Indicators of efficiency in the use of working capital. Coursework: Assessing the effectiveness of the formation and use of working capital of an enterprise

Does the enterprise have its own working capital, its composition and structure, turnover rate and efficiency of use of working capital largely determine the financial condition of the enterprise and the stability of its position in the financial market, namely;
solvency, i.e. the ability to repay one’s debt obligations on time;
liquidity - the ability to make necessary expenses at any time;
opportunities for further mobilization of financial resources.
Effective use of working capital plays a big role in ensuring the normalization of the enterprise, increasing the level of profitability of production and depends on many factors. IN modern conditions huge Negative influence the factors of the crisis state of the economy affect the change in the efficiency of using working capital and the slowdown in their turnover;
reduction in production volumes and consumer demand;
high inflation rates;
severance of economic ties;
violation of contractual and payment discipline;
high level of tax burden;
decreased access to credit due to high bank interest rates.
All listed factors influence the use of working capital regardless of the interests of the enterprise. At the same time, enterprises have internal reserves for increasing the efficiency of using working capital, which they can actively influence. These include: rational organization of inventories, reducing the presence of working capital in work in progress, efficient organization appeals.

This indicator characterizes the amount of profit received for each ruble of working capital and reflects the financial efficiency of the enterprise, since it is the working capital that ensures the turnover of all resources in the enterprise.
In Russian economic practice, the efficiency of using working capital is assessed through indicators of its turnover. Since the criterion for assessing the effectiveness of working capital management is the time factor, indicators are used that reflect, firstly, the total turnover time, or the duration of one turnover in days, and, secondly, the turnover rate.
The duration of one turnover in days covers the duration of the production cycle and the amount of time spent on sales finished products, and represents the period during which working capital goes through all stages of circulation at a given enterprise.
The duration of one turnover (working capital turnover) in days OB is determined by dividing the working capital So by one-day turnover, defined as the ratio of the volume of sales of RP to the duration of the period in days D or as the ratio of the duration of the period to the number of revolutions Cob.:
.
The shorter the duration of the circulation period or one turnover of working capital, the less other things being equal, the enterprise requires less working capital. The faster working capital circulates, the better and more efficiently they are used. Thus, the timing of capital turnover affects the total working capital requirement. Reducing this time is the most important area of financial management, leading to increased efficiency in the use of working capital and an increase in their return.
The turnover rate characterizes the direct turnover ratio (number of revolutions) for a certain period of time - a year, a quarter. This indicator reflects the number of turnovers made by the working capital of the enterprise, for example, per year. It is calculated as the quotient of dividing the volume of sold (or commodity) products by working capital, which is taken as average amount working capital:

The direct turnover ratio shows the amount of sold (or marketable) products per 1 ruble of working capital. An increase in this coefficient means an increase in the number of revolutions and leads to the fact that;
production output or sales volume increases for each invested ruble of working capital;
the same volume of production requires a smaller amount of working capital.
Thus, the turnover ratio characterizes the level of production consumption of working capital. An increase in the direct turnover ratio, i.e. an increase in the rate of turnover made by working capital, means that the enterprise uses working capital rationally and efficiently. A decrease in the number of revolutions indicates a deterioration financial condition enterprises.

,
where Kz is the load factor.
Comparison of turnover and load ratios over time allows us to identify trends in changes in these indicators and determine how rationally and effectively the working capital of the enterprise is used.
The turnover of working capital may accelerate or slow down. When turnover slows down, the turnover involves additional funds. The effect of accelerating turnover is expressed in a reduction in the need for working capital due to improved use and savings, which affects the increase in production volumes, and as a result, financial results. Acceleration of turnover leads to the release of part of the working capital (material resources, cash), which are used either for production needs or for accumulation in a current account. Ultimately, solvency and financial condition improves.

More on the topic Indicators of the use of working capital of an enterprise:

Working capital (working capital) of enterprises: essence, composition and ways to improve efficiency of use

The efficiency of using working capital is measured by their turnover indicators.

