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Theoretical issues of managing the fixed capital of an enterprise. Fundamental research The process of managing the fixed assets of the enterprise

The fixed capital of the enterprise represents the funds invested in long-term assets in order to use them for a long time to make a profit. The economic content of fixed capital is revealed through the following features:

1) the investments are of a long-term nature, that is, the term of use of the equity capital is at least one year;

2) funds are invested in a permanent non-mobile, low-liquid part of the assets, thereby being withdrawn from economic circulation;

3) the investment of funds is carried out with the aim of making a profit, since only in this case the money turns into capital.

Fixed assets include fixed assets, intangible assets and other non-current assets.

Fixed assets as an element of an enterprise's assets in terms of their economic content are reusable in economic activity means of labor that do not change their original natural-material form, function for a long time and in parts transfer their value to finished products in the form of depreciation charges.

Depending on the intended purpose, role and functions performed in the production process, fixed assets are classified into certain groups (table 3):

Table 3 Classification of fixed assets by individual characteristics

Classification signs	Fixed asset groups
1. By ownership	1.1. own (owned by right, located in operational management or economic management) 1.2. rented
2. Depending on the use	2.1. established 2.2. not installed (requiring installation)
3. By the degree of use	3.1. active (in operation) 3.2. unused: in stock (reserve); at the stage of completion, reconstruction; partially liquidated; on conservation
4. By appointment	4.1. production 4.2. non-production
5. By role in the production process	5.1. active 5.2. passive

Note Ї Source: Own development.

Currently, fixed assets include labor instruments worth over 30 base units (carpets and rugs Ї over 10 base units) per unit and with a service life of more than one year.

Buildings, structures, transmission devices, machines and equipment (computers, measuring and control devices and devices, laboratory equipment) are used as the material content (objects) of fixed assets, vehicles, tool, production and household inventory, as well as working and productive livestock.

Fixed assets also include capital investments in the radical improvement of land (drainage, irrigation and other reclamation work) and leased fixed assets. The structure of fixed assets also includes land plots owned by the enterprise, objects of nature management (water, subsoil and other natural resources).

To simplify planning, financing and accounting, fixed assets do not include:

1) items that have served for less than one year, regardless of value;

2) items below the value established by the government for a unit or set, regardless of their service life, with the exception of agricultural machinery and tools, working and productive livestock, which are classified as fixed assets, regardless of their value;

3) special tools, clothing, shoes, bedding, rental items, regardless of their cost and service life.

Intangible assets as part of fixed capital in accordance with international standards financial statements includes non-physical non-monetary assets intended for use in the production or supply of goods or services, for administrative purposes or for rent. The following objects can be referred to them:

1) industrial property objects Ї rights to primary works of science, literature and art (monographs, articles, dramatic works, and others); rights to derivative works (translations, annotations, abstracts and others); rights to composite works (collections, encyclopedias and others);

2) objects of related rights Ї performances, staging, phonograms, transmission of on-air and cable television organizations;

3) computer programs and computer databases;

4) the right to use natural resources, land;

5) other Ї licenses to carry out a type of activity, foreign trade and quota transactions; to use the experience of specialists; property trust rights.

1. Derivative financial instruments

Derivative financial instrument(derivative) - a financial instrument, the prices or conditions of which are based on the corresponding parameters of another financial instrument, which will be the base. Usually, the purpose of buying a derivative is not to get the underlying asset, but to profit from the change in its price. A distinctive feature of derivatives is that their number does not necessarily coincide with the amount of the underlying instrument. The issuers of the underlying asset usually have nothing to do with the issuance of derivatives. For example, the total number of CFD contracts on a company's shares may be several times higher than the number of issued shares, while the joint-stock company itself does not issue or trade derivatives on its shares.

A derivative has the following characteristics: its value changes following changes in the interest rate, the price of a commodity or security, the exchange rate, the price or rate index, the credit rating or credit index, another variable (sometimes called the “baseline”); to acquire it, a small initial investment is required compared to other instruments, the prices of which similarly respond to changes in market conditions; calculations on it are carried out in the future.

