Definition

turnover working capital(assets) shows how many times during the analyzed period the organization used the average available balance of working capital. According to the balance sheet, current assets include: inventories, cash, short-term financial investments and short-term receivables, including VAT on acquired valuables. The indicator characterizes the share of working capital in the total assets of the organization and the effectiveness of their management. At the same time, industry-specific features of the production cycle are superimposed on it.

Calculation (formula)

Turnover formula current assets next:

Working capital turnover = Revenue / Current assets

In this case, current assets are taken not at the beginning or end of the analyzed period, but as an average annual balance (ie, the value at the beginning of the year plus at the end of the year is divided by 2).

Along with the turnover ratio, the turnover rate in days is often calculated.

Working capital turnover in days = 365 / Working capital turnover ratio

In this case, the turnover in days shows how many days the company receives revenue equal to the average value of working capital.

Normal value

For turnover indicators, including the turnover of working capital, there are no generally accepted standards, they are analyzed either in dynamics or in comparison with similar enterprises in the industry. Too low coefficient, not justified by industry specifics, shows excessive accumulation of working capital (often - their least liquid component, stocks).

Business activity ratios allow you to analyze how intensively the company uses its funds. As a rule, this group includes various turnover indicators (capital productivity). Turnover indicators (capital productivity) are of great importance for assessing the financial position of the company, since the rate of turnover of funds, i.e. the speed of their transformation into a monetary form, has a direct impact on the solvency of the enterprise. In addition, an increase in the rate of turnover of funds with other equal conditions reflects the increase in the production and technical potential of the company.

Turnover is usually calculated using the following formula:

where FO SR - the turnover ratio of funds.

The average cost of a type of funds for the period is equal to the sum of the cost of funds at the beginning and end of the period, divided by 2.

In formula (3.8), the turnover of funds (FO SR) is expressed in turnover. In order to express the turnover of funds in days, for this you need to know the number of days in the billing period. Then the turnover period in days (P SR) is determined by the formula:

where T is the number of days in the billing period.

Usually, for comparability of the results, the FD SR is calculated for the annual period. In this case, the value of T is taken equal to 365 days. When calculating the FD SR for a month, quarter, half a year, in order to bring the value of the FD SR to the period of a year, the revenue should be multiplied by 12, 4 or 2, respectively.

The most commonly used turnover ratios are:

1) asset turnover ratio;

2) the turnover ratio of fixed assets;

3) turnover ratio of current assets;

4) the turnover ratio of receivables;

5) the turnover ratio of accounts payable;

6) inventory turnover ratio;

7) the duration of the turnover of net production working capital;

8) capital turnover ratio;

9) duration of capital turnover;

10) turnover ratio equity.

Asset turnover ratio (transformation ratio (CT) or resource return is determined by the formula:

FO A \u003d KT \u003d Vyr / A. (3.10),

Here A is the average annual value of total assets, which is equal to:

A \u003d OF + OBF,

where OF, OBF - respectively, the average annual cost of fixed (non-current) assets and current (current) assets (OBF).

This indicator (FO A) can be interpreted in two ways. On the one hand, the turnover of assets reflects how many times during the period the capital invested in the assets of the enterprise is turned around (a full cycle of production and circulation is completed), i.e. evaluates the intensity of use of all assets, regardless of the sources of their formation. On the other hand, resource efficiency shows how many rubles of revenue an enterprise has from a ruble invested in assets. The growth of this indicator indicates an increase in the efficiency of their use.

A decrease in FD A indicates the presence of problems in management. If the turnover of assets decreases, then in the process of analysis it is necessary to study the indicators of capital turnover in more detail and establish at what stages of the circulation there was a slowdown (or acceleration) in the movement of funds. To do this, you should determine the turnover separately for each type of asset. It should be borne in mind that the turnover of assets also depends on the organic composition of capital: the larger the share of fixed capital, which turns over slowly, the lower the turnover ratio and the longer the duration of the turnover of the total capital.

When comparing indicators for different companies or for one company, but for different years it is necessary to check whether uniformity is ensured in the assessment of the average annual value of assets (method of depreciation, depreciation of equipment).