The turnover of working capital is the duration of passage of working capital through individual stages of production and circulation.

The following indicators of working capital turnover are distinguished:

1. Turnover ratio;

2. Duration of one revolution;

3. Working capital utilization ratio. Financial and economic activity of an enterprise: Practical. manual.-- M.: Prior, 2010.-- 123 p.

The turnover ratio characterizes the level of production consumption of working capital. An increase in the direct turnover ratio, i.e. An increase in the turnover rate of working capital means that the enterprise uses working capital rationally and efficiently. A decrease in turnover indicates a deterioration in the financial condition of the enterprise. The turnover ratio is determined by dividing the volume of product sales at wholesale prices by the average balance of working capital at the enterprise:

Ko = Рп / OBS Sergeev I.V. Enterprise economy. Textbook. - M. - Finance and statistics. - 2008. -- 265 p.

Where Ko is the working capital turnover ratio, turnover;

OBS - average working capital balance, rub.

The duration of one turnover consists of the time spent by working capital in the sphere of production and the sphere of circulation, starting from the moment of acquisition of inventories and ending with the receipt of revenue from the sale of products manufactured by the enterprise. In other words, the duration of one turnover in days covers the duration of the production cycle and the amount of time spent on the sale of finished products, and represents the period during which working capital passes through all stages of the circulation at a given enterprise. Financial art of an entrepreneur: Educational and practical work. hands / Auth. coll. under hand E. Stoyanova.-- M.: Perspective, 2010.-- 68 p.

The duration of one turnover (working capital turnover) in days is determined by dividing the working capital by one-day turnover, defined as the ratio of sales volume to the duration of the period in days or as the ratio of the duration of the period to the number of turnovers:

Formula for calculating the duration of working capital turnover:

where D is the duration of the working capital turnover, days;

T - duration of one period, days;

OK - working capital rubles;

Рп - volume of products sold, rub.;

The shorter the duration of the circulation period or one turnover of working capital, the less working capital is required by the enterprise. The faster working capital circulates, the better and more efficiently they are used. Thus, the timing of capital turnover affects the total working capital requirement. Reducing this time is the most important area of financial management, leading to increased efficiency in the use of working capital and an increase in their return. Financial and economic activity of an enterprise: Practical. manual.-- M.: Prior, 2010.-- 123 p.

The inverse turnover ratio or working capital load (fixation) coefficient shows the amount of working capital spent on each ruble of sold (commodity) products and is calculated as follows:

Kz = OBS / Rp

where Kz is the working capital load factor.

Comparison of turnover and load ratios over time allows us to identify trends in changes in these indicators and determine how rationally and effectively the working capital of the enterprise is used. Kovalev V.V. Financial analysis - M.: Finance and Statistics, 2012. - 432 p.

A general indicator of the efficiency of using working capital is its profitability indicator:

where P is profit

This indicator characterizes the profit received for each ruble of working capital and reflects the financial efficiency of the organization, since it is working capital that ensures the turnover of all resources.

Turnover indicators can be calculated for all working capital and for its individual elements, such as inventories, work in progress, finished and sold products, funds in settlements and accounts receivable (Table 1).

Table 1. Particular indicators of the use of working capital Kovalev V.V. Financial analysis - M.: Finance and Statistics, 2012. - 432 p.

Index	Characteristic	Calculation formula
Inventory turnover	shows the rate at which inventory is produced and released from the warehouse	Production costs/average inventory
Work in progress turnover	Shows the length of time required to transform semi-finished products into finished products	Goods in stock / average annual work in progress
Turnover of finished products	Shows the turnover rate of finished products	Volume of products sold (shipped) / average annual value of finished products
Turnover of funds in calculations	Shows the expansion or reduction of commercial credit provided by the organization	Volume of products sold (shipped) / average amount of accounts receivable

Thus, the indicators make it possible to conduct an in-depth analysis of the use of own working capital (they are called private turnover indicators).

