm gets richer - this is what has recently been called a combination of private and public interests. If we liken a company to a cow, then in one case the administration wants to kill her, and in another - to milk her;

4. The administration is getting poorer and the firm is getting poorer. This indicates the complete inability of the administration to engage in economic activities.

2. Symptoms of the disease

Informal criteria follow directly from the data accounting:

the debit turnovers on the "Sales" accounts and especially on the debits of the "Profit and Loss" account increase, while the credit turnovers on these accounts grow much more slowly or, in common parlance, expenses grow faster than incomes;

growing amounts of overdue accounts payable;

short-term borrowed funds are used to finance long-term investments;

there is a decrease in cash and inventory account balances. In the first case, this, as a rule, indicates difficulties with payments, in the second - a lack of goods that could be sold (in trade), and shortages of raw materials from which finished products could be produced (in industry), etc. e. That is, we are talking about the systematic shortage of working capital;

too high dividends are paid, which leads to the withdrawal of working capital and, in the future, to their deficit;

there is a continuous increase specific gravity overdue receivables. This situation becomes especially dangerous if the amount of the reserve for such debts grows more slowly than the debit balances on the settlement accounts;

an increase in the balance of the accounts "Goods" and "Finished products" with a slowdown in the turnover processes, that is, the company has values that are very difficult to realize. The more such values, the more what is called illiquid assets, and the more illiquid assets, the closer bankruptcy;

an increase in the balance of the account "deferred expenses" shows that the accounting department includes already incurred costs in the balance sheet as full-fledged assets, i.e. in accounting they are listed as full working capital (stocks), but in reality they are castles in the air in property enterprises, because the property is already gone.

Some reservation is possible: if accounts receivable are included in deferred expenses, which, in case of termination of the contract, can be returned to the company, then such expenses can be considered a full-fledged asset. For example, rent paid in advance. If the contract is terminated, the landlord will return the previously received amounts. However, such situations are extremely rare.

3. Interpretation of accounting data

The interpretation of accounting data involves not only their consideration, but also analysis, which requires certain calculations to be performed. However, the results of these calculations should be approached with caution.

1. The accounting methodology cannot fully and adequately reflect the real state of affairs of the enterprise. Its main disadvantage is related to the fact that accounting is too tied to the legal aspects of economic activity and the principle of priority of content over form practically does not work or is not taken into account fully enough. Indeed, if an enterprise has equipment that really costs nothing or costs very little, then in our balance sheet this equipment will be shown at a book price, which may turn out to be, and quite often turns out to be, much higher than the real one. In practice, this means that such an enterprise has a formal profit. And, therefore, when calculating solvency, the marked difference cannot be taken into account.

2. The real value of assets can be found not by the balance sheet, but by the sum insured. Indeed, if this amount is greater than the total of the asset, then, therefore, the enterprise has a hidden reserve and can successfully operate in the future. If the sum insured is less than the total of the asset, then the company has or may experience serious financial difficulties. When analyzing in this case, it is necessary to adjust the balance: reduce the asset by the difference that has arisen and, accordingly, reduce the fourth section of the liability (capitals and reserves - the company's own funds).

3. Expenses of future periods and diverted funds (account "Use of profit") should be withdrawn from the asset, since there is no property behind these assets.

4. The cost of goods and finished products should be increased, since they are shown at cost, but are sold, that is, they cover debts at selling prices. At the same time, from the total mass of stocks, one should subtract that value of them, which will either never be sold or will be sold at a markdown. In the latter case, it is necessary to subtract the value of this markdown from the total amount of stocks.

5. Debtors must be reduced by the amount of the accrued reserve for doubtful debts. This must be done even if the analysis used not a legally confirmed amount, but a real value. What's the point if someone owes us N c.u. It is important how many of these N we can realistically have. e. receive.

6. If accounts receivable are calculated in foreign currency, then its value must be corrected for exchange rate and sum differences.

7. If accounts payable were calculated in foreign currency, then the exchange rate and sum differences must be corrected for the amount of accounts payable.