The duration of the turnover of assets may vary due to the amount of proceeds (Vyr) and average balances of assets (A). To calculate the influence of these factors, the chain substitution method is used:

amount of revenue (turnover)

average assets

The duration of capital in certain types of assets can be determined by multiplying the total duration of asset turnover by the share certain types assets in the total average annual amount of assets.

Turnover ratio of fixed assets (or capital productivity of fixed assets) is determined by the formula:

FO OF = Vyr / OF, (3.16),

where FO OF – the turnover ratio of fixed (non-current) assets.

Improving return on assets, in addition to increasing volume products sold, can be achieved at the expense of a relatively low specific gravity fixed assets, and due to their higher technical level. The higher the return on assets, the lower the costs of the reporting period. A low rate of return on assets indicates either an insufficient volume of sales, or an overly high level of investment in these types of assets. In order to increase turnover, enterprises are trying to get rid of fixed assets that are not involved in production.

The reciprocal value of capital productivity of fixed assets is called capital intensity (FOE) and is defined as follows:

In this case, the savings or additional need for them will be equal to:

where OFE F; FE PL - respectively, the actual and planned capital intensity; Vyr PL - the planned volume of production.

Cost savings or additional need for them caused by an increase in production volumes can be calculated using the formula:

, (3.19)

where OF PL, OF F - the planned and actual cost of fixed assets, respectively;

Vyr PL, Vyr F - planned and actual volume of production, respectively.

Further analysis of the obtained results can be carried out in two directions:

1) in the event of an increase in capital intensity and an increase in the need for funds, analysts should analyze the reasons for this increase (a decrease in production volumes and a deterioration in equipment utilization, an increase in its cost, for example, as a result of revaluation, etc.) and determine the sources of covering the additional need that has arisen;

2) with a decrease in capital intensity and a decrease in the need for fixed assets, it is necessary to look at whether excess or underutilized equipment will appear in this case. Both will lead to an increase in the cost of production in terms of fixed costs, and consequently, a decrease in profits.

An indicator of the efficiency of the use of fixed assets is the capital-labor ratio (F P), which is calculated by the formula:

where N P is the number of personnel.

Subsequent factor analysis allows you to study the influence of each of the factors on the acceleration of the turnover of fixed assets.

Using the expansion method, the numerator and denominator can be multiplied by the number of personnel (N P), which makes it possible to establish a direct dependence of capital productivity on labor productivity (P T) and an inverse dependence on the capital-labor ratio of workers (F P):

. (3.21)

From this it is clear that any purchased equipment should provide a much greater increase in labor productivity compared to the price dynamics for

equipment. The higher the cost of the equipment, the more performance is required from the equipment.

The influence of factors on the increase in production can be calculated using the method of chain substitutions:

the impact of changes in fixed assets (FC) on revenue

where - change in revenue due to changes in fixed assets; - return on assets of fixed assets in the base period; ∆OF - change in fixed assets for the reporting period;

the impact of changes in capital productivity of fixed assets (FO OF) on revenue

where - change in revenue due to changes in capital productivity of fixed assets; OF 1 - fixed assets for the reporting period; - change in capital productivity of fixed assets for the period under review;

The total impact of factors on revenue

Current assets turnover ratio is determined by the formula:

FO OBF \u003d Vyr / OBF, (3.25)

where FO OBF is the turnover ratio of working capital.

Accounts receivable turnover ratio is determined by the formula:

FO DZ \u003d Vyr / DZ, (3.26)

where FO DZ - the turnover ratio of receivables; DZ - average annual real receivables.

According to the FD coefficient of the DZ, it is judged how many times, on average, DZ turned into cash during the reporting period. It is advisable to compare the value of FD DZ with the values ​​of average industry indicators, competitors' indicators, as well as with the values ​​​​of accounts payable turnover indicators. This approach allows you to compare the terms of commercial lending, which the company uses from other companies, with the terms of lending, which the company provides to other enterprises.

The quality of the DZ is assessed by the specific weight of the promissory note in it, since the promissory note is a highly liquid asset that can be sold to a third party before its maturity.

Accounts payable turnover ratio is determined by the formula:

FO KZ \u003d Seb / KZ, (3.27),

where FO KZ is the turnover of accounts payable; Seb - the cost of goods sold (purchases of the enterprise during the analyzed period; KZ - the average annual cost of accounts payable.

