Working capital is the most important resource in ensuring the current functioning of the enterprise, i.e., production and sales of products. In the process of production and economic activity, an enterprise needs the funds necessary to manufacture products, purchase raw materials and materials, pay wages, and then the funds required for its implementation. Thus, working capital is money advanced into circulating production assets and factors of circulation.

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. While functioning, working capital makes a continuous circuit, which can be divided into three phases: in the first phase, working capital is transformed into goods; in the second, working capital, participating in the production process, takes the form of work in progress, semi-finished products and finished products; in the third phase, working capital in the form of finished products in the process of their sale are again converted into money.

Working capital spent during the manufacture of products and their sale is completely consumed and transfers its value to the product within one year or operating cycle. The operating cycle includes the following activities for the production of products:

Purchase of raw materials and materials for cash and non-cash payment of supplier bills;

Production processing of raw materials and materials, payment of wages;

Transition of products into the process of their production from the category “work in progress” to the category “finished products”;

Sales of finished products and invoicing to customers;

Receipt of cash from customers.

Working capital in business practice includes the cost of inventories, accounts receivable (invoices presented for payment), deferred expenses, cash (cash, bank accounts, other accounts).

Rational management of working capital requires adherence to the following principles:

Ensuring an optimal balance between the required volume of working capital and their production needs.

Economical and rational disposal of inventory items; minimizing the cost of creating inventories; ensuring the minimum presence of working capital in production inventories while maintaining the continuity of the production process; maximum possible self-financing of working capital needs.

When following these principles, management with working capital ultimately falsely aims at creating optimal production and commercial conditions and current financing of enterprises. This is achieved, on the one hand, by pursuing an effective technical policy for the best use of material and material working production assets, and on the other hand, by implementing such financial and commercial activities that would ensure maximum economic results with a minimum of spent working capital.

Financial and commercial work should be aimed at reducing the need for working capital while ensuring maximum production volumes and maintaining its continuity. This is done by accelerating the turnover of working capital, determining the optimal amount of working capital when creating inventories, purchasing high-quality raw materials, but at cheaper prices.

In particular, issues of saving raw materials and materials and organizing their purchase require special consideration. This is due to the fact that the production of many enterprises is not only material-intensive, but also unproductive.

The efficiency of using working capital ultimately finds its expression in reducing the amount of their need, which implies a reduction in the time during which working capital is diverted. Accelerating the turnover of funds reduces the additional need for them.

The turnover of working capital is calculated by the duration of one revolution in days or the number of revolutions during the reporting period (turnover ratio).

Since capital turnover is closely related to its profitability and serves as one of the most important indicators characterizing the intensity of use of an enterprise’s funds and its business activity, in the process of analysis it is necessary to study capital turnover indicators in more detail and establish at what stages of the circulation the slowdown or acceleration of the movement of funds occurred.

It is necessary to distinguish between the turnover of the entire total capital of the enterprise, including fixed and working capital. The capital turnover rate is characterized by the following indicators:

Turnover ratio (K rev);

The duration of one revolution (P rev).

The capital turnover ratio is calculated using the formula:

K rev = Net sales revenue

Average annual cost of capital

The inverse indicator of the capital turnover ratio is called capital intensity (K e):

K e = Average annual cost of capital

Net sales revenue

Duration of capital turnover:

P ob = D, or P ob = Average annual cost x D

K about Net sales revenue

where D is the number of calendar days in the analyzed period (year - 360 days, quarter - 90, month - 30 days).

Average balances of total capital and its components are calculated according to the chronological average: ? amounts at the beginning of the period plus balances at the beginning of each next month plus? balance at the end of the period and the result is divided by the number of months in the reporting period. The necessary information for calculating turnover ratios is available in the balance sheet and income statement.

When determining the turnover of total capital, the amount of turnover must include total revenue from all types of sales. If the turnover indicators of only functioning capital are calculated, then only revenue from sales of products is taken into account. Turnovers and average balances on capital investment accounts, long-term and short-term financial investments are not taken into account in this case.

capital turnover, on the one hand, depends on the speed of turnover of fixed and working capital, and on the other hand, on its organic structure; the larger the share of fixed capital, which turns over slowly, the lower the turnover ratio and the longer the duration of turnover of the entire aggregate material:

K ob.s.k = UD t.a xK ob.t.a.

P obs.k =P obt.a /UD t.a

where K obs.k is the total capital turnover ratio;

UD t.a - the share of current assets (working capital) in the total amount of assets;

P obs.k - duration of turnover of total capital;

P obt.a - duration of turnover of current assets.

The main ways to accelerate capital turnover: reducing the duration of the production cycle due to the intensification of production (use of the latest technologies, mechanization and automation of production processes, increasing the level of labor productivity, better use of the enterprise's production capacity, labor and material resources, etc.); improving the organization of logistics in order to ensure uninterrupted supply of production with the necessary material resources and reducing the time that capital remains in reserves; speeding up the process of shipping products and processing settlement documents; reducing the time spent in accounts receivable; increasing the level of marketing research aimed at accelerating the promotion of goods from the manufacturer to the consumer (including market research, improving the product and the forms of its promotion to the consumer, forming the correct pricing policy, organizing effective advertising.

At the stage of work in progress, acceleration of the turnover of working capital in the company is achieved mainly by reducing the duration of the production cycle based on the achievement of scientific and technological progress. It includes measures aimed at reducing the labor intensity of manufacturing products at all stages of raw material processing; reduction of time for technical operations and interoperational follow-up; improving the organization of production and operational regulation (expanding in-line production methods, etc.), ensuring uniform and rhythmic work. Increasing the speed of movement of funds in the sphere of circulation is achieved by reducing stocks of finished products in warehouses and speeding up the time of settlements with consumers. As a result of the acceleration of turnover, a certain amount of working capital is released. Release can be absolute or relative.

The absolute release of working capital occurs when the actual need for them is less than planned during a reduction or increase in sales volume for this period. Working capital can be used to further expand production, develop new types of products, improve the supply and sales system, as well as other measures to improve business activities.

Relatively released working capital occurs in cases where the acceleration of working capital turnover occurs simultaneously with an increase in production volume. The funds released in this case cannot be withdrawn from circulation, since they are in inventories that ensure production growth.

Accelerating turnover and the resulting release of working capital in any form allows the enterprise to direct them to the development of business activities without attracting additional financial resources.

Working capital occupies a large share in the total amount of funds available to the enterprise. In the process of analysis, the structure of working capital, its placement in the sphere of production and in the sphere of circulation, and the efficiency of use are studied. Separate groups of working capital, its placement in the sphere of production and in the sphere of circulation, and efficiency of use are also studied. Individual groups of working capital that have the most significant impact on the solvency and financial stability of the enterprise are also studied.

The main objectives of the analysis and the efficiency of using working capital are:

Assessment of the implementation of the enterprise supply plan in terms of volume, range, quality of supplied raw materials, basic and auxiliary materials;

Monitoring compliance with consumption standards and reserves of material resources, identifying the reasons for deviations from the standards;

Development of measures to ensure savings in material resources in production and reduction of inventories through the sale of excess and unnecessary assets.

The main sources of data for analyzing the use of working capital are:

Logistics plan, applications, contracts for the supply of raw materials, materials, statistical reporting forms on the availability of use of material resources, production costs, operational data of the logistics department, analytical accounting data on receipt, consumption and balances of material resources.

First of all, a general assessment of changes in the availability of funds in the structure of their most important groups is given, the data of which is given in Table 8.

Table 8 Availability, composition and structure of working capital

Indicators			Deviations
Amount, thousand tenge.		Amount, thousand tenge.
	Revolving funds
Inventory
Unfinished production
Future expenses
	Circulation funds
Cash
Finished products
Accounts receivable
Advances issued
Financial investments
Other current assets
Total working capital

The data in Table 8 indicates changes in working capital. So, if in the previous year the cost of working capital amounted to 726,600.9 thousand tenge, then in the reporting year there was an increase in working capital by 1,385,779.5 thousand tenge. In the structure of funds, the largest weight is occupied by inventories: if in 2006 they amounted to 33.8%, then in 2007 - 16.2%: finished products in the reporting year - 23.3%; accounts receivable - 11.1% and advances issued - 28.4%. Noteworthy is the trend towards a decrease in the share of these components, except for advances issued, compared to the previous year. The composition of working capital has also undergone changes in a number of its parameters.

Since working capital is one of the most important components of working capital, it is necessary to analyze the efficiency of their use for the analyzed period, to consider such indicators as material intensity and material productivity. Material productivity is determined by the ratio of the volume of marketable products to the cost of working capital. Material intensity is the inverse of material productivity.

Table 9 Efficiency of using working capital

Indicators					Pace. unit, %
Volume of commercial products
Cost of commercial products
Total working capital
Including: inventory
Unfinished production
Future expenses
Material consumption	tg/1 thousand tg.
Material efficiency	tg/1 thousand costs
Share of material costs in the cost of goods sold

The data in Table 9 shows that the cost of working capital has increased, i.e. if in 2006 it was 247,044 thousand tenge, then in 2007 it was 329,815.5 thousand tenge, the deviation in this case is 82,711.5 thousand tenge or 133.5 %.

Prepaid expenses and other working capital composition are insignificant.

The material productivity indicator in the reporting year decreased by 0.8 times, or by -0.6 tenge/1 tenge of costs, respectively, the share of material costs in the cost of marketable products in the reporting year decreased by 24.8%. This happened due to a decrease in the share of material costs in the cost of commercial products by 0.9 times.

The efficiency of using working capital is characterized by a system of economic indicators, primarily the turnover of working capital.

Working capital turnover is the activity of one complete circulation of funds. The circulation is completed by crediting the proceeds to the company's current account. Let's consider asset turnover according to the following table.

Table 10 Turnover of working capital

From the data in Table 10 it is clear that the working capital turnover ratio decreased from 1.49 to 0.90, although the cost of working capital at the enterprise increased 1.9 times. As a result, in the reporting year the duration of one revolution increased by 119 days.

Table 11 Assessment of inventory turnover status

From the data in Table 11 it is clear that in the reporting year there was an increase in the inventory turnover ratio from 3.5 to 4.2, i.e. by 14.8% (114.8-100). Inventory shelf life decreased from 102.8 to 89.5 days. All this suggests that in the reporting year, inventories were not stored in warehouses.

An increase or decrease in accounts receivable has a great influence on the turnover of capital invested in current assets, and consequently on the financial condition of the enterprise.

A sharp increase in accounts receivable and its share in current assets may indicate an imprudent credit policy of the enterprise in relation to customers, or an increase in sales volume, or the insolvency and bankruptcy of some customers. On the other hand, the company can reduce the shipment of products, then accounts receivable will decrease. Consequently, the growth of accounts receivable is not always assessed negatively. It is necessary to distinguish between normal and overdue debt. The presence of the latter creates financial difficulties, since the company will feel a lack of financial resources to purchase inventory and pay wages. In addition, freezing funds in accounts receivable leads to a slowdown in capital turnover.

Overdue receivables also mean an increased risk of non-payment of debts and reduced profits. Therefore, every enterprise is interested in reducing the repayment period of payments due to it. You can speed up payments by improving calculations, timely execution of settlement documents, prepayment, and using the bill of exchange form of payment.

In the process of analysis, it is necessary to study the dynamics, composition, reasons and prescription of the formation of receivables, to determine whether it contains amounts that are unrealistic for collection, or those for which the statute of limitations expires. If there are any, then it is necessary to urgently take measures to collect them (drawing out bills of exchange, applying to the judicial authorities. To analyze receivables, in addition to the balance sheet, materials from primary and analytical accounting are used.

The problem of non-payments becomes especially urgent in conditions of inflation, when money depreciates. Recently, the receivables of enterprises in the CIS countries have reached an astronomical amount, a significant part of which is lost during inflation. With inflation of 30% per year, at the end of the year you can buy only 70% of what you could buy at the beginning. Therefore, it is unprofitable to keep money in cash, and it is unprofitable to sell goods on credit. However, it is advantageous to have credit obligations payable in cash, since payments for various types of accounts payable are made in money, the purchasing power of which decreases by the time of payment. To calculate the company's losses from timely payment of bills by debtors, it is necessary to subtract from overdue receivables its amount adjusted by the inflation index for this period (minus the penalty received), or multiply the amount of overdue receivables by the bank refinancing interest rate for this period and from the result obtained subtract the amount received in singing.

The art of managing current assets is to keep in the accounts the minimum necessary amount of cash that is needed for current operational activities. The amount of cash that a well-managed business needs is essentially a safety stock intended to cover short-term cash flow imbalances. The amount must be such that it is sufficient to make all priority payments. Since cash in cash or in bank accounts does not generate income, it must be kept at a safe minimum level. Having large balances of cash over a long period of time can be a result of improper use of working capital. In order for money to work for an enterprise, it must be put into circulation in order to make a profit:

Expand your production by turning them around in the working capital cycle;

Invest in profitable projects of business entities in order to receive profitable interest;

Reduce the amount of accounts payable in order to reduce debt servicing costs;

Renew fixed assets, acquire new technologies.

An increase or decrease in cash balances in bank accounts is determined by the level of cash flow imbalance, i.e., the inflow and outflow of money. The excess of inflows over outflows increases the balance of free cash and, conversely, the excess of outflows over inflows leads to a shortage of cash.

Introduction…………………………………………………………………………………………3
CHAPTER I. Theoretical and methodological foundations for assessing the efficiency of using working capital…………………………….5

The concept and economic essence of working capital………………..…5
Composition and structure of working capital……………………………………..7
Rationing of working capital………………………………………..9
Indicators for assessing the use of working capital…………......10
The value of accelerating turnover of working capital……………11

CHAPTER II. Analysis of the composition, structure, dynamics of working capital and assessment of their turnover at OJSC Tatgazstroy……………………….....13
2.1 Technical and economic characteristics of OJSC “Tatgazstroy”………..….13
2.2 Composition and structure of working capital of OJSC “Tatgazstroy”………….…21
2.3 Analysis of accounts receivable…………………………………….… 24
2.4 Analysis of the efficiency of using working capital………..……..25
2.5 Cash flow analysis……………………………………….29
2.6 Proposals to improve the efficiency of using working capital at OJSC Tatgazstroy……………………………………………………………… ……33
Conclusion…………………………………………………………………….41
References……………………………………………………………43

Introduction

The topic of my course work is analysis of the efficiency of using working capital of an enterprise. Every year this issue is gaining relevance, since the rational and efficient use of working capital is the main indicator of the financial and economic condition, which is important both for the enterprise itself and for investors.

Each enterprise, starting its activities, must have a certain amount of money. Working capital of enterprises is designed to ensure their continuous movement at all stages of the circulation in order to satisfy production needs for monetary and material resources, ensure timeliness and completeness of payments, and increase the efficiency of using working capital.

The problem of effective management of enterprises includes the best use of their funds, and first of all, working capital. The presence of sufficient working capital at the enterprise is a necessary prerequisite for its normal functioning in a market economy.

The main place in working capital is occupied by funds advanced into inventory assets. These include goods, inventories and other inventory items. Inventory includes raw materials, basic materials and purchased semi-finished products, low-value and high-wear items.

Other inventory items include the cost of containers, fuel, materials for household needs, and packaging materials.

