Indicators of the effectiveness of the use of working capital of the enterprise are. The main indicators of the efficiency of the use of working capital. Capital and reserves
In the context of the development of market relations, the correct organization of working capital, skillful management of them and increasing the efficiency of their use.
The main tasks of working capital management are:
- - economically justified determination of the norms of stocks by types of working capital and the total need for them, taking into account the specific conditions of the enterprise;
- - skillful maneuvering of temporarily free working capital, taking into account changes in the economic situation;
- - ensuring the safety of working capital and their use for their intended purpose;
- - efficient use of working capital by accelerating their turnover, etc.
The most important requirement effective management working capital is economically justified planning of the need for working capital.
The planning of working capital is based on rationing, i.e., the establishment of norms for inventories and norms for working capital for each type of normalized working capital (goods, cash, other normalized inventory items).
One of the important tasks of managing working capital is to increase the efficiency of their use and, above all, by accelerating turnover. Efficiency of spending working capital, which make up the predominant part of all financial resources, has a direct impact on the final results economic activity- profit and profitability.
The faster the turnover of working capital, the less the need for loans, respectively, the lower the distribution costs, the greater the profit by reducing the cost of using bank loans, storing inventory, loss of goods, etc.
Therefore, improving the efficiency of the use of working capital is important. economic importance for every enterprise.
The efficiency of the use of working capital is characterized by a system economic indicators, primarily the turnover of working capital.
It is determined by formula (1.5):
where P is the cost of goods sold (sales proceeds) for certain period;
Average working capital balance for the same period.
Under the turnover of working capital is understood the duration of one complete circulation of funds from the moment of the transformation of working capital in cash into inventories and until the release finished products and its implementation. The circulation of funds ends with the transfer of proceeds to the account of the enterprise.
The turnover of working capital is characterized by interrelated indicators: the duration of one turnover in days, the number of revolutions for a certain period - a year, half a year, a quarter (turnover ratio), the amount of working capital employed at the enterprise per unit of output (load factor).
If sales revenue, for example, is taken per year, then the average balance of working capital is also taken per year. In this case, the average annual balance of working capital for the year is calculated as the average chronological value of the balances by months.
From here, the indicator of the average duration of one revolution in days is easily determined. The peculiarity of this indicator in comparison with the turnover ratio is that it does not depend on the duration of the period for which it was calculated.
In the practice of financial calculations, when calculating turnover rates, for some simplification, it is customary to consider the duration of any month equal to 30 days, any quarter - 90 days and a year - 360 days. The duration of the turnover in days can always be calculated using the formula (1.6):
where Kob - turnover ratio;
T - the duration of the period for which the indicators of days are determined (T \u003d 30; 90; 360).
After substituting the corresponding values into the formula, we obtain, to determine the duration of the turnover in days (D), an expanded expression linking all the initial values (1.7):
The meaning of this formula is that, since the value of T is known in advance, it can always be used to determine the third from known two quantities. That is why it is widely used in the practice of various financial and planned calculations.
From the above formula it follows that it includes another indicator that characterizes the rate of turnover of working capital - the average daily turnover of capital.
This allows you to determine the duration of the turnover in days:
and also determine the value of the coefficient of fixing working capital.
This ratio is the reciprocal of the turnover ratio
Its economic meaning is that it characterizes the amount of the average balance of working capital per 1 ruble. sales proceeds.
The effect of accelerating the turnover of working capital is expressed in the release, reducing the need in connection with the improvement of their use.
In addition to these indicators, the indicator of return on working capital can also be used, which is determined by the ratio of profit from the sale of the company's products to the balance of working capital. Indicators of the turnover of working capital can be calculated for all working capital involved in the turnover, and for individual elements.
The change in the turnover of funds is revealed by comparing the actual indicators with the planned or indicators of the previous period. As a result of comparing the turnover of working capital, its acceleration or deceleration is revealed. With its acceleration, material resources and sources of their formation are released from circulation, with a slowdown, additional funds are involved in circulation.
The release of working capital due to the acceleration of their turnover can be absolute and relative.
Absolute release takes place if the actual balances of working capital are less than the standard or the balances of the previous period while maintaining or exceeding the volume of sales for the period under review.
The relative release of working capital takes place in cases where the acceleration of their turnover occurs simultaneously with the growth of the production program of the enterprise, and the growth rate of production outpaces the growth rate of working capital balances.
Significant reserves for increasing the efficiency of the use of working capital lie directly in the enterprise itself. In manufacturing, this applies primarily to inventories. Being one of the components of working capital, they play an important role in ensuring the continuity of the production process. At the same time, inventories represent that part of the means of production that is temporarily not involved in the production process.
