Consequences of acceleration (slowdown) of turnover of working capital. System of business activity indicators characterizing capital turnover Accounts payable turnover ratio

Currently, the total amount of the company's receivables is about 1,474 thousand rubles. In 2009 - 2010 the balance of short-term accounts receivable at the end of the year tends to decrease, which makes it possible to increase the cash component of working capital and accelerate their turnover. To further reduce accounts receivable, it is planned to: increase the share of prepayments and intensify the work of the legal service to collect the overdue portion of the debt.

Also, to increase the efficiency of using working capital (by reducing the turnover period), it is recommended to develop measures for the sale and write-off of stale materials, since their presence leads to the “death” of working capital, an increase in storage costs, etc.

Let us calculate the effectiveness of the proposed measures. We present the data for calculations in the form of table 22.

Table 22. Initial data for analysis

In the reporting year 2010, revenue increased 1.5 times compared to the previous 2009, when it amounted to 12,941,694 thousand rubles, so in the base period it is planned to increase revenue by 1.65 times, which will amount to 33,090,560 thousand rubles. (see table 22).

In addition, it is planned to reduce accounts receivable, according to the proposed measures, by 4 times, which will amount to 168,523 thousand rubles.

In connection with the doubling of revenue, there should be an increase in inventory turnover, which in turn should be due to a decrease in inventories and materials in warehouses.

Let us analyze the dynamics of the economic potential of the enterprise for 2009-2011, taking into account planned indicators.

The analysis is shown in Table 23.

Table 23. Dynamics of the economic potential of KAMAZ-DIZEL OJSC for the period 2009-2011 (taking into account planned indicators), thousand rubles.

The following ratio of tempo indicators is optimal:

> > > 100%, (14)

where, - respectively, the rate of change in profit from sales of products, revenue from sales and the total cost of products sold.

Throughout 2009-2010. This inequality is observed to be fulfilled, despite the fact that the financial condition of the enterprise is not stable, there was a decrease in losses, and the profit growth rate was 167.39%. Inequality indicates that, compared with the increase in economic potential, sales volume increases at a faster rate, that is, the organization’s resources are used more efficiently, the return on every ruble invested in the company increases, since the rate of revenue growth outpaces the rate of cost growth, which cannot be said about the rate of profit growth. If the revenue growth rate increases by 10%, revenue will increase by 1.65 times. It is necessary that in the planning year the rate of profit growth be greater than the rate of revenue growth, which should increase the economic potential of KAMAZ-DIZEL OJSC. In order for profits to grow at a faster pace, it is necessary to have a relative reduction in production and distribution costs in the reporting period as a result of actions aimed at optimizing the technological process and relationships with counterparties.

Thus, with a planned reduction in losses by 88 times, sales revenue will increase by 1.65 times, and the total cost will increase by 1.62 times, and the inequality will be respected. Consequently, it is planned to increase the economic potential of KAMAZ-DIZEL OJSC.

Inventory circulation time is expressed in days of turnover and is calculated using formula (15)

OT = Z * T: Q (15)

Ot - average stock;

T - number of days in the period;

Q - sales revenue.

Let us calculate the inventory circulation time for the enterprise OJSC KAMAZ-DIZEL for 2010.

From = 1127103 * 365: 20054885

This means that in 2010 the company had enough supplies for 20 days. It is necessary to plan a decrease in the level of inventories, therefore, according to formula (15), in the planned year 2011, the circulation time of inventories should decrease due to an increase in sales revenue, which will entail a decrease in the average annual cost of working capital. production assets.

So, we have in 2011 according to plan:

From = 985650 * 365: 33090560

This means that with a decrease in inventory levels by 1.14 times, in the planned year the inventory circulation time is reduced by 2 times, which can increase the speed and reduce the time of commodity circulation, increase sales revenue with a smaller inventory, which has an impact on the reduction expenses for storing goods, reducing commodity losses, etc.

Firms strive to increase inventory turnover in order to obtain the largest sales volume and, consequently, profit with a smaller warehouse area and lower inventory holding costs. High inventory turnover requires stricter inventory control.

Achieving high turnover is not an easy task for large enterprises, since they are forced to store part of the inventory of items with irregular demand in warehouses.

If for economically efficient trading It is necessary to maintain a high level of inventory turnover, then in order to ensure demand for any product included in the trade range, it is necessary to store a wide range of rarely sold goods, which slows down the overall inventory turnover.

Inventory turnover is an important criterion that must be carefully analyzed.

As a result of all measures, the average annual cost of working production assets should decrease by 1.5 times.

To estimate working capital turnover, formula (16) is used:

Turnover ratio

Kob = Vp / CO (16)

where Cob is the turnover ratio (in revolutions);

Vр - revenue from sales of products (works, services), thousand rubles;

СО - average working capital, thousand rubles.

The duration of one revolution is calculated using formula (17):

L=T/Kob (17)

where Dl is the duration of the circulation period of working capital, in days;

T - reporting period, in days.

