The essence and composition of working capital. Working capital of the organization, their importance in economic turnover

WORKING CAPITAL OF THE ENTERPRISE

Economic essence, composition and structure working capital

Working capital along with fixed assets and labor force are the most important element (factor) of production. Insufficient supply of working capital to an enterprise paralyzes its activities and leads to a deterioration in its financial situation.

There are two concepts: working capital and circulating production assets. Under working production assets refers to the part of the means of production that once participate in production process and their cost is immediately and completely transferred to the products produced. Working production assets include: raw materials, basic and auxiliary materials, components, unfinished products, fuel, containers, etc.

Working capital as an economic category is broader, since it consists of circulating production assets and circulation funds. TO circulation funds include funds that service the process of selling products: finished products in the warehouse, goods shipped to customers but not yet paid for by them, accounts receivable, cash in the enterprise’s cash register and in bank accounts. Thus, working capital- These are the funds of the enterprise advanced into circulating production assets and circulation funds.

To study the composition and structure of working capital, they are grouped according to four characteristics: 1) economic content; 2) elements; 3) coverage by regulation; 4) sources of financing.

According to the economic content, working capital is divided into circulating production assets, serving the sphere of production, and circulation funds, serving the sphere of circulation. Working capital operates simultaneously both in the sphere of production and in the sphere of circulation, passing three stages of circulation(Fig. 4.1): supply, production and sales (sales). At the first stage, working capital transforms from cash into commodity form: all the necessary objects of labor for production are purchased, and working capital takes the form of inventory. At the second stage, production inventories, with the participation of tools and labor, are transformed into work in progress and, as the production process is completed, into finished products. At the third stage, the enterprise sells finished products and receives certain funds in the form of proceeds from the sale of products, and working capital is acquired from the commodity form - cash. Thus, the funds make one revolution, then everything is repeated again.

Rice. 4.1. Circulation of working capital

Individual parts of working capital have different purposes and are used differently in production and economic activities, therefore they are classified according to the following elements:

1) production inventories;

2) work in progress and semi-finished products of own production);

3) deferred expenses;

4) finished products in warehouses;

5) goods shipped but not yet paid for;

6) accounts receivable;

7) cash in the cash register of the enterprise and in bank accounts.

The first three elements form circulating production assets, the rest - circulation funds.

Productive reserves- these are objects of labor received by the enterprise for subsequent processing or support of the production process (raw materials, materials, components, fuel, containers, etc.), as well as means of labor that are not classified as fixed assets (spare parts for repairs, work clothes and etc.);

Unfinished production- these are objects of labor that have entered the production process and are located at workplaces and between them. The cost of work in progress consists of the cost of consumed raw materials, materials, fuel, energy, part of the cost of fixed assets transferred to the product (depreciation charges), as well as amounts wages, accrued to employees.

Semi-finished products of our own production by their nature, they are close to work in progress; they include objects of labor, the processing of which in some workshops of the enterprise has been completed, but they will undergo further processing in other workshops. Unlike work in progress, semi-finished products of own production can be sold externally.

Future expenses- this is a valuation of expenses incurred in a given period of time, but attributable to the cost of production of future periods. Most of these expenses are formed by the costs of preparation and development of new products. Deferred expenses also include rent, subscription costs to periodicals, communications, etc.

Accounts receivable- these are debts to the enterprise from legal entities, individuals and states. Accounts receivable include the debt of buyers and customers, bills receivable, debt of subsidiaries and affiliates, debt of founders for contributions to the authorized capital, advances issued, etc.

According to the scope of rationing, working capital is divided into regulated working capital and non-standardized working capital. This division is associated with the need to plan the enterprise’s needs for working capital to ensure uninterrupted operation. At the same time, not all elements of working capital can be rationed. TO regulated working capital include all current production assets and finished products in warehouses.

According to the sources of formation, working capital is divided into own and borrowed working capital. The presence of own and borrowed funds in the turnover of the enterprise is explained by the peculiarities of the organization of the production process. A constant minimum amount of funds to finance production needs must be ensured own working capital. The main sources of own working capital are the authorized capital, the profit remaining at the disposal of the enterprise after paying all taxes, as well as stable liabilities. Stable liabilities by their nature are borrowed funds, but are constantly used in its turnover, therefore they are equated to own funds (normal, month-to-month wage arrears to the budget and extra-budgetary funds, etc.).

During the year, the enterprise's need for working capital, as a rule, changes, so it is impractical and economically unprofitable to completely generate them at the expense of its own funds. It is completely normal practice to attract borrowed money(bank loans, accounts payable and other liabilities) to satisfy the temporary need for working capital that arose under the influence of reasons dependent and independent of the enterprise.

Under structure of working capital the relationship between individual elements in their entirety is understood. The ratio between elements in different industries is not the same and depends on the duration of the production cycle, the amount of inventory, the level of specialization and a number of other factors. For example, machine-building enterprises (Table 4.1) are characterized by a high share of working production assets (82%) in the composition of working capital. At the same time, the largest share falls on unfinished products (47%).

Table 4.1

Approximate structure of working capital
at a machine-building enterprise

The structure of working capital at an enterprise is variable and depends on the industry, the nature and characteristics of the organization of production activities, supply and sales conditions, settlements with consumers, etc. It must be borne in mind that some factors are long-term in nature, others are short-term.

Knowledge and analysis of the structure of working capital at an enterprise is of great importance, since it to a certain extent characterizes the financial condition at a particular moment in the operation of the enterprise. For example, an excessive increase in the share of accounts receivable, finished products in the warehouse, or work in progress indicates a deterioration in the financial condition of the enterprise. Accounts receivable characterizes the diversion of funds from the turnover of a given enterprise and their use by debtors in their turnover. An increase in the share of work in progress and finished goods in the warehouse indicates the diversion of working capital from circulation, a decrease in sales volume, and therefore profit. All this indicates that working capital at an enterprise must be managed in order to optimize its structure and increase its turnover. Of great importance in working capital management is a reasonable assessment of inventories.

Organization of working capital is fundamental in general complex problems of increasing their efficiency. Organization of working capital includes:

understanding the economic essence of working capital;

determination of the composition and structure of working capital;

establishing the enterprise's need for working capital;

determination of sources of working capital formation;

efficient use of working capital.

Working capital, along with fixed assets and labor, are the most important element (factor) of production. Insufficient supply of working capital to an enterprise paralyzes its activities and leads to a deterioration in its financial situation.

There are two concepts: working capital and working capital.

Working capital refers to part of the means of production that are once involved in the production process and their value is immediately and completely transferred to the products produced.

Working capital includes: raw materials, basic and auxiliary materials, components, unfinished products, fuel, containers and other items of labor.

Circulation funds include funds that service the process of selling products: finished products in the warehouse, goods shipped to customers but not yet paid for by them, funds in settlements, cash in the enterprise’s cash register and in bank accounts

Thus, working capital is the funds of an enterprise intended for the formation of circulating production assets and circulation funds.

To study the composition and structure of working capital, they are grouped according to four characteristics:

spheres of turnover;

elements;

coverage by regulation;

sources of financing.

By sphere of turnover, working capital is divided into circulating production assets (sphere of production) and circulation funds (sphere of circulation).

Working capital operates simultaneously in the sphere of production and in the sphere of circulation, going through three stages of circulation: supply, production and sales (sales). More clearly, the circulation of working capital is:

D – PZ … P … GP – D1.

Using cash (D), the enterprise acquires all the necessary items of labor for the production of products, which take the form of production inventories (PP), then the production process (P) begins directly, as a result of which finished products (GP) are obtained, they are sold, and the enterprise for she receives certain funds (D1). Thus, the funds make one revolution, then everything is repeated again.

Individual parts of working capital have different purposes and are used differently in production and economic activities, therefore they are classified according to the following elements:

1. Inventories, which make up the bulk of working capital. They include raw materials, basic and auxiliary materials, fuel, fuel, purchased semi-finished products and components, containers and packaging materials, spare parts for the repair of fixed assets, low-value and wearable items: tools and household equipment worth up to 100 minimum payments labor per unit and service life up to a year.

2. Unfinished products , that is, objects of labor that entered the production process and are subject to further processing at subsequent stages of the technological process. It can be in the form of unfinished industrial production and semi-finished products of its manufacturer .

3. Future expenses do not serve as a material element of working capital, but represent costs for the design and development of new types of products, carrying out mining and preparatory work at mining industry enterprises, organized recruitment at seasonal enterprises, and others. These expenses are incurred in a given period, and are repaid in installments at the expense of cost in subsequent periods.

Working capital (clause 1 + clause 2 + clause 3).

4. Finished products in warehouses.

5. Products have been shipped but not yet paid for.

6. Funds in settlements.

7. Cash in the company’s cash register and bank accounts.

Circulation funds (clause 4 + clause 5 + clause 6 + clause 7)

Working capital (clause 1 + clause 2 + clause 3 + clause 4 + clause 5 + clause 6 + clause 7).

According to the scope of rationing, working capital is divided into regulated working capital (working capital in inventory inventories) and non-standardized working capital (accounts receivable, funds in settlements, cash in the cash register of the enterprise and in bank accounts).

