Net working capital (NWC). Methodological approaches to the analysis and evaluation of the working capital of the borrower enterprise Change in non-monetary working capital formula

In addition to investing in the organization's fixed assets, it is necessary to create a working capital reserve to ensure the smooth operation of the project.

The need for working capital is determined taking into account the planned periods of turnover of the main components of current assets and current liabilities. In particular:

The calculation of the need for disposable sanitary and hygienic products used by the clients of the hotel complex is made on the basis of the expected frequency of purchases of this current asset: the volume of the insurance stock is 7 days, the turnover is 14 days;

The calculation of the need for food products used for cooking in the restaurant complex is also made on the basis of the expected frequency of purchases of this current asset: the amount of insurance stock (products with a long shelf life, alcohol) - 5 days based on the total daily requirement for the asset, turnover - 2 days ;

The calculation of the amount of household inventory that is constantly in circulation is made on the basis of the norms for writing off costs for each position of the specified asset and the frequency of its renewal (see Section 6.1);

The concepts of "work in progress" and "finished products" for this specific area of ​​activity, which is not related to production, but to the provision of various types of services, are not relevant;

The condition of payment for the services rendered is payment on the fact;

The condition for the supply of raw materials and materials for the entire range of services is payment after the fact;

The frequency of salary payments is once a month.

In addition, it is necessary to take into account the following main points regarding VAT, since the turnover on this tax is an important part of the formation of the company's working capital:

VAT on warehouse stocks is set off upon the acquisition of the said current assets;

VAT on items related to other household inventory is credited for the full amount at the time the relevant asset is put into operation;

VAT on fixed assets is set off in full at the time fixed assets are put into operation and is subject to reimbursement at the expense of VAT on current activities payable to the budget. At the same time, the full refund of VAT on permanent assets in the amount of about 30,806 thousand rubles paid during the implementation of this project will occur only for the 3rd year of operation of the leisure center.

The calculation of the project's need for working capital is given in tables 11-pr and 12-pr of Appendix 1. The dynamics of changes in net working capital is presented in diagram 2-pr of Appendix 1.

13.4. SOURCES OF FINANCING

As an attracted source of financing of investment costs for the project in terms of fixed assets, a loan in the total amount of USD 5 million is considered in the calculations.

Investment of own funds in the project is envisaged in three areas:

Payment of VAT and customs payments on acquired fixed assets, for a total amount of about 34,835 thousand rubles (or about 1,161 thousand US dollars);

Formation of the necessary amount of additional working capital required to start the production and economic activities of the complex in the amount of about 2200 thousand rubles (or about 73 thousand US dollars);

Payment of one-time commissions on the loan and financing of current costs during the construction period (property tax). These expenses amount to about 3165 thousand rubles. (or about 105 thousand US dollars).

The specified project financing scheme fully covers the investment costs of its implementation, amounting to about 6.3 million US dollars, ensuring a positive balance of cash flows over the entire planning horizon.

Attracting a loan is carried out by the total amount in the first planning interval. Terms of the loan: loan repayment - equal semi-annual payments within 4 years, starting from the 2nd year after the project was put into operation (the year the project reaches the planned indicators for the implementation of the entire range of services); interest rate - 12% per annum with a six-month period of interest accrual and payment; deferred payment of interest (grace period) - 1 year (construction period); insurance payment - a one-time lump sum payment of 1% of the loan amount.

The schedule for attracting and repaying a loan by planning intervals is presented in table 14-pr and in diagram 3-pr of Appendix 1.

Also, sustainable liabilities of the organization act as sources of financing for current production activities (see Table 12-pr Appendix 1). Sustainable liabilities of the enterprise are formed as a result of the current debt of the enterprise to the staff and the budget.

The scheme of funding sources by planning intervals is presented in Table 13-pr Appendix 1.

13.5. CHARACTERISTICS OF ECONOMIC EFFICIENCY OF THE PROJECT

With the level of income and costs included in the calculations, the project must be recognized as effective. The considered investment idea is characterized by the following indicators:

Simple payback period total investment costs excluding construction time is 3.8 years.

Discounted payback period taking into account the real comparison rate of 10% per annum is about 6 years from the start of the project.

The rate of comparison was taken as the current at the time of the assessment the refinancing rate of the Central Bank of the Russian Federation, cleared of the inflation component (since the project is assessed at constant prices, i.e. without taking into account the influence of the inflation factor on the results of the project).

