Proposals for improving the management of working capital at the enterprise OOO Leader. Proposals for improving the management of working capital of Rosneft Oil Company Improving the management of the organization's working capital
- Specialty HAC RF08.00.10
- Number of pages 205
1. THEORETICAL AND METHODOLOGICAL BASES OF WORKING CAPITAL MANAGEMENT.
1.1. The economic nature of working capital.
1.2. The process of functioning of working capital.
1.3. Management system for the functioning of working capital.
2. CURRENT CAPITAL OF RUSSIAN INDUSTRIAL ENTERPRISES: STATE,
FACTORS, TRENDS. v2.1. Methodological approach to improving the system of indicators for assessing the state of working capital.
2.2. Analysis of trends in the dynamics of the working capital of Russian industrial enterprises in the conditions of the formation of market relations.
2.3. Factors affecting the functioning of the working capital of industrial enterprises.
3. METHODOLOGICAL APPROACHES TO THE MANAGEMENT OF THE FORMATION AND USE OF WORKING CAPITAL.
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Introduction to the thesis (part of the abstract) on the topic "Improvement of the working capital management system of an industrial enterprise"
The relevance of research. In the last decade, due to institutional changes, a decline in production volumes, an aggravated payment and settlement crisis, and an acute shortage of own working capital, the efficiency of managing the working capital of Russian industrial enterprises has significantly decreased.
The loss of effective management skills by enterprises was greatly influenced by the failure to improve the rationing that underlies short-term lending, analysis and working capital management. The current methodology for analyzing the financial stability, liquidity, and creditworthiness of enterprises from the standpoint of external users of information - suppliers, tax authorities, banks, and others - does not allow us to assess the effectiveness of the use of working capital. At the same time, the use of financial resources in the interests of stable provision of the process of production and sale of products, its expansion and renewal is impossible without improving the system for managing the process of functioning of working capital, which is why the need for its rationalization is constantly increasing. The complexity and versatility of the management system require an integrated approach to its study. All this allows us to conclude that the topic of the dissertation research, devoted to the systematization of existing theoretical approaches to the formation of a working capital management system, the development of directions for its improvement and their practical implementation, is relevant.
The dissertation work was carried out within the framework of the scientific direction of the Voronezh State University "Economic management system: formation and development". The topic of the dissertation was approved by the Academic Council of the Faculty of Economics of the Voronezh State University, Protocol No. 1 dated November 30, 1998.
The degree of development of the research topic. The origin of the theoretical approach to the interpretation of the category of "working capital" dates back to the end of the 18th - beginning of the 19th centuries. For the first time, the division of advanced capital into parts that differ in the duration of turnover is substantiated in the works of W. F. Quesnay. The formation of ideas about this category was facilitated by the release in 1776 of A. Smith's work “A Study on the Nature and Wealth of Nations”, where the division of capital into fixed and circulating capital is clearly traced. The theoretical approaches of A. Smith were further developed in the studies of D. Ricardo, J. Ramsey, J. Sh. Sismondi, A. K. Storch, J. Barton, A. E. Cherbulier, J. St. Mill. A great contribution to the formation of ideas about the category of "circulating capital" was made by K. Marx, who characterized the meager content of the process of capital circulation through the processes of advance payment and value creation.
All further evolution of ideas about working capital is closely connected with the development of the views of A. Smith and K. Marx. The concept of financial management, which is being formed within the framework of microeconomics, provides for the widespread use of the category "working capital". Its supporters are J. K. Van Horn, L. A. Bernstein, R. N. Holt, E. S. Hendricksen, as well as N. R. Weizman, N. S. Lunsky, N. A. Blatov. The allocation of working capital by K. Marx only at the production stage formed the basis for the emergence and justification of the category "working capital", which became widespread in the Soviet and Russian economy in the works of E. Mitelman, A. M. Birman, P. A. Parfanyak, I. Usatov. A., Kovaleva V. V., Bunicha P. G., Zhevtyak P. N., Lisitsiana N. S., Sheremeta A. D., Saifulina R. S., Rodionova Yu. A., Kozlova N. V. , Perlamutrova V. L.
In the early 90s, in Russia, under the influence of the theory of financial management and the international accounting system, after a 70-year break, the category "working capital" began to be actively used, however, inadequate interpretation of foreign experience gave rise to a plurality of positions in defining and understanding the economic nature of this category (Kovalev V. V., Efimova O. V., Stoyanova E. S., Blank I. A., Balabanov I. T., Khorin A. N., Belendir M. V.)
The analysis of modern monographic and periodical literature devoted to research issues allows us to conclude that there is insufficient theoretical and practical development of issues related to improving the system for managing the process of functioning of the working capital of industrial enterprises: the development of a comprehensive management mechanism, the revival at a qualitatively new level of the practice of normative determination of the need for working capital , development of a model for the formation of working capital, expansion of analytical capabilities of accounting. This circumstance, combined with the relevance, determined the choice of the research topic, the formulation of its goals and objectives.
The purpose and objectives of dissertation research. The purpose of the work is to substantiate the theoretical approach to the study of the processes of formation, advance payment and use of working capital, the development and testing of methodological recommendations for improving the system for managing the process of functioning of the working capital of industrial enterprises.
In accordance with this goal, the following tasks were set and solved: to reveal the economic nature of working capital, to analyze the existing theoretical approaches to the definition of the category "working capital", the content and structure of the working capital functioning process, to identify the need to clarify these approaches;
To form ideas about the process management system for the functioning of the working capital of an industrial enterprise and the directions for its improvement: an integrated management mechanism; functional content, organizational structure;
Justify the need to change the current system of indicators for assessing the effectiveness of the formation and use of working capital;
To identify trends in the dynamics of the working capital of Russian industrial enterprises in the 90s;
Systematize and classify the factors influencing the process of functioning of working capital;
Develop and test guidelines for determining the regulatory need for working capital for industrial enterprises; develop and test guidelines for building a working capital formation model.
The subject of the study is the system for managing the process of functioning of the working capital of industrial enterprises.
The object of the study is the industrial enterprises of Russia, in general, and the Voronezh region, in particular, including the basic industry - mechanical engineering.
The theoretical and methodological basis of the study are the modern achievements of economic science - the works of domestic and foreign researchers. Legislative and other normative acts of the Russian Federation, reference and methodological literature, periodical press materials, statistical information on industry, including mechanical engineering, of Russia and the Voronezh region were used.
The dissertation research is based on a systematic approach, when performing the work, methods of analysis were used, due to specific tasks: comparative, economic, statistical, logical, graphical and other methods of processing and generalizing information.
Scientific novelty. The most significant, scientifically novel provisions developed in the process of research and submitted for defense are as follows: a theoretical approach has been formed to clarify the content of the working capital functioning process, based on the allocation of “advanced” and “functioning” working capital within its framework; the structure and composition of the complex mechanism for managing the process of working capital functioning, the algorithm for planning and analyzing this process, and the organizational structure of management are proposed; a methodical approach has been developed to improve the system of indicators for assessing the effectiveness of the formation and use of working capital, taking into account the allocation of “advanced” and “functioning” in its composition, sectoral and individual characteristics of industrial enterprises; trends in the dynamics of the working capital of industrial enterprises in Russia in the 90s were identified, the composition was determined and a classification of factors influencing the state of the working capital of industrial enterprises was developed, in the context of the directions and results of their impact on the circulation of capital; guidelines have been developed to determine the need for working capital at enterprises, providing for a combination of refined methods of regulatory planning and optimization modeling; a model for the formation of working capital was created based on optimization of the periods of repayment of receivables and payables and the amount of own working capital.
Theoretical and practical value. The theoretical value of the work is determined by the fact that the conclusions contained in it and the results obtained can be used in further studies of the process of managing the functioning of the working capital of industrial enterprises. Practical recommendations can be applied by managers and specialists of financial and economic services to form an effective system for managing the functioning of working capital, including certain forms of its advance payment.
The provisions and conclusions of the dissertation can also be used in the educational process of higher educational institutions in the preparation of economists and managers in the courses "Financial Management", "Enterprise Finance", "Enterprise Economics", "Accounting".
Approbation of work. The main provisions and conclusions of the dissertation research were tested at the problematic seminars of the Department of Labor Economics and Fundamentals of Management of Voronezh State University, at all-Russian scientific and practical conferences (Voronezh 1997-1999.), Interuniversity scientific conference (Voronezh 1997), at annual scientific sessions of VSU.
Publications. The main content of the dissertation is reflected in 11 publications, with a total volume of 2.67 pp. (personally by the author).
Structure and scope of work. The dissertation consists of an introduction, three chapters, a conclusion, a list of references, applications. The list of references includes 193 titles.
Similar theses in the specialty "Finance, money circulation and credit", 08.00.10 VAK code
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Dissertation conclusion on the topic "Finance, monetary circulation and credit", Dmitriev, Alexander Evgenievich
The conclusions made by us based on the results of the analysis of the dynamics of the state of the working capital of industrial enterprises indicate that cash accounts for less than 5% in the structure of current assets, and the second main form of working capital advance is accounts receivable.
The receivables optimization model should take into account, first of all, the impact of the size of receivables on the circulation of working capital, the process of its formation. The need for planning current assets corresponding to the stage of circulation (non-standardized) was noted by many authors: K. Drury, V. V. Kovalev, R. N. Holt and others / 9, 41.63, 160, 176, 186 /.
An analysis of the practical activities of the State Enterprise DST of the South Eastern Railway, as part of the development of a business plan to bring this organization out of bankruptcy, made it possible to identify priority areas in the element-by-element calculation of the need for working capital. One of the main claims brought against the organization by the Insolvency and Bankruptcy Agency and the local press, in addition to the unsatisfactory balance sheet structure, was the presence of excess reserves, inefficient work with debtors to pay off their obligations, the lack of a systematic approach to planning receivables, which thereby undermined the foundations of financial sustainability, doomed to the spontaneous attraction of a large amount of borrowed resources.
This is confirmed by the structure of current assets that have developed as of 01.01.97 (Table 3.1.2).
One of the main goals of the consulting group was to determine the planned and actual needs of the organization in the amount of a carryover stock of material resources.
The calculation was based on methodological recommendations for determining the regulatory need for a functioning working capital
Characteristics of optimization models used in the management of functional forms of working capital
CONCLUSION
The process of functioning of working capital is a necessary condition for ensuring the production and sale of the company's products. The financial and economic situation of an economic entity largely depends on how efficiently its circulation goes. This requires more attention to the formation and improvement of the working capital management system, the creation of a comprehensive management mechanism, a rational algorithm for building management functions, a flexible management structure; and integration of the working capital management system into the system of strategic and operational management of the enterprise.
In the dissertation work, based on the analysis of the evolution of the working capital management system and modern practice of working capital management at the enterprises of the city of Voronezh, theoretical provisions and practical recommendations were developed for the formation and improvement of the system for managing the process of functioning of the working capital of an industrial (including machine-building) enterprise.
As a result of the dissertation research, the following conclusions and recommendations were obtained.
1. Category "working capital" and the content of the process of its functioning. The systematization of the definitions of the category "working capital", adopted in domestic and foreign literature, revealed the disadvantages and advantages of various approaches. An analysis of their evolution made it possible to determine the key issues in assessing the content of the process of functioning of working capital, presented in the works of Adam Smith, David Ricardo, Karl Marx - this is the identification of working capital at the stage of circulation, determining its size and form of location, characterizing the interaction in the process of circulation with the main capital and added value (profit), the use of borrowed funds as sources of financing. The modern economic literature devoted to the management of working capital and working capital does not contain a reasonable approach to assessing the interaction in the process of the circulation of profit, fixed and working capital, and the sources of their formation. The author has formed his own approach, which involves the introduction of the concepts of "advanced working capital" and "functioning working capital". The composition of the sources of financing of the advanced working capital does not include the unused depreciation fund, retained earnings and profit of the current circulation, and "functioning working capital" is taken in the amount of capital that performs the functions of working capital - all current assets, with the exception of those formed due to depreciation and profit of the current circulation .
The amount of "working working capital" of an individual enterprise can be adjusted for overdue receivables and financial investments. It depends on the individual characteristics of the business entity. This approach allows you to allocate the amount of advanced working capital in circulation, and to determine the size of the functioning working capital. Its justification required clarification of the fundamental categories that characterize the process of working capital functioning: forms of advance payment, own working capital (advanced and functioning), turnover period, sources of working capital financing, etc.