8. If the company provides its customers with additional free services, for example warranty repair, then by the expected amount of expenses associated with such services, accounts payable increases, and, accordingly, the fourth section of the liability decreases - the amount of capital and reserves - "the company's own funds". The same liability section should be increased by:

the entire fifth section, which shows long-term accounts payable (for a period of more than one year). Some accountants do not reduce the amount of this debt after its term is reduced to a year. This is not just a mistake, but a falsification of reporting. So, if a loan is taken for a period of 18 months, then after the expiration of the first six months, the amount of debt should be attributed to short-term accounts payable;

the minimum part of the sixth section, which shows short-term accounts payable. It is based on the value of short-term accounts payable, which is constantly present at the enterprise. For example, an enterprise's short-term accounts payable was: for January - 100 USD, for February - 90 USD, for March -110 USD, for April - 120 USD, for May - 115 USD. e., for June - 70 USD, for July - 80 USD, for August - 92 USD, for September - 122 USD, for October - 130 USD, for November - 128 USD, for December - 133 USD e. Thus, a minimum of 70 y. e. is in short-term accounts payable constantly, and throughout the year were at the disposal of your company.

Along with all long-term debt, they constituted "sustainable liabilities", that is, other people's money, which was constantly at the disposal of the enterprise, as if it were yours. The more stable liabilities he has, the more reliable the company's prospects. So, if you want to analyze the prospects for the development of your enterprise on the basis of the balance sheet, you, first of all, should restructure and restructure the balance sheet in accordance with the given circumstances.

After that, you start to analyze it. And here you need to comprehend three main indicators:

1. Liquidity:

if the entire asset is more than twice the accounts payable (only short-term accounts payable up to 1 year are taken into account), then this indicates acceptable prospects for the operation of the enterprise, at least for 12 months;

if the entire asset exceeds the accounts payable, but in the amount of less than two times, then this is officially interpreted as the first sign of financial instability. However, if this is a disease, then one with which you can sometimes live to a ripe old age. In our country now many firms live with these illnesses;

if the entire asset is equal to accounts payable, then the enterprise is on the verge of collapse. It must be clearly understood that the meaning of what has been said needs serious amendments;

if there are some sufficiently powerful forces behind the owners of the company and / or its administrators, then there is reason to believe that the company will continue its work;

if an enterprise has unreceived revenue, the so-called "black cash", then the above usually does not make sense, because due to this "source" it is always possible to correct any business of the company, but this is easier to do, the greater the liquidity according to official reporting.

2. Profitability:

the higher the profitability, the better the company works, the higher the rate of its securities can be.

However, in reality this is not always obvious. If there is the same "black cash", the enterprise can be arbitrarily unprofitable and for how long. For the sake of hiding taxes, the administration of many firms deliberately turns profitable enterprises into unprofitable ones.

3. Leverage:

the greater the ratio of own and equivalent funds (stable liabilities) of the enterprise to attracted (accounts payable), the more stable its financial position, however, in some cases, this indicator simply says that the enterprise does not want to receive possible loans. As a result, the actual profitability of the enterprise is lower than possible.

Summing up what has been said, we must pay attention to how the rules of financial analysis have been stated. We have given the rules and they are formulated, of course, correctly, but when any, even the best rules, collide with reality, with the thoughts (mentality) of people, they are naturally refracted through this mentality. And in fact, the success of a business depends not so much on the rules, but on two circumstances:

external environment. Suddenly the state will take and unite several private firms into the Ministry; prohibit any type of business, such as the tobacco industry; will change the exchange rate of the ruble, introduce fixed prices, etc., and the entire economic environment will change and what was profitable will become in one day a continuous loss. This is the main, objective factor. Here is a very typical example: "in 1495, Grand Duke Ivan III ordered to seize German and Kolyvan (Revel) merchants in Novgorod, put them in prison, and "... their goods to be sent to Moscow." Then, of course, after the requisition to foreigners they again offered to invest capital and engage in trade, but the German merchants were already afraid to entrust their fate to such a land, where a single wave of a formidable autocrat deprived them of their liberty, property and life ";