Cost of sales is determined from accounting systems and includes direct material costs, direct labor costs, manufacturing overheads and general business expenses.

Due to the difficulties in obtaining initial information, the following formula is most often used for calculation:

FO KZ \u003d KZ * 360 / Vyr. (3.28).

In this case the duration of the turnover of accounts payable shows the period during which the company is able to pay off its accounts payable if the company's revenue remains at the level of the reporting period and it does not create new debt.

The indicator of the duration of the turnover of accounts payable can be considered as an indicator of the solvency of the enterprise in short term. Decree of the President of the Russian Federation of December 20, 1994 No. 2204 and federal law a three-month deadline was set for the fulfillment of monetary obligations for settlements for the supplied products.

If we calculate receivables and payables in days, we determine how many days on average it takes to pay receivables or payables, respectively.

Inventory turnover ratio is determined by the formula:

FO ZAP \u003d Vyr / Z, (3.29)

where FO ZAP - inventory turnover ratio; Z - the average annual cost of stocks.

In general, the higher the FA ZAP, the less funds are connected in this least liquid article of working capital, the more liquid the structure of working capital is and the more stable the financial position of the enterprise. A slowdown in inventory turnover can occur due to the accumulation of excess, slow-moving, stale materials (this is easy to establish from the data warehouse accounting or balance sheet), as well as through the purchase of additional stocks in connection with the expected increase in inflation and deficits.

The duration of the turnover of net industrial working capital is another turnover indicator .

, or operating current financial needs (OTFP), represents the sum of inventories (W + NP + SOE) and accounts receivable less accounts payable (non-financial).

Net operating capital (PEOK) is determined by the formula:

CHPOK \u003d OTFP \u003d Z + NP + GP + DZ - KZ. (3.30)

The average duration of the turnover of material assets (P NPOK or P FC) characterizes the presence or absence (if the indicator is less than zero) of the enterprise's own working capital (in days):

P CHPOK \u003d P FTs \u003d P Z + P NP + P GP + P DZ - P KZ \u003d P PR + P DZ - P KZ \u003d P OP - P KZ, (3.31)

where П ФЦ - the duration of the financial cycle; ПЗ - the duration of the turnover of stocks of raw materials, materials; P GP - the duration of the turnover of finished products; P DZ - the duration of the turnover of receivables; P PR - the duration of the production cycle; P OP - the period (duration) of the operating cycle; P NZ - the duration of the turnover of work in progress.

The positive value of the indicator (P NPOK or P FC) indicates the time during which the working capital of the enterprise is circulating (having gone the whole circle from paying for raw materials and materials, finding them in the form of inventories, balances of work in progress, stocks of finished products until payment for sold products is received ).

Both total and operational current financial needs (TFN) can be calculated in rubles, as a percentage of turnover (sales volume, sales proceeds), as well as in time relative to turnover:

If the result is, say, 50%, then this means that the shortage of working capital of the enterprise is equivalent to half of its annual turnover; 180 days a year, the company works only to cover its TFP. A negative value of the indicator indicates the absence of own working capital, and the value of NPOK (or OTFP) characterizes the minimum amount of a loan to replenish working capital required by the enterprise.

Based on the analysis of the duration of the turnover of net industrial working capital can be made conclusions about the quality of enterprise management. With rational management of the working capital of an enterprise, the duration of the turnover of net production capital is positive, but close to zero. This means that the structure of receivables and payables is balanced, and the amount of reserves is determined technological features production.

An increase in this indicator indicates that significant financial resources are frozen in working capital. Consequently, either the company's purchasing and marketing activities are irrational (stocks are excessive), or work with debtors is inefficient, and the company provides free credit to its counterparties.

A negative, but close to zero value of the duration of the turnover indicates the riskiness of the policy of the enterprise, which builds its activities on the use of free loans from suppliers. Significant negative values ​​indicate that the enterprise does not have its own working capital ( its value characterizes the minimum loan amount for replenishment of working capital) and the presence of problems with financial stability. The reasons for the increase in the duration of the turnover of net industrial working capital can be either unprofitable activities of the enterprise, or the diversion of funds (see Figure 1.14). In both cases, the provision financial resources such an enterprise will not solve its problems. Therefore, it is pointless to issue a loan to such an enterprise.

