Turnover ratio of production assets. Turnover ratio of working capital (assets)

The director of a company, who only has indicators of profit and overall profitability before his eyes, cannot always understand how to adjust them in the right direction. In order to have all the control levers in your hands, it is absolutely necessary to calculate the turnover of working capital.
The picture of the use of working capital consists of four main indicators:

• Duration of turnover (determined in days);
• How many times do working capital turn over in the reporting period;
• How much working capital is there per unit of products sold;

Let's consider the calculation of this data using the example of an ordinary enterprise, as well as the calculation of a number of important coefficients for understanding the significance of turnover indicators in the overall picture of the company's success.

Turnover ratio

The main formula determining the rate of turnover of working capital is as follows:

Cob is the turnover ratio. It shows how many turnovers of working capital were made during a specific period of time. Other designations in this formula: Vp - volume of product sales for the reporting period;
Osr is the average balance of working capital for the reporting period.
Most often, the indicator is calculated for the year, but absolutely any period needed for analysis can be selected. This coefficient is the rate of turnover of working capital. For example, the annual turnover of a mini-store of mobile phones was 4,800,000 rubles. The average balance in circulation was RUB 357,600. We get the turnover ratio:
4800000 / 357600 = 13.4 revolutions.

Duration of turnover

It also matters how many days one revolution lasts. This is one of the most important indicators, which shows how many days later the company will see the funds invested in turnover in the form of cash proceeds and will be able to use them. Based on this, you can plan both making payments and expanding your turnover. The duration is calculated as follows:

T is the number of days in the analyzed period.
Let's calculate this indicator for the above digital example. Since the company is a trading company, it has a minimum number of days off - 5 days a year; for the calculation we use the figure of 360 working days.
Let's calculate how many days later the company could see the money invested in turnover in the form of revenue:
357,600 x 360 / 4,800,000 = 27 days.
As we can see, the turnover of funds is short; the management of the enterprise can plan payments and use of funds to expand trade almost monthly.
To calculate the turnover of working capital, the profitability indicator is also important. To calculate it, you need to calculate the ratio of profit to the average annual balance of working capital.
The enterprise's profit for the analyzed year amounted to 1,640,000 rubles, the average annual balance was 34,080,000 rubles. Accordingly, the profitability of working capital in this example is only 5%.

Load factor of funds in circulation.

And one more indicator necessary to assess the speed of turnover of working capital is the load factor of funds in circulation. The coefficient shows how much working capital is advanced per 1 ruble. revenue. This is the working capital intensity, which shows how much working capital must be spent for the company to receive 1 ruble of revenue. It is calculated like this:

Where Kz is the load factor of funds in circulation, kopecks;
100 - conversion of rubles to kopecks.
This is the opposite of the turnover ratio. The smaller it is, the better the use of working capital. In our case, this coefficient is equal to:
(357,600 / 4,800,000) x 100 = 7.45 kopecks.
This indicator is an important confirmation that working capital is used very rationally. The calculation of all these indicators is mandatory for an enterprise that seeks to influence operational efficiency using all possible economic levers.
In Forecast NOW! can be calculated

• Turnover in monetary and natural units both for a specific product and for a group of products, and by section - for example, by suppliers
• Dynamics of changes in turnover in any necessary sections

An example of calculating the turnover rate by product groups:

Assessing the dynamics of changes in turnover by product/group of products is also very important. At the same time, it is important to correlate the turnover schedule with the service level schedule (how much we satisfied consumer demand in the previous period).
For example, if turnover and the level of service are declining, then this is an unhealthy situation - you need to study this group of products more carefully.
If turnover increases, but the level of service decreases, then the increase in turnover is most likely due to smaller purchases and an increase in shortages. The opposite situation is also possible - turnover decreases, but in this calculation the level of service - customer demand is ensured by large purchases of goods.
In these two situations, it is necessary to evaluate the dynamics of profit and profitability - if these indicators grow, then the changes taking place are beneficial for the company; if they fall, it is necessary to take action.
In Forecast NOW! It’s easy to assess the dynamics of turnover, level of service, profit and profitability - just carry out the necessary analysis.
Example:

Since August, there has been an increase in turnover with a decrease in the level of service - it is necessary to evaluate the dynamics of profitability and profit:

Profitability and profit have been falling since August, we can conclude that the dynamics of changes are negative

Let's consider turnover ratio of working capital (assets). This coefficient is included in the group of Business Activity indicators and shows the intensity of use of enterprise resources.