According to the sources of formation, working capital is divided into own and borrowed working capital.

The presence of own and borrowed funds in the turnover of the enterprise is explained by the peculiarities of the organization of the production process. A constant minimum amount of funds to finance production needs is provided by our own working capital. The temporary need for funds, which arose under the influence of reasons dependent and independent of the enterprise, is covered by credit and other sources.

The structure of working capital is understood as the ratio of their individual elements in their entirety. Table 1 shows the approximate structure of working capital at a machine-building enterprise.

Table 1.

Approximate structure of working capital at a machine-building enterprise.

The structure of working capital at enterprises in various industries is far from the same and depends on:

specifics of the enterprise. Thus, in mechanical engineering, where the production cycle is long, the proportion of work in progress is high. At light and food industry enterprises, the main focus is on raw materials (for example, in the textile industry). At the same time, in the food industry (for example, dairy, butter and cheese) there are relatively high stocks of auxiliary materials, containers, and finished products.

quality of finished products. If an enterprise produces low-quality products that are not in demand among buyers, then the share of finished products in warehouses increases sharply;

level of concentration, specialization, cooperation and combination of production,

accelerating scientific and technological progress. This factor affects the structure of working capital in various ways and practically on the ratio of all elements. If an enterprise introduces fuel-saving equipment and technology, waste-free fuel, then this immediately affects the reduction of the share of inventory in the structure of working capital.

Other factors also influence the structure of working capital. It is necessary to keep in mind that some factors are long-term in nature, while others are short-term.

When analyzing the definitions of working capital, working capital and working capital, a problem in terminology is visible: the use of different meanings of the concepts of “funds” and “fund”. Many economists (Kovaleva A.M., Krutik A.B., Khaikin M.M., Mamedov O.Yu., Molyakov D.S., Raitsky A.K., Pilichev I.A.) believe that working capital is This is part of capital, the totality of funds advanced for the formation and use of circulating production assets and circulation funds. In this case, the concept of working capital is equated to the concept of working capital. Often all three concepts (working capital, working capital, working capital) are used interchangeably.

With regard to defining the exact term of working capital, the difficulty lies in the fact that these funds exist not only in material form (raw materials, supplies, finished products), but also in financial form (cash, short-term financial investments, accounts receivable).

In addition to the definition of working capital as a set of funds advanced for the creation and use of objects of labor, which reflects their financial essence, there is a definition of working capital that transfers them economic essence: “These are enterprise assets that are renewed with a certain regularity to ensure current activities, investments in which are turned over within a year or one production cycle.”

Negotiable production means include, first of all, funds in production inventories, which include raw materials and supplies, auxiliary materials (containers, fuel, spare parts), purchased semi-finished products and components. Another group of working capital is represented by inventories in work in progress, which, with their small volume in financial management, are added to inventories of finished goods.

The means of circulation serving the sales area are finished products, accounts receivable and cash. Monetary assets include not only cash balances in national and foreign currencies (in all their forms), but also the volume of short-term financial investments, which are considered as a form of investment use of the temporarily free balance of monetary assets.

Working capital can be presented as an element of the resource potential of an organization, controlled by it and intended to ensure a continuous and systematic process of economic activity, consumed once and created through the advance of funds, capable of generating economic benefits as a result of effective functioning and participating in the implementation of the goals of the organization.

Thus, to summarize the above, it can be noted that the working capital of an enterprise acts as a special economic category, since they have a specific purpose and express special production relations. With the help of this economic category, the movement of the entire mass of consumer goods and a significant part of the means of production is carried out - from the stage of their production to receipt by the consumer. Working capital can perform its role in increasing the efficiency of social production in conditions that ensure a certain level of their organization and rational management of them in the process of circulation.

Working capital is not just the amount of resources, but also the opportunity contained in them to develop the organization in a given direction. The future economic benefit embodied in current assets is the potential that will flow, directly or indirectly, into the flow of cash or cash equivalents. Potential can be productive, that is, part of the organization's operating activities, or take the form of convertibility into cash or cash equivalents.

The degree of realization of resource potential in general and working capital in particular is expressed in the results of the organization’s activities. Working capital, like any other type of resource, is limited both quantitatively and qualitatively. The same resources can be used in different ways. Consequently, the urgent task is the effective management of economic resources based on a complete, reliable and adequate information base.

Based on the criterion of adequacy of the volume of working capital, three categories of working capital are distinguished:

• 1. Excess working capital - the volume of unused working capital, which slows down the turnover of funds, diverts resources from circulation and reduces the rate of reproduction;
• 2. Scarce working capital - the amount of working capital that is not sufficient to ensure the uninterrupted process of economic activity. This entails a decrease in labor productivity, overexpenditure of material and monetary resources due to forced irrational replacements and an increase in the cost of manufactured products;
• 3. Optimal working capital - the amount of working capital necessary for the uninterrupted systematic process of economic activity, which ensures maximum efficiency of its use. This means that the organization’s working capital must be distributed across all stages of the circulation in the appropriate form and in a minimum but sufficient volume.

Finding ways to rationally form and effectively use this type of resource is one of the priority areas in each Russian company in modern conditions. However, managing the functioning of working capital in organizations modern stage characterized by a discrepancy between the principles, forms and methods used and the level of economic development.

The speed of turnover directly affects the efficiency of the organization, as does the amount of working capital involved in the circulation, therefore the presence of sufficient working capital at the enterprise is a necessary prerequisite for its normal functioning in modern conditions.

The circulation of funds begins from the moment the enterprise pays for material and other resources, necessary for production, and ends with the return of these costs as part of the proceeds from the sale of products. The funds are then used again by the company to purchase material resources and their next launch into production. This ensures the continuous resumption of the production process. As a result, working capital is constantly in motion, making a circuit. Purchases lead to an increase in inventories and accounts payable, production leads to an increase in finished products, sales lead to an increase in accounts receivable and cash in hand and in the current account. Thus, in their movement, working capital, changing shape, passes successively through three stages of circulation: the monetary stage, the production stage, and the circulation stage. To ensure continuity of production at any enterprise, working capital must be available at any time in each of the three stages of the circulation.

In the process of circulation, each of the elements of working capital performs its strictly defined function, as a result of which certain proportions are established in their relationships.

To carry out its activities, an enterprise must have not only fixed but also working capital. Insufficient supply of working capital to an enterprise paralyzes its activities and leads to a deterioration in its financial situation.

Working capital is the assets of an enterprise (firm), which, as a result of its economic activities, completely transfer their value to the finished product, take a one-time part in the production process, changing or losing their natural material form.

A characteristic feature of working capital is the high turnover rate. The working capital of an enterprise is always in the process of turnover (in other words, in a circulation).

Circulation of working capital of the enterprise

In each circulation, working capital goes through three stages: monetary, production and commodity.

At the first stage, the enterprise uses funds to purchase resources for production consumption (raw materials, materials, fuel, etc.). At this stage, cash flows into inventory. They enter industrial consumption, are consumed during the production process, and finished products are formed. In the second stage, inventories are converted into finished products. Third stage: finished products are sold.

Thus, we can say that the period of time during which the turnover of funds occurs represents the duration of the production and commercial cycle. It consists of the period between payment for resources and the receipt of funds from the sale of finished products.

In the process of circulation of working capital, one part of them is always in the sphere of production, and the other in the sphere of circulation. Working capital flows from one area to another all the time. This is related to the division of working capital into two parts: working capital and circulation funds.

Working capital is that part of working capital that is constantly in the sphere of production.

Circulation funds are that part of working capital that is constantly in the sphere of circulation.

Classification of working capital

Industrial inventories are items of labor awaiting production consumption (raw materials, supplies, purchased semi-finished products, fuel, fuel, components, containers and packaging materials, spare parts for routine repairs of fixed assets, etc.). They have fairly low liquidity (but the lowest liquidity is for work in progress).

Work in progress represents items of labor that are in the process of being processed at workplaces. They have already entered the production process and are at various stages. The least liquid part of the company's working capital.

Semi-finished products of own production - parts, components, products that have not gone through all stages of the production process, as well as objects of labor completed by production in some workshops and subject to processing in other workshops of the enterprise or sale (car engine, wheels). Refers to work in progress, but can be sold externally.

Deferred expenses are intangible elements of working capital, including expenses incurred in a given reporting period, but relating, due to economic content or established accounting or planning practices, to future periods (for example, rent, costs for the preparation and development of new types of products , costs of preparatory work for the season in seasonal industries, costs of developing new enterprises / units / workshops / etc.).

Cash and securities are the most liquid part of current assets. Money has absolute liquidity, securities are slightly less liquid. Cash includes funds in the company's settlement, current, currency and other accounts, as well as in the cash register. Securities include securities of other enterprises, government bonds, etc.

Accounts receivable - this includes various types of debt to an enterprise (firm) of legal entities and individuals. It can be of the following types: settlements with debtors for goods and services; settlements with subsidiaries; advances issued to suppliers and contractors, etc. More liquid than work in progress, but does not have absolute liquidity.

Finished products are material assets that have gone through the entire technological cycle, are fully equipped, and have passed the necessary tests and technical inspections. Finished products, as a rule, arrive at the finished products warehouse in the appropriate natural form.

