• General assessment of the organization's asset turnover
• Analysis of the duration of the production and commercial cycle and sources of its financing
• Cash flow analysis
• Accounts receivable analysis
• Analysis of accounts payable

General assessment of the organization's asset turnover

A significant source of internal investment in the organization will be an increase in the rate of turnover of funds invested in assets. Working capital management is based on determining the optimal volume and structure of current assets, sources of their coverage and the ratio between them, ensuring stable and efficient operation of the organization, as well as creating opportunities for self-financing of development. This task can be solved by conducting a regular analysis of the structure and turnover of the organization's assets.

With the acceleration of their turnover, such moments are associated as a decrease in the amount of advanced capital to the minimum required level, a decrease in the need for additional sources of financing (ϲᴏᴏᴛʙᴇᴛϲᴛʙno, fees for them), a decrease in costs associated with the possession of inventory and their storage, as well as a decrease in the amount of paid taxes, etc.

The duration of the funds in circulation is influenced by a number of external and internal factors.

To external factorsᴏᴛʜᴏϲᴙ are: production, supply and marketing and intermediary activities, industry affiliation, the scale of the organization, the economic situation and related business conditions (inflation rate, violation or complete absence of established economic ties, which in turn leads to the forced accumulation of stocks, and therefore to slow down the process of turnover of funds)

To internal factors ᴏᴛʜᴏϲᴙt the effectiveness of the asset management strategy through pricing policy, the structure of assets, the choice of methods for assessing inventory items.

The turnover ratios of assets invested in property are determined as follows:

– total assets ( K vol. A ):

K vol. A \u003dQetc/ A cf , (8.27)

– current assets ( K vol. OA ):

K vol.OA =Qetc / Qa.sr. , (8.28)

where Q etc - proceeds (net) from the sale of goods, products, works, services, thousand rubles;

And wed - the average value of total assets, calculated as the arithmetic mean of the values ​​at the beginning and end of the period, thousand rubles;

Q a.sr. - the average value of current assets, calculated similarly And wed , thousand roubles.

If the period is longer, then the calculation is based on monthly data using the chronological average formula:

where BUT n - the amount of assets in n -th month.

Similarly, calculations are made for current assets.

The higher the value of the turnover ratio of current assets, the better working capital can be used. Its growth means the saving of socially necessary time and the release of funds from circulation. This allows the organization to manage a smaller amount of working capital to ensure the release and sale of products, or with the same amount of working capital to increase the volume and improve the quality of products.

The duration of the turnover of both total assets and current:

tabout\u003d D p / K about , days . (8.30)

where D p - duration of the analyzed period, days;

K about - asset turnover ratio.

It is advisable to present the calculation results in the form of a table (Table 8.17)

Asset turnover shows that for 1 ruble invested in assets in the previous period, 2.255 rubles of revenue was received, in the current period - 2.451 rubles, ϶ᴛᴏ by 19.6 kopecks more, which is positive, since the acceleration of capital turnover contributes to its growth, but at ϶ᴛᴏm, revenue decreases. The duration of the turnover of current assets compared with the previous period decreased by 2.9 days (funds invested in the analyzed period in current assets go through a full cycle and again take the form of money 2.9 days faster than in the previous period), and total assets- for 13 days.

Table 8.17

The degree of influence on the acceleration of turnover of current ( Δt about ) asset change in sales volume ( ∆ t about ∆ Q etc ) and the value of current assets ( ∆ t about ∆O a ) between the previous and current periods is performed according to the calculation:

Days (8.31)

where D p

Q etc - proceeds from the sale of goods, products, works, services, thousand rubles;

O a - cost of current assets, thousand rubles.

The increase in sales proceeds accelerated the turnover of current assets by 14.2 days, and the growth in the value of current assets increased the duration of the turnover by 11.3 days. As a result, additional funds are released to continue production and commercial activities.

The amount of funds released (or attracted) into circulation

(Oh a attraction ) is calculated as follows:

, rub. . (8.32)

where D p - duration of the analyzed period, days,

t about - the duration of the turnover of assets, days,

Q tech etc - proceeds from the sale of goods, products, works, services in the current period, thousand rubles.

Thousand rub.

Based on all of the above, we come to the conclusion that the acceleration of turnover by 2.9 days releases additional funds for one turnover in the amount of 5574.4 thousand rubles. As it was found out earlier, the turnover of current assets in the reporting period amounted to 5.298 turnovers, therefore, for the entire year, the release of funds will amount to 29553.2 thousand rubles. (5574.4 ´ 5.298), which is undoubtedly positive.

To analyze the reasons for the decrease or increase in asset turnover, it is necessary to calculate changes in the speed and period of turnover of the main types of current assets (raw materials and materials, costs in work in progress, goods shipped, receivables) (Table 8.18)

Table 8.18

Analysis of turnover of current assets

Indicators	Previous period	Note that the current period	Change (+, –)
1. Proceeds from the sale of goods, products, works, services (without VAT and excises), thousand rubles.
2. Cost of sold goods, products, works, services, thousand rubles.
3. Raw materials and other similar valuables, thousand rubles.
4. Costs in work in progress, thousand rubles.
5. Finished products and goods for resale, thousand rubles.
6. Accounts receivable, thousand rubles.
7. Number of revolutions, times
7a. raw materials and supplies and other similar valuables, (p. 2: p. 3)
7b. costs in work in progress, (p. 2: p. 4)
7th century finished products and goods for resale, (page 2: page 5)
7y. accounts receivable (line 1: line 6)
8. Duration of turnover, days.
8a. raw materials and supplies and other similar valuables ( D n : p. 7a), where D n - duration of the period
8b. costs in work in progress, ( D n : p.7b)
8in finished products and goods for resale, (D n : page 7c)
8y. accounts receivable, ( D n :p.7d)

When calculating, it should be borne in mind that when determining the turnover of raw materials and materials, finished products Cost of goods sold should be used instead of sales revenue.

The duration of the turnover can be determined by the calculation:

. (8.33)

where Q - proceeds from the sale of goods, products, works, services, thousand rubles,

C - the cost of goods sold, products, works, services, thousand rubles,

D p - duration of the analyzed period, days,

Z - reserves, thousand rubles.

If we compare the turnover, then for raw materials and materials, the acceleration is 3.9 times, and in days 3.6; for costs in work in progress, a decrease of 10.5 times, and in days - 0.01; for receivables - 0.6 times, and in days - 0.8 times, for finished products and goods for resale, the slowdown is 4.4 days.

Analysis of the duration of the production and commercial cycle and sources of its financing

Working capital items will be part of a continuous flow business transactions. Current assets - ϶ᴛᴏ funds invested by the company in ϲʙᴏ and current operations during each production and commercial cycle.

The duration of the production and commercial cycle is shown in the diagram (Figure No. 8.1)

Figure No. 8.1 Scheme of the duration of the production and commercial cycle

Production and commercial cycle - ϶ᴛᴏ the period of time from the assumption by the organization of obligations to pay production costs until the receipt of cash proceeds from the sale of products.

The average length of time during which raw materials and materials are stored in a warehouse before they are released into production can be determined by the speed of inventory movement in two ways:

1) on account 10 “Materials”, but this method is not accurate enough, since the total amount of materials is taken;

2) according to sub-accounts of the “Materials” account: basic materials, auxiliary materials, fuel, etc.

The second way is more accurate.

The time spent on the manufacture of goods is equal to the period from the moment the materials enter production until the moment the finished goods are released. When producing homogeneous goods, a single account "Main production" is used, where the actual cost of goods is formed. The mobility of the ϶ᴛᴏth account is determined by the duration of the production stage. With a multi-product nature of production, the duration of the stage is determined by the mobility of each sub-account opened for each type of product, the average duration is determined as a weighted average. It is worth saying that the duration of the storage period for finished goods (determined by the mobility of account 40 “Finished Goods”) ϲᴏᴏᴛʙᴇᴛϲᴛʙ indicates the time spent by finished goods in the warehouse of the organization. By the way, the stage of the sale depends on the maturity of the receivables that has developed in the organization. When analyzing, it must be borne in mind that internal turnovers must be excluded from the turnovers on accounts.

For calculations, it is advisable to use the data of the accountant's certificate of the main performance indicators for the period (Table 8.19)

Table 8.19

Certificate of the accountant on the main performance indicators for the year

Indicators	Amount, thousand rubles
1. Average balances of raw materials, materials and other similar values
2. The average amount of advances issued
3. Average value of costs in work in progress
4. Average inventory of finished products and goods for resale
5. Average value of receivables (buyers and customers)
6. Average amount of advances received
7. Average value of accounts payable (suppliers and contractors)
8. Receipt of inventories for the period - total
including on a prepaid basis
9. The amount of material costs charged to cost
10. Actual cost released goods
11. Actual cost of sold goods, products, works, services
12. The amount of payment for purchased goods, products, works, services
13. The amount of proceeds (net) from the sale of goods, products, works, services
14. Amounts received from buyers on a prepaid basis

The analyzed organization is characterized by the following scheme of the production and commercial cycle of the movement of funds: procurement of inventories - production - storage of goods - sale. The duration of the cash flow in the process of the production and commercial cycle is determined in the following sequence.

1) The duration of the funds in advances to suppliers is determined by the calculation:

, days . (8.34)

where - the average value of advances issued to suppliers;

Inventories received on a prepaid basis;

Advances given to suppliers at the beginning of the period (at the end of the period)

It is worth saying that the resulting value is adjusted for the share of inventories received on a prepaid basis in the total amount of receipt of inventories for the period:

, (8.35)

where - the total amount of receipt of inventories.

Adjusted duration of funds in advances to suppliers ( t correct av ):

(8.36)

By the way, this value can be obtained by calculation:

, days, (8.37)

In our case, therefore, we do not adjust this value for the share of material assets received by the organization on a prepaid basis in the total amount of material assets received. .

Duration of storage of inventories ( t zap ):

, days , (8.38)

where - the average balances of raw materials, materials and other similar values, rub.,

The amount of material costs included in the cost, rub.

day.

The duration of the preparation stage ( t zag ):

, days . (8.39)

The duration of the production process is determined by ( t etc ):

, days . (8.40)

where - the average value of balances in work in progress, thousand rubles;

Actual cost of manufactured goods, thousand rubles.

days

The method of calculating the duration of the production stage is considered more correct if it is calculated by the types of goods produced.

Duration of storage of finished goods ( t xp ):

, days . (8.41)

where - average balances of finished products and goods for resale, thousand rubles;

C R - actual production cost of goods sold, thousand rubles.

days

In the event that the average period of the presence of finished products and goods for resale in the warehouse is longer than the shelf life of inventories, ϶ᴛᴏ indicates a lack of demand for products, i.e. overstocking occurs in the organization.

If the average period of finished products and goods for resale is less than the shelf life of inventories, ϶ᴛᴏ indicates an insufficient volume of output of goods and the absence of safety stock in the warehouse, which can lead to losses called “lost profits”, since an urgent order on the supply of goods can not be fulfilled.

In our example, this difference will be day.

Receivables repayment period ( t calc ):

, days , (8.42)

where - the average amount of receivables, thousand rubles;

The amount of proceeds (net) from the sale of goods, products, works, services, thousand rubles.

days

The holding period will be shortened when advances are made by buyers.

It is worth saying that the resulting value is adjusted for the share of funds received from buyers and customers in the form of advances in the total sale ( d ):

, days . (8.43)

The total duration of the production and commercial cycle of the enterprise ( D c ):

Days . (8.44)

Average maturity of accounts payable by suppliers and contractors ( t credit ):

, days , (8.45)

where - the average amount of accounts payable, thousand rubles;

The amount of repaid (paid) obligations of suppliers, thousand rubles.

day.

day.

The production and commercial cycle of the organization for 36.6 days is financed by accounts payable, in these conditions it is advisable to calculate the need for own working capital. By the way, this need is defined as the difference between the average amount of capital invested in current assets and the average balances of accounts payable plus advances received from buyers.

The amount of required working capital is significantly influenced by the amount of accounts payable as a way of financing the organization. The study of trends in the repayment of accounts payable will be an important component of the analysis of the organization's solvency.

The results of calculating the need for own working capital are presented in the table below.

Table 8.20

Calculation of the need for own working capital

Line number	Indicators	Amount, thousand rubles
	Average amount of advances given to suppliers
	Average value of raw materials, materials and other similar values
	Average residual costs in work in progress
	Average stocks of finished goods and goods for resale
	Average receivables
	Average amount of accounts receivable, excluding profit contained therein
	Total average value of capital invested in current assets (line 1 + line 2 + line 3 + line 4 + line 6)
	Average balances of accounts payable
	Advances received from buyers and customers
	Need for own working capital (working capital) (line 7 - line 8 + line 9)

Average receivables ( R a correct ), with the exception of the profit contained in it:

, . (8.46)

where is the profit from the sale;

S R - proceeds from the sale of goods.

Thousand rub.

As follows from the above calculation, for the current volume of activity, own working capital in the amount of 87,986 thousand rubles is required. Previously, it was determined that the duration of the turnover of funds invested in current assets was 68.9 days, and the duration of the production and commercial cycle ϲᴏᴏᴛʙᴇᴛϲᴛʙ was 60.7 days. Such a discrepancy will have an impact on financial results and the state of cash, and their movement.

Cash flow analysis

The cash flow of an organization is a continuous process that ensures the main activity, payment of obligations and implementation social protection workers. From the inflow of funds to cover the obligations of the organization, its financial well-being largely depends. The absence of the minimum required cash reserve indicates financial difficulties.

There are three motives that encourage an organization to hold cash:

• transactional - the need for cash to fulfill current payment obligations - to suppliers, for wages, taxes and dividends;
• precautionary - maintaining a buffer for fulfilling obligations under unforeseen circumstances;
• speculative - holding cash in order to benefit from expected changes in the prices of securities.

Cash flow is divided into two directions: inflow (inflow of cash and outflow (direction) of cash.

The source of information for analysis will be the cash flow statement. When analyzing cash flow, the movement is distinguished in the context of current, investment and financial activities, the analysis of the movement is carried out by direct and indirect methods.

The direct method is based on the calculation of cash inflows and outflows, the initial element of the analysis will be the proceeds from the sale of goods, products, works, services, while the indirect method is the transformation of cash flows using a number of corrective procedures that take into account financial results, it is used in internal analysis.

For the enterprise under study, the analysis is carried out using the direct method. The advantage of using the direct method is essentially that it allows one to estimate total amounts cash inflow and outflow of the organization, see those items that form the largest cash inflow and outflow in the context of the three types of activities considered. Material published on http: // site

The initial data for performing the analysis are given in Table 8.21.

Table 8.21

Cash flow analysis

Name of indicator	Previous period		Note that the current period
	Amount, thousand rubles	Structure, %	Amount, thousand rubles	Structure, %
Cash balance at the beginning of the period
Cash flow for current activities: Funds received from buyers, customers
Other income
total inflow
Funds sent to:
to pay for purchased goods, works, services, raw materials and other current assets
for wages
for the payment of dividends, interest
for taxes and fees
contributions to state off-budget funds
other expenses
Net cash from operating activities
Cash flow from investing activities: Proceeds from the sale of fixed assets and other non-current assets
Proceeds from the sale of securities and other financial investments
It is worth saying - received dividends
It is worth saying - the interest received
Proceeds from the repayment of loans granted to other organizations
Total inflow
Acquisition of subsidiaries
Acquisition of fixed assets, profitable investments in material values and intangible assets
Acquisition of securities and other financial investments
Loans granted to other organizations
Total churn
Net cash from investing activities
Cash flow from financing activities: Proceeds from the issue of shares or other equity securities
Proceeds from loans and credits provided by other organizations
Total inflow
Repayment of loans and credits (without interest)
Repayment of financial lease obligations
Total churn
Net cash from financing activities
Cash balance at the end of the reporting period

Current activities are understood as the main statutory activities of the organization related to generating income. The inflow of funds in the framework of current activities is associated with funds received from buyers and customers, the outflow - with payment for purchased goods, works, services, raw materials and other current assets, for wages, payment of dividends, interest, deductions for taxes and fees, etc. d.

Investment activity is associated with the cash flow inflow as a result of proceeds from the sale of fixed assets and other non-current assets, from the sale of securities and other financial investments, dividends and interest received, proceeds from the repayment of loans provided to other organizations. By outflow - the acquisition of fixed assets, profitable investments in tangible assets and intangible assets, the acquisition of securities and other financial investments, loans provided to other organizations, and other areas.

In international practice, financial activity refers to the movement of funds associated with changes in the composition and size of equity and loans of the organization. Changes in equity are associated with receipts from the issue of shares or other equity securities, loans and credits provided by other organizations. In terms of cash outflow, repayment of loans and credits (without interest) and financial lease obligations.

According to table 8.21, the following conclusions can be drawn.

The outflow of funds as a result of current activities amounted to 594,576 thousand rubles. With ϶ᴛᴏm, the amount of income from the type of activity under consideration is 598426 thousand rubles, of which 98.9% is revenue from the sale of goods, products, works and services, however, ϶ᴛᴏ amounted to 84.3% (591799: 701605) of the received the organization's revenue, that is, about 15% of the sale is covered by barter turnover, other receipts are of a random one-time nature and amounted to 1.1%.

The amount of cash outflow in the analyzed period was associated with the transfer of funds to suppliers 422,763 thousand rubles. (71.1%), wages 70949 thousand rubles. (11.9%), with ϲᴏᴏᴛʙᴇᴛϲᴛʙ transfers to state extra-budgetary funds 25339 thousand rubles. (4.3%), calculations for taxes and fees 49,712 thousand rubles. (8.4%), other expenses 25039 thousand rubles. (4.2%)

The cumulative increase in cash for the period amounted to RUB 2,366 thousand. The general lack of funds for investment activities is 19,065 thousand rubles. This means that the result of the main activity of the organization will be an outflow of funds, and their growth is ensured by current and financial activities. Material published on http: // site

Total change in cash balance for the period( ∆D ):

, thousand roubles. (8.47)

Change in cash balance for current activities ( ∆D current ):

Change in cash balance from investing activities( ∆D inv ):

Change in cash balance from financing activities ( ∆D fin ):

Thousand rub.

The amount of money left in the current account ( D r / s ):

D r/s = ∆D tech + ∆D inv + ∆D fin . . (8.51)

Thousand rub.

Calculations show that the financing of investment activities with cost overruns in the amount of 19,065 thousand rubles. was secured by attracting proceeds from current and financial activities. Material published on http: // site
If a similar situation for this organization will be repeated from period to period, then there will come a time when it will not be able to repay ϲʙᴏ and financial obligations, since the main stable source of repayment of external obligations will be the inflow of funds from financial and current activities. Material published on http: // site

Analysis of cash flow shows their dynamics, the amount of excess receipts over payments, which allows us to conclude about the possibilities domestic financing. As part of the internal analysis, the duration of the organization's cash turnover period is determined by months using the data of journal orders No. 1,2,3, reflecting the cash flow (Table 8.22)

Table 8.22

Analysis of the duration of the organization's cash flow by months

	Cash balances (zh / o No. 1,2,3), thousand rubles	Cash turnover per month, thousand rubles	Turnover period, days (gr. 2 ´ 30) : gr. 3
September

As a result, the cash balances are determined by the arithmetic average, the final cash turnover is obtained by summing its values ​​by months, and the final turnover period ( t about ) calculated by the formula:

t about = D *d n / D about , days, (8.52)

where D - final cash balances;

dp - period duration,

D about - the final value of the cash turnover.

day.

The analysis showed that the period of cash flow fluctuated sharply from 0.8 days in January to 13.6 days in May, which indicates instability in the cash flow in the organization. An average of 4.1 days passed from the moment the money was received to the organization's accounts until the moment they were withdrawn. The maximum amount of funds in July allowed the organization to actively make payments, reducing the balance of funds in August.

Accounts receivable analysis

It is important to know that when analyzing assets, much attention should be paid to receivables, as they will be an important part of working capital. Accounts receivable - ϶ᴛᴏ amounts due from buyers and customers. Its share in the working capital of an average Russian organization is usually at least 20-30%.

The level of receivables is influenced by many factors: the type of goods, market capacity, the degree of saturation of the market with these goods, the settlement system adopted in the organization, the solvency of buyers and customers, etc. Failure to comply with contractual and settlement discipline and untimely filing of claims for arising debts.

Data for the analysis of receivables for the organization under study are presented in table 8.23.