Thus, working capital is capital in cash and commodity forms, formed from own and borrowed sources, advanced into current assets that completely change their form during one production and commercial cycle, in order to ensure the production and financial cycle of the enterprise. In the process of functioning, the size of the advanced working capital changes due to the use as a source of its increase in profits and the performance of the function of working capital by a temporarily unused depreciation fund, which is in the form of current assets,
2. Working capital management system. Improving the system for managing the process of working capital functioning is impossible without applying a systematic approach to its research and formation. As a basis for building the system, it is advisable to use the classical management scheme, which combines the control object, the control mechanism and the control organization into the control system, including the control functions and organizational structure.
A comprehensive management mechanism should be based on the methodological basis of production and financial management, provide for the formation of goals and objectives, criteria for assessing their achievement, take into account the transfer of the burden of managing the production and commercial cycle to the stage of circulation.
Due to the peculiarities of the control object, the leading place in the functional content of control should be given to analysis and planning. At present, in the practical activities of industrial enterprises, normative analysis, as more laborious, has given way to coefficient analysis. The reason for this was the disappearance of the basis for comparison and analysis - reasonable standards for various indicators that characterize the process of circulation. Without the revival of normative analysis, the effective implementation of the function of analysis is impossible. Its organization must be preceded by the choice of a system of estimated indicators.
The planning process is based on the determination of the need for working capital, which should combine reasonable, enterprise-specific rationing and flexible simulation modeling to correct the standard. These methods should complement each other, playing the role of a feasibility study and financial and economic substantiation of the need for working capital.
The organizational structure of the working capital management system of an industrial enterprise occupies one of the leading places in the management system of economic processes in an enterprise. This is due to the importance and vastness of the tasks solved by working capital (resource provision of the production and financial cycles, advances in various types of current assets). The organizational structure should combine program and functional management, provide for the creation of an analytical center that accumulates all information on the movement of working capital
3. Improving the system of indicators for assessing the effectiveness of the formation and use of working capital. The most important direction in improving the working capital management system should be the development of a set of indicators that characterize the process of its functioning and allow determining the dynamics of advanced and functioning working capital. The author proposes a methodical approach to the formation of evaluation criteria for the process of functioning of working capital, taking into account the composition of management objectives, the introduction of the categories "advanced working capital" and "functioning working capital". The formulas for calculating liquidity and financial stability indicators, the turnover period of working capital and the profitability of its use have been refined, including:
The influence of the size of the functioning and advanced working capital on liquidity indicators is considered;
A methodical approach is proposed to determine the normatively sufficient (minimum) indicator of current liquidity for an industrial enterprise, which provides for the need to cover current liabilities and maintain a functioning working capital for an economic entity to ensure the production and commercial cycle (calculations based on actual materials show that, for example, for mechanical engineering with active the use of buyers' funds, the normative indicator is at the level of 1.2 -1.3);
The interdependence of the coefficients of current liquidity and the provision with own working capital has been proved, an approach has been formed to determine the normatively sufficient level of own functioning working capital for an industrial enterprise;
A methodical approach to determining the value of own functioning working capital according to financial statements has been formed;
The methodology for determining the duration of the period of turnover of functioning and advanced working capital has been refined, using as an indicator of the cost turnover - the cost of production, reduced by depreciation charges accrued for the calculation period;
The methodology for determining the profitability (profitability) of the use of functioning and advanced working capital has been refined, providing for the division of the profit received between fixed and working capital.
Recommendations for improving the main indicators for assessing the rationality of the formation and efficiency of the use of working capital, taking into account the sectoral and individual characteristics of industrial enterprises, have been tested and accepted for use by industrial enterprises in the city of Voronezh.
4. Trends in the dynamics of the working capital of industrial enterprises and factors affecting the efficiency of managing the process of its functioning. Based on the analysis of statistical data and the results of a survey of engineering enterprises and other industries in Russia (including the Voronezh region), obtained by the author as part of the research group of the program grant
INCO Copernicus of the European Community, the main trends in the dynamics of the functioning working capital of industrial enterprises in the 90s were identified:
Reducing the share of working capital in the total capital of enterprises to 3-4%;
Transformation of the main form of advancing working capital from inventories to receivables;
Slowdown of the turnover period of the working capital of industrial enterprises up to the year 2000;
Reducing the size of own working capital;
Reducing the profitability of the use of working capital.
The factors influencing the process of working capital functioning are determined. They have been systematized and classified to meet the objectives of optimizing the impact on the capital circulation of industrial enterprises.
Based on the analysis of the identified trends in the dynamics of the working capital of domestic industrial enterprises and the factors affecting the process of its functioning, the key parameters of the working capital formation model were determined: the prevailing forms of advance payment (stocks and receivables) and the type of funding source (accounts payable).
5. Determining the need for working capital in enterprises. Developed and tested methodological recommendations for determining the need for working capital for the formation of inventories of industrial enterprises. They include:
Combination of rationing and optimization modeling in determining the need for working capital for the formation of stocks of inventory items;
Use in the methodology for determining the norm for the consumption of material resources for the production program of the estimated planning period corresponding to the duration of the production cycle;
The use of a unified approach when determining the need for material resources for the production program, which makes it possible to present semi-finished products in the form of coefficients of material norms, taking into account the order in which materials are launched in accordance with the requirements of the production cycle;
Clarification of the methodology for calculating the transport and current stock of inventory items;
Application in the calculations of the average percentage of transportation and procurement costs, adjusted for the weighted average index of the nature of the cargo (remoteness of suppliers, cargo parameters) and the projected inflation rate.
Determining the methodically justified size of the carry-over stock of inventory items underlies the development of a policy for attracting working capital for the formation of stocks, which provides for the construction of a schedule (monthly, quarterly) for additional demand or release of capital.
6. Formation of working capital on the basis of optimizing the periods of repayment of receivables and payables and the amount of own working capital. The model of working capital formation proposed by the author is based on the definition of a rational correlation between the periods of turnover of accounts payable and receivables with a certain amount of own working capital and the standard value of the carry-over stock of inventory items.
The resulting model allows you to determine the period of turnover of receivables that meets the requirements of the circulation, which is formed under the influence of the actual or projected period of turnover of accounts payable, the presence and increase in own working capital and the regulatory need for a rolling stock, calculated taking into account the methodological recommendations shown above. It makes it possible to assess the impact of a change in the period of turnover of receivables on the need for own working capital (release or attraction) and the period of turnover of accounts payable (possibility of faster repayment or focus on advance payments).
The findings are confirmed by the results of approbation of the methodological recommendations developed in the dissertation research at a number of industrial enterprises in the city of Voronezh in 1996-2001 (SE Drostroytrest South Eastern Railway, JSC UPMASH, JSC MC Rezon, JSC Avtomatika, JSC GSKB Zernoochistka) ,
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Final qualifying work
Topic: Financial statements of an enterprise (on the example of Arsenal LLC)
Introduction
At present, the independence of enterprises, their economic and legal responsibility is increasing. The importance of the financial stability of business entities is sharply increasing. All this significantly increases the role of the analysis of their financial condition: the availability, placement and use of funds. The results of such an analysis are primarily needed by owners, as well as creditors, investors, suppliers, managers and tax authorities. This paper analyzes the financial statements of the enterprise for internal use and operational management. The object of the study is the limited liability company "Arsenal". The subject of analysis is the financial processes of the enterprise and the final production and economic results of its activities. When conducting this analysis, the following techniques and methods were used: - analysis of coefficients; - vertical analysis. To calculate the coefficients, the financial statements of Arsenal LLC for 2007, 2008, 2009 were used, namely: - balance sheet - cash flow statement - income statement The main purpose of this work is to explore the financial condition of the Arsenal LLC enterprise , identify the main problems of financial activity and give recommendations for management. The financial condition of the enterprise is characterized by a set of indicators that reflect the process of formation and use of its financial resources, in a market economy it reflects the final results of the enterprise. The analysis of financial statements is an indispensable element of both financial management at an enterprise and its economic relations with partners, with the financial and credit system, and with tax authorities. Thus, it is clear how important the assessment of the financial condition of the enterprise is. This issue is the most pressing. Based on the goals set, it is possible to form tasks: - identifying changes in the indicators of the financial condition of the enterprise; - assessment of quantitative and qualitative changes in the financial position of the enterprise; - assessment of the financial position of the enterprise on a certain date; - identification of trends in enterprise management. The analysis of financial statements plays an important role in the company's management system and is closely related to all management functions. The analysis of financial statements is intended, on the one hand, to determine the economic efficiency of the company's activities for the reporting period, the achievement of goals, and on the other hand, to determine the possible directions for the development of this activity for the current and future periods in terms of providing the necessary financial, material and labor resources. Also, the analysis allows you to check the implementation of management decisions, give recommendations to the administrative apparatus on improving the efficiency of the company's economic activities, develop programs for employees of functional departments and divisions. In this paper, the assessment of the financial condition is carried out not only from a quantitative point of view, but also from an analytical point of view, i.e. the characteristic is given to those quantitative changes which are revealed at implementation of calculations for the period 2007 - 2009. An analysis of financial statements should answer the following questions: does the company make a profit based on the results of its economic activities for the year; whether the company is able to fulfill its obligations and whether such fulfillment will lead to the liquidation of the company due to lack of resources. The information provided by the balance sheet and income statement contains information about: - the size of the company's capital and property - the structure of capital and property; - change in equity capital for three years; - the amount of profits received or losses incurred by the company. The main content of the on-farm analysis of financial statements can be supplemented by aspects that are important for optimizing management, such as analysis of the effectiveness of capital advances, analysis of the relationship between costs, turnover and profit. In the system of on-farm management analysis, it is possible to deepen the analysis of financial statements by attracting data from management economic analysis and evaluating the effectiveness of economic activity. Issues of financial and production analysis are interrelated in the system of enterprise management and sales of products, works and services oriented to the market.
1. Financial reporting and its use in enterprise management
.1 Characteristics of the financial statements. Essence and content
The organization's reporting is a system of indicators characterizing the conditions and results of its work over the past period; this is a special type of accounting records, which are a brief extract from current accounting, reflecting summary data on the state and results of the activity of the economy, its divisions for a certain period. Reporting is compiled on the basis of data from all types of current accounting - accounting, statistical and operational-technical, which makes it possible to reflect the versatile business activities of the organization in it. Reporting may contain both quantitative and qualitative characteristics, cost and natural indicators.
At the same time, the reporting data grouped in the accounting registers cannot reflect such economic turnovers that were not in the current accounting records. An organic connection between accounting and reporting is established only when the final data obtained in accounting are poured into the corresponding reporting forms in the form of synthesized indicators.
Financial statements - a system of indicators that reflects the property and financial position of the organization at the reporting date, as well as the financial results of its activities for the reporting period. The financial statements are made up of enterprises that are legal entities, regardless of the form of ownership, including enterprises with foreign investments. Enterprises with subsidiaries prepare and submit, in addition to their own financial statements, also consolidated (consolidated) statements, including the reports of their subsidiaries. Enterprises that have branches, representative offices and other divisions, including those allocated to separate balance sheets, include the performance indicators of branches, representative offices and other divisions in the indicators of their financial statements. The process of financial accounting as a whole consists of four main stages. On the first one, various economic facts (business transactions) are documented, on the second, accounting data are classified and brought together by reflecting on the accounts of accounting. At the third stage of the accounting process, reporting forms are formed, the content and frequency of which are established by the Ministry of Finance of the Russian Federation.
At the fourth and final stage, an analysis of the organization's activities is carried out, the results of which are used primarily by the administration for making decisions and evaluating their activities. Types of reporting. Applied reports are divided into types according to three main features: 1) the amount of information included in the reports; 2) the purposes for which the reports are prepared; 3) periods covered by reporting. According to the volume of information contained in the reports, internal and external reporting are distinguished. Internal includes information about work in one area of the organization's activities. Compilation of internal reporting is caused by the need of the economy itself.
External characterizes the economic activity of the organization as a whole and serves as a means of informing external users - interested legal entities and individuals about the nature of the activity, profitability and property status of a business entity. Depending on the period that the reporting covers, a distinction is made between periodic and annual reporting.
If it is compiled on an intra-annual date, it is called periodic. The annual report is provided to the owners; state tax inspection; government statistics authorities. Purpose of financial reporting. The organization's financial statements serve as the main source of information about its activities. A thorough study of financial reports reveals the reasons for the successes achieved, as well as shortcomings in the work, helps to identify ways to improve the organization's activities.
External users of information receive, in particular, the opportunity to submit reports: - decide on the appropriateness and conditions for doing business with a particular partner; - avoid issuing loans to unreliable clients; - evaluate the feasibility of acquiring the assets of a particular organization; - building relationships with existing customers; - assess the financial situation of potential partners; - take into account the possible risks of entrepreneurship, etc.