According to the scope of rationing, working capital is divided into regulated working capital (working capital in inventory inventories) and non-standardized working capital (accounts receivable, funds in settlements, cash in the cash register of the enterprise and in bank accounts).

According to the sources of formation, working capital is divided into own and borrowed working capital.

The presence of own and borrowed funds in the turnover of the enterprise is explained by the peculiarities of the organization of the production process. A constant minimum amount of funds to finance production needs is provided by our own working capital. The temporary need for funds, which arose under the influence of reasons dependent and independent of the enterprise, is covered by credit and other sources.

The structure of working capital is understood as the ratio of their individual elements in their entirety.

Knowledge and analysis of the structure of working capital at an enterprise is very important, since it to a certain extent characterizes the financial condition at a particular moment in the operation of the enterprise. For example, an excessive increase in the share of accounts receivable, finished products in the warehouse, or work in progress indicates a deterioration in the financial condition of the enterprise. Accounts receivable characterizes the diversion of funds from the turnover of a given enterprise and their use by debtors and debtors in their turnover. An increase in the share of work in progress and finished goods in the warehouse indicates the diversion of working capital from circulation, a decrease in sales volume, and therefore profit. All this indicates that working capital at an enterprise must be managed in order to optimize its structure and increase its turnover.

The structure of working capital at an enterprise is unstable and changes dynamically under the influence of many reasons.

The structure of working capital at enterprises in various industries is far from the same and depends on:

• * specifics of the enterprise. In enterprises with a long production cycle (for example, in shipbuilding), the share of work in progress is large; at mining enterprises large share expenses of future periods. At those enterprises in which the production process is fleeting, as a rule, there is a large share of production inventories;
• * quality of finished products. If an enterprise produces low-quality products that are not in demand among buyers, then the share of finished products in warehouses increases sharply;
• * level of concentration, specialization, cooperation and combination of production;
• * accelerating scientific and technological progress. This factor affects the structure of working capital in various ways and practically on the ratio of all elements. If an enterprise introduces fuel-saving equipment and technology, waste-free production, then this immediately affects the reduction of the share of inventory in the structure of working capital.

Other factors also influence the structure of working capital. It must be borne in mind that some factors are long-term in nature, while others are short-term.

MOSCOW HUMANITIES AND ECONOMICS INSTITUTE

KALUGA BRANCH

Department of Economics

COURSE WORK

BY DISCIPLINE: Economics of an organization (enterprises)

ON THE TOPIC: Working capital of the enterprise

Completed by a second year student

group EDS-03

FACULTY OF ECONOMICS

Gordeeva Evgeniya Yurievna

Head - consultant

Gorbatov A.V.

Submission date: "___" _______ 2005

Grade: _________

Date of defense: "___" _______ 2005

Signature: _________

Kaluga 2005

Introduction…………………………………………………………………………………3

CHAPTER I. THEORETICAL FOUNDATIONS OF WORKING CAPITAL OF THE ENTERPRISE…………………………………………………………………………………5

1.1. The concept and essence of working capital of an enterprise…………………..5

1.2 Features of the use of working capital of the enterprise…………12

CHAPTER II. ANALYSIS OF THE USE OF WORKING CAPITAL OF THE ENTERPRISE………………………………………………………………………………..23

CHAPTER III. PROPOSALS FOR IMPROVING THE USE OF WORKING FACILITIES OF THE ENTERPRISE…………………………………..36

3.1 Acceleration of turnover of working capital………………………..36

3.2 Saving elements of working capital at the enterprise…………........38

3.3 Internal restructuring of assets of an existing business entity…………………………………………………………………………………42

CONCLUSION…………………………………………………………….55

BIBLIOGRAPHICAL LIST……………………………………………………57

Introduction

This work touches on the topic “Working capital of an enterprise.” To ensure an uninterrupted production process, along with fixed production assets, labor and material resources are needed. Objects of labor, together with the means of labor, participate in the creation of the product of labor, its use value and the formation of value. The turnover of material elements of circulating production assets (objects of labor) is organically connected with the labor process and fixed production assets. IN financial activities enterprises, working capital plays an extremely important role, determined by their direct influence on such resulting indicators of its financial and economic activities as solvency and financial stability, the volume of accounts receivable, business activity indicators, etc. The presence of sufficient working capital in an enterprise is a necessary prerequisite for its normal functioning in a market economy. Based on this, in the author’s opinion, the chosen topic is relevant.

The purpose of this work is to study the theoretical foundations and develop proposals for improving the use of working capital of the enterprise. A clearly formulated goal defines the tasks of the work:

· study of the theoretical foundations of the enterprise's working capital;

· analysis of the use of working capital;

· proposals for improving the use of working capital.

The most important thing when considering tasks is what gives the enterprise efficient use working capital and working capital, and what measures can help reduce the material intensity of products and accelerate the turnover of working capital, as well as measures for the financial recovery of the enterprise.

The object of the work is to consider the use of working capital of the enterprise, the subject is the working capital of the enterprise itself.

Methodological basis research - legislative and regulatory acts of federal and local authorities, accounting reports of the enterprise JSC "Bryanskoblgrazhdanstroy", economic textbooks and periodicals.

CHAPTER I . THEORETICAL FOUNDATIONS OF WORKING CAPITAL OF THE ENTERPRISE

1.1. The concept and essence of working capital of an enterprise

Working capital is the most important resource in ensuring the current functioning of the enterprise. In the process of production and economic activity, an enterprise needs the funds necessary to manufacture products, purchase materials, pay wages, and then the funds required for its implementation. Thus, working capital is a set of material and monetary resources necessary for the normal functioning of the production process of selling products. In the financial activities of an enterprise, working capital plays an extremely important role, determined by their direct influence on such resulting indicators of its financial and economic activities as solvency and financial stability, the volume of accounts receivable, business activity indicators, etc.

Working capital is classified according to the following criteria:

· according to their economic content, they are divided into circulating production assets and circulation funds;

· according to the method of formation - on own and borrowed;

· according to the planning method - into standardized and non-standardized;

· according to the degree of liquidity – quickly sold and slowly sold funds or assets.

Working capital is a part of working capital that is used in one production process, immediately transfers its value to the cost of production and requires reimbursement for each subsequent production cycle. To working production assets industrial enterprises refers to part of the means of production (production assets), the material elements of which in the labor process, unlike fixed production assets, are consumed in each production cycle, and their value is transferred to the product of labor entirely and immediately. The material elements of working capital undergo changes in their natural form and physical and chemical means during the labor process. They lose their use value as they are consumed industrially. New use value arises in the form of products made from them.

As a whole, relatively homogeneous groups can be distinguished in the composition of working production assets:

1) Industrial inventories are items of labor prepared for launch into the production process. That is, they are only in the sphere of production, and not in the production process itself, since at a given moment in time they are not processed, but are potential elements of production. Industrial inventories consist of raw materials, basic and auxiliary materials, fuel, fuel, purchased semi-finished products and components, containers and packaging materials, spare parts for routine repairs of fixed assets. For example, at agricultural processing enterprises, production inventories include raw materials and basic materials, purchased semi-finished products that require human labor to transform them into finished products; auxiliary materials that either give the product the necessary properties (salt, sugar, aromatics) or marketable condition(glue, packaging material), or are used to care for equipment and conduct chemical analyzes (lubricants, paints, chemicals); fuel and combustibles, containers. According to the method of use, containers are divided into returnable and disposable; by role in the production process - for containers for packaging raw materials and for finished products; at the place of manufacture - for self-made containers and purchased ones; as reflected in accounting documents - to those reflected in the accounts “Raw materials and supplies”, “Finished products”. Products, as you know, are not manufactured immediately. There will be several stages of processing of raw materials and materials with fuel consumption and labor costs before industrial inventories turn into the form of finished goods inventories. Hence, at each moment in time there is also work in progress.

2) Work in progress and self-made semi-finished products are objects of labor that have entered the production process: materials, parts, units 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 the same enterprise.

3) Deferred expenses are intangible elements of working capital, including costs for the preparation and development of new products that are produced in a given period (quarter, year), but are attributed to products of a future period (for example, costs for the design and development of technology for new types of products , for rearranging equipment, etc.).

The enterprise not only produces products, but also sells them, therefore, in addition to circulating production assets, it also has circulation funds. Circulating funds are the amount of funds of an enterprise invested in the process of selling products and necessary to service this process. Circulation funds include:

1) finished products in the enterprise warehouse (located in the enterprise warehouse awaiting sale);

2) unpaid shipped products (includes products sold on credit and products for which payment is overdue; the growth of the last component of shipped goods negatively affects the financial condition of the enterprise, since it requires the involvement of additional funds in circulation);

3) free funds of the enterprise in the current account and funds in unfinished settlements (advance payments of the enterprise to suppliers, for wages, etc.).

4) accounts receivable – debts of an enterprise from legal entities, individuals and the state.

Working production assets ensure the continuity of the production process, and circulation funds ensure the sale of manufactured products on the market and the receipt of funds that guarantee the well-being of the enterprise. This economic role of working capital determines their essence, which lies in the need to ensure the uninterrupted functioning of the production process and the circulation process.