Table 8.23

Accounts receivable turnover analysis

Indicators	Previous period	Note that the current period	Change
Sales revenue, thousand rubles
Accounts receivable, thousand rubles
including overdue accounts receivable, thousand rubles
The total value of current assets, thousand rubles.
Accounts receivable turnover, times (page 1 / page 2)
Receivables repayment period, days (365 / page 4)
Share of accounts receivable in total current assets, %
Share of overdue accounts receivable in total debt, %

The analysis shows that the share of accounts receivable in the total volume of current assets increased by 0.5 percentage points, that is, immobilization increased - the withdrawal of the organization's working capital from economic turnover, although in absolute terms the growth of accounts receivable is 7551 thousand rubles.

The generalized indicator of debt repayment will be turnover. It is worth noting that it is calculated as the ratio of sales to the amount of receivables and shows how many times the debt is formed and enters the organization during the period under study. The acceleration of turnover in dynamics is regarded as a positive trend. The period of repayment of receivables is also calculated as the ratio of the number of days in the period to the turnover ratio. This indicator shows the average number of days it takes to return it.

In the analyzed organization, the turnover of receivables increased by 0.44 times, which is undoubtedly positive; necessary organization to collect debts for sold products, that is, the period for collecting receivables was reduced by 0.6 days. All ϶ᴛᴏ is associated with an increase in the volume of receivables.

It is worth saying - the absence of overdue receivables will be positive. The presence of receivables is accompanied by indirect losses in the income of the organization, the economic meaning of which is expressed in three aspects. First of all, the longer the repayment period, the lower the income from funds invested in debtors. Secondly, in conditions of inflation, the funds returned by debtors depreciate to a certain extent. This aspect is especially relevant for the current state of the Russian economy. Thirdly, accounts receivable is one of the types of assets of the organization, for the financing of which a source is needed. Since all sources of funds have their own price, maintaining a certain level of receivables is associated with ϲᴏᴏᴛʙᴇᴛϲᴛʙon costs.

In order to timely receive payment for delivered goods and prevent non-payment, a system of discounts from the contract price is widely used. It is worth saying that in order to determine the acceptable level of discount that the organization can offer to customers in case of early payment, simulation calculations are carried out using different options for the forecast values ​​of the inflation rate, the bank interest rate and the number of days for reducing the repayment period, the optimistic, most probable and pessimistic value of these indicators is calculated .

By assigning various probabilistic values ​​to these indicators, it is easy to calculate the average amount of savings from loss reduction, and, consequently, the approximate amount of the discount that can be offered to customers.

The initial data for calculating several scenarios of the situation and its results are presented in Table 8.24.

Table 8.24

Economic Development Scenarios

rub.

The total cost savings is defined as the product of the total value of indirect income for each scenario, multiplied by the probability of the scenario:

The organization can set a discount for ϲʙᴏ them regular customers in the amount of 0.574%.

In addition to providing discounts, factoring (selling debts to a bank) and accounting of bills (discount) can be used to reduce receivables. It is important to know that the selection of potential buyers, which is carried out with the help of informal criteria: observance of payment discipline in the past, predictive financial capabilities of the buyer to pay for goods, the level of current solvency, the level financial stability etc.

Analysis of accounts payable

It is important to note that one of the sources of borrowed funds of the organization will be accounts payable, that is, the amount of short-term obligations to suppliers, employees for wages, the budget and other financial obligations. It is worth noting that it arises, as a rule, as a result of the existing system of settlements between organizations, when the debt of one organization to another is repaid after a certain period, and in cases where the organization first demonstrates the occurrence of debt in its accounting, and after a certain time repays her. Excluding the foregoing, accounts payable will result from the organization's failure to meet its obligations on time.

The volume, qualitative composition and movement of accounts payable characterize the state of payment discipline, which in turn indicates the degree of stability financial condition organizations.

Since the predominant share in the formation of working capital in the organization under study belongs to accounts payable, it is extremely important to conduct its internal analysis according to the analytical accounting of settlements with suppliers, received bank loans and settlements with other creditors. The initial data for the analysis are presented in table 8.25.

Table 8.25

The analysis shows that the longest duration of lending to the analyzed organization is observed for settlements with state non-budgetary funds - 37 days, for taxes and fees - 32.5 days, debt to the organization's personnel - 23.5 days.

Table 8.26

Calculations show that the analyzed organization lends to their buyers and customers, diverting funds from the turnover.

In calculations, the return on capital is determined by the ratio of net (ϲʙᴏnoy) profit to the cost of capital. It is worth saying that in order to assess the rational boundaries of the ϶ᴛᴏth ratio, it is advisable to carry out the analysis presented in Table 8.27.

Table 8.27

Indicators	Scenario
	pessimistic	the most probable	optimistic
Monthly inflation rate, %
Planned reduction of the receivables repayment period, days
Level of bank interest rate, %
Scenario Probability
Indirect income, rub. for one thousand: from shortening the debt repayment period
from unused loan

Calculation of the rational ratio of borrowed and own funds, taking into account the turnover of receivables and payables

Indicators	At the beginning of the period	At the end of the period
1. Accounts receivable, thousand rubles
2. Accounts payable, thousand rubles.
3. Revenue from sales of goods, products, works, services, thousand rubles, (Form 2)
4. Cost of goods sold, products, works, services, (F 2), thousand rubles.
5. It is important to note that the one-day revenue, thousand rubles, (page 3 / D p)
6. It is important to note that the one-day cost of production, thousand rubles, (page 4 / D p) , where D p - duration of the analyzed period, days.
7. Capital and reserves (F-1), thousand rubles
8. Profit (F-2 line 140), thousand rubles.
9. Debt turnover, days a) accounts receivable (page 1 / page 5) b) creditor, (page 2 / page 6)
10. Necessary short-term loan, thousand rubles, (p.9a – p.9b) * p.6
11. Free funds in circulation, thousand rubles, (p.9b – p.9a) * p.5
12. Interest on a loan, thousand rubles.
13. Free profit, thousand rubles, (p.8 - p.12)*(1-0.24)
14. Necessary own funds, thousand rubles,
15. Necessary borrowings, thousand rubles,
16. Rational ratio of borrowed and own funds, (p.15 / p.14)
17. Return on equity, %, ( p.13 / p.7 * 100)

Regardless of the current level of solvency, organizations should strive to increase equity, and the source of ϶ᴛᴏth growth can be profit. In case of insufficiency of profit, organizations must solve a strategic problem - to determine the rational ratio of borrowed and own funds.

This ratio depends on a number of factors:

• return on capital;
• the level of interest on a bank loan;
• turnover of receivables and payables;
• discount rate of interest of the Central Bank.

In the above calculation, receivables turn around faster than accounts payable, the organization will have ϲʙᴏ cash, ϲᴏᴏᴛʙᴇᴏᴛʙᴇᴛϲᴛʙ from the receipt of receivables to the need to pay creditors. The amount of free funds at the end of the period decreased slightly and amounted to (23.9 - 22.4) * 1922.2 = 2883.3 thousand rubles.

P > i * K . (8.57)

The indicator reflecting the amount of a bank loan that an organization can take without compromising solvency () has left the inequality, i.e. This is an unlimited amount of credit. This means that an organization with a total profit of more than 14% of capital can take out loans of any size and, at the same time, increase the return on capital. The amount of profit must be higher than a thousand rubles, and the annual return on capital must exceed 14%. The organization can attract short-term bank loans without restrictions if the return on equity exceeds the bank interest rate. In the organization under study, the return on capital is 1.21 times lower than the interest rate (14: 11.55), that is, if there is a need for a loan, it will be difficult to obtain it, since the bank will not be interested in issuing a loan, and the organization will be classified as insolvent, and it makes no sense for the organization to receive such a loan.

The period of circulation of finance is the most important reporting indicator of the enterprise. It is called nothing but production and commercial cycle. The concept includes two equivalent and interdependent components. Firstly, it is financial, and secondly, production activities.

The concept and features of the production and commercial cycle

Production and commercial cycle modern enterprise involves a complex structure of receipt of assets necessary for the activity. Material and non-material. Stocks that are used unevenly. Therefore, the calculation is carried out on the average of the following values:

The full turnover of funds in time, as a rule, does not coincide with the production cycle. In many ways, it depends on the specifics of the enterprise and its structural organization. For this reason, it is customary to consider as the main indicator precisely financial activity, according to which the production and commercial cycle will be determined. Involved tangible and intangible assets that are in the process of continuous production activities are taken into account according to the procedures recommended by the legislation.

Continuity of production is ensured financial support own funds, borrowed funds and loans from suppliers in the form of necessary materials and raw materials.

In the process of production, there is an accumulation of finished products that are supplied to the consumer. Some of them are shipped on credit terms, from which the total receivables to the enterprise are formed.

The list of manufactured products presented by the production for individual items may have different demand. working capital, short-term liabilities and deliveries of individual assets may differ significantly in timing from the overall performance of the organization and its production and commercial cycle. However, the analysis is done on the basis of the results of the entire enterprise.

How to shorten the production and commercial cycle?

Good performance successful companies in different countries peace is based on the following rules:

• Improvement of work with suppliers. Contracts are drawn up in such a way that materials arrive in the right quantities by a precisely defined date.

• Enterprise funds. Optimization and intelligent management of all cash flows. Best Results are shown when the previous paragraph is executed. There are no costs for storing an excess amount of raw materials, components and elements. Payment schemes include mostly regular payments, which allows you to plan long-term projects.

• Loans and receivables. Making the most of everything financial instruments can significantly increase the turnover of capital. An optimal system for placing orders and debt collection work, including factoring, stabilizes the actual operation of the enterprise.

Current Asset Management

If we consider the asset of the balance sheet of the enterprise, then the current assets are:

Inventory is:

Goods at the disposal of an enterprise that are used or processed for the purpose of manufacturing finished products. These may include raw materials, work in progress and finished goods.

Debtors are:

Persons who owe the company money; usually - these are buyers who purchased goods on credit.

Cash is:

Cash held in a bank or on a short-term deposit

Lenders are:

Persons to whom the company owes money; usually these are suppliers who sold goods on credit

Own working capital = inventory + accounts receivable + cash - accounts payable

Production and commercial cycle of the enterprise

Production and commercial cycle - This is the period of time from the assumption by the enterprise of obligations to pay production costs until the receipt of cash proceeds from the sale of products.

How is its duration calculated?

DURATION OF THE PRODUCTION AND COMMERCIAL CYCLE =

The average length of time that raw materials and materials are stored in a warehouse

MINUS: The period of time for which the loan is provided by suppliers

PLUS: Time taken to make the finished product

PLUS: Average length of time finished goods are kept in stock

PLUS: Time period for which credit is granted to buyers

An exercise:

1. Calculate the duration of the production and commercial cycle for each of the two categories of enterprises:

a) Product LLC - a food trading company. The company buys food and drinks from the local market, where vendors allow bills to be paid within 7 days of purchase. These foods and drinks lie in the company's warehouse for an average of 10 days before orders are completed. Picking and preparation of orders usually takes 3 days, after which the orders are immediately delivered to customers. Buyers pay bills within 14 days on average.

b). Serenada LLC manufactures car radios for export to Western Europe. For several years, this company has been purchasing components from manufacturers in the Far East, who give their customers 30 days to pay bills. Components are kept in stock for an average of 10 days before they go into production. It takes an average of 4 days to manufacture and test the radio. The finished product is then stored for another 15 days in the warehouse before it is shipped by sea to customers. Swimming takes 3 days. Serenada's product supply contracts are with major electrical stores, which have 40 days to pay bills.

1. List the reasons for the difference in business cycles between these two enterprises?

Significant progress has recently been made by enterprises around the world in reducing the duration of production and commercial cycles.

The main factor is more advanced methods of managing short-term assets:

• inventory - improved inventory control, just-in-time production methods;
• debtors - improvement of debt collection methods; factoring (resale of debt obligations)
• cash - improved planning and cash management
• lenders - improving the system for placing orders

But what is the optimal duration of the production and commercial cycle?

Answer: depending on the circumstances!

The main factors on which it depends include:

• whether the enterprise can cooperate with its suppliers and customers;
• what is the local practice of the enterprises;

Working capital and production - commercial cycle

Working capital is the difference between current (current) assets (mainly inventory, receivables and cash) and short-term liabilities (commercial accounts payable and bank overdraft).

Current assets and short-term liabilities are a necessary component of a firm's business activities. The activity of the firm is a repetitive cycle of buying and selling that is carried out continuously. Suppose, for example, that on April 1, the firm has the following assets and liabilities:

Stocks 3000

Debtors -----

Cash 2000 5000

Lenders -----

Working capital 5,000

If the company sells all stocks on credit for 4500 rubles .. and at the same time receives new inventory items on credit from suppliers for 3500 rubles. then the balance will look like this:

rub.

Stocks 3500

Debtors 4500

Cash 2000

Lenders 3500

Working capital 6500

The increase in working capital from 5000 rubles. up to 6500 rub. caused by profit from the sale of stocks in the amount of 1500 rubles.

Debtors will eventually pay their debts (4,500 rubles) in cash; the firm, in turn, will pay debts to creditors (3,500 rubles). This will give the following results:

rub. .

Stocks 3500

Debtors -----

Cash (2000+4500-3500) 3000

Lenders -----

Working capital 6500

If, however. stocks will be sold on credit for 5500 rubles. and at the same time new stocks worth 6,000 rubles will be acquired, then the commercial cycle will continue as follows:

rub. .

Stocks 6000

Debtors 5500

Cash 3000

Lenders 6000

Working capital 8500

Working capital increased due to additional profit in the amount of 2000 rubles.

This example shows that working capital components are part of a continuous flow of business transactions. The purchase leads to an increase in the level of inventories and at the same time to an increase in accounts payable; creditors need to repay debts, and debtors pay for goods purchased from the company. This cycle of operations always eventually returns to cash receipts and cash payments.

Production - commercial cycle, or

The business cycle (or cash flow period) is a term used to refer to the relationship between the inflow and outflow of working capital and cash receipts. This parameter is usually measured in days or months.

The cash turnover period, or production and commercial cycle, is the time between:

a) the acquisition of raw materials and materials and the receipt of money for the goods sold from debtors;

b) payment of money for raw materials and materials and receipt of money from debtors.

Let us assume that a firm buys raw materials and materials on credit for a period of 1.5 months, keeps them in stock for 1 month, and then puts them into production. The production cycle is very short, however, finished products are stored in the warehouse for 1 month before being sold. Loan term for debtors is 2 months. The cash flow period will be: months

Inventory turnover period for raw materials and supplies 1.0

Minus supplier credit (1.5)

Finished goods inventory turnover period 1.0

Credit term for debtors 2,0

Cash turnover period 2,5

Thus, 2.5 months pass between the transfer of money for raw materials and materials and the receipt of money (including profit) from debtors. Let's explain this example with several dates. Suppose a firm buys raw materials on January 1st. Then the chain of events might look like this: the date

Transfer of materials to production (1 month after

Sale of finished products (after 1 month from the moment

Receipt of money from debtors (after 2 months from the moment

Thus, the cash turnover period is 2.5 months, starting from February 15, when money was paid to suppliers, and ending on May 1, when money was received from debtors.

Turnover periods

The turnover period is the length of time.

If we are talking about inventory turnover, then the turnover period should be understood as the length of time during which the inventory is in the warehouse before being used.

Turnover period of stocks of raw materials and materials is the length of time during which raw materials and materials are in stock before being transferred to production.

Work in progress turnover period is the length of time required for the transformation of raw materials and materials into finished products.

Finished goods inventory turnover period is the length of time that finished goods are in stock before being sold.

If a firm buys goods and resells them at a profit, then inventory turnover period is the length of time from the moment of their acquisition to the moment of their resale

Accounts receivable turnover period is the length of the credit period taken by the buyers - i.e. This is the time between the sale of a product and the receipt of money for this product from the consumer.

Accounts payable turnover period is the length of the credit period received from suppliers, i.e. this is the time between the purchase of materials and payment to suppliers.

Inventory turnover periods are determined as follows:

1) Raw materials and materials:

(Average) cost of available stocks of raw materials, materials x 12 months

The total cost of raw materials and materials consumed in a year

2) Work in progress (duration of the production cycle):

(Average) cost of existing inventory of finished goods x 12 months

Total cost of production for the year

3) Finished products:

x 12 months.

Total cost of goods sold in a year

4) Inventory of goods purchased for resale:

(Average) value of inventory on hand x 12 months

Total value of goods bought and sold in a year

Suppose, for example, that a firm buys material resources worth 620,000 rubles, and uses them in production for 600,000 rubles. (evenly over the months). The cost of materials in stocks on January 1 is 100,000 rubles.

Then the inventory turnover period will be:

100000 x 12 months = 2 months

In other words, 2 months pass from the moment of purchase of stocks to their final resale.

The receivables turnover period will be:

Average amount of accounts receivable x 12 months

Annual sales on credit

Let, for example, the company annually sells goods for 1,200,000 rubles. (equal amounts by months), and the amount of receivables in the balance sheet is 150,000 rubles.

150000 x 12 months = 1.5 months

In other words, debtors pay for the goods they bought on average 1.5 months after the date of sale.

The payables turnover period is:

Average amount of commercial accounts payable x 12 months

Total purchases per year

Note that the amount of accounts payable is compared with the cost of purchased materials, while when calculating the inventory turnover of raw materials and materials, these stocks are compared with materials used in production. This is small. but a significant difference.

Let, for example, the company sells goods in the amount of 600,000 rubles. and earns a gross margin of 40% of sales. If the amount of commercial accounts payable on the balance sheet is 30,000 rubles, then the turnover period for accounts payable is equal to

30000 rub. x 12 months = 1 month

60% from RUB 60,000

In other words, settlements with suppliers are made 1 month after the purchase of goods.

An exercise

Calculation of the period of cash turnover

"LTD Legion"

rub. rub.

fixed assets by

residual value 180000

Stocks 30000

Debtors 75000

Cash 10000

Commercial lenders ( 45000) 70000

share capital and

reserve funds 250000

Profits and Losses Report

rub. rub..

Proceeds from the sale of products 360000

Cost of Goods Sold 180000

Salary of workers and employees 80000

Depreciation 20000

Other expenses 60000 (340000)

Profit 20000

Inventory Turnover Period:

30000 x 12 = 2 months

Accounts receivable turnover period:

75000 x 12 = 2.5 months

Accounts payable turnover period:

45000 x 12 = 3 months

Cash turnover period: months

Inventory Turning Period 2

Accounts payable turnover period

debt (3)

Accounts receivable turnover period

debt 2,5

Cash turnover period 1,5

In this example, Legion LLC settles accounts with suppliers 1 month after the sale of inventory, since the inventory turnover period is 2 months and the loan term is 3 months.

Inventory management

How is a trade or industrial enterprise makes a profit?

By acquiring raw materials and materials, processing them and reselling them at a higher price.

Inventory management plays a vital role in this process. Its main goals are:

• optimization of inventory storage costs;
• maintaining product quality;
• reduction of production costs;
• reducing obsolete inventory.

How much inventory should the company keep?

One of the approaches is determine the average volume of the required stock; then look for ways to reduce storage costs for that volume.

The main factors taken into account when determining the volume of inventory:

• Demand: rising, falling, uneven, seasonal
• Costs: holding a large amount of inventory, depleting inventory;
• Nature of business and nature of products

Quantitative economic model of orders

The main goal of any inventory control policy is to find the optimal balance between the costs of holding inventory and the benefits derived from holding it.

Such a policy requires the definition of:

The volume of each new product order

Frequency of placing new orders

Consequences of inventory overruns

To solve these problems, a quantitative economic model of orders has been developed. (KES).

In its most general view The model is based on four premises:

It is possible to order even one unit of goods

All order parameters are known and constant

Order delivery is instant

The costs of the order procedure are fixed

Therefore, the main task is to determine the optimal volume of orders. For its calculation, the formula proposed by the KES model is used.

An exercise:

The demand for the company's products is 2,000 units per year. Each new order costs the company 100 rubles. regardless of order quantity. The cost of storing each unit in the company's warehouse is 2.50 rubles. in year.

For counting optimal order quantity The QES model suggests the following formula:

Now you can use the same model to calculate how many times a company should order in a year.

Annual volume of demand

Number of orders Optimal order quantity

For our example, the optimal number of orders will be:

The main model is subject to a number of restrictions and is based on certain assumptions. Other, more complex versions of the model include additional factors that account for these limitations and assumptions.

Exercise 1:

List five possible ways to improve the model to make it more realistic.

Exercise 2:

1. The demand for car steering wheels supplied by Lada LLC is 5,000 pcs. in year. The order of each batch of rudders costs the company 750 rubles. The cost of storing one steering wheel in a warehouse during the year is 4.80 rubles.

1) Calculate the optimal order volume for handlebars for this company according to the KEZ model

2) How many steering wheel orders will the company make during the year?

