Turnover of working capital. Working capital turnover formula and calculation Working capital turnover standard value

How to understand whether something needs to be radically changed in the purchasing or assortment policy, or is it being carried out effectively? To do this, you do not need to calculate different indicators and compare a large amount of data. It is enough to calculate the indicators of the turnover of working capital and see their dynamics. Even one indicator may be sufficient - the turnover rate in dynamics for at least half a year or a year.

By tracking the dynamics of this indicator, you can definitely not miss the moment when procurement and assortment management has become less effective. Why is the turnover of material working capital such an important indicator? Because it shows the essence of the process of trade or production, which consists in the following cycle: Money - Goods for sale - Money. "The speed of this transformation, or rather, how many times during the period this turnover occurs from money to goods and again to money and there is a turnover The higher it is, the faster the invested funds are recouped, the faster the company makes a profit.

Turnover of working capital formula

, where

Cob - turnover ratio, B - Revenue for a certain period (excluding VAT), Co - average volume of working capital for the period. The Co indicator is calculated as the sum of working capital at the beginning of the period and at the end, divided in half.

For example, if during the year was realized household appliances in the amount of 1 200 thousand rubles. (excluding VAT), and the average working capital was 600 thousand rubles, then the coefficient will be equal to 2.

Also useful for analysis is the calculation of the turnover of working capital in days or the duration of the turnover, which is calculated by the formula:

, where

Dob is the duration of the turnover, Kob is the turnover ratio, and Dp is the length of the period under consideration in days. In the above numerical example with household appliances the duration of the turnover will be equal to:

Thus, the duration of the turnover in the example above is six months. This means that invested in turnover financial resources will return with a profit in six months.

The working capital turnover ratio does not have strictly defined frameworks or boundaries. It will be different depending on the field of activity, demand for products and even the location of the store. For example, in wholesale trade this figure can be quite high for daily consumption goods.

What indicators to compare for effective analysis

The indicator of the turnover of working capital is calculated at least once a quarter and compared in dynamics. It also makes sense to compare the turnover rates of similar enterprises, for example, different retail outlets one enterprise. Management of the turnover of the company's working capital begins with a comparison of these indicators in dynamics. It would be nice to compare turnover figures with similar data from competitors, if this data is publicly available.

As one of the ways to accelerate the turnover of working capital as a whole for the enterprise, you can use changes in the assortment. For this, the turnover ratio is calculated for individual types of products. The obtained coefficients are compared with each other and on the basis of this it is possible to derive a conditional average or minimum coefficient. If for some product names this indicator turns out to be lower, then it is worth significantly reducing the amount of this product or abandoning it altogether. V manufacturing enterprises such products are discontinued or their output is reduced.

If it is these products that have a strategic benefit, then you can take measures and measures to accelerate the turnover of working capital. It is also advisable to increase the turnover not only for each type of product, but also for the enterprise as a whole - the higher the turnover ratio, the higher the profitability of the enterprise. The turnover is influenced by:

• The cost and types of materials used in production;
• The pace of production and the duration of the production cycle;
• Production volumes or sales volumes;
• Qualification of the company's employees (both in production and in trade).

By improving these components and parameters, you can accelerate the turnover and increase the significant indicators of the enterprise.

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

The turnover is usually calculated using the following formula:

where FO SR is the turnover ratio.

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

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

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

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

The most commonly used turnover indicators are:

1) the asset turnover ratio;

2) the turnover ratio of fixed assets;

3) the turnover ratio of current assets;

4) the ratio of accounts receivable turnover;

5) the turnover ratio of accounts payable;

6) the turnover ratio of inventories;

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

8) the capital turnover ratio;

9) the duration of the capital turnover;

10) turnover ratio equity capital.

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

FO A = KT = Vyr / A. (3.10),

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

A = OF + OBF,

where OF, OBF - respectively, the average annual value of the main (non-current) assets and current (circulating) assets (OBF).

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

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

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

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

the amount of revenue (turnover)

average assets

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

Fixed assets turnover ratio (or capital productivity of fixed assets) determined by the formula:

FO OF OF = Vyr / OF, (3.16),

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

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

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

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

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

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

, (3.19)

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

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

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

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

2) with a decrease in capital intensity and a decrease in the need for fixed assets, it is necessary to see if there will be excessive or underutilized equipment. Both will lead to an increase in the cost of production in part fixed costs, and, consequently, a decrease in profits.

The indicator of the efficiency of using fixed assets is the capital-labor ratio (PP), which is calculated by the formula:

where H P is the number of personnel.