The skillful use of the pricing mechanism contributes to the acceleration of the turnover of working capital. As you know, the amount of trade markups on goods, with the exception of socially significant ones, is set by the trade enterprises. Therefore, a decrease in the level of the trade markup and, accordingly, the retail price, taking into account the trade situation, contributes to the growth of trade and profits by accelerating the turnover, thereby increasing the efficiency of the use of working capital. The turnover of normalized working capital depends to a large extent on the efficiency of using other inventory items (low-value and wearing items, containers, materials for household needs, etc.).
The turnover of working capital is usually studied in dynamics. For certain types of current assets and for the enterprise as a whole, it is established how much their turnover has accelerated or slowed down and how much money has been released or additionally invested as a result. To determine the amount of funds released or additionally invested as a result of a change in the time of circulation of current assets, it is necessary to multiply the actual average daily turnover of the reporting period by the acceleration or deceleration of the turnover of working capital in days. At the same time, according to inventory the average daily turnover is usually taken at the purchase price, for other types of current assets - at retail prices (at enterprises Catering- at selling price).
Using the technique of chain substitutions, it is possible to measure the impact on the turnover of working capital of changes in their average balances and the volume of trade. To do this, pre-determine the conditional turnover of current assets in days with their actual balances of the reporting period and the actual turnover of the previous period. If we subtract the indicator of the time of their circulation for the past period from the conditional turnover of working capital, we determine the impact on the turnover of changes in the balances of current assets, and from the actual conditional turnover - changes in the volume of trade. The results of the analysis of the turnover of working capital are drawn up in a special table.
The turnover of current assets is also studied in terms of the number of revolutions (speed of their circulation).
For other inventory items (materials, raw materials, fuel, fuel, containers, low-value and wearing items), the turnover calculated to the volume of trade does not accurately characterize the time of their circulation. In this regard, for other inventory items, it is also necessary to determine the turnover based on their average daily consumption. This indicator is called the private turnover of current assets. Private indicators of turnover of working capital are calculated by dividing the average balances certain types other inventory items on their average daily consumption. For receivables, the private turnover indicator is determined by the ratio of its average balances to the average daily repayment amount. Private indicators of turnover of current assets show how many days, on average, the balances of other inventory items are spent (updated), and for receivables - for what period it is repaid.
An indicator of the effectiveness of the use of current assets is also the level of their profitability, determined by the ratio of the annual amount of profit to the average annual balances of working capital. Return on current assets is usually studied for a long period (5-10 years); analyze the absolute size and rate of its change, and most importantly, identify forecast growth reserves.
For a generalized assessment of the effectiveness of the use of current assets, an integral indicator is calculated, determined by extracting the square root of the product of the growth rate or decrease in the turnover of working capital (in the number of turnovers) and their profitability. The integral indicator of the efficiency of the use of current assets is studied by the rate of its change over a number of years. The growth rate of the integral indicator of the efficiency of working capital indicates an improvement in their use.
The presence of an enterprise's own working capital, their composition and structure, the speed of turnover and the efficiency of the use of working capital largely determine the financial condition of the enterprise and the stability of its position in the financial market, namely:
- - solvency, i.е. the ability to repay their debt obligations on time;
- - liquidity - the ability to make the necessary expenses at any time;
- - opportunities for further mobilization of financial resources.
Efficient use of working capital plays an important role in ensuring the normalization of the enterprise, increasing the level of profitability of production and depends on many factors. IN modern conditions A huge negative impact on the change in the efficiency of the use of working capital and the slowdown in their turnover is exerted by the factors of the crisis state of the economy:
- - decrease in production volumes and consumer demand;
- - high rates of inflation;
- - rupture of economic ties;
- - violation of contractual and payment discipline;
- - high level tax burden;
- - reduced access to credit due to high bank interest.
All of these factors affect the use of working capital depending on the interests of the enterprise. At the same time, enterprises have internal reserves to improve the efficiency of the use of working capital, which it can actively influence. These include:
- - rational organization production reserves (resource saving, optimal rationing, use of direct long-term economic ties);
- - reducing the stay of working capital in work in progress (overcoming the negative trend towards a decrease in capital productivity, introducing the latest technologies, especially non-waste, renewal of the production apparatus, the use of modern, cheaper structural materials);
- - effective organization of circulation (improvement of the settlement system, rational organization of sales, bringing consumers of products closer to its manufacturers, systematic control over the turnover of funds in settlements, fulfillment of orders through direct communications).
A generalizing indicator of the effectiveness of the use of working capital is the indicator of its profitability (Rock), calculated as the ratio of profit from the sale of products (Prp) or other financial result to the amount of working capital (Rock):
Rock = Prp * 100 / Juice
This indicator characterizes the amount of profit received for each ruble of working capital, and reflects financial efficiency the work of the enterprise, since it is the working capital that ensures the turnover of all resources in the enterprise.