Essentially, a derivative is an agreement between two parties in which they commit themselves or have the right to transfer a specified asset or amount of money at or before a specified time at an agreed price.

There are several other approaches to defining a financial derivative. According to these definitions, the urgency indicator is optional - it is enough only that this instrument is based on another financial instrument. There is also an approach according to which only one can be considered a derivative instrument according to which it is expected to receive income from the price difference and it is not assumed that this instrument will be used to supply a commodity or other underlying asset.

Derivative financial instruments include: warrants, depositary receipts, futures and forward contracts, options, interest rate and currency swaps, etc.

Option (from Lat. Optio - choice, desire, discretion) - the right to choose, received for a fee. Most often, the term is used in the following meanings: a) the right granted by one of the contracting parties to the terms of the contract to choose the method, form, scope of fulfillment of the obligation assumed by it, or even refusal to fulfill the obligation when circumstances stipulated by the contract arise; b) an agreement granting one of the parties entering into an exchange purchase and sale transaction the right to choose between alternative (variant) terms of the agreement, in particular the right to buy or sell securities in a predetermined volume at a fixed price within a given period; c) the right to buy new securities of the issuer on pre-agreed terms; d) the right to an additional quota when issuing securities; e) preliminary agreement on the conclusion of a future contract within the specified time frame.

Option contracts can be based on a wide range of different assets. For example, the underlying asset of an option contract can be other derivatives (futures contract). Options are used both for hedging and for taking speculative profits.

There are two main types of options - call and put options. Currently, such contracts are traded on many exchanges around the world, as well as outside the exchanges.

Call option grants the option buyer the right to buy the underlying asset from the option seller at the strike price at the specified time or to refuse the purchase. The investor buys a call option if he expects an increase in the market value of the underlying asset... The most famous option contract is the call option on the stock.

Put option (putoption) - gives the option buyer the right to sell the underlying asset at the strike price on time to the option seller or refuse to sell it. The buyer buys a put option if he expects a fall in the market value of the underlying asset.

Forward contract Is an agreement between the parties for the future delivery of the underlying asset, which is concluded outside the exchange. All terms of the transaction are negotiated at the time of the conclusion of the contract. The execution of the contract takes place in accordance with these conditions at the appointed time.

A forward contract is generally concluded for the purpose of making an actual sale or purchase of the relevant asset and insuring the supplier or buyer against possible adverse price changes. However, the counterparties will also not be able to take advantage of the possible favorable conjuncture. A forward contract assumes the obligation to fulfill, but the parties are not insured against its default in the event of bankruptcy or bad faith of one of the parties to the transaction. Therefore, before concluding a contract, partners should find out the solvency and reputation of each other. A forward contract can be concluded with the aim of playing on the difference in the market value of assets. The person who opens a long position expects the price of the underlying asset to rise, and the person who opens a short position expects that the price of the underlying asset will go down. So, having received shares under a forward contract at one price, the investor sells them on the spot market at a higher spot price (if, of course, his calculations were made correctly and the asset rate increased).

Futures contract is an agreement between the parties to buy or sell a certain amount of goods at an agreed time at an agreed price. Although such a contract defines the purchase price, the asset is not paid until the delivery date. The parties to the transaction are responsible for the mandatory fulfillment of the terms of the contract. Futures contracts are concluded for assets such as agricultural commodities, raw materials, foreign exchange, fixed income securities, market indices, bank deposits. Futures contracts are only concluded on the exchange.

Swap Is an agreement between two counterparties to exchange payments in the future in accordance with the terms and conditions specified in the contract. There are several types of swaps.