Annual net profit the project is estimated at the level of 25-30 million rubles.

Project Net Present Value (NPV) at a comparison rate of 10% per annum and a planning interval of 11 years is about 110 million rubles. (or 3700 thousand US dollars at a rate of 30 rubles / $ US). A positive NPV value confirms the feasibility of investing in the project under consideration.

The real internal rate of return of the project (IRR), those. the conditional rate of return on the project, excluding inflation, is 22% per annum, which significantly exceeds the comparison rate used (10% per annum) and determines the maximum nominal “bank” rate of a loan repaid within the life of the project (in the absence of equity) at the level of 37% per annum (with an inflation rate of 14% per annum);

Return on total investment costs is defined as the ratio of the net present value of the project (NPV) to the discounted value of investment costs and is 65%.

The performance indicators of the project under consideration are presented in tables 19-pr and 20-pr of Appendix 1. The dynamics of net income for full investment costs is presented in diagram 6-pr of Appendix 1.

Based on the initial data characterizing the project, forecast forms of financial statements were built (tables 16-pr, 17-pr, 18-pr appendix 1):

income statement,

cash flow statement,

Balance sheet.

The dynamics of profit and cash flow by planning intervals are presented in diagrams 4-pr and 5-pr of Appendix 1.

13.6. CHARACTERISTICS OF THE FINANCIAL VALIDITY OF THE PROJECT

With the level of income, current and investment costs included in the calculations, as well as the volume of the attracted loan in the amount of USD 5 million, the project must be recognized as financially viable.

The financial viability of the project is confirmed by the positive balance of free cash throughout the entire planning horizon (see tables 14-pr and 17-pr of Appendix 1). The minimum balance of free funds is observed in the 6th year of the project implementation, when the last payment on attracted credit resources is made, and is about 235 thousand US dollars. at a rate of 30 rubles / $ US.

In general, the project is characterized as potentially solvent. The maximum lending rate that he is able to withstand is 37% per annum in rubles, which significantly exceeds the cost of credit resources in Russia at present.

13.7. ANALYSIS OF THE SENSITIVITY OF THE PROJECT INDICATORS TO CHANGES IN THE INITIAL PARAMETERS

The purpose of the sensitivity analysis is to establish the boundaries for changing the main parameters, under which the project maintains an acceptable level of efficiency and financial viability.

The parameters most subject to possible change during the implementation of this project are the level of prices for final products, sales volume and the level of investment in fixed assets.

Tables 14, 15 and 16 provide an analysis of the project's sensitivity to changes in these indicators. As the resulting indicators, options for a simple payback period and the net present value of the project for various levels of prices for products sold, production and sales volumes, and investment costs are considered.

(thousand roubles.)

Analyzing the table. 36, it should be noted that the value of own (net) working capital for the reporting period increased by 860 thousand rubles, or 8.7%, with an increase in all current assets by 2620 thousand rubles, or 12.81%. Due to the fact that the total amount of current assets increased to a greater extent, the share of own working capital decreased by 1.77 points and amounted to 46.71% by the end of the year, which led to a decrease in the financial stability of the enterprise and a deterioration in its solvency.

Analysis of own working capital is also associated with an assessment of the nature and causes of its change. The nature of the change in the value of this indicator should be interpreted from the position of the state of Cash: an increase in own working capital

implies an outflow of cash, especially if there is a significant increase in the share of assets (stocks) that are slowly convertible into cash in the composition of current assets. A decrease in own working capital is accompanied by an additional release or inflow of cash.

Analysis of changes in own (net) working capital according to form No. 1 is given in Table. 37.

Table 37 Reasons for changes in own (net) working capital

(thousand roubles.)

an increase in two multidirectional factors: current assets by 2620 thousand rubles. and current liabilities for 1760 thousand rubles. The growth of own working capital was accompanied by an increase in the share of assets (stocks) slowly convertible into cash from 59% at the beginning of the year to 62% at the end of the year. This situation implies an outflow of funds.

Net working capital- the formula for the lines of the balance sheet is used to study the dependence of existing short-term (current) assets on external current sources of financing. In other words, the indicator determines whether the enterprise has liquid assets that do not need to be used to repay borrowed funds.

Net working capital on the balance sheet

Net working capital in the balance sheet is not indicated as a specific value or line - it involves the use of balance sheet indicators for the purpose of calculating it. This capital is formed at the expense of own funds or resources equivalent to them, aimed at the acquisition of current assets.