personnel policy of the owners. If the administration has the will, desire and the necessary professional skills, it always achieves great success and, where it can, at least overcomes crises. The prospects for the development of any enterprise depend, first of all, on the ability of its administration to increase sources of its own funds ( equity) (fourth section of the balance sheet). And this should be achieved as a result of successful commercial and industrial work, and not in the way it was before the revolution. The great Russian philosopher VV Rozanov (1856-1919) said in those years: "There are three sources of property in Russia: they gave it, they begged it, they stole it." Maybe that's why capitalism turned out to be unviable in our country.

Bibliography

For the preparation of this work, materials from the site http://www.elitarium.ru were used.

Yukos pretends to be a Russian oil leader, although the real state of affairs in the company looks somewhat different

A month and a half ago, the oligarchs, or, as they are now commonly called, representatives of big business, met in the Kremlin with Vladimir Putin. At the meeting, as you remember, Mikhail Khodorkovsky noted. He directly asked the president about why the state-owned Rosneft needed to buy Severnaya Neft at exorbitant prices and why the state representatives did not react to this. The head of Yukos also lamented the scale of corruption in tax authorities. The answer was not long in coming. The President made it clear that someone but Khodorkovsky has the right to act as a judge: Yukos has the largest oil reserves - "how did he get them"? The head of state also touched upon the tax issue, noting that at one time Yukos used various ways tax evasion. As a result, Mikhail Khodorkovsky had to bow his head and swallow what was said. Meanwhile, the rebuff given by the president to the head of Yukos has been brewing for a long time. The fact is that for the past year and a half, Mikhail Khodorkovsky has been actively positioning his company as if not a reference in all respects. commercial structure, then, in any case, the best of what is now in Russia. Raising the issue in such a plane would hardly have excited anyone if it were not for one “but”: YUKOS claims an exclusive position in the oil community and requires a special attitude from the state. Especially now - after the loud announcement of the purchase of Sibneft. Hence the teachings, the public manifestation of adherence to principles, the loud denunciation of social ulcers and shortcomings. True, far from everyone is ready to agree with the role that YUKOS appropriated to itself, since both the recent past and the current life of the company can by no means be an example to follow.

Someone else's stock pocket does not pull

Indeed, YUKOS's hydrocarbon reserves are impressive. This is what every company in the world dreams of. In accordance with the results of the consulting company Miller & Lents international audit, as of January 1, 1999, the proven reserves of Yukos amounted to over 11.3 billion barrels or more than 1.54 billion tons of oil. Of these, developed reserves account for 3.4 billion barrels - over 460 million tons, and probable - 4.7 billion barrels, or about 640 million tons. The proven reserves of Yukos' main producing enterprise, Yuganskneftegaz, reach almost 7.7 billion barrels (over 1.05 billion tons), Tomskneft - 2.209 billion barrels, or about 300 million tons.

However, the method of acquiring, or rather, withdrawing these reserves, as the President of Russia reminded Mikhail Khodorkovsky, is also impressive. In April 1993, in accordance with a government decree, an open joint-stock company open type Yukos, in which the state got 45% authorized capital. In March 1995, ONEXIMbank President Vladimir Potanin, on behalf of a banking consortium that included Imperial, Capital Savings Bank, Menatep, Alfa-Bank, Russian Credit and others, proposed a deal to the government: banks were ready to lend to the government in exchange for the right to manage state blocks of shares. The bankers chose the moment very well. The country was groaning from non-payments. It seemed that everywhere no one and no one pays. Let's say at that moment only oil companies owed the state 7.536 trillion. rub. To imagine the real weight of this amount, it is worth saying that it would be more than enough to eliminate the debt on pensions, salaries of the military, employees of the Ministry of Internal Affairs, the Federal Security Service, miners, etc. etc. The transfer of state shares as a pledge did not imply their return to the state, since there were no funds for this in the budget. As a result, the state turned out to be, as they say, in its own interests, since the amount it received from the sale of Yukos was a real miser. To be convinced of this, it is enough to look at how much the company produced and sold oil.