Let's analyze this ratio according to the following scheme: first we will look at its economic meaning, then the calculation formula and standard, and also calculate the working capital turnover ratio for a domestic enterprise in order to see everything clearly. Let's begin!

Turnover ratio of working capital (assets). Economic sense

Determines the efficiency of an enterprise not from the point of view of profitability, but from the point of view of the intensity of use of working capital (assets). The coefficient shows how many times working capital is turned over during the selected period (year, month, quarter).

What is included in working capital?

Working capital includes:

• Stocks,
• Money,
• Short-term investments,
• Short-term accounts receivable.

What determines the value of the working capital turnover ratio?

The coefficient value is directly related to:

• With the duration of the production cycle,
• Personnel qualifications,
• Type of activity of the enterprise,
• Production rates

The maximum values ​​of the coefficient are for trading enterprises, and the minimum are for capital-intensive scientific enterprises. That is why it is customary to compare enterprises by industry, and not all together.

Working capital turnover ratio. Synonyms

Synonyms for this ratio can be the following: current assets turnover ratio, mobile assets turnover ratio, operating capital ratio. It is useful to know the synonyms for the coefficient, since it is often called differently in the literature. And so that this does not mislead you, you need to assume what synonyms the indicator has. By the way, this is one of the problems of the domestic economy - for some reason every economist wants to name the coefficient in his own way. There is no unity in terms and definitions.

Working capital turnover ratio. Calculation formula

The calculation formula is as follows:

Working capital turnover ratio = Sales revenue/Current assets

What needs to be noted is that current assets are taken as the average value at the beginning and end of the reporting period. You need to add the value at the beginning of the period with its end and divide by 2.

According to the new form of balance sheet (after 2011), the working capital turnover ratio will be calculated as follows:

Working capital turnover ratio = line 2110/(line 1200ng.+line 1200kg)*0.5

According to the old form of the balance sheet, the ratio was calculated as follows:

Working capital turnover ratio = line 010/(line 290ng.+290kg)*0.5

Working capital turnover indicator

Together with the working capital turnover ratio, it is useful to calculate turnover rate, which is measured in days. Formula for calculating working capital turnover:

Current asset turnover = 365/Current asset turnover ratio

Sometimes in calculations for a place of 365 days they take 360 ​​days.

Video lesson: “Calculation of key turnover ratios for OJSC Gazprom”

Working capital turnover ratio. Calculation using the example of OJSC Rostelecom

Calculation of the turnover ratio of working capital (assets) for OJSC Rostelecom. Enterprise balance sheet

Calculation of the turnover ratio of working capital (assets) for OJSC Rostelecom. Gains and losses report

To calculate the coefficient, public reporting is sufficient, which can be taken from the company’s official website. Let's take 4 reporting periods (each quarter), so we can cover the whole year for our diagnostics. Since the calculation of the coefficient uses data at the beginning and end of the reporting year, in our case we will get 3 calculated coefficients for 4 reporting periods.

Working capital turnover ratio 2014-1 = 73304391/(112128568+99981307)*0.5 = 0.69
Working capital turnover ratio 2014-2 = 143213504/(99981307+96694304)*0.5 = 1.45
Working capital turnover ratio 2014-3 = 214566553/(96694304+110520420)*0.5 = 2

The value of the coefficient has increased over the year. We can conclude that OJSC Rostelecom has increased its efficiency. This is largely due to the fact that revenue increased. It was the increase in revenue that led to an increase in the values ​​of the coefficient, since the value of fixed assets (line 1200) did not change much.

Working capital turnover ratio. Standard

It is immediately worth noting that this coefficient cannot be negative. Low values ​​indicate that the company has excessively accumulated working capital.

How can this ratio be increased?

To do this it is necessary to: increase the competitiveness of products (this will result in more sales), reduce the production cycle of products, improve the product sales system.