Some part of the working capital of trading enterprises may be in settlements. This is the debt of buyers for goods sold to them and services provided; debt of the population for goods and services sold to them on credit; claims amounts; various accounts receivable (customers for unpaid settlement documents, settlements for compensation of material damage, etc.). As a rule, accounts receivable arise as a result of non-compliance with financial and payment discipline and poor efforts to preserve property, which requires close attention from employees of the financial department.

Working capital is one of the components of the enterprise's property. The condition and efficiency of their use is one of the main conditions for the successful operation of an enterprise. The development of market relations determines new conditions for their organization. High inflation, non-payments and other crisis phenomena force enterprises to change their policy in relation to working capital, look for new sources of replenishment, and study the problem of the efficiency of their use.

The objective of this course work is a theoretical introduction to the structure of current assets, methods for assessing and analyzing the effectiveness of their use. The practical part will be based on the actually operating enterprise of our republic, OJSC Tatgazstroy. I will present practical recommendations for increasing the efficiency of using this indicator.

CHAPTER I. Analysis of the composition, structure, dynamics of working capital and assessment of their turnover

The concept and economic essence of working capital

Along with fixed assets, the availability of an optimal amount of working capital is of great importance for the operation of an enterprise.
Working capital is a collection of funds advanced to create circulating production assets and circulation funds, ensuring their continuous circulation.
Working capital ensures the continuity of production and sales of the enterprise's products. Working capital assets enter production in their natural form and are completely consumed during the manufacturing process, transferring their value to the product being created. Circulation funds are associated with servicing the process of circulation of goods. They do not participate in the formation of value, but are its carriers.
After the end of the production cycle, production of finished products and their sale, the cost of working capital is reimbursed as part of the proceeds from the sale of products (works, services). This creates the possibility of systematically resuming the production process, which is carried out through the continuous circulation of enterprise funds.
In their movement, working capital passes through three successive stages: monetary, productive and commodity.
The first stage of the circulation of funds is preparatory. It occurs in the sphere of circulation. This is where cash is converted into the form of inventory.
The productive stage is the direct production process. At this stage, the cost of the created products continues to be advanced, but not in full, but in the amount of the cost of the used production inventories; the costs of wages and related expenses, as well as the transferred cost of fixed assets, are additionally advanced. The productive stage of the circulation ends with the release of finished products, after which the stage of its implementation begins.
At the third stage of the circuit, the product of labor (finished products) continues to be advanced in the same amount as at the second stage. Only after the commodity form of the value of the produced products turns into money, the advanced funds are restored at the expense of part of the proceeds received from the sale of products. The rest of its amount is cash savings, which are used in accordance with their distribution plan. Part of the savings (profit), intended for the expansion of working capital, is added to them and completes subsequent turnover cycles with them.
The monetary form that current assets take at the third stage of their circulation is at the same time the initial stage of the turnover of funds.
The circulation of working capital occurs according to the following scheme:
D – T … P … T` - D`, where:
D – funds advanced by the business entity;
T – means of production;
P – production;
T` - finished products;
D` - cash received from the sale of products and including realized profit.
Dots (...) mean that the circulation of funds is interrupted, but the process of their circulation continues in the sphere of production.
Working capital during movement is at all stages and in all forms. This ensures a continuous production process and uninterrupted operation of the enterprise.

1.2 Composition and structure of working capital

The composition and structure of working capital are distinguished.
The composition of working capital is understood as the totality of elements that form working capital. The division of working capital into circulating production assets and circulation funds is determined by the peculiarities of their use and distribution in the areas of production and sales.
Working production assets include:

Objects of labor (raw materials, basic materials and purchased semi-finished products, auxiliary materials, fuel, containers, spare parts, etc.);
Equipment with a service life of no more than one year or a cost of no more than 100 times (for budgetary organizations - 50 times) the established minimum wage per month (low-value wearable items and tools);
Work in progress and self-made semi-finished products (labor items that have entered the production process: materials, parts, assemblies 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 the same enterprise);
Deferred expenses (intangible elements of working capital, including costs for the preparation and development of new products that are produced in a given period, but are allocated to products of a future period; for example, costs for the design and development of technology for new types of products, for the rearrangement of equipment).

Circulation funds include:

Enterprise funds invested in finished product inventories, goods shipped but not paid for;
Funds in settlements;
Cash in hand and in accounts.

The amount of working capital employed in production is determined mainly by the duration of production cycles for the manufacture of products, the level of technology development, the perfection of technology and labor organization.
The amount of circulating media depends mainly on the conditions for the sale of products and the level of organization of the supply and marketing system.
The relationship between the individual elements of working capital, expressed as a percentage, is called the structure of working capital. The difference in the structures of working capital of industrial sectors is determined by many factors, in particular, the peculiarities of the organization of the production process, the conditions of supply and sales, the location of suppliers and consumers, and the structure of production costs.
According to the sources of formation, working capital is divided into own and borrowed.
Own working capital is funds that are constantly at the disposal of the enterprise and are formed from its own resources (profit, etc.). In the process of movement, own working capital can be replaced by funds that are essentially part of one’s own, advanced for wages, but temporarily free (due to the lump sum payment of wages). These funds are called equivalent to own, or stable liabilities.
Borrowed working capital – bank loans, accounts payable and other liabilities.
Effective operation of an enterprise is the achievement of maximum results at minimum costs. Minimizing costs is, first of all, optimizing the structure of sources for the formation of working capital of an enterprise, i.e. reasonable combination of own and credit resources.
1.3 Rationing of working capital
Working capital management consists of ensuring the continuity of the production process and sales of products with the smallest amount of working capital. This means that the working capital of enterprises must be distributed across all stages of the circulation in the appropriate form and in a minimum but sufficient volume.
In modern conditions, when enterprises are completely self-financing, correctly determining the need for working capital is of particular importance.
The process of developing economically justified amounts of working capital necessary for organizing the normal operation of an enterprise is called rationing of working capital. Thus, the rationing of working capital consists in determining the amounts of working capital necessary for the formation of constant minimum and at the same time sufficient reserves of material assets, minimum balances of work in progress and other working capital. Rationing of working capital helps to identify internal reserves, reduce the duration of the production cycle, and more quickly sell finished products.
They normalize working capital located in inventories, work in progress, and balances of finished products in the warehouses of the enterprise. These are standardized working capital. The remaining elements of working capital are called non-standardized.
In the process of rationing working capital, the norm and standard of working capital are determined.
Working capital norms characterize the minimum inventories of inventory items at an enterprise; they are calculated in days of supply, parts inventory norms, rubles per unit of account, etc.
The working capital norm is the product of the working capital norm by the indicator whose norm is determined. Calculated in rubles.
The working capital standard establishes the minimum estimated amount that is constantly necessary for the enterprise to operate. Actual inventories of raw materials, cash, etc. may be higher or lower than the standard or meet it. This is one of the most volatile indicators of current financial activity. Failure to fill the working capital standard may lead to a reduction in production and failure to fulfill the production program due to interruptions in production and sales of products.
1.4 Indicators for assessing the use of working capital
There are several standard indicators used to assess the use of working capital of an enterprise.
The first in the list of these indicators is the working capital turnover ratio. It shows how many revolutions the working capital makes during the analyzed period. It is determined by the formula:
BER = Vp / OSR,
where Vp is the volume of product sales for the reporting period;
OSR – average balance of working capital for the reporting period.
The formula shows that an increase in the number of revolutions with a constant volume of products sold reduces the average annual balance of working capital.
The next indicator of the efficiency of using working capital in an organization is the coefficient of the duration of one turnover in days. It shows how long it takes for the company to return its working capital in the form of revenue from sales of products:
D = T/K0B or D = T x OSR / Vp,
where T is the number of days in the reporting period.
The indicator is the load factor of funds in circulation. It characterizes the amount of working capital advanced for 1 ruble. revenue from product sales, i.e. this indicator represents the working capital intensity or the cost of working capital to obtain 1 ruble. products sold:
KZ = OSR / Vp x 100,
where K3 is the load factor of funds in circulation, %;
100 is the conversion factor from rubles to kopecks.
This means that K3 is the inverse of the turnover ratio. The lower the K3, the more efficiently the working capital is used in the enterprise, the better the financial position of the enterprise.
Working capital turnover indicators can be calculated for all working capital involved in turnover and for individual elements. The longer the turnover of working capital and the longer they are at any stage, the less efficiently they work.
The release of working capital as a result of accelerating their turnover is determined by the formula:
?O= OO – OPL,
where?O – the amount of released working capital;
Оо – the need for working capital in the planning period, if there were 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.
An absolute release occurs if the actual balances of working capital are less than the standard or balances of the previous period while maintaining or exceeding the sales volume for the period under review. Relative release of working capital occurs in cases where the acceleration of their turnover occurs simultaneously with an increase in production volume, and the growth rate of production volume is faster than the growth rate of working capital balances.
1.5 The value of accelerating turnover of working capital
The effect of accelerating the turnover of working capital is expressed in the release and reduction of the need for them due to the improvement of their use. A distinction is made between absolute and relative release of working capital.
Absolute release reflects a direct reduction in the need for working capital.
Relative release reflects both the change in the amount of working capital and the change in the volume of products sold. To determine it, you need to calculate the need for working capital for the reporting year based on the actual turnover of product sales for this period and turnover in days for the previous period. The difference gives the amount of funds released.
The release of working capital has a number of positive effects:

Products are produced at lower working capital costs;
Material resources are released;
The receipt of profit deductions into the budget is accelerating;
The financial position of the enterprise improves, because the financial resources released as a result of the above-plan acceleration of the turnover of funds remain at the disposal of the enterprise until the end of the year and can be successfully used (profitably invested).

Unfortunately, the own financial resources that enterprises currently have cannot fully ensure the process of not only expanded, but also simple reproduction.

CHAPTER 2. Analysis of the composition, structure, dynamics of working capital and assessment of their turnover at OJSC Tatgazstroy
2.1 Technical and economic characteristics of OJSC Tatgazstroy
OJSC "Tatgazstroy" was created in the process of privatization of state property of the rental specialized mobile mechanized column No. 3 of the trust "Kamspetsmontazh - 3" in Nizhnekamsk of the Zakamsk concern for fuel and gasification by the founding conference.
The founders of the Company are the Zakamsky Committee for State Property Management with a share of ownership of 98.7% and members of the rental collective of the enterprise, transformed into an OJSC with a share of ownership of 1.3%.
In the effective and profitable work of OJSC Tatgazstroy, an important place is occupied by a rational organization and a properly formed production and personnel management system. Ensuring the proportionality of all elements of the production process and clear coordination of all management levels is the most important condition for obtaining a positive effect from the operation of the enterprise as a whole.
The structure of the enterprise includes:
- management personnel (director, chief engineer, deputy directors, chief mechanic, heads of structural units, foreman, foremen);
- specialists of departments, laboratories;
- workers of construction and installation sites No. 1, 2 of the auxiliary production site, mechanization site;
- personnel service.
The structure of OJSC Tatgazstroy is set out in detail in the staffing table. The distribution of functions and responsibilities is provided for by job responsibilities and qualified requirements.
OJSC Tatgazstroy carries out the following activities:

construction of gas supply systems;
design of gas supply systems;
manufacturing of gas supply system products (assemblies and parts);
operation and technically related to operation, storage and transportation of radiation devices;
shooting of underground and above-ground structures;
intercity transportation of goods by road;
operation of cranes;
transportation of dangerous goods (oxygen, sulfuric acid, etc.) by road;
accreditation for types of non-destructive testing and other tests.

A five-day working week with two days off has been established; for workers at construction and installation sites there is a summarized recording of working time with a reporting period of 0.5 years. Work is carried out in one shift.
OJSC Tatgazstroy has five sections: construction and installation sections No. 1 and No. 2, auxiliary production section, mechanization section, welding and insulation quality control section.
Construction and major repairs of gas supply facilities are carried out in the settlements of Agryz, Almetyevsk, Nizhnekamsk, Naberezhnye Chelny, Elabuga, Aznakaevo, Mendeleevsk, Menzelinsk, Bavly, Bugulma and others.
During its activity, the company’s team built and put into operation 1,150 km of gas networks and gasified 54 settlements of the Republic of Tatarstan.
All objects under construction are accepted by technical commissions within the agreed and planned time frame.
The production capacity of the company with the fullest use of production resources is more than 6000.0 million rubles for construction and installation work.
The existing capacity of technological equipment allows increasing volumes by 30-40%. All objects planned for construction are fully provided with materials and raw materials provided for by the production technology and design conditions. Work is constantly underway to improve technological processes and mechanize construction work.
The main types of work at OJSC Tatgazstroy are the construction of gas pipelines in cities and towns, gasification of residential buildings, boiler houses, industrial enterprises, agricultural enterprises, design of gas supply systems, production of components and parts by the auxiliary production site.
The technology for constructing gas pipelines consists of a preparatory period, welding and installation, insulation, and excavation work.
OJSC Tatgazstroy is one of the oldest specialized enterprises in the region for the construction of gas supply systems. During its existence, extensive work experience has been accumulated, highly qualified personnel have been trained and trained, there is a production base that allows for the production of components, parts and other types of work in a factory environment, and there is an own laboratory for quality control of the work performed.
The main customers of OJSC Tatgazstroy are: OJSC Tattransgaz, industrial enterprises, construction organizations in Nizhnekamsk, owners of departmental housing stock, owners of housing facilities.
OJSC Tattransgaz, at the expense of the innovation fund, carries out the construction of gas distribution pipelines in cities, repair and replacement of gas pipelines.
Large construction organizations of the republic are also customers.
The production potential of OJSC Tatgazstroy allows us to increase the number of customers by performing additional work on the installation of heating and water supply systems, installation of smoke and ventilation ducts, provision of services for cargo transportation and repair of vehicles, implementation of design work, surveying of underground and above-ground structures, inspection of welded joints and etc.
Reducing the cost of construction and installation work by reducing their cost allows us to attract additional customers for gasification of the housing stock of the population.
Work has been carried out to reduce emissions of pollutants into the atmosphere through the modernization of supply and exhaust ventilation by the community.
To calculate prices for construction and installation work financed from the budget and other sources, indices for cost elements calculated by the Republican Scientific and Technical Center for Pricing in Construction are used. Costings are prepared for the products of the auxiliary production site.
During the construction of gas pipelines, welding quality is monitored using non-destructive methods (radiography) and mechanical tests in accordance with the requirements of SNiP 3.05.02-88. The quality control of the insulating coating is carried out using the instrumental method (GOST 9.602-89). The welding and insulation quality control area is accredited for types of non-destructive testing and other tests.
The production base of OJSC Tatgazstroy is intended for storage, repair of automotive and construction equipment, as well as for storage, processing of necessary building materials and production of components and parts, welding of pipes with a diameter of up to 500 mm. It has repair areas, warehouses, and household premises.
In the effective and profitable work of OJSC Tatgazstroy, a special place is occupied by the rational organization of production and a properly formed management system. Ensuring the proportionality of all elements of the production process and clear coordination of all levels of management is the most important condition for making a profit - the most important economic indicator characterizing the final results of the economic activity of any commercial entity.
In the process of intra-company planning, in addition to efficiency criteria, private criteria can be used to establish and select the optimal values ​​of planned indicators: cost, material intensity, labor intensity, profitability, break-even, shareholder income, market price, etc. The choice of certain economic indicators as evaluation criteria efficiency depends on specific production conditions and the specifics of the work.
Table 2.1
Technical and economic indicators of production and economic activities of OJSC Tatgazstroy for 2008-2009.