To calculate the net working capital, it is necessary to remove short-term liabilities from working resources, for the repayment of obligations for which a part of these resources can be directed. It is this difference that will make up the amount of net current assets that determine the economic stability of the organization.

Calculation of net working capital - balance sheet formula

The balance sheet is used to calculate this indicator, and in doing so, it is necessary to do this:

CHOK \u003d OA (p. 1200) - KP (p. 1500),

CHOK - net working capital;

OA - current assets, the value of which can be found in the balance sheet on line 1200;

KP - short-term liabilities, the value of which in the balance sheet can be found on line 1500.

Interpretation of the received value in the analysis

The evaluation of the received NRC value is made according to the following logic:

1. If the calculation led to a positive result (the excess of working capital over liabilities), we can talk about good financial stability and solvency of the enterprise, since its own working capital is enough for the full implementation of current activities without attracting borrowed resources.
2. If the calculation led to a negative result (excess of liabilities over working capital), financial instability should be noted, since the company's own working capital is not enough to carry out current activities, and therefore it is necessary to attract borrowed resources.

IMPORTANT! In some cases, a too high value of the net current assets indicator may indicate that the company does not effectively use the available free working capital at its disposal: it does not invest in activities, does not invest in order to generate income, and so on. Or, such an excess may indicate that long-term borrowings are used to finance working capital. This fact should also be considered as negative in terms of assessing the financial stability of the enterprise.

1. Methodology for analyzing the consolidation of the cash statement of cash flows
   WC - change in working capital increase in working capital is deducted decrease in working capital is added If the statement of movement
2. Analysis of the use of capital
   Change in capital turnover ratio due to capital structure 0.09 turnover rate of working capital 0.748 7 Change in duration of capital turnover due to capital structure 2.134 turnover rate
3. Determination of the optimal capital structure: from trade-off theories to the APV model
   Capex 57,666 Change in net working capital ANWC 6,671 Interest payments 15,722 Free cash flow FCF 14
4. Coefficient analysis of the state of liquidity of the enterprise
   Ioperating activity adjusted for changes in working capital and meeting the need for investment OCFI -Operating Cash Flow after Investments free
5. Optimization of the structure of the balance sheet as a factor in increasing the financial stability of the organization
   Table 4 - Analysis of the influence of factors on the change in the availability of own working capital of Dzhumaylovskoye LLC at the end of the year thousand rubles Type of property 2012
6. Performance management of innovative projects
   NWC - change in net working capital of additional working capital less change in accounts payable L - liquidation
7. Modern approaches to assessing the solvency of business entities
   Data for factor analysis of the cash flow adequacy ratio for financing working capital thousand rubles 1. The impact of changes in the net cash flow ratio for current activities 2.
8. Statement of cash flows: compilation and disclosure of information in accordance with IFRS
   Change in advances received 159 80,966 202,307 27,885 57,813 -161,968 Change in net working capital 199 -321,278 -13,339 -184,753 -246,243 -1,500
9. Scenario Approach in Forecasting and Analyzing Consolidated Financial Statements
   WC - change in net working capital The discount rate WACC is calculated according to the following formula WACC kd 1 -
10. Methodology for analyzing the financial stability of a commercial organization
    Based on the results of the analysis, a conclusion is made about the reasons for the change in the value of the own working capital of a commercial organization, depending on the factors that determine it, which are
11. Intangible assets and other criteria when investing in an IT project
    TA - all assets According to the investment analysis of the project's effectiveness, the net cash flow is the sum of depreciation payments and net income minus investment costs for maintaining fixed assets and changing working capital. Therefore, this method can be modernized to be used in the express assessment of the company's intangible assets
12. Growth in the turnover of current assets as a reserve for the development of a pharmaceutical industrial enterprise in the context of a structural crisis
    It is necessary to carry out systemic changes in the policy of managing the use of working capital to increase the liquidity of the balance sheet and the solvency of the enterprise.
13. Analysis of financial statements. Practical analysis based on accounting (financial) statements
    As of 31.12.2012 Change in equity working capital thous. rub Trend of increase 33002 38449 5447 total working capital thous.
14. Analysis of the capital structure and profitability of leading Russian oil and gas companies
    Balance sheet items and ratios 9 months 2014 9 months 2015 Change - 1. Equity RUB 2,881 2,908 2. Assets RUB 8,736 ... Equity working capital Capital and reserves Deferred income Long-term liabilities - Non-current assets RUB 2
15. Financial analysis of the enterprise - part 3
    Significant changes indicate the unstable operation of the enterprise Table 2.5 - Analysis of the dynamics and composition of working capital
16. Assessment of the capital structure of a large petrochemical enterprise
    It should be noted that for the period from 12/31/2012 to 12/31/2014 the share of accounts receivable exceeds the normative value, which is 25-27% of the total current assets 8, from 130 The level of financial investments of PJSC LUKOIL decreased by 9,528,014 ... Dynamics of change equity capital of PJSC LUKOIL is shown in table 3. Table 3 - Dynamics of changes in equity
17. The influence of the structure of working capital on the indicators of the financial condition of the organization
    Based on this, the relative change in own working capital reflects the growth rate of current assets Tob which can be calculated from
18. Analysis of financial results (on the materials of Ganimed SB LLC)
    A positive change in the level of profitability of non-working capital, as well as a change in the level of profitability of working capital, indicates their effective use.
19. Impact of IFRS on the results of the analysis of the financial position of PJSC Rostelecom
    The duration of the turnover of current assets days 115 123 8 119 135 16
20. Efficiency of management of enterprise investment resources
    CF adjusted for the current value of investments in non-working and working capital that caused this change