Summary

The article examined the working capital turnover ratio. This indicator belongs to the group of “Business Activity” indicators and evaluates the efficiency of an enterprise not from the point of view of profitability (as indicators from the “Profitability” group do), but from the point of view of the intensity of use of working capital. An important role in the coefficient is played by the Revenue indicator (it is in the numerator). If we say that this ratio needs to be constantly increased, then we must first of all increase the Revenue from our activities (since fixed assets cannot be changed so quickly; in the example for OJSC Rostelecom, fixed assets did not change much over the year) . Thus, the working capital turnover ratio shows our sales, which provide Revenue. A decrease in this ratio is a direct sign either that our sales have decreased or that we have begun to accumulate excess current assets. It is useful to compare the coefficient with the coefficient of an enterprise with similar activities (industry leader) or with the industry average. In addition, for analysis it is useful to evaluate changes in the coefficient over a period (over a year, for example).

The asset turnover ratio is an important financial indicator of the intensity of use of existing assets by an enterprise. It is characterized by the speed of turnover and shows the efficiency of the distribution of own as well as borrowed sources of financing the activities of an economic entity, including capital and profit. The value of the coefficient for the analyzed period is directly proportional to the amount of sales and is equal to the number of complete asset turnover cycles.

What is asset turnover

The definition of asset turnover (from the English turnover asset) is used to manage the total resources of an organization, including property, non-property objects, and obligations of various natures. This term shows the level of business activity of a business. The higher the value, the more successful the company and the higher the profitability per ruble of assets. The lower the value, the lower the liquidity, the higher the accounts receivable, the lower the profitability.

To estimate asset turnover (the formula for the balance sheet is given below), economic calculation methods are used based on average indicators characteristic of a particular industry or enterprise. The analysis is carried out in dynamics; it is advisable to study the values ​​of direct competitors in the market. To get a complete picture, a positive trend with indicators increasing from period to period is required. If the values ​​remain low, it is necessary to optimize assets by releasing unloaded resources, reducing excessive inventories of goods and materials, developing measures for settlements with debtors, etc.

Asset turnover ratio - balance sheet formula

To maximize the accuracy of mathematical formulas, it is recommended to take reliable accounting data at the end of the last reporting day. If you have analytics for months/years, you need to use this data by dividing the corresponding numbers by 12 (for months) and 2 (for years). Data is taken from financial reporting forms - 1, 2.

Depending on the purpose of financial analysis, 2 calculation methods are used:

1. Evaluates turnover rate– for the analyzed period of time, the value of the turnover of the enterprise’s assets is calculated for each ruble of proceeds.
2. Characterizes turnover period– determines the length of time during which the assets of the enterprise are returned to the production cycle.

The asset turnover rate is calculated for a specific date using a coefficient using the formula:

OA ratio = Total sales revenue / Average assets for the reporting period

Average asset value for the reporting period = (Beginning value in rubles + Ending value in rubles) / 2

The turnover period in days is calculated for a given time period. The duration can be a month, a quarter, a half-year, or a year. The formula used is:

OA period = Duration (30, 90, 180, 360 days) / Turnover ratio

Lines in financial statements

Basic data for determining financial indicators is taken from the forms of mandatory accounting reporting. The forms were approved by Order No. 66n dated July 2, 2010. Form-1 “Balance Sheet” and Form-2 “Statement of Financial Results” for the analyzed period will be required.

Calculation formulas with coding of components

OA coefficient = page 2110 / (page 1600 at the beginning + page 1600 at the end) / 2, where

2110 – value of revenue from f. 2;

1600 – total value of assets from f. 1.

An increase in the OA ratio shows an increase in resource turnover, an increase in profitability and sales income per unit of assets. A decrease characterizes a decrease in the trading activity of a business and an increase in the volume of assets. The transformation indicator during the OA period is used to assess the duration of the transformation of assets into real cash.

The highest values ​​of OA are typical for enterprises with a high rate of circulation of resources - trade, logistics, and services; for companies operating in capital-intensive industries (mining, construction) - turnover is lower and requires dynamic analysis.

Working capital- this is a set of funds advanced to create circulating production assets and circulation funds that ensure the continuity of the company.

Revolving funds- these are assets that, as a result of its economic activities, completely transfer their value to the finished product, take a one-time participation in, changing or losing their natural material form.

Working production assets enter production in their natural form and are entirely consumed during the production process. They transfer their cost completely to the product they create.

Circulation funds associated with servicing the process of circulation of goods. They do not participate in the formation of value, but are its carriers. After completion, production of finished products and their sale, the cost of working capital is reimbursed as part of (work, services). This creates the possibility of systematically resuming the production process, which is carried out through the continuous circulation of enterprise funds.