	Unit change	2008	2009	Growth rate %
1. Energy saving	%	- 16,1	-6,5
2. Volume of contract work (in current prices)	million rubles	8568,2	8916,3	104,0
including on our own	million rubles	4472	4830	108,0
3. Volume of construction and installation work - total (in comparable prices)	thousand roubles.	2920	3197	109,5
incl. on our own	thousand roubles.	2579	2824	109,5
4. Volume of construction and installation work - total (in current prices)	million rubles	4513	4874	108,0
incl. on our own	million rubles	4005	4325	108,0
5. Commissioning of fixed assets	million rubles	43	43	100,0
6. Capital investments	million rubles	43	43	100,0
incl. construction and installation works	million rubles	0	0
7. Sales revenue	million rubles	8568,2	8916,3	104,0
incl. secured by cash flow	million rubles	3983	4302	108,0
8. Cost of products sold	million rubles	6805,8	7403,4	99,5
including material	million rubles	2784	2755	99,5
depreciation of fixed assets	million rubles	139	148	107,6
wage	million rubles	1292	1455	108,0
social security contributions	million rubles	284	298	105,0
other costs	million rubles	679	584	86,0
9. Profit from sales	million rubles	619,3	500,7	81,0
10. Net profit	million rubles	389,4	121,6	31,2
11. Profitability of products sold	%	5,66	6,15	108,7
12. Payroll	million rubles	835,9	902,8	108,0
13. Average headcount	people	122	122	100,0
incl. personnel engaged in construction and installation work	people	89	89	100,0
14. Average monthly salary	rub.	570970	673700	118,0
15. Labor productivity	rub.	1762	1929	109,5
16. Commissioning of facilities by contractors	km	51,1	55,2	108,0
incl. on our own	km	51,1	55,2	108,0
17. Volume of sales of regular services to the population	million rubles	80,8	87,3	108,0

Table 2.2
Completion of volumes of construction and installation work (thousand rubles)

	2008		year 2009		Growth rate %prices current year prices 109,4 136,8
	Prices 1991	Current prices	Prices 1991	Current prices
Construction and installation work - total:	2920	4513473	2 670	3299574
Including: on our own	2 579	4005310	2 286	2806955	112,8 142,7

As can be seen from the table, the volume of construction and installation work at current prices increased by 36.8%. At basic prices, this increase was only 9.4%. In particular, the volume of construction and installation work done on our own also increased during the period under study.

Table 2.3
Summary indicators of production and economic activities of OJSC Tatgazstroy for 2008

The name of indicators	Unit change	January December	fact 2008
		plan	fact	fulfilled plan, %	growth rate, %	January December
1. Energy saving	%	-6,5	-16,1	247,7		+ 1,6
1. Capital investments	million rubles	4507	5837,6	129,5	139,9	4173,2
	million rubles	3812	5180,8	135,9	146,8	3529,9
2. Volume of contract work (in current prices)	million rubles	3973	5008,2	126,1	136,1	3679,4
including: on our own	million rubles	3392	4471,6	131,8	142,4	3141,0
3. Volume of construction and installation work (in 1991 prices)	thousand roubles.	2884	2920,1	101,3	109,4	2670,0
including: on our own	thousand roubles.	2469	2578,9	104,5	112,8	2286,3
4. Volume of construction and installation works (in current prices)	million rubles	3564	4513,4	126,6	136,8	3299,6
including numbers: on our own	million rubles	3032	4005,3	132,1	147,9	2708,0
5. Commissioning of fixed assets	million rubles	40	43	107,5	148,3	29
6. Sales revenue	million rubles	8362,1	8916,3	148,2	187,3	2551
including: secured by cash flow	million rubles	2578	4489	174,1	265,6	1690
7. Cost of products sold	million rubles	6982,2	7403,4	166,3	192,5	1989
8. Profit from sales	million rubles	367,4	324,1	77,1	157,0	135
9. Net profit, loss for the year	million rubles	113,8	121,6	115,4	127,7	47
10. Profitability of products sold	million rubles	11,94	5,54	46,4	81,6	6,79
11. Payroll fund	million rubles	793,4	835,9	105,4	145,0	576,3
12. Average number of employees	people	115	122	106,1	107,0	114
including: personnel, construction workers.	people	85	89	104,7	107,2	83
13. Average monthly salary (forecast indicator)	rub.	574900	570970	99,3	135,5	421272
14. Labor productivity (average monthly)	rub. (in 1991 prices)	1789	1762	98,5	105,4	1671
15. Commissioning of facilities by contractors	km	50,0	51,1	102,2	105,8	48,3
including: on our own	km	48,4	51,1	105,6	109,4	46,7
16. Volume of sales of paid services to the population	million rubles	8,6	80,8	939,5	1122,2	7,2
17. Gasification of individual houses	PC.		654		157,2	416

Thus, the plan was exceeded in most respects. The plan remained unfulfilled only in terms of such indicators as profit from sales, profitability of products sold, average monthly wages, and labor productivity.
It is impossible to ignore the exceeding of the plan for the volume of sales of paid services to the population by 839.5%. The growth rate for this indicator is also very high (1022.2%).
Compared to last year, only the profitability of products sold decreased (by 18.4%).
There is an increase in other indicators.

2.2 Composition and structure of working capital of OJSC Tatgazstroy

The organization's main working capital is entirely consumed in each production process, transfers its entire value to the finished product and changes its natural form.
Working production assets represent part of production assets, the material content of which is the objects of labor functioning in the sphere of production.
Working production assets are divided into a number of groups:
-industrial reserves (raw materials, basic materials, purchased semi-finished products, auxiliary materials, fuel, containers and packaging materials, spare parts for routine repairs, low-value and quickly wearing out household equipment and tools);
- work in progress – unfinished products subject to further processing;
- deferred expenses - expenses related to the preparation and development of new products, produced in a given period, but subject to repayment in the future.
Raw materials are objects of labor for the extraction or production of which labor was expended. Raw materials are for example: ore, cotton.
Materials are objects of labor that have already been subjected to industrial processing, such as rolled metal. Products are made from basic materials; they form its main material content.
Semi-finished products are labor products that have gone through one or more stages of production, but still require further processing or assembly.
Containers and packaging materials - represent all types of packaging and materials necessary for their production.
Work in progress is items of labor that are being processed or awaiting further processing and have not yet been included in the finished product.
Along with working capital, the enterprise has circulation funds that function in the sphere of circulation. These include:
-finished products in warehouses;
-products shipped but not paid for;
-accounts receivable;
-cash in bank accounts, in pending settlements.
The totality of working production assets and circulation funds constitutes working capital.
An analysis of the structure and dynamics of working capital of OJSC Tatgazstroy is presented in Table 2.4.
Table 2.4
Structure of the enterprise's working capital, million rubles

No.	Composition of working capital	2008	2009	2010	2010-2011
1	Reserves	589,8	818	1218,3	628,5
1.1	Raw materials, materials and other valuables	579,9	704,9	1096,0	516,1
1.2	Future expenses	9,9	113,1	122,3	112,4
2		91,1	51	3,1	-88
3	Accounts receivable	419,3	281,4	263,7	-155,6
5	Cash	817,5	216,7	67,1	-750,4
7	TOTAL:	1917,7	1367,1	1552,2	-365,5

To determine the reasons for changes in the amount of working capital for 2008-2010, we will conduct a factor analysis. First-order factors include: inventories and costs, taxes on acquired assets, accounts receivable, cash.
Change in working capital, total:
?K ob =K co ob1 - K co ob0 (2.1)
?K about =1552.2-1367.1=185, 1 million rub.

Changes in inventories and costs:

?K ob(dzz) =K coz ob1 - K coz ob (2.2)
?K ob(dzz) =1218.3-818=400.3 million rub.
Change in accounts receivable:
?K ob(ddz) =K kodz ob1 - K kodz ob (2.3)
?D xi ob(ddz) =263.7-281.4= -17.7 million rub.

Change in cash:

?K ob(dds) =K codes ob1 - K codes ob (2.4)
?K ob(dds) =67.1-216.7=- 149.6 million rubles.
Working capital for 2009 increased by 585.4 million rubles. The greatest negative impact on the increase in working capital was caused by changes in inventories and costs that occurred due to the growth of work in progress. The growth of accounts receivable does not indicate an ineffective policy for managing accounts receivable at the enterprise.
The structure of working capital is presented in table 2.5
Table 2.5
Changing the structure of working capital

No.	Composition of working capital	2008	year 2009	2010
1	Reserves	30,8	59,8	78,5
1.1	Raw materials and jewelry	98,3	86,1	90,0
1.2	Future expenses	1,7	13,9	10,0
2	Taxes on purchased assets	4,8	3,7	0,2
3	Accounts receivable	21,9	20,6	17,0
4	Cash	42,6	15,9	5,3
5	TOTAL:	100	100	100

A rational structure of working capital is when the largest part of it is invested in inventory, and the smallest part in cash and accounts receivable. The table shows that the structure of working capital of a given enterprise fully complies with this rule. It also follows from the table that the components of working capital in percentage terms for the period under review changed throughout the period under review. So in 2009, reserves increased by 29.8%, and in 2010, reserves increased by 18.7% compared to 2009. The largest part of the reserves consists of raw materials, supplies and other material assets, and a small part is made up of deferred expenses. Accounts receivable have been declining over the years and in 2010 this figure decreased by 4.9% compared to 2008. The cash item decreased significantly, from 2008 to 2010 by 37.3%.

2.3 Analysis of accounts receivable

From table 2.5 it is clear that the share of accounts receivable in the composition of working capital decreases in 2009 by 26.7%, in 2010 it decreases by 3.6% compared to the previous year. This is explained by the fact that due to the increasing frequency of non-payments for manufactured and supplied products, the plant’s financial policy is aimed at fulfilling orders and delivering products on an advance payment basis. Orders for the production of mechanical parts and assemblies are carried out with a 50% advance payment. Delivery of finished products is carried out after 100% advance payment. Reliable relationships were established with suppliers and contractors.
To assess accounts receivable turnover, the following group of indicators is used (Table 2.6.).
1. Accounts receivable turnover:

Where, VR – revenue from product sales, million rubles;
SDZ – average accounts receivable, million rubles.
2. Receivables repayment period:

Table 2.6
Accounts receivable turnover indicators

Index	Unit Change	2008	year 2009
Revenue	Million rub.	6762,3	8568,2
Accounts receivable	Million rub.	419,3	281,4
Percentage of overdue accounts receivable	%	16	13
Accounts receivable turnover	K-nt	16,1	30,4
Receivables repayment period	days	22	12

The table shows that the turnover period of accounts receivable is decreasing. This is a positive result of the enterprise's activities. Reducing the period of debt overdue reduces the risk of non-repayment.

2.4 Analysis of the efficiency of using working capital

The most important indicators of the efficiency of using working capital are:

current ratio;
turnover ratio;
duration of one revolution, in days;
working capital load factor;
profitability of working capital.

The working capital turnover ratio shows the number of revolutions that working capital makes during the planning period and is determined by the formula:
To rev. =Proceeds from sales / Average working capital
The average duration of turnover of working capital (turnover in days) is determined by the ratio of the product of the average balance of working capital and the number of days in the period to the amount of product sales for this period:
Duration of turnover =360 / Asset turnover

Loading = Average working capital / Sales revenue
Return on working capital shows how much profit an enterprise receives per ruble of its working capital over an estimated period of time.
Return on working capital. =Net profit / Average working capital
An analysis of the efficiency of using working capital is presented in table. 4.
The most common method for calculating the working capital needs of an enterprise is based on the volume of products sold, determined in the business plan for the coming period and the level of the working capital consolidation ratio for previous periods.
Knowing the need for working capital and the availability at the beginning of the planning period, it is easy to then calculate the additional need for working capital and determine the sources of covering this need (from own or borrowed financial resources).
If we assume that the planned volume of sales of the enterprise’s own products is determined on the basis of marketing research, analysis of the existing structure and consumer requirements recorded in supply contracts already concluded and expected to be signed, then the main problem is the justified determination of the planned level of the working capital consolidation coefficient.
Of course, we can proceed from the actual value of the consolidation coefficient in the reporting period closest to the planned one; however, it is more expedient to first analyze the current level of working capital and identify possible reserves for reducing the need for it.
Table 2.7
Calculation of working capital requirements in 2009

The total planned need for working capital, based on the target for the volume of products sold for 2008, is 6771 million rubles. will be equal to: 0.28*8568.2 = 2399.1 million rubles. Taking into account the increase in sales volume in 2008 by 26.7.0%, an increase in working capital by 1214 million rubles is required. In 2009 Working capital amounted to 1,367 million rubles, which is 43.7% less than the plan.
The current ratio shows whether the company has enough funds that can be used to pay off short-term obligations. It characterizes the overall provision of the enterprise with funds for conducting business activities. OJSC Tatgazstroy only in 2009 received this coefficient with a value greater due to the restructuring of accounts payable.
To current liquid 2007 = 1917.7/ 2079.1 = 0.92;
To current liquid 2008=1367.1/1197.9 = 1.1;
To current liquid 2009=1552.2/1720.8 = 0.90
An increase in the turnover ratio and a reduction in the period of one turnover during the period under review indicate the effective use of working capital.
Turnover 2007 = 6762.3/1917.7 = 3.5;
To rev. 2008 =8916.3/1367.1 = 6.5;
To rev. 2009 = 8568.2/1552.2 = 5.5
As a result of the increase in the turnover ratio, the absolute release of working capital was ensured, i.e. fulfillment or overfulfillment of the production plan is ensured with a smaller amount of working capital than provided for by the plan.
Duration of turnover 2007 =360/3.5 = 103 days;
Duration of turnover 2008 = 360/ 6.5 = 55 days;
Duration of turnover 2009 = 360/ 5.5 = 65 days.
Also, to assess the efficiency of using working capital, the working capital load factor is calculated. It characterizes their amount per 1 ruble of products sold.
Load = Average working capital / Sales revenue
To download 2007 = 1917.7 / 6762.3 = 0.28 rubles;
To download 2008 = 1367.1 / 8916.3 = 0.15 rubles;
To download 2009 = 1552.2 / 8568.2 = 0.18 rub.
Analyzing the data obtained, we can say that in 2008, for 1 ruble of sold products there were 0.28 rubles of working capital. This figure in 2009 was 0.15 rubles and in 2010 0.18 rubles, respectively.

R obor. cap. =Net profit / Average working capital
R rev.cap. 2007 = 389.4 / 1917.7 = 0.2;
R rev.cap. 2008 = 121.6/ 1367.1 = 0.1;
R rev.cap. 2009 = 389.4/ 1552.2 = 0.3.
Thus, in 2008, the enterprise received 0.2 rubles of profit per ruble of working capital; this figure in 2009 was 0.1 rubles. In 2010, the enterprise received 0.3 rubles of net profit per ruble of working capital, which is the best result for the period under study.