Working production assets operate in the production sector and make up about 80% of the structure of working capital. The share of circulating funds accounts for 20%. However, the ratio between these two elements in different industries is not the same and depends on the duration of the production cycle, the amount of inventory, the level of specialization and a number of other factors.

Working capital in the practice of countries with market economies is often called working capital. These concepts are identical in most literature. When considering current assets and working capital, it seems logical to take into account the way they are reflected in the balance sheet. In this case, working capital should be understood as a balance sheet asset that reveals the subject composition of the enterprise’s property, in particular, its current or current assets (material current assets, accounts receivable, available cash). And under working capital - a liability on the balance sheet, showing how much money (capital) is invested in the economic activities of the enterprise (own borrowed capital). Otherwise, working capital is the amount of financial sources necessary for the formation of current assets of the enterprise. The peculiarity of working capital (capital) is that they are not spent, not consumed, but are advanced into various types of current expenses of an economic entity. The purpose of an advance is to create the necessary inventories, backlogs, work in progress, finished products and conditions for their sale.

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

Being in constant motion, working capital makes a continuous circuit, which is reflected in the constant renewal of the production process. There are three stages in the process of movement of working capital:

1. Procurement stage - the formation of industrial reserves occurs, which are used for the purpose of producing certain goods. At this stage, working capital goes from the form of cash to the form of inventory.

2. Production stage – the production process takes place (formation of work in progress and release of finished products).

3. Sales – sale of finished products and receipt of funds to the company’s bank account.

The constant repetition of all stages of this process is called the circulation of working capital of the enterprise.

According to the method of formation, working capital is divided into own and borrowed. As a rule, the minimum requirement of an enterprise for working capital is covered from its own sources: profit, authorized capital, reserve capital, accumulation fund and targeted financing. However, due to a number of objective reasons (inflation, growth in production volumes, delays in paying customer bills, etc.), the enterprise has temporary additional needs for working capital. In these cases, financial support for economic activity is accompanied by the attraction of borrowed sources: bank and commercial loans, loans, investment tax credit, investment contribution of enterprise employees, bond issues. The purpose of bank loans is to finance expenses associated with the acquisition of fixed and current assets, as well as to finance the seasonal needs of the enterprise, temporary growth of inventories, accounts receivable, and tax payments.

Along with bank loans, sources of financing working capital are also commercial loans from other enterprises and organizations, registration in the form of loans, bills, trade credit and advance payment.

An investment tax credit is a temporary deferment of a company's tax payments. To receive an investment tax credit, an enterprise enters into a loan agreement with the tax authorities at the place of registration of the enterprise.

An investment contribution (contribution) of employees is a monetary contribution from an employee to the development of an economic entity at a certain percentage. The mechanism for the formation and use of working capital has an active influence on the progress of production and the implementation of current production and financial plans.

The economic necessity of dividing working capital into standardized and non-standardized follows from the basic principles of finance - smoothness, economic accounting, and the presence of financial reserves.

Standardized working capital is the cash necessary for a minimum stock of inventory and ensuring the uninterrupted process of production and sales of products. They consist of inventories, work in progress, prepaid expenses and finished goods.

Non-standardized working capital – goods shipped, cash, accounts receivable and other assets.

As part of working capital, one can distinguish, according to the degree of their liquidity (the speed of conversion into cash), fast-selling (highly liquid) and slowly selling (low-liquidity) funds or assets. First-class liquid funds, i.e. funds in the cash register or in a current account are those that are immediately ready for settlements. Quickly realizable assets also include short-term financial investments, real receivables, and goods purchased for resale.

Slowly realized working capital are work in progress, stale goods in the warehouse, and doubtful debts. By degree financial risk this group is the least attractive from the point of view of capital investment.

Based on the above, we can conclude that working capital is a value advanced in cash that, in the process of a systematic circulation of funds, takes the form of working capital and circulation funds, necessary to maintain the continuity of the circulation and returning to its original form after its completion. Working capital is an essential element of the production process, the main part of the cost of production. The lower the consumption of raw materials, materials, fuel and energy per unit of production, the more economically the labor spent on their extraction and production is spent, the cheaper the product.

The availability of working capital is of great importance for creating normal conditions for the production and financial activities of the enterprise, therefore the rational organization of working capital is of paramount importance for the entire economic work enterprises.

1.2. Features of the use of working capital of the enterprise

The use of working capital of an enterprise is understood as the process of ensuring the uninterruption of the reproduction cycle and the turnover of advanced funds. To increase the efficiency of using working capital, the corresponding standards are calculated, which makes it possible to predict the coverage of needs. The expansion of production volumes and sales of products, the conquest of new markets, must be provided with working capital systematically and in the most rational, economical way, i.e. minimum amount of working capital. This is the main task of managers responsible for planning and organizing the effective use of working capital.

The organization of working capital necessary for their effective use includes: determining the composition of working capital; establishing the need for working capital; identifying sources of working capital formation; management of working capital and their effective use.

There are different composition and structure of working capital. The composition of working capital is understood as the totality of elements that form working capital, and the structure of working capital is the relationship between their individual elements. 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.

At each enterprise, the amount of working capital, their composition and structure depend on many factors of a production, organizational and economic nature: industry specifics production and nature of activity; complexity of the production cycle and its duration; the cost of inventories and their role in the production process; delivery conditions and its rhythm; settlement procedure and settlement and payment discipline.

Taking into account the listed factors to determine and maintain the volume and structure of working capital at an optimal level is the most important goal of working capital management.

There is a direct relationship between the activities of the production cycle of enterprises and their need for working capital. The longer the cycle, the more working capital is involved in their continuous circulation. At enterprises in industries such as shipbuilding, heavy and power engineering and others, the cycle stretches for years.

In enterprises with a short production cycle (in the mining, light, food industries, etc.), the cycle duration is calculated in weeks, or even days. But in any case, calculating the need for working capital requires care, since errors can lead to increased costs or even disruptions in the production activities of the enterprise.

An important condition for the correct formation and rational use working capital is the rationing of their reserves and expenses.

By rationing the working capital of an enterprise we mean the calculation of the optimal amount of working capital necessary for the organization and implementation of normal economic activities of the enterprise. Rationing of working capital is calculated in working capital at the end of the planning year and helps to identify internal reserves, reduce the duration of the production cycle, and more quickly sell finished products.

To ensure an uninterrupted process of production and sales of products, enterprises use standard or their own working capital standards by type of inventory and costs, expressed in relative values ​​(days, %, etc.) and working capital standards in monetary terms.

The working capital norm determines the amount of reserve and reserve in days and is developed for a number of years, i.e. it reflects the number of days during which working capital (money) is “tied up” in inventories - from the payment of bills for materials and transfer to production to the transfer of finished products to the warehouse for sale. But the working capital rate does not say anything about the amount of these funds. This is established using working capital standards, which represent the minimum amount of cash required by any production structure to carry out continuous business activities.

When rationing working capital, it is necessary to take into account the dependence of the standards on the following factors: the duration of the production cycle for manufacturing products; consistency and clarity in the work of procurement, processing and production shops; supply conditions; remoteness of suppliers from consumers; speed of transportation, type and uninterrupted operation of transport; time to prepare materials for launching them into production.

There are several methods for calculating working capital standards: the direct counting method, analytical and coefficient.

The analytical (experimental-statistical) method involves an aggregated calculation of working capital in the amount of their average actual balances. Used in cases where no significant changes are expected in the operating conditions of the enterprise.

The coefficient method is based on determining a new standard based on the existing one, taking into account adjustments for the planned change in production and sales volumes, and for accelerating the turnover of working capital.

Rationing of working capital using the direct counting method includes three stages of work:

· determination of private stock norms in relative values ​​- days and percentages,

· determination, based on production cost estimates, of one-day consumption of material assets and one-day production of marketable products at cost;

· determination of the working capital standard in monetary terms by multiplying the stock rate in days by one-day consumption or production of marketable products.

The direct counting method is the most accurate, but quite labor-intensive: the working capital standard (N OB S) is the following amount:

N OB S =N PZ + N NP + N GP + N RPB, (1)

where N PZ - rationing of inventories;

N NP - rationing of work in progress;

N GP - rationing of finished product inventories;

N RPB – standard of expenses for future periods.

Rationing of inventories

Industrial inventories include current, insurance and preparatory stocks of material resources. The inventory standard is determined by the formula:

N PZ = ∑Z TEK + ∑Z STR + ∑Z PREG (2)

1. Current production inventories are created to meet the current needs of the enterprise for material resources in the period of time between two deliveries. A distinction is made between the current maximum and current average reserves.

The current maximum stock for the i-th type of materials is calculated using the formula:

Z TEK i max = G SUT i X T POST i x C M i, (3)

where: G SUT i – daily requirement in material of the i-th type;

T POST i - interval between two deliveries of material of the i-th type in days;

Ts M i is the price of material of the i-th type.

The current stock is rationed not by the maximum value, but by the average value, since the cost of all material resources in the warehouse at any given time approximately corresponds to their average value:

Z TEK i SR = ½ x Z TEK i max. (4)

2. Safety stocks are created in case of deviation from the established delivery interval and are calculated using the formula:

Z TEK i STR = G SUT i x ∆T POST i x C M i , (5)

where: ∆T POST i - possible deviation from the established supply interval for material of the i-th type in days.