In 2009 Kob 0 = 20054885/ 2653719 = 7.56

For 0 = 365/7.56 = 78.28 days.

In 2010 Kob 1 = 33090560/1822700 = 18.15

For 1 = 365/18.15 = 20.11 days.

The calculation shows that the duration of the circulation period of working capital is reduced by 4 times, which indicates an acceleration of its turnover, which is a positive effect of planning.

The amount of absolute savings (attraction) of working capital can be calculated in two ways.

1. The release (attraction) of working capital from circulation is determined by formula (18)

D CO = (CO 1 -CO 0)* Kvp (18)

where CO is the amount of savings (-), attraction (+) of working capital;

CO 1, CO 0 - the average amount of the organization's working capital for the reporting and base periods;

Kvp is the coefficient of product growth (in relative units).

D SO = (1822700-2653719) * 1.65 = - 1371181 thousand rubles.

2. The release (attraction) of working capital as a result of a change in the duration of turnover is calculated using formula (19)

DSO = (Dl 1 - Dl 0) * V 1odn, (19)

where Dl 1,Dl 0 - the duration of one turnover of working capital, in days;

V 1one - one-day sales of products, million rubles.

DSO = (20.11-78.28)*91 = - 5293 million rubles.

Increase in production volume due to acceleration of working capital (other than equal conditions) can be determined using the chain substitution method:

D Vр = (Kob 1 -Kob 0) * CO 1

D Vр = (18.15-7.56) * 985650 = 10,438,033 thousand rubles.

The increase in production volume in the planned year will amount to 10,438,033 thousand rubles.

The influence of working capital turnover on the increase in DR profit is calculated using formula (20)

D R = P 0 * (Kob 1 / Kob 0) - P 0 (20)

where P 0 - profit for the base period;

Kob 1, Kob 0 - working capital turnover ratios for the reporting and base periods:

DR= -4160*(18.15/7.56)-(-4160)= -5824 thousand rubles.

From calculations of the effectiveness of the proposed measures, it is clear that in the future, after their implementation, it is necessary to slow down the turnover of working capital again, since the base year value of 18.15 is high and the enterprise will increase its loss.

The slowdown in turnover will be accompanied by the diversion of funds from economic circulation and their relatively longer deterioration in inventories, work in progress and finished products, which will help strengthen the financial condition of the KAMAZ-DIZEL OJSC enterprise.

Thus, as the calculations show, at the KAMAZ-DIZEL OJSC enterprise, taking measures for the efficient use of working capital (namely, reducing the level of inventories to the optimal level, timely collection of accounts receivable and taking measures to reduce the level of debt in the future) leads to to reduce the loss of the enterprise, and as a result of increasing the efficiency of using working capital, improving the financial condition of the enterprise and increasing the business activity of the enterprise.

An important indicator of the intensity of use of working capital is the speed of their turnover. Working capital turnover is the duration of one complete circulation of funds, starting with the first and ending with the third phase. The faster working capital goes through these phases, the more products an enterprise can produce with the same amount of working capital.

In different economic entities, the turnover of working capital is different, as it depends on the specifics of production, conditions for selling products, the solvency of the enterprise, on the features in the structure of working capital and other factors.

The turnover rate of working capital is calculated using three interrelated indicators: the duration of one turnover in days, the number of turnovers per year (six months, quarter), as well as the amount of working capital per unit of products sold. The calculation of working capital turnover can be carried out both according to plan and actually.

The planned turnover can be calculated only for standardized working capital, the actual turnover can be calculated for all working capital, including non-standardized ones. A comparison of planned and actual turnover reflects the acceleration or deceleration of the turnover of standardized working capital.

When turnover accelerates, working capital is released from circulation; when it slows down, there is a need for additional funds to be involved in turnover. The duration of one revolution in days is determined based on formula 1.

O = Co: (T: D), (1)

or formula 2.

O = (Co × D) : T (2)

where O is the duration of one revolution, days;

Сo - average annual working capital balances, rub.;

T - volume commercial products(at cost), rub.;

D - number of days in the reporting period

The turnover ratio shows the number of turnovers made by working capital per year (six months, quarter), and is determined by formula 3.

Ko = T: Co, (3)

where Ko is the turnover ratio, i.e. number of revolutions.

The working capital utilization ratio is an indicator inverse to the turnover ratio. It characterizes the amount of working capital per unit (1 ruble, 1 thousand rubles, 1 million rubles) of products sold, calculated using formula 4.

Kz = Co: T, (4)

where Kz is the working capital load factor.

This indicator may indicate rational, efficient or, conversely, ineffective use of working capital only in comparison over a number of years and based on the dynamics of the coefficient. Turnover can be general or private. General turnover characterizes the intensity of use of working capital as a whole across all phases of the circulation, without reflecting the characteristics of the circulation of individual elements or groups of working capital. The overall turnover indicator seems to neutralize the process of improving or slowing down the turnover of funds in individual phases. Accelerating the turnover of funds at one stage can be minimized by slowing down the turnover at another stage and vice versa.