In 1996, Yukos produced 36.17 million tons of hydrocarbon raw materials, of which a third - about 12 million tons - was exported to far abroad countries. In 1996, the price of Russian oil on the world market averaged $20.81 per barrel or $153.2 per ton. It is not difficult to calculate how much was received: 1.84 billion dollars. This, we repeat, for one year and only from the export of crude oil to far abroad countries. Against this background, the slightly over $310 million spent by Mikhail Khodorkovsky for a 78% stake in Yukos looks like a mocking figure.

The main production and processing capacities of YUKOSSIBNEFT

Assets belonging to NK Slavneft

LOVELY MONOPOLIST

The murmuring of drivers at Krasnoyarsk gas stations today is generously flavored with selected obscenities

“From the beginning of the year, gasoline prices in Krasnoyarsk have doubled, and only in the last month by 60 percent... The monopoly of the Krasnoyarsk oil products market is Yukos Oil Company, which owns the Achinsk oil refinery. ... Seeing this, some business entities began to directly negotiate the supply of fuels and lubricants not with Yukos, but with the Ufa enterprise Bashkirnefteprodukt. Bashkir oils cost Krasnoyarsk about twice as much, and gasoline and diesel fuel are about 20% cheaper than Yukosovsk ones, despite the fact that delivering fuel from Bashkiria is much more expensive than from Achinsk. - It's very difficult to talk about pricing policy NK "YUKOS", which unambiguously occupies a monopoly position in the region, - says Tatyana Krylova, chairman of the price committee of the administration of the Krasnoyarsk Territory. - Yukos, according to expert opinion, pursues a discriminatory policy towards our region. His enterprises are also present in the Irkutsk Region and Khakassia, but selling prices there are lower than ours. I consider the explanations given now by Yukos representatives (seasonal surge in prices, inflation, etc.) to be unfounded.”
Sergey Afanasiev (www.flb.ru, 06/18/2002)

Great company. From others

Judging by the huge poster posted at the Moscow office of Yukos, this particular oil company is the industry leader. In principle, this is also evidenced by the statistical data relating to oil production. But the numbers, no matter how sonorous they may be, do not always reflect the real state of affairs.

In 1997, YUKOS produced 35.25 million tons, in 1998 - 44.6 million, in 1999 - 44.5 million, in 2000 - 49.55 million tons, in 2001 - 58, 07 million tons, in 2002 - 69.5 million tons. As you can see, from year to year the company is increasing oil production, and in fairly large volumes. To a certain extent, this, of course, is due to an increase in work efficiency. For example, immediately after the default - - in 1998 - - YUKOS created independent companies to manage mining and processing assets, which led to a reduction in costs. However main reason growth in oil production, which Yukos representatives almost never talk about, is something else.

Unlike fields owned by other oil companies, those owned by Yukos are either at an early stage of development or not yet developed. Concerning average performance YUKOS wells are 20 tons per day, and the average flow rate of new wells is 140 tons per day, while the national average is much lower - 8 and 27 tons, respectively. The difference is obvious. Yukos also has another considerable advantage. More than a third of all oil reserves are concentrated in three fields - Mamontovskoye, Prirazlomnoye and Priobskoye. The latter was discovered in 1982, and its recoverable reserves are estimated at 680 million tons of oil. Such a strong concentration of reserves allows you to save a lot of money when creating the necessary infrastructure, which is reflected in the cost. Let's say that now Yukos' oil production costs are $2.5 per barrel, while this figure is much higher for other companies.

Former Minister of Fuel and Energy of the Russian Federation (August 1999 - May 2000) Viktor Kalyuzhny, former Minister of Finance of the Russian Federation (September 1998 - September 1999) Mikhail Zadornov and former Chairman of the Federal Securities Commission (March 1996 - September 1999) .) Dmitry Vasiliev is united by one circumstance: they were forced to resign "at the initiative" of the guys from Yukos. Kalyuzhny at one time did not give Khodorkovsky VNK, Vasiliev actively defended the small shareholders of Yukos, and Zadornov tried to impose an additional tax on the oil barons ... The question is, who really runs the government? Is it the prime minister?