3. Technological (preparatory) stocks are created only for those material resources that require preparation before putting them into production (re-preservation, packaging, various types of processing, for example, thermal, etc.):

Z PODG i = G SUT i x T PODG i x Ts M i , (6)

where: T PREPARATION i – time of preparation of the i-th material before launching into production (in days).

Rationing of work in progress

Rationing of work in progress consists in determining the necessary funds for ongoing financing of the production process. The volume of work in progress depends on:

· average daily production costs with SR SUT;

· duration of the production cycle for manufacturing a product T P C;

· coefficients of increase in costs in production (coefficient of average technical readiness of a product in production) K N Z.

In accordance with this, the work in progress standard will be determined as:

N NP = S SR SUT x T P C x K N Z (7)

Average daily costs are calculated based on the production cost of manufacturing a unit of production, the number of finished products for a certain period of time and the working time fund in working or calendar days for this period of time:

S SR SUT = (S PR S/S x Q) / F RAB BP, (8)

where: S PR S/S - production cost per unit of production;

Q – volume of production of commercial products for a certain period of time;

F WORK BP - the working time fund for the same period of time is determined in working or calendar days, depending on how the production cycle duration indicator is calculated.

The cost increase coefficient is calculated based on the following conditions:

K N Z = b + (1 – b) / 2, (9)

where: b – the share of initial material costs in the production cost of products.

Rationing of future expenses

Rationing of expenses for future periods is carried out in accordance with the planned estimate of these expenses for the planned period:

N RBP = RBP EARLY + RBP ZAPL - RBP POG, (10)

where: RBP NAC - the amount of funds in deferred expenses at the beginning of the planning period;

RBP ZAPL - the amount of funds in deferred expenses repaid during a given period.

Rationing of finished products

The standard of finished products in the warehouse is calculated according to the following dependence:

N GP = S PR ED x n x T OTGR, (11)

where: S PR ED – production cost per unit of production;

n – number of products delivered to the warehouse daily;

T OTGR – frequency of shipment of finished products in days.

All of the listed working capital standards should take into account the needs of the enterprise not only for their core activities, but also for the production infrastructure. In order to mobilize free funds and put them into economic circulation, a state standard has been established for enterprises of all forms of ownership for storing funds in the cash registers of enterprises. Any amount in excess of this standard must be deposited in a bank deposit.

One of the important indicators of effective use is the turnover of working capital. The need for working capital is directly proportional to the volume of production and inversely proportional to the speed of their circulation. The faster working capital turns over, the less of it is required, and the better it is used.

The turnover of working capital is assessed by the following indicators: speed of turnover (number of revolutions) - the turnover ratio of the enterprise's working capital; turnover period.

The value of the turnover ratio of working capital is directly influenced by the methodology adopted at the enterprise for their assessment and, based on the tasks at hand and the chosen management strategy, the enterprise has a certain opportunity to regulate the value of the turnover ratio of its assets.

The working capital turnover ratio characterizes the number of turnovers made by the working capital of an enterprise for a certain period (year, quarter), or shows the volume of products sold per 1 ruble. working capital, and is calculated by the formula:

K OB = RP / OS, (12)

where: KOB - working capital turnover ratio, revolutions;

RP - volume of products sold during the reporting period (RUB);

OS - average balance of working capital for the reporting period (rub.).

OS = (OS N + OS K) /2, (13)

where: OS N, OS K - the cost of working capital at the beginning and end of the reporting period.

The duration of one turnover of working capital shows how many days it takes working capital to complete a full turnover and is determined by the formula:

T = D / K OB, (14)

where: D – duration of the reporting period in calendar days.

The next effective utilization factor is the working capital utilization factor, the value of which is the inverse of the turnover ratio. It characterizes the amount of working capital spent per 1 ruble. products sold:

KZ = OS / RP, (15)

where: КЗ - working capital load factor.

One of the main indicators of the use of working capital is the profitability indicator. Profitability is the profitability of an enterprise; an indicator of the economic efficiency of production, reflecting the results of activities and is calculated using the formula:

P = P / F SR G, (18)

where: P – profit of the organization;

F SR G – average annual cost of fixed production assets.

In financial analysis (study of directions for ensuring the sustainability of the financial position of the enterprise; the result of the analysis is used to eliminate deviations in the use of the financial plan and increase the level of use of financial resources), the following coefficients are considered that characterize the financial stability of the enterprise:

1) The coefficient of autonomy (financial independence) shows the share of the enterprise’s assets that are provided by its own funds, and is defined as the ratio of its own funds to total assets. A value greater than 0.5 is considered normal.

2) The coefficient of provision with own working capital determines the degree of security of the organization with its own working capital necessary for its financial stability, and is calculated as the ratio of the difference between own funds and adjusted non-current assets to the value of current assets. This indicator is one of the main coefficients used in assessing the insolvency of an enterprise. Its normal limitation is K ≥ 0.6-0.8.

3) The ratio of receivables to total assets is defined as the ratio of the sum of long-term receivables, short-term receivables and potential current assets subject to return to the total assets of the organization. This is a softer indicator compared to the autonomy coefficient. In world practice, it is generally accepted that the normal value of the coefficient is 0.9; reducing it to 0.75 is considered critical.

Organizations, making calculations of working capital standards by type, determine the total need for working capital, summing up all previously established standards in monetary terms. Based on the total need of the enterprise for working capital, the change (increase, decrease) in the standard of own working capital in the planned year compared to the reporting year is calculated, representing the difference between the standards at the end and at the beginning of the planned year. This data is used when drawing up a financial plan. Working capital management is important in solving the key problem of financial condition: achieving an optimal balance between increasing production profitability (maximizing profit on invested capital) and ensuring sustainable solvency. An extremely important task is to ensure that inventories and costs are provided with sources of their formation and to maintain a rational relationship between own working capital and borrowed resources used to replenish working capital.

CHAPTER II. ANALYSIS OF THE USE OF WORKING CAPITAL OF THE ENTERPRISE

A necessary condition for fulfilling plans for production, reducing its cost, increasing profits, and profitability is the complete and timely provision of the enterprise with raw materials of the required range and quality. The growth of an enterprise's need for working capital can be satisfied extensively (purchasing or manufacturing large quantities of materials and energy) or intensively (more economical use of existing reserves in the production process). The first path leads to an increase in specific material costs per unit of production, although its cost may decrease due to an increase in production volume and a decrease in the share of production costs. The second way ensures a reduction in specific material costs and a reduction in the cost per unit of production. The economical use of raw materials and materials is equivalent to an increase in their production. Tasks of analysis of security and use of working capital:

· assessment of the reality of material and technical supply plans, the degree of their implementation and the impact on the volume of production, its cost and other indicators;

· assessment of the level of efficiency in the use of working capital;

· identification of internal working capital reserves and development of specific measures for their use.

Sources of information for the analysis of working capital are applications, contracts for the supply of raw materials and materials, forms statistical reporting on the availability and use of working capital, analytical accounting information on receipts, expenditures and balances of working capital of the enterprise.

Let's consider the analysis of the use of current assets of an enterprise using the example of financial analysis of Bryanskoblgrazhdanstroy CJSC.

This financial analysis of Bryanskoblgrazhdanstroy CJSC (hereinafter referred to as the Debtor) was carried out in accordance with the requirements of the Rules for Conducting Financial Analysis, approved by Decree of the Government of the Russian Federation of June 25, 2003 No. 367. In this case, the financial condition of the Debtor as of the date of the analysis, its financial, economic and investment activities, position in commodity and other markets.

Current assets mean the current assets of enterprises and firms, reflected in the assets of their accounting. Analysis of current assets includes analysis of inventories, value added tax, accounts receivable, short-term financial investments, and other current assets. An analysis of an enterprise's assets is carried out in order to assess the effectiveness of their use, identify on-farm reserves to ensure the restoration of solvency, assess the liquidity of assets, the degree of their participation in economic turnover, identify property and property rights acquired on obviously unfavorable terms, assess the possibility of returning alienated property contributed as financial investments. The analysis of assets is carried out by groups of items on the debtor's balance sheet and consists of an analysis of non-current and current assets.

