The economic effect of accelerating capital turnover. The main ways to accelerate capital turnover. List of sources and literature used

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 an enterprise are its own capital 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 turnover of the enterprise (unoverdue debts 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 VER is the economic profitability of 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 (the ratio of accrued interest to the average amount of borrowed funds); - updated price of borrowed resources.

The EFR shows that the amount of equity capital increases by sk-to% 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 of 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

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 expenses and financial investments 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 influenced by working capital in production, which are expressed by working capital. Working capital includes the funds needed by an enterprise to create 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 wage payments). 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 stages of software analysis and design, as well as to generate codes in various languages ​​and issue design 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 modeling objects (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, as well as 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 kinds of diagrams and specifications that define the logical and physical structures 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 object of the system 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 finite state machine theory, 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

4. Assessing the impact of changes in turnover on the profit of the Belgorod district police department

For objective management of enterprise assets and informed management decision-making when planning current activities, it is important to assess the influence of the main factors on the increase in financial results and profitability.

The economic effect as a result of accelerating capital turnover is expressed in the relative release of funds from circulation, as well as in an increase in the amount of profit from sales.

To assess the impact of capital turnover and average annual capital balances on sales profit, a factor model (1) is used:

P= R PR ×K OB ×OK (1)

Where P is profit from sales;

R PR - profitability of sales;

KOB - capital turnover ratio;

OK - average annual working capital balances.

Based on this formula, the calculation of the impact of capital turnover on changes in profit is as follows (2):

∆P OK = P PR ×(K OBo - K OBb)×OK b (2)

Based on this formula, the calculation of the influence of average annual working capital balances on changes in profit is as follows (3):

∆P OK = P PRb × K OBb ×(OK b -OK o) (3)

Let us determine the impact of the value of current assets on the increase in sales revenue and present the results in Table 8

Table 8

The impact of changes in capital turnover on the revenue of the Belgorod Regional Pool for 2007-2009

Thus, the decrease in working capital turnover reduced revenue by 703 thousand rubles.

Based on the data in Table 5, the influence of the turnover indicators of the average annual capital balances of the Belgorod Regional Police on the change in profit from sales was calculated and presented in Table 9.

Table 9

The influence of turnover indicators of the Belgorod Regional Pool on profit for 2008-2009

According to Table 8, in 2009, the greatest impact on sales profit was from the acceleration of inventory turnover and accounts receivable. The decrease in capital productivity reduced profits by 34 thousand rubles. the influence of average annual balances is insignificant. This suggests that the intensive factor of growth in sales profit predominates. Based on this, we can conclude that it is necessary to control the turnover of receivables and inventories, since these factors have the greatest impact on changes in sales profit.

Accelerating the turnover of working capital reduces the need for them, allowing enterprises to free up part of their working capital either for the needs of the national economy (absolute release) or for additional production (relative release).

As a result of the acceleration of turnover, material elements of working capital are released, less reserves of raw materials, supplies, fuel, work in progress reserves, etc. are required, and therefore, monetary resources previously invested in these reserves and reserves are also released. The released monetary resources are deposited in the current account of enterprises, as a result of which their financial condition improves and their solvency is strengthened.

In order to really assess the positive and negative aspects of changes in turnover, it is necessary to calculate the amount of funds released or attracted. acceleration of turnover indicates a reduction in the need for working capital, and a slowdown requires the attraction of additional funds.

An analysis of the economic effect from changes in the capital turnover of the Belgorod Regional Pool for 2007-2009 is presented in Table 10

Table 10

The economic effect of changes in the turnover of the Belgorod Regional Pool for 2007-2009

In 2008, an acceleration of capital turnover by 3% contributed to the release of 4,565 thousand rubles from turnover. in 2009, capital turnover slowed down by 11%. This contributed to the involvement of an additional 121.1 thousand rubles into turnover.

This has a negative impact on the results of the enterprise’s activities, since it means a reduction in the profits of the Belgorod Regional Pool.