Financial reporting of organizations consists of: - balance sheet; - income statement; - explanations to the balance sheet and income statement, including: a statement of changes in equity, a statement of cash flows, an appendix to the balance sheet, an explanatory note and other forms of reports provided for by regulatory enactments; - an auditor's report confirming the reliability of the organization's financial statements, if it is subject to mandatory audit in accordance with federal laws.
Reporting requirements: - compliance during the reporting year with the adopted accounting policy for recording business transactions and valuation of property and liabilities, based on the procedure established by law; - reliable and complete provision of information on the property and financial position of the organization, as well as on the financial results of its activities; - ensure the neutrality of information. Reporting cannot be used in the interests of some user groups in order to achieve beneficial results for them; - inclusion of performance indicators of branches, representative offices and other divisions, including those allocated to separate balance sheets; - proceed from the data of unified forms of primary accounting documentation for synthetic and analytical accounting; - any correction of errors must be confirmed by the signature of the persons who carry them out, indicating the date of correction; - compiling it in Russian and in the currency of the Russian Federation; - signing by the head and chief accountant (accountant) of the organization. No erasures or erasures are allowed in the financial statements.
In cases of correction of errors, appropriate reservations are made, which are certified by the persons who signed the report, indicating the date of correction. Financial statements must be easy to understand. Qualitative features of reporting information that separate "good" information from "bad" information are relevance and reliability (reliability).
Relevance and reliability are among the main parameters that make reporting information useful in decision making. There is also tax reporting. Tax reporting - a system for summarizing information for determining the tax base for a tax based on the data of primary documents grouped in accordance with the procedure provided for by the Tax Code.
Tax accounting is carried out in order to form complete and reliable information for the purposes of taxation of business transactions. When generating information in financial statements, the interests of the tax system are considered as one of the many interests that determine the content and presentation of this information.
In relation to these interests, the task of financial reporting is limited to the preparation of data on the activities of the organization, on the basis of which and from which it is possible to form the indicators necessary for taxation.
.2 Financial reporting methodology and types of analysis
The analysis of financial statements is carried out on the basis of financial statements and accounting registers, on the basis of which reports are prepared. An analysis of financial statements that uses only financial statements as an information source is commonly referred to as an external analysis of financial statements. This type of analysis is used by external users of information about the activities of the enterprise (owners, suppliers, etc.) Features of external analysis of financial statements are: - the plurality of subjects of analysis, users of information about the activities of the enterprise; - variety of goals and interests of the subjects of analysis; - availability of standard methods of analysis, accounting and reporting standards; - orientation of the analysis only to the public, external reporting of the enterprise; - limited analysis tasks as a consequence of the previous factor; - maximum openness of the results of the analysis for users of information about the activities of the enterprise. Financial analysis, based on data only from financial statements, acquires the character of an external analysis, i.e. analysis carried out outside the enterprise by its interested counterparties, owners or government agencies. This analysis, based only on reporting data, which contains only a very limited part of information about the activities of the enterprise, does not allow revealing all the secrets of the company's success. When conducting an internal analysis of the financial statements, along with the data of the financial statements, the information contained in the accounting registers of the enterprise is also used. Nearly all organizations develop performance targets that define performance under foreseeable circumstances. If the actual results correspond to the planned ones, a legitimate conclusion follows that the organization's activities are successful. There are the following types of analysis of financial statements: vertical, horizontal and trend analysis. Vertical analysis. This type of analysis shows the share of individual reporting items in the balance sheet. The balance sheet total is assumed to be 100%, which corresponds to the sum of all assets of the organization or the sum of all liabilities. The share of each type of assets or liabilities is calculated as a percentage of their total amount. Thus, vertical analysis shows the proportion of certain types of property of the organization and sources of property formation. The advantage of vertical analysis is that it allows comparisons of organizations of various sizes. Vertical analysis also makes it possible to smooth out the effect of inflation on the dynamics of indicators, since if a change in the absolute values of indicators is caused by inflation, then the structure of both assets and liabilities will not change significantly. Horizontal analysis of reporting consists in comparing analytical indicators with data from previous periods and determining absolute or relative changes. The dynamics of various indicators over a number of years makes it possible to make forecasts, but the value of horizontal analysis is significantly reduced in the context of inflation. Horizontal and vertical analyzes are complementary to analytical tables that characterize both the structure of the reporting accounting form and the dynamics of its individual indicators. Both types of analysis are especially valuable in inter-farm comparisons, since they allow you to compare the statements of enterprises that are completely different in terms of activity and production volumes. Trend analysis is based on the calculation of relative deviations of indicators for a number of reporting periods compared to the level of the base period, for which all indicators are taken equal to 100%.
1.3 Analysis of financial statements
Analysis of financial statements is an important tool for financial management and audit. Almost all participants in a market economy use the methods of analyzing financial statements to make decisions, both tactical and strategic. The analysis of financial statements involves the analysis of financial indicators that reflect the financial performance and financial condition of the organization. Financial indicators are largely contained in the financial statements of organizations, therefore, it is customary to understand the analysis of financial statements as an “external” financial analysis according to public financial statements, which narrows its scope, since not all financial information of an organization is embodied in the statements. The so-called "internal" analysis of financial statements, which is used as an information base not only for public reporting, but also for intra-company reporting, as well as accounting, has a much greater opportunity to penetrate the secrets of the organization's economic activities. Such an analysis of financial statements for the financial manager and chief accountant of the organization acts as part of the management analysis, the purpose of which is to make management decisions on the problems of economic activity. The objectives of the analysis of the financial performance of the enterprise are: assessment of the dynamics and indicators of profit, the validity of the actual data on the formation and distribution of profits; identification and measurement of the impact of various factors on profit; assessment of possible reserves for further profit growth based on optimization of production volumes and costs. When analyzing financial statements, it is necessary to analyze the following indicators: income and expenses of the enterprise, profitability, liquidity. The following types of reporting serve as a source of information: 1. The annual balance sheet of the enterprise and the consolidated balance sheet of the association. 2. Profit and loss statement and summary report of the association (if the company is part of a corporation). 3. Report on changes in the size and structure of equity capital. 4. Statement of debt on long-term loans with an explanation of what the loans received were spent on. 5. Data on the nature of the products produced, indicating their main types. 6. Information about the company's activities in industry and regional contexts, market share, including management's comments on the situation in various markets. 7. Report on branches and subsidiaries at home and abroad. 8. Cash flow. 9. Auditor's report.
Analysis of income and expenses of the enterprise
The main purpose of a commercial organization is to make a profit. According to the results of the reporting period, the profit (loss) of the enterprise is formed as a result of income and expenses. The income and expenses of the enterprise act as factors in the formation of profit, therefore, the analysis of the financial results of the enterprise should be preceded by an analysis of its income and expenses. The main source of information about the income and expenses of the enterprise are accounting and accounting (financial) statements. The company's income is divided into: - income from ordinary activities; - operating income; - non-operating income; - extraordinary income. The main tasks of analyzing the income of an enterprise are to study the level and structure of income in the reporting period, compare the levels and structures of income in the reporting and base periods: the planned and previous periods, assess the structural dynamics of income and find out its causes. To solve these problems, an analytical table is used (Table 1.1). It presents the absolute values of the enterprise's income and their shares in the total income in the reporting and previous period by types of income, changes in the absolute values of income and their shares in the reporting period compared to the previous period.
Table 1.1 Analysis of enterprise income
Types of enterprise incomeAbsolute valuesShares (%) in total incomeChangesIn the previous periodIn the reporting periodIn the previous periodIn the reporting periodIn absolute valuesIn specific weights1. Income from ordinary activities 2. Operating income 3. Non-operating income 4. Extraordinary incomeTotal income (clause 1 + clause 2 + clause 3 + clause 4)
The expenses of the enterprise, depending on their nature, conditions of implementation and activities of the enterprise, are divided into:
expenses for ordinary activities;
operating expenses;
non-operating expenses;
emergency expenses.
The main objectives of the analysis of enterprise expenses are to study the level and structure of expenses in the reporting period, compare the levels and structures of expenses in the reporting and previous periods, assess the structural dynamics of expenses and find out its causes.
To solve these problems, an analytical table is used. 1.2, similar to table. 1.1 (Analysis of the income of the enterprise).
Table 1.2 Analysis of enterprise expenses
Types of expenses of the enterpriseAbsolute valuesShares (%) in the total incomeChangesIn the previous periodIn the reporting periodIn the previous periodIn the reporting periodIn absolute valuesIn specific weights1. Expenses for ordinary activities 2. Operating expenses 3. Non-operating expenses 4. Extraordinary expenses 1 + item 2+ item 3 + item 4)
When conducting an analysis based on the results of the reporting period, it is necessary to identify the type of joint structural dynamics of income and expenses and evaluate the trends corresponding to this type in terms of their impact on the financial results of the enterprise.
The analysis of income and expenses of the enterprise is preliminary, introductory in relation to the further analysis of the financial results of the enterprise. It gives a general picture of the factorial impact of the full set of income and expenses of the enterprise on its net profit.
An enlarged analysis of the ratio of all income and expenses is carried out in the form of table. 1.3, which presents the total income, expenses and net profit of the enterprise in the previous and reporting period and their changes in the reporting period compared to the previous one.
Table 1.3 Analysis of the ratio of all income and expenses of the enterprise
IndicatorsIn the previous yearIn the reporting yearChanges1. Income (clause 5 of Table 1.1), including from ordinary activities (clause 1 of Table 1.1) other (clause 2 + clause 3 + clause 4 of Table 1.1) 2. Expenses (clause 5 of Table 1.2) including for ordinary activities (clause 1 of Table 1.2) others (clause 2 + clause 3 + clause 4 of Table 1.2)3. Net profit (loss) (clause 1 - clause 2)
The total values of income and expenses act as aggregated factors in the formation of net profit, their changes - as factors in the change in net profit. After analyzing the overall picture of the ratio of income and expenses, a more detailed analytical study of various indicators of the financial results of the enterprise and the factors that determine them is carried out.
The financial statements of the organization are absolute values that characterize the overall financial condition, but do not show the relative efficiency of the organization. Analytical data is more useful if it is expressed as ratios of various types of assets and liabilities. The dynamics of such ratios from all sides characterizes the activities of the organization. These ratios are relative coefficients. The coefficients can be divided into groups that characterize the profitability, business activity, financial position of the organization, the state of the organization in the securities market. Dozens of coefficients can be calculated based on reporting data. To solve the question that has arisen, it is usually sufficient to calculate several coefficients from the possible ones, their choice is determined by the purpose of a particular study.
Analysis of profitability indicators
Along with absolute indicators, coefficients are calculated showing the relative efficiency of management - profitability indicators.
Profitability indicators are one of the main characteristics of the efficiency of the financial and economic activities of the enterprise. The economic content of profitability indicators is reduced to the profitability of the enterprise.
In the general case, profitability indicators are the ratio of profit to certain funds involved in obtaining this profit or to sales proceeds. For example, the profitability of the main activity is equal to the ratio of profit from the sale of products (works, services) to the amount of costs incurred for the production and sale of these products (works, services).
where Rbase.d. - profitability of the main activity P - profit from sales C - production and sales costs But by one profitability ratio of the main activity it is impossible to judge the profitability of the organization, since it does not take into account how much funds of owners and creditors were invested to obtain this profit. In this matter, the ratios of return on total capital, return on invested capital and return on equity are indicative.
where Rpr - profitability of sales P - profit from sales N - revenue from sales The indicator of profitability of sales is calculated as the ratio of profit indicators to revenue from the sale of goods, products, works, services. As an indicator of profit, gross profit, profit from sales, profit before tax, net profit can be used. The return on sales indicator shows the effectiveness of the company's sales in the reporting period in terms of making a profit.
where Rakt - return on assets П4 - net profit received by the enterprise in the reporting period 0.5 (Во + В1) - average balance sheet total for the reporting period (Во, В1 - balance sheet total values, respectively, at the beginning and at the end of the reporting period) Return on assets is calculated as the ratio of the profit indicator to the indicator of the average assets of the enterprise for the reporting period. The rate of return on assets shows the efficiency of using the company's assets or part of them in the reporting period in terms of making a profit.
Analysis of liquidity ratios
The liquidity of organizations acts as an external manifestation of financial stability, the essence of which is the provision of current assets with long-term sources of formation. Liquidity is defined as the ability to pay off one's short-term liabilities with current assets. To analyze the liquidity of an organization, the value of its current assets must be compared with the total amount of short-term liabilities (liabilities). Liquidity management is a necessary condition for maintaining the financial stability of an enterprise. The liquidity level of an enterprise determines the level of its current solvency, according to which the enterprise is directly evaluated by business partners. Efficient liquidity management involves liquidity planning at the end of the forthcoming period, subsequent comparison of the actual liquidity value at the end of the reporting period with the planned value and finding out the reasons for the deviation of actual liquidity from the planned one for making managerial decisions. The liquidity of an enterprise can be measured using both relative and absolute indicators. The liquidity of an enterprise is understood as current liquidity, defined as the difference between current liquid assets and current liabilities.