Structure of working capital- this is the ratio between the individual elements of working capital, expressed as a percentage. The difference in the structures of working capital of companies is determined by many factors, in particular, the characteristics of the organization’s activities, business conditions, supply and sales, location of suppliers and consumers, and the structure of production costs.

• (raw materials, basic materials and purchased semi-finished products, auxiliary materials, fuel, containers, spare parts, etc.);
• with a service life of no more than one year or a cost of no more than 100 times (for budgetary organizations - 50 times) the established minimum wage per month (low-value wearable items and tools);
• unfinished production and self-made semi-finished products (labor items that have entered the production process: materials, parts, components and products that are in the process of processing or assembly, as well as self-made semi-finished products that have not been fully completed by production in some workshops of the enterprise and are subject to further processing in other workshops of that the same enterprise);
• Future expenses(immaterial elements of working capital, including costs for the preparation and development of new products that are produced in a given period, but are allocated to products of a future period; for example, costs for the design and development of technology for new types of products, for the rearrangement of equipment).

Circulation funds

Circulation funds— enterprise funds operating in the sphere of circulation; an integral part of working capital.

• enterprise funds invested in finished product inventories, goods shipped but not paid for;
• funds in settlements;
• cash in hand and in accounts.

The amount of working capital employed in production is determined mainly by the duration of production cycles for the manufacture of products, the level of technology development, the perfection of technology and labor organization. The amount of circulating media depends mainly on the conditions for the sale of products and the level of organization of the supply and marketing system.

Working capital is the more mobile part.

In every Circulation of working capital goes through three stages: monetary, production and commodity.

To ensure an uninterrupted process at the enterprise, working capital or material assets are formed, awaiting their further production or personal consumption. Inventories are the least liquid item among current asset items. The following methods of inventory valuation are used: for each unit of purchased goods; by average cost, in particular, by weighted average cost, moving average; at the cost of the first purchases; at the cost of the most recent purchases. The unit of accounting for working capital as inventory is a batch, a homogeneous group, and an item number.

• Safety stocks- a reserve of resources intended for the uninterrupted supply of production and consumption in cases of a decrease in supplies compared to those provided.
• Current stocks— stocks of raw materials, materials and resources to meet the current needs of the enterprise.
• Preparatory supplies- Cycle-dependent inventories are required if raw materials are to undergo any processing.
• Carryover stocks- part of unused current inventories that are carried over to the next period.

Working capital is located simultaneously at all stages and in all forms of production, which ensures its continuity and uninterrupted operation of the enterprise. Rhythm, coherence and high performance largely depend on optimal amounts of working capital(working production assets and circulation funds). Therefore, the process of rationing working capital, which relates to current financial planning at the enterprise, is of great importance. Rationing working capital is the basis for the rational use of a company's economic assets. It consists in developing reasonable norms and standards for their consumption, necessary to create constant minimum reserves and for the uninterrupted operation of the enterprise.

The working capital standard establishes the minimum estimated amount that is constantly required by the enterprise to operate. Failure to fill the working capital standard may lead to a reduction in production and failure to fulfill the production program due to interruptions in production and sales of products.

Standardized working capital— the size of inventories, work in progress and balances of finished products in warehouses planned by the enterprise. Working capital stock norm is the time (days) during which OBS are in production inventory. It consists of the following stocks: transport, preparatory, current, insurance and technological. Working capital standard is the minimum amount of working capital, including cash, necessary for a company or firm to create or maintain carry-over inventories and ensure continuity of work.

Sources for the formation of working capital can be profits, loans (bank and commercial, i.e. deferred payment), share capital, share contributions, budget funds, redistributed resources (insurance, vertical management structures), accounts payable, etc.

The efficiency of using working capital affects the financial results of the enterprise. When analyzing it, the following indicators are used: the availability of own working capital, the ratio between own and borrowed resources, the solvency of the enterprise, its liquidity, turnover of working capital, etc. Turnover of working capital is understood as the duration of the sequential passage of funds through individual stages of production and circulation.

The following indicators of working capital turnover are distinguished:

• turnover ratio;
• duration of one revolution;
• working capital load factor.