The second turnover indicator - the number of turnovers made by working capital during the reporting period (turnover ratio) can be obtained in two ways:

1) sales of products minus value added tax and excise taxes to the average balance of working capital, i.e. according to formula 5.

OR = P/CO, (5)

where СО - number of revolutions

P - sales of products

CO - average balance of working capital

2) the number of days in the reporting period to the average duration of one revolution in days, i.e. according to formula 6.

HO = B/P (6)

B - number of days in the reporting period,

P is the average duration of one revolution in days.

The third indicator of turnover (the amount of employed working capital per 1 ruble of products sold - this is the working capital load factor) is determined in one way as the ratio of the average balance of working capital to the turnover of product sales for a given period, i.e. according to formula 7.

This figure is expressed in kopecks. It gives an idea of ​​how many kopecks of working capital are spent to obtain each ruble of revenue from product sales.

The most common first indicator of turnover, i.e. average duration of one revolution in days.

The annual turnover is most often calculated.

When the turnover of working capital slows down, additional involvement in turnover occurs; when it accelerates, working capital is released from circulation. The amount of working capital released as a result of accelerated turnover or additionally attracted as a result of a slowdown is determined as the product of the number of days by which turnover accelerated or slowed down by the actual one-day sales turnover.

The economic effect of accelerating turnover is that an organization can produce more products with the same amount of working capital, or produce the same volume of products with a smaller amount of working capital.

Accelerating the turnover of working capital is achieved by introducing into production new technology, progressive technological processes, mechanization and automation of production. Such activities help reduce the duration production cycle, as well as increasing the volume of production and sales of products.

To accelerate turnover, the following are important: rational organization of logistics, sales of finished products, compliance with savings in production costs for the sale of products, the use of forms of non-cash payments for products that help speed up payments, etc.

To study the reasons for changes in the rate of turnover of funds, consider the indicators of general turnover and indicators of private turnover. They relate to certain types of current assets and give an idea of ​​the time spent by working capital at various stages of their circulation. These indicators are calculated in the same way as inventories in days, but instead of the balance (inventory) on a certain date, the average balance of a given type of current asset is taken.

Private turnover shows how many days on average working capital is in a given stage of the circulation. For example, if the private turnover of raw materials and basic materials is 10 days, this means that on average 10 days pass from the moment the materials arrive at the organization’s warehouse to the moment they are used in production.

As a result of summing up the indicators of private turnover, we will not get an indicator of total turnover, since different denominators (turnovers) are taken to determine the indicators of private turnover. These indicators allow us to determine what impact turnover has individual species working capital to the total turnover rate.

In analytical practice, the inventory turnover indicator is used. The number of turnovers made by inventories for a given period is calculated using the following formula:

Proceeds from the sale of products, works and services (less value added tax and excise taxes) are divided by the average value under the item “Inventories” of the 2nd asset section of the balance sheet.

Acceleration of inventory turnover indicates an increase in the efficiency of inventory management, and a slowdown in inventory turnover indicates their accumulation in excessive amounts and ineffective inventory management. Indicators are also determined that reflect the turnover of capital, that is, the sources of formation of the organization’s property. For example: equity capital turnover is calculated using the following formula:

Product sales turnover for the year (minus value added tax and excise taxes) is divided by the average annual cost of equity capital.

This formula expresses the efficiency of using equity capital (additional, authorized, reserve capital, etc.). It gives an idea of ​​the number of turnovers made by the organization’s own sources of activity per year.

This indicator characterizes the efficiency of using funds invested in the development of the Technopark OJSC enterprise. It reflects the number of turnovers made by all long-term sources during the year.

When analyzing the financial condition and use of working capital, it is necessary to find out from what sources the financial difficulties of the enterprise are compensated. If assets are covered by stable sources of funds, then the financial condition of the organization will be stable not only at a given reporting date, but also in the near future. Sustainable sources should be considered own working capital in sufficient amounts, balances of carry-over debt to suppliers on accepted payment documents, the payment terms of which have not arrived, constantly carry-over debt on payments to the budget, part of other accounts payable, unused balances of special-purpose funds (accumulation and consumption funds, and also social sphere), unused balances of targeted financing, etc.

If the financial breakthroughs of the enterprise OJSC Technopark are covered by unstable sources of funds, on the date of reporting it is solvent and may even have free funds. cash in bank accounts, but financial difficulties are expected in the near future. Unsustainable sources of working capital available on the 1st day of the period, the balance sheet date, but absent on dates within this period include: non-overdue debt for wages, contributions to extra-budgetary funds (above certain sustainable values); unsecured debt to banks for loans against inventory items; debt to suppliers for accepted payment documents, the payment terms of which have not yet arrived; in excess of amounts attributed to sustainable sources; debt to suppliers for supplies; arrears of payments to the budget in excess of amounts attributed to sustainable sources of funds.

It is necessary to draw up a final calculation of financial breakthroughs, i.e. unjustified expenditure of funds and sources to cover these breakthroughs.