The business activity of the enterprise is manifested in the rate of turnover of its capital. The acceleration of capital turnover indicates a more intensive use of it and an increase in the business activity of the enterprise. On the contrary, a slowdown in the turnover of funds is a sign of a downturn in business activity. From speed

turnover of capital depends on its profitability, and as a result - liquidity, solvency and financial stability enterprises.

Therefore, in the process of analysis, it is necessary to study in more detail the indicators of capital turnover, to establish at what stages of the circulation there was a slowdown or acceleration in the movement of funds, to develop measures to eliminate and prevent a liquidity spasm.

Capital turnover rate characterized capital turnover ratios :

turnover ratio (K about);

The duration of one revolution (P o6).

Capital turnover ratio calculated by the formula:

The reciprocal of the capital turnover ratio is called capital intensity (Ke):

Duration of capital turnover calculated by the formula:

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

Average balances of the total capital and its components are calculated using the chronological average: 1/2 the amount at the beginning of the period plus the balances at the beginning of each following month, plus 1/2 the 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 all capital, the amount of turnover must include the total proceeds from all types of sales. If, however, the turnover indicators are calculated only for operating capital, then only revenue from

product sales. Turnovers and average balances on the accounts of capital investments, long-term and short-term financial investments are not taken into account in this case.

capital turnover, on the one hand, it depends on the turnover rate 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 turnover of the total capital involved in the operating process, those.

Equity turnover ratio calculated by the formula:

FO SK \u003d Vyr / SK, (3.36)

where FO SK - equity turnover ratio; SC - the average annual cost of equity.

From a financial point of view, the indicator (FO SK) characterizes the rate of turnover of invested capital, from an economic point of view - the activity of funds that the owner risks. If it is too high, this entails an increase in credit resources and the possibility of reaching the limit beyond which creditors begin to participate more in the business than owners.

Savings or overspending of funds and capital as a result of turnover is defined as the product of the amount of one-day sales (Exp 1) and the difference in turnover days (P OB) of the reporting (1) and base (planning) (0) periods:

, (3.37)

where ± E - savings (-) due to acceleration or overspending (+) with a slowdown in capital turnover; Vyr 1 - revenue (turnover amount) for the reporting period; T is the duration of the reporting period in days; P OB1 - the duration of the turnover of funds in the reporting period in days; П OB0 - the duration of the turnover of funds in the base period in days.

For example, if we compare the results of the second quarter with the first, we get the following results:

Inventory turnover deteriorated in the second quarter, which led to the attraction of additional funds in the amount of 227,264.49 thousand rubles, which worsens financial condition enterprises.

To determine the value of the increase in the volume of production due to an increase in the turnover of working capital (ceteris paribus), we use the dependence:

Then it is easy to determine the increase in production by accelerating the turnover of working capital, using the method of chain substitutions:

where - an increase in the volume of sales of products due to an increase in the turnover of working capital (OBF); – increase in the reporting period in the number of turnovers of working capital (OBF); 0 and 1 are the base and reporting periods, respectively.

Turnover ratios (business activity ratios) - a group of coefficients showing the intensity of the use of assets or liabilities. The main turnover ratios are:

Relative indicators of business activity (turnover) characterizing the efficiency of using the organization's resources are turnover ratios. The average value of indicators is defined as the chronological average for a certain period (according to the amount of data available); in the simplest case, it can be defined as half the sum of indicators at the beginning and end of the reporting period.

All coefficients are expressed in times, and the duration of the turnover - in days. These indicators are very important for the organization. First, the size of the annual turnover depends on the rate of turnover of funds. Secondly, with the size of the turnover, and, consequently, with the turnover, relative value production costs (circulation): the faster the turnover, the less costs per turnover. Thirdly, the acceleration of turnover at one stage or another of the circulation of funds entails an acceleration of turnover at other stages. Financial position organization, its solvency depends on how quickly the funds invested in assets are converted into real money.

Consider the formulas for calculating the most common turnover ratios (business activity).

