Analysis of the organization's working capital (on the example of JSC "mage"). Analysis of the state and use of the working capital of the enterprise Working capital and its analysis

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Introduction

Section 1. Working capital of the organization

1.1 The essence and composition of working capital, the basics of its organization

1.2 Sources of working capital formation and financing of its growth

1.3 Analysis and efficiency of working capital use

Section 2. Practical part on the example of OAO Severstal

2.1 Analysis of sources of working capital formation

2.2 Analysis of the use of working capital of the enterprise

2.3 Analysis of the liquidity and solvency of the enterprise

Section 3. Analysis of the effectiveness of the working capital management mechanism and substantiation of directions for its improvement

Conclusion

Bibliography

Applications

Introduction

The relevance of working capital management of an organization lies in the fact that any business entity for successful work it is necessary to rationally use working capital in such a way that after covering all costs the company has a positive result.

The main areas of working capital in the enterprise require specific approaches to managing it. Efficient Management working capital of the enterprise, and borrowed funds allows you to solve the problems of technical and technological renewal of production and increase the competitiveness of the enterprise, the profitability of its activities.

Formation processes market relations in Russia, the characteristics and conditions for managing the working capital of an enterprise have significantly changed, which necessitated the use of new methods and approaches to management.

Objectives of the course work:

Understand what is the working capital of an organization

Consider working capital management in the practical part on the example of JSC "Severstal"

The purpose of the course work: to study the management of working capital of the organization.

Section 1. Working capital of the organization

1.1 The essence and composition of working capital, the basics of its organization

Because one and important parts short-term financial policy enterprise is the policy of working capital management, this justifies the need to consider the composition, structure of working capital and the characteristics of its organization in enterprises and organizations.

So, any commercial organization (enterprise), leading production or other commercial activity, must have certain real, that is, functioning property or active capital in the form of fixed and working capital. The concept of working capital is identical to working capital and is one of the constituent parts property of an economic entity, necessary for the normal implementation and expansion of its activities.

Working capital should be understood as a balance sheet asset that reveals the subject matter of the enterprise's property, in particular, its current and current assets (working capital, receivables, free cash), and working capital is a balance sheet liability, showing what amount of funds (capital ) is invested in the economic activity of the enterprise (own and borrowed). Otherwise, working capital is a value for the formation of current assets of an enterprise. Blank, I.A. Fundamentals of financial management: tutorial/ I.A. Form. - 2nd ed., revised and additional. - K .: Elga, Nika - Center, 2011. - 624 p.

Working capital is the funds that serve the process economic activity participating simultaneously in the production process and in the process of selling products. In ensuring the continuity and rhythm of the process of production and circulation is the main purpose of the working capital of the enterprise.

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

Revolving production assets serve the sphere of production. They materialize in the objects of labor (raw materials, materials, fuel, etc.) and partly in the means of labor in the form of low-value and wearing out items (IBE) and are embodied in inventories, work in progress, in semi-finished products of their own manufacture.

Thus, circulating production assets serve the sphere of production, fully transfer their value to the newly created product, while changing their original form. And all this - during one production cycle or circulation.

Another element of working capital is circulation funds. They are not directly involved in the production process. Their purpose is to provide resources for the circulation process, to serve the circulation of enterprise funds and to achieve unity of production and circulation. Funds circulation consist of finished products and cash.

The unification of working capital and circulation funds into a single category - working capital is due to the fact that:

The production process is the unity of the production process and the process of product sales. Elements of circulating capital continuously move from the sphere of production to the sphere of circulation and again return to production.

Elements of working capital and circulation funds have the same nature of movement, circulation, which is a continuous process.

A feature of working capital is that it is not spent, is not consumed, but is advanced in different kinds current costs of an economic entity. The purpose of advance payment is to create the necessary inventories, backlog of work in progress, finished products and conditions for its implementation.

Advance payment means that the used funds are returned to the enterprise after the completion of each production cycle or circuit, including: production of products - its implementation - receipt of proceeds from the sale of products. It is from the sale proceeds that the advanced capital is reimbursed and returned to its original value. Thus, working capital, intended to ensure the continuity of the production process and the sale of products, can be characterized as a set of funds advanced for the creation and use of working capital and circulation funds.

The term "working capital" refers to the mobile assets of an enterprise that are in cash or can be turned into them within a year or one production cycle.

Working capital can be characterized from different positions, but the main characteristics are their liquidity, volume and structure. Since the economic essence of working capital is determined by their role in ensuring the continuity of the reproduction process, during which working capital and circulation funds pass both the sphere of production and the sphere of circulation, while being in constant motion, working capital makes a continuous circulation, which is reflected in the constant renewal production process.

The circulation is not a single process. This is a process that takes place constantly and represents a turnover of capital. Having completed one circuit, circulating capital enters into a new one, that is, the circuit is continuous and there is a constant change in the forms of the advanced value. However, for each this moment circulation, working capital functions simultaneously at all stages, ensuring the continuity of the production process. The value advanced by various parts is at the same time in many functional forms- monetary, productive, commodity.

For financial services enterprises, the circulation of working capital is important for assessing the duration of the production and financial cycles and managing them. The period of turnover of inventories from the moment they enter production, work in progress and finished products until the moment of its shipment, a production cycle is formed, while the financial cycle, covering the process of both production and sale of products, begins with payment for raw materials, materials and other inventory items and ends with the receipt of money from the buyer.

Current assets of the enterprise exist in the sphere of production and in the sphere of circulation. Circulating production assets and circulation funds are divided into various elements that make up the material structure of working capital.

Circulating production assets of enterprises, firms consist of three parts: inventories; work in progress and semi-finished products of their own manufacture; deferred expenses.

Industrial stocks are objects of labor prepared for launch into the production process; consist of raw materials, basic and auxiliary materials, fuel, fuel, purchased semi-finished products and components, containers and packaging materials, spare parts for the current repair of fixed assets.

Work-in-progress and semi-finished products of own manufacture are objects of labor that have entered the production process: materials, parts, components and products that are in the process of processing or assembly, as well as semi-finished products of their own manufacture, not completely finished by production in one workshop of an enterprise, firms subject to further processing in other shops of the same enterprise, firm.