Interest rate swap- consists in the exchange of a debt with a fixed interest rate for a liability with a floating rate. The persons participating in the swap exchange only interest payments, but not denominations. Payments are made in a single currency, and the parties, under the terms of the swap, undertake to exchange payments within several years (from two to fifteen). One party pays amounts that are calculated on the basis of a fixed interest rate of the face value fixed in the contract, and the other party pays amounts according to a floating percentage of this face value. LIBOR (London Interbank Offer Rate) is often used as a floating rate in swaps. The person who makes the fixed payments on the swap is commonly referred to as the buyer of the swap. The floating payment entity is the seller of the swap. With the swap, the parties involved are able to exchange their fixed-interest liabilities for floating-rate liabilities and vice versa. The need for such an exchange may arise, for example, if the party issuing the firm-interest obligation expects interest rates to fall in the future. Then, by exchanging a fixed interest for a floating one, it can take off part of the financial burden of servicing the debt. A company that has issued liabilities at floating interest rates and expects interest rates to rise in the future will be able to avoid an increase in its debt service payments by exchanging floating interest for a fixed one.

Currency swap - represents an exchange of denomination and fixed interest in one currency at par and a fixed percentage in another currency. Sometimes the actual exchange of the denomination may not take place. The implementation of a currency swap can be due to various reasons, for example, currency restrictions on currency conversion, the desire to eliminate currency risks or the desire to issue bonds in the currency of another country in conditions when the foreign issuer is poorly known in this country, and therefore the market for this currency is not directly available to him ...

Warrant(English warrant - authority, power of attorney) is:

1. a certificate giving the holder the right to buy securities at an agreed price within a certain period of time;

2. certificate of a warehouse of acceptance for storage of a certain product, that is, a warrant is a distribution document that is used when selling and pledging goods.

Usually, warrants are used for a new issue of securities. A warrant is traded like a security, the price of which reflects the value of the underlying securities.

Warrants have gained popularity among stock speculators, because the warrant rate for the purchase of a stock, at which it is quoted on the stock exchange, is significantly lower than the rate of the stock itself, therefore, to maintain a given position, you need less money... The validity period of the warrants is long enough, the issue of an indefinite warrant is possible.

Depositary receipt(English Depositary Receipt) - a document certifying that the securities are deposited in a custody bank in the country of the issuer of shares in the name of the depositary bank, and giving the right to its owner to benefit from these securities. Except for the difference due to changes in the exchange rate, the price of these receipts changes point to point with a change in the price of the underlying securities, unless the participation of foreign investors is limited in the local market.

The most famous types of depositary receipts are American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs). ADRs are issued for circulation in the US markets (although they are also circulated in European ones), GDRs - for circulation in European markets.

2.Management of the fixed capital of the enterprise

2.1. The concept and essence of the fixed capital of the enterprise.

Fixed capital characterizes the part of the organization's capital that it invests in non-current assets. Non-current assets include: a) fixed assets; b) intangible assets; c) long-term financial investments; d) construction in progress and other non-current assets.

For the vast majority of organizations, fixed assets are the main part of non-current assets. In terms of material composition, fixed assets are represented by fixed assets.

Fixed assets is a set of material and tangible values used as means of labor and acting in kind for a long time both in the sphere of material production and in the non-productive sphere.

They include: buildings, structures, transmission devices, working and power machines and equipment, measuring and regulating instruments and devices, computers, vehicles, tools, industrial and household inventory and accessories, working and productive livestock, perennial plantations, on-farm roads and other fixed assets. Fixed assets also include capital investments in land improvement (reclamation, drainage, irrigation and other works) and in rented 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 taken into operation, regardless of the completion of the entire complex of works.

The structure of fixed assets includes land plots owned by the organization, objects of nature use (water, subsoil and other natural resources). Completed capital expenditures in leased buildings, structures, equipment and other objects related to fixed assets are credited by the lessee to its own fixed assets in the amount of actual expenses, unless otherwise provided by the lease agreement.