2.5 Cash flow analysis

Cash flow analysis is carried out according to the reporting period. At first glance, such an analysis, like any other section of retrospective analysis, is of relatively low value to a financial manager; however, arguments can be made that to a certain extent justify its implementation.
The important role of cash flow analysis, which creates the basis for the formation of effective policies and management decisions by the management of the organization, is due to a number of reasons: cash flows serve the functioning of the organization in almost all aspects of its activities; optimal cash flows ensure the financial stability and solvency of the organization; rationalization of cash flows contributes to the achievement of rhythm in the production and commercial process of the organization; effective cash flow management reduces the organization's need to attract borrowed capital; optimization of cash flows is a prerequisite for accelerating the capital turnover of the organization as a whole.
The purpose of cash flow analysis is to obtain the required volume of their parameters, giving an objective, accurate and timely description of the directions of receipt and expenditure of funds, volumes, composition, structure, objective and subjective, external and internal factors that have different effects on changes in cash flows.
Table 5 presents data from the cash flow statements of OJSC Tatgazstroy for 2008 and 2009, which served as the basis for the analysis of cash flows. As a result of its production activities in 2008, the organization significantly increased the volume of money supply in terms of both cash inflows and cash outflows. This situation can be assessed positively, since it is a consequence of an increase in the scale of production and sales of products. A positive point is the excess of cash inflow over cash outflow in 2008 and 2009, which ensured the achievement of a positive net cash flow of 4,680 thousand rubles, respectively. and 9722 thousand rubles. The amount of positive cash flow in 2006 increased compared to 2005 by 602,672 thousand rubles, and in 2005 compared to 2004 increased by 1,650,518 thousand rubles. The growth rate in 2006 was 21.1%, and in 2005 - 137.6%. Considering cash flow indicators by type of activity, it should be noted that the largest volume of money supply provides the main current activities of the organization. In 2004 and 2005 The company's funds are presented in the context of current activities. The amount of cash inflow from current activities in 2006 amounted to 3,325,416 thousand rubles, which is 475,417 thousand rubles. more than in the previous year. The share of this indicator in the total volume of all cash receipts was 96.31% in 2004. This is explained by the relative intensification of the investment and financial activities of the enterprise. According to Tables 8 and 9, it is possible to analyze the structure of cash receipts and outflows of OJSC Tatgazstroy for 2008 - 2009. Indicators characterizing individual elements of positive cash flows are combined into three groups (Table 2.8)

Table 2.8
Structure of cash inflow of OJSC Tatgazstroy for 2008-2009

Introduction

In the management system of various aspects of the activities of any enterprise in modern conditions, the most complex and responsible link is financial management. An indispensable condition for the successful functioning of an enterprise of any organizational and legal form is the active implementation of a strategically directed and detailed set of measures to create or strengthen obvious and hidden advantages over its own. competitors. In a market economy, all agro-industrial formations are interested in rhythmic and stable functioning. It is possible to achieve high performance results only with the help of a clearly structured, justified and effective financial policy of the enterprise.

An important component of the system for organizing the production process at agro-industrial enterprises is the policy of managing current assets and, for this purpose, conducting a detailed analysis of the efficiency of their use.

The development of a perfect mechanism for managing the working capital of organizations, as well as obtaining the results of an analysis of the composition, structure and dynamics of current assets, make it possible to approach a practical solution to the issue of the need for their financing. This is the relevance of the chosen topic of this course work. In addition, the effective formation and regulation of the volume of current assets helps maintain an optimal level of liquidity, ensures the efficiency of the production and financial cycles of activity, and, consequently, a sufficiently high solvency and financial stability of agro-industrial enterprises.

It is for this purpose that an analysis is carried out to identify the ratios of current assets and sources of their formation that are rational for a given organization: short-term liabilities and equity capital.

The topic of my course work is “Analysis of the use of working capital of an organization.” The object of the study is OJSC Beloretsk Butter and Cheese Plant in Beloretsk, specializing in the production of dairy products. The period under study is 2004–2006.

The purpose of the course work is, based on a study of the current state of the efficiency of using working capital of OJSC "BMSK", to determine specific ways and reserves for improving their use.

When writing the coursework, I was guided by the following tasks:

– express diagnostics of Beloretsk Butter and Cheese Plant OJSC;

– justification of the relevance of the research topic, its scientific and problematic significance in a market economy;

– study of the current state of economic and financial activities of OJSC “Beloretsk Butter and Cheese Plant”;

– identifying ways and reserves for improving the economic and financial activities of Beloretsk Butter and Cheese Plant OJSC.

1. General characteristics of the financial and economic condition of OJSC Beloretsk Butter and Cheese Plant

1.1 Organizational and legal status and priorities of activity of OJSC "BMSC"

The Beloretsk Butter and Cheese Plant was put into operation in 1977, then it was transformed into OJSC “Beloretsk Butter and Cheese Plant” in accordance with the Federal Laws “On the Privatization of State and Municipal Property”, “On Joint Stock Companies” and the Law of the Republic of Bashkortostan “On the Privatization of State and Municipal Property in the Republic of Belarus” "

Now the open joint-stock company "BMSC" operates on the basis of the Charter, registered by decree of the head of the administration of Beloretsk No. 381-5 dated June 17, 1998.

At the moment, OJSC "BMSC" is the legal successor of the Beloretsk butter and cheese-making plant in relation to all rights and obligations in accordance with the transfer act and the approved privatization plan for the enterprise.

The founder of JSC "BMSC" is the Ministry of Property Relations of the Republic of Belarus represented by the Committee for the Management of Municipal Property of the City of Beloretsk and the Beloretsk District.

The authorized capital of JSC "BMSK" is 9,367,356 rubles; in addition, the plant, after its state registration, issues and places ordinary and preferred shares worth 7,128,306 and 2,239,050 rubles, respectively.

The main management body of OJSC "BMSK" is the Board of Directors, which exercises general management of the plant's activities. With the exception of resolving issues that, in accordance with the Charter, fall within the exclusive competence of the general meeting of shareholders.

The Board of Directors is elected by the general meeting of shareholders by cumulative voting in the number of 5 members for the period until the next annual meeting of shareholders.

The General Director and members of the board of JSC "BMSK" cannot constitute more than one quarter of the composition of the Board of Directors.

Management of the current activities of OJSC "BMSK", execution of decisions made by the general meeting of shareholders and the Board of Directors of the plant is carried out by the sole executive body represented by the General Director, Kharisov N.B. The General Director can simultaneously exercise the functions of Chairman of the Management Board of OJSC BMSC, and he can also be elected to the Board of Directors.

In accordance with current legislation, the General Director is elected for a term of up to 5 years.

Characterizing the main activities of Beloretsk Butter and Cheese Plant OJSC, it should be noted:

– firstly, the production and sale of dairy products, production of industrial products and goods, processing of production waste;

– secondly, intermediary, trade and purchasing activities, as well as the organization of company stores.

The trade and purchasing activities of the Beloretsk Dairy Plant are directly related to the fact that the plant is located on the main transport route of the city of Beloretsk, access can be made from all sides except the south-west, where the residential area is located. The enterprise has its own vehicles, which allows the plant to carry out timely delivery of milk from milk collection points, as well as delivery of products to city stores, and carry out supply and sales deliveries with its own vehicles.

The range of products is quite wide - 46 items, but the main specialization of OJSC "BMSC" is the production of whole milk products. However, recently the plant began to specialize in the production of cheese, which is increasing every year.

The main sales market for JSC "BMSK" is the city of Beloretsk, whose population, according to the latest census, is 113,700 people.

The company has three branded stores located within the city. There is also active diversification into the sales market of Magnitogorsk and the neighboring Chelyabinsk region.

Raw materials for processing come from Beloretsky, Uchalinsky, Burzyansky districts. On average, JSC "BMSC" processes about 30 tons of raw milk per day. Accepted milk is carefully checked to ensure compliance with all established standards. The plant works closely with local dairy farms and with numerous village residents who keep livestock on their farmsteads. The plant's specialists regularly travel to milk collection sites, inspect them, and, in addition, supply milk producers with special reagents and equipment, and teach the basic principles of milk production and procurement.

1.2 Economic characteristics of OJSC "BMSC"

Let's consider the economic characteristics of OJSC "BMSC". To do this, let us pay attention to the equipment of the enterprise with fixed and working capital, as well as labor resources.

The provision of any enterprise with fixed assets and the efficiency of their use are important factors on which the results of economic activity depend, in particular the quality, completeness and timeliness of any type of work, and, consequently, the volume of production, its cost, and the financial condition of the enterprise. In this regard, analysis of the enterprise's provision of fixed assets and identification of reserves for increasing the efficiency of their use is of great importance. First of all, when analyzing fixed assets, it is necessary to study the structure of fixed assets and assess the changes that have occurred.

Having analyzed the data in this table, we can conclude that by 2006, compared to 2004, the cost of fixed assets decreased by 5.8%. The main reason for the change in the structure of fixed assets is the disposal of fixed assets in terms of some items.

First of all, this is due to the fact that by 2006 the cost of buildings decreased by 0.4% due to their depreciation. You can also see a decrease in the cost of machinery and equipment at the enterprise by 26.3% due to the obsolescence of most refrigeration and other production units. In addition, the cost of vehicles and household equipment has remained virtually unchanged compared to 2004.

Analyzing the structure of fixed assets in OJSC "BMSK" it is clear that the largest share in the period 2004–2006. buildings and industrial premises occupy 53.9 and 57%, respectively; machinery and equipment account for 17.3% in 2006, which is 2.8% less than in 2004. The smallest share in the structure of fixed assets in OJSC "BMSC" is occupied by production and household equipment; their share during the study period remains unchanged and amounts to 0.01%.

A sufficient supply of processing and other enterprises with labor resources, their rational use, and a high level of labor productivity are of great importance for increasing production volumes. In particular, the volume and timeliness of performing various types of work, the efficiency of using equipment and, as a result, the volume of production, its cost, profit and a number of other economic indicators depend on the provision of a farm or enterprise with labor resources and the efficiency of their use.

Let's consider the supply of labor resources to our enterprise, the data is given in table 1.2.2.

Table 1.2.2 Equipping OJSC "BMSC" with labor resources

							2006 as a percentage of 2004
			average annual number, people		average annual number, people
By organizing everything
incl. workers of the whole milk shop
workers at the butter and ice cream production site
laboratory workers
employees of the sausage cheese production workshop
expedition workers
employees of OGM, OGE
garage workers
compressor shop workers
managers

As can be seen from Table 1.2.2, the total number of employees at the enterprise in 2006 compared to 2004 decreased by 7.7%. This is due, first of all, to a reduction in the staff of the whole milk shop by 9.1%, since by 2006 there was a noticeable decrease in production volumes and order volumes. There is a 20% decrease in the number of employees in the Chief Mechanical Department and the Chief Power Engineer Department; this was due to the acquisition of new vehicles in 2006, and the need for maintenance personnel at these production sites has decreased. It is also clear from this table that the number of such workers as oil production shop workers, expedition workers, garage workers and managers has not changed. There is only an increase of 8.3% in workers in the sausage cheese production workshop, since this enterprise began to expand the production of sausage cheese.

Analyzing the structure of the composition of employees at OJSC "BMSK", it is clear that the largest share is occupied by workers of the whole milk section; in 2004–2006. 21.2% and 20.8%, respectively, since the production of whole milk products is the main specialization of the enterprise. A sufficient share falls on service personnel, for example, workers in the compressor shop in 2004 amounted to 13.5%, and by 2006 - 12.5%.

The smallest share in the structure of the plant’s employees in 2004–2006. Expedition workers occupy 3.8% and 4.2%, respectively.

The company employs highly qualified specialists, thanks to whom the quality of its products remains unchanged. Every year, employees of JSC "BMSK" undergo advanced training courses not only in the Republic of Belarus, but also abroad.

An interesting fact is that many employees of the creamery plant have been working since its very foundation. This means that people like to work here, especially if the salary is sufficient.

The team considers its task to produce tasty, natural and high-quality products.

When analyzing the economic condition of OJSC "BMSC", attention should be paid to the analysis of the plant's production capacity.

The production capacity of an enterprise means the maximum possible output of products at the achieved or planned level of equipment, technology and production organization. To assess the production capacity of the Beloretsk Butter and Cheese Plant for the analyzed period, we will take 2004–2006. For this analysis, Table 1.2.3 will be needed.

Table 1.2.3 Production capacity of Beloretsk Butter and Cheese Plant OJSC

Product type	Power per shift, t	Average annual capacity, t	Products produced, t			Average annual power used, %
Animal oil
Whole milk products
Sausage cheese
Cheese "Adygei"
Processed cheese "Omichka"

This table shows that in 2006, the utilization of production capacity increased due to an increase in the volume of products: Adyghe cheese, animal butter, whole milk products, as well as due to the expansion of the range of products - in 2006 the enterprise began producing a new type of product, processed cheese. Analyzing the use of average annual capacity, it is clear that in 2006 it increased and amounted to 21.5% of the listed assortment, compared to 2005 and 2004.

1.3 Analysis of the financial condition of OJSC "BMSC"

The financial condition of an enterprise is characterized by a system of indicators that reflect the state of capital in the process of its circulation and the ability of a business entity to finance its activities at a fixed point in time. In the process of supply, production, sales and financial activities, a continuous process of capital circulation occurs. The structure of funds and sources of their formation, the availability and need for financial resources, and, as a consequence, the financial condition of the enterprise, the external manifestation of which is solvency, changes. Consequently, a stable financial condition is the result of competent, skillful management of the entire complex of factors that determine the results of the financial and economic activities of an enterprise.

An analysis of the structure of financial liabilities indicates the predominance of short-term sources in the structure of borrowed funds, which is a negative factor that characterizes the ineffective structure of the balance sheet and the high risk of loss of financial stability.

Operating profit increased in the analyzed period from -107 thousand rubles. and up to 71 thousand rubles. or by 166.4%. This indicates an increase in the efficiency of the enterprise's operating activities.

At the end of the analyzed period, the company had a net profit of 23 thousand rubles, which tended to decrease, i.e. own funds received as a result of financial and economic activities decreased.

The amount of income from non-operating operations tended to grow and amounted to 1,330 thousand rubles. At the same time, there are no expenses for non-operating activities at the end of the period.

The results of comparing the rates of change in income and expenses associated with non-operating activities indicate an increase in its profitability.

At the end of the analyzed period, the company had a net profit of 23 thousand rubles, which had a growth trend, i.e. own funds received as a result of financial and economic activities increased.

Let's calculate the coefficients characterizing the financial condition of the enterprise and compare them with the results of the last three years. We will write the results in the form of table 1.3.1.

Table 1.3.1 Financial indicators of the activities of OJSC "BMSK"

Indicators			Growth, %
Absolute liquidity ratio
Current ratio
Net working capital, thousand rubles.
Total liabilities to assets
Total liabilities to equity
Return on sales, %
Return on equity, %
Return on current assets, %
Return on non-current assets, %
Fixed asset turnover, times
Asset turnover, times
Inventory turnover, times
Receivables repayment period, days

The total liquidity ratio, which characterizes the overall provision of an enterprise with working capital for conducting business activities and timely repayment of the enterprise's urgent obligations, decreased in the period under review from 1.1 to 0.8, or by 27%.

The value of the indicator indicates an insufficient level of coverage of current liabilities with current assets and overall low liquidity, since its standard value is in the range from 1 to 2. This may indicate difficulties in marketing products and problems associated with organizing supplies.