Let's consider the analysis of working capital of this enterprise:

a) current assets: the sum of the cost of inventories (excluding the cost of shipped goods), long-term accounts receivable, liquid assets, value added tax on acquired assets, debt of participants (founders) for contributions to the authorized capital, own shares purchased from shareholders;

Table 1

Dynamics of changes in current assets (thousand rubles)

Rice. 1 Dynamics of changes in working capital

The debtor's current assets during the analyzed period decreased by more than 27.3 times, i.e. 1091 thousand rubles decreased to 40 thousand rubles. This suggests that the enterprise allowed a sharp immobilization of current assets (withdrawal of part of the working capital from the production process for unscheduled events), using them for other purposes.

b) long-term receivables: receivables for which payments are expected more than 12 months after the reporting date;

table 2

Dynamics of changes in long-term accounts receivable (thousand rubles)

Rice. 2 Dynamics of changes in long-term accounts receivable

There are no long-term receivables during the entire analyzed period.

c) liquid assets: the sum of the value of the most liquid current assets, short-term receivables, and other current assets;

Table 3

Dynamics of changes in liquid assets (thousand rubles)

Rice. 3 Dynamics of changes in liquid assets

Liquid assets during the analyzed period increased from 1,392 thousand rubles to 6,340 thousand rubles, but this cannot be credited to the enterprise, since this was due to an increase in short-term receivables, which amounted to 6,206 thousand rubles.

d) the most liquid current assets: cash, short-term financial investments;

Table 4

Dynamics of changes in the most liquid current assets (thousand rubles)

Rice. 4 Dynamics of changes in the most liquid current assets

At the same time, the most liquid current assets are missing.

e) short-term accounts receivable: the sum of the cost of shipped goods, accounts receivable, payments for which are expected within 12 months after the reporting date (without debt of participants (founders) for contributions to the authorized capital);

Table 5

Dynamics of changes in short-term accounts receivable

Rice. 5 Dynamics of changes in short-term accounts receivable

Short-term accounts receivable are constantly increasing, with particularly rapid growth observed in the fourth quarter of 2003, which indicates late payments for the sale of shares in subsidiaries.

f) potential current assets for return: the amount of receivables written off at a loss and the amount of issued guarantees and sureties;

Table 6

Dynamics of changes in potential current assets for return (thousand rubles)

There are no potential current assets.

g) own funds: the amount of capital and reserves, deferred income, reserves for future expenses minus capital costs for leased property, debt of shareholders (participants) for contributions to the authorized capital and the cost of own shares purchased from shareholders;

Table 7

Dynamics of changes in equity (thousand rubles)

The enterprise's own funds in the analyzed period decreased by 8,868 thousand rubles from 23,404 thousand rubles as of October 1, 2002 to 14,536 thousand rubles. A particularly sharp reduction in the enterprise's own funds was observed in the 4th quarter of 2003. It amounts to 8,261 thousand rubles or 93% of the total reduction in funds. This circumstance indicates the deliberate destruction of the enterprise by its founders and management.

Let's analyze the coefficients characterizing the financial stability of the debtor:

1. Autonomy (financial independence) coefficient.

Table 8

Dynamics of changes in the autonomy coefficient

Rice. 6 Dynamics of changes in the autonomy coefficient

Analysis of the coefficient of autonomy (financial independence) shows that the share of the debtor’s assets, which are provided with its own funds throughout the entire analyzed period, is higher than the accepted standard (0.5), and indicates sufficient financial independence.

2. Provision ratio of own working capital (share of own working capital in current assets).

Table 9

Dynamics of changes in the ratio of provision with own working capital

Rice. 7 Dynamics of changes in the ratio of provision with own working capital

Analysis of the working capital ratio shows that from 01/01/02 to 10/01/03 this figure is significantly lower than the standard and only as a result of the sale of assets as of 01/01/04 and as of the last reporting date – 04/01/04 , the ratio of provision with own working capital significantly exceeded the accepted standard and amounted to 6.2 and 41.9 for the corresponding dates. This indicates that the company has fully compensated for the lack of its own working capital and is quite capable of operating, as well as fully paying off its obligations to creditors.

3. The ratio of accounts receivable to total assets.

Table 10

Dynamics of changes in the ratio of receivables to total assets

Rice. 8 Dynamics of changes in the ratio of receivables to total assets

Analysis of the ratio of receivables to total assets throughout the analyzed period is constantly increasing and, as of the last reporting date, reached a value of 0.33, which is below its critical value (0.75).

Let us analyze the coefficient characterizing business activity debtor - return on assets. Return on assets characterizes the degree of efficiency in the use of the organization's property, the professional qualifications of the enterprise's management and is determined as a percentage as the ratio of net profit (loss) to the total assets of the organization.

Table 11

Dynamics of changes in return on assets (%)

For the entire analyzed period, return on assets is zero. This indicates poor performance of the enterprise, low efficiency in the use of the organization’s property and low professional qualifications of the enterprise’s management.

Analysis conclusions:

· Current assets increased during the analyzed period by 3898 thousand rubles or by 61%, including in the fourth quarter of 2003 by 2334 thousand rubles or by 36% compared to the third quarter of the same year. However, this growth was mainly due to an increase in short-term accounts receivable by RUB 2,330 thousand. or 99.8%.

· Long-term financial investments during the analyzed period decreased by 14,904 thousand rubles, or by 76%, including in the fourth quarter of 2003 by 13,201 thousand rubles, or by 73%, as a result of the sale of equity participation in the authorized capitals of subsidiaries. It should be noted that for the entire period from 10/01/01 to 04/01/04, the debtor enterprise did not receive income from participation in other organizations, which requires counter checks.

· A sharp increase in accounts receivable to 6,340 thousand rubles at the end of the analyzed period in the absence of data on debtors indicates a deliberate complication of the financial condition of the enterprise.

· There are no short-term financial investments.

Results of asset analysis and indicators used to determine the possibility of restoring the Debtor's solvency:

a) the book value of assets participating in the production process, the disposal of which would make the main activity of the Debtor impossible (first group): 321 thousand rubles.

b) value added tax on acquired assets, as well as assets the sale of which is difficult (second group): VAT - 40 thousand rubles. Accounts receivable - 6340 thousand rubles.

c) the book value of property that can be sold for settlements with creditors, as well as covering legal costs and expenses for paying remuneration to the arbitration manager (third group), determined by subtracting the amount of assets of the first and second groups from the value of total assets: 12,538 thousand rubles .

Based on the data obtained, in accordance with the calculations, it can be concluded that, despite the sale of the debtor’s assets at bargain prices in the fourth quarter of 2003, as of the date of the last report (04/01/04) Bryanskoblgrazhdanstroy CJSC retained the ability to carry out production activities and successfully pay off your obligations. However, during the period from the date of the last report until the introduction of the observation procedure by the Arbitration Court of the Bryansk Region, the enterprise did not provide documents confirming the receipt and distribution of funds from the liquidation of the remaining property and collection of receivables. The deliberate sale at bargain prices of the assets of the debtor's enterprise, the ineffective placement of long-term financial investments in subsidiaries and, at the same time, throughout the entire analyzed period, the lack of income on invested capital indicates the actions of the management of Bryanskoblgrazhdanstroy CJSC about deliberate bankruptcy for the purpose of personal enrichment.

CHAPTER III . PROPOSALS FOR IMPROVING THE USE OF WORKING FACILITIES OF THE ENTERPRISE

3.1. Acceleration of working capital turnover

Accelerating turnover is one of the measures to improve the use of working capital. By accelerating the turnover of working capital, the need for them is reduced and a reserve is created to increase production output.

To speed up the turnover of working capital, it is necessary to reduce the time they spend both in the sphere of production and in the sphere of circulation. To do this you need:

· reduce the processing and assembly time of products through mechanization and automation of the production process;

· improve use new technology;

· speed up control and transportation of products during processing;

· reduce stocks of materials, fuel, packaging, work in progress to the established standard;

· ensure the rhythmic operation of all production areas and workshops of the enterprise, timely delivery of materials to the enterprise and workplaces;

· speed up the shipment of finished products;

· timely and quickly make payments to consumers;

· improve product quality, prevent the return of finished products from consumers, etc.

Accelerating the turnover of working capital is the primary task of enterprises in modern conditions and is achieved in the following ways. At the stage of creating industrial reserves - the introduction of economically justified stock standards; bringing suppliers of raw materials, semi-finished products, and components closer to consumers; widespread use of direct long-term connections; expansion of the warehouse system of logistics, as well as wholesale trade in materials and equipment; comprehensive mechanization and automation of loading and unloading operations in warehouses.

At the stage of work in progress - acceleration of scientific and technological progress (introduction of advanced equipment and technology, especially waste-free and low-waste, robotic complexes, rotary lines, chemicalization of production); development of standardization, unification, typification; improvement of forms of organization of industrial production, use of cheaper construction materials; improving the system of economic incentives for the economical use of raw materials and fuel and energy resources; increase specific gravity products in high demand.

At the circulation stage - bringing consumers of products closer to their manufacturers; improvement of the payment system; an increase in the volume of products sold due to the fulfillment of orders through direct connections, early release of products, production of products from saved materials; careful and timely selection of shipped products by batch, assortment, transit norm, shipment in strict accordance with concluded contracts.

The significance of accelerating the turnover of working capital is as follows:

1) the volume of product sales increases with the same amount of working capital of the enterprise:

∆RP = OS x (K OB1 – K OB0), (17)

where: K OB1, K OB0 – the value of the turnover ratio, respectively, after and before measures to accelerate turnover.

2) acceleration of turnover leads to the release of working capital of the enterprise (the result of rational use of working capital) with the same amount of product sales:

∆OS = RP x (1/K OB0 – 1/K OB1). (18)

Thus, when turnover slows down, additional funds are involved in turnover. Acceleration of turnover leads to the release of part of the working capital. Ultimately, the solvency and financial condition of the enterprise improves.

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

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

3.2. Saving elements of working capital at the enterprise

In the context of the transition to a market economy, one of the most important tasks of each enterprise is saving working capital, since it is material costs that make up the majority of production costs, on which the amount of profit directly depends.