Asset turnover ratio

The turnover of funds invested in the property of the organization can be estimated:

• turnover rate - the number of turnovers that the capital of the organization or its components make during the analyzed period;
• turnover period - the average period for which they return to economic activity organization of funds invested in production and commercial operations.

The asset turnover ratio reflects the degree of turnover of all assets at the disposal of the organization on a certain date and is calculated as the ratio of sales proceeds to the average value of the organization's assets for the period.

Asset turnover ratio = Revenue / Average assets in the period

Total capital turnover period (in days) = Duration of the reporting period (90, 180, 270 and 360 days) / Total capital turnover ratio

Balance formula:

Koa = str. 010 f. No. 2 / ((p. 300-244-252)ng + (p. 300-244-252)kg f. No. 1) / 2

Koa = str. 010 f. No. 2 / 0.5 x (line 300 at the beginning of the year + line 300 at the end of the year) f. #1

where ng - data at the beginning of the reporting year; kg - data at the end of the reporting period.

Balance formula since 2011:

Koa \u003d line 2110 No. 2 / 0.5 x (line 1600 at the beginning of the year + line 1600 at the end of the year) f. #1

Turnover ratio of current assets (turnover of current assets)

This coefficient characterizes the turnover rate of all mobile means of the enterprise:

Current assets turnover ratio = Revenue / Average annual value of current assets

Turnover period of current assets (in days) = Duration of the reporting period / Turnover ratio of current assets

Kooa = str. 010 f. No. 2 / (str. 290ng + str. 290kg f. No. 1) / 2

Kooa \u003d line 2110 / 0.5 x (line 1200 at the beginning of the year + line 1200 at the end of the year)

The indicator characterizes the number of complete cycles of product circulation in the period. Or how many monetary units of sold products each monetary unit of assets brought. Or otherwise it shows the number of turnovers of one ruble of assets for the analyzed period.

This indicator is used by investors to assess the effectiveness of capital investments.

Capital productivity. Non-current asset turnover ratio

The return on assets reflects the efficiency of the use of fixed assets of the enterprise and is calculated by the formula:

Return on assets \u003d Revenue / Average annual cost of fixed assets

Fo = str. 010 f. No. 2 / (line 120ng + line 120kg f. No. 1) / 2

Fo \u003d line 2110 / 0.5 x (line 1150 at the beginning of the year + line 1150 at the end of the year)

Equity turnover ratio

The ratio shows the rate of turnover of equity capital or the activity of funds that shareholders risk:

Equity Turnover Ratio = Revenue / Average Equity

Equity turnover period (in days) = Duration of the reporting period / Equity turnover ratio

Kosk = str. 010 f. №2 / ((line 490-244-252+640+650)ng + (line 490-244-252+640+650)kg f. №1) / 2

Kosk = str. 010 f. No. 2 / (str. 490ng + str. 490kg f. No. 1) / 2

Kosk \u003d line 2110 No. 2 / 0.5 x (line 1300 at the beginning of the year + line 1300 at the end of the year)

If this ratio is too high, then this means a significant excess of sales over invested capital, which entails an increase in credit resources and the possibility of reaching the limit when creditors are more involved in the business than owners. In this case, the ratio of liabilities to equity increases, the security of creditors decreases, and the enterprise may have serious difficulties associated with a decrease in income. On the contrary, a low coefficient means the inactivity of a part own funds. In this case, the coefficient indicates the need to invest own funds in another source of income that is more appropriate for these conditions.

It is useful to compare the values ​​of the equity turnover ratio with the values ​​for the same period operating capital turnover ratio. Functioning capital is the value of own working capital, which is constantly involved in the turnover, i.e. the difference between own current assets and long-term receivables together with overdue receivables. The coefficient is calculated by the formula:

Operating capital turnover ratio = Revenue / Average operating capital for the period

Analyzing the values ​​of this coefficient, one can see a slowdown or acceleration of the turnover of capital directly involved in production activities. The obtained values ​​of this coefficient are cleared, in comparison with the indicator of the total asset turnover, from the influence of the enterprise's investments, which do not have a direct impact on the volume of sales, with the exception of investments in their own development.

Invested capital turnover ratio

The coefficient shows the turnover rate of the company's long-term and short-term investments, including investments in its own development. The numerator is net sales proceeds, the denominator is the average value of invested capital over the period.