The need for analysis and evaluation of working capital by the creditor bank

In general, we can say that current assets serve the current activities of the enterprise, and the entire operating cycle, continuity and continuity of the enterprise depends on their condition. Therefore, the analysis of changes in the structure of current assets is a mandatory step in assessing the solvency of the borrowing enterprise.

The need to analyze the working capital of the borrowing enterprise is due to the fact that this type of asset primarily ensures the solvency of the enterprise. Problems in the management of the borrower's working capital lead to the following risks, which should be known to the creditor bank:

Insufficiency of funds. The enterprise must have cash to carry on day-to-day activities, in case of unforeseen expenses and in case of probable effective investments. Lack of funds at the right time is associated with the risk of interruption of the production process, the possible default on obligations or the loss of possible additional profit.

Insufficiency of own credit opportunities. This risk is related to the fact that when selling goods on credit, buyers can pay for them within several days or even months, as a result of which the company has a receivable. As a result, there is an immobilization of own working capital, and exceeding a certain limit by it can also lead to a loss of liquidity and even a halt in production.

Lack of inventories. The enterprise must have a sufficient amount of raw materials and materials for an efficient production process; finished products should be enough to fulfill all orders, etc. Non-optimal inventory levels are associated with the risk of additional costs or production stoppages.

Excess working capital. Since its value is directly related to the cost of financing, maintaining excess assets reduces income. There are various reasons for the formation of surplus assets: slow-moving and stale goods, the habit of “to have in reserve”, etc.

After analyzing, the lending bank should take into account that the most significant phenomenon, potentially bearing the risk of the borrower's inability to service the received loan, is the following:

High level of accounts payable;

Suboptimal mix between short-term and long-term sources of borrowings;

High share of long-term borrowed capital.

Analysis of the effectiveness of the use of working capital of business entities

The efficiency of the use of working capital is characterized by the following system of economic indicators:

turnover of working capital;

Load factor of funds in circulation;

Indicator of return on working capital;

liquidity ratios;

Profitability of current assets;

Calculation of the degree of financial stability depending on the degree of availability of reserves and costs by various types of sources;

Generalizing analysis of the state of working capital of the enterprise.

Considering the turnover of working capital, it should be noted that the financial position of the enterprise directly depends on how quickly the funds invested in assets are converted into real money, that is, on the turnover of working capital.

The duration of one turnover of working capital is calculated by the formula:

where O is the duration of the turnover, days;

C - balances of working capital (average or on a certain date), rub.;

T is the volume of marketable products, rub.;

D is the number of days in the period under review, days.

Reducing the duration of one turnover indicates an improvement in the use of working capital.

The number of turnovers for a certain period, or the turnover ratio of working capital (K O), is calculated by the formula:

In addition to these indicators, the indicator of the 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.