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

Using the extension method, the numerator and denominator can be multiplied by the number of personnel (P P), which allows us to establish a direct dependence of capital productivity on labor productivity (P T) and an inverse dependence on the capital-labor ratio of workers (P P):

. (3.21)

Hence, it is clear that any purchased equipment should provide a much greater increase in labor productivity in comparison with the dynamics of the price of

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

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

The impact of changes in fixed assets (OF) on revenue

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

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

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

Total influence of factors on revenue

Turnover ratio of current assets determined by the formula:

FO OBF = Vyr / OBF, (3.25)

where FO OBF is the ratio of the turnover of current assets.

Accounts receivable turnover ratio determined by the formula:

FO DZ = Vyr / DZ, (3.26)

where FO DZ - accounts receivable turnover ratio; ДЗ - average annual real accounts receivable.

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

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

Accounts payable turnover ratio determined by the formula:

FO KZ = Seb / KZ, (3.27),

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

Cost of sales is determined from accounting systems and includes direct costs of materials, direct costs of labor, production overhead and general expenses.

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

FO KZ = KZ * 360 / Exp. (3.28).

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

The indicator of the duration of the turnover of accounts payable can be considered as an indicator of the company's solvency in the short term. Decree of the President of the Russian Federation of 20.12.94, No. 2204 and federal law established a three-month deadline for the fulfillment of monetary obligations for payments for delivered products.

If we calculate accounts receivable and payable in days, we will determine how many days, on average, are required to pay, respectively, the receivable or payable.

Inventory turnover ratio determined by the formula:

FO ZAP = Vyr / Z, (3.29)

where FO ZAP is the inventory turnover ratio; З - the average annual cost of reserves.

In general, the higher the FO ZAP, the less funds are associated in this least liquid item of working capital, the more liquid structure the working capital has and the more stable the financial position of the enterprise. The deceleration of inventory turnover can occur due to the accumulation of surplus, slow-moving, stale materials (it is easy to establish from inventory records or balances), as well as due to the acquisition of additional inventory due to the expected growth in inflation and deficit rates.

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

, or operational current financial needs (OTFP), represents the sum of inventories (Z + NP + GP) and accounts receivable minus accounts payable (non-financial) debt.

Net Manufacturing Working Capital (CHPOK) is determined by the formula:

CHPOK = OTFP = З + NP + GP + DZ - KZ. (3.30)

The average duration of the turnover of tangible assets (P CHPOK or P FC) characterizes the presence or absence (if the indicator less than zero) at the enterprise of its own production working capital (in days):

P CHPOK = P FC = P Z + P NP + P GP + P DZ - P KZ = P PR + P DZ - P KZ = P OP - P KZ, (3.31)

where П ФЦ - the duration of the financial cycle; P Z - the duration of the turnover of stocks of raw materials, materials; P GP - turnover duration finished products; П ДЗ - duration of accounts receivable turnover; П ПР - the duration of the production cycle; P OP - the period (duration) of the operating cycle; P NZ - the duration of the work-in-progress turnover.

The positive value of the indicator (P CHPOK or P FC) indicates the time during which the circulating assets of the enterprise are circulated (after going through the whole circle from paying for raw materials and materials, finding them in the form of inventories, work in progress, finished goods stocks until payment for the sold products is received ).

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

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

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

An increase in the indicator under consideration indicates that significant financial resources are frozen in working capital. Consequently, either the enterprise has an irrational purchasing and sales activity (stocks are excessive), or the work with debtors is ineffective, and the enterprise provides a free loan to its counterparties.

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

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

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

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

Capital turnover rate characterized by capital turnover ratios :

· The turnover ratio (K about);

· Duration of one revolution (P o6).

Capital turnover ratio calculated by the formula:

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

Duration of capital turnover calculated by the formula:

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

Average balances of all capital and its constituent parts calculated by the chronological average: 1/2 of the amount at the beginning of the period plus the balance at the beginning of each next month plus 1/2 of the balance at the end of the period and the result is divided by the number of months in the reporting period. The necessary information for calculating turnover indicators is available in the balance sheet and the statement of financial results.

When determining the turnover of all capital, the turnover amount should include the total proceeds from all types of sales. If only operating capital turnover indicators are calculated, then only proceeds from

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

Capital turnover, on the one hand, it depends on the rate of turnover of fixed and working capital, and on the other, on its organic structure: the larger the share of fixed capital, which turns slowly, the lower the turnover ratio and the longer the duration of the turnover of the total total capital involved in the operational process, those.