INTRODUCTION 4
CHAPTER 1. THEORETICAL ASPECTS OF ENTERPRISE CAPITAL MANAGEMENT 6
1.1. The concept and essence of the fixed capital of the enterprise 6
1.2. Principles and methods of capital asset management. eight
1.3 Objectives and milestones of capital management 12
CHAPTER 2. FIXED CAPITAL MANAGEMENT
LLC "KAMENSKOYE" 15
2.1. Organizational and economic characteristics of LLC "Kamenskoe" 15
2.2. Assessment of the structure and changes in the fixed capital of Kamenskoye LLC 20
CHAPTER 3. WAYS TO IMPROVE WEALTH MANAGEMENT POLICIES 28
3.2. Proposals to improve capital management of Kamenskoye LLC 28
3.2 Evaluating the Effectiveness of Proposed Activities 30
CONCLUSION 33
REFERENCES 35

Introduction

Capital represents, accumulated through savings, a stock of economic goods in the form of cash and real capital goods. They are attracted by its owners in economic process as an investment resource and a factor of production in order to generate income. Their work in economic system based on market principles and linked to factors of time, risk and liquidity.
The concept of off-board assets and fixed assets are identical.
Fixed capital includes fixed assets, as well as unfinished long-term investments, intangible assets and new long-term financial investments.
Fixed assets at the enterprise can come according to such channels as:
- contribution to the authorized capital of the enterprise;
- as a result of capital investments;
- as a result of a gratuitous transfer;
- as a result of the lease.
For an operating enterprise, the use of fixed assets includes, first of all, the following stages:
- an inventory of existing and used fixed assets in order to determine obsolete and worn-out components of fixed assets;
- assessment of the conformity of the existing technical inventory to the technology and production enterprise;
- the choice of the volume and structure of fixed assets. Next comes the process of reinstalling the existing technical inventory, purchasing, shipping and assembling new technical inventory.
the main objective reproduction of fixed assets - the achievement of enterprises by fixed assets in their quantitative and qualitative composition, as well as maintaining them in working order.
In the process of reproduction of fixed assets, the following tasks are solved:
- coverage of fixed assets written off for various reasons;
- an increase in the volume of fixed assets in order to expand the volume of production;
- improvement of the species, technological and age structure of fixed assets, more precisely, an increase in the level of production.
Fixed capital in material form is the production and technical potential of the enterprise, and in value form - economic potential.
Therefore, the study of its influence on production, the effective parameters of its application is of practical interest.
The object of work is the fixed capital of the enterprise.
The subject of work is the management of fixed assets.
The purpose of the work is to analyze the management of fixed assets at the enterprise LLC "Kamenskoye".
To achieve this goal, you must complete the following tasks:
- to study the concept and essence of the fixed capital of the enterprise;
- consider the principles and methods of managing fixed assets .;
- consider the tasks and main stages of fixed capital management;
- to give a description of the activities of LLC "Kamenskoye";
- to evaluate the structure and changes in the fixed capital of Kamenskoye LLC;
- develop proposals for improving capital management;
- evaluate the effectiveness of the proposed activities.

List of sources used

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Overall volume: 34

Management technology is a set of approaches and methods for managing fixed assets. Control technology involves some stages of work. These include.

1. Research of the structure and composition of fixed capital.
2. Study of the state and dynamics of the fixed capital of the organization.
3. Identification of persons (persons) who are responsible for the policy and for tactical decisions, adopted in the management system of the organization's fixed assets.
4. Study and comparison of time series that describe the change in fixed capital, its trends, with the goals and objectives of the organization.
5. Continuous control of the volume and composition of fixed capital, based on the "tree of goals" of the organization, renewal, disposal and introduction, sale and purchase of fixed capital.
6. Ensuring the efficient use of existing capital stock.
7. Improvement of sources of financing for changes in the composition and structure of fixed capital.

The renewal of fixed assets is usually carried out on a simple and extended basis.

The renewal of fixed capital on a simple basis is carried out in proportion to its depreciation (physical and moral) within the limits of the available depreciation.