To assess solvency in the short term, the following indicators are calculated:

Coverage ratio (general). Gives a general assessment of the liquidity of assets, showing how many rubles of the company's current assets account for one ruble of current liabilities. The logic of calculating this indicator is that the company repays short-term liabilities mainly at the expense of current assets; therefore, if current assets exceed current liabilities, the enterprise can be considered as successfully functioning (at least theoretically). The amount of excess and is set by the coverage factor.

where A1 - the most liquid assets - the company's cash and;

A2 - quickly realizable assets - accounts receivable and other assets;

A3 - slow-moving assets - stocks (excluding future expenses of the balance sheet form No. 1), as well as items from section I of the balance sheet asset "Long-term financial investments" (reduced by the amount of investments in the authorized capital of other enterprises);

P1 - the most urgent liabilities - accounts payable, other liabilities, as well as loans not repaid on time;

P2 - short-term liabilities - short-term loans and borrowings.

The value of the indicator can vary significantly by industry and activity, and its reasonable growth in dynamics is usually regarded as a favorable trend. In Western accounting and analytical practice, the critical lower value of the indicator is given - 2; however, this is only an indicative value, indicating the order of the indicator, but not its exact normative value.

If the coverage ratio is high, then this may be due to a slowdown in the turnover of funds invested in inventories, an unjustified increase in receivables.

A constant decrease in the ratio means an increasing risk of insolvency. It is advisable to compare this indicator with the average values ​​for groups of similar enterprises.

However, this indicator is very aggregated, since it does not take into account the degree of liquidity of individual elements of working capital.

The quick liquidity ratio (strict liquidity) is an intermediate coverage ratio and shows what part of current assets, minus inventories and receivables, payments on which are expected more than 12 months after the reporting date, is covered by current liabilities.

Quick liquidity ratio is calculated by the formula:

It helps to assess the ability of the firm to repay short-term obligations in the event of a critical situation, when it will not be possible to sell stocks. This indicator is recommended in the range from 0.8 to 1.0, but can be extremely high due to unjustified growth in receivables.

The absolute liquidity ratio is determined by the ratio of the most liquid assets to current liabilities and is calculated by the formula:

This coefficient is the most stringent criterion of solvency and shows what part of the short-term debt the company can repay in the near future. Its value should not be lower than 0.2. If an enterprise is currently able to pay off its debts by 20–25%, then its solvency is considered normal.

The equity ratio characterizes that part of the enterprise's own capital, which is the source of coverage of the enterprise's current assets (that is, assets with a turnover of less than one year). This is a calculated indicator that depends both on the structure of assets and on the structure of sources of funds.

The indicator is of particular importance for enterprises engaged in commercial activities and other intermediary operations. Ceteris paribus, the growth of this indicator in dynamics is regarded as a positive trend.

The main and constant source of increasing own working capital is profit. Return on current assets shows how many rubles of net profit fall on 1 ruble of current assets.

Return on current assets is calculated using the following formula:

where P TA is the return on current assets,

PE - net profit of the enterprise,

AII, - the average value of section II of the balance sheet of the enterprise - current assets.

The most general indicator of the financial stability of an enterprise is the surplus or lack of sources of funds for the formation of reserves and costs. This surplus or shortage is formed as a result of the difference in the magnitude of sources of funds and the magnitude of stocks and costs.

Availability of own working capital Е С. This indicator is calculated according to the following formula:

E C \u003d K + P D - A B

where K - capital and reserves;

P D - long-term loans and borrowings;

A B - non-current assets.

The total value of the main sources of formation of reserves and costs E O.

E O \u003d E C + M

where M - short-term credits and loans.

Based on the above indicators, indicators of the availability of reserves and costs by the sources of their formation are calculated.

Surplus (+) or shortage (-) of working capital ± Е С:

± E C \u003d E C - Z

where Z - stocks.

Surplus (+) or shortage (-) of the total value of the main sources for the formation of reserves and costs ± E O:

± E O \u003d E O - Z

According to the degree of financial stability of the enterprise, four types of situations are possible:

Absolute financial stability. This situation is possible under the following condition:

W< Е С + М

Normal stability of the financial condition, guaranteeing the solvency of the enterprise. It is possible under the condition:

An unstable financial situation is associated with a violation of solvency and occurs under the condition:

Z \u003d E C + M + I O

where I and O are sources that ease financial tension (temporarily free own funds, borrowed funds, bank loans for temporary replenishment of working capital and other borrowed funds).

Crisis financial condition:

Z > E C + M

It is proposed to carry out a generalizing analysis of the state of working capital of an enterprise by bringing the assessment indicators into a single table, where each indicator is assigned its own score and by their sum rating is determined. Next, the deviation of the total score from the maximum possible value is determined, and appropriate conclusions are drawn. (Table 1) .

