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It should be noted that the direct method does not open interrelation of the received financial result and change of sizes of money on of the enterprise. For definition of this interrelation the indirect method which is based on identification and the accounting of the operations connected with cash flow and consecutive correction of net profit is used, i.e. an initial element is the profit.

In the conditions of the market relations the role of the indicators of profitability of production characterizing the level of profitability (unprofitability) of its is great. Indicators of profitability are relative characteristics of results and efficiency of activity of the enterprise. They the relative profitability of the enterprise measured as a percentage to expenses of means or the capital from various positions.

Degree of responsibility for adoption of the investment project within this or that direction is various. So, if it is about replacement of the available capacities, the decision can be made rather without serious consequences as the management of the enterprise clearly imagines, in what volume and with what characteristics new fixed assets are necessary. The task becomes complicated if it is about the investments connected with expansion of primary activity as in this case it is necessary to consider a number of new factors:

In the conditions of market economy of opportunities for investment there is a lot of. At the same time, any enterprise has the limited free financial resources available to investment Therefore there is a problem of optimization of an investment portfolio.

Indicator of economic growth of the company. To the characteristic of speed of economic growth of the company, ability to increase the turn is applied an indicator of achievable level of growth SGR equal to the revenue increment relation (a turn for the period to revenue size for the previous period,

The average level of profitability of sales in different branches different therefore there is no uniform standard for this indicator. This indicator is good criterion for comparison of a condition of the enterprise with the industry standard.

The report on cash flow is a document of financial statements in which receipts is reflected, an expenditure and net - changes of money during the current economic activity, and also investment and financial activity for a certain period.

Quite often decisions have to be made in conditions when there is a number of alternative or mutually independent projects. In this case it is necessary to make a choice of one or several projects, based on any criteria. It is obvious that such criteria can be a little, and probability of that any one project will be more preferable than others by all criteria, as a rule, much less unit.

Risk factor is very essential. Investment activity is always carried out in the conditions of uncertainty which degree can vary considerably. So, at the time of acquisition of new fixed assets it is never impossible to predict economic effect of this operation precisely. Therefore decisions are made on an intuitive basis.

In numerator of this fraction there is actually a sum of net assets if we consider active part of balance. Therefore at multiplication of an indicator of profitability of net assets by a financial leverage there are following reductions: