2 management of the fixed capital of the organization. Analysis of the management of the fixed capital of the enterprise LLC "74 Region". Characteristics of the financial condition of JSC "apk kaes"

Business as a system functions and develops as a result of previous capital investments and, above all, in fixed assets. Making a profit today is the result of correct decisions on the proportions of capital investment in fixed and working capital, taken even before the start of the company's operating activities. Therefore, effective capital management requires a clear understanding of the specifics of their functioning and reproduction. Main capital includes fixed assets, as well as unfinished long-term investments, intangible assets and new long-term financial investments (investments).

1. The fixed capital of an enterprise (its elements) has a certain value. Typically, this is the acquisition cost (historical cost). However, over time, this value decreases by the amount of depreciation (residual value), as discussed below.

Fixed assets are reflected in accounting and reporting at their original cost, i.e., according to the actual costs of their acquisition, construction and manufacture. A change in the initial cost of fixed assets is allowed in cases of completion, additional equipment, reconstruction and partial liquidation of the relevant facilities. The elements of fixed capital tend to wear out and become obsolete. Depreciation is the obsolescence of fixed assets and the loss of their qualities, which in monetary terms is called depreciation - the gradual transfer of part of the value of fixed assets to products, work and services. Reflection of depreciation of fixed assets is chosen by the enterprise based on their useful life. The head of the enterprise has at least three alternative ways to calculate the depreciation (depreciation) of fixed assets, which can be schematically represented as follows:

determination of depreciation according to approved standards;

determination of depreciation using the accelerated method;

determination of depreciation by small enterprises.

For enterprises and organizations that implement significant investment programs for the technical re-equipment of production, requiring the formation of additional financial resources, increasing depreciation (wear and tear) factors are applied - accelerated depreciation. It is also allowed for small businesses as state support.

Leasing is one of the ways to replenish working capital with lower costs than when buying. The lessor acquires this property (for this he may need a loan) and transfers it to the tenant, and often with the right to purchase. This scheme assumes that the lessee, although in the end paying a total amount more than that for which he could purchase the equipment, remains a winner, since he did not have the funds to purchase the necessary equipment, and the profit from using the equipment exceeds the total costs of leasing . One of the key points of the attractiveness of leasing for the enterprise is the excess of profit over lease payments; without this excess, leasing may be unnecessary. Therefore, the head of the enterprise needs an accurate calculation of expenses before he applies to the leasing company with a proposal to conclude an agreement.

2. But there is another factor that determines the change in the value of fixed capital - inflation. In order to meet the basic economic proportions, enterprises are allowed to revaluate, which leads to replacement costs. The full replacement cost is determined on the basis of the costs of reproduction of objects similar to those being evaluated. The full replacement cost of morally obsolete objects is also carried out on the basis of existing costs for their manufacture at prices and tariffs that exist on the revaluation date.

During revaluation, along with the full replacement cost of fixed assets, their residual replacement cost is determined. The residual replacement cost of fixed assets is determined by the organizations-owners of fixed assets independently. Incorrect accrual (attribution) of depreciation amounts can lead to an underestimation of tax amounts. Therefore, this aspect of the enterprise and the choice of its accounting policy should be the focus of the financial manager.

fixed assets- these are the funds invested in the totality of material values ​​related to the means of labor. Fixed assets and long-term investments in fixed assets have a multifaceted and versatile impact on the financial condition and performance of the company. fixed assets, leased with the option of subsequent redemption or at the end of the lease under the terms of the agreement, which become the property of the lessee, are also accounted for as own property, plant and equipment.

Capital also includes the cost of capital investments in progress in fixed assets and the purchase of equipment. This part of the cost of acquiring and building fixed assets, which has not yet become fixed assets, cannot participate in the process of economic activity, and therefore should not be subject to depreciation. In fixed capital, these costs are included for the reason that they have already been withdrawn from working capital.

Long-term financial investments represent the cost of equity participation in the authorized capital in other enterprises, the purchase of shares and bonds on a long-term basis. Financial investments also include:

long-term loans issued by another enterprise against debt obligations;

the value of property transferred to a long-term lease under the right of financial leasing (that is, with the right to purchase or transfer ownership of the property upon the expiration of the lease term).

Financial indicators of the use of fixed assets can be combined into the following groups:

indicators of the volume, structure and dynamics of fixed assets;

indicators of reproduction and turnover of fixed assets;

performance indicators for the use of fixed assets;

cost effectiveness indicators for the maintenance and operation of fixed assets;

performance indicators of investments in fixed assets.

a) During analysis of indicators of the movement of fixed assets it is necessary to assess the size, dynamics and structure of the company's capital investments in fixed assets, to identify the main functional features of the business of the analyzed economic entity. For this purpose, data are compared at the beginning and end of the reporting period for all elements of fixed assets. Changes are valued at the historical cost of fixed assets. In the dynamics of changes, a positive trend is the outpacing growth of production assets in comparison with non-production ones.

b) There is a methodology for "horizontal" and "vertical" analysis of indicators of the movement of fixed assets.

c) An interconnected set of indicators for accounting, analysis and evaluation of the process of updating production assets:

F k. g = F n. r+ F new + F sb,

where F k. d - production assets at the end of the year; F n. d - production assets at the beginning of the year; F new - production assets introduced in the reporting year; F vyb - production assets retired in the reporting year.

Based on this equality, the following indicators can be calculated:

2) the coefficient of renewal of fixed assets;

3) coefficient of intensity of renewal of fixed assets;

4) update scale factor;

5) coefficient of stability of fixed assets;

6) the coefficient of retirement of fixed assets.

These indicators can be used to study changes in fixed assets over a certain period.

d) Efficiency of capital investment in fixed assets. The effectiveness of investments in fixed assets depends on many factors, among which the most important are: return on investment, payback period of investments, inflation, return on investment for the entire period and for individual periods, stability of income from investments, the availability of other, more efficient areas of capital investment (financial assets, currency transactions, etc.). Investing in the form of capital investments is the most difficult task of financial planning and requires careful analysis. Decisions in this area require the firm to make long-term commitments, and therefore should be based on careful forecasting and detailed assessments of future likely conditions that are necessary to generate economic returns that justify the expected investment costs (see Section 1.6 for more details).

Sources of financing the reproduction of fixed assets are divided into own and borrowed. Reproduction forms:

­ simple when the cost of compensating for the depreciation of fixed assets corresponds to the amount of accrued depreciation;

­ extended when the cost of reimbursement for depreciation of fixed assets exceeds the amount of accrued depreciation.

Capital expenditures for the reproduction of fixed assets are of a long-term nature and are carried out in the form of long-term investments for new construction, for the expansion and reconstruction of production, for technical re-equipment and for supporting the capacities of existing enterprises. The main criterion for making a management decision from the position of financial management is a comparison of cash flows for various forms of financing the renewal of fixed capital, while comparing the cost of acquiring at its own expense, at the expense of a bank loan, etc. To ensure financial independence, an enterprise must have a sufficient amount own capital. For this, the company needs to be profitable. To ensure this goal, it is important to effectively manage the flow and outflow of funds, prompt response to deviations from the set course of activity.

Cash flow management is one of the most important activities of a financial manager and includes:

1) calculation of the time of circulation of funds;

2) cash flow analysis;

3) cash flow forecasting.

The key point in business liquidity management is the cash flow cycle (financial cycle). figuratively cash flow can be thought of as a system financial circulation» the economic organism of the enterprise. Efficiently organized cash flows of an enterprise are the most important symptom of its “ financial health”, a prerequisite for achieving high final results of its economic activity in general. Cash flow management is not just a management of survival, but dynamic money management taking into account changes in value over time. One of the tasks of cash flow management is to identify the relationship between cash flows and profit, i.e. whether the profit received is the result of effective cash flows or is it the result of any other factors. There are such concepts as "cash flow" and "cash flow".

Flow of funds- all cash receipts and payments of the enterprise. Cash flow- this is a set of time-distributed volumes of receipts and disposals of funds in the course of economic activity, operation.

The receipt (inflow) of funds is called positive cash flow, and the disposal (outflow) of cash - negative cash flow.

ü Analysis and management of cash flow allow you to determine its optimal level, the ability of the enterprise to pay off its current obligations and carry out investment activities. The financial condition of the company depends on the effectiveness of cash management and ability to quickly adapt in case of unforeseen changes in the financial market.

ü Cash flow management is part of financial management and is carried out within the framework of the financial policy of the enterprise, understood as a general financial ideology, which the enterprise adheres to in order to achieve the general economic goal of its activities.

ü Cash flow management closely related to the strategy of increasing the market value of the company, since the market value of a company or asset depends on how much the investor is willing to pay for them, which, in turn, depends on what cash flows and risks the asset or company will bring to the investor in the future.

Thus, the market value of an asset or company is determined by:

Cash flow generated by the asset or company in the future;

The timing of this cash flow;

Risks associated with the generated cash flow.

Financial resources related to the sphere of distribution are an important element of reproduction and form the basis of the material and cash flow management system of an enterprise. The financial resources of the enterprise are in constant motion, the management of which is carried out within the framework of financial management. In turn, the cash flows of the enterprise represent the movement (inflows and outflows) of funds on the settlement, currency and other accounts and in the cash desk of the enterprise in the course of its economic activity, collectively making up its cash flow. Cash flow management suggests:

Deep analysis of cash flows;

Accounting for cash flows;

Development of a cash flow plan.

In world practice, cash flow is denoted by the concept "cash flow"("cash flow"). Cash flow in which the outflow exceeds the inflow is called a "negative cash flow" ( negative cash flow), otherwise it is a "positive cash flow" ( positive cash flow). The concept of "discounted or reduced cash flow" is also used. The word discount discount) means a discount, therefore, discounting means bringing future cash flows into a form comparable to the present.

I. To ensure a comprehensive in-depth analysis, cash flows must be classified according to a number of basic features.

1. By type of economic activity. Cash flows are associated with cash inflows and outflows, so the need to divide an enterprise into its three types is explained by the role of each and the relationship. If the main activity is designed to provide the necessary funds for all three types and is the main source of profit, then investment and financial activities are designed to contribute, on the one hand, to the development of the main activity, and on the other hand, to provide it with additional funds (Fig. 22, 23).

In accordance with international accounting standards, the following types of cash flows are distinguished:

- for operating activities - is characterized by cash payments to suppliers of raw materials and materials; third-party performers of certain types of services that provide operational activities; wages to the personnel involved in the operational process, as well as managing this process; tax payments of the enterprise to the budgets of all levels and extra-budgetary funds; other payments related to the implementation of the operational process. At the same time, this type of cash flow reflects the receipt of funds from buyers of products; from tax authorities in the procedure for recalculating overpaid amounts and some other payments provided for by international accounting standards;

investment activity - characterizes payments and cash receipts associated with the implementation of real and financial investment, the sale of retired fixed assets and intangible assets, the rotation of long-term financial instruments of the investment portfolio and other similar cash flows serving the investment activities of the enterprise;

financial activities - characterizes the receipts and payments of funds associated with the attraction of additional equity and share capital, obtaining long-term and short-term loans and borrowings, payment of dividends and interest on deposits of owners in cash and some other cash flows associated with the implementation of external financing of economic activities enterprises.

After studying the materials in this chapter, the student should:

know

• principles of fixed capital management;
• what parameters of the economic activity of the enterprise are affected by the cost of fixed capital;
• approximate stages of valuation of assets (property) of the enterprise;
• main forms of reproduction of fixed capital;
• the sequence of development and adoption of management decisions to ensure the renewal of fixed capital;
• the main factors contributing to the reduction of production and financial cycles;
• the content of a moderate working capital management model;
• what is meant by the complexity of the policy of managing current assets and short-term liabilities;

be able to

• disclose the content of each principle of fixed capital management;
• calculate the most important types of monetary valuation of fixed capital;
• use the main approaches to assessing the value of fixed capital;
• formulate the composition of investments (capital investments) by the nature of reproduction;
• characterize the operating cycle of the enterprise;
• disclose the economic content of the financial cycle;
• to characterize the factors influencing the amount of net working capital;
• theoretically evaluate the type of current asset management policy;

own

• the most important methods of fixed capital management;
• methods for estimating the cost of fixed capital;
• methods used in the management of working capital;
• theoretical knowledge for the formation of a policy of financing current assets.

Principles and methods of fixed capital management

Fixed capital management is an important link in the financial management system of an enterprise. This process involves senior management personnel, production, investment and financial managers. Fixed capital management includes a set of principles and methods for developing and implementing management decisions related to the formation and rational use of this capital in various types of activities of enterprises (corporations).

The efficiency of fixed capital management at an enterprise and in a corporation is ensured by observing a number of principles:

• relationship with the overall management system;
• the complex nature of the adoption and implementation of management decisions;
• high dynamism of management;
• a variable approach to the development of individual decisions on the formation and use of fixed capital;
• compliance with strategic development goals.

The first principle is that efficiency

the activity of the enterprise is associated with the rational use of fixed capital (especially its active part) in terms of time and productivity, a decrease in the volume of construction in progress and uninstalled equipment. Fixed capital management interacts with other areas of financial management - with production, investment, innovation, etc.

The second principle is expressed in the fact that all management decisions in the field of formation and use of fixed capital directly affect the final financial results of the enterprise (income, profit, profitability and solvency). Therefore, fixed capital management should be considered as an integrated management system aimed at achieving the ultimate goals defined by the constituent documents or the interests of the owner of the enterprise.

The third principle is that the most successful management decisions in the field of investing in fixed capital, adopted and implemented in previous years, cannot always be used in the future.

When making new decisions in the field of real investment, one should take into account the influence of external (exogenous) factors: changes in the business situation in the commodity and financial markets, innovations in the field of tax, customs, currency and other macroeconomic regulation of the national economy. Along with external factors, the internal (endogenous) conditions of an enterprise's activity also change at various stages of its life cycle, for example, when mastering new types of equipment, technology and products.

The fourth principle is that when choosing options for real investment, it is necessary to take into account certain criteria, for example, profitability, payback, security and other parameters for evaluating and implementing investment projects and programs. These criteria are set by the owner or top management of the enterprise.

The fifth principle suggests that any management decisions in the field of formation and use of fixed capital must be consistent with the key goal (mission) of the enterprise (corporation), i.e. with strategic directions of its development.

An effective fixed capital management system, which is consistent with these principles, creates favorable conditions for the production and scientific and technical development of an enterprise (corporation) at various stages of its life cycle.

The methodological tools that ensure the management of fixed capital include:

• analysis of the effectiveness of the use of individual elements and the entire system of the aggregate of fixed capital;
• planning;
• control;
• methods of calculating depreciation on fixed assets;
• methods for estimating the value of fixed capital over time;
• assessment of the degree of risk in the process of real investment (during the implementation of investment projects, etc.).

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Content

• Introduction
• Conclusions and offers

Introduction

In the modern economy, more and more importance is attached to the development of the agro-industrial sector. The main component in the development of the material and technical base of agricultural enterprises are the main production facilities. An objective assessment of the process of their formation and security creates the prerequisites for intensifying production, sustainable development of enterprises, and raising the living standards of the rural population.

In conditions of limited production resources, the regulation of the provision of fixed assets implies the observance of the unity of the external influence of the state on agriculture and the mobilization of internal reserves.

Fixed capital management is of particular relevance due to the significant depreciation of the fixed assets of agricultural enterprises. Increasing the efficiency of the reproduction process and the use of fixed capital in agribusiness organizations directly depends on the availability of an effective management procedure. Its complex mechanism is based on a modern economic system that combines the processes of accounting and economic analysis in order to create information support that makes it possible to develop sound management decisions.

The purpose of the research is to develop measures to improve the management of fixed capital of an enterprise based on the results of an assessment of the availability, movement, level of security and economic efficiency of the use of fixed production assets.

To achieve this goal, a number of tasks were performed:

1) The organizational, economic and financial characteristics of the enterprise are given;

fixed capital fund management

2) The main aspects of fixed capital management in modern market conditions are presented;

3) Analysis and evaluation of the efficiency of using the fixed capital of the enterprise;

4) Based on the results of the research, measures are proposed to improve the management of fixed assets.

The object of research is fixed capital.

The subject of the research is the process of fixed capital management.

The studies were carried out on the example of an agricultural enterprise of the Kurchatov district of the Kursk region - OAO APK KAES.

Research period - 2008 - 2010.

The theoretical and methodological basis for the implementation of the course work was the work of domestic and foreign scientists on the analysis of the state and use of fixed assets.

Sources of information for the course work are the data of the annual financial statements, primary accounting, reporting for 2008-2010.

1. The concept and essence of the fixed capital of an enterprise

The fixed capital of the enterprise consists of the following elements:

fixed assets

Intangible assets

Long-term financial investments

The totality of material and material assets used as means of labor and acting in kind for a long time both in the sphere of material production and in the non-production sphere Various rights of use. Patents, as well as organizational expenses Investments in government securities (bonds and other debt obligations), securities and in the authorized capital of other organizations, as well as loans granted to other organizations on the territory of the Russian Federation and abroad

Let's consider these elements in more detail.

1. Fixed assets include:

buildings, structures, transmission devices, working and power machines and equipment, measuring and control instruments and devices, computers, vehicles, tools, production and household equipment and accessories, working and productive livestock, perennial plantations, on-farm roads and other fixed assets . Fixed assets also include capital investments for land improvement (reclamation, drainage, irrigation and other works) and leased buildings, structures, equipment and other objects related to fixed assets. Capital investments in perennial plantings, land improvement are included in fixed assets annually in the amount of costs related to the areas accepted for operation, regardless of the completion of the entire range of works.

Fixed assets include land plots owned by the organization, objects of nature management (water, subsoil and other natural resources). Completed capital expenditures on leased buildings, structures, equipment and other items related to fixed assets are credited by the lessee to their own fixed assets in the amount of actual expenses, unless otherwise provided by the lease agreement.

2. Intangible assets include rights arising from:

from copyright and other contracts for works of science, literature, art and objects of related rights, for computer programs, databases, etc.;

from patents for inventions, industrial designs, breeding achievements;

from certificates for utility models, trademarks and service marks or license agreements for their use;

from the rights to "know-how", etc.

In addition, intangible assets include the rights to use land plots, natural resources and organizational expenses.

Intangible assets are reflected in the accounting and reporting in the amount of costs for the acquisition, manufacture and costs of bringing them to a state in which they are suitable for use for the planned purposes. For objects for which the cost is being redeemed, intangible assets evenly (monthly) transfer their initial cost to the costs of production or circulation according to the rates determined by the organization based on the established period of their useful life. For intangible assets for which it is impossible to determine the useful life, the norms for the transfer of value are established for ten years (but not more than the life of the organization).