The effect of accelerating the turnover of working capital is expressed in the release and reduction of the need for them due to the improvement of their use. The release of working capital as a result of accelerating their turnover can be absolute and relative. Raitsky K.A. Enterprise Economics - M.: Marketing - 2009. - 693 p.

The absolute release of funds occurs in cases where, when implementing the planned production program, the actual amount of working capital at the enterprise is less than the planned need for them. The funds released as a result of the acceleration of turnover are concentrated in the current account in the form of free cash resources. Absolute release reflects a direct reduction in the need for working capital. Lyalin V.A., Vorobiev P.V. Financial management (company financial management).-- St. Petersburg, 2008.-- 108 p.

Absolute release occurs when

Co.fact< Со.план, Vреал = const ,

where Co.fact is the actual balances of the OS;

Co.plan - planned balances of the operating system;

Vreal - sales volume.

Absolute release is determined by the formula:

AB = Co.fact - Co.plan.

The release of funds will be relative if, simultaneously with the acceleration of turnover of working capital, an increase in the production program is planned and the released funds should be used to cover the increase in working capital due to an increase in output. Relative release reflects both the change in the amount of working capital and the change in the volume of products sold. To determine it, you need to calculate the need for working capital for the reporting year based on the actual turnover of product sales for this period and turnover in days for the previous period. The difference gives the amount of funds released.

In individual industries, the rate of turnover of funds is different, which follows from the technical and economic characteristics of a particular industry, the characteristics of production conditions and financial organization.

Thus, in industries with a long production cycle (shipbuilding, turbine construction, etc.), working capital circulates at a lower speed than in industries such as food and light, where the duration of the production cycle is short. Lyalin V.A., Vorobiev P.V. Financial management (company financial management).-- St. Petersburg, 2008.-- 108 p.

The release of working capital has a number of positive effects:

Products are produced at lower working capital costs;

Material resources are released;

The receipt of profit deductions into the budget is accelerating;

Improves financial position enterprises, because the financial resources released as a result of the above-plan acceleration of the turnover of funds remain at the disposal of the enterprise until the end of the year and can be successfully used (profitably invested). Manukovsky A.B., Khartukov B.M. Economic conditions: How to study the modern market: Proc. allowance.-- M.: Shk. international business MGIMO, 2009.--127 p.

Thus, the existing system of evaluation indicators for the efficiency of using working capital makes it possible to identify reserves for increasing turnover and profitability of working capital, as well as reduce the duration of production and financial cycles.

To analyze individual factors, capital management techniques in organizations use capital utilization ratios, which are presented in Table 2.

Table 2. Capital utilization ratios Financial and economic activities of the enterprise: Practical. manual.-- M.: Prior, 2010.-- 123 p.

Indicators	Methodology for calculating indicators
Autonomy coefficient (characterizes the share of ownership of the owners of the enterprise in the total amount of advanced funds)
Capital immobilization coefficient (shows what share of immobilized assets accounts for 1 ruble of equity capital)
Inventory coverage ratio with own working capital (characterizes the degree of sufficiency of own funds to cover inventory)
Working capital coverage ratio from own sources (shows what part of current assets is financed from own sources and does not require borrowing)
Total liquidity ratio (shows the company’s ability to pay off current (short-term) obligations using only current assets)
Critical liquidity ratio (shows what part of the organization’s short-term obligations can be immediately repaid using cash, funds in short-term securities, as well as settlement proceeds)
Absolute liquidity ratio (shows what part of the short-term debt the company can pay off in the near future)
Net working capital (shows the excess of current assets over short-term liabilities)

Thus, an analysis of the coefficients given in Table 1 shows how strongly it depends on borrowed funds and how freely it can maneuver own capital, without the risk of paying extra interest and penalties for non-payment or incomplete payment of accounts payable on time. This information is important, first of all, for the management of the organization when making financial decisions, as well as for counterparties - suppliers of raw materials and consumers of manufactured goods (works, services). It is important for them to know how strong the financial security of the uninterrupted process of the organization’s activities is. The turnover of working capital may accelerate or slow down. When turnover slows down, additional funds are involved in turnover. The effect of accelerating turnover is expressed in a reduction in the need for working capital due to improved use and savings, which affects the increase in production volumes, and as a result, financial results. Financial art of an entrepreneur: Educational and practical work. hands / Auth. coll. under hand E. Stoyanova.-- M.: Perspective, 2010.-- 68 p.