Based on the above, we can conclude: that important indicator working capital is the speed of their turnover. When comparing planned and actual turnover, you can see the acceleration or deceleration of the turnover of normalized working capital.

When the turnover of working capital slows down, they are additionally involved in turnover.

When turnover accelerates, working capital is released from circulation, i.e. An organization can produce more products with the same amount of working capital or the same volume of production with a smaller amount of working capital.

Turnover ratios (business activity ratios) - a group of coefficients showing the intensity of use of assets or liabilities. The main turnover ratios are:

Relative indicators of business activity (turnover) characterizing the efficiency of using the organization's resources are turnover ratios. The average value of indicators is defined as the chronological average for a certain period (based on the amount of available data); in the simplest case, it can be defined as half the sum of indicators at the beginning and end of the reporting period.

All coefficients are expressed in times, and the duration of the turnover is in days. These indicators are very important for the organization. Firstly, the size of the fund depends on the speed of turnover of funds. annual turnover. Secondly, the size of the turnover, and, consequently, the turnover rate is associated with the relative value of production (circulation) costs: the faster the turnover, the less costs there are for each turnover. Thirdly, the acceleration of turnover at one or another stage of the circulation of funds entails an acceleration of turnover at other stages. Financial situation organization, its solvency depends on how quickly funds invested in assets turn into real money.

Let's consider the formulas for calculating the most common turnover ratios (business activity).

Asset turnover ratio

The turnover of funds invested in the organization’s property can be assessed:

• turnover rate - the number of turnovers that the organization’s capital or its components make during the analyzed period;
• turnover period - the average period for which they are returned to economic activity organization funds invested in production and commercial operations.

The asset turnover ratio reflects the degree of turnover of all assets at the disposal of the organization on a certain date and is calculated as the ratio of sales revenue to the average value of the organization's assets for the period.

Asset turnover ratio = Revenue / Average amount of assets in the period

Total capital turnover period (in days) = Duration of the reporting period (90, 180, 270 and 360 days) / Total capital turnover ratio

Balance formula:

Koa = page 010 f. No. 2 / ((p. 300-244-252)ng + (p. 300-244-252)kg f. No. 1) / 2

Koa = page 010 f. No. 2 / 0.5 x (line 300 at the beginning of the year + line 300 at the end of the year) f. No. 1

where ng - data at the beginning of the reporting year; kg - data at the end of the reporting period.

Balance formula since 2011:

Koa = line 2110 No. 2 / 0.5 x (line 1600 at the beginning of the year + line 1600 at the end of the year) f. No. 1

Current asset turnover ratio (current asset turnover)

This coefficient characterizes the turnover rate of all mobile devices of the enterprise:

Current assets turnover ratio = Revenue / Average annual value of current assets

Period of turnover of current assets (in days) = Duration of the reporting period / Turnover ratio of current assets

Kooa = line 010 f. No. 2 / (page 290 ng + page 290 kg f. No. 1) / 2

Kooa = line 2110 / 0.5 x (line 1200 at the beginning of the year + line 1200 at the end of the year)

The indicator characterizes the number of complete product circulation cycles in a period. Or how many monetary units of sold products each brought monetary unit assets. Or in other words, it shows the number of turnovers of one ruble of assets during the analyzed period.

This indicator is used by investors to evaluate the effectiveness of capital investments.

Capital productivity. Non-current assets turnover ratio

Capital productivity reflects the efficiency of using the enterprise's fixed assets and is calculated using the formula:

Capital productivity = Revenue / Average annual cost of fixed assets

Fo = page 010 f. No. 2 / (page 120ng + page 120kg f. No. 1) / 2

Fo = line 2110 / 0.5 x (line 1150 at the beginning of the year + line 1150 at the end of the year)

Equity turnover ratio

The ratio shows the rate of turnover of equity capital or the activity of funds at risk to shareholders:

Equity turnover ratio = Revenue / Average equity capital

Equity turnover period (in days) = Duration of the reporting period / Equity turnover ratio

Kosk = page 010 f. No. 2 / ((pages 490-244-252+640+650)ng + (pages 490-244-252+640+650)kg f. No. 1) / 2

Kosk = page 010 f. No. 2 / (page 490ng + page 490kg f. No. 1) / 2

Kosk = line 2110 No. 2 / 0.5 x (line 1300 at the beginning of the year + line 1300 at the end of the year)

If this ratio is too high, then this means a significant excess of sales over invested capital, which entails an increase in credit resources and the possibility of reaching the limit when creditors are more involved in the business than owners. In this case, the ratio of liabilities to equity increases, the security of creditors decreases, and the company may have serious difficulties associated with a decrease in income. On the contrary, a low ratio means the inactivity of part of one's own funds. In this case, the coefficient indicates the need to invest one’s own funds in another source of income that is more appropriate to the given conditions.