Expanded renewal of fixed capital also involves the use of new types of fixed assets, for example, at the expense of profits, loans, funds of founders and other sources of financing.

Modernization of fixed capital in the course of any type of reproduction can be carried out in such forms as:

- Maintenance, which is the process of incomplete restoration of the properties and value of fixed assets in the course of their renewal;
- overhaul, acting as a process of complete restoration of fixed assets or incomplete replacement of individual worn-out components. For the amount produced overhaul depreciation of fixed assets decreases, and thereby their residual value increases;
- acquisition of new types of operating non-current assets to replace existing analogs within the amount of accumulated depreciation;
- modernization is an investment operation that is associated with the improvement and bringing the active part of operating non-current assets to a state that corresponds to the modern level of technology. Modernization can be carried out as a constructive change in the main fleet of machines, mechanisms and equipment;
- reconstruction - an operation that is associated with a significant transformation of everything production process based on modern scientific and technical practices. It is being implemented in accordance with a comprehensive plan for the reconstruction of the enterprise to radically increase its production potential, significantly improve the quality of products, introduce resource-saving technologies, etc.

A significant aspect of the organization's fixed asset management system is the choice of depreciation policy. The depreciation policy of an enterprise is the establishment of a procedure for determining depreciation charges, the degree of which determines the speed of the required renewal of operating non-current assets. The importance of updating operating non-current assets stems from their "propensity" to moral and physical wear and tear.

Physical wear and tear of non-current assets is defined as their gradual loss of their original functional properties (for example, aging of equipment, technical wear and tear of equipment). Ongoing repair work can hold back this process, but sometime anyway there comes a point when the further use of fixed assets becomes technically impossible and a radical replacement of old equipment is required.

Obsolescence is a more complex phenomenon. Obsolescence is associated with the relative loss of non-current assets of their properties (since a new, more High Quality, more reasonable price, etc.). As a result, the use of certain types of assets becomes economically impractical. That is, obsolete equipment requires replacement for both technical and economic reasons.

General principles, approaches and depreciation rates, as a rule, are set by the state, which is due to the fact that depreciation deductions are included in the cost of goods (works, services), and therefore, reduce the amount of taxation, since they affect the direct financial interest of the state. Also, any organization has a certain "degree of freedom" in the choice of any depreciation policy based on strategic and tactical goals and the required intensity of replacement of fixed capital.

There are two methods for amortizing non-current assets. These include:

- method of linear (straight-line) depreciation;
- accelerated depreciation method.

The second method allows you to reduce the amortization period of assets when using higher depreciation rates. Russian legislation allows accelerated depreciation only in the active part of fixed assets (machines, mechanisms, equipment used in the production process). The use of this method contributes to the acceleration of the innovation process in the company, since it allows to quickly update the fleet of machines and mechanisms, as well as to ensure the progress of the formation of the necessary financial resources in order to renew assets. In addition, the accelerated depreciation method leads to a decrease in the amount of income tax paid by the company, and therefore, reduces the third-party “withdrawal” of money, improves the quality of cash flow.

As such, asset management is a complex science and art of financial management aimed at concentrating a company's ability to generate profit and / or positive cash flow.

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Content

Introduction
Conclusions and offers

Introduction

In today's economy, everything greater importance attached to the development of the agro-industrial sector. The main component in the development of the material and technical base of agricultural enterprises is the main production assets. An objective assessment of the process of their formation and security creates the prerequisites for the intensification of production, sustainable development enterprises, improving the living standards of the rural population.

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

Fixed capital management is of particular relevance due to the significant wear and tear of fixed assets of agricultural enterprises. Improving 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 allowing to develop informed management decisions.

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

To achieve this goal, a number of tasks have been completed:

1) Given organizational and economic and financial characteristics enterprises;

management of fixed assets fund

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

3) The analysis and assessment of the efficiency of using the fixed capital of the enterprise has been carried out;

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

The object of research is fixed assets.