Deferred expenses are intangible elements of working capital, including the costs of preparing and developing new products, which are produced in a given period (quarter, year), but are related to products of a future period. These are the costs of designing and developing technology for new types of products, for rearranging equipment, etc.

The structure of working capital, as well as the structure of circulation funds, depends on the sectoral affiliation of enterprises, the nature and characteristics of the organization of production activities, the conditions of supply and marketing, and settlements with consumers and suppliers. So, based on the above, we can present the composition and structure of the company's working capital as follows.

These elements of working capital are grouped in various ways. Usually, two groups are distinguished, differing in the degree of planning: standardized and non-standardized working capital.

1.2 Sources of working capital formationand financing of its growth

Among the sources of formation of working capital, there are own, borrowed and borrowed funds. The total amount of own working capital is established by the enterprise independently. Usually it is determined by the minimum need for funds to form the necessary reserves and to ensure the planned volumes of production and sales of products, as well as to make payments on time. Vasilyeva, L.S. The financial analysis: textbook / L.S. Vasilyeva, M.V. Petrovskaya. - 2nd ed., revised. and additional - M.: KNORUS, 2010. - 816 p.

In the process of financial planning, the enterprise takes into account the growth and reduction of the norms of own working capital, defined as the difference between the norms at the end and beginning of the planning period. The increase in the standard of own working capital is financed primarily at the expense of own resources.

Along with profit, the so-called stable liabilities are used to replenish own working capital, which are equated to own funds. Sustainable are called liabilities that are constantly used by the enterprise in circulation, although they do not belong to it. As sustainable liabilities are normal, passing from month to month indebtedness on wages and social insurance contributions, the balance of the repair (reserve) fund, consumer funds on pledges for returnable packaging, a reserve of future payments. Since these funds are constantly in the turnover of the enterprise and their size fluctuates significantly throughout the year, their minimum amount in a given year is used as a source for the formation of equivalent working capital. During the year, the need of enterprises for working capital may change, so it is not advisable to fully form working capital from their own sources. This would lead to the formation of surpluses of working capital at certain moments and the weakening of incentives for their economic use.

The company therefore uses borrowed funds to finance working capital. Additional need for working capital, due to temporary needs, is provided by short-term bank loans.

In addition to own and borrowed funds, borrowed funds are in the turnover of the enterprise. These are accounts payable of all types, as well as funds for targeted financing before they are used for their intended purpose.

1.3 Analysis and efficiency of working capital use

The additional need for own funds and equivalent funds is determined by comparing the total standard for the planned year with the total standard for the previous year. The sources of financing this need are established in the process of drawing up the financial plan of the organization. In cases where in the planned year the enterprise's need for working capital decreases and, as a result, the working capital ratio is reduced, their surplus is formed. The surplus of current assets can be used for new investments or sent to the financial reserve of the company. If the need for working capital increases, and the standard remains at the same level, then there is a shortage of current assets. An increase in working capital can occur due to the following factors: equity;increase in retained earnings; increase in the share of borrowed capital; increase in accounts payable.

Of all the listed factors that form the value of current assets, the most realistic for their growth is the organization's retained earnings, which is extremely problematic for domestic producers in the conditions of the economic crisis. Kovalev. - M.: TK Velby, Prospekt Publishing House, 2010 - 1016 p.

In modern conditions, many enterprises experience a lack of working capital, which is due to: internal signs (shortcomings in the work of the enterprise, lack of working capital planning, etc.); external signs (price changes, inflation, decline in production, instability regulatory framework and tax laws).

Costs and risks associated with lack of working capital :

Increasing the duration of the operating cycle;

Decrease in sales due to insufficient stocks of finished products;

Additional costs for resolving issues of additional financing.

Costs and risks associated with excess working capital:

Stocks may deteriorate physically or become obsolete;

The cost of storing excess inventory increases;

Debtors may refuse to pay or go bankrupt;

Increasing property tax

Inflation significantly reduces the real value of receivables and cash.

Therefore, the problem of optimizing working capital is one of the most important, on the solution of which the level of liquidity depends commercial organization.Currently, a commercial organization must choose either turnover or liquidity, since the value of assets has the opposite effect on these ratios.

Working Capital Efficiency:

The enterprise should strive to improve the efficiency of the use of working capital. This is necessary in order to maximize the efficiency of the economic activity of the enterprise as a whole. The use of working capital is characterized by three coefficients: turnover, turnover in days and loading.

The turnover ratio of working capital shows how many turnovers make working capital for the analyzed period (quarter, half year, year). It is determined by the formula Kob = = VP / Osr, where Vfi- sales volume for the reporting period; Osr - the average balance of working capital for the reporting period.

The duration of one turnover in days shows the period for which the enterprise returns its working capital in the form of proceeds from the sale of products: D = T / Kob or D = T x Osr / VP, where T- the number of days in the reporting period.

The utilization factor of funds in circulation characterizes the amount of working capital advanced for 1 rub. proceeds from the sale of products. Thus, this indicator represents the working capital intensity, or the cost of working capital to obtain 1 ruble. of products sold: Kz = Osr / VP x 100, where Kz is the utilization factor of funds in circulation (i.e., the reciprocal of the turnover ratio), kop.; 100 is the coefficient for converting rubles into kopecks.

The smaller Kz, the more efficiently working capital is used at the enterprise, the better its financial position.

The release of working capital as a result of accelerating their turnover is determined by the formula DO \u003d Oo - Opl, where DO is the amount of released working capital, Oo is the need for working capital in the planning period (provided there is no acceleration of their turnover), rub .; Opl - the need for working capital in the planning period, taking into account the acceleration of their turnover, rub.

The release of working capital can be absolute and relative.

Absolute release takes place if the actual balances of working capital are less than the standard or the balances of the previous period while maintaining or converting the volume of sales for the period under review.

The relative release of working capital takes place in cases where the acceleration of their turnover occurs simultaneously with the growth in output, and the growth rate of production outpaces the growth rate of working capital balances.