The negative trend in this indicator for the analyzed period reduced the likelihood of repaying current liabilities at the expense of inventories, finished products, cash, accounts receivable and other current assets.

The quick liquidity ratio, which reflects the share of current liabilities covered by cash and the sale of short-term securities, increased in the analyzed period from 0.4 to 0.5, or by 27.3%.

The absolute liquidity ratio, reflecting the share of current liabilities covered solely by cash, decreased in the analyzed period from 0.0061 to 0.0001, or by 97.9%. Thus, during the analyzed period, the enterprise loses the ability to immediately repay current obligations using cash.

The enterprise's return on equity, which determines the efficiency of using funds invested in the enterprise, decreased, which is a negative fact, and amounted to 0.2%.

Return on current assets also decreased, which is a negative trend, and amounted to 0.2%.

Return on non-current assets decreased to 0.2%.

Thus, the management of the financial service of OJSC "BMSK" should take measures to increase the profitability of its equity capital, since at the end of the analyzed period this indicator is below the standard level, and the level of borrowed capital is so high that the enterprise is in strong debt dependence, which means , there is a high risk of its insolvency if interruptions in the flow of income occur.

2. Analysis of the provision of Beloretsk Butter and Cheese Plant OJSC with its own working capital and the efficiency of their use

2.1 Theoretical foundations of the analysis of an organization’s working capital

In a market economy, all agro-industrial formations are interested in rhythmic and stable functioning. It is possible to achieve high performance results only with the help of a clearly structured, justified and effective financial policy of organizations.

An important component of the system of organizing production of agro-industrial enterprises is the policy of managing current assets. Developing a perfect mechanism for managing working capital of organizations and its effective application in practice is a pressing problem at the present time, since the effective formation and regulation of the volume of current assets helps maintain an optimal level of liquidity, ensures the efficiency of the production and financial cycles of activity, and, consequently, a sufficiently high solvency and financial stability of agro-industrial enterprises.

The financial condition, liquidity and solvency of the organization largely depend on the level of business activity, optimal use of working capital, assessment of its size and structure. Due to the fact that working capital forms the main share of the company’s liquid assets, their value must be sufficient to ensure the rhythmic and uniform operation of the organization and, as a result, making a profit. The use of working capital in business activities should be carried out at a level that minimizes time and maximizes the speed of circulation of working capital and its transformation into real money supply for subsequent financing and the acquisition of new working capital. The need for financing depends proportionally on the rate of asset turnover. The lower the turnover of working capital, the greater the need to attract additional sources of financing, since the organization does not have its own funds to carry out business activities.

Each enterprise carrying out economic activities must have working capital that ensures the uninterrupted process of production and sale of products. Working capital of business entities, participating in the circulation of funds in a market economy, represents an organically unified complex. Working capital is money advanced into circulating production assets and circulation funds.

Working capital of the enterprise, participating in the process of production and sale of products, makes a continuous circuit. At the same time, they move from the sphere of circulation to the sphere of production and back, successively taking the form of circulation funds and circulating production assets.

Unlike fixed assets, which are repeatedly involved in the production process, working capital operates only in one production cycle and completely transfers its value to the entire manufactured product.

According to the sources of formation, working capital is divided into own and borrowed. With the development of entrepreneurial activity and corporatization, the own funds of enterprises play a decisive role, as they ensure the financial stability and operational independence of the business entity. The own working capital of privatized enterprises is at their complete disposal. Enterprises have the right to sell them, transfer them to other business entities, citizens, rent them out, etc.

Borrowed funds, attracted mainly in the form of bank loans, cover the enterprise's additional need for funds. At the same time, the main criterion for bank lending conditions is the reliability of the financial condition of the enterprise and the assessment of its financial stability.

The placement of working capital in the reproduction process leads to their division into circulating production assets and circulation funds. Working production assets function in the production process, and circulation funds function in the circulation process, i.e. in the process of selling finished products and purchasing inventory. The optimal ratio of these funds depends on the largest share of circulating production assets involved in value creation.

The size of circulation funds should be sufficient, but no more, to ensure a clear and rhythmic circulation process.

Analysis of current assets is one of the most important sections of the analysis of financial statements, which determines the presentation of information about the property and financial position of the organization. When conducting such an analysis, certain problems arise, the failure of which significantly reduces the reliability of its results.

The first question that arises when analyzing current assets is related to their definition. Current assets are cash and other assets that can be expected to be converted into cash or sold or consumed within 12 months or the normal operating cycle if it exceeds 12 months. The operating cycle is understood as the average time interval between the moment of procurement of material assets and the moment of payment for products sold or services rendered.

The definition of the concept of current assets allows a more reasonable approach to the formation of their value for analysis purposes, for which it is necessary to exclude from the composition of the section of the balance sheet of the same name those items that essentially do not belong to current assets. This primarily applies to accounts receivable items for which payments are expected more than 12 months after the reporting date.

An exception to the rule is accounts receivable for contracts concluded for a term of more than a year, but with a turnover period during the normal operating cycle. The presence of such receivables as part of current assets should be commented on in the explanatory note in order to indicate to external users the specificity of the approach.

In practice, this procedure is considered as the only adjustment to items of current assets. At the same time, in order to analyze current assets, it is necessary to further clarify their value by excluding from their composition those accounting items from which it seems unlikely to receive potential income. Such an adjustment should be made at the stage of preparing balance sheet information for its analysis.

When analyzing the operating cycle and determining the need for sources of financing, it is difficult to establish the duration of the stages of repayment of receivables and payables in the conditions of a mixed settlement system, which is most typical for the present time. The problem is that the methods of financial analysis are focused on a simplified situation, when the sale of goods is carried out only on credit, and the receipt of material assets is accompanied by the emergence of accounts payable. However, the system of relationships between an organization and its counterparties in many cases presupposes the presence of advance payment for products in one volume or another.

This aspect is fundamental for obtaining reliable results of solvency analysis, as well as analysis of financial results and profitability of organizations. An overvaluation of assets or the inclusion of so-called “dead” items, for example, accounts receivable that are unlikely to be collected, lead to a distorted assessment of solvency and an overstatement of the financial result and, consequently, to an unreliable presentation of information about the property and financial position of the organization.

It is advisable to conditionally divide items of current assets depending on the degree of their liquidity into three groups:

1) liquid funds that are immediately ready for sale;

2) liquid funds at the disposal of the organization;

3) illiquid funds.

The next problem in analyzing turnover is that the revenue reflected in the financial statements may be overestimated in comparison with the actual amount of revenue in situations of possible product returns, as well as discounts arising related to the terms of settlement. For the purposes of turnover analysis, it is recommended to use the net revenue indicator.

Analysis of inventory turnover is also important because, on its basis, turnover rates are developed. Even if other control and regulation methods are used for inventory management purposes, developing inventory turnover rates will be useful because:

– turnover rates are those general indicators that allow you to compare inventory levels in different time periods;

– turnover rates are the starting point when justifying limits on inventories in financial and production terms;

– as a result of the current comparison of actual turnover indicators and planned norms, it becomes possible to evaluate the effectiveness of financial planning. On the other hand, a comparison of actual and planned turnover indicators allows us to assess the degree to which inventories correspond to the real needs of the organization.

In this regard, working capital is divided into standardized and non-standardized. Standardized working capital corresponds with own working capital, as it makes it possible to calculate economically justified standards for the corresponding types of working capital. Non-standardized working capital is an element of circulation funds. Management of this group of working capital is aimed at preventing their unreasonable increase, which is an important factor in accelerating the turnover of working capital in the sphere of circulation.

In addition to the general turnover rates established for individual groups of inventories, for most enterprises it is necessary to carry out a more detailed calculation of inventory rates so that it becomes an integral part of the enterprise's production plan. In this case, the assessment of turnover is not carried out in isolation, but as an integral part of a system for analyzing the relationship between sales - production - procurement.

The basic principles of rationing working capital are adjusted depending on changes in business conditions, the development of corporatization, and, consequently, self-financing and self-sufficiency.

In the process of rationing working capital, norms and standards are developed. The working capital norm is a relative value corresponding to the minimum, economically justified volume of inventories, inventory, usually established in days. Norms of working capital depend on the norms of material consumption in production, the norms of wear resistance of spare parts and tools, the duration of the production cycle, supply and sales conditions, the time it takes to impart certain properties to certain materials necessary for industrial consumption, and other factors.

The working capital ratio is the minimum required amount of funds to ensure the business activities of the enterprise.

If working capital standards can be established for a relatively long period, then the standards are calculated for each specific period. Working capital standards are determined as the product of the sum of one-day consumption or output and the standard for the corresponding types of working capital.

One-day consumption or output at enterprises with production volume increasing evenly throughout the year is calculated according to the cost estimate for the fourth quarter of the coming year. This is explained by the fact that the calculated working capital standard is valid at the end of the upcoming period and must meet production needs at the beginning of the next period.

Only in conditions of the seasonal nature of production is one-day consumption calculated according to the cost estimate with a minimum volume of production, since the need above the minimum is covered by borrowed funds.

Rationing of working capital should ensure the optimal value of all components of regulated working capital.

So, analysis of the state of use of the enterprise’s working capital, analysis of the composition and structure of their components: inventories, work in progress and finished products, which are an important indicator of the commercial activity of the enterprise, is necessary not only for a reliable assessment of their actual use, but also for calculating the efficiency of their use in future. Determining the structure and identifying trends in changes in the elements of working capital make it possible to predict the parameters of business development.

2.2 Analysis of the provision of OJSC "BMSK" with its own working capital

Current assets serve the production sector and completely transfer their value to the cost of finished products, changing their original form. They ensure the uninterrupted circulation of funds, as well as the continuity of the production process, including all the funds necessary for the enterprise to create inventories in warehouses and in production, for settlements with suppliers, the budget, for paying wages and other purposes, so it makes sense to analyze them in detail .

We will conduct a detailed analysis of the provision of working capital and the efficiency of their use using the example of Beloretsk Butter and Cheese Plant OJSC in Beloretsk; for the analyzed period we will take 2004–2006.

Table 2.2.1 Equipping OJSC "BMSC" with working capital

Types of working capital

2006 as a percentage of 2004

cost, thousand rubles

cost, thousand rubles

cost, thousand rubles

incl. raw materials

Future expenses

Accounts receivable

including buyers and customers

Cash

Analysis of this table allows us to judge that the total cost of working capital increased by 58.44% by 2006, which in total terms is 4530 thousand rubles. There is a tendency to increase the amount of inventories and cash by 7.3%, and special attention should be paid to the increase in accounts receivable, which has increased almost threefold. In addition, a fairly significant reduction in the amount of VAT is visible, by 35.7%.

Analyzing the structure of working capital in OJSC "BMSK" for 2004–2006, it is clear that the largest share belongs to inventories - 62.3% and 42.2%, respectively. In the composition of inventories, the largest share is occupied by raw materials and supplies in 2004 - 39.8%, and by 2006 - 24.9%, finished products account for 22.1% and 17.2%, respectively. Another rather significant percentage share is accounted for by accounts receivable, of which the debt of buyers and customers amounted to 34.9% in 2004 and 52.9% in 2006. The smallest amount at the plant is cash, which back in 2004 occupied 0.54% of the total structure of working capital, and by 2006 its value decreased to “0”.

In general, for the organization, the cost of working capital could be significantly affected by the increase in the cost of finished products and goods for resale by 23.1% and a sharp increase in customer debt due to late payment for shipped products.

As you know, in any enterprise, the source of replenishment of its own current assets is retained earnings, as well as capital growth due to the share premium of the joint-stock company, reserve capital and social sector funds.

The financial position of an enterprise directly depends on how quickly funds invested in assets turn into real money. The speed of circulation of funds, in turn, is influenced by the following factors:

– scope of activity and scale of the enterprise,

– industry affiliation,

– economic situation in the country,

– pricing policy of the enterprise,

– asset structure,

– methodology for assessing the deadbolt.

Let's consider what factors can influence the change in the value of directly the own working capital of OJSC "BMSK". To do this, let's analyze table 2.2.2.

Table 2.2.2 Factors influencing changes in the value of own working capital

Indicators	Amount, thousand rubles			Change	2006 to 2004, %
Own working capital
authorized capital in terms of the formation of working capital
Extra capital
Reserve capital
retained earnings of the reporting year

Analyzing the data in Table 2.2.2, we draw the following conclusions.

It can be seen that OJSC “BMSK” has a lack of its own working capital, even by 2006 there is a tendency to reduce its value by almost 8 times. This is happening mainly due to a sharp decrease in the authorized capital in terms of the formation of working capital by 3,603 thousand rubles. or by 136.6%, that is, almost 2.5 times.

The unfavorable fact is that there is an increase in the amount of loss by 6.4% or 437 thousand rubles. This explains the negative value of the cost of own working capital. Only the amount of additional and reserve capital in OJSC “BMSK” remains unchanged in the amount of 7976 thousand rubles. and 285 thousand rubles. respectively. So, OJSC “BMSK” has a rather significant shortage of its own working capital, primarily associated with the lack of main sources for their formation at the enterprise.

2.3 Analysis of the efficiency of using working capital at OJSC "BMSK"

Improving the use of current assets with the development of entrepreneurship is becoming increasingly important, since the material and monetary resources released in this case are an additional internal source of further investment. Rational and efficient use of working capital helps to increase the financial stability of the enterprise and its solvency. Under these conditions, the company fulfills its settlement and payment obligations in a timely manner, which allows it to successfully carry out commercial activities.

The efficiency of using working capital is characterized by a system of economic indicators, one of which is the ratio of their placement in the sphere of production and the sphere of circulation. The more working capital serves the production sector, and within the latter - the production cycle, the more rationally they are used.

All indicators of the efficiency of using working capital will be calculated according to Form No. 1 “Balance Sheet” and Form No. 2 “Profit and Loss Statement” of OJSC “BMSK” for the period 2004–2006.

The calculation of the main indicators of the use of working capital is presented in table 2.3.1.

Table 2.3.1 Efficiency of use of working capital at OJSC "BMSK"

Indicators				Change	2006 to 2004, %
1. Volume of products, works, services sold, thousand rubles.
2. Number of days in the reporting period
3. One-day turnover for sales of products, works, services, thousand rubles.
4. Average cost of working capital balances, thousand rubles.
5. Working capital turnover ratio, turnover
6. Working capital consolidation ratio
7. Duration of one turnover of funds, days
8. The amount of all working capital released or additionally attracted compared to 2004, thousand rubles.
9. Load factor of funds in circulation, rub.

The table data confirms that the turnover of working capital of OJSC "BMSK" slowed down by 29 days - from 80.75 to 109.9 days. This, first of all, leads to a decrease in the funds turnover ratio by 1.19 turns - from 4.46 to 3.27 turns, and an increase in the consolidation ratio by 0.08. The change in the rate of turnover of working capital was achieved as a result of the interaction of two factors: an increase in revenue by 29 thousand rubles. and an increase in the average balance of working capital by 2643 thousand rubles. A slowdown in the turnover of working capital is a negative factor for the activity of an enterprise, for example, a decrease in profit and a decrease in solvency. Therefore, when the turnover of working capital slows down, in order to maintain the achieved indicators, the enterprise needs to attract additional funds. Using the example of OJSC "BMSK", the amount of additional funds raised after analysis for 2006 should amount to 2623.3 thousand rubles.