The subject of research is the process of managing fixed assets.

The research was carried out on the example of an agricultural enterprise of the Kurchatov region Kursk region- JSC "APK KAES".

The research period is 2008 - 2010.

The theoretical and methodological basis for the implementation term paper were the works of domestic and foreign scientists on the analysis of the condition 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 the enterprise

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

Fixed assets

Intangible assets

Long-term financial investments

A set of material and material values used as means of labor and acting in kind for a long time both in the sphere of material production and in the non-productive sphere. Various rights of use. Patents and organizational expenses Investments in government securities (bonds and other debt obligations), securities and authorized capital of other organizations, as well as loans provided to other organizations in the territory Russian Federation and beyond

Let's consider these elements in more detail.

1. Fixed assets include:

buildings, structures, transmission devices, working and power machines and equipment, measuring and regulating instruments and devices, computers, vehicles, tools, production and household equipment and accessories, working and productive livestock, perennial plantings, on-farm roads and other fixed assets ... Fixed assets also include capital investments in land improvement (reclamation, drainage, irrigation and other works) and in rented 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 taken into operation, regardless of the completion of the entire complex of works.

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, selection achievements;

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

from rights to know-how, etc.

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

Intangible assets are reflected in the accounting and reporting in the amount of acquisition costs, manufacturing and costs of bringing them to a state in which they are suitable for use for the planned purposes. For the objects for which the cost is repaid, intangible assets evenly (monthly) transfer their initial cost to the costs of production or circulation at the rates determined by the organization based on the deadline their useful uses. For intangible assets for which it is impossible to determine the useful life, the rates of transfer of value are established per 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 time 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 balance sheet of the investor 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, there is only a transformation of its items. The balance sheet currency changes only if the issuer assesses this investment more expensive or cheaper in comparison with its book value, at which the corresponding object was assessed before its transfer to the issuer of corporate (credit) rights.

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

2. Financial and economic characteristics of the enterprise

2.1 Economic characteristics enterprises

The open joint-stock company "Agro-industrial complex of the Kursk NPP" in the city of Kurchatov, Kursk region, is located at the address: 307250, Kursk region, Kurchatov, PO Box 96.

Ancillary agriculture at the Kursk NPP was established in 1984. Initially, it included a greenhouse complex, a pig breeding complex and a bee farm.

The subsidiary farming was profitable for 8 years until 1991 inclusive. In 1992 and 1993, to provide livestock with fodder own production collective farms were joined with a total land area of 5845 hectares. Collective farms were not the best in the region and large material financial resources were required to increase the economic efficiency of these farms. It is natural that financial performance the work of the agro-industrial complex has deteriorated since 1992.

Since 1992, a shop for processing agricultural products began to operate, and in March 1995, a shop for processing milk was introduced. The dairy 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 current legislation Russian Federation.

The main objectives of the company 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 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 society and the endowment of its resources, the data accounting statements for 2006-2008. The indicators of the production potential of the society are presented in Table 1.

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

Name indicator

Proceeds from the sale of products, total, thousand rubles
Profit (loss) from sales, thousand rubles
Net profit (loss) of the reporting year
Average annual number of employees, people
Average annual cost of fixed assets, thousand rubles
Farmland area, total, ha
including arable land

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

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

The production line of JSC "APK KNPP" is the production, processing and marketing of products. The company belongs to diversified enterprises, since there are several industries with a small share in the total amount of cash receipts. The largest share in JSC "APK KNPP" is occupied by the production of vegetables in greenhouses (in plant growing), and the production of dairy products and meat products (in animal husbandry).

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

Table 2 - Indicators of the provision of production assets with.-kh. destination and energy resources

Name indicator		2010 in% to


The main production assets are accounted for, thousand rubles on the: 100 ha s. - X. land
1 average annual worker
Accounted for energy resources, l. With. on the: 100 s. - X. land
1 average annual worker

It should be noted that the farm has all the necessary basic production assets for agricultural purposes, energy resources and work force... If we compare the years under study, we can conclude that over the period under study, the indicator of the provision of workers 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 has increased, since the area of land has remained unchanged, while the number of workers has decreased.