Funds turnover ratio(turnover speed) characterizes the amount of revenue from sales of products by the average cost of working capital. Duration of one revolution in days is equal to the quotient of dividing the number of days for the analyzed period (30, 90, 360) by the turnover of working capital. The reciprocal of the turnover rate shows the amount of working capital advanced per 1 ruble. revenue from product sales. This ratio characterizes the degree of utilization of funds in circulation and is called working capital load factor. The lower the working capital load factor, the more efficiently working capital is used.

The main goal of managing enterprise assets, including working capital, is to maximize profit on invested capital while ensuring stable and sufficient solvency of the enterprise. To ensure sustainable solvency, the enterprise must always have a certain amount of money in its account, which is actually withdrawn from circulation for current payments. Part of the funds should be placed in the form of highly liquid assets. An important task in terms of managing working capital of an enterprise is to ensure an optimal balance between solvency and profitability by maintaining the appropriate size and structure of current assets. It is also necessary to maintain an optimal ratio of own and borrowed working capital, since the financial stability and independence of the enterprise and the possibility of obtaining new loans directly depend on this.

Analysis of working capital turnover (analysis of the organization’s business activity)

Working capital- these are funds advanced by organizations to maintain the continuity of the production and circulation process and returned as part of the proceeds from the sale of products in the same monetary form with which they began their movement.

To assess the efficiency of using working capital, working capital turnover indicators are used. The main ones are the following:

• average duration of one revolution in days;
• the number (number) of turnovers made by working capital during a certain period of time (year, half-year, quarter), otherwise - the turnover ratio;
• the amount of employed working capital per 1 ruble of products sold (working capital load factor).

If working capital goes through all stages of the circulation, for example, in 50 days, then the first turnover indicator (the average duration of one turnover in days) will be 50 days. This indicator approximately characterizes the average time that passes from the moment of purchasing materials to the moment of sale of products made from these materials. This indicator can be determined using the following formula:

• P is the average duration of one revolution in days;
• SO - average balance of working capital for the reporting period;
• P - sales of products for this period (less value added tax and excise taxes);
• B is the number of days in the reporting period (in a year - 360, in a quarter - 90, in a month - 30).

So, the average duration of one turnover in days is calculated as the ratio of the average balance of working capital to the one-day turnover of product sales.

The average duration of one turnover in days can be calculated in another way, as the ratio of the number of calendar days in the reporting period to the number of turnovers made by working capital during this period, i.e. according to the formula: P = V/CHO, where CHO is the number of turnovers made by working capital during the reporting period.

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

• as the ratio of product sales minus value added tax and excise taxes to the average balance of working capital, i.e. according to the formula: NOR = R/SO;
• as the ratio of the number of days in the reporting period to the average duration of one revolution in days, i.e. according to the formula: NOR = W/P .

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

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

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

Most often, turnover is calculated per year.

During the analysis, the actual turnover is compared with the turnover for the previous reporting period, and for those types of current assets for which the organization sets standards - also with the planned turnover. As a result of this comparison, the magnitude of the acceleration or deceleration of turnover is determined.

In the analyzed organization, turnover slowed down, both for standardized and non-standardized working capital. This indicates a deterioration in the use of working capital.

When the turnover of working capital slows down, there is an additional attraction (involvement) of them into circulation, and when it accelerates, working capital is released from circulation. The amount of working capital released as a result of the acceleration of turnover or additionally attracted as a result of its slowdown is determined as the product of the number of days by which turnover accelerated or slowed down by the actual one-day sales turnover.

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

Accelerating the turnover of working capital is achieved through the introduction of new equipment, advanced technological processes, mechanization and automation of production into production. These measures help reduce the duration of the production cycle, as well as increase the volume of production and sales of products.

In addition, to accelerate turnover, the following are important: rational organization of logistics and sales of finished products, adherence to savings in the costs of production and sales of products, the use of forms of non-cash payments for products that help speed up payments, etc.

Directly when analyzing the current activities of an organization, the following reserves for accelerating the turnover of working capital can be identified, which consist in eliminating:

• excess inventories: 608 thousand rubles;
• goods shipped but not paid for on time by buyers: 56 thousand rubles;
• goods in safe custody from buyers: 7 thousand rubles;
• immobilization of working capital: 124 thousand rubles.

Total reserves: 795 thousand rubles.

As we have already established, the one-day sales turnover in this organization is 64.1 thousand rubles. So, the organization has the opportunity to accelerate the turnover of working capital by 795: 64.1 = 12.4 days.