The current liquidity ratio gives an overall assessment of the liquidity of assets, showing how many rubles of the company's current assets account for one ruble of current liabilities. The quick liquidity ratio is similar to the current liquidity ratio; however, it is calculated for a narrower range of current assets, when the least liquid part of them - inventories - is excluded from the calculation.
The absolute liquidity ratio is the most stringent criterion for the liquidity of an enterprise. It shows how much of the short-term borrowings can be repaid immediately if necessary.
Current assets include cash, short-term securities, short-term receivables, other short-term receivables. Current liabilities include short-term accounts payable to suppliers of goods, to the budget, etc., other short-term liabilities. The zero value of the absolute liquidity indicator is optimal. Negative values of the indicator indicate a violation of the financial stability of the enterprise.
1.4 General characteristics of enterprise management
In a market economy, an enterprise becomes an object of commodity-money relations, acquires economic independence and is fully responsible for the results of its activities. In this regard, the enterprise must have an interconnected management system that would ensure high work efficiency, competitiveness of products, and stability of the market position. Enterprise management is a set of interrelated structural elements (information, technical means of its processing, specialists, management departments, connections and relations between them, relevant functions), ensuring, with their coordinated interaction, the implementation of the goals set by production units. Enterprise management is carried out on the basis of a certain organizational structure. The structure of the enterprise and its divisions is developed by the administration independently. When developing the organizational structure of management, it is necessary to ensure the effective distribution of management functions among departments. The organizational structure of the enterprise is dynamic, it changes depending on the new goals set. However, frequent and ill-conceived changes cause significant harm. It is possible to improve the organizational structure of the enterprise systematically. Enterprise management as a whole is a continuous process. Control functions can be illustrated with a diagram (Fig. 1):
Rice. 1. The relationship between the main functions of enterprise management
Control functions
Organization is one of the functions of management, the main tasks of which are the formation of a structure, providing it with everything necessary for smooth operation - premises, personnel, raw materials, equipment, funds, and allocating responsibilities. It can be said that a map of the path along which the organization must go for a specific period of time is being formed. At this stage, the company must take into account all the costs that it will incur and calculate the profit that it wants to have. Motivation is the next management function, which aims to activate all the personnel of the enterprise, to encourage them to work more efficiently, while using moral and material incentives. Thus, motivation as a function of enterprise management is a set of arguments to justify an employee to act in the interests of his enterprise, as well as a position that encourages staff to act in a specific, purposeful way in the interests of the further development of the organization. Planning. The purpose of planning as a management function is to take into account in advance all internal and external factors that provide favorable conditions for normal functioning and development. Forms of planning are classified into strategic (forward) planning; tactical (medium-term) planning; operational (current) planning. Implementation of operational plans is carried out through the system of budgets. Through the budget, the interconnection between all types of planning is carried out, making it possible to provide for the size and rate of return. The control. A management function whose purpose is to quantitatively and qualitatively verify the results of all other functions and production activities in general. Control is exercised through observation, accounting and analysis of all aspects of production and economic activity. According to the control data: - possible errors are eliminated; - adjustment of previously adopted decisions, norms and standards is being carried out. This function is implemented on the basis of information (data from operational, statistical accounting, financial reporting), identification and analysis of deviations. In essence, the process of managing an enterprise is a series of economic decisions. The central task of management in a market economy is risk minimization based on the assessment of each economic decision taken from the point of view of the possibility of extracting economic benefits. At present, the role of economic analysis in substantiating the effectiveness of each management decision is growing. The source of information for economic analysis is financial statements. The evaluation of economic efficiency includes a combination of financial and economic effect and its evaluation using comparative indicators. There are many methods for this assessment, including the use of various financial ratios. The actual usefulness of each particular coefficient is strictly determined by the specifics of the assessment objectives. Most ratios are used to identify changes in financial condition or results of production and economic activity, and also help to illustrate the nature of such changes, which can show what risks and opportunities exist for the enterprise. An analysis of the income and expenses of the enterprise shows how much profit the company receives or incurs losses. Profit is the most important indicator of the result and the purpose of production and economic activity. Profit management introduces a new scale of values into the economy of the enterprise, changes the priorities and trends of its development. The purpose of profit management is to increase the welfare of the owner and employees of the enterprise or capital gains. In the process of profitability and turnover analysis, the level of indicators, their dynamics are studied, a system of factors influencing their change is determined, and factor effects are quantified. An increase in the profitability of sold products (works, services) is possible due to a reduction in costs, an increase in prices for products sold, or an excess of the growth rate of sales over the growth rate of expenses. The growth of return on assets is assessed positively as the most accurate evidence of the successful development of the enterprise, a decrease in the indicator indicates either a decrease in the efficiency of using the assets of the enterprise, or the accumulation of excess (unused) assets at the enterprise. The liquidity of the enterprise acts as an external manifestation of financial stability, the essence of which is the security of current assets with long-term sources of formation. Greater or lesser current liquidity (illiquidity) is due to a greater or lesser degree of security (non-security) of current assets with long-term sources. Signs of a “good” balance, from the point of view of increasing efficiency, are the following indicators: - current liquidity ratio i 2.0;
provision of the enterprise with its own working capital I 0.1; -growth of own capital;
there are no “sick” items in the balance sheet (losses, overdue debts to banks and the budget). Depending on the results obtained, in the course of conducting an economic analysis, the enterprise develops various activities and activities: - update fixed assets, acquire new technologies; - long-term repayment of bank loans and other obligations in order to reduce debt service costs; - study and implement best practices in the implementation of the austerity regime; - encourage employees to save resources; - rational use of labor and financial resources; - replenish own working capital at the expense of internal and external sources; - to accelerate the turnover of capital. The considered main directions of the analysis of financial statements and its use in enterprise management are schematically presented in Figure 2. Ktl - current liquidity ratio; Кbl - quick liquidity ratio; Cabs.l - absolute liquidity ratio; Кro - profitability of fixed assets; Kra - return on assets; Кrp - profitability of sold products Кr ck - return on equity.
2. Financial statements of the enterprise "Arsenal" LLC and its use in management
.1 Technical and economic characteristics of the enterprise
Limited Liability Company Arsenal Firm, hereinafter referred to as the Firm, was established by transformation in accordance with the requirements of the RF CT and the federal law "On Limited Liability Companies" Arsenal Firm LLP and is the successor of the latter. The official name of the company: abbreviated LLC firm "Arsenal"; full: Limited Liability Company Arsenal Firm. The company was established for an indefinite period. Location of the company: 674674, Chita region, Krasnokamensk. The company is an independent business entity with the rights of a legal entity, has an independent balance sheet, a current account in established banks, a round seal with its name, forms, a trademark. The firm has legal capacity in accordance with the legislation of the Russian Federation. The firm is considered as a legal entity from the date of its state registration, carries out its activities in accordance with the legislation of the Russian Federation, the Charter, the Memorandum of Association. In cases specified by federal law, the firm receives licenses. The organization is liable for its obligations with all its property and is not liable for the obligations of its participants. Members of the firm are not liable for its obligations and bear the risk of losses associated with the activities of the firm, within the value of their contributions. In case of insolvency (bankruptcy) of the company due to the fault of its participants or other persons, and in case of insufficient property, the guilty persons may be held subsidiary liable for its obligations. The organization sells video, audio and household appliances, and also provides after-sales service for purchased equipment. The firm was created in order to: - meet the needs of the population in services that are the subject of the firm's activities; - achieving economic efficiency, making profit both in rubles and in foreign currency. The subject of the company's activities is: - commercial activities to ensure the consumer market, intermediary services; - foreign economic activity; - other activities not prohibited by law. The authorized capital of the company is made up of the nominal value of the shares of its participants. The size of the authorized capital of the company in rubles. The size of the authorized capital of the firm in rubles and the nominal value of the shares of the participants in the firm is determined as a percentage. The nominal value of the share of a member of the company is one vote at the general meeting of the founders. The real value of the share of the company's participants corresponds to the part of the value of the net assets of the company, proportional to the size of its share. The authorized capital of the company at the time of its state registration must be paid at least half. The rest of the authorized capital must be paid by its participants no later than one year from the date of state registration of the company, while the value of the contribution of each participant must be at least the nominal value of his share. The contribution to the authorized capital of the company can be money, securities, other things or property rights or other rights that have a monetary value. The assessment of non-monetary contributions to the authorized capital of the company is approved by the decision of the general meeting of the participants of the company unanimously. The distribution of net profit between the participants of the company is carried out according to the results of the financial year. The decision on the distribution of profits is made by the general meeting of the company's participants. The part of the firm's profit intended for distribution among its participants is distributed in proportion to their shares in the authorized capital of the firm. The procedure and terms for making a decision on the distribution and payment of profits are determined by the founding agreement of the company. The management of the firm is carried out in accordance with the current legislation and the Charter. The supreme body of the company is the general meeting of founders. The meeting may be regular or extraordinary. The firm builds its relations with other legal entities and individuals in all areas of activity solely on the basis of contracts. In its activities, the company takes into account the interests of consumers, their requirements for the quality of goods, works, services. The organization is free to choose the form and subject of economic contracts and obligations, any other conditions of economic relations that do not contradict the charter. The company independently disposes of its products, profits received as a result of activities, remaining after taxes and payment obligations; also sells goods, works and services at prices and tariffs established by the company, unless otherwise provided by the legislation of the Russian Federation. The structure of the enterprise includes a marketing service that deals with the supply, storage, and sale of goods. To fulfill the statutory goals, the firm has the right to independently: - determine its structure; - act as the founder of other enterprises; - engage in commercial activities, including foreign trade; - acquire or lease fixed and current assets with the help of bank loans and credits; - plan and determine the prospects for the development of the company; - establish the forms of the system of payment and incentives for the work of employees; - determine staffing; - establish for employees working for hire, holidays, shorter working hours and other benefits in addition to the current labor legislation at the expense of the profit remaining at the disposal of the company. Checks and revisions of the company's production economic activity are carried out by tax and other authorities within their competence. The balance sheet, profit and loss account of the company is compiled in rubles. The first financial year of the company begins on the date of incorporation and ends on December 31 of the current year. Subsequent fiscal years correspond to the calendar year. The balance sheet, profit and loss account, as well as other financial documents for the report are drawn up in accordance with applicable law. Documents should be available to the company's participants, creditors and other interested parties. The firm provides participants with access to documents other than accounting. At the request of a member of the firm, the organization is obliged to provide him for a fee with copies of the documents to which he has the right to familiarize himself. The amount of the fee is set by the Board of Directors and cannot exceed the cost of production and mailing costs.
financial reporting profit loss
2.2 Financial statements of the enterprise and its analysis
An enterprise in a social market economy is both a carrier and a consumer of financial information. On the one hand, shareholders, creditors, customers, state tax institutions, and the public are interested in his work. On the other hand, it is itself interested in obtaining reliable information about the financial position of firms with which it intends to make joint investments, conclude contracts for the sale or supply of products. The main source of such information is the financial report. In terms of volume, it can be different. However, the content should include the main documents reflecting the results of production and financial activities. In the business world, it is considered good manners to provide a financial report to your partners and clients. If, starting business contacts, the administration of the company deliberately hides information about the financial side of its activities, this fact indicates a lack of reliability of business partners. The minimum amount of financial information about the company contains two documents: the annual balance sheet of the enterprise with data for the reporting and previous years, and a profit and loss statement (Tables 2.1 and 2.2.).