As indicators of the efficiency of the use of working capital, indicators of the efficiency of the use of material resources can be considered. This is due to the fact that the production stocks of the enterprise, as a rule, constitute a significant share of working capital.

Ways to improve the efficiency of working capital use:

1. rationing of working capital;

2. reducing the cost of production;

3. optimization of production stocks;

4. optimizing the delivery of raw materials and materials;

5. optimization of storage and delivery of finished products;

6. management of receivables;

7. cash management;

8. reduction of the production cycle;

9. Reducing the need for inventory. Nezamaykin, V.N., Yurzinova, L.L. Finance of organizations: management and analysis: study guide / V.N.

Section 2. Practical part by exampleOAO Severstal»

JSC "Severstal") - one of the largest integrated plants for the production

The main types of products manufactured by the enterprise are fittings, wire rod, circle, angle, channel, hexagon, ship steel, steel for bridge building, construction of buildings and structures, steel for pressure vessels, electrical steel, galvanized steel, galvanized steel with a polymer coating , auto sheet, bent profiles, two-layer clad steel, pipe blanks.

The client base of the enterprise includes over 40 thousand Russian and foreign companies operating in the main sectors of the industry, such as construction, automotive, fuel and energy complex, mechanical engineering, shipbuilding and others.

The company is actively working to expand the range of metal products sold, demanding approaches to ensuring its quality, the level of which is confirmed by both international (ABS, Bureau Veritas, Det NorskeVeritas, Germanischer Lloyd "s, Lloyd" s Register) and Russian (Russian Maritime Register of Shipping , Russian River Register, GOST R) certificates.

In 2012-2013, CherMK mastered 54 new types of products for strategically important industries Russian economy. At the same time, the emphasis is on the development of high value-added products in the sector. In 2013, the largest number of CWP was developed for car manufacturers, including companies localizing production in the Russian Federation, as well as for the fuel and energy complex and shipbuilding.

In 2010-2013, the developments of employees of the Nizhny Novgorod Iron and Steel Works were awarded government prizes Russian Federation in science and technology.

The number of employees at the enterprise is more than 400 people. Growth production capacity, the competitive situation in the market of dairy products, the instability of today's economy have led to the need to bring the automation of the enterprise to a higher level.

2.1 Analysis of the sources of working capital formation

Sources of formation of working capital and their size have a significant impact on the level of efficiency in the use of working capital. An excess of working capital means that part of the company's capital is idle and does not generate income. However, the lack of working capital will hinder the progress production process, slowing down the rate of economic turnover of enterprise funds.

The question of the sources of working capital formation is important from another point of view. Market conditions are constantly changing, so the company's needs for working capital are unstable. It becomes practically impossible to cover these needs only at the expense of own sources. Therefore, the main task of managing the process of working capital formation is to ensure the efficiency of attracting borrowed funds.

The formation of working capital occurs at the time of the creation of the organization, when its authorized capital is formed. The source of formation in this case is the investment funds of the founders of the organization. In the future, the organization's minimum need for working capital is covered by its own sources: profit, authorized capital, additional capital, reserve capital, accumulation fund and targeted financing. However, due to a number of objective reasons (inflation, growth in production volumes, etc.), the organization has temporary additional needs for working capital. When it is impossible to cover these needs with their own sources, financial security economic activity is carried out at the expense of borrowed sources: bank and commercial loans, loans, investment tax credit, deferred tax liabilities, investment contribution of employees of the organization, attracted sources - accounts payable, as well as sources equated to own funds, the so-called sustainable liabilities.

Thus, the sources of the formation of working capital are: working capital liquidity solvency

own funds;

funds equivalent to own;

borrowed funds;

involved funds.

At the expense of own sources, as a rule, the minimum stable part of working capital is formed. The presence of own working capital allows the organization to freely maneuver, increase the effectiveness and sustainability of its activities.

The authorized capital is a set of contributions (calculated in monetary terms) shareholders in property when creating an enterprise to ensure its activities in the amount determined by the constituent documents.

Reserve capital is the funds that go to cover the total balance sheet losses in the absence of other possibilities for their compensation. The amount of reserve capital, the amount of mandatory contributions to it from net profit are determined by the current legislation and the company's charter.

The formation of other funds at the enterprise, in particular the accumulation fund (the amount of deductions, the procedure for using it), may be provided for in the charter or in the accounting policy of the enterprise.

Additional capital shows the increase in the value of property as a result of revaluation of fixed assets and construction in progress of the organization, carried out by decision of the government: received cash and property in the amount of excess of their value over the value of the shares transferred for them. The additional capital can be used to increase the authorized capital, pay off the balance sheet loss for the reporting year, and also distributed among the founders of the enterprise, etc. In this case, the procedure for using the additional capital is determined by the owners, as a rule, in accordance with the constituent documents when considering the results of the reporting year.

Retained earnings are net profit (or part of it) not distributed in the form of dividends between shareholders (founders) and not used for other purposes. Typically, these funds are used to accumulate the property of an economic entity or replenish its working capital in the form of free cash, i.e., ready for a new turnover at any time.

Targeted funding is funds received from other organizations and individuals, budgetary funds intended for the implementation of targeted activities.

In the economic literature, the concept of sources equated to own sources is added to the category of own sources. The basis for such a proposal was the study of the experience accumulated by our science and practice in planning the financing of working capital.

Some resources, although they do not belong to the enterprise, are constantly in its circulation due to the conditions of settlements, and are stable liabilities. Such funds serve as a source of formation of working capital in the amount of their minimum balance. These include, in particular:

minimum wage arrears to employees of the organization;

minimum debt on deductions for social needs(single social tax);

minimum debt on taxes and fees;

the minimum balance of the reserve for future expenses;

minimum debt on advances to buyers.

Borrowings are primarily bank loans and borrowings to meet temporary additional working capital needs. Bank loans are provided in the form of investment (long-term) or short-term loans. The purpose of bank loans is to finance the costs associated with the acquisition of fixed and current assets, as well as financing the seasonal needs of the organization, temporary replenishment of the lack of working capital, settlements and tax payments.