Based on the analysis of the relationship between capital turnover and enterprise profit, it was revealed that the acceleration of inventory and receivables turnover had the greatest impact on sales profit. In general, asset turnover slowed down, which suggests that additional funds in the amount of 121.1 thousand rubles were involved in turnover. The capital productivity of fixed resources has also decreased. Intensive factors for the growth of sales profits predominate; on this basis, we can conclude that it is necessary to control the turnover of receivables and inventories, since these factors have the greatest impact on changes in sales profits.

It is necessary to take measures to increase the capital turnover of the Belgorod Regional Pool in order to release additional resources from circulation and increase profits.

Reserves for accelerating capital turnover

Accelerating capital turnover is a top priority for enterprises. During the analysis, it was revealed that the turnover of receivables and inventories had the greatest impact on the profit of the Belgorod Regional Pool in 2009. The reduction in profits is facilitated by a decrease in capital productivity of fixed assets and the turnover of working capital in general.

The efficiency of capital use depends on many factors, which can be divided into external ones, which have an impact regardless of the interests of the enterprise, and internal ones, which the enterprise can and should actively influence. External factors include such as the general economic situation, tax legislation, conditions for obtaining loans and interest rates on them, the possibility of targeted financing, participation in programs financed from the budget. These and other factors determine the framework within which an enterprise can manipulate the internal factors of the rational movement of working capital.

At the present stage of economic development, the main external factors affecting the state and use of capital include such as the crisis of non-payments, high taxes, and high bank loan rates.

The crisis in the sales of manufactured products and non-payments lead to a slowdown in capital turnover. Consequently, it is necessary to produce products that can be sold quickly and profitably, stopping or significantly reducing the production of products that are not in current demand. In this case, in addition to accelerating turnover, the growth of accounts receivable in the assets of the enterprise is prevented.

At the current rate of inflation, it is advisable to direct the profit received by the enterprise, first of all, to supplement working capital. The rate of inflationary depreciation of working capital leads to an underestimation of costs and their flow into profit, where working capital is dispersed into taxes and non-productive expenses.

Significant reserves for increasing the efficiency of capital use lie directly in the enterprise itself. For the Belgorod District Pool, such reserves are

At the stage of creating inventories, these may be:

Introduction of economically feasible stock standards;

Bringing suppliers of raw materials, semi-finished products, components, etc. closer to consumers;

Widespread use of direct long-term connections;

Expansion of the warehouse system of logistics, as well as wholesale trade in materials and equipment;

Integrated mechanization and automation of loading and unloading operations in warehouses.

At the work in progress stage:

Acceleration of scientific and technological progress (introduction of advanced equipment and technology, especially waste-free and low-waste, robotic complexes, rotary lines, chemicalization of production);

Development of standardization, unification, typification;

Improving forms of trade organization;

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, increased 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, therefore, 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's 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 inventory circulation time should decrease due to an increase in sales revenue, which will entail a decrease in the average annual cost of working capital.

So, in 2011 we have according to plan:

From = 985650 * 365: 33090560

This means that when the level of inventory decreases 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 cost-effective trade it is necessary to maintain a high level of inventory turnover, then to ensure demand for any product included in the trade nomenclature, 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 needs to be analyzed carefully.

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.

The increase in production volume due to the acceleration of working capital (all other things being equal) can be determined using the method of chain substitutions:

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 receivables 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.

The level of business activity is reflected in the assessment of the comparative efficiency of using the enterprise's material resources and in the amount of financial investments in these assets. Business activity in terms of efficient use of resources is assessed by a system of turnover indicators, which characterize the speed of return of funds invested in current production and economic activities.

The amount of cash aimed at acquiring the necessary resources begins the process of capital circulation, which is in continuous movement. Capital goes through three stages: procurement, production, and sales.

Procurement - the first stage - is the process of acquiring fixed assets, inventories and other types of valuables necessary for production. At the first stage, funds are transformed into material resources.