2. Lada LLC also supplies car engines, the demand for which is 600 units per year. The order of each batch of rudders costs the company 1,000 rubles. The cost of storing one engine in a warehouse during the year is 30 rubles.

1) Calculate the optimal order volume for this company for engines using the KES model

How many engine orders will the company place in a year?

Accounts receivable management

There are a number of aspects that an entity can control in order to manage receivables:

• To which customers the company will sell products on credit;
• The terms of the loan offered upon sale;
• The amount of the discount for payment on time;
• The procedure for reminding debtors who have not paid on time about the deadlines for fulfilling obligations.

Cash Management

Why should a company have cash?

For the functioning of the company it is necessary:

• purchase and sell goods and services (TRANSACTIONAL motive);
• to be prepared for unforeseen circumstances, for example, when a large customer pays late (the motive of PRECAUTION);
• take advantage of unexpected opportunities for profit, for example, the acquisition of a new enterprise (speculative motive).

An exercise:

1. The Smena LLC company is interested in how long it will take to receive money from debtors. According to her, currently debtors pay bills within a few weeks. However, the company believes that by offering customers a 2.5% discount if they pay their bills within 30 days, they will be able to significantly shorten their debt maturities. Currently, the company pays 10% overdraft, and the average overdraft is 1,500,000 rubles. If we manage to introduce a discount this year, it is expected that 50% of buyers will immediately take advantage of it, and this will make it possible to reduce the average overdraft amount to 500,000 rubles. The company's sales volume in the current year should be 5,000,000 rubles.

Calculate whether it is profitable for Smena LLC to introduce this discount?

1. Smena LLC calculated that if the discount is 5%, then 75% of buyers will take advantage of it, which will also reduce the amount of overdraft.

Calculate whether it is profitable for Smena LLC to introduce this higher discount?

Accounts payable management

Among the short-term and medium-term accounts payable of the company are:

• debt to suppliers (debt for delivered goods and services);
• debt on bank loans or loans received from business partners (loans to finance the day-to-day activities of the enterprise);
• arrears on lease payments if the assets belong to another company that leases them to this enterprise.

Alternative: "risk / return" in the management of short-term assets.

When managing short-term assets, it is necessary to maintain a balance.

Strict control over short-term assets allows you to free up additional funds for investment in fixed assets, which increases the efficiency of production.

Stocks: reducing the amount of stock held reduces costs, but increases the risk of running out of stock;

Debtors: tight control over receivables reduces financing costs and losses due to overdue debts, but increases the risk of using too strict methods of debt collection;

Availability: Efficient cash management helps increase profits, but there is a risk that the company will be left without funds for unforeseen expenses.

Lenders: deferred payment of accounts payable reduces the need for cash, but at the same time there is a risk that the enterprise may encounter difficulties in obtaining goods from suppliers.

Current asset analysis ratios

Ratios help assess the financial performance of a company. The coefficients are calculated on the basis of the figures contained in the accounting accounts of the enterprise.

When interpreting the coefficients, it is necessary to take into account:

• the nature of the enterprise;
• company size;
• trends, not the absolute numbers themselves.

Inventory turnover ratio

indicates how well the company manages its inventory:

Volume inventory x 365

Shows how long, on average, it takes a business (in days) to process and resell inventory

indicates how well the company manages the obligations of its debtors:

Amount of accounts receivable x 365 Amount of sales on credit

Shows how much time, on average (in days), the company spends collecting debts owed to it.

Debt to creditors ratio

indicates how well the company manages its debt to creditors:

Amount of accounts payable x 365

Cost of goods sold

Shows how long, on average (in days), it takes a business to pay off its debts.

Liquidity analysis ratios:

The most famous liquidity ratio is

current liquidity ratio:

current assets

Short-term liabilities

Until recently, 2:1 was considered a satisfactory value for this ratio. Currently, in connection with the improvement of management methods, a ratio of 1.6:1 or 1.5:1 is considered acceptable for enterprises in Europe and the USA. Critical Appraisal Coefficient:

Current assets - Inventories

Short-term liabilities

Until recently, a ratio of 1:1 was considered a satisfactory result; at present, due to the improvement of management methods, a ratio of 0.7:1 or 0.6:1 is considered acceptable for enterprises in Europe and the USA.

These ratios are often used by independent auditors. Businesses should be aware that what they consider to be acceptable ratios may be considered unacceptable by the wider business community.

An exercise:

Extracts from company accounts

Anchar LLC

thousand roubles. thousand roubles.

Sales proceeds 600 1,000

Cost of sales

products (225) (500)

Gross profit 375,500

Interest payments (38) (20)

Other operating costs (350) (325)

Net income (13) 155

Procurement 215 500

Non-current assets 200 250

Current assets:

• inventory 70 80
• accounts receivable 110 100
• cash 5 100

Short-term accounts payable:

• debt to suppliers (75) (80)
• bank loan debt (250) (200)

Net assets 60 250

Current liquidity ratio

Coefficient of “critical” evaluation

Inventory turnover ratio

Accounts receivable ratio

Accounts payable ratio

2. Express your opinion about the financial condition of Anchar LLC.

What actions would you recommend taking to improve the financial condition of the company?

Excessive volume of trading activity

Occurs when the company's need for funds exceeds the amount of available funds.

Typically, these problems occur if:

• the company is expanding rapidly;
• it needs additional cash;
• it has sold more products and should get more cash from its debtors when they pay off (remember the business cycle);
• the profit of the enterprise is increasing all the time, but at the same time it needs more and more cash;
• if a company cannot access additional funds, it risks becoming insolvent.

Introduction to long-term financing

Long-term financing generally refers to financing with a maturity of more than five years. Long-term financing is often used to finance long-term assets such as land and equipment or construction projects. The higher the capital intensity of a business, the more long-term debt and equity it should have.

The mixed composition of a company's long-term capital is called its capital structure . The ideal capital structure maximizes total cost company and minimizes the total cost of capital. Managers involved in building an appropriate capital structure must consider the nature of the business and industry, its current and past capital structure, and the planned growth rate.

What is profit for?

Profit needed commercial organization for the development of production in the interests of meeting further, including new, needs. It is directly invested in the development of production or serves to stimulate investors. Enterprises must implement a rational policy in the field of distribution of the net profit remaining at their disposal after paying taxes and interest on loans. AT joint-stock companies for this purpose is being developed dividend policy society, which is seen primarily as a decision to finance investments.

Dividend policy is not directly related to commercial activities and is one of the functions strategic management enterprise. But it decisively depends on the results of the search for needs, the satisfaction of which is aimed at the activity of the enterprise.

What is the search for needs?

The search for needs should answer the questions: where (in what market), in what goods (or in what property) and in what volume is there a need? What are the consumer's requirements for the goods? How stable is the demand for certain goods? What are the prospects for demand growth and profitability prospects in different markets? What is the intensity of competition for them? Depending on the answer to these questions, enterprises specialize or diversify their activities, determine the directions for the development of goods and technologies, develop their assortment policy, choose a strategy for increasing the company's potential, including the scale of production (intensive growth, limited growth, reduction, a combination of different strategies) , my marketing strategy and strategy of competition in the market and in the creation new products, carry out strategic planning and the choice of strategic positions in the competition. In turn, the choice of these strategies predetermines the field (set of areas) of the enterprise's commercial activity.