Along with bank loans, sources of financing for working capital are also commercial loans from other organizations, issued in the form of loans, bills of exchange, commodity credit and advance payment.

The investment tax credit is provided to the organization by the authorities state power and represents a temporary deferment of the organization's tax payments.

Deferred tax liability is that part of deferred income tax that should lead to an increase in income tax payable to the budget in the next reporting period or in subsequent reporting periods.

The investment contribution (contribution) of employees is a monetary contribution of an employee to the development of an economic entity at a certain percentage.

The funds raised in the form of accounts payable are provided to the enterprise for temporary use by suppliers and contractors.

When analyzing the sources of working capital formation, it is necessary to consider ways of financing current assets, the main of which are: self-financing, financing through capital market mechanisms, bank lending, budget lending and mutual financing of business entities.

Self-financing - financing activities at the expense of own funds available to the organization. This is the profit remaining at the disposal of the organization, and depreciation on fixed assets and intangible assets.

However, financing activities from own sources is not always possible and appropriate. Therefore, in order to develop business and allocate funds for the formation and efficient use of working capital, it is necessary to attract additional sources of financing. This source is the capital market. In this case, the options for mobilizing resources are:

equity financing (the organization provides additional sale shares and thereby increase the number of owners or existing owners make additional contributions);

debt financing (the organization sells fixed-term securities(bonds) that entitle their holders to long-term current income and return of the provided capital in accordance with the terms of this bonded loan).

This source of funding can provide investment resources to the organization in the long term, provided that investors receive predictable returns on capital investments.

Bank lending is one of the most common sources of financing activities. Obtaining a bank loan mainly depends on the correctness of the justification by the borrowing organization of the need to obtain a loan. Bank lending can be carried out to finance current, financial and investment activities.

With budget financing, an organization can receive funds from budgets of various levels. Budget financing refers to funds received by an organization for specific purposes. Facilities budget financing can be directed to the implementation of current activities and investment projects.

In the process of functioning, organizations have numerous economic ties, they supply each other with raw materials, materials, products on terms of payment with a deferred payment, thereby, as it were, financing each other. Mutual financing allows for short-term financing of current activities.

Summarizing the above, it is necessary to pay attention to the importance of the analytical substantiation of the processes of financing current assets. The quality of the solution of this issue has a direct impact on the financial condition and the possibility of "survival" of the enterprise. The absence in the economic literature of clearly formulated criteria for assessing the process of formation of working capital, of course, complicates the practical work of analysis at enterprises. Therefore, in the process of analyzing the sources of working capital formation, it is necessary to assess the enterprise's need for working capital and compare it with the amount of available financial sources. In addition, the analysis of the sources of working capital formation should include not only an assessment of their dynamics, but also a consideration of their structure, both in general by types of sources, and in detail internal structure individual sources for components. When determining the expediency of attracting a particular financial source, it is necessary to compare the profitability of investments of this type and the cost (price) of this source.

The need of the enterprise for its own and borrowed funds is an object of planning, and here a large role belongs to the rationing of working capital. Therefore, the issues of analyzing the needs of an enterprise in working capital and the sources of their formation on the basis of comprehensively justified norms and standards are currently relevant.

2.2 Analysis of the use of working capital of the enterprise

The efficiency of the use of working capital is characterized by a system of economic indicators, primarily the turnover of working capital. The turnover of working capital is characterized by a number of interrelated indicators: the duration of one turnover in days, the number of revolutions for a certain period (turnover ratio), the amount of working capital employed at the enterprise per unit of output (load factor).

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

O \u003d Co: T / D,

where O is the duration of the turnover, days;

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

T - the volume of marketable products, rub.;

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

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

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

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

The utilization rate of funds in circulation (Kz), the reciprocal of the turnover ratio, is determined by the formula:

In addition to these indicators, the indicator of return on working capital can also be used, which is determined by the ratio of profit from the sale of the company's products to the balance of working capital. Indicators of turnover of working capital can be calculated for all working capital involved in the turnover, and for individual elements. The change in the turnover of funds is revealed by comparing the actual indicators with the planned or indicators of the previous period. As a result of comparing the turnover of working capital, its acceleration or deceleration is revealed. With the acceleration of the turnover of working capital, material resources and sources of their formation are released from circulation, with a slowdown, additional funds are involved in the turnover. The release of working capital due to the acceleration of their turnover can be absolute and relative. Absolute release takes place if the actual balances of working capital are less than the standard or the balances of the previous period while maintaining or exceeding the volume of sales for the period under review. The relative release of working capital takes place in cases where the acceleration of their turnover occurs simultaneously with the growth in output, and the growth rate of production outpaces the growth rate of working capital balances

2.3 Analysis of liquidity and solvency of the enterprise

Balance sheet liquidity is defined as the extent to which an organization's liabilities are covered by its assets, the maturity of which is equal to the maturity of the liabilities.

Analysis of the liquidity of the balance sheet consists in comparing the funds of the asset, grouped by the degree of their liquidity and arranged in descending order of liquidity, with the liabilities of the liability, grouped by their maturity and arranged in ascending order of terms.

Depending on the degree of liquidity, that is, the rate of conversion into cash, the assets of the enterprise are divided into the following groups:

· A1 - the most liquid assets: short-term financial investments and cash;

· A2 - quick assets: short-term receivables;

· A3 - slow-moving assets: stocks and VAT, long-term accounts receivable, other current assets;

· А4 - hard-to-sell assets: non-current assets.

Table 1 Balance liquidity analysis

	At the beginning of the period	At the end of the period		At the beginning of the period	At the end of the period



Marketable assets (A2)			Short-term liabilities (P2)
			Long-term liabilities (P3)
Hard-to-sell assets (A4)			Permanent liabilities (P4)


Most liquid assets (A1)			Most urgent liabilities (P1)
Marketable assets (A2)			Short-term liabilities (P2)
Slow selling assets (A3)			Long-term liabilities (P3)
Hard-to-sell assets (A4)			Permanent liabilities (P4)

For the liquidity of the enterprise, it is necessary to compare the calculations made by groups of assets and groups of liabilities. The balance is considered liquid if the following ratios are met simultaneously:

A1? P1; A3? P3; A2? P2; A4? P4.