At the second production stage, funds in the form of inventories are transferred to work in progress. This stage ends with the release of finished products. Part of the funds goes to pay employees, pay taxes, social security payments and other expenses.

The third stage - sales - includes the sale of finished products, the finding of funds in settlements (accounts receivable) and the receipt of funds in an amount exceeding the initial investment by the amount of profit received from commercial activities. The described circulation process includes several cycles:

• operating cycle (OC) - this is the total time spent by financial resources in inventories, debts, including those received in the form of deferred payments, commercial or commodity loans (accounts payable). Characterizes the period of one full turnover of the entire amount of current assets;
• production cycle combines the storage of industrial inventories from the moment they are received at the warehouse until the moment they are shipped to production; direct production of products; period of storage of finished products in the warehouse. Its duration depends on the specifics of production, scale, and industry. It is the production cycle that determines the duration of the operating cycle;
• financial cycle - the period of time between the repayment of accounts payable to suppliers of raw materials and materials and the receipt of money from debtors (buyers) for shipped products. It begins from the moment of acquisition of inventories and ends with payment for sold products by customers. The financial cycle includes the time required to pay the supplier (advance payment), shipment of raw materials, their delivery (customs clearance if necessary), posting to the warehouse, shipping the goods to the buyer, deferred payment (accounts receivable), receiving money from the buyer for the goods sold . Reducing time at any stage leads to increased efficiency in the use of working capital. The faster the capital turns around (or in a shorter period), the less time is required to return the invested funds, taking into account the increase in profit. Consequently, the amount of necessary financial resources decreases, more finished products are sold and the profit received by the enterprise increases. Thus, the duration of funds being in circulation has a direct connection with the obtained results of financial and economic activities. Effective management of the turnover process requires a deep understanding of both the process itself in all its diversity and the reasons that influence its change.

It is advisable to divide all factors leading to a reduction or increase in turnover into external and internal. External ones include the influence of inflationary processes, market conditions, geographical location of consumers, suppliers, subcontractors, solvency of customers, quality of banking services, toughness of competition, information and lack of economic ties. Internal factors are the scope, scale of activity, industry affiliation, level of specialization and cooperation, payment system, level of organization, production management, degree of mechanization and automation, progressiveness of the technologies used, qualification level of management, structure and range of products, etc.

The system of turnover criteria includes several groups of indicators:

turnover ratios characterize the rate of turnover of funds and show how many turnovers capital makes over a certain period (number of turnovers); they also estimate the amount of products sold per ruble of funds:

where L A is the coefficient of asset turnover; No. p - revenues from sales; L - average value of assets.

An increase in turnover leads to a reduction in the costs required per turnover. As a result, resources are freed up as invested funds quickly turn into real money. The level of financial stability and the degree of solvency, the relative size of semi-fixed expenses, and the amount of invested financial resources depend on the rate of turnover of funds;

turnover period indicators () give an idea of ​​the average period for which funds invested in production and commercial activities are returned, or show the duration of one turnover in days:

Where T - the period under consideration in days. Number of days (T) in the analyzed period it is customary to count per quarter (90), half-year (180), per year (360).

The faster capital circulates, the fewer days it takes to transform it into monetary form, the better and more efficient its use. Reducing the time spent by funds in assets leads to a decrease in the need for working capital;

load factor (fixation or capital intensity ratio) of current assets characterizes the amount of current assets advanced per ruble of revenue. It is calculated by the ratio of the average value of current assets to sales volume (the reciprocal of the traditional current asset turnover ratio):

The ratio evaluates the dynamics of fixed current assets in one ruble of sales revenue and serves as a measure of operational efficiency: the lower the ratio, the more intensively the assets are used. It reflects the level of management of accounts receivable and inventory;

economic effect of slowdown release ) working capital as a result of acceleration (deceleration) of their turnover determined on the basis of one-day turnover, which is calculated by dividing sales revenue by the number of days of the analyzed period and then multiplying by the change in the turnover period:

where ±EF is the economic effect; - change in the turnover period.