Equity capital turnover ratio calculated by the formula:

FO SK = Vyr / SK, (3.36)

where FO SK is the equity capital turnover ratio; SK is the average annual cost of equity.

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

Savings or cost overruns of funds and capital based on the results of turnover is defined as the product of the sum of one-day sales (Exp 1) and the difference in days of turnover (P OB) of the reporting (1) and base (planned) (0) periods:

, (3.37)

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

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

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

To determine the value of the increase in the volume of production due to an increase in the turnover of working capital (all other things being equal), we will use the dependence:

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

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

The turnover of circulating capital is understood as the average period during which circulating assets complete a complete cycle, passing through the monetary form, the sphere of production and circulation, recovering in its original form. Indicators of working capital turnover:

1. The turnover ratio, characterizing the number of revolutions made by the working capital for the year. Calculated by dividing the average volume marketable products, estimated at cost or in selling prices (T), on the average balance of working capital (C 0):

K turnover = T / C about

2. The duration of one revolution, characterizing the duration in days of one full turnover of working capital (D) This indicator is calculated by dividing 360 days (number of days in a year) by the turnover ratio (To turn around);

D = 360 / K turnover.

3. Load factor working capital, which characterizes the amount of working capital per unit of products sold. It is determined by dividing the average balance of working capital (C 0) by the volume of commercial output (T):

K loading = C o / T

Release of working capital- this is the main result of accelerating their turnover. The release creates the conditions for the use of this capital for other needs of the enterprise or for the production of additional volumes of products.

Absolute release takes place in cases where their total value decreases in comparison with the previous period while maintaining the volume of production.

The relative release of working capital occurs when the turnover of working capital is accelerated and accompanied by an increase in the volume of production.

The relative and absolute release of working capital have a common economic basis and mean cost savings.

The study of turnover indicators and their improvement are the most important task of the financial service of any enterprise and the starting point financial management in this domain.

6 Management of working capital advanced in production inventories (+ models of economic order, optimal, discount (compendium)

Productive reserves- This is a part of the working capital of the enterprise, advanced in stocks of raw materials, materials, components, parts and semi-finished products. Production stocks play an important role in the activities of the enterprise, since their presence is associated with the functioning of the production process, its rhythm and continuity.

Inventory management policy in the very general view comes down to solving two problems:

- cost optimization on the formation of production stocks;

- volume optimization production stocks. The ultimate goal of inventory management is to find a value such that:

On the one hand, it minimizes the overall costs of their formation;

On the other hand, it is sufficient for successful work enterprises.

The process of optimizing the costs of forming inventories as its fundamental principle presupposes their classification. These costs include:

.- costs of storing stocks - these are the costs of their storage and completion, insurance, as well as costs associated with natural loss and obsolescence of stocks;

- inventory holding costs- these are the costs of their placement, transportation and handling of goods;

- costs associated with stock shortages, This includes loss of sales, loss of customer confidence, and production disruptions.

Next, calculations are made to optimize each of the named types of costs: 1 . The calculations to optimize the costs associated with storing inventories are based on the fact that these costs tend to increase in direct proportion to the average size of the inventory, which in turn depends on the frequency of its replenishment. So, if the total annual demand for raw materials or goods is S units, and the company orders N identical batches per year, then S / N units - the size of one order. If stocks are consumed evenly throughout the year and the company does not create insurance stocks, then the average stock (A) will be equal to:

Denoting the annual cost of storing inventory, expressed as a percentage, through C, you can find the total annual cost of storage (TCC):

TCC = C * P * A,

where R- the purchase price of a stock unit; A - the volume of reserves in natural units.

2. When optimizing the costs of placing and fulfilling orders, they proceed from the fact that their volume, as a rule, does not depend on the size of the lot. This element of total costs is defined as the product of the costs of placing and receiving one lot by the number of lots per year.

Let's designate the costs of placing and accepting one order F, number of orders placed per year - N , then the total cost of order fulfillment (TOC) will be determined by the formula

TOC = F * N.

3. Total cost of maintaining inventory (TIC) are defined as the sum of the costs of storing stock and the costs of order fulfillment:

TIC = C * P * A + (F * S) / (2 * A)

Let us denote the quantity of the ordered batch Q, then A = Q / 2 and

TIC = C * P (Q / 2) + (F * S) / Q,

Inventory optimization process allows you to maintain the continuity of production and prevent unnecessary costs in this area and freezing funds in excess stocks not in demand by production.