"We will be alone with the monster"

Vladimir Achertishchev, State Duma deputy:
“Today, 69 countries of the world produce oil and gas. Of these, only two gave the booty to private hands. This is the USA (a hundred years ago). And Russia ... We remember Yeltsin's privatization, when the crafts went into private hands for a penny, but for some reason we do not remember the glaring fact that the first Russian President gave the oligarchs and natural rent. It is no coincidence that Mr. Khodorkovsky names his personal capital as $7.8 billion, the vice-president of an oil company receives $150,000... a month. Where does this enrichment come from? Due to excess profits, which is the property of the state. In 67 countries around the world, where state-owned oil companies are engaged in production, excess profits are used to fill the budget.”
("Tyumen News", 11/21/2002)

It's all natural, it's all mine

In a word, Yukos was not just lucky with reserves and specific deposits, but fabulously lucky. But, drawing on ultra-high natural rent, the owners of the company consider this to be quite normal. Moreover. They meet with hostility any gestures of the state aimed at bringing at least minimal order to the field of reserves. This applies in particular to the proposal of the Ministry economic development and the trade that hydrocarbon resources transferred to companies before 1993, when licenses for deposits were issued free of charge and without competition, should be taxed. In principle, the owners of Yukos are guided by the same motives in their fight against the use of Production Sharing Agreements (PSAs) in Russia. True, slogans such as "undermining national energy security", "reducing budget revenues", etc. are widely used here. But this kind of argument can only affect ignorant people. According to Mikhail Khodorkovsky, the work oil companies on the basis of the national tax regime brings more revenue to the state treasury than under the PSA. But for some reason he does not develop this idea. The fact is that if the PSA was used, Yukos would have to pay the state much more than now. Just the PSA regime assumes that the state, in the course of negotiations with the investor, can obtain the most favorable conditions for itself, say, an additional part of the natural rent. Now YUKOS, despite its privileged position, is on an equal footing with other oil producers in terms of taxes. For example, he pays the state an extraction tax at the same rate of 16.5% of the cost of oil as the rest, although he develops fields with increased productivity.

However, the main danger in the PSA for the owners of Yukos lies elsewhere. With the widespread use of this mechanism, which acts as a real competitor to the traditional system, they should prepare to reduce the company's capitalization, which today is about $21 billion. And we are talking about reducing not abstract, but very specific income. Recall that Mikhail Khodorkovsky owns 9.5% of YUKOS shares, therefore, his personal stake in the company is close to $2 billion. Large blocks of shares and, accordingly, huge personal fortunes are also possessed by: Leonid Nevzlin, who until recently was a member of the Federation Council - 8%, the head of the Menatep group Platon Lebedev - 7%, State Duma deputy Vladimir Dubov - 7%, Yukos Vice President Mikhail Brudno - 7%, President of the company "Yukos-Moscow" Vasily Shakhnov-sky - 7%. It is clear that fluctuations in capitalization in one direction or another directly affect the state of personal pockets.

Behind last year YUKOS provided 49 percent of its production from just three licensed areas, and has ... 220 licenses

P. Buchnev, Deputy Director of the Department of the Oil and Gas Complex of the Sakhalin Region:

“The PSA regime is inconvenient for some of our officials, and even oil kings, because under it you can’t steal or hide anything. One of the newspapers published an article about who organized the “rolling up” on the PSA. She believes that this is the owner of Yukos, M. Khodorkovsky. I dare to suggest that "comrade YUKOS" is afraid of state control, because with the PSA all the details, the points of the estimates are agreed many times, one might say, to the last cent, at several levels. But what kind of Russian oligarch can stand it! I'm not talking about accounting for raw materials extracted by Molikpak, which is kept by customs with an accuracy of up to a liter.