3. Long-term financial investments

Long-term financial investments are the expenses of an enterprise for the purchase of securities, the investment of monetary, tangible and intangible assets in other enterprises in order to obtain investment income for a period exceeding one calendar year, as well as the provision of long-term loans to other entities for the same purpose.

If property is transferred as an investment, then it ceases to exist on the investor's balance sheet as a physical object, but remains on the same balance sheet as a long-term investment. That is, the balance sheet currency of the investor enterprise, as a rule, does not change, only the transformation of its articles takes place. The balance currency changes only if the issuer evaluates this investment more or less than its book value, at which the respective object was valued prior to its transfer to the issuer of corporate (credit) rights.

Long-term investments in subsidiaries, associates and joint ventures are reflected on the balance sheet line 040 as the balance of accounts 141 and 045 as the balance of accounts 142 and 143.

2. Financial and economic characteristics of the enterprise

2.1 Economic characteristics of the enterprise

Open Joint Stock Company Agroindustrial Complex of Kursk NPP, Kurchatov, Kursk Region, is located at the following address: 307250, Kursk Region, Kurchatov, PO Box 96.

Auxiliary agriculture at the Kursk NPP has been established since 1984. Initially, it included: a greenhouse plant, a pig farm and a bee apiary.

The subsidiary farm was profitable for 8 years until 1991 inclusive. In 1992 and 1993, collective farms with a total land area of ​​5,845 hectares were attached to provide livestock breeding with feed of their own production. Collective farms were not the best in the region, and to increase the economic efficiency of these farms, large material financial resources were required. Naturally, the financial performance of the agro-industrial complex has deteriorated since 1992.

Since 1992, a workshop for processing agricultural products began to operate, and in March 1995, a workshop for milk processing was introduced. The dairy plant produces milk, butter, sour cream, kefir, cottage cheese and other milk processing products.

The organization builds its activities on the basis of the Charter and the current legislation of the Russian Federation.

The main goals of the company's activities are the production, storage, processing and sale of agricultural products.

The enterprise sells its agricultural products to various points of sale and processing enterprises in the city of Kurchatov and the Kursk region. The farm is connected with the points of sale and processing of products and delivery of goods by paved roads.

In order to get acquainted with the activities of the enterprise in more detail, we will analyze the production potential. It allows you to determine the conditions of the enterprise, evaluate them, determine their change in dynamics. The production potential of any enterprise is characterized by the presence of production assets, labor resources, energy capacities. When studying the production potential of a society and its availability of resources, accounting data for 2006-2008 were used. The indicators of the production potential of the society are presented in table 1.

Table 1 - Indicators of the size of the enterprise JSC "APK KAES"

These tables indicate significant changes that have occurred at the enterprise in the period from 2008 to 2010. Namely, the proceeds of APK KAES JSC in 2010 amounted to 203,963 thousand rubles, which is 15.36% more than the same indicator of 2008. As a result of these changes, the profit from sales increased by 25.25% and, accordingly, net profit increased by 42.82%.

The cost of fixed production assets in 2010 amounted to 113,672.5 thousand rubles, that is, it increased by 1.9%. It should also be noted that the area of ​​agricultural land and arable land during the study period remained unchanged and amounted to 4965 ha and 3936 ha, respectively.

The production direction of JSC APK KAES is production, processing and marketing of products. The company belongs to diversified enterprises, as there are several industries with a small share in the total amount of cash receipts. The largest share in JSC APK KAES is occupied by the production of greenhouse vegetables (in crop production), and the production of dairy products and meat products (in animal husbandry).

An important indicator of the activity of the enterprise is the provision of its production assets, which are reflected in table 2.

Table 2 - Indicators of provision with production assets of agricultural destination and energy resources

It should be noted that the economy has all the necessary basic production assets for agricultural purposes, energy resources and labor. If we compare the years under study, we can conclude that during the study period, the indicator of the provision of employees with fixed assets increased in 2010 compared to the same indicator in 2008 by 25.4%, this is due to a decrease in the number of employees. The provision of workers with production resources increased, as the area of ​​land remained unchanged, while the number of workers decreased.

All the factors discussed above directly affect the economic efficiency of the production activity of the economy. In order to characterize the economic efficiency of JSC APK KAES production, it is necessary to evaluate the data presented in Table 3.

Table 3 - Economic efficiency of the use of fixed production assets and labor resources

From the data in the table, it can be seen that the economic efficiency indicators are at a fairly high level. Sales proceeds for the period under study were the highest in 2009. The main activity of the economy is profitable, which is associated with profit growth and cost reduction. The rate of return on assets varies unevenly, first there is a sharp increase in this indicator, and then a slight decrease. In general, the indicators tend to grow, which indicates an increase in the economic efficiency of the use of fixed production assets.

To characterize the financial condition of the enterprise, it is necessary, first of all, to assess the size and composition of its funds (table 4).

Table 4 - Size and structure of financial resources*

This table shows that due to the growth in profits, the share of the authorized capital decreased, but the amount remained unchanged. Borrowed financial resources have decreased. This indicates that the company's need for borrowed funds has decreased. Accounts payable decreased. Own sources of financial resources increased by 40246 thousand rubles. This growth is driven by rising profits.

The result of the organization's activities is profit or loss. To determine the profitability of an enterprise, consider its financial performance in table 5.

Table 5 - Financial results of the production activities of JSC APK KAES In thousand rubles

The production financial report on the results of production activities showed that net profit in 2010 increased by 42.82% compared to 2008. Gross profit increased in 2010 compared to 2008 by 25.25%. The amount of taxes paid and deductions to the budget also increased. It can be concluded that JSC APK KAES is currently operating quite efficiently.

2.2 Characteristics of the financial condition of JSC APK KAES

The financial condition of the enterprise is characterized by the placement and use of funds (assets) and the sources of their formation (equity and liabilities, i.e. liabilities). This information is presented in the balance sheet of the enterprise. The main factors determining the financial condition are, firstly, the implementation of the financial plan and replenishment as the need arises for own working capital at the expense of profits and, secondly, the speed of turnover of working capital (assets).

The financial condition of an enterprise is understood as its ability to provide the process of economic activity with financial resources and the ability to maintain normal financial relationships with employees, other organizations, banks, and the budget.

The indicator in which the financial condition is manifested is the solvency of the enterprise, which means its ability to timely satisfy the payment requirements of suppliers of equipment and materials in accordance with business contracts, repay loans, pay staff, make payments to the budget. Since the implementation of the financial plan mainly depends on the results of production and economic activities in general, the totality of economic factors is the most general indicator. Consequently, the statement of financial results and their use is also involved in the analysis of the financial condition.

Changes in the financial condition are important indicators of the structural dynamics of the balance sheet (table 6 and table 7). Comparing the structure of changes in assets and liabilities, we can conclude through which sources the inflow of new funds was mainly and in which funds these new funds were mainly invested.

Table 6 - Composition and structure of the enterprise's assets *

Analyzing the data on the assets of JSC APK KAES, we can say that the amount of assets increased evenly in the period under review, and in 2010 amounted to 252,731 thousand rubles. Moreover, if we consider the dynamics of current and non-current assets, we can note the following: the amount of non-current assets increased by 2101 thousand rubles. But current assets have the largest share in the structure of assets. The amount of receivables changed unevenly. In 2009, it increased and amounted to 4,678 thousand rubles, and in 2010 it decreased to 4,424 thousand rubles, while in general, for the entire period, accounts receivable increased by 181 thousand rubles.

Then we will analyze the composition and structure of the liabilities of the JSC APK KAES enterprise, table 7.

Table 7 - Composition and structure of the company's liabilities

The data in table 7 indicate that the amount of equity increased. According to this table, we can say that during the period under review, there are positive trends in the composition and structure of liabilities, as the amount of accounts payable and attracted capital has gradually decreased.

The main task of analyzing the financial stability of an enterprise is to assess the degree of independence from borrowed sources of financing.

In the process of analysis, it is necessary to answer the following questions: how independent is the company from a financial point of view, is the level of this independence increasing or decreasing, and whether the state of its assets and liabilities meets the objectives of its financial and economic activities. For further characterization of the financial condition of JSC "APKA KNPP" it is necessary to consider the indicators of its financial stability table 8.

Table 8 - Indicators of the financial stability of the enterprise

Based on the calculated data presented in the table, we can say that the values ​​of all coefficients consistently correspond to the standard values, which indicates the financial stability of the enterprise.

The share of borrowed capital in the total amount of capital is decreasing, as a result, the concentration ratio of equity capital is growing. The equity concentration ratio is at a fairly high level, which means that the company is financially stable, stable and independent of external creditors.

The coefficient of financial dependence of the enterprise means how much the assets of the enterprise are financed by borrowed funds. Too much borrowing reduces the solvency of the enterprise, undermines its financial stability and, accordingly, reduces the confidence of counterparties in it and reduces the likelihood of obtaining a loan. The coefficient of financial dependence at the enterprise complies with the standards.

The maneuverability coefficient characterizes what share of sources of own funds is in a mobile form, this indicator throughout the entire period under review complies with the standards.

The concentration ratio of attracted capital is very low, which indicates that the company is independent of external creditors.

The ratio of borrowed and own funds is also low, which means that this indicator also confirms the independence of the enterprise from creditors.

The share of borrowed capital in the total amount of capital is decreasing, as a result, the concentration ratio of equity capital is growing.

Thus, we can say that the indicators for assessing the financial stability of APK KNPP JSC, given in the table, allow us to conclude that the enterprise is financially independent, since most of its property is formed from its own sources.