Acceleration of turnover leads to the release of part of the working capital (material resources, cash), which are used either for production needs or for accumulation in a current account. Ultimately, the solvency and financial condition of the enterprise improves. Holt R.N. Fundamentals of financial management: Trans. from English - M.: Delo, 2011. - 128 p.

The presence of a commercial organization's own working capital, its composition and structure, turnover rate and efficiency of use of working capital largely determine the financial condition of the enterprise and the stability of its position in the financial market, the main indicators of which are:

· solvency, i.e. the ability to repay your debt obligations on time;

liquidity – the ability to make necessary expenses at any time;

· opportunities for further mobilization of financial resources.

Effective use of working capital plays a big role in ensuring the normalization of the enterprise, increasing the level of profitability of production and depends on many factors. In modern conditions, the factors of the crisis state of the economy have a huge negative impact on the efficiency of using working capital and the slowdown in their turnover:

· reduction in production volumes and consumer demand;

· high inflation rates;

· severance of economic ties;

· violation of contractual and payment discipline;

· high level of tax burden;

· decreased access to credit due to high bank interest rates.

· rational organization of production reserves (resource conservation, optimal rationing, use of direct long-term economic ties);

· reducing the presence of working capital in work in progress (overcoming the negative trend towards a decrease in capital productivity, introducing the latest technologies, especially waste-free ones, updating the production apparatus, using modern, cheaper construction materials);

· effective organization of circulation (improving the payment system, rational organization of sales, bringing consumers of products closer to their manufacturers, systematic control over the turnover of funds in settlements, fulfilling orders through direct connections).

A general indicator of the efficiency of using working capital is profitability indicator(R ok) calculated as the ratio of profit from sales of products ( P rp) or other financial result to the average amount of working capital (C ok):

This indicator characterizes the amount of profit received by B for each ruble of working capital and reflects the financial efficiency of the enterprise, since it is the working capital that ensures the turnover of all resources in the enterprise.

Duration of one revolution(working capital turnover) in days (About ok) is determined by dividing the working capital (C ok) by one-day turnover, defined as the ratio of sales volume (RP) to the duration of the period in days (D) or as the ratio of the duration of the period to the number of turnovers ( TO OB):

The shorter the duration of the circulation period or one turnover of working capital, the less other things being equal the enterprise requires less working capital. The faster working capital circulates, the better and more efficiently they are used. Thus, the timing of capital turnover affects the total working capital requirement. Reducing this time is the most important area of financial management, leading to increased efficiency in the use of working capital and an increase in their return.

The turnover rate characterizes direct turnover ratio (number of revolutions) for a certain period of time - a year, a quarter. This indicator reflects the number of turnovers made by the working capital of the enterprise, for example, per year. It is calculated as the quotient of the volume of sold (or commodity) products divided by working capital, which is taken as the average amount of working capital for a certain period (usually a year):

The direct turnover ratio shows the amount of sold (or marketable) products per 1 ruble. working capital. An increase in this coefficient means an increase in the number of revolutions and leads to:

· that production output or sales volume increases for each invested ruble of working capital;

· the same volume of production requires a smaller amount of working capital.

Thus, the turnover ratio characterizes the level of production consumption of working capital. An increase in the direct turnover ratio, i.e. An increase in the turnover rate of working capital means that the enterprise uses working capital rationally and efficiently. A decrease in turnover indicates a deterioration in the financial condition of the enterprise.