Table 2.2.1 Analytical net balance of the enterprise
Pokazateli200720082009Otklonenie +/- 2008 ot20072009 a 2008% 2009 from 2007Sredstva on89027105,5Summarnye current89027105,5Summarny9027105,2Kratkosrochnye kredity000000Summarnye current liabilities 2 584 2 606 2 629 22 23 100,8Nerasredelennaya89006105,2Summarny equity 1595617 1683852 1772858 88235 89006 105,2Summarny89027105,2
The given data show that the structure of the company's assets in 2009 changed, namely increased, mainly due to the increase in current assets. In 2008, this figure was 1606735 thousand rubles, which is 88256 thousand rubles. more than in 2007, and in the following year it increased by another 89,027 thousand rubles, and in percentage terms this is 5.5%. Short-term liabilities for all three years amount to an insignificant amount, namely in 2007 - 2584, in 2008 - 2606, in 2009 - 2629; in 2009 there is an increase of 0.8% compared to 2007, which indicates that the company pays tax payments on time. There is also a tendency to increase equity capital by 5.2% from 2007 to 2009, that is, the company has the prerequisites for self-financing and increasing equity capital, because. high interest rates must be paid for attracting alternative sources of financing. The organization is characterized by financial stability, this can be seen on the basis of studying the balance between the assets and liabilities of the balance sheet. As can be seen from the table, in 2007 the total asset is equal to the total liability - 1598208 thousand rubles, in 2009 and 2008 these indicators are also equal. In 2009, it increased by 5.2% compared to 2007, which is positively assessed. Various aspects of the production, marketing, supply and financial activities of the enterprise receive a complete monetary value in the system of indicators of financial results. Summarized, the most important indicators of the financial performance of the enterprise are presented in the table "Profit and Loss Statement". Indicators of financial results characterize the absolute efficiency of the management of the enterprise. The most important among them are profit indicators, which form the basis of the economic development of the enterprise. Profit growth creates a financial base for self-financing, expanded production, solving the problems of social and material needs of the workforce. At the expense of profit, a part of the enterprise's obligations to the budget, banks and other enterprises and organizations is also fulfilled. Thus, profit indicators become the most important for assessing the production and financial activities of the enterprise. They characterize the degree of his business activity and financial well-being. The final financial result of the enterprise's activity is the balance sheet profit or loss, which is the sum of the result from the sale of products (works, services); result from other implementation; balance of income and expenses from non-sales operations.
Table 2.2.2 Profit and loss statement
Indicators 2007 2008 2008 +/- 2009Otklonenie ot20072009 a 2008% 2009 from 2007Valovoy volume6100,8Chisty volume6100,8Valovaya00,8Operativnye0,8Summarnye permanent0,8Summarnye accrued expenses 0 0 0 0 0 0Pribyl to tax payments 87469 88235 89006 766 771 100 .8Net profit874698823589006766771100.8
As the data in Table. 2.2.2. gross sales in 2008 is 282303 thousand rubles, which is 2446 thousand rubles. more than in 2007, while in 2009 this indicator increased by 2466 thousand rubles. Compared to 2008, this is 0.8%.
When gross sales equal net sales. Three years there has been an increase in sales. Gross profit in 2009 was more than in 2007 - 0.8%, which should be assessed positively. In 2008, this figure was 156,819 thousand rubles, and in 2007, 155,459 thousand rubles.
The total fixed costs of the enterprise in 2008 amounted to 68584 thousand rubles, which is 594 more than in 2007, and the total costing costs in the same year were equal to 0.
In 2009, fixed costs increased by 0.8% compared to 2007, and compared to 2008. rose by 599 p. The net profit of the organization in 2009 increased by 771 rubles. In relation to 2008, and in relation to 2007 by 0.8%.
The table shows that net profit and net sales increase every year. Thus, there has been a positive trend in net profit and net sales. The graphical solution is shown in Figure 2.1
Figure 2.1 Change in net profit and net sales
They represent indicators of the financial position of the enterprise in recent years (usually 3 years or 5 years): - proceeds from the sale of products, works, services; - profit; - total assets; - working capital; - debt on long-term loans; - return on capital; - product profitability. These figures can be calculated from annual balance sheets and profit and loss statements. The calculation of indicators is given in the next section.
2.3 Assessment of the financial position of the enterprise
An analysis of the financial condition of the enterprise is carried out at the end of the year, as well as monthly to adjust the financial policy. The main documents for assessing the current practice are the balance sheet and income statement. The study is conducted in two directions - the definition of profitability and solvency. Profitability is the ratio of profit to the assets of the enterprise. Solvency is characterized by the ratio of own and borrowed capital. If the borrowed capital is greater than its own, then the company faces financial difficulties. The company becomes insolvent and potentially bankrupt.
Real bankruptcy occurs if the administration does not find a way to pay for incoming financial documents and pay salaries in accordance with the collective agreement. Ways out of a critical financial situation are as follows: - return of receivables; - advance payment for finished products; - obtaining a short-term bank loan; - obtaining a commercial loan from a supplier and deferring interest payments; - attraction of additional own capital of investors; - sale of debt through a bill.
If the question arises about the choice of priorities in ensuring solvency or profitability, then the priority is given, indisputably, to the first indicator. After all, with a loss-making operation of the enterprise, but a good capital structure, you can get a short-term loan to pay off losses, to establish the work of the enterprise. However, if there is profit and profitability, but the excess of borrowed funds over equity capital, there is a threat of bankruptcy. Working in a market economy forces the company to analyze and predict not only its financial position, but also the financial stability of business partners, so that the receivables of buyers do not become doubtful payments or bad debts.
An enterprise that hides its insolvency from partners is a potential bankrupt and may be the cause of a series of bankruptcy as a form of fraud. In addition to other named indicators of the financial position of the company - profitability and solvency - there are many others that clarify or supplement the financial and economic provisions of the enterprise.
The method of their calculation is illustrated by a digital example according to Table.
2.3.1 Calculation of indicators based on the income statement
According to the income statement, you can calculate a number of indicators of return on capital and profitability of products.
All the above indicators are calculated for 2007, for the following years they are calculated in the same way. All indicators are presented in Table 2.3.1 and Figure 2.2.
Table 2.3.1 Profitability indicators
indicator200720082009Normative valuesTotal profitability109.79.38Net profitability5.65.45.25.8Enterprise efficiency5.85.25.06Return on current assets5.65.45.25.8Return on fixed assets5.75.45.26.2
Analyzing this table, we can say that the overall profitability in 2007 is 10%, compared with the standard value of 8%, this figure is a bit high. In 2008, this figure is 9.7%, and in 2009 - 9.3%, that is, there is a decline.
Taxes reduce this indicator in 2007 to 5.6%, in 2008 -5.4%, in 2009 - 5.2%, while the standard value is 5.8%, which is 0, 6% more than in 2009. The efficiency of the use of working capital decreased: instead of 5.6%, the return on current assets in 2008 amounted to 5.4%, and in 2009 this indicator decreased by another 0.2%, this indicates the accumulation of surplus (unused) assets.
The profitability of fixed assets also tends to decrease, the standard value of this ratio is 6.2%, in 2007 this figure is 5.7%, next year it is 5.4%, in 2009 -5.2%. Fixed assets are used inefficiently. Below is a table of indicators calculated on the basis of the balance sheet.
Table 2.3.2 Liquidity ratios
Indicator200720082009Normative valueFinancial independence0.90.90.90.5 Current liquidity 1.2 1.2 1.3 1.7 Absolute liquidity 1.2 1.2 1.3 0.7
From the calculation it follows that the financial independence of the enterprise in 2007, 2008, 2009. did not change, and is 0.9, while the standard value is 0.5, i.e. the organization does not go beyond the limits of financial stability, but on the contrary has a stable and high indicator of financial independence. The table shows that the indicator of current liquidity in 2007 and 2008. is 1.2, and in 2009 - 1.3, i.e. there is a tendency to increase this ratio, and the standard value is 1.7, the company can repay short-term liabilities at the expense of current assets. Absolute liquidity is the most stringent criterion for the liquidity of an enterprise, i.e. short-term liabilities can be repaid immediately if necessary, i.e. in 2009 - 1.3, and the standard value is 0.7.
2.3.2 Analysis of financial statements under the DuPont scheme
In countries with market economies, there are various models of financial analysis that are used to comparatively assess the effectiveness of the capital of enterprises. One such common model is the "DuPont Scheme". An example of calculation is given according to Table. "Profit and Loss Statement" (see Appendix 2). The calculation was made for 2009.
The most general indicator among those discussed above is the financial leverage ratio. The rest of the indicators to some extent determine its value. The normative value of this coefficient is 1.2, in 2009 this indicator was 0.95. It shows how many times the company's assets exceed its own capital. This excess is provided by financial leverage. By increasing or decreasing this lever, depending on the prevailing conditions, you can influence the profit and return on equity.
Comparison of the obtained indicator of return on capital 5.2 with the same indicator for previous periods shows the successes and shortcomings of the enterprise. The main directions for increasing its efficiency: - profit growth due to cost reduction; - increase in sales and capital turnover; - ensuring financial stability and solvency.
.4 Main directions of enterprise management
Management activity is one of the most important factors in the functioning and development of an organization in a market economy. This activity is constantly being improved in accordance with the requirements for the sale of goods, the complication of economic relations, the increasing role of the consumer in the formation of technical, economic and other parameters of products. Changes in the organizational forms and nature of the company's activities also play an important role. Intra-company management reveals the general principles, functions and economic methods of management. Such management functions as marketing, planning, organization, control, in the system of which financial management is considered, are analyzed in detail. The analysis of financial statements is carried out primarily by financial managers of the company to identify and eliminate problems in the current activities of the company, to develop and make optimal decisions on improving the efficiency of household operations, rational use of available resources, increasing solvency and strengthening the stability of the financial position of the company, as well as to ensure fulfillment of planned financial indicators and obligations of the company. The main directions of enterprise management are determined on the basis of data from the analysis of financial statements. Analyzing the data obtained, we can say that the company is financially stable, increasing its net profit and sales every year by an average of 0.8%. The efficiency of the use of working capital has decreased at the enterprise, which indicates the accumulation of excess (unused) assets. To increase this indicator, it is proposed to expand the range of products. The company receives more income from its core activities, and this is a positive trend. In accordance with the data obtained, some adjustments can be made in the enterprise management structure. Insufficient amount of time is allocated to financial management in the enterprise. Essentially financial management. There is also a flaw in the work of the marketing service. To maintain competitiveness in the market, it is proposed to develop its own program for each product, where it is necessary to provide for all production, economic, organizational and managerial activities. But at the same time, it is necessary to note positive changes in the work of the marketing service, namely in the provision of services to consumers. The head of the organization needs to pay attention to planning activities, i.e. it should be aimed not only at saving material resources and reducing production costs, but mainly at expanding the range of products that take into account the various needs of customers. It is necessary to periodically change the relationship between centralization and decentralization in management due to changes in strategic priorities, the systematic introduction of new methods of organizing and managing an enterprise based on the active use of computer technology.
Conclusion
In conclusion, the following aspects can be singled out, which would generally characterize the main points. All the tasks set at the beginning of the work have been achieved, disclosed, and the main goal of the work has been achieved, as well. on a specific example of Arsenal LLC, the theoretical developments necessary for analyzing the financial condition of an enterprise are considered. So, according to the first part of the work, the following conclusion can be drawn: the analysis of financial statements is an important tool for financial management. Almost all participants in a market economy use the methods of analyzing financial statements to make decisions, both tactical and strategic. The analysis of financial statements involves the analysis of financial indicators that reflect the financial performance and financial condition of the organization. The main purpose of the analysis is to timely identify and eliminate shortcomings in financial activities and find reserves for improving the financial condition of the enterprise and its solvency. In the second part of the work, the methodology for conducting a general analysis of the Arsenal enterprise was considered, which includes an analysis of the financial position, an analysis of the financial statements according to the DuPont scheme, an analysis of indicators based on the income statement, calculations were made and drawn up in the appropriate tables, according to which analytical findings were made. In general, based on the analysis, conclusions were drawn indicating financial stability. The positive trend is that the company receives more income from its core activities. Working capital is not used to its full capacity, i.e. every year the profitability of working capital decreases, it is proposed to expand the range and increase sales. In the work of the marketing service, it is necessary to develop its own program for each product. It is also necessary to introduce new methods of organizing and managing an enterprise based on the active use of computer technology. In the work of the marketing service, it is necessary to develop its own program for each product. It is also necessary to introduce new methods of organizing and managing an enterprise based on the active use of computer technology. Insufficient amount of time is allocated to financial management in the enterprise. Their management is at the level of the accounting service and the head of the enterprise. It is proposed to organize a financial management service. Analysis of the financial condition of the enterprise allows you to check the implementation of management decisions, compliance with established standards and working conditions. Business analysis generates feedback information in the management system. Economic analysis is not only a function, but also a certain system that requires certain scientific approaches, the development of methods for processing information, the ability to formulate correct conclusions. The completeness of the economic analysis depends on the availability of the information base, on the level of reporting, the reliability of the analyzed indicators. The current economic analysis is conducted by employees of functional departments and subdivisions, including the marketing service. Management of the financial and economic activities of the company includes: - making decisions on financial issues; - information support through the preparation and analysis of financial statements; - organization of the apparatus for managing the financial and economic activities of the company. Ultimately, the main task of financial management is to make decisions to ensure the most efficient movement of financial resources between the company and its sources of financing, both external and internal. Managing the flow of financial resources, expressed in cash, is central to financial management.