Interesting are the approaches to the assessment of working capital, proposed in the work of L.Yu. filobokova

- (K1, weight value 8);

The coefficient of security with own working capital (K2, weight value 8);

Absolute liquidity ratio (K3, weight value 7);

Working capital mobility coefficient (K4, weight value 7);

The share of real net working capital in current assets (K5, weight value 6);

Return on working capital (K6, weight value 3);

Working capital turnover ratio (K7, weight value 5);

Inventory turnover ratio (K8, weight value 1-3);

Accounts receivable turnover ratio (K9, weight value 1-3);

Profitability of net cash flow (K10, weight value 9).

An integrated indicator that evaluates working capital is calculated by the formula

Where K are weight coefficients, Xij is the ratio of the value of a particular indicator to its maximum value for the total population of the enterprises under study.

T.B. Kupriyanova, in her dissertation work on the development of recommendations for working capital management, also suggests using an integral indicator, the coefficients for calculating which are presented below:

Working capital turnover ratio (weight value 20);

Current liquidity ratio (weight value 20);

The coefficient of maneuverability of own funds (weight value 15);

The coefficient of security of current assets with own working capital (weight value 10);

Accounts payable turnover ratio (weight value 10);

Ratio of borrowed and own funds (weight value 10);

Profitability ratio of working capital (weight value 10).

Analysis of the state of working capitalJSC "Enterprise A"

Let's analyze the working capital of JSC "Enterprise A" using the above methodological approaches ( table 2) .

Table 2. Analysis of changes in the working capital of the branchJSC "Enterprise A"

As we can see, during the analyzed period, the volume of working capital of JSC "Enterprise A" increased by 534,205 thousand rubles.

In the composition of working capital, there was an increase in the following items:

Cash - by 981,404 thousand rubles;

Other current assets - by 44,232 thousand rubles.

There was a decrease in other items.

An analysis of the structure of working capital of the branch of JSC "Enterprise A" is presented in table 3 .

Table 3Analysis of the structure of working capital of JSC "Enterprise A"

The highest share in the structure of working capital belongs to short-term accounts receivable - 49.87% in 2011. It should be noted that compared to 2009, the share of this item decreased by 9.48%.

During the analyzed period, there was a slight decrease in the share of reserves - from 21.75% in 2009 to 17.50% in 2011.

The share of cash increased over the analyzed period from 9.22% in 2009 to 25.74% in 2011, which indicates the growth of highly liquid items in the working capital structure of JSC "Enterprise A".

There is also an increase in the share of other current assets - from 2.74% in 2009 to 3.27% in 2011.

In general, the growth of the working capital of JSC "Enterprise A" for the analyzed period occurred due to the growth of cash and other current assets.

In order to characterize the main stages of the circulation of funds in the course of the production activities of the enterprise, we analyze the financial and operating cycles. On the figure 1 presents the stages of circulation of funds of JSC "Enterprise A" in 2011.

Figure 1. Stages of circulation of funds of JSC "Enterprise A"

1 - Receipt of raw materials; 2 - Shipment of finished products; 3 - Payment for raw materials; 4 - receiving funds from buyers

The logic of the presented scheme is as follows. The operating cycle characterizes the total time during which financial resources are dead in stocks and receivables.

The financial cycle, or the cycle of circulation of cash, is the time during which funds are diverted from circulation, that is, the financial cycle is less than the average time of circulation of accounts payable.

The shortening of the operating and financial cycles in dynamics is seen as a positive trend. We will calculate these indicators in table 4.

The duration of the financial cycle is the time during which funds are diverted from circulation. In the branch of OJSC “Enterprise A”, its duration increased by 11 days over the analyzed period - from 6 days in 2009 to 17 days in 2011, which is a negative trend, since there was an increase in the period of receivables turnover.

Table 4. Analysis of the operating and financial cycles of JSC "Enterprise A"

The operating cycle characterizes the time during which financial resources are immobilized in stocks and receivables. Its duration at the enterprise also increased - from 37 days in 2009 to 54 days in 2011, which can be characterized as a negative trend.

In order to assess the solvency of the enterprise and analyze the liquidity of the balance sheet, it is necessary to determine the extent to which the enterprise's liabilities are covered by assets, the period of transformation of which into cash corresponds to the maturity of the liabilities.