It is useful to compare the values ​​of the equity turnover ratio with the values ​​for the same period operating capital turnover ratio. Functioning capital is the amount of own working capital that is constantly involved in turnover, i.e. the difference between own working capital and long-term accounts receivable along with overdue accounts receivable. The coefficient is calculated using the formula:

Operating capital turnover ratio = Revenue / Average operating capital for the period

Analyzing the values ​​of this coefficient, you can see the slowdown or acceleration of the turnover of capital directly involved in production activities. The resulting values ​​of this coefficient are cleared, in comparison with the indicator of total asset turnover, from the influence of enterprise investments that do not have a direct impact on sales volume, with the exception of investments in their own development.

Invested capital turnover ratio

The coefficient shows the turnover rate of the enterprise's long-term and short-term investments, including investments in its own development. In the numerator - net revenue from sales, the denominator is the average amount of invested capital for the period.

Invested capital turnover ratio = Revenue / (Average equity capital + Average long-term liabilities)

Turnover period of invested capital (in days) = Duration of the reporting period / Turnover ratio of invested capital

Kik = page 010 f. No. 2 / ((page 490ng + page 490kg)/2 + (page 590ng + page 590kg)/2) f.No.1

Kik = page 2110 No. 2 / (0.5 x (page 1300ng + page 1300kg) + 0.5 x (page 1400ng + page 1400kg))

The turnover of invested capital significantly depends on investment business processes in terms of making real and financial investments, as well as on the efficiency of operating activities in terms of using available resources. With an increase in investment activity and an intensive increase in property, turnover decreases, since newly acquired assets cannot immediately provide adequate returns in the form of revenue growth.

When analyzing these coefficients in dynamics, you can see how much faster or slower the capital that is temporarily withdrawn from production activities turns in comparison with the capital involved in production. In a more detailed analysis, it is necessary to take into account the structure of invested capital.

Debt capital turnover ratio

Debt capital turnover ratio = Sales proceeds / Average debt capital

Debt capital turnover period (in days) = Duration of the reporting period / Debt capital turnover ratio

Kz = line 010 f. No. 2 / ((page 590ng + page 590kg)/2 + (page 690ng + page 690kg)/2) f.No.1

Kz = line 2110 No. 2 / (0.5 x (line 1500ng + line 1500kg) + 0.5 x (line 1400ng + line 1400kg))

Accounts receivable turnover ratio

The ratio shows the rate of turnover of receivables, measures the speed of repayment of the organization's receivables, how quickly the company receives payment for goods sold (work, services) from its customers:

Accounts receivable turnover ratio = Revenue / Average annual accounts receivable

Kodz = page 010 f. No. 2 / ((p. 240-244) ng + (p. 240-244) kg f. No. 1) / 2

Kodz = line 2110 / 0.5 x (line 1230 at the beginning of the year + line 1230 at the end of the year)

Accounts receivable turnover period ( accounts receivable turnover in days) characterizes the average repayment period of receivables and is calculated as:

Receivables turnover period = Duration of the reporting period / Code

When analyzing business activity, special attention should be paid to the turnover of receivables and payables, because these quantities are largely interrelated.

A decrease in turnover can mean both problems with paying bills and a more efficient organization of relationships with suppliers, providing a more profitable, deferred payment schedule and using accounts payable as a source of cheap financial resources.

Accounts payable turnover ratio

This is an indicator of how quickly an enterprise repays its debts to suppliers and contractors. The accounts payable turnover ratio shows how many times (usually per year) the company pays the average amount of its accounts payable, in other words, the ratio shows the expansion or reduction of commercial credit provided to the company:

Accounts payable turnover ratio = Revenue / Average annual accounts payable

Kokz = page 010 f. No. 2 / (page 620ng + page 620kg f. No. 1) / 2

Kokz = line 2110 / 0.5 x (line 1520 at the beginning of the year + line 1520 at the end of the year)

Accounts payable turnover period = Duration of the reporting period / Kokz

Accounts payable turnover period ( accounts payable turnover in days). This indicator reflects the average period for repayment of a company's debts (excluding obligations to banks and other loans).

Inventory turnover ratio (inventories and costs)

The indicator reflects the inventory turnover of the enterprise for the analyzed period:

Inventory turnover and cost ratio = Cost / Average annual cost of inventory

Komz = page 020 f. No. 2 / ((page 210+220)ng + (page 210+220)kg f. No. 1) / 2

Komz = line 2120 / 0.5 x ((line 1210 + line 1220)ng + (line 1210 + line 1220)kg)

Cash turnover

The indicator indicates the nature of the use of funds in the enterprise:

Cash turnover ratio = Revenue / Average cash

Codes = page 010 f. No. 2 / (page 260ng + page 260kg f. No. 1) / 2

Codes = line 2110 / 0.5 x (line 1250 at the beginning of the year + line 1250 at the end of the year)

Cash turnover indicators characterize the speed of transformation of assets into cash, as well as the speed of repayment of liabilities; indicators reflect the degree of business activity and operational efficiency of the organization.