All of the factors discussed above directly affect economic efficiency. production activities farms. To characterize the economic efficiency of the production of JSC "APK KAES", it is necessary to evaluate the data presented in Table 3.

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

From the data in the table, you can see that the indicators of economic efficiency are at a fairly high level. Sales proceeds for the study period were the highest in 2009. The main activity of the farm is profitable in nature, which is associated with an increase in profits and a decrease in production costs. The capital productivity indicator changes unevenly, at first there is a sharp increase in this indicator, and then a slight decrease. In general, the indicators have an upward trend, 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 *

Source name



Own sources financial resources, thousand rubles

authorized capital
Extra capital

Borrowed sources of financial resources thousand rubles
credits and loans

short term
long-term
Attracted sources of financial resources
Accounts payable

It can be seen from this table that due to the increase in profits, the share authorized capital decreased, but the amount remained unchanged. Borrowed financial resources have decreased. This suggests that the enterprise's need for borrowed funds has decreased. Accounts payable decreased. Own sources of financial resources increased by 40,246 thousand rubles. This growth was driven by increased 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 production activities of JSC "APK KAES" In thousands of rubles

The production financial statement on the results of production activities showed that 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 carrying out its activities quite efficiently.

2.2 Characteristics of the financial condition of JSC "APK KNPP"

The financial condition of an enterprise is characterized by the placement and use of funds (assets) and the sources of their formation ( equity capital and obligations, i.e. liabilities). This information is presented in the balance sheet of the enterprise. The main factors that determine the financial condition are, firstly, the implementation financial plan and replenishment as the need for own working capital arises at the expense of profit and, secondly, the turnover rate 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 manifests itself is the company's solvency, which means its ability to timely meet 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 activity in general, the totality of economic factors is the most generalizing indicator. Therefore, the report on financial results and their use is also involved in the analysis of 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 were mainly the inflow of new funds and in which funds these new funds were mainly invested.

Table 6 - Composition and structure of enterprise assets *

Balance sheet asset items		Deviations,


Total assets, thousand rubles
including: non-current assets
in% of total assets
current assets
in% of total assets
of which: reserves
in% to the total of current assets
VAT on purchased assets
accounts receivable
in% to the total of current assets
cash and short-term financial investments
in% to the total of current assets

Analyzing the data on the assets of JSC "APK KAES", we can say that the amount of assets increased steadily 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, the following can be noted: the amount of non-current assets increased by 2101 thousand rubles. But the largest share in the structure of assets has current assets. The amount of accounts receivable changed unevenly. In 2009, it increased and amounted to 4678 thousand rubles, and in 2010 it decreased to 4424 thousand rubles, while in total for the entire period accounts receivable increased by 181 thousand rubles.

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

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

Balance sheet liabilities		Deviations, (+), (-)


Total liabilities, thousand rubles
including: equity capital
in% to total liabilities
attracted capital
in% to total liabilities
including long-term liabilities
in% to the attracted capital
short-term loans and borrowings
in% to the attracted capital
accounts payable
in% to the attracted capital

The data in table 7 indicate that the amount of equity capital has 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, since 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 questions: how independent the company is from a financial point of view, whether the level of this independence is growing or decreasing, and whether the state of its assets and liabilities meets the objectives of its financial and economic activities. To further characterize 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

Indicator name		Guideline values


Equity concentration ratio
Dependency ratio
Equity capital flexibility ratio
Raised capital concentration ratio

The ratio of the ratio of borrowed and own funds

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 capital is decreasing, as a result of which the equity capital concentration ratio is growing. The equity capital 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 large a share of borrowed funds reduces the company's solvency, undermines its financial stability and, accordingly, reduces the confidence of counterparties in it and reduces the likelihood of obtaining a loan. The financial dependence ratio at the enterprise complies with the standards.