The level of solvency and liquidity is of particular importance for the activities of JSC APK KAES.

Solvency assessment is carried out on the basis of the characteristics of the liquidity of current assets, i.e. the time it takes to turn them into cash. The concepts of solvency and liquidity are very close, but the second is more capacious. Solvency depends on the degree of liquidity of the balance sheet. In addition, liquidity characterizes not only the current state of settlements, but also the prospects. Consider the indicators of solvency and liquidity of the enterprise in table 9.

Table 9 - Indicators of solvency and liquidity of the enterprise

After analyzing the indicators of solvency and liquidity of the enterprise, we can say the following:

the absolute liquidity ratio, showing the extent to which the company can repay its short-term obligations at the expense of available cash and marketable securities, for the analyzed one was significantly lower than the standard;

intermediate liquidity ratio

the current liquidity ratio, showing how much the company can cover its short-term liabilities at the expense of all current assets, increases in 2010 as well. has a normative value;

operating capital increased significantly during the year;

the indicator of provision with own working capital for the year also increased from 0.3 to 0.5, which exceeds the standard value;

the indicator of the flexibility of own current assets decreased from 0.17 to 0.01;

increased the share of working capital in assets up to 56%, the share of inventories in current assets up to 72% and the share of own working capital in covering stocks up to 74%;

reserve coverage ratio in 2009-2010. above the standard value, i.е. the enterprise can cover a share of reserves with its own funds.

In general, almost all analyzed indicators during 2010 increased, this is a positive moment in the activities of JSC APK KNPP

In modern economic conditions, it is important for each enterprise to determine the indicators of business activity. These indicators are determined on the basis of the data of balance sheets and profit and loss statements in Table 10.

Table 10 - Indicators of business activity of the enterprise

After reviewing the data in the table, it can be noted that the proceeds from the sale in 2010 increased by 27,153 compared to 2008. The return on fixed assets also increased. The indicators of turnover of funds in settlements in turnovers and days, inventories in turnovers, accounts payable in days have increased. This indicates an increase in the working capital of the enterprise. The turnover of accounts payable in days in 2010 in the period under review decreased sharply and amounted to 0.49 days. The sustainability coefficient of economic growth had multidirectional dynamics, amounting to 0.089 in 2008, 0.118 in 2009, and 0.103 in 2010. The coefficient of sustainability of economic growth is an indicator that characterizes the average growth rate of an enterprise, the higher this indicator, the better, because. this means that the enterprise is developing, expanding and growing opportunities for increasing business activity. The duration of the financial cycle in 2010 was 132.98 days, which is 3.24 days less than in 2008.

Consider the indicators characterizing the efficiency of the enterprise (profit and profitability) in table 11.

Table 11 - Indicators of profit and profitability of the enterprise

Analyzing the indicators of profit and profitability of the enterprise, we can conclude that net profit increased in 2010 by 7823 thousand rubles. compared to 2008. Thus, there was an increase in profitability indicators. For example, the return on fixed capital increased by about 52%.

A general analysis of the financial condition suggests that JSC "APK KNPP" 2008 - 2010, has sufficient solvency and liquidity, is profitable and financially stable.

3. Measures to improve the management of fixed capital at the enterprise

On the basis of the study conducted in the work, the main factors for improving the policy of managing fixed assets of APK KNPP JSC in accordance with the designated goals include:

- renewal and technical improvement of fixed assets;

- liquidation of idle equipment (renting, leasing, sale);

- reduction of repair time and equipment downtime;

- introduction of scientific organization of labor and production;

- improving the provision of material and technical resources;

- improvement of computer-based production management;

- development of material incentives for employees, contributing to the increase in production efficiency;

- technical re-equipment based on integrated automation and flexible production systems;

- mechanization of auxiliary and service industries;

- improving the structure of fixed assets, increasing the share of their active part to the optimum value, rational ratio of different types of equipment, etc.

Particular attention in matters of fixed capital management should be given to the management of JSC "APC KNPP" to the possibility of updating fixed assets with more modern and economical copies.

Let's analyze the ability to finance investments in the fixed capital of APK KAES OJSC from various sources:

1) own,

2) borrowed,

3) involved, etc.

As already noted, own sources of investment include the net profit of the enterprise and the depreciation fund. The value of these sources from JSC "APK KAES" for the implementation of large investments is insufficient: the depreciation fund at the end of 2010 amounted to 203,963 thousand rubles, and the amount of net profit in 2010 amounted to 26,093 thousand rubles.

As for determining the possibility of using borrowed funds (long-term and short-term bank loans and credits), here it is necessary to determine the level of creditworthiness of APK KNPP JSC in the current financial period.

As one of the possible directions for improving the management of fixed capital in JSC APK KAES, one can suggest to the management the adjustment of the applied depreciation policy (an integral part of the general policy of fixed capital management, which consists, among other things, in organizing the formation of the enterprise's own investment resources). It consists in the individualization of the level of intensity of the renewal of the fixed capital of JSC APK KNPP in accordance with the specifics of its operation.

First of all, the depreciation policy affects the process of updating fixed production assets, accelerating the pace of scientific and technological progress, investment activity, and through them the efficiency of social production, which explains the need for its timely updating.

The accounting policy of JSC APK KNPP states that the only method used to calculate depreciation of fixed assets is the straight-line method - the initial or current (replacement) cost of the object is written off evenly according to the rates calculated based on the useful life of the object.

3.1 Improving the efficiency of fixed capital management in the enterprise

To improve the efficiency of fixed capital management, including in terms of the formation of an amortization fund for its renewal and replenishment, we recommend improving the depreciation policy in several areas:

1. development of economically viable useful life of depreciable property. Useful life - the expected (estimated) period of use of the fixed capital of APK KNPP JSC is determined according to the Classification of fixed assets included in depreciation groups. At the same time, there are a number of factors that counteract the maximization of the effect obtained from the exploitation of capital.

Therefore, when determining the useful life of an asset in APK KNPP JSC, the following factors must be taken into account:

the expected amount of use of the asset by the holding, which is estimated by the estimated capacity or physical productivity of the asset;

expected physical depreciation depending on production factors, such as the number of shifts using this asset, and the repair and maintenance program adopted by JSC APK KNPP, as well as the conditions for storage and maintenance of the asset during the idle period;

obsolescence as a result of changes or improvements in the production process, or as a result of changes in the volume of demand in the market for a given product or service produced or provided using an asset;

legal or similar restrictions on the use of the asset, such as lease terms.

We recommend that the useful life of an item of fixed assets be determined, in addition to the method used, by an appraisal method based on the experience of JSC APK KNPP with similar assets.

2. creation of conditions that ensure the use of depreciation charges in accordance with the functional purpose.

In the current economic conditions of JSC APK KAES, the only permanent source of financing for the reproduction of non-current assets - depreciation charges - should be used with the highest return. To do this, it is necessary to create conditions that ensure the use of depreciation charges in accordance with their functional purpose.

To this end, we propose to carry out periodic monitoring and control over the implementation of the depreciation policy, which should include obtaining information in the prescribed form (assessment of the consequences of changes in the financial situation, conditions for accumulating and spending depreciation charges), summarizing and preparing summary materials, as well as relevant proposals for improving the accrual mechanism depreciation deductions, ensuring the target nature of their use, control over their rational spending.

The information obtained through monitoring will allow assessing the possible size of investments, current business conditions and the strategy of APK KNPP JSC, the quality of depreciation policy mechanisms and the level of efficiency of managing the company's fixed capital in this aspect.

Conclusions and offers

The issues of fixed capital management are considered in the work on the example of JSC "APK KAES" of the Kurchatov district of the Kursk region: the industry direction is the production and sale of agricultural products.

On the basis of the studies carried out, the following conclusions can be drawn that JSC APK KNPP is based on the sale of greenhouse vegetables and processed livestock products.

In the sources of property formation, the share of own funds prevails - on average for the study period, they amounted to 99.9% of the total capital, and the amount of attracted funds amounted to 0.1%. The amount of the authorized capital has not changed its values.

In 2009 JSC APK KAES saw an increase in the business activity of the enterprise in the food markets, which was accompanied by an increase in proceeds from the sale of products.

There was a slight decrease in the areas of agricultural land and arable land in 2010 compared to 2008 by 1% and 0.6%, respectively, compared to 2009 there were no changes.

Indicators of the size of the JSC APK KAES enterprise have changed significantly at the enterprise in the period from 2008 to 2010. Namely, revenue in 2010 amounted to 203,963 thousand rubles, which is 15.36% more than in 2008. %. As a result of these changes, the profit from sales increased by 25.25% and, accordingly, net profit increased by 42.82%.

The mechanization of production reduced the share of manual labor, which led to a reduction in the average annual number of employees by 72 people.

Economic efficiency indicators are at a fairly high level. The sales proceeds for the study period were the highest in 2009. The main activity of the economy is profitable, which is associated with profit growth and cost reduction. The rate of return on assets varies unevenly, first there is a sharp increase in this indicator, and then a slight decrease. In general, the indicators tend to grow, which indicates an increase in the economic efficiency of the use of fixed production assets.

The company's need for borrowed funds decreased. Accounts payable decreased. Own sources of financial resources increased by 40246 thousand rubles. This growth is due to the growth of profit net profit in 2010 increased compared to 2008 by 42.82%. Gross profit increased in 2010 compared to 2008 by 25.25%. The amount of taxes paid and deductions to the budget also increased. It can be concluded that JSC APK KAES is currently operating quite efficiently.