Modern business system

A manufacturing enterprise (organization) has, as a rule, three areas (directions) of commercial activity (Scheme 1.1):

• o area of ​​industrial and commercial activity;
• o area of ​​trade turnover of production assets;
• o area of ​​capitalization of own funds and trading turnover of paper assets.

In each of these areas business cycle consists of three stages (Fig. 1.1):

• o the stage of cost optimization when purchasing objects of trade (production and trade) turnover;
• o the stage of formation of the potential for profitability;
• o Sales profit optimization stage.

These cycles are repeated to form ongoing business process.

Rice. 1.1.

The stages of optimizing purchase costs and optimizing sales profits are predominantly commercial activities, although they are related to production or research and production activities (for example, testing technological equipment, raw materials and intermediates when buying factors of production; service maintenance goods sold to the consumer). The stage of forming the potential for profitability is predominantly of a scientific and production nature (contains the functions of research and development, production, production development and (or) management).

Scheme 1.1.

Area of ​​production and commercial activity

Industrial and commercial activities at the entrance to the production process are aimed at optimizing the costs of acquiring production factors and innovations necessary to maintain and increase the profitability of the enterprise, as well as optimizing the management of production inventories; at the exit from production process- to optimize profits from the sale of goods (rendering services, performing work). Stages of the commercial cycle, in addition to material flows, shown in paragraph "a" of scheme 1.1, have information links that give consistency to the commercial process. The algorithm of the production and commercial process is differentiated depending on the nature of the tasks of production development - on whether the direct or inverse task is implemented.

AT the direct task of developing production, characteristic of the industrial age (figure 1.2), to meet the su

Scheme 1.2.

F - conjuncture commodity market and technology markets: need, demand, quality requirements, profitability prospects; F - requirements for production factors and innovations (scientific and technical level, quality, volume, timing); @ - conjuncture of the market of production factors and innovations: opportunities to meet the requirements of production, cost; ® - the possibility of meeting the requirements of the commodity market and technology market]!; © - choice of the best option to meet market requirements; © - the choice of the optimal option to meet the requirements of production; F - the flow of factors of production and innovation; ® - the flow of goods and technologies.

Material connections; - information connections.

existing and predicted needs, products are created using traditional technologies. Therefore, the production and commercial process begins with a study of the conjuncture of product markets and technology markets, in which the enterprise plans to sell its products and the technologies it develops. (link 1 in diagram 1.2). In order to create the products necessary to meet these needs and achieve an acceptable profit potential, in addition to their own projects, factors of production and innovations to which the enterprise imposes certain requirements can be acquired. (link 2). For this purpose, the conjuncture of the relevant markets is being studied. (link 3). The results of processes 1, 2, 3 allow us to evaluate possible options for meeting the requirements of the product market and the technology market (link 4) and select the optimal (in terms of profit) option (connection 5), and on this basis, choose the optimal (in terms of costs) option for acquiring production factors and innovations necessary to form an acceptable profitability potential (link 6). These processes of industrial and commercial activity create the necessary prerequisites for the formation of an optimal flow of production factors and innovations. (connection 7), as well as the optimal flow of goods and technologies (link 8).

AT inverse problem of production development characteristic of the post-industrial era, when the demand for goods to meet existing needs is saturated, fundamentally new technologies and new goods are being created to inculcate and meet new needs. Demand for such a product will arise only if potential consumer recognizes the usefulness of the proposed product for him. Therefore, in this problem, the production and commercial process (Scheme 1.3) begins with the proposal by the enterprise to the market of design options for new products and new technologies for their manufacture (link 1 in diagram 1.3). The following is a forecast of their acceptance by the consumer, the level of demand for them and the prospects for profitability (link 2). This enables the enterprise to develop requirements for the factors of production in new technologies necessary to create the potential for profitability for each variant of goods, the demand for which is confirmed by the forecast. (connection U). For optimization

Scheme 1.3. Algorithm of the production and commercial process in the inverse problem of production development (version):

F - design options for new products and new technologies; F - forecast of recognition of new products: possible demand, prospects for profitability; F - requirements for production factors in new technologies; ® - market conditions for factors of production: possible options for meeting requirements, purchase costs; © - selection of the optimal variant of a new product and market penetration strategy; © - choice of the optimal variant of the set of production factors; F - the flow of factors of production; ® - the flow of new products and technologies.

"- material ties; - information connections.

The numbers indicate the sequence of actions.

valuation of costs for the acquisition of production factors, the conjuncture of their market is studied, possible options for meeting the requirements of the enterprise and the costs of purchasing are identified (link 4). The results of studying the prospects for the profitability of new products from their sales and the possible costs of purchasing the required factors of production allow the company to choose best option new product and develop a market penetration strategy (connection 5), as well as the optimal variant of the set of production factors (link 6).

Any industrial enterprise goes through an operating cycle, during which inventories are purchased, finished products are produced and sold for cash or on credit, and, finally, accounts receivable are repaid through cash from customers. This cycle is called operational. The operating cycle reflects the period of time during which current assets make a full turnover.

Figure #1. The relationship of production and financial cycles

As part of operating cycle there are several components:

Inventory turnover cycle (production cycle) - the average time (in days) required to transfer inventories from the form of materials (raw materials) into finished products and sell them. Thus, the production cycle is a period of time that starts from the moment the materials arrive at the warehouse and ends at the moment the finished product is shipped to the buyer, which was made from these materials.

The receivables turnover cycle is the average time required for buyers to pay off receivables resulting from sales on credit.

The accounts payable turnover cycle is the average time that passes from the moment the enterprise purchases inventories to the moment the accounts of creditors are paid.

Based on the above components, the financial cycle is calculated.

financial cycle- this is the gap between the payment period for its obligations to suppliers and the receipt of money from buyers (debtors). In other words, it characterizes the period of time during which a full turnover is made by own working capital.

Financial cycle = Production cycle + Accounts receivable turnover period - Accounts payable turnover period

The shortening of the operating and financial cycles in dynamics is seen as a positive trend. It can occur due to the acceleration of the production process (the period of storage of inventories, reducing the duration of the manufacture of finished products and the period of its storage in the warehouse), accelerating the turnover of receivables, slowing down the turnover of accounts payable.

In banking practice operating cycle viewed as:

Operating Cycle = Inventory Turnover + Accounts Receivable Turnover - Accounts Payable Turnover (in days)

The operating cycle characterizes total time, during which financial resources are dead in and . Since the company pays supplier invoices with a time lag, the time during which funds are diverted from circulation, that is, the financial cycle, is reduced by the average time of accounts payable circulation. The shortening of the operating and financial cycles in dynamics is seen as a positive trend. If the reduction in the operating cycle can be carried out by accelerating the production process and the turnover of receivables, then the financial cycle can be reduced both due to these same factors, and due to some non-critical slowdown in the turnover of accounts payable.