In Belarusian economic practice, the evaluation of the effectiveness of the use of working capital is carried out through indicators of its turnover. Since the criterion for assessing the effectiveness of working capital management is the time factor, indicators are used that reflect, firstly, total time turnover, or the duration of one revolution in days, and, secondly, the rate of turnover.
The duration of one turnover consists of the time spent by working capital in the sphere of production and the sphere of circulation, starting from the moment of acquisition of inventories and ending with the receipt of proceeds from the sale of products manufactured by the enterprise. In other words, the duration of one revolution in days covers the duration production cycle and the amount of time spent on the sale of finished products, and represents the period during which working capital goes through all the stages of circulation at this enterprise.
The duration of one turnover (turnover of working capital) in days OBok is determined by dividing the amount of working capital Juice by one-day turnover, defined as the ratio of the volume of sales of the RP to the duration of the period to the number of turnovers Kob:
OBok \u003d Juice / (RP / D) \u003d Juice * D / RP \u003d D / Kob
The shorter the duration of the period of circulation or one turnover of working capital, so, all other things being equal, the company needs less working capital. The faster defense means make a circuit, the better and more efficiently they are used. Thus, the time of capital turnover affects the need for total working capital. Reduction of this time - the most important direction financial management, leading to an increase in the efficiency of the use of working capital and an increase in their return.
The turnover rate characterizes the direct turnover ratio (number of turnovers) for a certain period of time - a year, a quarter. This indicator reflects the number of circuits made by the working capital of the enterprise, for example, per year. It is calculated as the quotient of dividing the volume of sold (or marketable) products by the amount of working capital, which is taken as the average middle of the working capital balances:
Cob = RP / Juice
The direct turnover ratio shows the value of sold (or marketable) products per 1 ruble of working capital. An increase in this indicator means an increase in the number of revolutions and leads to the fact that:
- · Growth in output or sales volume for each invested ruble of working capital;
- Less working capital is required for the same volume of production.
Thus, the turnover ratio characterizes the level of production consumption of working capital. The growth of the direct turnover ratio, i.e. an increase in the speed of turnover made by working capital means that the company uses working capital rationally and efficiently. A decrease in the number of turnovers indicates a deterioration in the financial condition of the enterprise.
The reverse turnover ratio or the coefficient of loading (fixing) of working capital shows the amount of working capital spent on each ruble of sold (commodity) products, and is calculated as follows:
Kz \u003d Sob / RP \u003d 1 / Kob
where Kz is the load factor.
Comparison of turnover ratios and load dynamics allows you to identify trends in these indicators and determine how efficiently and effectively the company's working capital is used.
Turnover rates can be calculated for all working capital and for certain of their elements, such as inventories, work in progress, finished and sold products, funds in settlements and receivables. Inventory turnover is calculated as the ratio of production costs to the average value of stocks, work in progress turnover as the ratio of goods received to the warehouse to the average annual volume of work in progress - as the ratio of production costs to the average value of stocks, turnover of work in progress - as the ratio of goods put into the warehouse to the average annual the volume of work in progress, the turnover of finished products - as the ratio of shipped or sold products to the average value of finished products. The indicator of the turnover of funds in the calculations is the ratio of the proceeds from the sale to the average value of the finished product. The indicator of the turnover of funds in the calculations is the ratio of sales proceeds to the average receivables. These indicators make it possible to conduct an in-depth analysis of the use of own working capital (they are called private turnover indicators).
The turnover of working capital can accelerate or slow down. When the turnover slows down, additional funds are involved in the turnover. The effect of accelerated turnover is expressed in a reduction in the need for working capital in connection with the improvement of their use of their savings, and as a result, on financial results. The acceleration of turnover leads to the release of part of working capital ( material resources, cash), which are used either for the needs of production or for accumulation in a current account. Ultimately, solvency and financial condition improve.
The release of working capital as a result of accelerating their turnover can be absolute and relative. Absolute release - this is a direct decrease in the need for working capital, which occurs in cases where the planned volume of production is completed with a smaller amount of turnover compared to the planned need.
The relative release of working capital occurs in those cases when, in the presence of working capital, within the planned needs, an overfulfillment of the production plan is ensured. At the same time, the growth rate of production volume outstrips the growth rate of working capital balances.
Working capital management is important in solving a key problem financial condition: achieving an optimal ratio between the growth of production profitability (maximizing profit on invested capital) and ensuring sustainable solvency, which serves as an external manifestation financial stability enterprises. An extremely important task is also the provision of reserves and costs of the enterprise with sources of their formation and the maintenance of a rational ratio between own working capital and borrowed resources directed to replenish working capital.