There are sources and ways to save working capital. Sources of savings show where savings can be achieved. Ways (or directions) of savings show how, through what measures, savings can be achieved.

Each enterprise has reserves for saving working capital. Reserves should be understood as emerging or emerging, but not yet used (in whole or in part) opportunities for improving the use of working capital.

From the point of view of the scope of occurrence and use of reserves for saving working capital, they can be divided into three groups:

· national economic;

· general industrial-intersectoral;

· intra-production (shop, factory, industry).

National economic reserves include reserves that are important for the national economy and all its sectors:

· establishment of progressive national economic proportions in sectoral structure industry (for the purpose of accelerated development of progressive industries), in the extraction and production of economical, artificial and synthetic types of raw materials and materials;

· improving the structure of the fuel and energy complex;

· improvement of the entire economic mechanism in conditions of market relations.

General industrial-intersectoral reserves are those reserves, the mobilization of which depends on the establishment of rational production and economic relations between leading industries (ferrous metallurgy, mechanical engineering, chemical industry). These reserves are determined by the peculiarities of the development of individual industries and economic regions. The most important of them are of national economic importance. At the same time, the scale of their practical mobilization is more limited and applies mostly to interconnected industries or large industrial or production-territorial complexes.

General industrial-inter-industry reserves include:

· introduction of new effective ways and systems for the development of mineral deposits, progressive technological processes for their extraction, enrichment and processing in order to increase the degree of extraction of minerals from the subsoil, ensuring more complete and comprehensive processing of mineral raw materials;

· development of specialization, cooperation and combination in industry;

· creation and development of enterprises various forms property;

· improving the quality of raw materials and construction materials in producer industries in order to fulfill the tasks of saving material resources in the national economy and in consumer industries;

· accelerated development of production of the most efficient types of raw materials and materials.

Intra-production reserves include opportunities to improve the use of working capital, directly related to the improvement of equipment, technology for organizing production processes, the development of more advanced types and models of products, and improving the quality of products in specific industries and sub-sectors of industry.

In the era of the modern scientific and technological revolution, the acceleration of scientific and technological progress in all sectors of the national economy is the driving force for the development of the productive forces of society. Depending on the nature of the activities, the main directions for the implementation of reserves for saving working capital in industry and production are divided into production-technical and organizational-economic.

Production and technical areas include activities related to the high-quality preparation of raw materials for their industrial consumption, improving the design of machines, equipment and products, the use of more economical types of raw materials, fuel, the introduction of new equipment and progressive technology, ensuring the maximum possible reduction of technological waste and material losses resources in the production process of products with the maximum possible use of secondary material resources.

The main organizational and economic areas of saving working capital include:

· complexes of measures related to increasing scientific level standardization and planning of material consumption of industrial products, development and implementation of technically sound norms and standards for the consumption of working capital;

· sets of measures related to the establishment of progressive proportions, consisting in the accelerated development of the production of new, most efficient types of raw materials and supplies, fuel and energy resources, and improvement of the country's fuel balance.

3.3 Internal restructuring of assets of an existing business entity

When considering the financial analysis of the use of current assets of the enterprise CJSC Bryanskoblgrazhdanstroy, it was concluded that this enterprise needs to take measures to improve its financial condition. Enterprise management requires precise knowledge of how this object existed and developed in the previous period and what is the current state of economic and financial activity. The presence of complete and reliable information about the activities of the enterprise in the past, about the current trends in its functioning and development allows you to make an informed decision on improving the indicators of economic and financial activities, justify the predicted and planned indicators, development programs and a business plan.

Over the past 2 years since the new law “On Insolvency (Bankruptcy)” came into force, we can conclude: this normative act showed its efficiency, eliminated a number of serious gaps and shortcomings that existed in previous editions, as a result of which the rate of repayment of overdue debts in the country as a whole increased. It was in this law that the concept of “financial recovery” was introduced. Financial recovery is a system of forms, models and methods of bringing the financial obligations and requirements of an economic entity into a state that allows for the timely and full fulfillment of monetary obligations and payments, ensuring the proper circulation of financial resource flows, eliminating their imbalance and the manifestation of signs of insolvency. The goal of financial recovery of enterprises is to restore their solvency before the commencement of bankruptcy proceedings. One of the four blocks within the framework of a systematic approach to restoring the solvency of enterprises is optimizing the capital structure. In its content, this is a strategy for bringing the composition of the capital of an enterprise, individual divisions and the property complex as a whole to such proportions that help minimize debt, increase incoming and save outgoing financial flows. In practice, the financial policy of optimizing the capital structure can have two directions:

1) internal restructuring of assets and organizational units of an existing business entity with the preservation, development and consolidation of it;

2) reorganization of an economic entity with the formation of new enterprises on the basis of its property complex.

Let us consider in detail the internal restructuring of the assets of an existing business entity. Restructuring is a common practice when an enterprise recognizes the need for changes in the direction of its activities, in production, organizational structures, and capital structure. The most important result of restructuring an enterprise is its transformation from an unviable and unprofitable one into a viable enterprise, i.e. solvent, profitable and liquid. In this situation, viability is assessed as the ability to survive in a market economy.

Methodology for preparing a restructuring plan and monitoring its implementation.

This methodology describes the basic systems approach, which can be used by any enterprise. This systematic approach to methodology is based on the inclusion of six clearly defined stages in the restructuring plan. These six stages, called "SHORTS", which is made up of the first letters of the names of the corresponding stages in English, are as follows:

S – consent to carry out restructuring – a period of inaction (Standstill Period);

H – conducting historical analysis of financial and production activities – diagnostics (Historical financial & Business performance Analysis – diagnostic);

O – making a decision on carrying out measures to restructure production activities and implementing a restructuring plan (Operational Restructuring actions and Plan);

R – development of a financial restructuring plan (Restructuring of the Financial Position);

T – measures to implement the plan and monitor its implementation (Implementation & Monitoring Arrangements);

S – summary and presentation of the restructuring plan (Summary and presentation of the Plan).

Stage 1 – Period of Inactivity

The purpose of this stage is to conduct a “quick scan” to assess the ability of the enterprise to survive during the period required to prepare and negotiate a restructuring plan. This period of time is used by business management to evaluate the company and demonstrate how the business will continue its short-term operations while a restructuring plan is developed.

Stage 2 – Analysis of the enterprise’s activities for previous periods – diagnostics of the enterprise

Diagnostics of the enterprise is carried out for the purpose of:

· developing an understanding of the enterprise’s activities over the past few years;

· developing an understanding of the financial condition of the enterprise in the previous period;

· determining the reasons current state enterprises;

Methodology for conducting enterprise diagnostics

1. Conducting a retrospective analysis of financial condition, which includes:

· detailed study of income and expenses, cash flow forecast;

· conducting an audit of the compliance of reporting indicators with accounting data;

· detailed analysis balance sheets for previous periods;

· initial identification of likely problem areas in the enterprise’s activities;

· clarification of the position of the main creditors;

· detailed analysis (for the last 3-5 years) of the company’s profit and loss report;

· detailed analysis (over the last 3-5 years) of assets and liabilities;

· analysis of the level of debt to major creditors over the past 3-5 years;

· analysis of financial statements (preferably audited);

· analysis of solvency, liquidity and profitability.

2. Conducting an analysis of production activities

The restructuring plan must contain a systematic analysis of the main production functions of the enterprise for the implementation of successful business activities. These functions are called the main areas of activity associated with achieving results, and include: sales, marketing, finance, supply, production, management and labor organization, quality management, management Information Systems. Any plan that does not include a comprehensive, thorough and systematic analysis of all of these eight core business functions cannot be considered an adequate plan in terms of its scope or comprehensiveness.

3. Compiling a list of identified facts based on diagnostic results and drawing conclusions regarding the viability of the enterprise

Identified facts represent what is clarified or discovered during the study or inspection of the enterprise. The facts identified may be in the form of numbers, events or a description of an existing situation/action. Examples of facts may include the following.

1. Inadequacy of the financial control system, when the company's activities lead to the depletion of funds by reducing the profit margin and increasing expenses.

2. Constantly over-forecasting demand levels consumes ever-increasing amounts of working capital and drains the company of cash it desperately needs.

3. The company does not have a developed marketing strategy.

4. Production capacity and equipment are not adequate for efficient production. Significant capital investment is required to achieve the required level of efficiency.

5. Management control and management information are at an insufficient level and do not have the proper focus.

The restructuring plan should contain a list of the main facts identified during the diagnosis.

A conclusion is a final judgment obtained as a result of summing up the identified facts. The conclusion must be logical, factual and clearly formulated. Based on the conclusion, a decision is made about the possibility of restructuring the enterprise or going into bankruptcy. If it is concluded that the enterprise has no future as it stands, then the next step is to describe the restructuring actions and the results expected from those actions.

4. Identifying the causes of insolvency

Any restructuring plan must clearly and unambiguously articulate the decisive factors that led to the current insolvency. The restructuring plan must explain how the company's management proposes to: overcome shortcomings, neutralize them, get around them.