Table 2 Liquidity balance of the enterprise

To assess the solvency of an organization, three relative indicators liquidity, differing in the set of liquid funds considered as coverage of short-term liabilities.

The analysis showed that the balance sheet is liquid, since most of the conditions are met in both 2012 and 2013.

Section 3Analysis of the effectiveness of the working capital management mechanism and justification forboards of its improvement

Asset management is carried out by the accounting department, which prepares draft current plans for all types of activities in accordance with orders from consumers of products, works (services) and concluded contracts, as well as justifications and calculations for them. Also, the investment policy and asset management of the enterprise are being implemented, their optimal structure is being determined, proposals are being prepared for the replacement, liquidation of assets, the securities portfolio is being managed; the development of working capital standards and measures to accelerate their turnover are being organized.

The efficiency of the enterprise largely depends on the correct determination of the need for working capital. For normalized working capital (for inventories, for finished products, for work in progress), the company calculates the standards. Procurement plans for materials are being developed (materials are expressed in in kind) and financial plans (inventories are expressed in value terms). For the main production, a standard is set - consumption per month. For warehouses providing technical training production - standard - quarterly consumption. For finished products and work in progress, the standards are set in accordance with the orders of consumers of products and concluded contracts.

Stocks at the enterprise occupy the largest specific gravity in the asset structure. The largest share in the structure of reserves is occupied by raw materials and materials, WIP and finished products. Surplus stocks at the enterprise are sold.

The existing stock management policy at the enterprise is not effective enough: the share of stocks in the structure of assets tends to increase, the duration of stock turnover in days does not meet the recommended value. Kovalev, V.V., Volkova, O.N. Analysis of the economic activity of the enterprise: textbook / V.V. Kovalev, O.N. Volkov. - M.: Velby, 2010. - 424 p.

To control accounts receivable in the accounting department, a special program has been developed and is in operation. Each structural subdivision, having received a printout of debtors and having carried out mutual settlements, immediately informs about it. The maturity of advanced amounts for finished products does not exceed 3 months.

Profitability of current assets - a derived indicator of the profitability of sales and turnover of current assets.

Conclusion

In economic science, working capital is one of the most important and at the same time complex economic categories.

One of the main components of working capital is the production stocks of the enterprise, the task financial manager- identify the result and costs associated with the storage of stocks and make a reasonable balance.

Accounts receivable is another important component of working capital. One of the tasks of the financial manager for managing receivables is to determine the risk of insolvency of buyers.

Cash and cash equivalents are the most liquid part of working capital. Choosing between cash and securities, the financial manager solves the problem that the production manager solves.

Short-term liabilities (liabilities) are the obligations of an enterprise to its suppliers, banks, the state, etc., planned for repayment within the next 12 months. Some enterprises can solve their problems of short-term financing by pledging existing assets, others - by selling them partially.

Financial planning of the production and financial activities of the organization is an integral part for each organization. Grade financial condition organization is the first stage of financial planning, as it gives an opinion on the possibility of liquidating the organization based on a comparison of the liquidation value of the organization and the current market value of the organization. Aggregate forecast financial statements is carried out on the basis of additional data from the income statement and balance sheet.

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Applications

Annex 1

The results of calculating the increase or decrease in the required working capital by the years of the forecast and the first year of the post-forecast period (conditional figures)

Parameter name	Retrospective period	forecast period	Post-forecast period
	at the beginning of 2012	at the end of 2012	2013	2014	2015	2016
Revenue, thousand rubles
Share of required working capital in revenue
Required own working capital, thousand rubles.
Decrease (increase) in own working capital, thousand rubles.

Annex 2

Comparative analytical balance sheet of the company's assets for 2012-2013.

Name of balance sheet items	Row codes	Horizontal analysis, thousand rubles	Vertical analysis, %


fixed assets
Section 1 Total
2. Current (current) assets
including:
future spending

Cash
Section 2 total


1. Non-current (long-term) assets fixed assets
Section 1 Total
2. Current (current) assets
including: raw materials, materials and other similar values
future spending
Accounts receivable (within 12 months)
Cash
Section 2 total

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Features of working capital

The main feature of working capital is a short service life and a price that is immediately attributed to production costs. Such capital is spent on the purchase of raw materials and materials, products that are intended for sale, as well as semi-finished products and components.

Working capital is a value expression for various objects of labor, the turnover of which occurs in the production process at a time.

Objects of labor transfer all their price to the manufactured products, creating its cost price. Working capital can be represented in the form of working capital consumed by the enterprise in the course of its activities.

The main feature of working capital is that they are consumed in one interval in the normal production cycle.

Working capital includes:

Production inventories, including raw materials and semi-finished products, materials, fuel and electricity, components and spare parts, finished products and work in progress costs,
Accounts receivable with a term of one year,
Cash on hand and in accounts
short-term financial investments,
Other current assets.

Working capital analysis

In the process of analysis, working capital is divided into working capital and circulation funds.

Working capital consists of inventories, funds in production and deferred costs. Industrial stocks may include raw materials and materials, fuel and semi-finished products, auxiliary substances, low-value and wearing items.

Definition 2

Circulation funds include unsold products that are in warehouses, shipped but not paid for products, goods for resale, cash on hand, on the current account.

The main purpose of the analysis of working capital is to determine the most optimal size and clear structure of working capital.

Sources of funding are also analyzed. Thus, working capital can be divided into fixed and variable capital.

Fixed capital includes current assets, the need for which practically does not change during all production cycles.

The fixed capital consists of minimum size current assets and is an indispensable condition for the implementation of the normal production activities of the enterprise.

Variable capital consists of an additional current asset, which is necessary for the implementation of various unforeseen operations.

An important indicator of the analysis is the net working capital used in the implementation financial settlements companies. With the help of net working capital, the value of the amount of capital, which is free from all short-term liabilities, is characterized. Another name for net working capital is working capital, which is necessary to sustainably support the financial stability of an enterprise.