Economic effect as a result of accelerated turnover

The economic effect as a result of accelerated turnover is expressed in the relative release of funds from turnover, as well as in an increase in the amount of profit. The amount of funds released from circulation due to acceleration (-E) or additionally attracted funds into circulation (+E) when turnover slows down is determined by multiplying the one-day sales turnover by the change in the duration of the turnover:

E = (Actual revenue/Days in the period) * ΔReb

ΔDeb = Deb 1 - Deb 0

Pob = (Ost * D) / Revenue from sales of products

Where,
D - the number of calendar days in the analyzed period (year - 360 days, quarter - 90, month - 30 days);
Ost - the average annual value of working capital;
Reb 1 - duration of one revolution in the reporting period;
Reb 0 - duration of one revolution in the previous period.

E=Proceeds from sales of products/Days of turnover*Reduction in the duration of turnover.

Financial balance of the enterprise. The sources of long-term assets (fixed capital) of the enterprise are equity and borrowed funds.

The balance of payments is ensured through overdue payments for wages, bank loans, suppliers, budget, etc.

There are 4 types of financial stability of an enterprise:

absolute stability:

Reserves< Собственный оборотный капитал, К ос1 = Собственный оборотный капитал /Запасы и затраты > 1

normal financial stability – in which inventories are greater than own working capital, but less than planned sources of covering them.

To os2 = Ipl/Inventories and costs >1

instability: the balance of payments is disrupted, but it remains possible to restore the balance of means of payment and payment obligations by attracting temporarily free sources of funds into the enterprise’s turnover (unoverdue debt to personnel for wages, budget, etc.). Z=Ipl+Ivr

To os3 = (Own working capital + Loan for inventory items + Free sources of funds) / Inventories and costs< 1, К ос3 = Ипл/Затраты и запасы>1

financial crisis(the company is on the verge of bankruptcy) : Z>Ipl+Ivr

To os4 = Ipl/Inventories and costs< 1

Financial stability can be restored by:

Acceleration of capital turnover in current assets, which will result in a relative reduction of 1 ruble. trade turnover;

Reasonable reduction of inventories and costs (to the standard);

Replenishment of own working capital from internal and external sources.

The effect of financial leverage. One of the indicators used to assess the efficiency of using borrowed capital is EFC. EGF indicator: , ,

Where is VER – economic profitability total capital before taxes and interest on the loan; ROA - economic profitability of total capital after taxes; ZK - average amount of borrowed capital; SK – average amount of equity capital; Kn – the ratio of taxes and profit to the amount of profit after interest; - nominal price of borrowed resources (ratio of accrued interest to the average amount borrowed funds); - updated price of borrowed resources.

The EFR shows that the amount of equity capital increases by sk% due to the attraction of borrowed funds into the turnover of the enterprise. Positive EFR occurs in cases where the return on total capital is higher than the weighted average price of borrowed resources, i.e. when VER> . If VER< , создается отрицательный ЭФР (эффект дубинки), в результате чего происходит проедание собственного капитала, может стать причиной банкротства предприятия.

Thus, by attracting borrowed resources, an enterprise can increase its own capital. In this case, it is necessary to take into account the degree financial risk, to assess which the level of financial leverage is calculated. The level of financial leverage is measured by the ratio of the growth rate of net profit to the growth rate of profit before interest on debt service. It shows that the growth rate of net profit exceeds the growth rate of profit earned for oneself and for creditors. This excess is ensured through the use of borrowed funds. An increase in leverage is accompanied by an increase in the degree of financial risk associated with a possible lack of funds to pay interest on loans and borrowings.

Debt level analysis. Having considered the main provisions of the financial stability of an enterprise, we come to the conclusion that the financial balance is significantly influenced by debt level. The balance sheet adopts two forms of expressing the level of debt. First form - a comparison of a firm's total debt and its total equity. You can calculate the ratio of total debt to total capital. Second form - comparison of total debts and equity.

The two forms are identical in many respects, but due to simplicity the first should be preferred.

If we take the following indicator as the level of funding stability:

then the debt indicators will look like this Invested capital coverage ratio = Capital of the source of financing / Invested capital.

Sources of financing comprise own sources of financing (including depreciation and amortization and provisions) and total borrowings, excluding current bank loans (including also debts in respect of firms and associate members).

Invested capital includes gross capital expenditure and working capital requirements.

The capital investment coverage ratio should be close to 100%. An indicator below 100% reflects a situation where the needs for capital investment and working capital are covered by short-term loans. Since such loans may be canceled or reduced, it is necessary to ensure that this source of financing is not used frequently to cover ongoing needs.

Analysis of cash flows in production activities. Recently, many authors have called for a move away from accounting concepts based on profits and losses (gross income, net income) when forecasting short-term difficulties for an enterprise and give preference to the use of cash flows from production activities.