Sales proceeds in 2010 increased by 27,153 as compared to 2008. The return on fixed assets also increased. The indicators of turnover of funds in settlements in turnovers and days, inventories in turnovers, accounts payable in days have increased. This indicates an increase in the working capital of the enterprise. The turnover of accounts payable in days in 2010 in the period under review decreased sharply and amounted to 0.49 days.

The company has sufficient solvency and liquidity, is profitable and financially stable.

Bibliography

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5. Balatsky E. Fixed capital management // Society and economy. - 2007. - No. 3.

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Course work
On the topic: "Management of the fixed capital of an enterprise"

Completed by: 4th year student of the VNF-402 group Alina Kuznetsova

Checked by: Ronova G.N.

Introduction

Chapter 1 Fixed capital of the enterprise

1.1 The concept and structure of fixed capital.

Let's consider these elements in more detail:
1. Fixed assets include: buildings, structures, transmission devices, working and power machines and equipment, measuring and control instruments and devices, computers, vehicles, tools, production and household equipment and accessories, working and productive livestock, perennial plantations, on-farm roads and other fixed assets. Fixed assets also include capital investments for land improvement (reclamation, drainage, irrigation and other works) and leased buildings, structures, equipment and other objects related to fixed assets. Capital investments in perennial plantings, land improvement are included in fixed assets annually in the amount of costs related to the areas accepted for operation, regardless of the completion of the entire range of works.
Fixed assets include land plots owned by the organization, objects of nature management (water, subsoil and other natural resources). Completed capital expenditures on leased buildings, structures, equipment and other items related to fixed assets are credited by the lessee to their own fixed assets in the amount of actual expenses, unless otherwise provided by the lease agreement.
2. Intangible assets include rights arising from:

from copyright and other contracts for works of science, literature, art and objects of related rights, for computer programs, databases, etc.;
from patents for inventions, industrial designs, breeding achievements;
from certificates for utility models, trademarks and service marks or license agreements for their use;
from the rights to "know-how", etc.

1.2. Fixed assets, their composition and structure.

Buildings (architectural and construction objects for industrial purposes: workshop buildings, warehouses, production laboratories, etc.).
Structures (engineering and construction facilities that create conditions for the implementation of the production process: tunnels, flyovers, roads, chimneys on a separate foundation, etc.).
Transmission devices (devices for the transmission of electricity, liquid and gaseous substances: electrical networks, heating networks, gas networks, transmissions, etc.).
Machinery and equipment including:
4.1 Power machines and equipment (devices for generating, converting and distributing energy: generators, electric motors, steam engines, turbines, internal combustion engines, power transformers, etc.).
4.2. Working machines and equipment (equipment designed for mechanical, chemical and thermal effects on objects of labor: metal-cutting machines, presses, thermal furnaces, electric furnaces, etc.).
4.3. Measuring and control instruments and devices, laboratory equipment (instruments and devices for regulation, measurement and control of production processes, laboratory testing and research).
4.4. Computer technology (means for accelerating computational processes and logical operations: computers, equipment for collecting, fixing and transmitting information, etc.).
4.5. Automatic machines, equipment and lines (equipment where all operations are performed without the direct participation of a person: automatic machines, automatic production lines, flexible production systems, etc.).
4.6. Other machines and equipment, equipment not included in the above groups (fire engines, telephone exchange equipment).
Vehicles (diesel locomotives, wagons, cars, motorcycles, carts, carts, etc., except for conveyors, conveyors included in the production equipment).
Tools (cutting, impact, pressing, sealing, as well as various devices for fastening, mounting, etc.), except for special tools and special equipment.
Production equipment and accessories (items to facilitate the performance of production operations: work tables, workbenches, fences, fans, containers, racks, etc.).
Household inventory (office and household items: tables, cabinets, hangers, typewriters, safes, copying machines, etc.).

1.3. Intangible assets, their composition and structure

Chapter 2. Management of the fixed capital of the enterprise.

2.1. Indicators of the use of fixed production assets

(OPF)

where TP (B) - commercial products, rub. (or B - proceeds from the sale of products, rubles);
- OPF cost.
Return on assets characterizes the volume of production per 1 ruble invested in fixed assets.
Factors of growth in capital productivity are:
- increasing the productivity of equipment as a result of technical re-equipment and reconstruction;
- increase in the shift factor of equipment operation;
- improved use of time and power;
- accelerating the development of newly commissioned capacities;
- reduction in the cost of a unit of power;
- replacement of manual labor by machines.
2) capital intensity (FU) is the average annual cost of fixed production assets per 1 rub. annual output. Capital intensity is an indicator that is inverse to capital productivity and is determined by the formula:

Capital intensity is used to determine the need for fixed production assets;
3) capital-labor ratio (FW) is the ratio of the average annual cost of fixed production assets to the average number of industrial and production personnel of the enterprise:

where is the average annual number of employees of the organization.
If labor productivity at an enterprise grows at a faster pace compared to the capital-labor ratio, then this indicates the effective use of the main production assets of the enterprise;
4) profitability of production - the amount of profit attributable to 1 rub. the totality of funds:

Private indicators characterize the level of use of the most active part of fixed production assets - working machines and equipment. These include:
1) the coefficient of extensive loading of equipment, which characterizes the level of use of equipment over time. The coefficient of extensive use of equipment (Kext) is defined as the ratio of the actual number of hours of operation of the equipment (tf) to the number of hours of operation according to the norm (tn):

2) the shift ratio of the equipment (Ksm) characterizes its extensive use and shows how many shifts a piece of equipment has worked:

where C is the sum of worked machine shifts per day;
K - the number of installed equipment.
3) coefficient of intensive loading of equipment, which characterizes the level of use of equipment in terms of power and productivity. The coefficient of intensive use of equipment (Kint) is defined as the ratio of the actual performance of the equipment (Pf) to the standard (Pn):

4) the coefficient of integral use of equipment (Kintegrr). It is defined as the product of the coefficients of extensive and intensive use of equipment and comprehensively characterizes its operation in terms of time and productivity (power):

Low values ​​of private indicators indicate inefficient use of equipment.
OPF have initial, residual and replacement value.
The initial cost of the fixed assets is formed from the costs of their acquisition, construction and manufacture, including the costs of delivery, assembly and installation.
The residual value of the fixed assets is the difference between the initial cost and the amount of depreciation to which the fixed assets are subjected:

- depreciation rate;
- period of operation, years.
Replacement cost - the cost of reproduction of the OF in modern conditions. It is set during the revaluation of the OPF:

where is the initial cost, rub.;
P - average annual growth rates of labor productivity;
t is the time lag (the period of time during which the invested capital does not return in the form of receipt of proceeds from the sale of products).
The average annual cost of commissioned FTFs is determined by dividing their cost by 12 and multiplying the result by the number of full months that commissioning funds will be in operation.
The average annual cost of retiring OPFs is determined by dividing their cost by 12 and multiplying the result by the number of full months remaining until the end of the year from the time of their disposal.
The main production equipment is divided into:
a) Cash - this is equipment that is on the balance sheet and included in the inventory lists of the enterprise, regardless of the state and location;
b) Installed - equipment is considered to be located in production premises, operating, inactive, in reserve and on conservation. It does not include equipment received by the enterprise, but not assembled and not put into operation;
c) Working - this is equipment that produces products.
A generalized assessment of the movement of the BPF is given by the coefficients of renewal, disposal, growth, suitability and wear (respectively, Ko; Kv; Kg; Ki).
The renewal coefficient (Ko) reflects the intensity of the renewal of the BPF:

where - the cost of the OPF received in the reporting year;
- the cost of OF at the end of the year.
The retirement rate (Kv) characterizes the degree of intensity of the retirement of fixed assets:

where - the cost of OPF retired in the reporting year;

The technical condition of the BPF is characterized by the coefficient of validity (Kg):

or

where - the residual value of the OPF;
- the initial cost of the OPF;
- wear coefficient.
The wear factor (Ki) is determined by:

where - the amount of depreciation charged;
- the cost of OF at the beginning of the year.
The growth rate of fixed assets (
etc.................

Ministry of Education of the Republic of Belarus

Ministry of Education and Science of the Russian Federation

State Institution of Higher Professional Education

Department of "Commercial activity"

COURSE WORK

By discipline: "Enterprise Economics"

On the topic: "Management of the fixed capital of an enterprise on the example of a branch of RUPP "BelAZ""

Performed:

Supervisor

Introduction

1.1 The concept and structure of fixed capital. Fixed assets, their composition and structure

1.2 Indicators of the use of fixed production assets

1.3 Depreciation and amortization of fixed assets

Conclusion

Annex A Profit and loss statement of the branch of RUPP "BelAZ" for 2007

Annex B Report on the availability and movement of fixed assets and other non-current assets of the branch of RUPP "BelAZ" for 2006

Annex B Report on the availability and movement of fixed assets and other non-current assets of the branch of RUPP "BelAZ" for 2007

Annex D Statement of cash flows of the branch of RUPP "BelAZ" for 2006

Appendix E Balance sheet of the branch of RUPP "BelAZ" for 2007..43

Annex E Balance sheet of the branch of RUPP "BelAZ" for 2008

Annex G The main target indicators for the development of the branch of RUPP "BelAZ" for 2001-2007

Introduction

Of course, for the normal functioning of the enterprise, it is necessary to have certain means and sources. The main production assets, consisting of buildings, structures, machinery, equipment and other means of labor that are involved in the production process, are the most important basis for the activity of the enterprise. Without them, nothing could have happened. Rational and economical use of fixed assets is the priority task of the enterprise.