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

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

As a result of summing up private turnover indicators, we will not get an overall turnover indicator, since different denominators (turnovers) are taken to determine private turnover indicators. The relationship between the indicators of private and general turnover can be expressed by the terms of total turnover. These indicators make it possible to establish what impact the turnover of individual types of working capital has on the overall turnover indicator. The components of total turnover are defined as the ratio of the average balance of a given type of working capital (assets) to the one-day turnover of product sales. For example, the term for the total turnover of raw materials and basic materials is equal to:

The average balance of raw materials and basic materials is divided by the daily turnover of product sales (less value added tax and excise taxes).

If this indicator is, for example, 8 days, then this means that the total turnover due to raw materials and basic materials accounts for 8 days. If you sum up all the components of the total turnover, the result will be an indicator of the total turnover of all working capital in days.

In addition to those discussed, other turnover indicators are also calculated. Thus, the inventory turnover indicator is used in analytical practice. The number of turnovers made by inventories for a given period is calculated using the following formula:

Works and services (minus and) are divided by the average value under the item “Inventories” of the second section of the balance sheet asset.

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

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

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

Turnover of invested capital is the turnover of product sales for the year (minus value added tax and excise taxes) divided by the average annual cost of equity capital and long-term liabilities.

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

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

If the organization’s financial breakthroughs are covered by unstable sources of funds, it is solvent at the reporting date and may even have free funds in bank accounts, but in the near future it will face financial difficulties. Unsustainable sources include sources of working capital that are available on the 1st day of the period (the balance sheet date), but are absent on dates within this period: undue debt for wages, contributions to extra-budgetary funds (above certain sustainable values), unsecured debt to banks for loans for inventory items, debt to suppliers for accepted payment documents, the payment terms of which have not arrived, in excess of the amounts classified as sustainable sources, as well as debt to suppliers for uninvoiced supplies, debt for payments to the budget in excess of amounts classified as sustainable sources of funds.

It is necessary to make a final calculation of financial breakthroughs (i.e., unjustified spending of funds) and sources of covering these breakthroughs.

The analysis ends with a general assessment of the financial condition of the organization and the drawing up of an action plan to mobilize reserves to accelerate the turnover of working capital and increase liquidity and strengthen the solvency of the organization. First of all, it is necessary to assess the organization’s provision with its own working capital, their safety and use for their intended purpose. Then an assessment is made of compliance with financial discipline, solvency and liquidity of the organization, as well as the completeness of use and security of bank loans and loans from other organizations. Measures are being planned for more efficient use of both equity and borrowed capital.

The analyzed organization has a reserve for accelerating the turnover of working capital for 12.4 days (this reserve is noted in this paragraph). To mobilize this reserve, it is necessary to eliminate the reasons causing the accumulation of excess reserves of raw materials, basic materials, spare parts, other inventories and work in progress.

In addition, it is necessary to ensure the targeted use of working capital, preventing their immobilization. Finally, receiving payments from buyers for goods shipped to them that were not paid for on time, as well as the sale of goods held in custody by buyers due to refusal to pay, will also speed up the turnover of working capital.

All this will help strengthen the financial condition of the analyzed organization.

Indicators of the availability and use of working capital

Working capital is consumed in one production cycle, materially enters the product and completely transfers its value to it.

The availability of working capital is calculated both on a specific date and on average for the period.

Indicators of the movement of working capital characterize its changes during the year - replenishment and disposal.

Working capital turnover ratio

It is the ratio of the cost of products sold for a given period to the average balance of working capital for the same period:

To turnover= Cost of products sold for the period / Average balance of working capital for the period

The turnover ratio shows how many times the average balance of working capital was turned over for the period under review. In terms of economic content, it is equivalent to the capital productivity indicator.

Average turnover time

Determined from the turnover ratio and the analyzed time period

Average duration of one revolution= Duration of the measurement period for which the indicator is determined / Working capital turnover ratio

Working capital consolidation ratio

The value is inversely proportional to the turnover ratio:

To fastening= 1 / To turnover

Consolidation ratio = average working capital balance for the period / cost of goods sold for the same period

In terms of economic content, it is equivalent to the capital intensity indicator. The consolidation coefficient characterizes the average cost of working capital per 1 ruble of sales volume.

Working capital requirement

The enterprise's need for working capital is calculated based on the coefficient of fixation of working capital and the planned volume of product sales by multiplying these indicators.