Bibliographic list
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Balabanov I.T. Financial management. Textbook.- M.: Finance and statistics, 2000.
Bakanov M.I., Sheremet A.D. Theory of analysis of economic activity. M., 1999.
Van Horn JK Fundamentals of financial management. M., 1998.
Vetrov A.A. Operational audit - analysis. M., 2007.
Gerchikova I.N. Management: Textbook. - 2nd ed., revised. and additional - M.: exchanges, UNITI, 1998. - 480 p.
Drury K. Introduction to management and production accounting: Per. from English. - M.: Audit, UNITI, 1998.
Efimova O.V. The financial analysis. M., 2009.
Zvonova E.A. Monetary and credit mechanism of commercial relations of the enterprise. - M.: Finance and statistics, 1998.
Carmichael DR, Benis M. Standards and norms of audit: TRANS. from English. - M.: Audit, UNITI, 2000.
Kovalev A.I., Privalov V.P. Analysis of the financial condition of the enterprise. M., 1999.
Kovalev V.V. Financial analysis: Money management. Choice of investments. Reporting analysis. / 2nd ed., revised. and additional M., 2007.
Krylova T.I. Financial management / 2nd ed., revised. and additional M.: 1999.
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Makraryan E.A., Gerasimenko G.P. The financial analysis. M., 2007.
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Financial statistics: textbook. / Ed. V.N. Salina, M., 2007.
Solodov A. Market: control and audit. Voronezh, 1999.
Tkach V.I., Tkach M.V. International system of accounting and reporting. - M.: Finance and statistics, 2007.
Financial management / Ed. E.S. Stoyanova. - M.: Prospect, 2008.
Financial analysis of the company's activities. - M.: East-service, 2005.
Finance: textbook / Ed. A.N. Kovaleva. M., 2006.
Financial accounting: textbook / Ed. A.N. Kharin. M., 2007.
Finance, money circulation and credit. Textbook, ed. A.A. Drobozina. M., 1999.
Heddervik K. Financial and economic analysis of the activities of enterprises. M., 1999.
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Sheremet A.D., Negashev E.V. Methods of financial analysis of the activities of commercial organizations. - M.: INFRA.- M., 2009. - 237 p.
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Based on the results of the analysis, we can conclude that in 2014 the organization functioned quite successfully, stably, and there is a tendency to improve the financial condition of the organization.
Accounts receivable and accounts payable play an important role in the sources of funds of OOO TMK Garant. Therefore, in the course of the analysis of calculations, it is reasonable to study the composition and structure of receivables and payables, as well as the changes that have occurred.
Accounts receivable at the end of 2014 amounted to 24,067,000 million rubles, and the excess of accounts payable was 25,304,000 million rubles. Mutual payments per person, but not to the detriment of the organization, since the total excess of accounts payable is 1,237,000 million rubles. This situation does not entail a deterioration in the financial position, since LLC TMK Garant uses this debt as borrowed sources at the time of study.
It is necessary to monitor the ratio of receivables and payables: the high predominance of receivables poses a threat to the financial stability of the organization and makes it necessary to raise additional funds; excess of accounts payable over accounts receivable can lead to the insolvency of the organization;
Control the diversification policy in relation to debtors, i.e. focus on increasing their number to reduce the risk of non-payment by one or more large customers;
Constantly monitor the status of settlements on overdue debts;
Classify buyers depending on the type of product, volume of purchases, solvency, history of credit relations and proposed payment terms;
Possessing up-to-date data on overdue debts, it is necessary to start claim work - send notifications - claims with all calculations of penalties for overdue debts;
Develop various models of contracts with flexible payment terms, in particular, providing customers with discounts for early payment, because a decrease in price leads to an expansion of sales and intensifies the inflow of cash.
One of the more effective measures proposed in the work and allowing to maximize profits and reduce the risk of overdue receivables is a system of discounts and penalties for such counterparties as: Elektroavtomat OJSC, Federal State Budgetary Educational Institution of Higher Professional Education "Kazan National Research Technological University ", Federal State Institution "Military Commissariat of the Republic of Tatarstan", Joint Stock Company "KZSK-Silicon". Also, improving the direction of receivables is to assess the reliability of the buyer. The organization needs to create a system of scoring the reliability of the counterparty based on the analysis of work with him. All customers were grouped into four groups according to the level of reliability: risk; increased attention; reliable clients; "gold" clients. To make the final decision on the provision of a commercial loan to a particular supplier in an organization, you can create a special structural unit - a credit committee or a credit commission. One of the activities for managing receivables is to ensure the effectiveness of the motivation system aimed at reducing the volume of overdue receivables, on the interest of each employee in achieving the planned level of receivables.
When forming the policy of accounts payable management, it is necessary to purposefully change some terms of settlements with such creditors as: Alesia LLC, Diias JSC, Formula SB LLC, Trade House TINKO LLC. As a way to solve the problem, I propose either an increase in the amount of payments to debtors, or a decrease in the amount of payments to creditors. To increase the number of days of turnover of accounts payable and reduce the cost of payment, suppliers need to revise their contractual relationships with suppliers.
New terms of settlements with creditors, which assume a long period of use of accounts payable, allowing to ensure the sufficiency of funds in all periods as of the date of the report.
The implementation of a number of simple and effective measures to improve work with creditors allows you to improve the results of the organization, including the state of solvency and liquidity of assets. These measures relate, first of all, to the choice of a supplier, the coordination and selection of delivery terms, the improvement of control over transactions with creditors, and the motivation of personnel.
We will calculate the economic efficiency of the proposed measures to improve the management of working capital in TMK Garant LLC.
1. Carrying out a set-off of mutual claims. Thus, the amount of accounts receivable in the asset balance will decrease, and the amount of accounts payable in the liabilities side of the balance sheet will decrease.
2. Conclusion of an assignment agreement. As a result of concluding an assignment agreement, LLC TMK Garant will have an increase in the amount of cash and a decrease in the amount of receivables.
In addition, the received amount of funds is recommended to be directed to the repayment of accounts payable.
As a result, in the liabilities side of the balance sheet, accounts payable and retained earnings will decrease, and in the asset side of the balance sheet, the amount of accounts receivable will decrease.
3. Providing discounts not in monetary terms, as a reduction in the obligation to pay for the material, but in the form of an additional bonus in paying for the material.
4. Realization of surplus inventories at book value.
As a result of the sale of unused inventory items, OOO TMK Garant will increase sales proceeds and cash balances and reduce inventories.
An increase in equity and working capital will reduce the level of accounts payable. This will also affect the values of financial ratios, bringing their values to more rational values, which will allow the organization to maintain at the proper level both short-term and long-term solvency. The terms of possible repayment of obligations will be reduced, which will make it possible to classify this organization as solvent. The ratio of accounts receivable to accounts payable will take on a rational value, where accounts receivable exceeds accounts payable. Financial stability will increase, which will positively affect the creditworthiness of the organization, the degree of risk in the organization's activities in terms of non-repayment of debts and a low level of solvency is minimized. By reducing the cost of goods/works (services) of LLC TMK Garant by increasing the volume of their implementation and reducing the cost of their implementation, profitability will increase, and therefore the level of profitability and efficiency of LLC TMK Garant as a whole.
Building a more effective financial planning system in the company will prevent erroneous actions and use those opportunities that have not been used before. It will allow you to predict the financial activities of the organization, form the structure of income and costs, ensure its constant solvency. Consequently, the financial stability of the organization and its creditworthiness class will increase.
The proposed measures should improve the reputation of the borrower, the creditworthiness class, which in turn will make it possible to get preferential loans, that is, the loan limit will increase, the interest on the loan and the possibility of obtaining a loan without collateral will decrease, and the chances of obtaining a loan will also increase. The organization will become more attractive to investors, banks and suppliers.
3.2 Proposals for the development of credit policy
OOO TMK Garant
At the moment, the development and implementation of credit policy plays an important role in increasing the efficiency of working capital management in any organization.
The credit policy is a set of rules governing the provision of deferred payment to the organization's customers, and a list of actions to collect receivables.
Most often, the goal of credit policy is to provide the organization's customers with competitive conditions in order to increase the organization's sales and profitability. The objective of credit policy is to strike a balance between the need to minimize the risk of insolvency and the need to maximize the return on the organization's assets.
A properly developed credit policy makes it possible to significantly increase cash flow and offset the risk taken by TMK Garant LLC, giving a deferred payment for goods/services.
The development of the credit policy of the organization involves the solution of the following tasks:
The period of time during which the client is given a deferred payment (determining the term for granting a loan);
Determination of debt limits (based on the client's credit rating);
System of work with receivables (indicators reflecting violations, reminders, claims, etc.);
Availability and amount of discounts provided for payment before the due date.
An effective credit policy of an organization should be a very significant tool for managing the receivables of TMK Garant LLC.
In modern financial and commercial practice, the sale of goods (works, services) with deferred payment has become widespread.
As a result of such operations, receivables are formed on the accounts of the organization. LLC "TMK Garant" is important to prevent excessive investment (freezing) of its funds in receivables.
Otherwise, this may lead to an excessive diversion of financial resources, a decrease in the level of solvency of the organization, an increase in debt collection costs and, as a result, a decrease in the profitability of working capital and used capital.
With an increase in sales on credit, management may face serious problems due to a shortage of cash. Since in this case TMK Garant LLC deprives itself of mobility, there is a risk of insolvency. Such liquidity problems are the result of an insufficient amount of capital to provide the necessary amount of cash to pay for their own debts.
The provision of longer deferred payment terms can significantly affect the level of "quality" of receivables and increase the risk of default. Setting more stringent loan terms can lead to a negative customer reaction and lower sales. The period for which a deferred payment is given should objectively depend on two factors:
1) conditions of work with suppliers. In order to prevent cash gaps and a constant shortage of funds to pay its obligations, the payment deferral provided to the organization's customers cannot be longer than the deferment received by TMK Garant LLC when working with its main suppliers. Those. the repayment period for accounts payable must be longer than the collection period for receivables;
2) market conditions, that is, the conditions in which competitors operate. If the market is dominated by shipments with a deferred payment of 30 days, then in order to maintain its competitiveness, LLC TMK Garant will not be able to work on prepayment.
The organization's accounts receivable means that part of the goods is released to customers without preliminary calculation, that is, in essence, the organization gives customers a free loan. A delay in the receipt of funds from several large buyers can create serious financial difficulties for the organization, since its solvency is completely dependent on the good faith of the buyer.
In order to reduce the receivables of TMK Garant LLC, it is advisable to improve the system of settlements with buyers, including mandatory control over the period of formation of receivables, operational work with delaying payment (telephone message, official letters), use of a system of discounts, advance payment, use of a bill of exchange form of payment.
LLC "TMK Garant" is interested in reducing the amount of receivables, as this entails an acceleration of the turnover of working capital in the sphere of circulation, and, consequently, a more efficient use of working capital in general.
Reducing, for example, the size of accounts receivable for commodity transactions improves the indicator of fulfillment of the supply plan under contracts, plans for profit and profitability. The reduction of working capital in other calculations means a more complete use of them for their intended purpose, since they do not leave the sphere of production.
Funds in receivables indicates a temporary diversion of funds from the organization's turnover, which causes additional need for resources and can lead to a tense financial condition. In the process of managing receivables, LLC TMK Garant, as a forecast, should develop such a flexible system of contracts that would provide for either prepayment for products (full or partial), or issuance of an interim invoice, or flexible pricing depending on the inflation index, and assess the impact these measures on financial results.
The amount of receivables of the organization is affected by:
The total volume of sales and the share of sales in it on the terms of subsequent payment;
Terms of settlements with buyers and customers;
Receivables collection policy, payment discipline of buyers;
State of Accounting: The accountant should target as many buyers as possible in order to reduce the risk of non-payment by one or more large buyers.
The growth of receivables associated with an increase in the grace period of payment entails losses due to changes in the purchasing power of funds.
In conditions of inflation, any deferred payment leads to the fact that the organization actually receives only a part of the cost of the products sold.
Therefore, it becomes necessary to evaluate the possibility of providing a discount for early payment.
Considering the above, we will evaluate the financial efficiency of the credit policy of TMK Garant LLC, in other words, we will calculate the effect of granting a deferred payment for products sold.
LLC "TMK Garant" at the moment it is advisable to evaluate the change in the current credit policy of the organization in order to release working capital and receive additional profit from the sale of products.