Inverse turnover ratio, or loading factor (consolidation) working capital shows the amount of working capital spent on each ruble of sold (commodity) products. This indicator is also called the working capital ratio. It is calculated as follows:

. (3.4)

Inventory turnover is calculated as the ratio of production costs to the average amount of inventory; work in progress turnover - as the ratio of goods received to the warehouse to the average annual volume of work in progress; turnover of finished products - as the ratio of shipped or sold products to the average value of finished products; Fund turnover in calculations is the ratio of sales revenue to average accounts receivable.

The listed indicators make it possible to conduct an in-depth analysis of the use of own working capital; they are called private turnover indicators.

The turnover of working capital may accelerate or slow down. When turnover slows down, additional funds are involved in turnover. The effect of accelerating turnover is expressed in a reduction in the need for working capital due to improved use and savings, which affects the increase in production volumes and, as a consequence, financial results. Acceleration of turnover leads to the release of part of the working capital (material resources, cash), which are used either for production needs or for accumulation in a current account. Ultimately, the solvency and financial condition of the enterprise improves.

The release of working capital as a result of accelerating their turnover can be absolute and relative. Absolute release is a direct reduction in the need for working capital, which occurs in cases where the planned volume of production is completed with a smaller volume of working capital compared to the planned requirement.

Relative The release of working capital occurs in cases where, in the presence of working capital within the planned requirement, the production plan is exceeded. At the same time, the growth rate of production volume is faster than the growth rate of working capital balances.

Working capital management is important in solving the key problem of financial condition: achieving the optimal balance between increasing production profitability (maximizing profit on invested capital) and ensuring sustainable solvency, serving external manifestation financial stability of the enterprise. An extremely important task is also the provision of reserves and costs of the enterprise with sources of their formation and maintaining a rational relationship between its own working capital and borrowed resources used to replenish working capital.

Economic content of working capital and development of working capital management policies

Any commercial enterprise conducting production or other commercial activities must have certain operating assets or active capital in the form of fixed and working capital. The concept of working capital is identical to working capital and represents one of the components of the property of an economic entity, necessary for the normal implementation and expansion of its activities. Otherwise, working capital is the amount of financial sources necessary for the formation of current assets of the enterprise.

Working capital is funds that serve the process of economic activity, participating simultaneously in the production process and in the process of selling products. Ensuring the continuity and rhythm of the production and circulation process is the main purpose of the enterprise's working capital. (28, p. 133.)

According to their functional purpose, or role in the process of production and circulation, the working capital of an enterprise is divided into circulating production assets and circulating funds. Based on this, working capital can be characterized as funds invested in circulating production assets and circulation funds and undergoing continuous circulation in the process of economic activity.

Depending on their participation in production, working production assets are divided into funds in production inventories (raw materials and basic materials; auxiliary materials, interbank supplies) and funds in the production process (work in progress, deferred expenses). Production assets are the material basis of production. They are necessary to ensure the process of production of products (works, services) and completely transfer their value to the newly created product, while changing their original form. And all this - during one production cycle or circuit.

Another element of working capital is circulation funds. They are not directly involved in the production process. Their purpose is to provide resources for the circulation process, to maintain the circulation of enterprise funds and to achieve unity of production and circulation. Circulation funds consist of finished products and cash and accounts receivable. They are formed under the influence of the nature of the enterprise’s activities, the conditions for selling products, the level of organization of the finished product sales system, the forms of payment used and their condition and other factors.

The peculiarity of working capital is that it is not spent, not consumed, but is advanced in different kinds current costs of a business entity. The purpose of the advance is to create the necessary material reserves, work in progress, finished products and conditions for their sale. (28, p. 135.)

Advance means that the funds used are returned to the enterprise after the completion of each production cycle or circuit, including: production of products - their sale - receipt of proceeds from the sale of products (works, services). It is from the proceeds from sales that the advanced capital is reimbursed and returned to its original value.

Thus, working capital, intended to ensure the continuity of the production process and sales of products, can be characterized as a set of funds advanced for the creation and use of circulating production assets and circulation funds.

When forming a working capital management policy, 3 are possible: alternative options behavior of the enterprise, both in the case of determining the composition and structure of current assets, and in the case of determining the composition and structure of the sources of working capital formation.