The calculations associated with optimizing a batch of an order are based on the need to maneuver between two data:

With an increase in the size of consignments for the purchase of raw materials, their cost and costs associated with placing orders, their delivery to the warehouse and their acceptance at the warehouse decrease, but the costs of their storage increase;

As lot sizes decrease, procurement costs increase, but inventory storage costs decrease.

Mathematically, this dependence can be expressed by the following formula:

where RPP 0 is the optimal the average size consignment of goods; OPP - the volume of industrial consumption of goods (raw materials or materials) in the period under review; С рз - the average cost of placing one order; С х - the cost of storing a unit of goods in the period under review.

Accordingly, the optimal average production stock is determined by the following formula:

P3 0 = RPP 0/2.

where P3 0 is the optimal average size of the production stock (raw materials, materials); RPP 0 is the optimal average size of the consignment of goods.

Calculations to optimize the volume of inventories should take into account the need to create their safety stocks, which is predetermined by the unpredictability of the production process.

When planning the size of insurance stocks, one should compare the amount of possible damage from the absence of any product and the amount of costs for storing this product. The size of safety stocks is usually determined by the probable period of supply disruption or the probable period of plant downtime.

Carrying out the above calculations and the necessary management actions in the field of planning, maneuvering stocks, the financial service of the enterprise ultimately ensures the optimization of their volume, structure and minimization of costs for their acquisition and maintenance.

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

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

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

Let's consider the formulas for calculating the most common turnover rates (business activity).

Asset turnover ratio

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

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

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

Asset turnover ratio = Revenue / Average amount of assets in the period

The period of turnover of the total capital (in days) = The duration of the reporting period (90, 180, 270 and 360 days) / The turnover ratio of the total capital

Balance Formula:

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

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

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

Balance formula from 2011:

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

Turnover ratio of current assets (turnover of current assets)

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

Turnover ratio of current assets = Revenue / Average annual value of current assets

The period of turnover of current assets (in days) = Duration of the reporting period / Ratio of turnover of current assets

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

Kooa = p. 2110 / 0.5 x (p. 1200 at the beginning of the year + p. 1200 at the end of the year)

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

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

Return on assets. Non-current assets turnover ratio

The capital productivity reflects the efficiency of using the fixed assets of the enterprise and is calculated by the formula:

Capital productivity = Revenue / Average annual cost of fixed assets

Фо = p. 010 f. No. 2 / (p. 120ng + p. 120 kg f. No. 1) / 2

Fo = p. 2110 / 0.5 x (p. 1150 at the beginning of the year + p. 1150 at the end of the year)

Equity capital turnover ratio

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

Equity turnover ratio = Revenue / Average equity

Equity capital turnover period (in days) = Reporting period duration / Equity capital turnover ratio

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

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

Kosk = p. 2110 No. 2 / 0.5 x (p. 1300 at the beginning of the year + p. 1300 at the end of the year)

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

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

Functioning capital turnover ratio = Revenue / Average value of functioning capital for the period

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

Invested capital turnover ratio

The coefficient shows the rate of turnover of long-term and short-term investments of the enterprise, including investments in its own development. In the numerator - the net proceeds from sales, in the denominator - the average value of the invested capital for the period.

Invested capital turnover ratio = Revenue / (Average equity + Average long-term liabilities)

Invested capital turnover period (days) = Reporting period duration / Invested capital turnover ratio

Kik = p. 010 f. No. 2 / ((page 490ng + page 490kg) / 2 + (page 590ng + page 590kg) / 2) Faculty # 1

Kick = page 2110 No. 2 / (0.5 x (page 1300ng + page 1300kg) + 0.5 x (page 1400ng + page 1400kg))

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

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

Equity capital turnover ratio

Debt capital turnover ratio = Sales proceeds / Average borrowed capital

The period of turnover of debt capital (in days) = Length of the reporting period / Ratio of turnover of debt capital

KZ = p. 010 f. No. 2 / ((p. 590ng + p. 590 kg) / 2 + (p. 690ng + p. 690 kg) / 2) f.№ 1

KZ = p. 2110 No. 2 / (0.5 x (p. 1500ng + p. 1500kg) + 0.5 x (p. 1400ng + p. 1400kg))

Accounts receivable turnover ratio

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

Accounts receivable turnover ratio = Revenue / Average annual accounts receivable

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

Koz = line 2110 / 0.5 x (line 1230 at the beginning of the year + line 1230 at the end of the year)

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

Accounts receivable turnover period = Reporting period duration / Kodz

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

A decline in turnover can mean problems with paying bills or more. efficient organization relationships with suppliers, providing a more profitable, deferred payment schedule and using accounts payable as a source of cheap financial resources.