In this situation, you can also analyze the reasons that influenced the slowdown in working capital turnover. This could be, as already mentioned, a change in the average annual balances of current assets and sales revenue. To do this, we will use the method of chain substitutions in the following sequence:

∆ K ob = K ob.o -K ob.p,

where K ob.o, K ob.p – the value of the turnover ratio of the reporting and previous year.

∆ K rev = 3.27 – 4.45 = -1.18.

Let's make a substitution:

K` about. = B about 2.3.27284 = 4.46.

Calculation of changes in the turnover rate due to the influence of factors:

1) volume of products sold

∆ K rev 1 = K ` rev. -K ob..p

∆ K rev 1 = 4.46–4.45 = 0.01;

2) the average value of working capital balances:

∆ K rev 2 = K rev – K `

∆ K rev 2 = 3.27 – 4.46 = – 1.19.

So, according to the factor analysis data, it is clear that due to a slight increase in revenue from product sales by 29 thousand rubles. or 0.08%, the turnover of working capital increased by only 0.01 turnover. And due to the increase in working capital balances compared to 2004 by 2643 thousand rubles. or 36.6% there was a significant reduction of 1.19 turns.

Checking the results of the influence of factors:

∆ K rev 1 + ∆ K rev 2 = ∆ K rev

0,01 – 1,19 = – 1,18.

The main task of the analysis is not to assess the value of indicators, but to determine the financial consequences of their changes. At OJSC "BMSC", due to the slowdown in turnover of working capital, the decrease in revenue amounted to:

∆B = ∆ K about * About s.s.

∆B = -1.18*9927 = – 11713 thousand rubles.

In addition, the change in working capital turnover influenced the change in profit, an increase of 36.86 thousand rubles, which can be determined by the formula:

∆P = – P p.

where P p. = 139 thousand rubles. – profit from sales of products in the previous year.

∆P = – 139 = 102.14 – 139 = 36.86 thousand rubles.

The most complete analysis of the efficiency of using working capital of OJSC "BMSK" is impossible without assessing the individual, most important components of current assets, which include inventories and the amount of accounts receivable, which occupy the largest share in the value of current assets. Particular attention should be paid to the analysis of precisely these components of the working capital of the enterprise under study. To analyze inventory turnover and accounts receivable, consider Table 2.3.2.

Table 2.3.2 Assessment of inventory turnover and accounts receivable at OJSC "BMSK"

Indicators				Change	2006 to 2004, %
1. Amount of accounts receivable, thousand rubles.
2. Inventories, thousand rubles.
3. Accounts receivable turnover, turnover
4. Share of accounts receivable in the total volume of current assets
5. Inventory turnover, turnover

Analyzing the data in Table 2.3.2, we draw the following conclusions. First of all, the increase in the share of accounts receivable in the total volume of current assets by 2006 by 69.7% confirms the significant role of this indicator in relation to the turnover of the company’s own assets. In addition, the amount of accounts receivable increased in 2006 compared to 2004 by 3147 thousand rubles, and the amount of inventories decreased by 308.5 thousand rubles. or by 3.8%, in connection with this there is a decrease in inventory turnover by 0.6 turns. The accounts receivable turnover ratio in our case, due to a fairly significant increase in accounts receivable, decreased in 2006 compared to 2004 by 7.6 turns. This indicates, first of all, untimely payments from buyers and the “freezing” of the amount of the principal debt to the plant for shipped products. A sharp decrease in the accounts receivable turnover ratio at OJSC "BMSC" indicates that the enterprise, despite the failure to repay the principal amount of the debt, continues to sell finished dairy products on credit.

At the end of the analysis of the efficiency of the use of working capital in OJSC "BMSK", it would be appropriate to calculate the final indicator - the magnitude of the economic effect obtained from accelerating the turnover of working capital. It can be determined using the load factor.

If the load factor at JSC "BMSC" increased by 23.2 rubles, then the total amount of working capital savings will be:

E ef = ∆K z * In report 2.3.81000 = 753.8 rubles.

Summarizing the conclusions from the calculations made, we can say that at the enterprise under study it is necessary to pay attention to improving the management system in terms of the use of current assets. This will help not only stabilize the rhythm of the production process, but also eliminate excess working capital, which leads to a slowdown in the turnover of working capital, and also reduce the duration of the operating cycle.

3. Ways to optimize the use of current assets at OJSC Beloretsk Butter and Cheese Plant

The current asset management policy is part of the overall asset management strategy of the enterprise. It consists in forming the required volume and composition of assets, optimizing the process of their circulation.

The main disadvantage of almost every enterprise is an insufficiently developed policy for managing current assets, where, first of all, it should be taken into account that the acceleration of their turnover has a significant impact on the profit margin of the enterprise. Reducing the turnover period of current assets leads to a decrease in the need for them. And a decrease in the use of current assets causes a decrease in costs, which, other things being equal, leads to an increase in profit margins.

The insufficiency of its own working capital necessitates an increase in borrowed sources of financing: loans and borrowings. In cases where, for one reason or another, the use of loans and borrowings seems inappropriate, in the absence of additional capital investments by the owners, a slowdown in the timing of repayment of accounts payable inevitably occurs, which, in turn, leads to an increase in its balances on the balance sheet.

As a result, the appearance of a decrease in the need for own working capital is created, which in most cases is not true, since the indicated increase in accounts payable is accompanied by an increase in overdue liabilities, indicating problems with solvency.

A forced or intentional increase in the volume of accounts payable as part of the passive part of the balance sheet of Russian organizations makes the issue of determining the cost of this source of financing current assets especially relevant.

OJSC Beloretsk Butter and Cheese Plant is a striking example of an enterprise for which the question of improving management policies remains open at the moment.

If there is a lack of current assets, as in our case, there is a risk of disruption to production processes, possible failure to fulfill obligations, and, as a result, a decrease in profits.

To overcome such situations, the company urgently needs to attract additional financial resources. This urgency is reflected in their rising prices. As calculations showed in 2006, additional attraction of working capital in the amount of 2632.3 thousand rubles was required.

Management of individual groups of current assets constitutes the second section of the general policy for their management. Improving the management of each component of the total number of current assets can solve many problems in an enterprise.

Since inventories and receivables occupy a significant share in the structure of current assets of OJSC BMSK, we will consider how to optimize the management of these particular items of current assets.

Inventory management is a complex set of activities that consist of ensuring an uninterrupted production and sales process while minimizing current costs for the formation and maintenance of inventories. In relation to the enterprise under study, I would suggest optimizing the delivery time of raw materials, choosing to choose disciplined, reliable and regular suppliers. In the worst case, a shortage of inventories can lead to a stop in production and a decrease in sales volumes.

One of the measures to carry out effective inventory management is to establish strict control over the use of inventories, their replenishment and turnover. To implement this program, it is necessary to implement the ABC system - a system for monitoring the movement of inventories. This method involves dividing inventories into three categories - A, B and C, depending on the valuation of the total annual requirement for this type of inventory. Management of category A should be carried out frequently, daily; at the enterprise under study, this may be raw milk that is daily involved in the production process; Category B reserves must be closely monitored; for category C, safety stocks are created, which must be periodically monitored.

This system allows you to obtain the total need for financial resources advanced for the formation of reserves, i.e. determine the size of current assets serving a specific stage of the production and commercial cycle, excluding the situation in which production inventories stagnate and remain unused in the production process

The main task in the process of inventory management is to optimize their size and turnover. For this purpose, it is also proposed to introduce an economically feasible order model at the enterprise. First, an analysis of the current costs of placing an order, delivery of goods, acceptance and storage in a warehouse is carried out, and the amount of each type of cost is determined. Minimizing all these types of costs is the key point in determining the most economical size of inventories.

Another solution to many problems in terms of inventory management is to involve excess inventories of goods and materials into economic circulation. This will reduce storage costs, possible losses due to aging and spoilage of inventory, and also free up some financial resources.

For the period from 2004 to 2006, OJSC "BMSC" observed a sharp increase in accounts receivable by 129.5%. This typically results in increased bad debts and collection costs. In conditions of inflation, the aging of accounts receivable leads to the depreciation of funds invested in it, and as a consequence, to the formation of a lack of financial resources.

As part of debt management, including receivables, it is necessary to assess the solvency of clients and monitor the timeliness of payments.

Also, to optimize the efficiency of management over the use of current assets in terms of accounts receivable at OJSC "BMSK", it is necessary to implement the following measures:

– development of the enterprise’s marketing policy,

– improve the payment system,

– studying the degree of market saturation with products and its capacity, etc.

The accounts receivable management policy is aimed at expanding the volume of product sales and optimizing cash flows.

Conclusion

Thus, the most important element of production, ensuring the continuity of production and normal operation, are current assets.

The effective use of working capital plays a significant role in ensuring the normalization of the work of any enterprise, increasing the level of profitability of production and depends on many factors. External factors, as a rule, include the general economic situation: tax legislation, conditions for obtaining loans and interest rates on them, the possibility of targeted financing, etc. These factors determine the framework within which any economic entity can take advantage of reserves for the rational movement of working capital.

At present, elements of the crisis state of the economy have a negative impact on changes in the efficiency of using the working capital of an enterprise and on the slowdown in their turnover: the decline in production volumes and consumer demand, the severance of economic ties; violation of contractual and payment discipline, etc.

At the same time, significant reserves for increasing the efficiency of using current assets lie directly in the business entity itself. In the production sector, this applies primarily to inventories. Being one of the components of working capital, they play an important role in ensuring the continuity of the production process.

Rational organization of industrial reserves is an important condition for increasing the efficiency of their use.

In this course work, the theoretical aspects of the importance of conducting an economic analysis of current assets were considered using the example of OJSC "BMSC" in Beloretsk, the state of the financial and economic activities of OJSC "BMSC" was studied, and an economic and financial analysis of the activities of this enterprise was carried out.

The main problems of using working capital were also identified.

So, for example, by 2006 there was a significant slowdown in the turnover of working capital, which is a negative factor for the activities of the enterprise, which led to a decrease in profit and a decrease in the solvency of the plant. In addition, it was revealed that there was a very sharp reduction in accounts receivable turnover. This indicates, first of all, untimely payments from buyers and the “freezing” of the amount of the principal debt to the plant for shipped products. In this regard, it was proposed that the enterprise under study, as part of debt management, including receivables, thoroughly assess the solvency of clients, monitor the timeliness of payments, the procedure and timing of concluding contracts, etc.

With regard to increasing the efficiency of using inventories at JSC "BMSC" during the analysis in order to involve their full volume in the production process, it was proposed to introduce an ABC system - analysis, which would allow the enterprise to establish a system of strict control over the use of inventories, their replenishment and turnover.

Bibliography

1. Bakanov M.I. Analysis of the efficiency of using working capital Accounting. – 1999. – No. 10. - With. 22–28.

2. Gavrilov A.A., Kalaidin E.N. Analysis of the relationship between financial results and the provision of own working capital Management in Russia and abroad. – 2000. – No. 1. - With. 95 -97.

3. Efimova O.V. Analysis of the organization's assets Accounting. – 2005. – No. 19. - With. 15–19.

4. Kovalev V.V. Enterprise finance. Tutorial. – M: LLC “VITREM”. – 2004. – p. 352.

5. Kovalenko N.Ya. Agricultural Economics. With the basics of agricultural markets: A course of lectures. – M.: Association of Authors and Publishers. TANDEM: EKMOS Publishing House, 1998. – 233 p.

6. Litvin. M.I. Investments in working capital of enterprises Finance – 1999. – No. 4. - With. 15 – 17.

7. Lyubushin N.P., Leshcheva V.B., Dyakova V.G. Analysis of financial and economic activities of an enterprise: Textbook. –.M.: UNITY – DANA, 2004. – 471 p.

8. Moiseev M.V. Let's turn debts into current assets Current issues of accounting and taxation. –2006. – No. 24. - With. 33–38.

9. Ordin V.N. Improving the management of the EKO company -2000. – No. 2. - With. 114 – 116.

10. Parushina N.V. Analysis of own and attracted capital in financial statements Accounting. – 2002. – No. 3. - With. 8–14.

11. Savitskaya G.V. Analysis of economic activities of agricultural enterprises. Textbook. – Mn.: New edition. – 2004. – 687 p.

12. Sergeev I.V. Enterprise Economics: Textbook. allowance. – 2nd ed., revised. and additional – M.: Finance and Statistics, 2005. – 198–216 p.

13. Sokolova N.V. Analysis of the turnover of funds and capital of the enterprise. – 2004. – No. 12. - With. 15–18.

14. Chorba P.M. On the issue of interpretation of the essence of working capital Finance – 2004. – No. 5. - With. 53 -54.

15. Sheremet A.D., Sayfulin R.S. Enterprise finance. – M.: INFRA – M. 2004. – 343 p.

16. Shulyak P.N. Enterprise finance: Textbook. – 5th ed., revised. and additional - M.: Publishing and trading corporation "Dashkov and Co", 2004. - 226–261 p.

Working capital includes that part of the means of production that is entirely consumed in the production process during one cycle, and its cost is completely transferred to the finished product.

Working capital can be located in the sphere of production (inventories, work in progress, deferred expenses) and in the sphere of circulation (finished products in warehouses and shipped to customers, funds in settlements, short-term financial investments, cash in hand and in bank accounts).

The financial condition of the enterprise largely depends on the state of working capital, so it is necessary to especially carefully analyze changes in the composition and dynamics of current assets. It should be borne in mind that the stability of the working capital structure indicates a stable, well-functioning process of production and sales of products and, conversely, significant structural changes are a sign of unstable operation of the enterprise.

The state of inventory has a great influence on the financial condition of the enterprise and its production results. An increase in the share of reserves may indicate:

Expanding the scale of the enterprise’s activities;

The desire to protect funds from depreciation under the influence of inflation;

Ineffective inventory management, as a result of which a significant part of capital is frozen for a long time in inventory and its turnover slows down.

At the same time, the lack of reserves (raw materials, materials, fuel) negatively affects production volumes. Therefore, it is necessary to check whether the actual balances correspond to their planned requirements.

A sharp increase in accounts receivable and its share in current assets may indicate an imprudent credit policy of the enterprise in relation to customers, or an increase in sales volume, or the insolvency of some customers. A reduction in accounts receivable is assessed positively if it occurs due to a reduction in its repayment period. If accounts receivable decrease due to a reduction in product shipments, this indicates a decrease in the business activity of the enterprise. Therefore, in the process of analysis, it is necessary to study the dynamics, composition, reasons and prescription of the formation of receivables, to determine whether there are any amounts in its composition that are unrealistic for collection or those for which the statute of limitations expires. If there are any, then it is necessary to take measures to collect them (executing bills of exchange, applying to the judicial authorities, etc.).

To assess the efficiency of using working capital, the following indicators are used:

Turnover ratio;

Working capital consolidation ratio;

Duration of one revolution;

Level of profitability of using working capital.

The turnover ratio is calculated by dividing the cost of marketable products by the average annual cost of working capital.

The working capital consolidation ratio is the inverse indicator of the turnover ratio and is calculated by dividing the average annual cost of working capital by the cost of marketable products.

The duration of one turnover in days is determined by dividing the number of days in the period by the turnover ratio.