For the successful functioning of the enterprise and the most efficient use of its resources, there is a number of ways to evaluate its performance. Holding such events allows not only to see a favorable trend in economic growth and understand what actions lead to maximum results, but also helps to identify problems and develop an optimal strategy for the development of the organization.
Calculation methods
The method for calculating indicators is based on the data of systematized indicators, analysis of the sources of their changes, search and identification of the relationship between them.
The mechanism for carrying out activities to study and analyze the state of working capital (OS) consists of next steps:
- Setting goals and objectives of the procedure.
- Collection of data on indicators.
- Drawing up a sequence and plan for the procedure.
- Approval of periods and deadlines.
- Deciding how information is collected and processed.
- Drawing up methods for the analysis of the economic parameters of the enterprise.
- Drawing up a plan for organizing an analysis of the effectiveness of the use of the OS and appointing those responsible for the execution of the stages of the procedure with the regulation of duties.
- Establishment of rules for the order in which the results obtained during the analysis are formalized.
main goals activities is to identify the shortcomings and errors made in the management of the OS, as well as the development of ways to eliminate them. Another goal is to identify reserves and increase the level of intensity of their use in the organization's processes.
Important indicators for implementation commercial activities enterprises are state, composition and structure:
- The resources held by the organization.
- Unfinished production.
- Finished manufactured products.
If the structure is stable, this means that the production and marketing process also has solid indicators. Characteristics of the development of the company can be seen in determining the structure of the SBS and changes in their components.
At the second stage of the process, working capital is grouped according to risk categories. Working capital is divided into easily implemented And difficult to implement. If there are a lot of OS on the balance sheet of an organization that are difficult to implement, then this can have a negative impact on the economic situation as a whole.
The negative impact is expressed as follows:
- Slows down the turnover rate.
- The company's performance indicators are declining.
- The picture of liquidity is distorted.
All sources of OBS are divided into two categories:
- Own- provide a guarantee of stability financial position and autonomy of the enterprise.
- Borrowed- help to secure the necessary additional funds.
Under the dynamism of revolving funds is meant the degree of their turnover - the duration of the passage of certain stages in production and use. This parameter is measured in the number of revolutions and the duration (in days) of one stage.
One of the important parameters in the process of analyzing the activities of an enterprise is Evaluation of the effectiveness of the use of OS. The indicators with which the analysis is carried out:
- Duration of one turn- indicates the period for which the OS is returned to the company in monetary terms from the proceeds from the sale of products.
- speaks of the number of revolutions reporting period. Here, close attention is required to study the level of the coefficient according to this enterprise and related companies. We need to follow the dynamics. The higher the turnover rate, the less funds are needed to carry out the operational process in the company.
- Obs load factor speaks of the amount of funds involved in the production and sale of one ruble of marketed products.
- calculated: Profit (P) / average annual cost ObS.
With an increase in the parameters of the intensity of the use of working capital, a certain amount of ObS is released. With absolute release, the need to use these resources decreases - the main feature is the impossibility of withdrawing funds from the process without stopping it.
Conditions for the formation of relative release:
- Reducing the period of passage of one turnover - increases the speed of turnover.
- The volume of production and sales is increasing.
To determine it, you need to calculate the amount of change in the volume of working capital and goods sold. This is determined by the need for OS for the reporting period - the amount of actual sales of products for the selected period and the number of days of turnover for the past year are revealed. The result obtained is released funds.
Current assets include:
- The stocks available to the firm are fuel, materials, inputs for production, semi-finished products, packaging and spare parts.
- VAT on purchased valuable property.
- Accounts receivable of a short-term or long-term nature.
- Investments and others for the short term.
- Money.
- Unfinished building.
- Funds of circulation - costs in the coming periods.
- Manufactured goods that are placed in the warehouses of the enterprise.
- Products that have been shipped but have not yet received payment.
Working capital can be classified according to different criteria.
Depending on the economic content:
- production fund;
- circulation fund.
By rationing:
- normalized - used only in accordance with established restrictions;
- non-standardized - applied on the fact of need.
By origin:
- own - those that are constantly used by the enterprise;
- borrowing is the attraction of funds from the outside, through the emergence of credit obligations.
The structure of working capital is a set of its elements interconnected.
Three Stages of ObS Turnover:
- Procurement of funds necessary for production process. Cash from the financial state are transferred to the purchased goods - this stage is called supply.
- The use of working capital in the process of manufacturing goods - production stage.
- Products are being sold. Finished products go from marketable to monetary terms - marketing stage.