Accounts payable turnover ratio

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

Accounts payable turnover ratio = Revenue / Average annual value of accounts payable

Cocks = p. 010 f. No. 2 / (p. 620ng + p. 620 kg f. No. 1) / 2

Cocks = p. 2110 / 0.5 x (p. 1520 at the beginning of the year + p. 1520 at the end of the year)

Accounts payable turnover period = Reporting period duration / Kokz

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

The turnover ratio of inventories (stocks and costs)

The indicator reflects the turnover of the company's inventory for the analyzed period:

Inventory and Cost Turnover Ratio = Cost / Average Annual Inventory Value

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

Komz = p. 2120 / 0.5 x ((p. 1210 + p. 1220) ng + (p. 1210 + p. 1220) kg)

Cash turnover

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

Cash turnover ratio = Revenue / Average cash

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

Codec = p. 2110 / 0.5 x (p. 1250 at the beginning of the year + p. 1250 at the end of the year)

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

Economic effect as a result of accelerated turnover

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

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

ΔPrev = Ex 1 - Ex 0

Pob = (Ost * D) / Revenue from product sales

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

The profitability of the enterprise depends on how rationally the working capital (OS) is used at the enterprise. It is important to pay due attention to their economic analysis. Based on the results of these simple studies, it is possible to identify problem areas, discover reserves for increasing production efficiency, and prevent serious problems and losses.

One of the indicative ones is the turnover ratio (KobOS). It is recommended by the Ministry of Finance of the Russian Federation.

The value characterizes the rationality and intensity of the use of OS in the organization. It demonstrates how much revenue from sales of products falls on 1 ruble of working capital, most clearly reflects the return.

Cob = RP / CO,

where RP is the goods sold during the reporting period (without), SB is the average cost of funds for the considered period of time.

This formula - essential tool analysis of the effectiveness of the use of available resources.

We are looking for numbers to calculate

A source of information for economic analysis accounting data serve. You will need a balance sheet (form No. 1), a profit and loss statement (OPC) (form No. 2). Documents are taken for the study period. Information is usually obtained from the annual financial statements.

The volume of products sold (RP) is the amount on line 10 of the income statement, where the net revenue is displayed.

The average cost of fixed assets is calculated by dividing in half the amount that took place at the beginning and end of the period:

CO = (CO start + CO end) / 2.

The question is again: where to get the data? This time, the source will be the balance sheet - namely, the line with the indicator code 290, summarizing the section “ Current assets". It reflects the sum of all fixed assets - stocks, finance, "accounts receivable", short-term investments.

What does the coefficient depend on

Certain levels of KobOS values ​​are characteristic for enterprises of different industries. The champions in terms of this indicator are trade organizations. It's about getting the revenue quickly. And institutions of science, culture cannot compete with "sellers". Therefore, when analyzing, it is incorrect to compare organizations of different types of activity among themselves.

What determines the value of the indicator? The following factors have a great influence on its value:

• rates, volumes of production;
• the type of raw materials used;
• the qualifications of the members of the labor collective;
• nature of production.

CobOS analysis

Z the value of the indicator speaks volumes. When the coefficient is greater than 1, the enterprise is considered profitable. If it exceeds 1.36, the organization is super-profitable, which means that the economic policy is organized rationally.

It is important to study CobOS in dynamics. For clarity, tables are convenient, by which it is easy to track changes and draw conclusions.

R the remainder of the coefficient is evaluated positively. The reasons for progress are the following:

• increase in sales volumes;
• profit growth;
• improving the efficiency of resource use;
• improving the organization's performance;
• lowering the level of working capital;
• implementation of innovations.

A decrease in Cob is an alarming signal of impending problems. This is a negative point, the appearance of which is facilitated by:

• mistakes in the overall strategy;
• falling demand;
• growth of debts;
• transition to a fundamentally new level: a change in the scale or nature of production, the introduction of other technologies.

Increase Cob will help:

• an increase in the rate of growth of sales volumes in comparison with the pace of fixed assets;
• reduction of material and energy consumption of production;
• improving the characteristics of the product;
• increasing competitiveness;
• reduction in the duration of production processes;
• updates in the material supply system, sales.

Possible reasons for the decrease in CobOS

With an alarming trend, management should consider how to improve the efficiency of the OS. Often the reason for low Kob indicators is the accumulation of material values ​​in excess of the norms. It is necessary to reduce their volumes, directing funds to production, introduce new technique, to intensify the acceleration of document circulation, improvement of the settlement and payment system.