In the case when working capital exceeded the amount of short-term liabilities, we can say that the company is easily able to pay off its liabilities. Such an enterprise has reserves for its functioning.

Own working capital may indicate how much of the current assets the company finances through its own funds. The presence of a mandatory and sufficient amount of equity capital is the most important characteristic of the company's financial stability.

Remark 1

The amount of equity can be determined by subtracting the amount of current liabilities from the amount of current assets. With an insufficient amount of capital, there is a significant decrease in the constant part of assets, an increase in the variable part of assets. This situation may indicate an increase in the financial dependence of the company, as well as its instability.

The state of this indicator also affects the liquidity ratio, which characterizes the ratio between the value of current assets and attracted capital.

Working capital indicators

In order to assess the turnover of working capital, several indicators are used. The most important of the indicators is the turnover ratio, which reflects the speed of turnover and shows the number of revolutions that the working capital makes for the corresponding period of time.

The turnover ratio formula is as follows:

$Ko = RP / OS$

$KO$ - turnover indicator, turnover;
$RP$ - proceeds from the sale of finished products, works, services, rubles;
$OS$ – average value of working capital, rub.

Using the duration of one revolution, you can show the number of days that it takes to complete one circuit. This ratio is defined by the formula:

$DO = Dcap / KO$

$DO$ - duration of one turn, days;
$Dcap$ - the number of capital days in the billing period, days.

Another important indicator is the working capital fixation ratio, which is the reciprocal of the turnover ratio. The fixing coefficient reflects the amount of working capital, which is contained in each ruble of sold products. This indicator is calculated using the following formula.

Current assets (current assets, current assets)- it

the funds invested by the organization in current operations during each cycle. Working capital characterize the presence of working capital of the organization. Working capital is characterized by the following features:

1) full consumption during one production cycle and the transfer of value to newly created products (for material assets);
2) being in constant circulation;
3) change of form during one turnover from monetary to commodity and from commodity to monetary. In the process of turnover, working capital goes through three stages: purchase, consumption, sale:

where DID" - cash;

ПЗ - industrial stocks;

NP - work in progress;

GP - finished products;

DZ - accounts receivable.

The analysis of current assets occupies an important place in the analysis of the financial condition of a commercial organization, since in relation to its economic activity they perform a service function, i.e. in the process of circulation of current assets, profit from sales is formed, which in many respects is the main source of funds that ensures the successful functioning of the organization.

To analyze working capital, it is necessary to differentiate it according to the following criteria.

Depending on service spheres of reproduction, current assets are divided into two groups:

circulating production assets: production stocks (raw materials, materials and other similar values), costs in work in progress, deferred expenses and value added tax (VAT) on acquired values;
circulation funds: finished products and goods for resale, goods shipped, receivables, short-term financial investments, cash and other current assets.

Consequently, the working capital of an organization is the funds invested in working capital and circulation funds, which make a continuous circulation in the course of the organization's economic activity.

By degree of liquidity working capital is divided into:

1) for absolutely liquid funds - cash, liquid short-term investments in securities;
2) quickly realizable working capital - accounts receivable with a maturity of up to one year; finished products in stock (excluding defects);
3) slow-moving funds - accounts receivable with a maturity of more than one year, inventory.

By degree of risk working capital investments:

revolving funds with minimal investment risk: cash, short-term financial investments;
working capital with low investment risk: receivables, inventories (excluding stale), balances of finished products and goods (excluding not in demand);
with an average investment risk - work in progress, deferred expenses;
with a high risk of investments: doubtful receivables, stale inventories, finished products and goods that are not in demand.

The following tasks of the analysis of current assets can be distinguished:

1) study of changes in the composition and structure of working capital;
2) determination of sources of formation of working capital;
3) determination of performance indicators for the use of working capital.

Analysis information base: balance sheet, report on financial results. For a deeper analysis, explanations to the balance sheet and income statement can be used - section 4 "Inventories" and section 5 "Accounts receivable and payable".

An analysis of working capital of an organization traditionally begins with an analysis of the dynamics of their presence and structure (horizontal and vertical analysis), which is carried out on the basis of the data of section II of the balance sheet "Current assets".

At the same time, with different efficiency in the use of working capital, the growth of inventories in one case can be assessed as a result of an expansion in the volume of activities, and in the other - as a result of a decrease in business activity and a corresponding increase in the period of turnover of funds. A positive or negative characteristic of the dynamics of receivables, short-term financial investments and cash can only be given on the basis of a comparison of these items with the dynamics of sales and financial results.

Most important element analysis of working capital in assessing the financial condition of the organization is the availability of sources of their formation.

Sources of formation of working capital are own and additionally attracted funds. The optimal ratio of own, borrowed and attracted sources of funds helps to strengthen the financial condition of the organization.

At the expense of own sources, the minimum stable part of working capital is formed. The presence of own working capital allows the organization to freely maneuver, increase the effectiveness and sustainability of its activities.

When analyzing working capital, it is advisable to calculate the following indicators.

Availability of own working capital(SOS) is calculated by the difference in the amount of equity - SC (section III of the balance sheet "Capital and reserves") and the value of non-current assets - VNA (section I of the balance sheet):

The presence of own working capital shows how much equity can be used by the organization to finance its current assets, or, in other words, to what extent the organization's current assets are financed from only equity, i.e. excluding long-term borrowings.

V financial management in order to assess the extent to which the organization's working capital is financed from long-term capital, it is practiced to calculate the availability of own working capital, taking into account long-term liabilities - SOS up to:

where TO - long-term liabilities, thousand rubles. (section IV of the balance sheet).

This approach is due to the fact that long-term liabilities, in addition to equity, are also a source of reproduction of fixed assets, reflected in section I of the balance sheet asset.

The coefficient of security of current assets with own working capital(L^os) shows what part of the current (current) assets is financed from the organization's own funds:

where Keos - coefficient of provision with own working capital (own capital in circulation);

OA - current assets (section II of the balance sheet).