Mr. Khodorkovsky assures everyone that we have enough investments in our country, and that there will be enough proven oil reserves for 150-200 years, so, they say, we can do without PSA. But here interesting fact. Last year, Yukos provided 49 percent. of its production from only three licensed areas, and has ... 220 licenses. It is easy for him to talk about myriad reserves. And, apparently, he wants to extend his position in the oil market as much as possible. Dictate prices, get super profits. And he doesn’t really want to invest in Sakhalin.”

("Soviet Sakhalin", 07.03.2003)

Why has Yukosu become so xrenovo

It should be especially noted that YUKOS is far ahead of other oil companies in terms of the level of capitalization. For example, the market value of Lukoil, which produces even more oil, is only about 12 billion dollars, Surgutneftegaz - 10.5 billion, Sibneft - about 10 billion, Tyumen Oil Company (TNK) - about 5 billion dollars. As can be seen, Yukos is the absolute leader in this indicator on the domestic oil scene. According to representatives of the company, as well as experts, such a high bar was achieved not only due to high production results and cost reduction. Two years ago, Yukos management took world standards as a guide corporate governance: back in 1998, the company got rid of non-core assets, in 2000 introduced independent members to the board of directors, since 2001 began to publish financial statements on international standards GAAP, adopted a corporate governance code, began issuing ADRs, and in 2002 disclosed ownership information. True, they are not going here, as is customary in the civilized world, to withdraw the owners from the management. Nevertheless, it seemed that in almost all areas the company holds what is called a brand. However, it has recently become clear that this is not entirely true. In mid-February, Russian companies Alfa Group, Access/Renova and British BP (BP) announced the creation on a parity basis of a new structure that would include the Tyumen Oil Company (TNK), SIDANCO and the British-owned oil assets in Russia. As a result, a company will appear in Russia that will enter the top three after Lukoil and Yukos: its reserves will amount to 9.488 billion barrels of oil, and the volume of daily production will be 1.2 million barrels. Russian companies will contribute 97% of the shares of TNK, 56% of the shares of SIDANCO, 29.11% of the shares of Rusia Petroleum, which owns the license to develop the Kovykta gas field, as well as shares in the Sakhalin-4 and Sakhalin-5 projects, to the new structure ". In turn, BP transfers there 25% plus one share of SIDANCO, 32.95% of the shares of Rusia Petroleum, its shares in Sakhalin-5 and in the gas station business in Moscow. To own a 50% stake in the new company, BP must also pay an additional $3 billion in cash and $1.25 billion annually over three years in the form of its own shares. For the owners of Yukos, it was an extremely unpleasant surprise that one of the world's oil leaders drew attention to Russian company, which is not among the favorites. In other words, Western investors were guided not by formal indicators, which Yukos demonstrates, but by completely different values. Accordingly, YUKOS dug up the old adventurous idea with YUKSI from the storerooms, wiped it with a rag and announced at the end of April that it was taking over Sibneft for $3 billion.

Dark recesses of the shining pyramid

Under the glittering shell of Yukos, if you look closely, there are many places that do not correspond to this festive halo. It is worth saying, for example, that today company executives do everything possible and impossible to show how loyal they are to minority shareholders. But this is not entirely successful, since the events of the late 90s are still fresh in the memory of the oil community, as well as shareholders. After the acquisition of the Eastern Oil Company, the management of Yukos, without exaggeration, dealt with the owners of small blocks of shares. Even the Federal Commission on securities(FCSM), and its head Dmitry Vasiliev, not without the help of Yukos, was forced to resign in the fall of 1999. By the way, the long-term war with minority shareholders, whose interests were represented by the notorious Kenneth Dart, cost the company $15-20 million. However, it was not only the minority shareholders who felt the heavy hand of the Yukos owners. In 1993, following the results international competition The American company Amoco, which became part of BP in 1998, received the right to act as an exclusive foreign investor in the development of the Priobskoye field. In the fall of 1999, first the State Duma and then the Federation Council adopted a law on the development of this field on the terms of the PSA. But the partnership did not materialize. Yukos, in fact, squeezed BP out of the project, and she was forced to leave without salty slurping, without even receiving compensation for the funds invested in its implementation. By the way, from the point of view of foreign investors, the YUKOS development strategy looks somewhat strange. World-class oil companies receive the main profits from the sale of refined products - petroleum products, liquefied gas and petrochemicals, while only 30-45% of income is generated by the sale of crude oil. However, YUKOS's strategic policy is based on the fact that in the downstream, that is, in oil refining and the sale of petroleum products, only those assets are of interest that, in the words of Mikhail Khodorkovsky, "increase our ability to sell oil." Although it is known that in the unfavorable price situation on the world market, the strongest positions are occupied by those companies that are widely represented in the processing sector.