Turnover acceleration methods:
- Increasing the intensity of the production process - eliminating downtime, interruptions without good reason, reducing the time of manufacture of goods and natural processes.
- Savings and reasonable use of OS - purchase of materials at a low price, cost optimization. Competent.
- Modernization of equipment and technology. Introduction of new products.
- Improvement of the system of auxiliary and main production.
- Development of methods for relationships with contractors.
- Developing a customer relationship strategy.
- Application logistics methods to optimize procurement and production processes.
Influencing factors
Varieties of conditions affecting the performance indicators of the use of OS:
- By degree of controllability and breadth of functions– depend on the extent to which the implementation of funds is applied technical progress in the production process.
- Factors that affect the number and volume of OS: general economic, organizational-economic type, which lead to a decrease in their level, increase their value.
- Depends on the scope of the organization: objective type - not related to the type of business, subjective - are in direct connection with the area of work of the company.
Basic indicators
For full assessment efficiency exists certain indicators that can give a complete and reliable picture economic development enterprises. One of the most important criteria is turnover rate indicator- the shorter the time, the more efficient the use.
Turnover ratio ObS (Kob)- this is a parameter that contains information about the number of completed turnovers for the reporting period. Calculations are carried out for the year, quarter or month.
Kob \u003d Vp / Osr, where
vp- volume of products sold per year, osr- the average annual value of the balance of OS on the balance sheet of the enterprise for the year.
The value is calculated per 1 ruble ObS. This indicator is used to judge the effectiveness of measures to manage working capital, and the higher the result, the better.
The duration of one cycle (D) is expressed in days. Formula:
D \u003d T / Kob, where
T– the number of days of the analyzed time interval.
If the data is taken for a month, then it is equal to 30 days, for a quarter - 90, and a year - 360.
Load factor (Kz)- shows how much OS is required to spend on 1 ruble of marketed products. The lower it is, the better.
Kz \u003d Osr / Vp
In addition to the main indicators that display the whole picture, it is necessary to calculate the particular values. They take into account the degree of use of OBS at each stage of production, procurement and marketing.
The effectiveness of OSS management lies not only in the speed of the entire cycle, but also in reducing the cost of selling the product and its production.
Me (material consumption of goods)- the relationship of the volume of costs to the number of products produced. Formula:
Me \u003d M3 / V, where
MOH- expenses of a material nature, and V- volume of goods produced.
Material return:
Features of determining efficiency
Indicators characterizing the efficiency of the use of working capital
The effective use of working capital of an enterprise is characterized by:
– turnover ratio. Reflects the number of circuits made by the working capital of the enterprise for a certain period. Turnover ratio ( TO about) shows the volume of products sold per one ruble of working capital. It is determined by dividing the volume of sales in wholesale prices of the enterprise by the average balance of working capital ( WITH about) in a specific period (year, quarter, month):
It is obvious from the formula that the increase in the number of revolutions depends on the growth in output per ruble of working capital, or on the decrease in the amount of working capital by a constant volume of production.
– duration of one revolution in days (T about). Shows how much time is needed to complete the full cycle of the circulation of funds from payment for the delivered material resources to the sale of products:
or 
,
Where T P- the number of days in the period under review (360, 90, 30).
Essentially, T about characterizes the length of time required for the transformation of funds invested in inventories into money in the company's current account. The shorter the duration of the turnover of working capital or the greater the number of cycles they make with the same volume of products sold, the less working capital is required, and vice versa.
–relative release of working capital(the effect of accelerating the turnover of working capital) reflects the change in the value of working capital, linked to the change in the volume of products sold. Relative release ( E O) is the difference between the actual and estimated need for working capital. The estimated need for working capital is calculated based on the actual change in the value of sales of products for a specific period and the basic turnover of working capital for the previous period:
or 
,
Where WITH about f And WITH about bases- average values of working capital balances, actual and in the base period; RP f And RP bases- volumes of products sold actually and in the base period; TO about bases- turnover ratio of working capital in the base period.
Ways to accelerate the turnover of working capital
Ways to accelerate the turnover of working capital are usually considered in the context of the stages of circulation or areas of activity of the enterprise.
In the field of production ways to accelerate the turnover of working capital assets can be reduced to the following:
– at the stage of creating inventories: the introduction of economically justified norms of reserves; bringing suppliers of material resources closer to consumers; use of wholesale networks for trade in material resources; ensuring the rhythm of deliveries; mechanization and automation of storage facilities;
- at the stage of work in progress - acceleration of scientific and technological progress, improvement of the organization of production.
In the commercial field acceleration of the turnover of circulation funds is reduced to the use of modern market methods management of receivables, the use of a well-thought-out credit policy.