Provision of production with working capital

It is calculated as the ratio of the actual working capital stock to the average daily consumption or average daily need for it.

Accelerating the turnover of working capital helps to increase the efficiency of the enterprise.

According to the data for the reporting year, the average balance of the enterprise's working capital amounted to 800 thousand rubles, and the cost of products sold during the year at the current wholesale prices of the enterprise amounted to 7,200 thousand rubles.

Determine the turnover ratio, the average duration of one turnover (in days) and the coefficient of consolidation of working capital.

• To turnover = 7200 / 800 = 9
• Average turnover time = 365 / 9 = 40.5
• K securing collective funds = 1/9 = 0.111

During the reporting year, the average balance of the enterprise's working capital was 850 thousand rubles, and the cost of products sold during the year was 7,200 thousand rubles.

Determine the turnover ratio and the working capital consolidation ratio.

• Turnover ratio = 7200 / 850 = 8.47 revolutions per year
• Consolidation coefficient = 850 / 7200 = 0.118 rubles of working capital per 1 ruble of products sold

The cost of products sold in the previous year amounted to 2,000 thousand rubles, and in the reporting year compared to the previous year it increased by 10% with a reduction in the average duration of one turnover of funds from 50 to 48 days.

Determine the average balance of working capital in the reporting year and its change (in%) compared to the previous year.

• Cost of products sold in the reporting year: 2000 thousand rubles * 1.1 = 2200 thousand rubles.

Average balance of working capital = Volume of products sold / Turnover

To turnover = Duration of the analyzed period / Average duration of one turnover

Using these two formulas we derive the formula

Average balance of working capital = Volume of products sold * Average duration of one turnover / Duration of the analyzed period.

• Average balance of average in the previous year = 2000 * 50 / 365 = 274
• Average balance Total average in the current year = 2200 * 48 / 365 = 289

289/274 = 1.055 In the reporting year, the average balance of working capital increased by 5.5%

Determine the change in the average working capital retention ratio and the influence of factors on this change.

K consolidation = average working capital balance / cost of goods sold

• To consolidate the concern, the base period = (10+5) / (40+50) = 15 / 90 = 0.1666
• To assign to the concern reporting period = (11+5) / (55+40) = 16 / 95 = 0.1684

Index of general change in anchorage coefficient

• = CO (average balance)_1 / RP (sold products)_1 - CO_0/RP_0 = 0.1684 - 0.1666 = 0.0018

Index of change in the consolidation coefficient from changes in the average balance of working capital

• = (SO_1/RP_0) - (SO_0/RP_0) = 0.1777 - 0.1666 = 0.0111

Index of change in the consolidation coefficient from changes in the volume of products sold

• = (SO_1/RP_1) - (SO_1/RP_0) = -0.0093

The sum of the individual indices must equal the total index = 0.0111 - 0.0093 = 0.0018

Determine the general change in the balance of working capital, and the amount of released (involved) working capital as a result of changes in the speed and change in sales volume.

• Average change in working capital balance = 620 - 440 = 180 (increased by 180)

General index of changes in the balance of working capital (CO) = (RP_1*continued 1.turnover_1 / days in the quarter) - (RP_0*continued 1.turnover_0 / days in the quarter)

• Duration of 1 turnover in the reporting quarter = 620*90/3000 = 18.6 days
• Duration of 1 revolution in the previous quarter = 440*90/2400 = 16.5 days

Index of changes in operating assets from changes in the volume of products sold

• = RP_1*prod.1ob._0/quarter - RP_0*prod.1ob._0/quarter = 3000*16.5/90 - 2400*16.5/90 = 110 (increase in the balance of working capital due to an increase in the volume of products sold )

Index of changes in operating assets from changes in the turnover rate of working capital

• = RP_1*cont.1ob._1 / quarter - RP_1*cont.1ob._0/quarter = 3000*18.6/90 - 3000*16.5/90 = 70

Current assets- one of the resources without which the commercial activities of an enterprise are impossible. Calculation and analysis of indicators turnover current assets characterizing the effectiveness of managing this resource will be discussed in this article.

Current assets, their composition and indicators for analysis

A systematic analysis of the commercial activities of an enterprise as an element of effective management is based on the calculation of a number of indicators and the standardization of their values. A comparison of actual and standard indicators allows us to identify various patterns in business processes, eliminate risks, and make management decisions in a timely and correct manner.