Invested Capital Turnover Ratio = Revenue / (Average Equity + Average Long-Term Liabilities)

Invested Capital Turnover Period (in days) = Length of Reporting Period / Invested Capital Turnover Ratio

Kick = line 010 f. №2 / ((str. 490ng + str. 490kg)/2 + (str. 590ng + str. 590kg)/2) f.№1

Kick \u003d line 2110 No. 2 / (0.5 x (line 1300ng + line 1300kg) + 0.5 x (line 1400ng + line 1400kg))

The turnover of invested capital significantly depends on the investment business processes in terms of making real and financial investments, as well as on the efficiency operating activities regarding the use of available resources. With an increase in investment activity and an intensive increase in property, the turnover decreases, since newly acquired assets cannot immediately provide an adequate return in the form of revenue growth.

When analyzing these coefficients in dynamics, one can see how much faster or slower the capital withdrawn from production activity is turned over in comparison with the capital involved in production. In a more detailed analysis, it is necessary to take into account the structure of the invested capital.

Debt turnover ratio

Debt Turnover Ratio = Sales Proceeds / Average Debt

Debt capital turnover period (in days) = Duration of the reporting period / Debt capital turnover ratio

Kz \u003d page 010 f. №2 / ((str. 590ng + str. 590kg)/2 + (str. 690ng + str. 690kg)/2) f.№1

Kz \u003d line 2110 No. 2 / (0.5 x (line 1500ng + line 1500kg) + 0.5 x (line 1400ng + line 1400kg))

Accounts receivable turnover ratio

The coefficient shows the rate of turnover of receivables, measures the rate of repayment of the organization's receivables, how quickly the company receives payment for the sold goods (works, services) from its customers:

Accounts receivable turnover ratio = Revenue / Average annual receivables

Kodz = str. 010 f. No. 2 / ((p. 240-244)ng + (p. 240-244)kg f. No. 1) / 2

Kodz \u003d line 2110 / 0.5 x (line 1230 at the beginning of the year + line 1230 at the end of the year)

Accounts receivable turnover period ( receivables turnover in days) characterizes the average maturity of receivables and is calculated as:

Receivables turnover period \u003d Duration of the reporting period / Kodz

When analyzing business activity, special attention should be paid to the turnover of receivables and payables, because these quantities are largely interrelated.

Decreased turnover could mean problems paying bills or more. effective organization relationships with suppliers, providing a more profitable, deferred payment schedule and using accounts payable as a source of obtaining cheap financial resources.

Accounts payable turnover ratio

This is an indicator of the speed of repayment by the enterprise of its debts to suppliers and contractors. The accounts payable turnover ratio shows how many times (usually per year) the company pays the average amount of its accounts payable, in other words, the ratio shows the expansion or reduction of commercial credit provided to the enterprise:

Accounts payable turnover ratio = Revenue / Average annual accounts payable

Kokz = str. 010 f. No. 2 / (str. 620ng + str. 620kg f. No. 1) / 2

Kokz \u003d line 2110 / 0.5 x (line 1520 at the beginning of the year + line 1520 at the end of the year)

Accounts payable turnover period = Duration of the reporting period / Kokz

Accounts payable turnover period ( accounts payable turnover in days). This indicator reflects the average period of repayment of the company's debts (excluding liabilities to banks and other loans).

Inventory turnover ratio (inventory and costs)

The indicator reflects the inventory turnover of the enterprise for the analyzed period:

Inventory and cost turnover ratio = Cost price / Average annual cost of inventory

Komz = str. 020 f. №2 / ((p. 210+220)ng + (p. 210+220)kg f. №1) / 2

Komz \u003d line 2120 / 0.5 x ((line 1210 + line 1220) ng + (line 1210 + line 1220) kg)

Cash turnover

The indicator indicates the nature of the use of funds in the enterprise:

Cash turnover ratio = Revenue / Average cash

Codes = page 010 f. No. 2 / (str. 260ng + str. 260kg f. No. 1) / 2

Codes \u003d line 2110 / 0.5 x (line 1250 at the beginning of the year + line 1250 at the end of the year)

Cash turnover indicators characterize the rate of transformation of assets into cash, as well as the rate of repayment of liabilities, the indicators reflect the degree of business activity and operational efficiency of the organization.