Having a clear idea about each element of fixed assets in the production process, about their physical and moral deterioration, about the factors that affect the use of fixed assets, it is possible to identify methods by which the efficiency of using fixed assets and production capacities of an enterprise is increased, ensuring a reduction in production costs. and growth in labor productivity.

The object of study of the course work is the machine-building enterprise of the city of Mogilev, the branch of RUPP "BelAZ".

The purpose of this course work is to study the structure of fixed capital and improve its management.

To achieve the goal, it is necessary to solve the following tasks:

Studied the structure of fixed capital, as well as the composition and structure of fixed assets; The indicators of the use of fixed production assets are considered; The indicators of the use of the BPF of a particular enterprise are analyzed; The ways of improving the management of fixed capital are revealed.

1 Fixed capital of the enterprise

1.1 The concept and structure of fixed capital. Fixed assets, their composition and structure

Fixed capital is a monetary value of non-current assets of business entities, represented by fixed assets and intangible assets as tangible assets with a long period of operation.

The structure of fixed capital is determined by the proportions of groups and subgroups of non-current assets of the organization.

Fixed assets (PF) - are a set of material assets used as means of labor and acting in kind for a long time, both in the sphere of material production and in the non-production sphere and transferring their value to finished products in parts.

Fixed production assets (OPF) are fixed assets of the sphere of material production that participate in the production process for a long time, while retaining their natural form, transferring their value to finished products gradually, in parts as they are used.

Non-production PF - do not directly participate in the production process, do not transfer their value to the finished product, but are on the balance sheet of the enterprise and are intended to meet the personal and cultural needs of employees (housing stock, cultural centers, children's institutions, clinics, etc.). ).

OPF classification:

1) According to their role in the production process, BPF are divided into:

1.1 Active part - directly affects the production, quantity and quality of products;

1.2 Passive elements that create the necessary conditions for the production process

In addition, in accounting, items that have been employed for less than a year, regardless of their cost, and low-value items, regardless of their service life, do not belong to the fixed assets.

2) According to the material-natural composition, OF are subdivided into:

2.1 Buildings - buildings that house various workshops, administrative and utility buildings necessary for a normal technological process.

2.2 Structures - include engineering and construction objects of various nature, with the help of which technical functions are performed that are not related to changes in the objects of labor (gas wells, water towers).

2.3 Transmission devices - power lines, cable lines, telephone and telegraph networks, radio communications, pipelines, oil pipelines, etc.

2.4 Machinery and equipment:

a) power machines and equipment, which include generator machines that produce energy; machines-motors (electric motors, mercury rectifiers, transformers, steam boilers, compressor units);

b) working machines and equipment - equipment used for the production of products (machines, presses, cranes).

2.5 Vehicles - mobile vehicles on the balance sheet of the enterprise, designed to move goods and employees (cars, electric locomotives, trolleys, cars; tractors).

2.6 Tool. This includes mechanized and hand tools of all kinds - measuring, cutting, pressing, jackhammers, as well as all kinds of devices - a vice, cartridges.

2.7 Production equipment and accessories combine means that facilitate labor (workbenches, work tables) or contribute to its protection (fencing of machines, machine tools), as well as inventory containers, containers, etc.

The household inventory group includes office and household items: furnishings, tables, typewriters, fire-fighting items, etc.

2.8 Working and productive livestock.

2.9 Perennial plantations.

2.10 On-farm roads.

2.11 Other OF.

The characteristic features of the OPF are that they have a high cost, a long service life, function for a long period, retain their natural form during operation, transfer the value contained in them to the manufactured products gradually in parts, to the extent of wear.

Not all groups of fixed capital play the same role in the production process. If buildings and structures provide the conditions for production, then machines and equipment are directly involved in the creation of products. The ratio of individual groups of OPF in their total volume represents the production structure of the OF, in which the active and passive parts are distinguished.

3) By affiliation, OPF are divided into:

3.1 Own, which are wholly owned by the enterprise;

3.2 Rented - are the property of other business entities and are used at this enterprise in accordance with the lease agreement.

The structure of the OPF is influenced by the following factors:

Logistics and production features of the industry;

Forms of organization of production;

Technical level of production;

Forms of reproduction of OF;

The level of industrialization of construction;

Geography of industry location;

The nature of the products;

The volume of output.

1.2 Indicators of the use of fixed production assets (OPF)

The effectiveness of the use of fixed production assets is assessed using general and particular indicators of their use. General indicators express the end result of using the entire set of fixed assets. These include:

1) return on assets (FO) - the ratio of the cost of products manufactured using fixed production assets for the year to the average annual cost of these funds:

where TP (B) - commercial products, rub. (or B - proceeds from the sale of products, rubles);

OPF cost.

Return on assets characterizes the volume of production per 1 ruble invested in fixed assets.

Factors of growth in capital productivity are:

Increasing the productivity of equipment as a result of technical re-equipment and reconstruction;

Increasing the shift ratio of equipment operation;

Improved use of time and power;

Accelerating the development of newly commissioned capacities;

Reducing the cost of a unit of power;

Replacement of manual labor by machines.

2) capital intensity (FU) is the average annual cost of fixed production assets per 1 rub. annual output. Capital intensity is an indicator that is inverse to capital productivity and is determined by the formula:

Capital intensity is used to determine the need for fixed production assets;

3) capital-labor ratio (FW) is the ratio of the average annual cost of fixed production assets to the average number of industrial and production personnel of the enterprise:

where is the average annual number of employees of the organization.

If labor productivity at an enterprise grows at a faster pace compared to the capital-labor ratio, then this indicates the effective use of the main production assets of the enterprise;

4) profitability of production - the amount of profit attributable to 1 rub. the totality of funds:

Private indicators characterize the level of use of the most active part of fixed production assets - working machines and equipment. These include:

1) the coefficient of extensive loading of equipment, which characterizes the level of use of equipment over time. The coefficient of extensive use of equipment (Kext) is defined as the ratio of the actual number of hours of operation of the equipment (tf) to the number of hours of operation according to the norm (tn):

2) the shift ratio of the equipment (Ksm) characterizes its extensive use and shows how many shifts a piece of equipment has worked:

where C is the sum of worked machine shifts per day;

K - the number of installed equipment.

3) coefficient of intensive loading of equipment, which characterizes the level of use of equipment in terms of power and productivity. The coefficient of intensive use of equipment (Kint) is defined as the ratio of the actual performance of the equipment (Pf) to the standard (Pn):

4) the coefficient of integral use of equipment (Kintegrr). It is defined as the product of the coefficients of extensive and intensive use of equipment and comprehensively characterizes its operation in terms of time and productivity (power):

Low values ​​of private indicators indicate inefficient use of equipment.

OPF have initial, residual and replacement value.

The initial cost of the fixed assets is formed from the costs of their acquisition, construction and manufacture, including the costs of delivery, assembly and installation.

The residual value of the fixed assets is the difference between the initial cost and the amount of depreciation to which the fixed assets are subjected:

depreciation rate;

Period of operation, years.

Replacement cost - the cost of reproduction of the OF in modern conditions. It is set during the revaluation of the OPF:

where is the initial cost, rub.;

P - average annual growth rates of labor productivity;

t is the time lag (the period of time during which the invested capital does not return in the form of receipt of proceeds from the sale of products).

The average annual cost of commissioned FTFs is determined by dividing their cost by 12 and multiplying the result by the number of full months that commissioning funds will be in operation.

The average annual cost of retiring OPFs is determined by dividing their cost by 12 and multiplying the result by the number of full months remaining until the end of the year from the time of their disposal.

The main production equipment is divided into:

a) Cash - this is equipment that is on the balance sheet and included in the inventory lists of the enterprise, regardless of the state and location;

b) Installed - equipment is considered to be located in production premises, operating, inactive, in reserve and on conservation. It does not include equipment received by the enterprise, but not assembled and not put into operation;

c) Working - this is equipment that produces products.

A generalized assessment of the movement of the BPF is given by the coefficients of renewal, disposal, growth, suitability and wear (respectively, Ko; Kv; Kg; Ki).

The renewal coefficient (Ko) reflects the intensity of the renewal of the BPF:

where - the cost of the OPF received in the reporting year;

The retirement rate (Kv) characterizes the degree of intensity of the retirement of fixed assets:

where - the cost of OPF retired in the reporting year;

The technical condition of the BPF is characterized by the coefficient of validity (Kg):

where - the residual value of the OPF;

The initial cost of the OPF;

Wear factor.

The wear factor (Ki) is determined by:

where - the amount of depreciation charged;

The cost of OF at the beginning of the year.

The growth rate of fixed assets ():

where - - the cost of OPF received in the reporting year;

The cost of OPF retired in the reporting year;

CF value at the end of the year.

1.3 Depreciation and amortization of fixed assets

Depreciation is the loss of the physical and moral characteristics of the OPF.

Physical depreciation is the loss of fixed assets of their original production and technical qualities as a result of work or inaction. Physical depreciation in percentage terms and in value terms is established by a survey of the actual and technical condition of the object as a whole and its most important parts.

Physical wear is determined by:

where is the actual service life of the BPF;

Normative service life of the OPF;

Obsolescence - represents a premature, before the end of the physical service life, the depreciation of the OPF.

The obsolescence of the first form is determined when revaluing the OPF by comparing their full initial cost with the replacement:

where is the initial cost of OF;

Replacement cost of OF.

