Methods of Financial Analysis for Improving the Management System of a Critical Enterprise

In the context of regional economic development, studies of critical state monopoly enterprises providing services to the population and businesses manifest in two key forms: first, as an economic category representing a set of economic relationships; and second, as the material carriers of these relationships expressed in financial resources. Accordingly, state-owned enterprises delivering services address one of the most important regional tasks: ensuring the provision of energy resources to the population and business structures, thereby contributing to the socio-economic development of the region. The demand for these services is steadily increasing due to regional development, modernization of production facilities, and climate change. These trends are key factors driving the need to improve the financial management systems of regional state-owned enterprises through financial analysis methods, making this a relevant area of research. The research methodology draws on a broad spectrum of approaches, including the theory of state monopoly enterprises with corporate governance structures. Such enterprises evolve as part of the theory of the firm and its system management, and thus can be considered as a financial subsystem within the broader financial system of the enterprise. The research results reveal the emergence of several directions for organizing a systemic approach to the formation and functioning of the financial system of state-owned enterprises. It was established that such enterprises are equally associated with centralized state finances and decentralized financial flows. Several forms of financing were identified: revenues generated from services provided to the population, businesses, and the social sector; funding from regional budgets; investments from private-public partnerships; and the establishment of credit lines for the modernization of production processes and the creation of a self-sustaining development environment. The study concludes that the development of an enterprise’s financial system depends on key factors, including the integrity of the financial system and cash flow management; the ratio of current asset liquidity to current liabilities; the level of material costs in production processes to ensure uninterrupted operations; and the application of organizational methods to enhance the management system’s effectiveness. The research was conducted based on financial analysis of the regional State Unitary Enterprise of the Republic of Crimea, «Krymteplokomunenergo» (hereinafter referred to as the enterprise).