When determining the volume of working capital requirements, an enterprise chooses between a cautious, restrictive and moderate enterprise strategy.

The essence of a cautious strategy is that the company has a high level of cash reserves and liquid securities in order to ensure current solvency and financial stability. That is, a cautious strategy is focused on the maximum volume of working capital requirements. The consequence of a cautious strategy is a slowdown in the turnover of funds, a decrease in profitability and risk. (17, p. 8)

With a restrictive strategy, cash, securities, and liquid inventories are reduced to a minimum. In this case, turnover accelerates, profitability increases, but at the same time risk increases. The volume of working capital requirements with a restrictive strategy is minimal.

With a moderate strategy, the enterprise's line of behavior lies between a cautious and restrictive strategy. It is believed that along this line the enterprise can find the point of optimal volume of working capital requirements.

When determining sources of financing, there are also 3 alternative behavior options:

Aggressive strategy

Conservative strategy

Moderate strategy (17, p. 10).

The essence of the aggressive strategy is that the enterprise's need for working capital is covered mainly by short-term sources and partly by long-term ones. This leads to a situation of insolvency, an increase in interest rates on loans, an increase in the cost of other borrowed funds and a decrease in the profitability of the enterprise.

A conservative strategy assumes that the additional need for working capital is covered by long-term loans and by spontaneously arising accounts payable. Short-term credit is used only during peak periods, and in other situations reserve funds are held in highly liquid securities and even in in cash. With this strategy, the enterprise has minimal risk and, accordingly, the minimum profitability.

A moderate strategy involves coordinating the timing of receiving benefits from investments in assets and the timing of fulfillment of obligations. The purpose of the agreement is to minimize the risk of loss of solvency.

The presence of an enterprise's own working capital, its composition and structure, turnover rate and efficiency of use of working capital largely determine the financial condition of the enterprise and the stability of its position in the financial market, the main indicators of which are:

Solvency, that is, the ability to repay your debt obligations on time;

Liquidity – the ability to make necessary expenses at any time;

Opportunities for further mobilization of financial resources. (19, p. 152)

Effective use of working capital plays a big role in ensuring the normalization of the enterprise, increasing the level of profitability of production and depends on many factors.

In modern conditions, the factors of the crisis state of the economy have a huge negative impact on the efficiency of using working capital and the slowdown in their turnover:

Decrease in production volumes and consumer demand;

High inflation rates;

Severance of economic ties;

Violation of contractual and payment discipline;

High level tax burden;

Reduced access to credit due to high bank interest rates.

All of these factors influence the use of working capital, regardless of the interests of the enterprise. At the same time, enterprises have internal reserves for increasing the efficiency of using working capital, which they can actively influence. These include: rational organization of production reserves (resource conservation, optimal rationing, use of direct long-term economic ties); reducing the presence of working capital in work in progress; effective organization of circulation (improvement of the settlement system, rational organization of sales, systematic control over the turnover of funds in settlements, etc.)

A general indicator of the efficiency of using working capital is the profitability indicator (in %), calculated as the ratio of profit from sales of products, or other financial result, to the average amount of working capital. (28, p. 146)

In Russian economic practice, the efficiency of using working capital is assessed through indicators of its turnover. Since the criterion for assessing the effectiveness of working capital management is the time factor, indicators are used that reflect, firstly, the total turnover time, or the duration of one turnover in days; secondly, the turnover rate. The duration of one turnover in days covers the duration of the production cycle and the amount of time spent on selling finished products, and represents the period during which working capital passes through all stages of the circulation at a given enterprise.

The duration of one turnover (working capital turnover) in days is determined by dividing the working capital by the one-day turnover, defined as the ratio of sales volume to the duration of the period.