The main source of information for calculating analytical ratios is financial statements.

A significant part of the calculations is based on information about movement and balances current assets.

TO current assets The following types of enterprise assets include:

• inventories, including raw materials, supplies, goods for resale and goods shipped, finished goods, deferred expenses;
• VAT on purchased assets;
• accounts receivable;
• financial investments;
• cash.

In accordance with PBU 4/99 “Accounting statements of an organization”, data on current assets enterprises are contained in section II of the balance sheet. Often in the literature you can find the terms “working capital” or “funds in circulation.”

Magnitude current assets used when calculating the following indicators:

• profitability;

• liquidity;

• financial stability.

Let's look in more detail at analysis turnover of current assets, which is one of the aspects characterizing the business activity of an enterprise.

Why do we need analysis of turnover of current assets?

The dynamics of indicators characterizing the turnover of working capital are necessarily disclosed in the information accompanying the financial statements (clauses 31, 39 of PBU 4/99), as part of a group of coefficients that allow interested users of the financial statements to assess the financial stability, liquidity and business activity of the enterprise. Current assets and their fair valuation are subject to careful verification during the audit of financial statements.

Proper management of funds in circulation allows you to effectively attract credit sources to finance current activities. To assess the creditworthiness of an enterprise, banks use well-known indicators for assessing financial and economic activities. Based on the ranking of these indicators, the company is assigned a certain rating, which determines the terms of the loan, including the loan rate, the amount of collateral and the loan term. Current assets can also be used as collateral for loan obligations.

The presence of a system of analytical coefficients greatly facilitates the dialogue with tax authorities if it is necessary to explain the reasons for seasonal losses. Current assets may cause VAT deductions to exceed the amount of VAT accrued.

Let's consider the procedure for calculating turnover indicators.

Current assets turnover ratio

The turnover ratio shows how many times in the period under review current assets transformed into cash and back. The coefficient is calculated using the formula:

Cob = B / CCOA,

where: Kob is the turnover ratio of current assets ;

B - revenue for the year or other analyzed period;

SSOA - average cost current assets for the period of analysis.

You should pay attention to the calculation of the average cost current assets. In order to obtain the most correct value of the turnover ratio, it makes sense to divide the analyzed period into equal intervals and calculate the average cost using the following formula:

SSOA = (SOA0 / 2 + SOA1 + SOAn / 2) / (n - 1),

where: ССОА - average cost current assets for the period of analysis;

SOA0 is the balance of funds in circulation at the beginning of the analyzed period;

SOA1, SOАn - balance of funds in circulation at the end of each equal interval of the analyzed period;

n is the number of equal periods of time in the analyzed period.

This method of calculating the average value of funds in circulation will allow us to take into account seasonal fluctuations in balances, as well as the influence of external and internal factors.

Nevertheless, the value of the calculated turnover ratio provides only general information about the state of the enterprise’s business activity and is of no value for management without analyzing its dynamics and comparing it with standard indicators.

Turnover of current assets: formula in days

The most informative indicator from the point of view of managing the commercial activities of an enterprise is the turnover of current assets in days or other units of time (weeks, months). This indicator can be calculated using the formula:

Ob = K_dn / Kob,

where: About - turnover in days;

K_dn — number of days in the analysis period;

Kob is the turnover ratio of current assets.

Standard values ​​of turnover in days and turnover ratio are established by the enterprise independently based on an analysis of a combination of factors, such as contract terms, industry characteristics, region of activity, etc.

Current assets have different structures depending on the type of activity. For example, if a company provides services and does not have inventories, the emphasis in the analysis of current asset turnover will be on accounts receivable. Effective management of this type of funds in circulation will give the company the opportunity to release funds frozen in accounts receivable and thereby improve the financial position of the company.

How to set a standard for accounts receivable turnover? It is necessary to compare the turnover of accounts receivable with the turnover of accounts payable. The greater the excess in days of accounts payable turnover over the accounts receivable turnover, the greater the economic effect from managing accounts receivable will be.

Analysis of the dynamics of receivables turnover indicators will make it possible to identify negative trends in the event that debts that are impossible to collect appear in the receivables.

Results

Current assets Enterprises are a rapidly changing resource that reacts most acutely to changes in the external and internal business environment. Turnover indicators current assets are an important indicator of the effectiveness of the commercial activities of an enterprise.