Economic effect as a result of accelerated turnover

The economic effect as a result of the acceleration of turnover is expressed in the relative release of funds from circulation, as well as in an increase in the amount of profit. The amount of funds released from circulation due to acceleration (-E) or additional funds attracted into circulation (+E) in case of slowdown in turnover is determined by multiplying the one-day sales turnover by the change in the duration of the turnover:

E \u003d (Actual revenue / Days in the period) * ΔPob

ΔPob = Pob 1 - Pob 0

Pob \u003d (Ost * D) / Revenue from product sales

Where,
D - the number of calendar days in the analyzed period (year - 360 days, quarter - 90, month - 30 days);
Ost - annual average working capital;
Pob 1 - the duration of one turnover in the reporting period;
Pob 0 - the duration of one turnover in the previous period.

Working capital turnover ratio reflects how many times in the reporting period the company used the average annual balance of working capital (short-term assets).

The turnover ratio is calculated to assess the efficiency of the use of working capital and to analyze the business activity of the enterprise.

Working capital turnover ratio. Formula

The calculation has the following form:

To vol. \u003d VR / KA avg,

• Cob - asset turnover ratio
• BP - from sales (line 010 of the income statement)
• KA cf - the average annual value of short-term assets (TOTAL of section II, line 290 of the balance sheet, the sum of columns 3 and 4 divided by 2), i.e. the average between the values ​​at the beginning and at the end of the year is taken.

The coefficient shows the effectiveness of the management of the company's current assets. In addition, it is subject to the influence of industry specifics of production, seasonal changes in the market.

Together with the turnover ratio, they usually find the turnover in days. In this case, the turnover in days shows how many days the company will spend in order to receive revenue equal to short-term assets (TC). How to determine this indicator?

About (dn) \u003d 365 / K about,

• About (days). - turnover in days;
• The numerator is the number of days in a year.

In Belarus, there is no legislative standard for asset turnover. The values ​​should be analyzed in dynamics or in comparison with similar ones in the industry. A decrease in the coefficient means a slowdown in the turnover of assets. Accordingly, its increase characterizes the growth of the company's business activity. If the Cob is too low, significantly different from the average industry norms, this indicates an excessive accumulation of short-term assets (most often these are goods in warehouses).

The term "working capital" (its synonym in domestic accounting - working capital) refers to the current assets of the enterprise. Working capital ensures the continuity of the production process.

In the practice of planning, accounting and analysis, working capital is divided according to the following criteria:

• o by functional role in the production process: working capital and circulation funds. To revolving funds include inventories (raw materials, materials, fuel), work in progress, semi-finished products own production, Future expenses. circulation funds are finished products and goods for resale, goods shipped, cash, settlements with other enterprises and organizations. Such a division is necessary for a separate analysis of the residence time of working capital in the process of production and circulation;
• o on the practice of control, planning and management: standardized working capital and non-standardized working capital. The enterprise may have standards for inventories, semi-finished products of its own production, finished products, goods for resale;
• o by sources of working capital formation: own working capital and borrowed working capital. The value of own working capital is determined as the difference between the result of the balance sheet section "Capital and reserves", section "Non-current assets" and section "Losses". Borrowed current assets are formed in the form of bank loans, as well as accounts payable. They are provided to the enterprise for temporary use;
• o by liquidity (speed of conversion into cash): absolutely liquid funds, quickly realizable working capital, slowly realizable working capital;
• o according to the degree of risk of investing capital:
  • working capital with minimal investment risk: cash, short-term financial investments;
  • Working capital with low investment risk: accounts receivable (excluding doubtful debts), inventories (excluding stale ones), balances of finished products and goods (excluding those that are not in demand);
  • · working capital with an average investment risk: low-value and wearing items, work in progress, deferred expenses;
  • Working capital with a high investment risk: doubtful receivables, stale inventories, finished products and goods that are not in demand;
• o in terms of material content: objects of labor (raw materials, materials, fuel, etc.), finished products and goods, cash and funds in settlements.

The financial position of the enterprise is directly dependent on how quickly the funds invested in assets are converted into real money.