The level of profitability of using working capital is calculated as follows: profit from the sale of products is divided by the average annual cost of working capital and multiplied by 100%.

An increase in the turnover ratio, a decrease in the working capital consolidation ratio and a reduction in the duration of one turnover in days indicate an acceleration in the turnover of working capital. This, in turn, allows the company to free up part of its working capital for additional production. If, as a result of the acceleration of turnover, material elements of working capital are released (stocks of raw materials, supplies, fuel), then the monetary resources previously invested in these stocks are also released, and this improves the financial condition of the enterprise and strengthens its solvency.

The main ways to accelerate capital turnover:

Reducing the duration of the production cycle due to intensification of production;

Improving the organization of material and technical supply in order to uninterruptedly provide production with the necessary material resources and reduce the time that capital remains in reserves;

Accelerating the process of shipping products and processing settlement documents;

Reducing the time spent in accounts receivable.

Theoretical foundations of managing current assets of an enterprise, their concept. Indicators of efficiency of asset use, methods of their analysis. Analysis of the formation and use of working capital of the enterprise, proposals for increasing their efficiency.

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• Introduction
• Chapter 1. Theoretical foundations of managing current assets of an enterprise
• 1.1 Concept and essence of current assets
• 1.2 Indicators of efficiency in the use of current assets of the enterprise
• 1.3 Methodology for analyzing the working capital of an enterprise
• Chapter 2. Analysis of the formation and use of working capital of Tair LLC
• 2.1. Brief organizational and economic object of study
• 2.2 Analysis of the formation and use of current assets of Tair LLC
• Chapter 3. Assessing the efficiency of using working capital at Tair LLC
• 3.1 Calculation of efficiency indicators for the use of current assets of Tair LLC
• 3.2 Proposals to improve the efficiency of working capital management of Tair LLC
• Conclusion
• Bibliography

Introduction

Relevance of the work. An important part of an enterprise's property is its working capital. 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. The presence of sufficient working capital of an optimal structure at the enterprise is a necessary prerequisite for its normal functioning in a market economy. Therefore, the enterprise must carry out rationing of working capital, whose task is to create conditions that ensure the uninterrupted production and economic activities of the company.

Currently, issues of managing working capital of organizations are of particular importance. Being an independent economic category, working capital has an effective impact on the process of production and sales of products. They play a decisive role in organizing the activities of the enterprise, in ensuring its financial stability and solvency, profit and profitability. The efficiency of working capital largely determines the efficiency of the organization. The complexity and variety of tasks associated with the use of working capital, increasing their turnover and impact, necessitate in-depth research in this area.

The purpose of this course work is to analyze the efficiency of using the organization's working capital.

The goal involves solving the following tasks:

Study the theoretical foundations of the analysis of an enterprise's working capital;

Conduct an analysis of the formation and use of current assets of Tair LLC;

Assess the effectiveness of management of current assets of Tair LLC.

The object of the study is Tair LLC.

The subject of the study is indicators of the efficiency of using working capital of a wholesale trade enterprise.

The methodological basis for writing a course work is the use of a combination of various methods in the process of conducting research: the method of analysis and synthesis, grouping and comparison, economic-statistical, economic-mathematical, expert, normative and other methods. The use of each of these methods is determined by the nature of the problems solved in the research process.

The course work consists of an introduction, 3 chapters, a conclusion, and a bibliography.

The practical significance of the work lies in the fact that measures to improve the efficiency of using working capital, developed as part of the analysis, can be used in the practical activities of the enterprise under study in order to improve the processes of its financial and economic activities.

Chapter1. Theoretical foundations of managing current assets of an enterprise

1.1 Concept and essence of current assets

In economic science, working capital is one of the most important and at the same time complex economic categories. Working capital is an integral part of current assets, therefore the study of current assets must begin by considering the category of working capital. Over the course of a long time, various interpretations of this concept have been put forward. There are three definitions of working capital

As the cost of inventory items;

How is the value of working capital and circulation funds;

As an advanced cost, functioning in the form of circulating production assets and circulation funds.

At its core, working capital, based on their participation in the circulation, is not consumed, spent, or expended, but is advanced (in a targeted manner). Therefore, working capital is a part of an organization’s funds that is entirely consumed during the cycle and is included in current assets. Currently, the cost interpretation of the essence of working capital prevails. In other words, they have practically abandoned the understanding of working capital as a set of material and monetary values; working capital received the status of only the value category.

All sources from which working capital is formed can be considered as a kind of fund, which can be called a working capital fund.

Working production assets ensure the continuity of the production process, and circulation funds ensure the sale of production products on the market and the receipt of funds that guarantee the well-being of the enterprise. This economic role (purpose) of working capital determines their essence, which ensures the uninterrupted functioning of the production process and the circulation process.

Thus, working capital is considered only as the amount of money advanced to working capital and circulation funds, ensuring a systematic and continuous process of production and sales of products. At the same time, working capital includes inventories, work in progress and semi-finished products of own production, deferred expenses, and circulating funds include finished products and cash.

Objects of labor are entirely consumed in the labor process, so their constant or periodic renewal is necessary, which, in turn, determines the availability of reserves.

Inventories are an economic category; they are created along the entire path of promotion of inventory items - from the place of their production (manufacturing, extraction) at manufacturing enterprises to the places of direct use of material resources at consumer enterprises or supply bases. The total stock of almost any brand of inventory (raw materials, supplies, components, purchased semi-finished products, fuel, spare parts, low-value and wearable items, finished products, etc.) is placed in different places as they move to direct consumers.

One of the components of inventories is inventories. The need to create inventories is determined by the essence of the production process. Raw materials, materials, fuel necessary for the manufacture of products must be supplied continuously, and this can only be achieved if optimal reserves are created.

Finished goods inventories include the value of products that are completed in production and ready for sale, where they are completed, packaged, and then shipped to the consumer.

Current assets are a term used in accounting, and Accounting Regulations 4/99 “Accounting statements of an organization” are defined as the name of the second section of the asset balance sheet, that is, current (mobile) assets include those assets that are reflected in the balance sheet its second section. current asset management

In the balance sheet, current assets include:

1) inventories, which include:

Material assets used in one or another type of activity as objects of labor: raw materials and materials, components, spare parts, fuel;

Products of labor: products ready for sale, goods (in warehouses of supply and distribution, trade, purchasing and other trade organizations), semi-finished products of own production;

Products in progress (products that have not gone through the entire technological processing cycle: incomplete products that have not passed testing and technical acceptance, unfinished work);

Instruments that generate income or are used for other purposes for less than 12 months. These include: equipment and household supplies, work clothes and safety shoes, uniforms and other means of labor, which are included in the funds in circulation. The exceptions are agricultural machines and implements, replacement equipment, special tools and special devices, weapons, working and productive livestock;

2) cash, which includes money in the enterprise’s cash desk (cash), in a current account and other bank accounts, including in a foreign currency account (cash, cash). Currency accounting is also carried out in Russian rubles at periodically changing foreign currency exchange rates against the Russian ruble, announced by the Central Bank of the Russian Federation;

3) accounts receivable, which is formed in the form of monetary debts to the enterprise for products and goods sold to buyers and customers (work performed, services provided) on the terms and at the cost stipulated by the business agreement, until they are paid; on bills received; on contributions of founders to the authorized capital; debts of other debtors, including accountable persons for amounts issued for travel or business expenses, etc. In general, accounts receivable represent funds in settlements. Long-term receivables, the repayment of which is doubtful, may turn into bad debt and, as a result, into losses;

4) short-term financial investments - an enterprise’s investments in short-term liquid securities (shares, bonds, certificates) purchased to generate income for a period not exceeding one year, as well as the provision of short-term (up to a year) loans to other business entities.

From the definition of current assets it follows that it is illegal to identify the concepts of current assets and current assets. Current (mobile) assets, especially stocks of raw materials, materials, fuel, etc., are consumed and spent in the production process, and working capital, as the most liquid resources, is “not consumed or consumed”, since they are advanced into production.

If working capital were consumed and spent, then after each cycle of circulation the operating enterprise would have to replenish working capital by at least the entire amount of working capital and circulation funds used in the production and sale of products. In fact, this does not happen; on the contrary, after each cycle of circulation, a profitably operating enterprise receives an increase in the amount of money advanced into circulation.

In addition, it is obvious that the value of current assets cannot be equal to the value of current assets. For example, current assets (according to the structure of the balance sheet) include all the organization’s funds, accounts receivable are determined by the selling price, etc.

The effective use of working capital is reflected in the acceleration of their turnover, and, consequently, in the reduction of their value. Working capital turnover refers to the duration of the complete circulation of funds from the moment of acquisition of working capital (purchase of raw materials, materials, etc.) and sale of finished products. The circulation of working capital ends with the receipt of revenue to the enterprise.

1.2 Indicators of efficiency in the use of current assets of the enterprise

The effective use of working capital has an active influence on the progress of production, financial results and the financial condition of the enterprise. The released material and monetary resources are an additional internal source of further investment, helping to increase the financial stability of the enterprise and its solvency. Under these conditions, the company fulfills its obligations in a timely manner and in full.

The efficiency of using working capital is characterized by a system of indicators

Own working capital (own working capital) - characterizes that part of current assets that is financed from own funds or long-term liabilities.

SOK = Current assets - Current liabilities (1.1)

where SOK is own working capital;

RNS must be > 0.

Having your own working capital is a necessary condition for ensuring the financial stability of an enterprise. It is recommended to set the minimum value of this indicator at 10% of the total volume of current assets.

The higher this indicator, the more stable the financial condition of the enterprise, the more opportunities it has to pursue an independent financial policy. However, having a ratio that is too high (more than 50% of current assets) is not very good, since the company uses funds inefficiently.

Working capital turnover is the duration of one complete circulation of funds, from the acquisition of inventories to the sale of finished products and the receipt of money in the company's current account.

The faster working capital goes through these phases, the more products an enterprise can produce using the same amount of working capital. Turnover depends on the specifics of production and sales conditions, features in the structure of working capital and other factors.

The turnover rate of working capital is calculated using the following indicators:

Turnover speed (turnover ratio) - the number of revolutions that working capital and its individual elements make during the analyzed period.

The turnover ratio is calculated using the following formula:

Ko = V / Sob (1.2)

where Ko is the turnover ratio of current assets;

B - revenue from sales of products;

Sov - average value of current assets for the analyzed period = (current assets at the beginning of the period + current assets at the end of the period) / 2.

The load factor of current assets is an indicator inverse to the turnover ratio. It shows how much working capital is per 1 ruble. revenue from product sales. The load factor is calculated using the following formula:

Kzos = 1 / Ko, or Kzos = Sob / B (1.3)

where Kzos is the load factor of current assets;

Ko - turnover ratio of current assets;

Turnover period (the duration of one turnover of working capital) is the average period during which money invested in production and business operations is returned.

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

Add = T H Sob / V (1.4)

where Dob is the duration of one turnover of current assets, in days;

T - number of days in the analyzed period (year - 360 days, quarter - 90 days);

Sob - the average value of current assets for the analyzed period;

B - revenue from sales of products.

There are general and private turnover.

General turnover characterizes the intensity of use of working capital in all phases of the circulation, without reflecting the characteristics of the circulation of individual elements or groups of working capital.

Partial turnover reflects the degree of use of working capital in each individual phase of the circulation, in each group, as well as for individual elements of working capital (inventory turnover, accounts receivable turnover, etc.).

The faster working capital circulates, the better and more efficiently they are used. Accelerating turnover leads to the release of part of the working capital (material resources, cash), which can be used by the enterprise for further expansion of production, development of new types of products, improvement of supply and sales and other measures to improve business activities.

The relative release of working capital is the difference between the organization's working capital requirement, calculated on the basis of the planned or actually achieved turnover in the reporting year, and the amount with which the organization ensured the implementation of the production program in the next year.

The relative release of working capital as a result of a change in the duration of one revolution is determined as follows:

Vos = (Dobf - Dobbaz) Ch Vf (1.5)

where Dobf is the turnover period of working capital in the reporting period, in days;

Dobbaz - the period of turnover of working capital in the base (previous) period, in days;

Vf - average daily revenue from product sales in the reporting period.

1.3 Methodology for analyzing the working capital of an enterprise

An analysis of an enterprise's working capital begins with determining the availability of the organization's working capital. The availability of working capital at the disposal of a particular enterprise can be calculated both as of a certain date and on average for the past reporting period.

The availability of working capital as of the reporting date is determined directly from the balance sheet or in more detail - from synthetic and analytical accounting data.

Analysis of the efficiency of use of working capital by an enterprise begins with an analysis of the dynamics of their structure (percentage) based on data from the second section of the balance sheet, which indicates the main functional forms of working capital. Particular attention is paid to changes in inventories of raw materials, work in progress, and finished products.

Accelerating the turnover of working capital is an important factor in increasing the economic potential contained in it, since it allows, with the same amount of funds, to satisfy a larger volume of needs for them. The turnover rate is characterized by: the number of turnovers of working capital for a given period; average duration of one revolution, in days; consolidation coefficient.

To characterize the number of turnovers, the working capital turnover ratio is used, which is calculated as the ratio of the cost of products sold for a given period to the average balance of working capital for the same period.

The coefficient of consolidation of working capital is a value inversely proportional to the turnover ratio.

You can calculate the duration of turnover of both working capital as a whole and their individual functional elements - inventories, work in progress, finished products and others. Such an analysis allows us to identify those functional elements of working capital that slow down turnover and, therefore, reduce the efficiency of their use as a whole.

The total amount of the absolute release of working capital (or their loading into circulation) is determined according to the data in the second section of the balance sheet. The difference in the total value of current assets at the beginning and end of the year (quarter, month) shows their overall change for the analyzed period. The loading or release of working capital is also determined by their various functional elements - stocks of raw materials and supplies, work in progress, etc.

Of great importance for determining the efficiency of the use of working capital is the calculation of the relative release of working capital. The amount of relative release is determined as the difference between the amount of working capital of the base period, recalculated for the growth in turnover for sales of products and services in the analyzed (reporting) period, and the actual amount of working capital in the analyzed (reporting) period.

Relative savings (investment) of working capital shows how much the actual amount of working capital is less (greater) than the amount that the enterprise would need in the analyzed period, based on the efficiency of their use in the base year (quarter, month). For these purposes, the basic amount of working capital is adjusted for the increase (decrease) in sales volume in the analyzed period compared to the base one. Accelerating the turnover of working capital is an important factor in increasing production efficiency.

The balance sheet and profit and loss statement of the organization serve as the information base for analyzing the organization's working capital.

Chapter2. Analfrom formation and usenegotiablefundsOOO "Tair»

2.1 Brief organizational and economicobject of study

The object of study of this course work is the limited liability company "Tair".

Tair LLC was founded in 2007 and over the years of its operation has become a steadily developing enterprise.

The main activity of the organization is wholesale trade in food products, delivery of products to retail outlets in the city and region, distribution of leading global and Russian companies.

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Rice. 2.1. Organizational structure of Tair LLC

Table 2.1. Analysis of the results of financial and economic activities of Tair LLC for 2012-2013.