Accounts receivable - lending to the buyer (the so-called commercial loan), i.e. the enterprise-supplier of products invests its funds in this debt. The amount of investment is calculated on the basis of unearned revenue.
For example. The annual sales volume of the plant is $ 12,000,000. The average maturity of accounts receivable is 1 month. Therefore, the conditional investment in buyers is (12000000∙1):12=$ 1000000. Direct losses are calculated in the amount of bank interest that the company could earn by receiving money immediately and opening a deposit account in a commercial bank:
1000000 0.08=$80000 or (12000000 0.08):12,
where 0.08 in the example corresponds to 8% per annum on the deposit.
Measures to accelerate the receipt of receivables (solution of the problem of non-payment) usually come down to the following:
- selection of business partners and the optimal scheme of relations with them. Evaluation of the business reputation of buyers. Application of trade discounts for early payment;
– use of financial instruments: determination of credit conditions and measures in order to withdraw debts from debtors; sale of debts to factoring companies; use of bills, 100% prepayment; payment using letters of credit;
- Enforced debt collection.
The cost of fixed and current assets is reflected in the balance sheet, the main financial document of the enterprise. The main production assets are classified as non-current assets, current assets - as current assets. Both those and others are reflected in the asset of the balance sheet, as the property of the enterprise. The sources of their formation and replenishment are reflected in the liabilities side of the balance sheet. The main components of the balance sheet structure are presented below (tab.3.4).
Table 3.4
Simplified structure of the balance sheet, thousand rubles (million rubles)
|
Assets |
Passive |
|
1. Out current assets |
3. Capital and reserves |
|
Intangible assets |
Authorized capital (share capital, authorized fund, contributions of comrades) |
|
………………………………. |
Revaluation of non-current assets |
|
fixed assets |
Reserve capital |
|
Retained earnings (uncovered loss) |
|
|
…………………………………. |
……………………………………. |
|
2.Current assets |
4.Long-term obligations |
|
Borrowed funds |
|
|
Accounts receivable |
5. Current liabilities |
|
Cash |
Borrowed funds |
|
Other current assets |
Accounts payable |
|
………………………………… |
|
|
Balance |
Balance |
| " |
The most important indicators of the efficiency of the use of working capital is the turnover ratio, the duration of the turnover of working capital and the utilization factor of working capital.
Working capital turnover ratio V characterizes the number of turnovers of working capital during a certain period.
(4.11)
where B is the proceeds from sales (volume of products sold), r.;
obs - average annual cost working capital, r.
The average annual balance of working capital is calculated by the formula
where ObS 1 - the amount of working capital at the beginning of the period, p.
ObS n - the amount of working capital on the n-th date, p.
n is the number of considered dates.
The indicator, the reciprocal of the turnover ratio, is the coefficient of fixing working capital.
Fixing factor (To fixed) shows the amount of working capital attributable to one ruble of sold products.
(4.13)
Turnover duration - the period of time for which working capital makes one complete cycle.
The duration of the turnover is calculated by the formula:
(4.14)
where F is the duration of the calendar period, days;
K about - the turnover ratio for the period F.
The duration of the calendar period is taken rounded - 360 days in a year, 90 - in a quarter, 30 in a month.
With a reduction in the duration of the circulation, working capital is released from circulation, and vice versa - the enthusiasm for the duration of the turnover causes the need for additional funds.
Absolute Release calculated by the formula
where obs pl – planned value of working capital, r.;
ObS b - the base value of working capital, p.
Accelerating the turnover of working capital always leads to a relative release of working capital.
The relative release of working capital is calculated by the formulas:
where I v is the index of growth in the volume of sales in the planned year compared to the base year;
D b, D pl - respectively, the duration of the turnover in the base and planning years;
In pl - the volume of products sold in the planned year.
Solution of typical tasks
Example 4.1
The power of the tractor produced last year was 110 hp. with., and its weight is 3.56 tons. This year, the production of tractors with a capacity of 150 liters has begun. with., weight compared with the base model increased by 10%. Determine the relative metal content of the old and new tractor models.
Solution:
Horsepower is the main performance characteristic of a tractor. In accordance with this, we determine the relative metal consumption by formula (4.3) and for the old tractor model it will be:
About m = 3.56 t / 110 hp = 0.032 t/hp
The weight of the tractor after the increase will be:
3.56 + 3.56×10%/100% = 3.56×1.1 = 3.916 t
Then, the relative metal consumption of the new tractor model will be:
About m = 3.916 t / 150 hp = 0.026 t/hp
Thus, the relative metal consumption decreased.
Example 4.2
The net weight of the machine is 350 kg, the amount of actual waste during the processing of the workpiece is 92 kg. As a result of improving the technology of manufacturing machine parts, waste is planned to be reduced by 10%. Determine the metal utilization rate and the percentage of waste before and after the technology change.