Depending on the degree of liquidity, that is, the ability and speed of transformation into cash, the assets of the enterprise are divided into groups. Let's analyze the liquidity of the balance sheet of JSC "Enterprise A". To do this, we group the assets of the balance sheet according to the degree of liquidity, and the liabilities of the balance sheet according to the degree of urgency of obligations in descending order, using table 5 .

Table 5. Analysis of the liquidity of the balance sheet of JSC "Enterprise A"

Consider the ratio of asset and liability items in the balance sheet of JSC "Enterprise A" for 2009–2011:

Comparison of the most liquid (A 1) and marketable assets (A 2) with the most urgent liabilities (P 1) and short-term liabilities (P 2) allows us to assess the current liquidity.

As we can see, during the analyzed period, JSC "Enterprise A" observed only the second inequality - the excess of fast-moving assets over short-term liabilities, which indicates the sufficiency of quick liquidity. Since the first inequality (the excess of the most liquid assets over the most urgent liabilities) is not met, the absolute liquidity ratio is not met.

Comparison of slow-moving assets with long-term liabilities reflects prospective liquidity, which is also insufficient.

The fulfillment of the fourth inequality (the excess of permanent liabilities over permanent assets) testifies to the observance of the minimum condition for financial stability - that the enterprise has its own working capital. For the analyzed period JSC "Enterprise A" this condition is not met.

For the most detailed analysis, we will calculate the liquidity indicators of the balance sheet of JSC "Enterprise A" in table 6 .

Table 6. Analysis of liquidity indicators of the branch's balance sheetJSC "Enterprise A"

Analysis of the data presented in Table 6 showed:

The current liquidity ratio of JSC "Enterprise A" does not meet the standard in 2009 and 2011;

The quick liquidity ratio did not meet the standard in 2009 - it was lower than the prescribed value by 0.15 points in 2009 as well;

The absolute liquidity ratio was below the norm in 2009;

The value of own working capital has a negative value, which in 2011 amounted to minus 3,767,852 thousand rubles;

The coefficient of flexibility of own working capital decreased during the analyzed period by 0.29 or 209%, which indicates that the funds are fully included in the composition of own working capital, and their share is 39%;

The share of current assets in assets increased by 1% over the analyzed period, which is associated with the growth of cash and other current assets;

The share of inventories in current assets decreased from 24% in 2009 to 18% in 2011;

Stocks and expenses of JSC "Enterprise A" for the analyzed period are not covered by their own working capital.

Thus, for 2009–2011, the liquidity indicators of the balance sheet of OJSC “Enterprise A” basically do not correspond to the normative ones.

Let's calculate the equity ratio using table 7.

Table 7. Analysis of the solvency of JSC "Enterprise A"for 2009–2011

As we can see, JSC "Enterprise A" for 2009-2011 has a sufficient level of own funds.

In the conditions of market relations the role of indicators of profitability is great. An analysis of the profitability of working capital of JSC "Enterprise A" is presented in table 8.

Table 8. Analysis of the profitability of the working capital of the branchJSC "Enterprise A"

As the data presented in Table 8 show, there is a decrease in all indicators of profitability of working capital due to a decrease in the net profit of the enterprise.

Thus, the profitability of all current assets decreased in 2009–2011 from 15.82% to 2.51%, the profitability of inventories and costs from 66.51% to 13.79%, the profitability of receivables - from 24.69% to 4, 76%.

Let's analyze the profitability of all assets of the enterprise using a factorial model based on the method of chain substitutions (table 9) :

Table 9. Analysis and assessment of the profitability of the assets of JSC "Enterprise A", thousand rubles.

The results of the calculations made allow us to conclude that in all analyzed periods, the proceeds from sales were higher than the cost. The company made the most profit in 2009.

The share of current assets in the formation of assets throughout the study period remains virtually unchanged.

The dynamics of the indicator of the share of reserves in the formation of current assets indicates that during the three years under study there was a gradual decrease from 24% to 18%. This figure reached its maximum in 2009.

The fourth factor of the model - inventory turnover - shows how many turnovers during the reporting year the inventory makes in the process of production and sale of products. The dynamics of this indicator shows that the organization has developed unfavorable circumstances that contribute to a decrease in the efficiency of inventory use. This is understandable if you look at the dynamics of sales revenue and inventory.