	Indicators				Deviation (+,-)	Growth rate, %
	Sales proceeds excluding VAT
	Number of employees
	Sales revenue per employee
	Cost of goods sold
	Gross profit
	Business expenses
	Salary fund
	Average monthly salary per employee
	Profit (loss) from sales
	return on sales
	Other income
	other expenses
	Profit (loss) before tax
	Current income tax, penalties for paying taxes
	Net income (loss)
	Profitability of final activities
	Average annual property value
	Average annual cost of fixed assets

Based on the results of the reporting period, it should be noted that the efficiency of using the organization’s labor resources increased by 45.75%, which is also assessed positively.

You should also evaluate positively the increase in profit from the sale of goods by 48.81% and the increase in return on sales by 0.17%.

A positive aspect in the organization’s activities during the reporting period is the reduction in the level of the organization’s commercial expenses by 0.05%.

Due to an increase in the organization’s other income by 53.33% and a stable value of the organization’s other expenses, the amount of the organization’s net profit at the end of 2013 increased by 72.10%, with an increase in the profitability of the organization’s final activities by 0.98%, which is assessed positively.

An analysis of the organization’s property status indicates an increase in the economic potential of the organization and an increase in the material and technical base, since at the end of the reporting period there is an increase in the value of the organization’s property by 19.90%, while the value of both current and non-current assets of the organization increases by 18,674 and 283 thousand roubles. respectively.

To summarize the analysis, it is necessary to give a positive assessment of the dynamics of the results of economic activities of Tair LLC based on the results of the analyzed period.

2.2 Analysis of the formation and use of current assetsLLC "Tair"

At the beginning of the analysis, it is necessary to consider changes in the overall structure of the enterprise’s property, identifying the share of current assets and the dynamics of its change in the total value of the property.

For this purpose, we will compile table 2.2.

Table 2.2. Analysis of the dynamics, composition and structure of the property of Tair LLC for 2012-2013.

	Indicator name			Deviation	Growth rate, %
	Property of everything, incl.
	Fixed assets
	Current assets

As follows from the data in Table 2.2, the total value of the organization’s property increased by 23,376 thousand rubles. This, in turn, was due to a significant increase in the value of the organization’s non-current assets by 75.06%, with an increase in the value of current assets by 34.92%.

This change had an insignificant impact on the property structure of Tair LLC in 2013, namely, if at the beginning of 2013 the share of current assets was 99.39%, then by the end of the year it was 99.21%.

However, the existing share of non-current assets at the level of 0.79% indicates a discrepancy with the optimal ratio of the share of non-current and current assets of the organization, amounting to 30 and 70%, respectively.

Table 2.3. Analysis of the dynamics of the composition and structure of current assets of Tair LLC for 2012-2013.

	Indicator name			Deviation	Growth rate, %
	Current assets, incl.
	raw materials and materials
	finished products and goods for resale
	Future expenses
	Cash
	Other current assets

From the data in the analyzed table it follows that the value of the organization’s current assets increased by 34.68%. A study of the structure of the organization's current assets indicates a predominance of the organization's reserves in the amount of 80.87%, the size of which increased by 24.76%.

Thus, the change in the structure of current assets should be assessed positively, since funds are immobilized in accounts receivable.

Table 2.4. Analysis of the composition and structure of receivables of Tair LLC for 2012-2013.

	Cash			Deviation	Growth rate,%
	Accounts receivable in total, including
	Long-term accounts receivable
	Short-term receivables
	Settlements with buyers and customers
	Advances issued
	Other debtors
	Overdue accounts receivable

The data in Table 2.4 indicates an increase in the amount of receivables of Tair LLC by more than 2 times. Moreover, this value is represented by an increase in short-term receivables of the analyzed organization.

Considering the structure of this indicator, it should be noted that significant changes occurred in 2013: debt for settlements with buyers and customers increased by more than 3 times, with the share of this type of debt increasing by 15.82%. At the same time, the increase in other receivables amounted to 60.73%.

Consequently, the dynamics of the organization's receivables is assessed negatively. At the same time, as a positive point, it should be noted that the organization has no overdue accounts receivable.

Table 2.5. Matrix balance sheet of Tair LLC at the end of 2013

	Indicators	Charter capital	Extra capital	retained earnings	Short-term loans and credits	Accounts payable
	Fixed assets
	Short-term receivables
	Cash
	Other current assets

The data from the analysis indicate that the organization in its activities uses both its own and borrowed sources of financing to finance inventories and costs.

At the same time, most of the current assets are financed from the organization’s retained earnings, the amount of which at the end of 2013 amounted to 67,614 thousand rubles, which deserves a positive assessment.

Depending on the degree of liquidity, the assets of the enterprise are divided into the following groups.

A1. The most liquid assets - these include all items of the enterprise's funds and short-term financial investments (securities). This group is calculated as follows:

A1 = page 250 + page 260

A2. Quickly realizable assets are accounts receivable, payments for which are expected within 12 months after the reporting date.

A2 = page 240

A3. Slowly selling assets - items in section 2 of the balance sheet assets, including inventories, value added tax, accounts receivable, and other current assets.

Table 2.6. Analysis of the composition and structure of working capital of Tair LLC by degree of liquidity for 2012-2013.

				Deviation,(+,-)
	Most liquid assets (A1)
	Quickly realizable assets (A2)
	Slowly selling assets (A3)
	Hard to sell assets (A 4)

A3 = page 210 + page 220 + page 230 + page 270

A4. Hard-to-sell assets - items in section 1 of the balance sheet assets - non-current assets.

A4 = page 190

The results of the analysis indicate the predominance of the share of slowly selling assets of the organization, amounting to 81.11% at the end of the reporting period, the size of which increased by 14,449 thousand rubles in 2013. It is also necessary to note a significant increase in quickly sold assets by 9126 thousand rubles.

Table 2.7. Analysis of the composition and structure of working capital of Tair LLC by risk level for 2012-2013.

Working capital group	Composition of included asset balance sheet items	At the end of 2012	At the end of 2013	Deviation, (+,-)
		amount, thousand rubles	specific gravity, %	amount, thousand rubles	specific gravity, %	amount, thousand rubles	specific gravity, %
Working capital subject to inflation	Cash
	Accounts receivable
Working capital not subject to inflation
	Other means
Total amount of working capital excluding VAT

The data of the analysis allow us to conclude that in the structure of the organization's current assets, current assets that are not subject to inflation predominate - 81.76%.

At the same time, the amount of these assets in dynamics increased by 14,449 thousand rubles, which deserves a positive assessment. The structure of this group of assets is dominated by reserves, the share of which at the end of the reporting period amounted to 98.92%.

Chapter3. Assessing the efficiency of using working capitalfunds inLLC "Tair"

3.1 Calculation of efficiency indicators for the use of current assetsLLC "Tair"

The main indicators characterizing the efficiency of use of the organization's working capital are indicators of the speed and time of circulation of the organization's working capital, as well as the profitability ratio of working capital.

Table 3. Analysis of the dynamics of the efficiency of using working capital of Tair LLC for 2012-2013.

Indicators			Deviation, (+,-)	Rate of change, %
Revenue from the sale of goods, thousand rubles.
One-day revenue, thousand rubles.
Net profit, thousand rubles.
Average annual cost of working capital, thousand rubles.
Time of circulation of working capital, days
Speed ​​of circulation of working capital, turnover
Absolute release (involvement) of working capital into circulation
Relative release (involvement) of working capital into circulation

The efficiency of using the organization's working capital has improved, since the circulation speed of these assets has increased by 0.3 volumes, while the circulation time has been reduced by almost 13 days. This situation is assessed positively. Due to the influence of the above factors, at the end of the reporting period, an additional amount of the organization’s working capital is released in the amount of 8493.26 thousand rubles, which deserves a positive assessment.

Table 3.2. Analysis of the dynamics of Tair LLC’s own working capital for 2012-2013.

	Indicator name				Rate of change, %
	Own capital, thousand rubles.
	Long-term liabilities, thousand rubles.
	Non-current assets, thousand rubles.
	Own working capital (line 1+line 2-line 3)
	Current assets, thousand rubles.
	Inventories including VAT, thousand rubles.
	Equity capital agility ratio (line 4/line 1)
	Provision ratio of own working capital (page 4/page 5)
	Inventory coverage ratio with own working capital (line 4/line 6)

As follows from Table 3.2, the organization’s own working capital increased by 31.28%, which is assessed positively.

At the same time, the value of the organization’s agility coefficient remains unchanged - 0.99. Also worthy of a positive assessment is the increase in the dynamics of the reserve ratio with own working capital by 5.23%.

The value of this coefficient at 0.88 means that 88% of the organization’s reserves are financed from its own working capital.

Table 3.3. Analysis of the impact of the efficient use of working capital of Tair LLC on sales revenue

	Indicators		Adjusted value			Magnitude of influence
	Average cost of working capital, thousand rubles.
	Circulation speed, rev.
	Sales proceeds, thousand rubles. (page 1*page 2)

The data from the analysis allow us to conclude that increasing the efficiency of using the organization's working capital has a significant positive impact on the amount of revenue from the organization's sales.

Due to an increase in the turnover rate of working capital from 2.72 to 3.02 vol., sales revenue increased by 23,116 thousand rubles, which is assessed positively.

Due to the increase in the average annual cost of the organization's working capital, sales revenue increased by 50,826 thousand rubles, which deserves a positive assessment.

To continue the analysis, we will consider the indicators of the organization’s business activity and give them an assessment (Table 3.4.).

An assessment of the ratio of growth rates of the main estimated indicators of the organization’s activities allows us to conclude that an increase in the average value of assets by 31.77% indicates an emerging trend of increasing economic potential.

Table 3.4. Analysis of the dynamics of business activity of Tair LLC for 2012-2013.

	Indicators				Growth rate, %
	Sales revenue, thousand rubles.
	Net profit (loss), thousand rubles.
	Average assets, thousand rubles.
	Average equity capital, thousand rubles.
	Average cost of non-current assets, thousand rubles.
	Average value of current assets, thousand rubles.
	Average cost of inventories and expenses excluding VAT, thousand rubles.
	Selling expenses, thousand rubles.
	Average amount of accounts receivable, thousand rubles.
	Average amount of accounts payable, thousand rubles.
	Asset turnover rate, vol.
	Velocity of circulation of equity capital, vol.
	Speed ​​of circulation of current assets, vol.
	Time of circulation of current assets, days.
	Inventory circulation time, days.
	Average repayment period for receivables, days.
	Average period for repayment of accounts payable, days.
	Duration of the operating cycle, days.
	Duration of the financial cycle, days.
	Return on assets, %
	Return on equity, %
	Ratio of average assets to average equity capital

Analysis of the dynamics of relative indicators of business activity indicates an increase in return on assets by 4.5%. During the analyzed period, the efficiency of using funds belonging to the owners of the organization deteriorated by 2.5%, thus, in the analyzed period, the organization receives 29.75 rubles. net profit from every 100 rubles. instead of 32.25 rub. own funds.

At the same time, asset turnover accelerated by 0.29 vol. An increase in the ratio means more intensive use of assets. From a financial point of view, the turnover of equity capital determines the rate of turnover of equity capital; from an economic point of view, it determines the activity of funds belonging to the owners of the organization.

In the analyzed organization for 2013, an acceleration of equity capital turnover was noted by 0.26 vol. An increase in the indicator indicates an increase in the level of business activity. The acceleration of turnover of current assets by 0.3 turnover had a positive impact on the level of business activity. The reason was a reduction in the circulation time of current assets by 13 days. Consequently, the dynamics of the organization’s business activity are assessed positively. At the same time, it should be noted negatively that the time for repaying the organization’s receivables increased by 4.18 days, with an increase in its value by 91.01%, which is assessed negatively.

3 .2 Proposals for improving the efficiency of working capital managementmeansLLC "Tair"

The data from the analysis indicate a fairly effective use of the organization's working capital. At the same time, as a negative point, it should be noted a significant increase in the amount of the organization’s receivables with a simultaneous increase in the period for its repayment.

The low turnover of receivables of Tair LLC is due to the provision of trade credit, the inability of buyers to pay bills, as well as poor performance in collecting receivables.

Subject to settlement and contractual discipline, trading organizations should not have large accounts receivable, as this leads to a diversion of working capital, a delay in their turnover, which ultimately leads to the formation of a need for additional sources of funds and worsens the financial condition of the organization. The larger the accounts receivable, the less cash the organization has.

Accounts receivable is a manageable quantity. To do this, it is necessary to implement specific measures to manage the process of changing accounts receivable:

Use the method of providing discounts for early payment.

Conclusion

The course work included an analysis of the efficiency of using working capital of Tair LLC.

Data from the analysis of the organization's performance results for 2012-2013. indicate an increase in the scale of the organization’s activities: there is an increase in revenue from the sale of goods by 45.75%, with an increase in the cost of goods sold by 45.54%. At the end of the reporting period, the organization increased its gross profit by 46.80%, with its level increasing by 0.12%, which deserves a positive assessment.

The results of the analysis indicate an increase in the value of the organization's current assets by 34.68%. A study of the structure of the organization's current assets indicates a predominance of the organization's reserves in the amount of 80.87%, the size of which increased by 24.76%.

At the same time, the amount of funds of the organization at the end of the reporting year was reduced by 506 thousand rubles, which deserves a negative assessment. Based on the results of the reporting period, it should also be noted that the organization’s accounts receivable more than doubled.

The structure of assets is dominated by the share of slowly selling assets of the organization, amounting to 81.11% at the end of the reporting period, the size of which increased by 14,449 thousand rubles in 2013. It is also necessary to note a significant increase in quickly sold assets by 9126 thousand rubles.

Thus, we can conclude that in the structure of current assets of the organization, current assets that are not subject to inflation predominate - 81.76%. At the same time, the amount of these assets in dynamics increased by 14,449 thousand rubles, which deserves a positive assessment. The structure of this group of assets is dominated by reserves, the share of which at the end of the reporting period amounted to 98.92%.

The data from the analysis indicate an increase in the organization's own working capital by 31.28%, which is assessed positively. At the same time, the value of the organization’s agility coefficient remains unchanged - 0.99. Also worthy of a positive assessment is the increase in the dynamics of the reserve ratio with own working capital by 5.23%. The value of this coefficient at 0.88 means that 88% of the organization’s reserves are financed from its own working capital.

At the same time, it should be noted negatively that the time for repaying the organization’s receivables increased by 4.18 days, with an increase in its value by 91.01%, which is assessed negatively.

To optimize the size of receivables of Tair LLC, it is necessary to implement specific measures to manage the process of changing receivables:

Timely identify unacceptable types of accounts payable and receivable (overdue (unjustified) debts).

Monitor the status of settlements with customers for deferred (overdue) debts.

If possible, target a larger number of buyers in order to reduce the risk of non-payment by one or more large buyers.

Monitor the ratio of accounts receivable and accounts payable: a significant excess of accounts receivable poses a threat to the financial stability of the enterprise and makes it necessary to attract additional (usually expensive) sources of financing.

Bibliography

1. Civil Code of the Russian Federation (part one) dated November 30, 1994 No. 51-FZ (as amended on February 7, 2011) // Consultant Plus.

2. Tax Code of the Russian Federation (Part One) dated July 31, 1998, No. 146-FZ (as amended on October 28, 2011) // Consultant Plus.

3. Tax Code of the Russian Federation (part two) dated 05.08.2000 No. 117-FZ (as amended on 28.11.2011) // Consultant Plus.

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