The new credit conditions provide for a 3.5% discount when customers pay for products within 14 days. In this case, the total period of deferred payment is 90 days. Sales and expenses are carried out by OOO TMK Garant on a daily basis throughout the year.
It is assumed that the change in the credit policy will be reflected in the growth of sales volumes of OOO "TMK Garant" by 22%.
Let us calculate the effectiveness of changing the credit policy and the amount of working capital released as a result of sales growth.
The increase in sales volumes in case of a change in the credit policy of LLC TMK Garant will be: 11,000,000 thousand rubles. * 22% = 2,420,000 thousand rubles
Average turnover period of receivables when changing the credit policy of TMK Garant LLC:
0.7 * 14 days + (1-0.7) * 90 days = 36.8 days
Let's calculate a number of changes in the level of the average amount of accounts receivable of TMK Garant LLC.
Forecasted level of accounts receivable:
RUB 11,000,000 thousand + 2,420,000 thousand rubles. / 365 days * 36.8 / 365 days \u003d 36,767.12 * (36.8 / 365) \u003d 36,767.12 * 0.1 \u003d 3,676.712 thousand rubles.
Profit from the increase in sales of products of LLC "TMK Garant":
RUB 2,420,000 thousand * (1-0.902) = 237,160 thousand rubles.
The opportunity costs of LLC TMK Garant in connection with the application of the new conditions of the credit policy amounted to:
(11,000,000 thousand rubles + 2,420,000 thousand rubles) * 0.7 * 0.035 = 328,790 thousand rubles
Since the total amount of profit from additional sales and the amount of opportunity savings (from the release of funds from receivables) exceeds the amount of opportunity costs, therefore, TMK Garant LLC may decide to change its credit policy.
An analysis of the data in Chapter 2 allows us to conclude that if measures are taken to improve the management of current assets, LLC TMK Garant will be able to improve the structure of the balance sheet. So, the share of own capital will increase and, accordingly, the share of borrowed capital will decrease. Significantly reduced the amount of accounts payable.
LLC TMK Garant is given the opportunity to improve the composition and structure of current assets. In the composition of current assets, high-risk assets (accounts receivable, unused material assets) will decrease. Accounts receivable will decrease. The organization's inventory will be reduced.
The efficiency of the use of working capital after the implementation of measures will increase. Thus, the turnover of working capital accelerated. The acceleration of the turnover of working capital is associated with an increase in the turnover of inventories of turnover and receivables. The duration of the turnover of current assets has decreased. At the same time, the period of collection of receivables was reduced. The shelf life of inventory will be reduced. The share of cash in the total amount of current assets will increase, that is, the share of low-risk current assets has increased.
In chapters 3.1 and 3.2, we proposed measures to improve the management of the solvency and creditworthiness of the LLC TMK Garant organization. Now it is necessary to evaluate the effectiveness of the proposed measures.
In our opinion, it is advisable for this organization to choose an aggressive model of working capital management, that is, to increase current assets by increasing the growth of work, services, increase cash, equalize the ratio of receivables and payables.
Conclusion
The problem of working capital management is relevant for any economic system. The modern organizational structure of most business entities hides the object of management and makes it poorly localized for the manager. As a result, working capital management is practically not carried out, and its dynamics depends on external and random internal influences. In this context, the problem of a consistent combination of the goals of economic activity efficiency and the solvency of organizations is of extreme importance - one of the key problems of working capital management. practice shows that today many decisions are made solely with a focus on improving performance, while cases of complete loss of solvency and competitiveness as a result of such a policy are already known.
The relevance of the chosen topic is due to the fact that the problems of working capital management, its formation and effective use have been studied by many domestic and foreign scientists. At the same time, most authors consider the issues of working capital management in conditions of relative economic stability. In addition, the specifics of the Russian economy does not accept the automatic transfer of existing approaches to working capital management, especially those borrowed from foreign experience. In modern economic conditions, effective management of working capital is becoming one of the prerequisites for the normal functioning of organizations.
The analysis was carried out on the basis of the financial statements of the organization, namely, the balance sheet and income statement for 2013 and 2014. Within the framework of the systematic approach, techniques and methods of analysis (tabular, financial ratios, balance sheet, comparison, observation, determination of absolute and relative values) and synthesis, grouping and comparison, scientific abstraction were applied; in the practical part of the study, calculation and analytical methods, methods of structural and dynamic analysis were used.
The empirical base of the study was made up of documents and materials and data from periodicals, monographic scientific literature, expert developments and assessments of Russian and foreign scientists-economists, as well as analytical and own calculation materials.
Low liquidity of the balance sheet of OOO TMK Garant was revealed.
Not all liquidity indicators meet the standards, which indicates the need for financial measures in the organization to improve activities.
Turnover of production at the beginning of 2014 the inventory turnover ratio was 4.58, and at the end of 2014 it was 4.74. Then we see the growth dynamics for the year, it increased by 0.16.
The turnover ratio of own capital during the analyzed period has not changed.
The amount of accounts receivable at the beginning of 2013 was 543,000 thousand rubles, and at the beginning of 2014 the amount increased and amounted to 20,255,000 million rubles. The share of receivables increased. Increasing the efficiency of the use of working capital is ensured by the acceleration of their turnover at all stages of the circulation.
Significant reserves for increasing the efficiency of the use of working capital are laid down directly in the enterprise itself.
Thus, the results of an integrated approach and systematic analysis by OOO TMK Garant make it possible to develop a program of measures to improve the efficiency of managing current assets at enterprises and ensure control over its practical implementation in the following areas:
Improving the organization of material and technical supply with the aim of uninterrupted and rhythmic provision of production with material resources;
Reducing the duration of the operating cycle due to the intensification of production (using the latest technologies, mechanization and automation of production processes, increasing the level of labor productivity, more complete use of the production capacity of the enterprise, labor, material resources, etc.), as well as increasing control over the movement of the most important reserves categories;
Acceleration of the process of shipment of products and execution of settlement documents, the use of promising forms of refinancing receivables, effective forms of regulation of the average balance of cash assets (reduction of cash settlements, opening a "credit line" in the bank), creation of clear control systems for the movement of receivables and cash, development of non-cash payment mechanisms.
Based on the research, we have developed the following recommendations and measures to improve the management of current assets:
Measures to manage and optimize receivables.
Receivables optimization is part of the organization's overall policy to choose the conditions for the sale of products for a certain period of time, optimize the total amount of receivables and ensure timely collection of receivables to achieve a given level of financial stability of the organization.
1. In order to control the buyer for its reliability and financial stability, its compliance with contractual discipline, to monitor the fulfillment of contractual obligations by the organization itself (meaning the seller organization), LLC TMK Garant is invited to develop a dossier on buyers.
2. This organization is recommended to apply modern methods of refinancing receivables. Methods for reducing receivables for sellers include the use of factoring, forfaiting, prepayment, and providing discounts to buyers in case of early payment.
5. In addition, this organization is recommended to change the type of credit policy. Currently, the credit policy of TMK Garant LLC is characterized by a moderate type. In connection with the global financial crisis, the company should tighten the conditions for granting a commodity loan to buyers, i.e. switch to a conservative type of credit policy. So, for example, at the moment, the installment plan provided to wholesale buyers is from 1 to 6 months. OOO TMK Garant recommends:
Reduce the terms for providing a commercial (commodity) loan by 2 times, i.e. up to 1-3 months;
Provide a loan upon full repayment of the previous debt;
Introduce a system of discounts for early repayment of receivables.
Inventory management activities.
1. In order to reduce stocks, the organization is recommended to provide discounts to wholesale buyers not in monetary terms as a reduction in the obligation to pay for the material, but in the form of an additional bonus in payment for the material. This discount system will allow LLC TMK Garant to get rid of "stale" materials, when, for example, when buying two units of material, the third one is given as a gift.
2. The use of the inventory management model (Wilson model) will allow OOO TMK Garant to minimize the total costs of purchasing, placing and delivering an order, as well as storing materials.
Cash management activities.
1. It is proposed to ration funds using known methods. As a result of the proposed activities, a forecast balance was obtained and the calculation of the main financial indicators was carried out.
Calculation of the forecast balance allows us to conclude that if measures are taken to improve the management of current assets, OOO TMK Garant will be able to improve the structure of the balance sheet.
LLC TMK Garant is given the opportunity to improve the composition and structure of current assets. In the composition of current assets, high-risk assets (accounts receivable, unused material assets) will decrease.
Calculations of current asset management indicators indicate that the efficiency of the use of current assets after the implementation of measures has increased. The acceleration of the turnover of current assets is associated with an increase in the turnover of inventories and receivables. The share of receivables in the total volume of current assets decreased. At the same time, the period of collection of receivables was reduced. The shelf life of inventory has been reduced by a week. The share of cash in the total amount of current assets increased, i.e. the share of low-risk current assets increased.
Assessment of the impact of the above measures on the values of financial indicators showed that the values of financial ratios have changed for the better. So the absolute liquidity ratio, showing what part of short-term liabilities can be repaid with available cash and short-term financial investments.
Thus, the implementation of the proposed measures will allow the organization of TMK Garant LLC to improve the structure of current assets and significantly increase the efficiency of their use. When implementing these measures, the organization will become an organization with optimal absolute and urgent liquidity (solvency), financially stable and less dependent on borrowed capital, it will have opportunities for financial maneuvering. As a result of the proposed measures, this organization is given the opportunity to improve the composition and structure of current assets. In the composition of current assets, high-risk assets (accounts receivable, unused material assets) will decrease, the share of low-risk assets (cash) will significantly increase. Borrowed funds as a result of the measures taken will be reduced by a significant amount. It also provides an opportunity to optimize income tax payments by creating reserves for doubtful debts.
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Conclusions on the analysis of the socio-economic state of the organization
The purpose of LLC "Bashkirgaz" is to ensure uninterrupted gas supply to buyers of the Republic of Bashkortostan in accordance with the concluded agreements, collect payments from gas buyers, manage gas supply regimes, and make a profit.
The revenue of Bashkirgaz LLC for 2010 amounted to 13,386,628 thousand rubles, which is 17% higher than the level of the previous year. The share of cost in revenue is 96.2%. Return on sales increased from 0.8% to 1.7%.
The low liquidity of the balance sheet of Bashkirgaz LLC was revealed, because the first, second and fourth inequalities are not observed, because at the end of 2010 the first, third and fourth inequalities are not fulfilled.
The coefficient of provision with own funds, which characterizes the presence of an enterprise's own working capital necessary for its financial stability at the beginning of the year, is -0.409, at the end of the year it is -0.118, i.e. increased by 0.291. This coefficient is less than the standard value (>0.1). This means that the company does not have enough own working capital necessary for its financial stability. At the analyzed enterprise, this coefficient is significantly lower than the normative level, i.e. the company is unable to timely and in full pay off for short-term debt obligations.
The Company lacks its own working capital and is unable to meet creditors' claims. The autonomy or financial independence of the society is below the level necessary for optimal functioning, i.e. the share of own capital is only 17.5% of the total assets (according to the standard - 50%). Most of the property of Bashkirgaz LLC is formed at the expense of borrowed capital. The calculation results indicate an unsatisfactory structure of the balance sheet.
Not all liquidity indicators meet the standards, which indicates the need for financial measures at the enterprise to improve activities.
The turnover ratio of total assets increased from 8.3 to 9.3 over the reporting period, which indicates an acceleration in the turnover of total assets.
Inventory turnover has significantly decreased by 450.65 times: in 2009 it was 1260.8 times; in 2010, the turnover was 810.2 times, which indicates a slowdown in turnover.
The turnover ratio of own capital during the analyzed period increased from 117 times to 609.7 times.
The amount of receivables at the beginning of 2010 was 794,379 thousand rubles, and at the beginning of 2011 the amount increased and amounted to 849,831 thousand rubles. The share of receivables is increasing and at the beginning of 2011 amounted to 58.84%.
Increasing the efficiency of the use of working capital is ensured by the acceleration of their turnover at all stages of the circulation.
Significant reserves for increasing the efficiency of the use of working capital are laid down directly in the enterprise itself.
Thus, the results of an integrated approach and systematic analysis of Bashkirgaz LLC make it possible to develop a program of measures to improve the efficiency of current assets management at enterprises and ensure control over its practical implementation.
Based on the calculation study in Chapter 2, it is proposed to improve the management of working capital by the following methods.
1. It is necessary to reduce the material consumption of gas transportation. To do this, it is necessary to pursue a policy of rational and economical use of raw materials and materials. It is also necessary to establish competent work with suppliers, to revise the logistics system. This, in turn, will lead to a reasonable reduction in the cost of gas transportation and to an additional increase in profits.