The economic effect indicator may have a “plus” sign, which is regarded as additionally required financing, and a “minus” sign, indicating the amount of funds released from circulation. If the duration of the turnover has increased, additional days of the operating cycle will need to be financed in the amount of one-day turnover for each extra day. And vice versa: a reduction in turnover days (-D1) will indicate that as a result of more efficient use of resources in the next cycle, less funds will be required by the amount of the effect obtained.

The release of working capital due to the acceleration of their turnover can be absolute and relative:

• if the actual balances of working capital are less than the standard or the balances of the previous period, such a release is considered absolute. This means that current assets were more fully involved in turnover and more products were produced;
• in a situation of accelerated production growth in the presence of current assets within the limits of the previous need, a relative release takes place.

A comprehensive assessment of turnover is carried out using economic and mathematical models, identifying the causes and relationships of a number of indicators. The sequence of calculation procedures using the example of turnover of current assets (Table 13.2) includes analysis and assessment of factor dependencies of the turnover ratio, sales revenue and turnover period.

The change in the turnover ratio is influenced by two factors: sales revenue and the average value of current assets. The method of chain substitutions determines the quantitative impact of each of them on the turnover ratio:

Impact of changes in sales revenue ( AH^P)):

The impact on the turnover ratio of changes in the average balances of current assets for the period (Yes^^):

Sales volume may change due to the amount of resources consumed, i.e. extensive factor of asset use, and their intensive use - turnover ratio. An increase in revenue due to the turnover ratio characterizes the increased quality of operating capital management.

The calculation of factors in the multiplicative model = = AOxYA AO can be carried out using the absolute difference method:

Change in revenue due to the average annual value of current assets (DL^ 0)):

Change in revenue due to turnover ratio (LA"Dlo):

The influence of factors on the turnover period in a multiple model is carried out by the method of chain substitutions:

• change in the turnover period due to current assets
• (D ^(LO)) :

Change in turnover period due to sales revenue ():

The economic effect as a result of accelerated turnover is expressed in the relative release of funds from circulation, as well as in an increase in the amount of revenue and profit.

The amount of funds released from circulation due to acceleration (-E) or additionally attracted funds into circulation (+E) when the turnover of current assets slows down is determined by the following formula:

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(turnover period of current assets of the reporting year – turnover period of the previous year) (1)

Let's calculate the economic effect for 2005:

. (27.40-22.22) = + 7042.78 thousand. rub.

The duration of the operating and financial cycles is of great importance when analyzing business activity (Table 3)

Table 3 Calculation and dynamics of turnover indicators

The table shows that in the period under review there is a decrease in the turnover ratios of receivables, inventories and accounts payable, as a consequence of an increase in the duration of turnover.

A decrease in the inventory turnover ratio and an increase in the duration of inventory turnover indicates a slow turnover of goods or a decrease in demand. In general, the lower the inventory turnover rate, the more funds are tied up in this least liquid item, the less liquid the working capital structure is, and the less stable the financial position of the enterprise. The organization is interested in reducing the turnover period of inventories and receivables and increasing the turnover period of accounts payable in order to reduce the turnover period of working capital.

It is beneficial for the financial condition of an enterprise to receive a deferred payment from suppliers, employees of the enterprise, or the state, since a deferred payment provides an additional source of financing. It is unfavorable to freeze part of the funds in reserves and provide deferred payments to customers. This creates the need for financing for the enterprise. The accounts receivable turnover ratio decreases due to an increase in the amount of accounts receivable. The decrease in the inventory turnover ratio was influenced by an increase in the amount of inventories and costs. As a result, the duration of the business cycle increases by 15.38 days. The decrease in the accounts payable turnover ratio is caused by an increase in the amount of accounts payable to a greater extent than the increase in cost. The duration of the financial cycle in 2005 has a value of 16.56, but in 2006 it increases by 15.38.