Solution:
The metal utilization factor is determined by the formula (4.4)
According to the condition of this problem, we will calculate per unit of the machine, then:
K i.m. = 350 / (350+92) = 0.7919
Thus, the metal is used by 79.19%
The amount of waste before the improvement of technology is 92 kg, then the production of the machine takes 350 + 92 kg = 442 kg of metal.
=
20,81%
Waste after the improvement of technology will decrease by 10% and will amount to:
92 - 92 x 10% / 100% = 92 x (1 - 0.1) = 92 x 0.9 = 82.8 kg
After the technology is improved, 350 + 82.8 kg = 432.8 kg of metal will be used to produce the machine.
Then the level of waste will be:
=
19,13%
Thus, the level of waste has decreased.
Example 4.3
The following data are available for the machine-building plant. The volume of gross output in wholesale prices is 234,000 million rubles. Material costs for the production of gross output 140,000 million rubles.
Determine material consumption and material return.
Solution:
Substituting the initial data into formulas (4.1) and (4.2), we obtain:
M otd \u003d 234000 / 140000 \u003d 1.671 p.
M e \u003d 140,000 / 234,000 \u003d 0.598 p. for 1 ruble of products
Thus, there are 0.598 rubles of material costs per ruble of sold products.
Example 4.4.
The company manufactures 120 units of products per year. The cost of producing one product is 100 thousand rubles. per piece, of which 40% are the cost of basic materials. Determine the standard of working capital for basic materials. The time for materials to be in transit is 2 days, the time for acceptance, storage and preparation of materials for production is 1 day. The interval between deliveries is 10 days. The safety stock is 25% of the current stock.
Solution:
The standard of working capital in inventories for the i-th material is determined by the formula (4.5).
The annual need for the material is = 0.4 × 100 × 120 = 4800 thousand rubles.
The average daily requirement for a material is determined by dividing the cost estimate for the production period by the corresponding number of calendar days in the planning period.
The average daily demand will be
q i \u003d 4800 thousand rubles / 360 days \u003d 13.33 thousand rubles / day
The stock rate in days is made up of:
The time spent by materials on the way after their payment (transport backlog);
Time for acceptance, unloading, sorting, warehousing and preparation for production (preparatory stock);
Time spent in the warehouse in the form of current stock (current stock); The holding time of a material in the form of current stock is defined as half of the weighted average interval between deliveries of the material.
The time spent in the warehouse in the form of safety stock (safety stock). The insurance stock depends on random factors, so it is difficult to calculate its size. The time spent by the material in the safety stock is set within the limits of up to 50% of the current stock rate.
Thus, the stock rate in days is equal to:
H m \u003d 2 + 1 + 10/2 + 0.25 × 10/2 \u003d 9.25 days
The standard of working capital for raw materials will be
Q m \u003d 13.33 × 9.25 \u003d 123.30 thousand rubles
Thus, the minimum required amount of working capital for the formation of inventories is 123.30 thousand rubles. R.
Example 4.5.
The output will amount to 8 million rubles. The average annual cost of fixed production assets is 3 million rubles. The specific consumption rate of the tool is 20 thousand rubles. and technological equipment 12 thousand rubles. for 1 million rubles product release. The consumption rate of materials for repair and maintenance needs is 25 thousand per 1 million rubles. cost of fixed production assets. Tool inventory is 90 days. The stock rate of equipment is 60 days. The norm of the stock of materials for repair and maintenance needs is 90 days. Determine the need of a large joint-stock company in working capital to create the necessary stocks of tools, equipment and materials for repair and maintenance needs.
Solution:
Tool standard == 40 thousand rubles.
Equipment standard = = 16 thousand rubles.
Standard for spare parts = = 18.75 thousand rubles.
Total total need \u003d 40 + 16 + 18.75 \u003d 66.5 thousand rubles.
Thus, the need of a large joint-stock company in working capital to create the necessary stocks of tools, equipment and materials for repair and maintenance needs is 66.5 thousand rubles.
Example 4.6.
The enterprise manufactures 120 units of products per year at a price of 120 thousand rubles. a piece. The cost of producing one product is 100 thousand rubles. per piece of which 40% is the cost of raw materials and supplies. The duration of the production cycle is 15 days. Determine the standard of working capital for work in progress.
Solution:
The standard of working capital in work in progress is determined by the formula (4.6).
With a uniform write-off of costs, the cost increase factor is determined by the formula (4.7).
Since, the main materials transfer their cost to the cost of finished products at the beginning of the production cycle, therefore they are included in the cost in full. That's why
C lane \u003d 100 × 40% / 100% \u003d 40 thousand rubles.