The shorter the duration of the circulation period or one turnover of working capital, the less other things being equal, the enterprise requires less working capital. The faster working capital circulates, the better and more efficiently they are used. Reducing the capital turnover time is the most important area of financial management, leading to increased efficiency in the use of working capital and an increase in their return. (20, p. 114)

The turnover rate characterizes the direct turnover ratio (number of revolutions) over a certain period of time. This indicator reflects the number of turnovers made by the working capital of the enterprise, for example, per year. It is calculated as the quotient of dividing the volume of sold (or commodity) products by working capital, which is taken as the average amount of working capital for a certain period (usually a year).

The direct turnover ratio shows the amount of sold (or marketable) products per 1 ruble. working capital. An increase in this coefficient means an increase in the number of turnover and leads to the fact that: production output or sales volume increases for each invested ruble of working capital; the same volume of production requires a smaller amount of working capital.

Thus, the turnover ratio characterizes the level of production consumption of working capital. An increase in the direct turnover ratio, that is, an increase in the rate of turnover made by working capital, means that the enterprise uses working capital rationally and efficiently. A decrease in turnover indicates a deterioration in the financial condition of the enterprise.

The inverse turnover ratio, or the loading (consolidation) factor of working capital, shows the amount of working capital spent on each ruble of sold (commodity) products. This indicator is also called the working capital ratio and is calculated as the ratio of the volume of working capital to the volume of products sold.

Comparison of turnover and load ratios over time allows us to identify trends in changes in these indicators and determine how rationally and effectively the working capital of the enterprise is used. Turnover indicators can be calculated both for all working capital and for their individual elements.

The turnover of working capital may accelerate or slow down. When turnover slows down, additional funds are involved in turnover. The effect of accelerating turnover is expressed in a reduction in the need for working capital due to improved use and savings, which affects the increase in production volumes and, as a consequence, financial results. Acceleration of turnover leads to the release (absolute or relative) of part of the working capital (material resources, cash), which are used either for production needs or for accumulation in a current account. Ultimately, the solvency and financial condition of the enterprise improves. (24, p. 98)

Working capital management is important in solving the key problem of financial condition: achieving the optimal balance between increasing production profitability (maximizing profit on invested capital) and ensuring sustainable solvency, which serves as an external manifestation of the financial stability of the enterprise. An extremely important task is also the provision of reserves and costs of the enterprise with sources of their formation and maintaining a rational ratio between its own working capital and borrowed resources aimed at replenishing working capital.

Financial indicators of the efficiency of using working capital

With the development of market relations, optimization of the use of working capital is becoming increasingly important, since the material and monetary resources released in this case are an additional internal source of further investment. Rational and efficient use of working capital helps to increase the financial stability of the organization and its solvency.

The efficiency of using working capital is characterized by a system of economic indicators. One of them is the ratio of their placement in the spheres of production and circulation. The more working capital serves the sphere and the production cycle (in the absence of excess inventories of inventory items), the more rationally they are used. The degree of use of working capital can be judged by the return on working capital, which is defined as the ratio of profit from sales to the balance of working capital. The most 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 from the moment working capital is converted in cash into production inventories until the release of finished products and their sale (crediting proceeds to the current account).

The turnover of working capital is different at enterprises of both the same and different sectors of the economy. This depends on the organization of production and sales of products, the placement of working capital and other factors. Thus, in heavy engineering with a long production cycle, the turnover time is greatest; The circulation in the food and extractive industries is faster.

Working capital turnover is characterized by three interrelated indicators:

The duration of one revolution in days;

The number of turnovers for a certain period - year, half-year, quarter (turnover ratio);

The amount of working capital employed at the enterprise per unit of production (load factor).

The duration of one turnover of funds in days (O) is calculated using the formula

where C is the balance of working capital (average or as of a specific date).

Average working capital balances are calculated based on the average

chronological: (½ remainder at the beginning + remainder at the beginning of each

month + ½ balance at the end of the period): number of months in the study

T - volume of commercial products;

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

A decrease in the duration of one revolution indicates an improvement in the use of working capital.

The number of turnovers for a certain period or the working capital turnover ratio (To) is calculated using the formula

The higher the turnover ratio under these conditions, the better the use of working capital.