Obsolescence of the second form is established by comparing the technical characteristics of obsolete OPF and new ones:

where - respectively, the performance of a new and obsolete machine.

Accounting for physical and obsolescence is necessary for the correct determination of the replacement cost of funds, their service life and replacement, depreciation rates and amounts.

Depreciation is a monetary compensation for the cost of depreciation of the fixed assets by gradually transferring their value to the products created in the production process.

The total amount of depreciation that is carried forward on manufactured products is determined as the difference between the original and salvage value of the OPF.

The objects for depreciation are the fixed assets of the enterprise used on the basis of ownership, economic management and operational management. Depreciation deductions for fixed assets are accrued from the first day of the month following the month of their registration. Depreciation is charged until the full repayment of the value of fixed assets or their write-off in connection with the termination of the right of ownership or their failure.

Depreciation as a process of transferring the value of fixed assets and intangible assets to the cost of products, works, services produced with their use in the course of entrepreneurial activity, including the distribution in an equivalent way of the cost of objects between reporting periods, which together make up the useful life of each of them , the systematic inclusion of depreciation charges in the cost of production or circulation.

Service life - the period during which fixed assets or intangible assets retain their consumer properties.

The objectivity of the rate of depreciation depends on the standard service life. Regulatory service life - established by regulatory legal acts and / or a commission organized for the implementation of depreciation policy, the period of depreciation of individual objects, fixed assets and / or selected groups of items of depreciable property. If the established norm is overestimated, then physical wear and tear occurs before the value of fixed capital is transferred to finished products.

Depreciable cost is the cost from which depreciation is calculated. The annual rate of depreciation is calculated as the reciprocal of the standard service life of the facility. Depreciation is calculated monthly using a straight-line and non-linear method.

The straight-line method consists in uniform depreciation accrued by years by the organization over the entire standard service life or useful life of an item of fixed assets or intangible assets. Annual rates of depreciation in the first and each of the subsequent years of the life of the facility for one owner are the same. The annual depreciation amount is determined based on the depreciable cost and the standard service life or useful life by multiplying the cost by the accepted annual linear depreciation rate. Calculation of depreciation using the straight-line method:

where - depreciation deductions;

depreciation cost;

– useful life;

depreciation rate.

The non-linear method consists in uneven depreciation over the years over the useful life of an object of fixed assets or intangible assets. The application of this method makes it possible to recover a large part (up to 60-75%) of the cost of fixed assets already in the first half of their use.

With the non-linear method, the annual amount of depreciation is calculated using the sum of the number of years method or the decreasing balance method with an acceleration factor of 1 to 2.5 times. The rate of depreciation in the first and in each of the subsequent years may be different.

The sum of the numbers of years of the useful life of the object is determined by the formula:

where is the useful life.

Under the reducing balance method, the annual amount of accrued depreciation is calculated on the basis of the under-depreciated cost determined at the beginning of the reporting year and the depreciation rate calculated on the basis of the useful life of the object and the acceleration factor adopted by the organization.

The productive method of calculating depreciation is to calculate depreciation based on the depreciated cost of the object and the ratio of physical indicators of the volume of products produced in the current period to the resource of the object.

2 Assessment of the state and efficiency of the use of fixed capital (on the example of the branch of RUPP "BelAZ" in Mogilev)

2.1 Brief description of the enterprise

The branch of the republican unitary industrial enterprise "BelAZ" was founded in accordance with the Decree of the President of the Republic of Belarus dated February 28, 2006 No. 129 URP "MoAZ named after. S. M. Kirov "on the basis of the Mogilev Automobile Plant named after S.M. Kirov in the city of Mogilev as a result of joining RUPP "BelAZ" as a branch. The main activity is mechanical engineering.

It is the largest enterprise in the CIS and neighboring countries for the production of automotive equipment designed for the construction of roads, dams, quarrying, underground mining of ore materials and the construction of tunnels and bridges. The main types of products manufactured by the plant are: self-propelled scrapers, dump trucks, front-end loaders, bulldozers, concrete mixer trucks, semi-trailer concrete mixer trucks, underground road trains, dump trucks, mine dump trucks, underground concrete mixer trucks, self-propelled rollers, garbage trucks and electric cars.

The branch produces consumer goods, including hardware and locks, tool products, spare parts for cars, mattresses, medical equipment and other consumer goods.

Mogilev Automobile Plant was established in 1935 as a car repair plant. Over the past period, the production profile has changed several times. At the end of the 1930s, the Mogilev ArZ was actually a defense enterprise - a significant part of its program was special orders. It was the main repair base for the automobile and armored units of the Western Special Military District. During the Great Patriotic War, the plant was evacuated to the Volga region and became part of the engine-building giant.

In the post-war period, the plant produced steam power plants, which were intended primarily for the electrification and heating of agriculture and local industry. From 1955 to 1968, the plant produced electric overhead cranes and oil tankers based on GAZ vehicles, and since 1960 it switched to the production of earth-moving and automotive equipment. The transition to this production is carried out with the direct participation of the Minsk Automobile Plant, a close connection with which continues to this day.

Mogilev Automobile Plant is one of the largest manufacturers of earth-moving equipment in the CIS countries, has its own design and experimental base, develops, manufactures and markets road construction equipment and special-purpose vehicles.

The plant includes foundry, procurement, welding, tool, machining and assembly production. With thirty years of experience in the creation and production of earth-moving and transport equipment, the plant is a monopolist in the CIS countries in the development and production of self-propelled scrapers, road trains for working in underground conditions, all-wheel drive vehicles, dump trucks, airfield tractors for towing aircraft.

The plant is engaged not only in production, but also has a social and cultural complex. The main goal of the company's policy is the high quality of products, their competitiveness in the domestic and foreign markets as the basis for sustainable dynamic development, improving living standards, and maintaining employment.

The main performance indicators of the enterprise are shown in table 1.

Table 1 - Key performance indicators of the Branch of RUPP "BelAZ" for 2006-2007.

In million rubles

fixed capital profit loss

As can be seen from Table 1, the enterprise is not profitable, because makes no profit and works at a loss. In 2006, the company incurred losses, which in 2007 decreased by 6.29%.

Operating and non-operating expenses increased significantly (by 290% and 176%, respectively). Operating income increased sharply - by 376%, non-operating income increased by 50%.

Today, the branch of RUPP "BelAZ" is a loss-making enterprise and requires new investments in fixed assets and the introduction of new technologies.

2.2 Analysis of the availability, composition and movement of fixed assets

In the course of this analysis, it is necessary to assess the size, dynamics and structure of the enterprise's capital investments in fixed assets, to identify the main functional features of the production activity of the analyzed economic entity.

For this purpose, data are compared at the beginning and end of the reporting period for all elements of fixed assets (table 2).

Table 2 - Composition and structure of fixed assets

Comparing the data at the beginning and end of the reporting period for all elements of fixed assets, we can draw the following conclusions:

a) The largest share in the structure of fixed assets is occupied by fixed assets (96%), then by PF of service industries (3.7%), and the smallest share is by PF of other industries (0.03%).

b) During the reporting period, the share of OPF decreased (by 0.178%), due to a decrease in the share of machinery and equipment (by 3.3%) and vehicles (by 0.014%).

c) The share of fixed assets in other industries decreased by 0.046%.

d) The share of FAs in other sectors providing services increased by 0.22%, although the share of housing decreased by 0.04%.

The main production assets are divided into active and passive. Active BPF include machinery and equipment directly used in the performance of work, tools and vehicles. Passive include buildings and structures, transmission devices. Such detailing is necessary to identify reserves for increasing the efficiency of using fixed assets based on optimizing their structure. In this case, the ratio of active and passive parts is of great interest, since the capital productivity, capital profitability and financial condition of the enterprise largely depend on their optimal combination. Data on the availability and movement of fixed assets can be seen in Table 3.

According to Table 3, we can say that during the reporting year the following changes occurred in the availability and structure of fixed assets: the cost of fixed assets increased by 13,553 million rubles. or by 5.12%, incl. OPF - by 12574 million rubles, while their active part decreased by 1.72%, which cannot be assessed positively, and the passive part increased by 11.93%.

PF of other industries decreased significantly - by 59%, PF providing services increased by 11.86%.

Table 3 - Analysis of the presence, movement and composition of the BPF

Of great importance is the analysis of the movement and technical condition of fixed production assets. For this, indicators such as the renewal coefficient are calculated, which characterize the share of new funds in their total value at the end of the year, the retirement rate, the growth rate, the depreciation rate and the shelf life coefficient, the calculation of which is presented in table 4.