Then the subsequent costs are determined by subtracting the initial costs from the total costs of producing a unit of output.
With the last \u003d 100 - 40 \u003d 60 thousand rubles.
Substituting the obtained data into the formula for the cost increase coefficient, we get:
=
0,7
The average daily costs are
C day \u003d 120 × 100 thousand rubles / 360 days \u003d 33.33 thousand rubles / day
Q WPI = 15 × 0.7 × 33.33 = 349.97 thousand rubles
Thus, the minimum required amount of working capital for the formation of work in progress is 349.97 thousand rubles.
Example 4.7.
Balance of deferred expenses at the beginning of the planned year 473 thousand rubles. In the planned year, new expenses are provided for, charged to the expense of future periods in the amount of 210 thousand rubles. From the expense account of future periods, 410 thousand rubles will be written off to the cost of production.
Solution:
The working capital ratio for deferred expenses is determined by the formula (4.8)
The working capital ratio will be:
Q rbp \u003d 473 + 210 - 410 \u003d 273 thousand rubles.
Thus, the minimum required amount of working capital for the formation of deferred expenses is 273 thousand rubles.
Example 4.8.
Determine the standard of working capital in stocks of finished products for the enterprise considered in the previous examples. The annual output of products amounted to 120 products at a production cost of 100 thousand rubles. The time of accumulation of products to the size of the shipped batch is 5 days. The time required for packaging and labeling products is 1 day, the time for transporting products to the destination station is 2 days.
Solution:
The inventory limit for finished goods depends on the following factors:
the order of shipment and the time required for the acceptance of finished products from the shops;
the time required for completing, selecting products to the size of the shipped lot and in the assortment, respectively, according to orders, orders, contracts;
the time of accumulation of products to the size of the shipped batch, the full use of the container, wagon, platform;
the time required for the delivery of packaged products from the warehouse of the enterprise to the railway station, pier, etc.;
product loading time;
waiting time Vehicle for loading and visa of documents; product storage time.
Hgp \u003d 5 + 1 + 2 \u003d 8 days.
From days = 120 pcs. ×100 thousand rubles / 360 days = 33.33 thousand rubles
Q gp \u003d 33.33 thousand rubles ×8 days = 266.64 thousand rubles
Thus, the minimum required amount of working capital for the formation of finished products is 266.64 thousand rubles.
Example 4.9.
The price of the product without VAT is 600 rubles, the VAT rate is 18%. Sales volume 5,000 pcs. per quarter, of which 50% is sold on credit for an average period of 30 days, the time for processing documents in settlements is 2 days.
Solution:
The amount of receivables is determined if the terms of payment by buyers of finished products are known. The calculation of accounts receivable is based on the calculation of the cost of products sold on credit and the maturity of loans according to formula (4.9).
The proceeds from the sale of all products with VAT is equal to
600 × (1 + 0.18) × 5,000 = 3,540 thousand rubles
Provided that only half of the products are sold with a deferred payment, the need for working capital in receivables will be:
Q dz \u003d 3,540 × 0.5 × (30 +2) / 90 \u003d 629.33 thousand rubles.
Thus, the minimum required amount of working capital for the formation of receivables is 629.33 thousand rubles.
Example 4.10.
In the reporting year, the enterprise sold products for 600 pieces of products at a price of 1 million rubles. with an amount of working capital of 70 million rubles. It is planned to increase sales by 20%, and reduce the average duration of one turnover of working capital by 10 days. Determine: the turnover ratio of working capital, the average time of one turnover in the reporting and planning period, the absolute and relative change in the company's need for working capital.
Solution:
Turnover ratio (turnover rate) shows the number of turnovers that make working capital during the period under consideration:
To ob.otch \u003d 600 pcs. ×1 million rubles/70 million rubles = 8.57 revolutions.
With an increase of 20%, the planned sales volume will be:
In pl \u003d 600 ´ 0.2 + 600 \u003d 720 million rubles
Turnover time or turnaround time in days - shows how many days working capital makes one complete turnover.
The average duration of one period in the reporting and planning period will be:
D otch \u003d 360 days / 8.57 \u003d 42 days.
D pl \u003d 42 days - 10 days \u003d 32 days.
Based on the planned values of the turnover period and the volume of products sold, we determine target value working capital according to the formula
, (4.18)
ObS pl \u003d 720´32 / 360 \u003d 64 million rubles.
The absolute and relative change in the enterprise's need for working capital is determined by the formulas (4.15) - (4.16):
ObSabs \u003d 70 - 64 \u003d +6 million rubles.
ObS rel = 70´1.2 – 64 = +20 million rubles
Thus, as a result of the increase in sales, there was a release of working capital.