Cash flow can be represented as a diagram:

Active Passive

Placed debt obligations +

Current accounts receivable +

Cash

Cash (net)

Cash flow structuring carried out by three functions: investment, financing and production. Investment function combines all investment transactions, including financial ones (excluding founding expenses, which do not have a large cost), minus the corresponding deductions for the maintenance of investments. Funding function includes the attraction of external resources, such as debt capital, as well as profits and losses. It excludes financial costs and financial investment and current interest on financial debts. The purpose of the financing function is to identify the balance of external resources existing before investment. Production function includes all transactions that do not appear in the investment and financing functions.

Cash flows are affected revolving funds in production, which are expressed by working capital. Current assets include cash, necessary for the enterprise for creating inventories in warehouses and in production, for settlements with suppliers, the budget, for paying wages and other operations.

According to the sources of formation, working capital is divided into own and borrowed.

Own working capital is funds that are constantly at the disposal of the enterprise and are formed from its own resources (profit, etc.). In the process of movement, own working capital can be replaced by funds that are part of one’s own, advanced for wages, but temporarily free (due to the lump sum of payments for wages). These means are called equal to their own, or stable liabilities. Borrowed working capital - bank loans, accounts payable (commercial loan) and other liabilities.

Effective operation of an enterprise is the achievement of maximum results at minimum costs. Cost minimization is achieved primarily by optimizing the structure of sources for the formation of working capital of the enterprise, i.e. a reasonable combination of own and credit resources. The working capital of the enterprise is constantly in motion, making a circuit.

Turnover is the ability of an organization to use its funds most efficiently.

Analysis of the provision of own working capital and equivalent funds. This analysis is carried out to objectively assess the financial condition. The degree of provision with own working capital and equivalent funds is established by comparing the amount of these funds with the established standard. Based on the balance sheet data for the main activities of the contracting organization, we will determine the deviation of the actual amount of its own working capital and equivalent funds from the normative one.

A) Basics of the UML language. CASE-tool “RATIONAL ROSE”. Basic concepts and purpose. B) Pilgrim system. The main functions and capabilities of this system.

Object-Oriented CASE Tools (Rational Rose)

Rational Rose- CASE tool from Rational Software Corporation (USA) - designed to automate the analysis and design stages software, as well as for generating codes in various languages ​​and issuing project documentation. Rational Rose uses a synthesis methodology for object-oriented analysis and design, based on the approaches of three leading experts in the field: Booch, Rumbaugh and Jacobson. The universal notation they developed for object modeling (UML - Unified Modeling Language) claims to be a standard in the field of object-oriented analysis and design. The specific version of Rational Rose is determined by the language in which program codes are generated (C++, Smalltalk, PowerBuilder, Ada, SQLWindows and ObjectPro). The main option - Rational Rose/C++ - allows you to develop project documentation in the form of diagrams and specifications, and also generate program codes in C++. In addition, Rational Rose includes software reengineering tools that enable software components to be reused in new projects.

Structure and functions

The work of Rational Rose is based on the construction of various types of diagrams and specifications that define the logical and physical structure of the model, its static and dynamic aspects. These include class, state, script, module, and process diagrams.

Rational Rose consists of 6 main structural components: a repository, a graphical user interface, a project viewer (browser), project control tools, statistics collection tools, and a document generator. To these are added a code generator (individual for each language) and an analyzer for C++, which provides reengineering - restoration of the project model from the source codes of the programs.

A repository is an object-oriented database. Viewers provide “navigation” through the project, including moving through hierarchies of classes and subsystems, switching from one type of diagram to another, etc. Tools for automatically generating program codes in the C++ language, using the information contained in the logical and physical models of the project, form header files and description files of classes and objects. The program skeleton created in this way can be refined by direct programming in C++. The C++ code analyzer is implemented as a separate software module. Its purpose is to create project modules in Rational Rose form based on information contained in user-defined C++ source code. During operation, the analyzer monitors the correctness of source texts and diagnoses errors. The model obtained as a result of his work can be used in whole or in fragments in various projects. The analyzer has a wide range of input and output settings. For example, you can define the types of source files, the underlying compiler, what information should be included in the generated model, and what elements of the output model should be displayed. Thus, Rational Rose/C++ provides the ability to reuse software components.

As a result of project development using the Rational Rose CASE tool, the following documents are generated: class diagrams; state diagrams; scenario diagrams; module diagrams; process diagrams; specifications of classes, objects, attributes and operations; preparation of program texts; model of the software system being developed; activity diagrams; collaboration diagrams

Operating environment. Rational Rose operates on various platforms: IBM PC (Windows), Sun SPARC stations (UNIX, Solaris, SunOS), Hewlett-Packard (HP UX), IBM RS/6000 (AIX).

State diagrams. Each system object that has a certain behavior can be in certain states, move from state to state, performing certain actions in the process of implementing the object’s behavior scenario. The behavior of most objects in real systems can be represented from the point of view of the theory of finite state machines, that is, the behavior of an object is reflected in its states, and this type of diagram allows you to reflect this graphically. For this, two types of diagrams are used: Statechart diagram and Activity diagram. A Statechart is designed to display the states of system objects that have a complex behavior model. This is one of two State Machine charts that can be accessed from a single menu item.