Table 4 - Assessment of the movement and technical condition of the BPF

Indicators of movement and technical condition of the BPF	Calculation algorithm	Calculation		Absolute deviation
		2006	2007
Refresh rate:
fixed assets	1788/200082 =0,0089	23268/278048 = 0,0837	0,075
OPF	1333/190639 =0,007	22084/267626 =0,0825	0,076
active part	1136/114707 =0,01	7460/130683 = 0,0571	0,047
passive part	197/75932 =0,0026	14624/136943 = 0,1068	0,104
Retirement rate:
fixed assets	10216/192767 =0,053	9715/264495 = 0,0367	-0,016
OPF	9995/184666 =0,054	9510/255052 =0,0373	-0,017
active part	9323/122242 =0,076	9482/132705 = 0,0715	-0,005
passive part	672/63076 =0,01	28/122347 = 0,0002	-0,001
Growth rate:
fixed assets	(1788-10216)/ 200082=-0,042	(23268-9715)/ 278048=0,0487	0,091
OPF	(1333-9995)/ 190632=-0,045	(22084-9510)/ 267626= 0,0470	0,092
active part	(1136-9323)/ 114707=-0,07	(7460-9482)/ 130683=-0,0155	-0,086
passive part	(197-672)/ 75932=-0,006	(14624-28)/ 136943= 0,1066	0,113
Wear factor:
fixed assets	(192767-47866)/ 192767 =0,752	(264495-88222)/ 264495=0,666	-0,086
OPF	(184666-43375)/ 184666= 0,765	(255052-82929)/ 255052=0,675	-0,09
active part	(122242-7967)/ 122242 =0,935	(132705-8218)/ 132705=0,938	0,003
passive part	(62424-35408)/ 62424=0,433	(122347-74711)/ 122347=0,389	-0,044
Validity ratio:
fixed assets	1-0,752=0,248	1-0,666=0,334	0,086
OPF	1-0,765=0,235	1-0,675=0,325	0,09
active part	1-0,935=0,065	1-0,938=0,062	-0,003
passive part	1-0,433=0,567	1-0,389=0,611	0,044

As can be seen from Table 4, in 2007 the company significantly updated its fixed assets. Compared to 2006, the renewal rate increased by 0.075. The OPF renewal coefficient increased by 0.076.

In 2007, less fixed assets began to retire, and this was reflected in a decrease in the coefficient by 0.016. For fixed production assets, the coefficient decreased by 0.017, for the active part - by 0.005, and for the passive - by 0.001.

In 2007, there is a significant increase in fixed assets (the coefficient increased by 0.091). For fixed production assets, this increase amounted to 0.092, but for their active part there is a decrease by 0086, but for the passive part - an increase of 0.113.

Having calculated the depreciation coefficient, we can conclude that the depreciation of fixed assets of the enterprise is very large. With the introduction of new fixed assets, the depreciation coefficient decreased by 0.086, the depreciation coefficient of fixed production assets decreased by 0.09. As for the depreciation coefficient of the active part of fixed assets, it increased by 0.003, and the passive part decreased by 0.044.

In 2007, fixed asset serviceability ratios showed slight changes compared to 2006, which are also associated with the introduction of new fixed assets. The shelf life of fixed assets increased by 0.086, fixed assets - by 0.09, but the shelf life of the active part decreased by 0.003. On the passive side, the coefficient increased by 0.044

Thus, from the analysis of table 4 it can be seen that fixed assets are worn out by almost 75% and require renewal.

2.3 Analysis of the effectiveness of the use of fixed assets

The final efficiency of the use of fixed assets is characterized by indicators of capital productivity, capital intensity, capital-labor ratio and profitability. The calculation results are presented in Table 5.

Table 5 - Indicators of the effectiveness of the use of fixed assets

Table 2.5 shows that there have been significant changes in the overall performance indicators of the use of fixed assets. The capital-labor ratio increased by 39.8 million rubles. (by 48%). Return on assets increased by 0.11 million rubles. (by 78.5%). Due to the increase in capital productivity, the capital intensity of production decreased by 3.2 million rubles. (by 44%). The profitability of the OPF has increased.

3 Improving the management of fixed assets of the enterprise

For effective capital management, an enterprise needs to develop its activities in the field of investment and innovation.

The formation and use of various monetary funds to reimburse the cost of capital, its accumulation and consumption is the essence of the mechanism of financial management in the enterprise.

Regardless of whether the capital of an enterprise is divided into own, borrowed, fixed or circulating, fixed or variable, it is in the process of continuous movement, taking only different forms depending on the specific stage of the circuit.

The totality of the circuits of various parts of the capital of an enterprise for a period represents its full turnover or reproduction (simple or extended).

The concept of "non-current assets" and "fixed capital" are identical. Fixed capital includes fixed assets, as well as unfinished long-term investments, intangible assets and new long-term financial investments (investments).

The cost of fixed assets is gradually repaid during their useful life by means of monthly depreciation charges, which are included in production or distribution costs for the relevant reporting period.

Fixed capital also includes the cost of capital investments in progress in property, plant and equipment and the purchase of equipment. This is that part of the cost of acquiring and building fixed assets that has not yet become fixed assets, cannot participate in the process of economic activity, and therefore should not be subject to depreciation.

Long-term financial investments represent the cost of equity participation in the authorized capital in other enterprises, the purchase of shares and bonds on a long-term basis. The costs of long-term financial investments are repaid depending on the nature and type.

Financial investments also include:

Long-term loans issued to other enterprises against debt obligations;

The cost of property transferred to a long-term lease under the right of financial leasing. Leasing is a long-term lease of machinery and equipment, in which one legal entity (lessor) acquires ownership of the object of leasing for its own or borrowed funds and transfers it to another business entity (lessee) for a period and for a fee for temporary possession and use with or without the right ransom.

Making a profit today is the result of correct decisions on the proportions of capital investment in fixed and current (current) assets, taken even before the start of the enterprise's operating activities. Therefore, effective management of fixed capital requires a clear understanding of the specifics of their functioning and reproduction.

Fixed assets and long-term investments in fixed assets have a multifaceted and versatile impact on the financial condition and performance of the enterprise.

Investments in fixed capital (fixed assets) are made in the form of capital investments and include the costs of new construction, expansion, reconstruction and technical re-equipment of existing enterprises, the purchase of equipment, tools and inventory, design products and other capital expenditures. Capital investments are inextricably linked with the implementation of investment projects. Investment project - substantiation of economic feasibility, volume and timing of capital investments, including the necessary documentation, as well as a description of practical actions for the implementation of investments (business plan).

Investment policy is an integral part of the overall financial strategy of the enterprise, which consists in choosing and implementing the most rational ways to expand and upgrade production potential.

When developing an investment policy, an enterprise must be guided by the following principles:

1) Achievement of economic, scientific, technical and social effect from the activities under consideration. At the same time, specific methods for evaluating efficiency are used for each investment object. Based on the results of such an assessment, individual investment projects are selected according to the criterion of efficiency (profitability). Ceteris paribus, those that provide the enterprise with maximum efficiency are accepted for implementation.

2) Getting by the enterprise the greatest profit on invested capital with minimal investment costs.

The source of capital gains and the purpose of investments is the profit (income) received from them. In practice, the mass of profit (P) is compared with investment costs (IZ) and their effectiveness is determined.

Innovative enterprise management in its content represents a unique field of activity: knowledge from the fields of technology, economics and ecology, social psychology and sociology, fundamental and applied sciences, theory and practice, production and management, strategy and tactics are used and interacted here. Development itself becomes possible thanks to the genius of human thought, the accumulation of capital and high-quality productive labor. But it, this development, being aimed at the benefit of man, enriches labor and human thought, expands the possibilities of capital accumulation due to the increase in labor productivity and quality, and thus creates conditions for a new stage of development, ensuring its continuity.

Thus, an enterprise, in accordance with its mission and a dynamically changing external environment, needs to build goals for obtaining sustainable profits, competitive advantages and survival in the long term. Means to achieve goals, i.e. strategies, in this case, are both the intensive development of all elements of the production and economic system of the organization, and their innovative development. The first will ensure the preservation of the potential of the enterprise if there are no significant changes in the external environment, which is very rare today. The second will ensure an increase in the level of organizational potential, in the case of a stable external environment, or, at least, its preservation if the external environment is highly dynamic.

It should also be taken into account that an enterprise can be considered successful only when it achieves its goals. Obviously, one of the main goals of the enterprise is to make a profit. In this case, the current efficiency of the enterprise is determined by the fact that the value it creates turns directly into profit. Every enterprise needs resources to finance its production and trade activities.

It follows from the study that investment and innovation are the most important economic category of expanded reproduction, which plays a key role in the implementation of structural changes in the economy and the formation of national economic proportions at the macro level, adequate to market forms of management.

Conclusion

In this course work, the structure of fixed capital, the composition and structure of fixed assets, indicators of the use of fixed production assets were considered, the indicators of the use of the OPF of the branch of RUPP "BelAZ" were analyzed, ways to improve the management of fixed capital were identified.

Thus, the following conclusions can be drawn:

1) the enterprise is not profitable, because makes no profit and works at a loss. In 2006, the company incurred losses, which in 2007 decreased by 6.29%;

2) the largest share in the structure of fixed assets is occupied by fixed assets (96%), then by the PF of the industries providing services (3.7%) and the smallest - by the PF of other industries (0.03%);

3) in 2007, the company significantly updated fixed assets, they also began to retire less. In 2007, there is a significant increase in fixed assets. Depreciation of fixed assets of the enterprise is very large, they are worn out by almost 75% and require renewal.

To date, the branch of RUPP "BelAZ" is a loss-making enterprise and for effective capital management, the enterprise needs to develop its activities in the field of investment and innovation.

List of sources used

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2 Titov V. I. Enterprise Economics: Textbook. - M.: Publishing and Trade Corporation "Dashkov and Co", 2004. - p.

3 Savitskaya G.V. Analysis of the economic activity of the enterprise - Mn .: "Ecoperspektiva", 1997.

4 Bashkatova E.I., Zdereva T.A., Stelmakhovsky Yu.S. Evaluation of the fixed and working capital of an enterprise - K .: Higher School, 1998 - 288 p.

5 Golovanenko S.L. Enterprise economy. -M.: Higher school, 1999 - 352p.