As a mathematical model, we will take 2 inventory management models: inventory management models (Wilson model) and cash management model (Baumol model).
The inventory management model (Wilson model) will allow Bashkirgaz LLC to minimize the total costs of purchasing, ordering and delivering an order, as well as storing materials.
The application of the cash management model (Baumol model) in Bashkirgaz LLC will show the necessary cash management priorities in a stable business environment. Bashkirgaz LLC, the organization has a certain amount of money that it constantly spends on paying supplier bills, etc. In order to pay bills on time, the organization must have a certain level of liquidity. The price of maintaining the required level of liquidity is the possible income from investing the average cash balance in various types of government securities. The latter are considered risk-free (the degree of their risk can be neglected).
Mathematical models of inventory management (IM) allow you to find the optimal level of stocks of some material, minimizing the total cost of purchasing, placing and delivering an order, storing the material, as well as losses from its shortage.
The Wilson model is the simplest KM model and describes the situation of purchasing products from an external supplier, which is characterized by the following assumptions:
The intensity of consumption is a priori known and constant;
The order is delivered from the warehouse where the previously produced goods are stored;
The delivery time of an order is a known and constant value;
Each order is shipped in one batch;
The cost of the order does not depend on the size of the order;
The cost of holding a stock is proportional to its size;
Lack of stock (shortage) is unacceptable.
Input parameters of the Wilson model
v – intensity (speed) of stock consumption, [pcs/year];
s is the cost of storing the stock, [thousand rubles];
K - the cost of the order, including the execution and delivery of the order, [thousand rubles];
t – order delivery time, [days].
Output parameters of the Wilson model
Q – order size, [thousand pieces];
L is the total cost of inventory management per unit of time, [thousand rubles/year];
t is the delivery period, i.e. time between order submissions or between deliveries, [days];
h is the order point, i.e. amount of stock in the warehouse, at which it is necessary to place an order for the delivery of the next batch, [thousand pieces].
The stock level cycles in the Wilson model are graphically shown in Figure 7. The maximum amount of product that is in stock is the same as the order size Q (see Figure 7).
Figure 7. Chart of inventory cycles in the Wilson model
Wilson Model Formulas
where is the optimal order size in the Wilson model;
The cost schedule for KM in the Wilson model is shown in Figure 8.
Figure 8. Graph of KM Costs in the Wilson Model
Cash management model (Baumol model)
Assume the hypothesis that the cash balance of the account is very similar to the balance of inventory, so the optimal order lot (EOQ) model can also be used to determine the target cash balance
It is assumed that the enterprise begins to work with the maximum and expedient level of funds for it, and then gradually spends them over a certain period of time. The company invests all incoming funds from the sale of materials and services in short-term securities.
As soon as the cash reserve is depleted, that is, it becomes equal to zero or reaches a certain predetermined level of security, the company sells part of the securities and thereby replenishes the cash reserve to its original value.
Thus, the dynamics of the balance of funds on the current account is a "sawtooth" graph (see Fig. 9).
The replenishment amount (Q) is calculated by the formula:
where V is the projected need for funds in the period (year);
c - expenses for converting cash into securities;
r is an acceptable and possible interest income for the enterprise on short-term financial investments, for example, in government securities.
Figure 9. Baumol model
Increasing the efficiency of the use of working capital is ensured by the acceleration of their turnover at all stages of the circulation. The target setting of the current asset management policy is to determine the volume of current assets, the sources of their coverage and the ratio between them, sufficient to ensure long-term production, trade and effective investment and financial activities of the enterprise.
Based on the research, we have developed the following recommendations and measures to improve the management of current assets:
Measures to manage and optimize receivables. Receivables optimization is part of the organization's overall policy to choose the conditions for the sale of products for a certain period of time, optimize the total amount of receivables and ensure timely collection of receivables to achieve a given level of financial stability of the organization.
1. In order to control the buyer for its reliability and financial stability, its compliance with contractual discipline, to control the fulfillment of contractual obligations by the organization itself (meaning the seller organization), it is proposed to Bashkirgaz LLC to develop a dossier on buyers. A dossier is an approved form of internal accounting (here, an accounting form is a specifically expressed data system, including documents, materials, files and systematically built forms), a set of all available data about the customer (buyer) that is structured in a certain way.
Dossier includes:
All details of the customer, including his name, address (legal and actual) and telephone (fax), payment details;
Data on the customer's officials who make decisions on certain clauses of the contracts (i.e. affecting procurement);
Date and results of preliminary negotiations; data on the results of the analysis of the financial condition and reliability (business integrity);
Data on all contracts concluded with the customer and their actual execution, including operational data on the completeness and timeliness of shipments, on the ratio of the actual and critical level of receivables, on payments for products;
Information on the work carried out on the collection of overdue receivables (calls, notifications, personal visits, debt collection through specialized agencies, sale of debts);
Results of reconciliation of receivables;
Information about disputes (in terms of claims and judicial work);
Statistical data on the frequency of concluding and preferential terms of contracts, on the fulfillment by the customer of contractual obligations (payment and contractual discipline) and other possible information on aspects of the relationship between the organization and the customer.
The accountant for settlements of Bashkirgaz LLC controls compliance with the procedure for limited access to documents, materials and files that form the specified dossier, and ensures their safety.
2. LLC "Bashkirgaz" is recommended to apply modern methods of refinancing receivables. An important method of managing receivables is securitization, i.e. registration of debts with bills of exchange with their subsequent use as a means of payment. Another method is the direct sale of debt at a discount (discount). The size of the discount is set by agreement of the parties and is the income of the debt buyer.
The efficiency of managing current assets and current liabilities can also be improved by wisely using bills of exchange in order to turn current financial needs into a negative value and accelerate the turnover of working capital. Accounting for bills is a special banking operation in which the holder of the bill transfers the bills to the bank by endorsement before the maturity date and receives the bill amount for this minus a certain percentage of this amount. This percentage is called accounting, or discount.
The amount of the discount is directly proportional to the number of days remaining from the date of accounting of the bill to the maturity date on it, the face value of the bill and the size of the bank discount rate, and is calculated by formula (2):
where D - discount, rub.;
HB - face value of the bill, rub.;
DP - the number of days from the date of accounting to the date of payment on the bill, days;
US - discount rate of the bank, %
The higher the face value of the bill, the more the bank will retain in the form of a discount. At the same time, the fewer days left until the due date of the bill, the smaller the discount due to the bank.
Methods for reducing receivables for sellers include the use of factoring, forfaiting, prepayment, and providing discounts to buyers in case of early payment.
Thus, at the end of 2011, Bashkirgaz LLC had a significant share of accounts receivable on its balance sheet. The reason for the high receivables is the lack of available cash from buyers at the time of product sales. One of the methods of managing receivables is clearing - settlements by offsetting mutual claims. The condition for such settlements is the mutual supply of materials (works, services) for significant amounts.
Equal amounts of mutual claims of counterparties are repaid, transfers of funds from one account to another occur only in the amount of excess requirements. The advantage of such settlements lies in the decoupling of the chain of non-payments.
The analysis of receivables revealed that Bashkirgaz LLC has debtors to whom Bashkirgaz LLC owes. The list of enterprises is given in table 21.
Table 21
List of debtors-creditors as of December 31, 2011
From the data in Table 21 it can be seen that Bashkirgaz LLC has the opportunity to offset mutual claims for a total amount of 354 thousand rubles.
You can also apply a cession. Assignment is applied if there is no homogeneous counter-debt between enterprises, but it is necessary to set off mutually (i.e., it is necessary to restructure the debt of the debtor enterprise), a counter-debt is created by assigning the right to claim.
According to Article 382 of the Civil Code of the Russian Federation, the assignment of the right to claim is an independent transaction, according to which one party transfers the right to claim a debt to the other party for a fee.
So, to LLC "Bashkirgaz" has a debt of CJSC "Unitrade" in the amount of 3342 thousand rubles. CJSC "Unitrade" cannot pay its debt on time. At the same time, Forward CJSC has a debt to Unitrade CJSC in the amount of 3,300 thousand rubles.
Debt of Unitrade CJSC in the amount of 3342 thousand rubles. Bashkirgaz LLC may transfer (assign the right to claim it under an assignment agreement) to Forward CJSC, which has a sufficient amount of funds in its current account. The transfer fee is RUB 42,000.
3. It is recommended to restructure receivables in pre-trial and judicial procedures. Pre-trial procedure (according to paragraph 2 of Articles 307, 308, 309 of the Civil Code of the Russian Federation). The enterprise addresses the debtor in writing to reconcile the debt (the result is the act of reconciliation). Then he sends claims to the debtor with a demand for repayment of overdue debt, the amount of which is determined by the reconciliation act, within a period that can also be determined by the parties. If the debt is not repaid, the enterprise submits a corresponding claim against the debtor to the arbitration court. The pre-trial procedure includes the assignment of the right to claim and the sale of receivables, which were discussed above. At the same time, if the debtor cannot return the debt, then it is also possible to arrange debt restructuring through the issuance of a pledge on his property or a guarantee of another person.
The judicial procedure (according to Article 11 of the Civil Code of the Russian Federation) of the process of restructuring receivables begins with the filing of an appropriate claim with the arbitration court. The claim must show:
Fulfillment of an obligation (clause 1, article 396 of the Civil Code of the Russian Federation).
Compensation for losses (actual damage and lost profits) (Article 393 of the Civil Code of the Russian Federation).
Collection of interest for the use of other people's money as a result of the debtor's unlawful evasion of their return. At the same time, it is necessary to take into account that: it is necessary to prove that this money was used; compensation for losses in this case is made in a part exceeding the amount of interest due to the creditor for the use of other people's money.
If it is known (or it turns out) that the financial condition of the debtor is unstable, then during the arbitration process (at any stage of it), the plaintiff has the right to apply to the court with an application for taking measures to secure the claim (clause 1, article 75 of the Arbitration Procedure Code of the Russian Federation). This measure can subsequently prevent possible problems with the execution of a court decision (for example, seizure of the debtor's property or bankruptcy of the debtor-debtor). If it is known that the debtor's financial condition is bad or he has declared voluntary liquidation, then it is necessary to file a bankruptcy claim.
4. LLC "Bashkirgaz" can be recommended to create reserves for doubtful debts. The allowance for doubtful debts can be used by an organization to cover losses from bad debts. The outstanding debt that is uncollectible is written off at the expense of the created reserve. The basis for creating a reserve is the results of the inventory of receivables carried out at the end of the reporting (tax) period. Formation of the amount of the reserve for doubtful debts in table 22.
Table 22
Formation of the reserve amount for doubtful debts
The amount of the created reserve for doubtful debts cannot exceed 10% of the proceeds from the sale of the reporting period, determined in accordance with Article 266 of the Tax Code of the Russian Federation. Enterprises making a decision to create reserves for doubtful debts should carefully weigh the appropriateness of such a decision, taking into account both the amount of receivables and the possibility of optimizing taxation of profits, as well as the complexity of the accounting process and the likelihood of differences in accounting and tax accounting. Also, the company should pay attention to the completeness of the formation of accounting policies for the purposes of accounting and tax accounting.
5. In addition, Bashkirgaz LLC is recommended to change the type of credit policy. Currently, the credit policy of Bashkirgaz LLC is characterized by a moderate type. In connection with the global financial crisis, the company should tighten the conditions for granting a commodity loan to buyers, i.e. switch to a conservative type of credit policy. So, for example, at the moment, the installment plan provided to wholesale buyers is from 1 to 6 months. Bashkirgaz LLC is recommended:
Reduce the terms for providing a commercial (commodity) loan by 2 times, i.e. up to 1-3 months;
Provide a loan upon full repayment of the previous debt;
The amount of the loan provided should not exceed 50 thousand rubles, for regular customers - 100 thousand rubles;
Introduce a system of discounts for early repayment of receivables.
Inventory management activities.
1. In order to reduce stocks, Bashkirgaz LLC is recommended to provide discounts to wholesale buyers not in monetary terms as a reduction in the obligation to pay for the material, but in the form of an additional bonus in payment for the material. This system of discounts will allow LLC Bashkirgaz to get rid of "stale" materials, when, for example, when buying two units of material, the third one is given as a gift. For example, three pairs of shoes for the price of two or, having bought a phone, the buyer receives a gift of his choice. At the end of 2009, the amount of discounts to customers in monetary terms (as a reduction in the obligation to pay for the material) amounted to 2,306 thousand rubles.
2. According to the results of the inventory of the property of Bashkirgaz LLC as of 01.12.08. identified material assets that have not been used in economic activities for 2 years, totaling 561 thousand rubles. These assets must be sold at least at book value and this will lead to an acceleration of inventory turnover.