Load factor of funds in circulation(K3), the inverse of the turnover ratio, is determined by the formula

and characterizes the amount of working capital per unit (1 rub., 1 thousand rub., 1 million rub.) sold products. This indicator indicates the rational, effective or, conversely, ineffective use of working capital only when comparing data over several years and based on the dynamics of the coefficient.

Volume of commercial products at cost per last year- 150 million rubles. With the amount of working capital at the end of this year at 18 million rubles. the duration of one revolution will be 43 days, ((18 x 360): 150). The turnover ratio will be 8.3 (150: 18). Consequently, these working capital made 8.3 turnover per year. At the same time, this figure means that for every ruble of working capital there were 8.3 rubles. sold products. The load factor will be 0.12 (18:150). Therefore, by 1 rub. Products sold account for 0.12 rubles. working capital.

Working capital turnover indicators can be calculated for all working capital involved in turnover and individual elements, according to plan and actually.

Planned turnover can be calculated only for standardized working capital, actual - for all working capital.

Changes in the turnover of funds are identified by comparing actual indicators with planned or indicators of the previous period. As a result of comparison of working capital turnover indicators, its acceleration or deceleration is revealed. When turnover accelerates, material resources and sources of their formation are released from circulation; when turnover slows down, additional funds are drawn into turnover. Turnover can be defined as general and private.

Total turnover characterizes the intensity of use of working capital as a whole for all phases of the circulation, but does not reflect 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. An acceleration in the turnover of funds at one stage can be minimized by a slowdown in the turnover at another, and vice versa.

The interrelated turnover indicators discussed above reflect the overall turnover of working capital. To identify specific reasons for changes in total turnover, the indicator of private turnover of working capital is calculated.

Private turnover reflects the degree of use of working capital in each individual phase of the circulation, group, as well as for individual elements of working capital.

To determine the influence structural changes the balances of individual elements of working capital are compared with the volume of marketable products (T), which was taken when calculating the total turnover of working capital. In this case, the sum of the private turnover indicators of individual elements of working capital will be equal to the turnover indicator of all working capital of the enterprise, i.e. the total turnover.

Working capital turnover by certain species(raw materials, materials, fuel, etc.), calculated when calculating standards own working capital, as well as to specify changes in overall turnover or othergoals,is determined using the same formulas, based on the balances of these types of inventory assets (C) and the turnover of their consumption for the corresponding period. Thus, the turnover (T) for certain types of inventories is not the volume of commercial products, but the consumption of this type working capital in the production process for the corresponding period.

As a result of the acceleration of turnover, a certain amount of working capital is released. Release can be absolute or relative.

Absolute release of working capital occurs when the actual balances of working capital are less than the standard or balances of working capital for the previous (base) period while maintaining or increasing the sales volume for this period. The completely freed working capital can be used by the enterprise to further expand production, develop new types of products, improve the supply and sales system and other measures to improve business activities.

Relative release of working capital possible in cases where the acceleration of working capital turnover occurs simultaneously with an increase in production volume at the enterprise.

The funds released in this case cannot be withdrawn from circulation, since they are in inventories that ensure production growth.

Example calculating the relative release of funds. The actual volume of commercial products at cost in the current year is 100.8 thousand rubles. The actual amount of all working capital at the end of the current year is 11.2 thousand rubles. The volume of commercial products for the planned year is 144 million rubles. with the planned acceleration of turnover of working capital by three days.

Under these conditions, the turnover of working capital in the current year will be 40 days (11.2 x 360:100.8).

The amount of working capital, based on the volume of marketable products in the coming year and turnover in the current year, will be determined at 16 million rubles. (144 million rubles x 40: 360).

The amount of working capital, based on the volume of marketable products in the coming year, taking into account the acceleration of their turnover, will be 14.8 million rubles. (RUB 144 million x: 360).

The relative release of working capital as a result of accelerated turnover in the coming year is equal to 1.2 million rubles. (16 million rubles - 14.8 millionrub.).