Stage 3 – Development of appropriate restructuring measures

The restructuring plan must be clearly formulated and propose specific actions. These measures must be clearly linked to the achievement of specific goals for restoring solvency. The restructuring plan must contain measures that should lead to:

· rationalization and consolidation of existing assets and operating methods;

· reorganization of enterprise structures/processes/systems, etc.;

· development plan and innovative approach for future growth and increased profitability.

Although each of these components exists separately, they are interconnected and interdependent, which contributes to overall integration and unity. Implementing activities in one area without making changes in others will result in nothing being achieved.

Rationalization and consolidation

This means carrying out activities that systematically resolve the strategic problems of the enterprise identified during the diagnostic stage in production and financial activities, in management and labor organization, marketing, production process and product sales. Thus, every possible set of measures is carried out to correct the current situation of the enterprise, namely:

· eliminating waste;

· increasing production efficiency;

· increased productivity, i.e. efficient use of available resources;

· targeted spending of funds, i.e. increasing the overall level of profitability;

· the most efficient use of existing assets, i.e. income maximization;

· Separation of non-core or problematic activities and divisions into independent structures.

Reorganization and restructuring

Reorganization is a transformation, reorganization of the organizational structure and management of an enterprise or company, while maintaining the basic environment and production potential of the enterprise.

A properly prepared restructuring plan clearly identifies and explains the proposed changes. It should show how the identified deficiencies will be eliminated. If he does not do this, then it can be assumed that the old methods, processes and habits continue to exist. And this is not a positive indicator. Work results can be achieved through a combination of tactics:

· changes in functional responsibilities and chain of command and accountability;

· allocation of responsibility centers;

· change in organizational structure;

· reorganization of production processes and existing practices;

· a more disciplined approach to labor organization;

· restructuring of accounts payable and receivable.

Development plan and innovative approach

This component must clearly define, evaluate and select the company's intended growth strategy. Having the previous two components is not enough. The company must plan its development, otherwise it will simply be in a state of stagnation. Stagnation is an economic situation in a country, reflecting a cessation of growth or a fall in production volume with a reduction in the number of workers (increasing unemployment).

An innovative approach means developing newer and the best ways work, and not just the production of others, more best products. This refers to other approaches (to customers, costs, quality, competition and the business itself):

· different management behavior;

· new ways of managing an enterprise in existing conditions and in existing markets;

· other methods collaboration involving the exchange of information and ideas;

· collective analysis and joint discussion of performance results, joint responsibility for the implementation of plans and achievement of goals.

It is these behavioral innovations that will allow:

1. convince creditors that, in response to their compliance with debts, the enterprise will be managed in the future in a different way from how it was in the past;

2. make the enterprise more attractive to potential buyers;

3. acquire a reputation as a reliable counterparty.

Stage 4 – Development of a financial restructuring plan

The purpose of this stage is to establish the possibility of restructuring the financing scheme (capital, loans and other liabilities) so that the profitability resulting from the restructured production activities can service the restructured debts of the enterprise. The restructuring plan should include the following:

1. analysis of financial statements in order to understand the financial structure of the enterprise and its main creditors, as well as vulnerabilities;

2. receipt of funds from the sale of assets and calculation of potential creditor quotas;

3. development of forecasts for revenues/expenses/profitability and cash flow based on the known/estimated and real level of demand;

4. preparation of a draft plan for restructuring financial obligations;

5. debt write-off;

6. any new injection of funds through equity contributions from ordinary creditors;

7. consideration of the advantages of liquidating the enterprise.

The rationale for any restructuring plan must be that all parties have a better chance of recovering their funds if the business remains in existence than if it is liquidated. Therefore, it can be assumed that the proposed changes will lead to solvency, profitability and liquidity. In a typical scenario, a business is in such a position that if it goes into liquidation, it will not be able to fully repay its debts to all creditors. In a situation where creditors cannot receive their full funds upon liquidation, shareholders receive nothing. They should bear the largest share of the capital loss under the restructuring plan, but if they are required to contribute new capital, the expected return on that new investment must be reasonable.

Exchange of debt for equity

This is the most commonly used form of improving the financial position of an enterprise facing insolvency problems. The company, as part of the implementation of the restructuring plan, proposes the conversion (change in the structure of products) of debts into equity capital. In an exchange, the lender waives the return of the capital invested and structured interest payments on shares that may or may not be traded in the market. Why does the creditor agree to such a proposal when it looks like it will bring him a loss? The answer is related to the future development prospects of the restructured enterprise and the possibility successful work enterprises in a fairly short time, which will bring creditors compensation in the form of payment of dividends or an increase in the value of shares received in exchange for debts. The exchange of debt for capital helps to improve the financial position of the enterprise, as the ratio of borrowed and equity funds improves, in addition, interest costs are reduced, which helps to increase the efficiency of cash circulation. Business restructuring typically requires creditors to make significant concessions of all kinds, which can result in different consequences for the distribution of the debtor's funds. Restructuring affects not only the value of the enterprise, but also the condition of individual creditors.

Stage 5 – Activities to implement the plan and monitor its implementation

It is very important to have a realistic and achievable program for implementing the plan. There is no point in spending several months preparing a restructuring plan if the management team does not have the skills and training to share in the successful implementation of the operational and financial restructuring plan.

The purpose of the implementation program is to:

· determination of implemented activities, priorities and sequence of their implementation;

· determination of the composition of the key managers responsible for the implementation of various aspects of the restructuring plan, and which body will be responsible for monitoring the implementation of the plan;

· how to take into account the wishes of new shareholders

Stage 6 – Summary of the restructuring plan

Its purpose is to formulate an interconnected, integrated and structured approach to proposals for the improvement of the enterprise. It should be clear to any untrained lender. In order for a restructuring plan to be comprehensive, it must be assessed according to the following 4 criteria: content, structure, presentation, feasibility.

As for its content, it should give a brief description of the history of the enterprise. This can be presented on one page, briefly presenting information on 3 main points showing the results of financial activities: solvency, profitability, cash flow.

The content of the plan should then move on to summary current position. A conclusion about the viability of the enterprise as a whole or other conclusions should be given along with ways to resolve the main issues of its restructuring. If a proposal is made to rehabilitate an enterprise, then the plan must contain measures to restore its solvency with a list of goals that must be achieved during its rehabilitation for each measure proposed in relation to all main areas of activity. And a plan for implementing these activities is required. It must contain the activities being implemented, the persons responsible for their implementation and the deadlines for implementation.

The financial position of any enterprise is determined primarily by the state of its working capital. Therefore, improving their management, including improving their planning, accounting, and use, is of great importance. Rational and economical use of working capital is the primary task of enterprises, since material costs account for 3/4 of the cost of industrial products. Reducing the material consumption of a product is achieved in various ways, among which the main ones are the introduction of new equipment, technology, and improvement of the organization of production and labor.

When considering the financial analysis of the use of current assets of the enterprise CJSC Bryanskoblgrazhdanstroy, it was concluded that this enterprise needs to take measures to improve its financial condition, one of which is the internal restructuring of the enterprise's assets.

CONCLUSION

For the normal functioning of each enterprise, working capital is necessary, which is a value advanced in cash, which in the process of a systematic circulation of funds takes the form of working capital and circulation funds, necessary to maintain the continuity of the circuit and returning to its original form after its completion.

The availability of working capital is of great importance for creating normal conditions for the production and financial activities of the enterprise, therefore the rational organization of working capital is of paramount importance for the entire economic work of the enterprise. An important condition for the proper formation and rational use of working capital is the rationing of their reserves and expenses. Organizations, making calculations of working capital standards by type, determine the total need for working capital by summing up all previously established standards in monetary terms.

Working capital management is important in solving the key problem of financial condition: achieving an optimal balance between increasing production profitability (maximizing profit on invested capital) and ensuring sustainable solvency. An extremely important task is to ensure that inventories and costs are provided with sources of their formation and to maintain a rational relationship between own working capital and borrowed resources used to replenish working capital.

The need for working capital is directly proportional to the volume of production and inversely proportional to the speed of their circulation. The faster working capital turns over, the less of it is required, and the better it is used.

When examining working capital, it is impossible not to touch upon the analysis of working capital of any enterprise. When considering the financial analysis of the use of current assets of the enterprise CJSC Bryanskoblgrazhdanstroy, it was concluded that this enterprise needs to take measures to improve its financial condition, one of which is the internal restructuring of the enterprise's assets.

The main feature of the modern transition period is the lack of working capital among enterprises. Acceleration of the turnover of working capital, which is measured by the turnover ratio and the duration of one turnover in days, is achieved through various measures at the stages of creating inventories, work in progress and at the circulation stage. When turnover slows down, additional funds are involved in turnover. Acceleration of turnover leads to the release of part of the working capital. Ultimately, the solvency and financial condition of the enterprise improves.

The main direction of saving working capital at each enterprise is to increase the yield of final products from the same amount of raw materials at workplaces (in teams, sections, workshops). It depends on the technical equipment of production, the level of skill of workers, the skillful organization of material and technical support, the number of consumption standards and reserves of material resources, and the validity of their level.

Rational and economical use of working capital is the primary task of enterprises, since material costs account for 3/4 of the cost of industrial products. Reducing the material consumption of a product is achieved in various ways, among which the main ones are the introduction of new equipment, technology, and improvement of the organization of production and labor.

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