Accelerating the turnover of working capital reduces the need for them: less stocks of raw materials, materials, fuel, work in progress are required, and therefore, leads to a decrease in the level of costs for their storage, which ultimately contributes to an increase in profitability and an improvement in the financial condition of the enterprise.

The slowdown in the turnover time leads to an increase in the required amount of working capital and additional costs, and hence to a deterioration in the financial condition of the enterprise.

The rate of turnover of funds is a complex indicator of the organizational and technical level of production and economic activity. Working capital ensures the continuity of the production process.

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

To factors external character include the scope of the enterprise, industry affiliation, the scale of the enterprise, the economic situation in the country and the related business conditions of the enterprise.

Internal factors -- price policy enterprises, structure of assets, methodology for estimating reserves.

The turnover rate of working capital is estimated by such indicators as:

1. Turnover ratio, or turnover rate:

To about \u003d Vp / CO (4.1)

where Vr is the proceeds from the sale of products, works, services (thousand rubles);

SO -- the average value of working capital (thousand rubles).

The turnover ratio shows the number of complete turnovers (times) made by working capital for the analyzed period of time. With an increase in the indicator, the turnover of working capital accelerates, which means that the efficiency of using working capital improves.

2. Duration of one revolution:

D \u003d COxT / Vr, (4.2)

where D is the duration of one turnover of working capital (in days);

T -- reporting period (in days).

Reducing the turnover time, as already noted, leads to the release of funds from circulation, and its increase - to an additional need for working capital.

3. Coefficient of fixing working capital:

Ka \u003d CO / Vp (4.3)

The coefficient of fixing working capital shows the amount of working capital per 1 rub. sold products.

Table 4.1 shows the calculation of indicators of turnover of working capital.

Table 4.1. Indicators of the turnover of working capital of OJSC "Izmailovskaya manufactory".

As can be seen from Table 4.1, the turnover of working capital for 1999 accelerated by 1.29 turnover and amounted to 5.317 turnover per year, or 68.647 days, respectively, with one turnover of 0.188 years.

It should be noted that the turnover of working capital accelerated by 21,991 days.

The acceleration of the turnover of the capital of an JSC contributes to a reduction in the need for working capital (absolute release), an increase in production volumes (relative release) and, therefore, an increase in profits. As a result, the financial condition of the enterprise improves, solvency is strengthened.

the value absolute savings (attraction) of working capital can be calculated in two ways.

Firstly, the release (attraction) of working capital from circulation can be determined by the formula:

CO=CO 1 -CO 0 xK Vr , (4.4)

where CO is the amount of savings (-) or attraction (+) of working capital;

CO 1, CO 0 -- the average value of the working capital of the enterprise for the reporting and base period, respectively;

K Vr -- coefficient of growth of proceeds from the sale of products (in relative units),

K Vr = Vr 1 / Vr 0 = 54008/210152.57.

At the analyzed enterprise, in accordance with the data in Table 4.1:

SO = 10157.5-5218.5x2.57 - 3253.9 (thousand rubles).

Second, you can use the formula:

CO=(D L1 D L0 )хV 1ONE. , (4.5)

where D L1, D L0 - the duration of one turnover of working capital in days;

V 1ONE -- one-day sales of products (thousand rubles)

Let's calculate the release of working capital at JSC based on the indicators of table 4.1:

CO \u003d (68.647-90.638) x147.97 - 3253.9 (thousand rubles),

that is, due to the acceleration of the turnover of working capital, 3253.9 thousand rubles were released at Izmailovskaya Manufactory OJSC.

The value of the increase in the volume of production due to the acceleration of working capital (ceteris paribus) can be determined using the method of chain substitutions:

Vр=(К rev1 To rev0 )хСО 1 (4.6)

At the enterprise under consideration, due to the acceleration of the turnover of working capital, the increase in production amounted to 13,103.175 thousand rubles. (Vr = +1.29x10157.5).

The influence of the turnover of working capital on the increment of profit P can be calculated by the formula:

P=(P 0 xK rev1 /TO rev0 )R about , (4.7)

where R o -- profit for the base period;

K ob1, K ob0 -- turnover ratios of working capital for the reporting and base periods.

We do not calculate this coefficient for OJSC, since the enterprise did not receive profit from sales either in 1998 or 1999.