Activity diagrams. This is a further development of the state diagram. In fact, this type of diagram can also be used to reflect the states of the modeled object, however, the main purpose of the Activity diagram is to reflect the business processes of the object. This type of diagram allows you to show not only the sequence of processes, but also the branching and even synchronization of processes.

This type of diagram allows you to design algorithms for the behavior of objects of any complexity, and can also be used to create flowcharts.

Collaboration diagrams.

This type of diagram allows you to describe the interactions of objects, abstracting from the sequence of message transmission. This type of diagram shows in a compact form all received and transmitted messages of a particular object and the types of these messages.

Because Sequence and Collaboration diagrams are different views of the same processes, Rational Rose allows you to create a Collaboration diagram from a Sequence diagram and vice versa, and also automatically synchronizes these diagrams.

Class diagrams.

This type of diagram allows you to create a logical representation of the system, on the basis of which the source code of the described classes is created.

Diagram icons allow you to display a complex hierarchy of systems, relationships between Classes and Interfaces. This type of diagram is the opposite in content to a collaboration diagram, which displays system objects. Rational Rose allows you to create classes using this type of diagram in a variety of notations. In the notation proposed by G. Booch, which is called Booch, classes are depicted as something fuzzy, similar to a cloud. Thus, G. Butch is trying to show that a class is just a template according to which a specific object will be created in the future.

And of course, Rational Rose allows you to create a class diagram in a unified notation

In Chapter 3.1, measures were proposed to improve inventory management.

Let's calculate the economic effect of the proposed measures.

1) Let's calculate the turnover ratios actually and with a decrease in inventory (see Table 33).

Table 33 - Comparative calculation of the inventory turnover ratio of Bashtechservice LLC, thousand rubles.

Thus, with a reduction in inventory, the duration of one inventory turnover will decrease by 4 days. (Fig. 13).

Figure 13 - Change in the duration of one inventory turnover

Economic effect of changing the turnover ratio:

E = B 1 /360* Duration of turnover = 60952/360* (-4) = -677 thousand rubles.

Those. at the enterprise, due to an increase in the inventory turnover ratio, working capital in the amount of 677 thousand rubles will be released.

It is necessary to develop new forms of contracts with a prepayment condition of 10%. Then accounts receivable will decrease by 10% and amount to 6512 thousand rubles.

Changes in accounts receivable turnover indicators are shown in Table 34.

Table 34 - Accounts receivable turnover indicators

As can be seen from the table data, accounts receivable turnover increased by 0.927 times, the average turnover period decreased by 2.2 days (Fig. 14).

Figure 14 - Change in the duration of one turnover of receivables

The economic effect from accelerating turnover will be: E = B1/360* Duration of turnover = 60952/360*(- 2.2) = - 372 thousand rubles.

The economic effect of reducing inventory and accounts receivable will be expressed in a change in the structure of the enterprise's balance sheet and an increase in liquidity ratios (Table 36 and 37). The funds released from circulation can be used to pay off short-term obligations.

Table 35 - Compacted analytical balance-net

Article title	Before implementing proposals	After implementing the proposals	Deviation, thousand rubles	Growth rate, %
	Percentage to total balance		Percentage to total balance
Current assets, total
including:
Inventory and VAT
Accounts receivable
Cash
Other current assets
Non-current assets, total
including:
Fixed assets
Other non-current assets
Total assets
Capital and reserves, total
including:
Authorized capital
retained earnings
Long-term liabilities
Current liabilities, total
including:
Loans and credits
Accounts payable
Total liabilities

As can be seen from these calculations, a decrease in the balance of inventory and accounts receivable will lead to a change in the structure of the balance sheet. In the forecast balance, there was a decrease in working capital by 1,360 thousand rubles. But working capital still takes up the largest share specific gravity in the asset structure.

The share of borrowed capital has decreased, while equity has increased, which can be assessed positively.

Let's analyze the liquidity of the forecast balance (Table 36)

Table 36 - Analysis of balance sheet liquidity

						Payment surplus or deficiency
A1Page 250, 260
A2 Page 240, 270
A3 Page 210 220, 140
A 4 Page 190-140

According to the table, the ratio of assets and liabilities is as follows:

actually: A 1< П 1 , А 2 >P 2, A 3 > P 3, A 4< П 4 ;

forecast: A 1< П 1 , А 2 >P 2, A 3 > P 3, A 4< П 4 ;

Although we received the same ratio, the payment gap of the most liquid to cover the most urgent obligations decreased, which should be assessed positively.

Let's calculate liquidity ratios (Table 37).

Table 37 - Liquidity indicators

The data in the analytical table shows that as a result of a reduction in inventory and accounts receivable, liquidity indicators will increase, which has a positive effect on the financial position.

Figure 15 - Change in liquidity ratios

Thus, this chapter develops recommendations for improving the efficiency of using working capital elements. Calculations showed that these measures are beneficial to the enterprise.