The ratio of security of current assets with own working capital is one of the main analytical indicators in predicting the bankruptcy of an organization. At the same time, a number of approaches of individual scientists to the analysis of the components of equity and borrowed capital can be cited. In this case, the object of our attention is the balance sheet item "Deferred income".

Analyzing the sources of financial resources of the organization, O.V. Efimova and M.V. Miller reflect in the structure of equity deferred income as potential capital.

When characterizing the equity capital of L.S. Vasilyev and M.V. Petrovskaya called the amount of equity capital, taking into account deferred income, the “refined” version. Without going into a detailed description of the formation of these articles, it should be noted that the article "Deferred income" takes into account the forthcoming receipts of debts arising from the excess of the missing values recovered from the perpetrators over their book value.

Therefore, the calculation of the ratio of own working capital (Keos) we consider it expedient to calculate by the following relation. In the numerator - the presence of own working capital, equal to the difference between the real own capital (total Section III balance sheet liability plus article V of the section of the balance sheet liability "Deferred income") and the amount of non-current assets, in the denominator - the sum of the total of the II section of the balance sheet "Current assets":

where SK R - real equity capital, thousand rubles. or

where DBP - deferred income, thousand rubles.

In terms of this indicator, scientists do not have a single point of view on its normal limitation. So, V.D. Korotnev, N.N. Bondina, I.A. Bondin and A.M. Kovaleva, M.G. Lapusta, L.G. Scamai believe that its value should be in the range of 0.6-0.8.

According to most analysts, the normal limitation of the equity ratio is >0.1, i.e. 10% of current assets should be formed at the expense of own capital, and the rest - at the expense of borrowed and borrowed funds.

The ratio of the provision of inventories with own working capital (A "cosmz) shows what part of the inventories (M3) is provided with own working capital:

The level of the indicator under consideration is estimated primarily depending on the organization's material reserves. If their value is much higher than the reasonable need, then own working capital can cover only part of the inventories, i.e. indicator will be less than one. Conversely, if inventories are insufficient, the indicator may be higher than one, but this can hardly be considered a sign of a good financial condition of the organization.

Most analysts consider the normal limit of this indicator >0.5.

The coefficient of maneuverability of equity capital (K m SK) shows what part of equity capital is used for current activities, i.e. invested in working capital:

The high value of this indicator positively characterizes the financial condition of the organization. The recommended criteria are 0.5-0.6. The maneuverability coefficient can also have a negative value if all equity capital is invested in fixed assets.

The coefficient of maneuverability of own working capital (K m CO c) characterizes that part of own working capital, which is in the form of cash (CS):

The growth of this indicator in dynamics is considered as a positive trend. The acceptable value of the indicator is set by the organization independently and depends on how high its daily need for free cash resources is.

The calculation of the above indicators is given below and presented in table. 3.10.

Availability of SOS in the previous year: 71,191 - 35,147 = 36,044.

Availability of SOS in the reporting year: 78,699 - 36,289 = 42,410.

Keos in the previous year: Keos = 36 044: 45 518 = 0,79.

A "cos in the reporting year: K C os = 42 410: 48 477 = 0,88.

^cosmz in the previous year: K CO ssh = 36 044: 42 843 = 0,84.

^somz in the reporting year: Yasosmz = 42,410: 45,455 = 0.93.

K m.ek in the previous year: K m C k \u003d 36,044: 71,191 \u003d 0.51.

K m.ek in the reporting year: K msk = 42 410: 78 699 = 0,54.

Ki.sos in the previous year: K ms os = 401:36 044 = 0,011.

Am.sos in the reporting year: K ms os = 393: 42 410 = 0,009.

Table EVIL

Relative indicators of the organization's working capital

Indicator	Previous	Reporting	Changes
Non-current assets, thousand rubles
Current assets, thousand rubles:
including reserves, thousand rubles
cash
Own capital, thousand rubles
Availability of own working capital
The coefficient of security of current assets with own working capital
The ratio of the provision of material reserves with own working capital
Equity maneuverability ratio
The coefficient of maneuverability of own working capital

In the organization under study, the availability of own working capital for the year increased by 6366 thousand rubles. This is primarily due to the growth of equity capital. The presence and structure of sources of working capital formation corresponds to the recommended values: the ratio of current assets to own working capital at the standard of 0.1 by the end of the reporting period is actually almost nine times higher; there is an upward trend. Inventories are formed mainly at the expense of equity - at the beginning of the year, its share in them was 84%, by the end of the year - 93%, which has a favorable effect on ensuring the sustainable financial condition of the organization. The flexibility of own capital is high: more than half of its size is directed to current assets. However, there is a low value of the flexibility of own working capital - the coefficient of flexibility at the beginning of the year was only 0.011, at the end of the year - 0.009. This means that cash in the composition of own working capital amounted to only 1.1% at the beginning of the year, and even less at the end of the year - 0.9%.

INTRODUCTION

1. THEORETICAL FOUNDATIONS OF CONTROL

CAPITAL OF THE ENTERPRISE

1.1. The concept, composition and classification of working capital

1.2. Appointment of working capital and its role in production

1.3. Efficiency of use and turnover of working capital

capital

1.4. Goals, objectives and information sources of the analysis of the turnover

capital

2. ANALYSIS OF THE USE OF WORKING CAPITAL

CJSC ”STROYEL”

2.1. Analysis of the dynamics and structure of current assets

2.2. Liquidity analysis

2.3. Turnover analysis

2.4. Factor analysis working capital turnover indicators

CONCLUSION

LIST OF USED SOURCES

Introduction.

Improving the mechanism for managing the working capital of an enterprise is one of the main factors for increasing the economic efficiency of production at present stage development of the domestic economy. In the context of socio-economic instability and volatility of the market infrastructure, an important place in the current daily work of a financial manager is the management of working capital, because. it is here that the main reasons for the successes and failures of all the production and commercial operations of the company lie. Ultimately, the rational use of working capital in the conditions of their chronic deficit is one of the priority areas of the enterprise's activity at the present time.

Theoretical and practical developments The above authors refer mainly to enterprises operating in a relatively stable and predictable economic environment, while the problems of managing working capital in a crisis and certain difficulties in implementing these developments in real economic practice have led to a very limited use of foreign methods in Russian conditions.