Who is afraid of Valery Hartung

“Deputy from the Chelyabinsk Region, member of the Committee on Budget and Taxes Valery Gartung (Regions of Russia group) submitted to the State Duma a draft law “On the rights of Russian citizens to income from the use of natural resources Russian Federation". This document spells out a mechanism for the redistribution of the so-called natural rent - income from the extraction and use of oil, gas, ore, timber and other national wealth in favor of each of the 140 million Russians. According to the deputy's calculations, this will allow each resident of the country to annually receive up to 300 USD to his nominal account... Corr.: Valery Karlovich, your opponents say that the redistribution of natural rent in Hartung will lead to the fact that the oil sector will lose its investment component. For example, the head of YUKOS, Mikhail Khodorkovsky, has already recently complained about the lack of working capital. And then you have to share with 140 million other Russians ...

Hartung: Funds for the renewal of funds and equipment are not enough only because the owners of oil companies are busy enriching themselves. A crazy profit of 200-300 percent is either exported abroad or gathering dust at home. I agree that part of the rent should be directed as investments to the development of production. How much should go to the budget, how much to the personal accounts of the population - these are issues to be discussed. There is another important nuance. If you give all the rent to the population, then only at the expense of a 13 percent income tax can the federal budget be formed! This means that there is no need to levy taxes on processing industry. Here is the path of development of the tax reform, about which there is so much controversy today.”

Interviewed by Dmitry Sevryukov (Tribune, 10.04.2003)

Tax wastelands of Mosalsk

A lot of questions to Yukos and from environmentalists. Judging by official statements, there is simply no more “green” and environmentally friendly company. In fact, as evidenced by the Angarsk-Daqing oil pipeline construction project, the opposite is happening. Yukos, for example, is not even embarrassed by the fact that there is a very high probability of Baikal pollution.

It must be said that YUKOS talks about its law abidance on any occasion and at all angles. True, obsessive self-promotion is always alarming. All the more so since five years ago, the companies controlled by Mikhail Khodorkovsky were quite successfully implementing completely different principles. Until 1997, in the small town of Mosal-sk, Kaluga Region, at the address: Lenin Street, house 42, more than 30 legal entities, one way or another connected with Rosprom. In the place where, in theory, the office of one of the largest industrial holdings in Russia should be located, there was a wasteland with one boarded up and two crumbling houses without windows and doors. And earlier there was an ovo-shushilny plant here. But not the point. In 1997, "Rosprom" listed the Mosal district tax office about 1 billion non-denominated rubles in the form of VAT. That is, from a company that owned huge assets, for the whole year, a little more than 160 thousand dollars were received at the then exchange rate. By the way, in February 1997, Rosprom took over the functions of managing Yukos, and it was then that Mikhail Khodorkovsky became chairman of the joint board of Rosprom-Yukos.