Revenue from product sales is growing at a slower pace than inventories. In 2011, inventory turnover decreased and amounted to 26.93 turnovers per year, that is, approximately 13.4 days. It should be noted that this indicator at the beginning of the analyzed period was at the level of 11.3 days.

The influence of each individual factor on the performance indicator can be determined using factor analysis. Its results are presented in the final part of Table 3.6.

The obtained data can be commented as follows.

In 2010, compared to 2009, the main factor that influenced the growth in the profitability of assets was the price - the share of revenue per 1 ruble of cost. As a result of its influence, the return on assets decreased by 6%.

The overall impact of factors on the growth of return on current assets in 2009–2010 was minus 7%.

In 2011, the factor of the share of revenue per 1 ruble of production costs ceased to play a decisive role in changing the performance indicator. Due to its slight growth, the return on assets increased by 3%.

The change in inventory turnover had a negative impact and amounted to minus 1%.

Also, the decrease in the share of inventories in the formation of current assets had a negative impact on the growth of return on assets. As a result of its influence, the return on assets decreased by 1%.

The overall impact of factors on the growth of the profitability of current assets in 2010-2011 amounted to 1%.

The results of the analysis show that external factors have a great influence on the change in the level of production efficiency. At the same time, the organization has internal reserves for increasing production efficiency, for example, by optimizing the structure of assets, increasing their turnover, etc. Since the administration of the enterprise is not able to influence the change in external factors, the greatest efforts must be directed to the use of internal reserves.

Thus, according to the proposed methodology, we analyzed in sufficient detail the influence of various factors on the change in the level of profitability of the organization's main production activities.

We will carry out a general analysis of the state of the working capital of the branch of JSC "Enterprise A" by reducing the assessment indicators into a single table 10.

In 2009–2011, the rating of the state of working capital of JSC “Enterprise A” increased by 1 point, and its value by 2011 was 23 points. This value refers to the average, that is, the state of working capital in the analyzed period is normal with a tendency to improve its structure.

Important in the management of working capital is the process of normalization of working capital, and control over the implementation of the calculated standards. The need to analyze compliance with the standards comes from the fact that an enterprise can invest a significant amount of funds, for example, in stocks, which will disrupt its liquidity.

We will calculate the need for working capital of JSC "Enterprise A" according to the available data on the volume of sales and the period of turnover of working capital (table 11) .

Table 11. Calculation of the working capital ratioJSC "Enterprise A"

As we can see, in general, the company's available working capital exceeds the calculated standard. In 2010, the excess amounted to 863,572 thousand rubles, and in 2011 - 1,639,643 thousand rubles.

Consider, due to which articles of working capital there was an excess over the standard. To do this, we calculate the turnover of individual items of working capital (Table 3.2) and the need for working capital of JSC "Enterprise A" for 2010 and 2011 and analyze the deviations from the actual data (table 12) .

Table 12. Calculation of the turnover of working capital of JSC "Enterprise A"

The planned volume of financial needs is calculated by the formula:

Table 13. Calculation of the financial needs of JSC "Enterprise A"

As we can see, for all items of working capital, the actual values ​​are higher than the calculated standards. Consequently, the reserves for increasing the efficiency of the use of working capital of JSC "Enterprise A" are:

Accelerated turnover of working capital;

Increasing the profitability of services.

Thus, as a result of the analysis, we can draw the following general conclusions:

There is a decrease in the economic turnover of JSC "Enterprise A" for 2009-2011;

During the analyzed period, the volume of working capital of JSC "Enterprise A" increased by 534,205 thousand rubles;

In general, the growth of the current JSC "Enterprise A" for the analyzed period occurred due to the growth of cash and other current assets;

In OJSC “Enterprise A”, the duration of the financial cycle increased by 11 days over the analyzed period - from 6 days in 2009 to 17 days in 2011, which is a negative trend, since there was an increase in the period of receivables turnover;

The duration of the operating cycle at the enterprise also increased - from 37 days in 2009 to 54 days in 2011, which can be characterized as a negative trend;

For 2009–2011, the liquidity indicators of the balance sheet of OJSC “Enterprise A” generally do not correspond to the normative ones;

In 2009, normal financial stability was observed, since the amount of reserves and costs exceeded the value of own working capital, however, it was covered by the main sources for the formation of the stock and costs;

There is a decrease in all indicators of profitability of working capital due to a decrease in the net profit of the enterprise;

The state of working capital in the analyzed period can be assessed as normal with a tendency to improve its structure.

Estimate:

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