The above circumstances predetermined the relevance and choice of the topic of the thesis research.

The purpose of writing a term paper is to analyze the use of current assets of CJSC Stroitel and, on its basis, develop measures to improve the efficiency of managing the working capital of an enterprise.

The objectives of the course work include:

The study of the theoretical and organizational foundations of the turnover of working capital;

Direct analysis of the working capital of the organization under study (CJSC Stroitel) with conclusions about its results;

The object of the study is the Closed joint-stock company Stroitel, the founder of the enterprise is individual, which is also CEO. The purpose of the company is to make a profit. The main activity of CJSC "Stroitel" is the production of general construction works.

1. THEORETICAL FOUNDATIONS OF THE WORKING CAPITAL MANAGEMENT OF THE ENTERPRISE

1.1. The concept, composition and classification of working capital

Working capital usually refers to assets (funds) that will be turned into cash in the course of the normal operations of the firm over a period not exceeding one year.

Current assets of the enterprise are mobile assets of the enterprise, which are cash or can be turned into them within a year or one production cycle.

Working capital is the financial resources invested in objects, the use of which is carried out by the enterprise either within one reproduction cycle, or within a relatively short calendar period (usually no more than 1 year).

These funds constantly make a circuit in the process of economic activity, changing their form from cash to commodity and vice versa. Thus, they form the bulk of the cost of production. On the other hand, they are the guarantor of the liquidity of the enterprise, that is, its ability to pay its obligations. The composition of working capital is understood as a set of elements that form working capital and circulation funds, that is, their placement in separate elements.

The structure of working capital is the ratio of individual elements of working capital assets and circulation funds, that is, it shows the share of each element in the total amount of working capital.

The predominant part of circulating production assets is made up of objects of labor - raw materials, basic and auxiliary materials, purchased semi-finished products, fuel and fuel, containers and container materials. In addition, circulating production assets also include some tools of labor - low-value and wearing items (IBE), tools, special devices, replaceable equipment, inventory, spare parts for current repairs, special clothing and footwear. These tools are less than a year old or have cost limits. The limits on the value of funds in circulation change periodically, which is associated with ongoing revaluations of fixed assets and the period of their acquisition.

In addition, at enterprises, these tools of labor often number in the thousands, which makes it technically difficult to account for their wear and tear. Therefore, in practice they are not classified as basic, but as revolving funds.

The listed items and tools make up a group of circulating production assets - production reserves. In addition to them, working capital includes work in progress and deferred expenses.

The main purpose of funds advanced to working capital assets is to ensure a continuous and rhythmic production process.

In addition to circulating production assets, circulation funds are formed at enterprises. These include: finished products in stock; goods shipped; cash in the cash desk of the enterprise and in bank accounts; accounts receivable; funds in other accounts.

The main purpose of circulation funds is to provide resources for the circulation process.

The composition and structure of working capital are not the same in various industries and sub-sectors of the economy. They are determined by many factors of industrial, economic and organizational order. So, in mechanical engineering, where the production cycle is long, the proportion of work in progress is high. At the enterprises of the light and food industries, the main place is occupied by raw materials and materials (for example, in the textile industry). At the same time, the food industry (for example, dairy, butter and cheese) has relatively high stocks of auxiliary materials, containers, and finished products.

In enterprises where a large number of tools, fixtures, and devices are used, the proportion of low-value and wearing items is high (for example, in mechanical engineering and metalworking).

In the extractive industries, there are practically no stocks of raw materials and basic materials, but the proportion of deferred expenses is large. In addition, for example, in the oil industry, an increased share is made up of auxiliary materials, spare parts for the repair of basic backgrounds.

The value of finished products, goods shipped, receivables is influenced by such factors as the terms of sale of products, forms and condition of accounts.

The main feature of current assets is liquidity, i.e. the speed at which an asset element is converted into cash.

In decreasing order of liquidity, working capital can be classified as:

1. Cash. They are the most liquid element of current assets. These include cash on hand, funds in settlement and currency and other bank accounts. They are the most important indicator of the solvency of the organization.

2. Marketable Securities: Companies often invest excess cash in certificates of deposit, bills of exchange accepted by banks, government securities or high-quality securities of large companies, own shares. Such securities must be easily marketable, have short term circulation, eliminate the risk of losing the principal amount. Shares in other companies are not considered current assets because: the value of the shares is subject to significant fluctuations, the shares represent ownership of the enterprise (not the assets), the owners of the shares are compensated only after the claims of creditors are satisfied. Therefore, shares are classified as non-current assets (except for shares of one's own company).

3. Accounts of debtors. The sale of products on credit until the corresponding amounts are received is reflected in the balance sheet as accounts receivable. Liquidity depends on the financial condition of debtors and their business reputation.

4. Bills receivable. Unpaid promissory notes under special agreements for payment for the supply of products and services.

5. Inventory. These include finished goods, stocks of raw materials, work in progress.

6. Other current assets. These include short-term investments in shares of other enterprises, life insurance premiums.

Working capital is classified according to its form (by place and role in the reproduction process):

1) production or material (stocks, work in progress, finished products);

2) payment (cash, etc.).

Consideration of the composition and structure of working capital allows us to touch upon such an important problem of organizing working capital as their rational placement between the spheres of production and circulation.

Establishing the optimal ratio of working capital in production and circulation is important for providing funds for the implementation production program, and is also one of the main factors in the efficiency of the use of working capital.

Name of assets				Absolute deviation



3 Accounts receivable
4 Cash

Indicators	Absolute deviation	Rates of growth

Asset turnover ratio
Current assets turnover ratio
Inventory turnover ratio
Accounts receivable turnover ratio
Equity turnover ratio
Cash turnover ratio
Duration of 1 turn

Indicators	Absolute deviation	Rates of growth

Autonomy coefficient
Capital immobilization ratio
Equity ratio
Working capital ratio with own sources
Total liquidity ratio
Critical liquidity ratio
Absolute liquidity ratio
Net working capital

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