Watch your hands

At the same time, oddities and mysterious moments in the history of the acquisition of attractive assets by Mikhail Khodorkovsky's structures are not limited to oil alone. Therefore, at a meeting with the oligarchs, Vladimir Putin could well have given other examples. Fortunately, this head of state is constantly reminded. At the end of 2002, the governors of Smolensk, Tambov, Tula and Novgorod regions sent a letter to Prime Minister Mikhail Kasyanov and the Prosecutor General's Office, in which they asked to return a 20% stake in Apatita OJSC to federal ownership ”, which is illegally owned by the Rosprom-Me-natep group. Moreover. The Murmansk OJSC Apatit, controlled by this group, is a monopolist in the production of apatite concentrate and literally twists the arms of enterprises operating on this raw material. In particular, the Novgorod plant Akron, which supplies chemical fertilizers to more than 30 Russian regions, had to buy apatite at $43 per ton last year, while its prime cost was only $15. JSC "Apatit" artificially inflated the price by selling raw materials through intermediary firms. As the governor of the Smolensk region, Viktor Maslov, said at the time, this constituted "economic terrorism." According to him, annually up to 250-300 million dollars of its profits OJSC "Apatit" diverts from taxes through offshore zones. In December last year, a protest action was held in Smolensk by the workers of Dorogobuzh OJSC, who called on the President of the Russian Federation, the Prosecutor General and the Minister Agriculture take effective measures to curb the arbitrariness of Apatit OJSC, introduce state regulation prices for apatite concentrate, and they demanded from the Rosprom-Menatep group to abandon dishonest and illegal business practices and return to the state a 20% stake in Apatit, appropriated by it. But to date, no significant changes have occurred either in the policy of the Rosprom-Menatep group or in the actions of the Apatit controlled by it. It is impossible not to recall the story connected with the attempt by YUKOS to take control of the Talakanskoye oil and gas condensate field in Yakutia. The central block of this field with recoverable reserves of 124 million tons of oil and 47 billion cubic meters. meters of gas was put up for tender in 2001, and YUKOS met him fully armed. Mikhail Khodorkovsky's company found a simple and very elegant solution by taking on a small Yakut company, Sakhaneftegaz, as a partner. This alliance, which offered a gigantic $0.51 billion bonus, won the competition. True, it soon became clear that Yukos was not going to pay this amount. The calculation was made that the government of Yakutia would "forgive" the republican part of the bonus in the amount of $300 million. It is curious that this should have happened at a time when Yakutia suffered from a severe flood and was forced to ask federal center about financial assistance However, this did not faze Yukos. True, at the last moment, local deputies changed their minds and refused to approve the relevant bill. In a word, the pyramid, which is located on the YUKOS corporate banner and which, apparently, should symbolize the power of actions, spiritual strength and harmony of thinking, looks rather skewed. Apparently, this is why Mikhail Khodorkovsky and his associates are actively correcting it, although, as you know, one must be very careful with the supporting structure.

MOSALSK - THE TAX CAPITAL OF YUKOS

“The city of Mosalsk is the capital of the Yukos empire. Located in the Kaluga region. The population is 5 thousand people. For all the years of Soviet and post-Soviet power, gas has not been supplied to Mosalsk, they are heated with firewood. An ordinary Russian province: gardens behind fences, pigs and sheep on the streets, and the beauty of nature in the form of a forest two blocks away. Here, at Lenina, 42, registered most of industries of the MENATEP group, including the oil monster Rosprom and the YUKSI holding that interrupted its existence before the New Year. In total, there are more than twenty super-profitable enterprises on the list. All of them pay taxes to the Mosal treasury. I found at Lenina 42 a wasteland with one boarded up and two crumbling houses without windows and doors, as well as a pipe adjacent to them - a former vegetable drying plant in the style of Korolenko's "Children of the Underground". On the same wasteland were available coal dust and several stalls that form the Mosal market. As it turned out, the taxes of industrial giants have little effect on the state of the Mosal region. This is an ordinary agricultural province where people do not receive a salary for a year. They live in the garden and the gifts of the forest.

I left Mosalsk with mixed feelings. I did not see here what I was driving for - I did not see any bronze lanterns, nor roads paved with marble ... But the trip was instructive. Mosalsk is a well-established model of our country, reader. Like the city of Shchedrin's Glupov or Macondou Marquez. In a word, what country, such is its business, and what kind of business, such is its capital.”

Bulat Stolyarov, from the article "Wizards of the Emerald City",
"Spark", 07/20/1998