The coefficient of maneuverability characterizes what proportion of sources of own funds is in mobile form, this indicator throughout the entire period under consideration corresponds to the standards.

The borrowed capital concentration ratio is very low, which means that the company is independent from external creditors.

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

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

Thus, it can be said that the indicators for assessing the financial stability of JSC "APK KAES", given in the table, allow us to draw a conclusion about the financial independence of the enterprise, since most of its property is formed at the expense of its own sources.

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

Solvency is assessed based on the liquidity characteristics of current assets, i.e. the time it takes to convert 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. In addition, liquidity characterizes not only the current state of settlements, but also the future. Consider the indicators of the company's solvency and liquidity in table 9.

Table 9 - Indicators of the company's solvency and liquidity

Indicator name		Guideline values


Absolute liquidity ratio
Interim liquidity ratio
Current liquidity ratio
Own working capital (functioning capital)
Provision with own circulating assets
Maneuverability of own working capital
Share of working capital in assets
Share of reserves in current assets
Share of own working capital in the coverage of stocks

Having analyzed the indicators of the company's solvency and liquidity, we can say the following:

the absolute liquidity ratio, showing the extent to which the company can pay off its short-term liabilities at the expense of available cash and quick-selling securities, for the analyzed was significantly lower than the standard;

intermediate liquidity ratio

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

the functioning capital has increased significantly over the year;

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

the indicator of the maneuverability of own circulating assets decreased from 0.17 to 0.01;

the share of circulating assets in assets increased to 56%, the share of inventories in circulating assets to 72% and the share of own circulating assets in covering reserves to 74%;

Reserves coverage ratio in 2009-2010 higher than the standard value, i.e. the company can cover a share of the 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 KAES"

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

Table 10 - Indicators of business activity of the enterprise

Indicator name		Deviation 2010 from 2008 (+, -)


Sales proceeds, thousand rubles
Return on assets of fixed assets, thousand rubles

Turnover of funds in calculations, in turnovers
Turnover of funds in calculations, in days
Inventory turnover, in turnover
Inventory turnover, in days
Accounts payable turnover, in turnover
Accounts payable turnover, in days
Accounts receivable ratio
Fixed capital turnover
Equity capital turnover
Stability factor economic growth
Duration of the operating cycle, days
Duration of the financial cycle, days

Having examined the data in the table, it can be noted that the proceeds from the sale in 2010 increased by 27153 in comparison with 2008. The capital productivity of fixed assets also increased. The indicators of the turnover of funds in calculations in turnover and days, inventories in turnover, accounts payable in days have increased. This indicates an increase in the company's working capital. Accounts payable turnover in days in 2010 in the period under review dropped sharply and amounted to 0.49 days. The coefficient of stability 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 characterizing the average growth rate of an enterprise's development; the higher this indicator, the better, because this means that the company is developing, expanding and growing opportunities for increasing business activity. 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

Indicator name


Net profit, thousand rubles
Product profitability,%
Profitability of core business,%
Return on equity,%
Return on equity,%
Return on equity,%

Analyzing the indicators of profit and profitability of the enterprise, we can conclude that the 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 assets increased by about 52%.

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

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

Based on the study carried out in the work, the main factors for improving the policy of managing fixed assets of JSC "APK KNPP" in accordance with the designated goals include:

- update and technical improvement fixed assets;

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

- reduction of repair time and equipment downtime;

- implementation scientific organization labor and production;

- improving the provision of material and technical resources;

- improvement of computer-based production management;

- development material incentives from workers who contribute to improving 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 proportion of their active part to the optimal value, rational ratio different types equipment, etc.

In matters of fixed capital management, the management of APK KNPP OJSC should pay special attention to the possibility of updating fixed assets with more modern and economical copies.

Let us analyze the ability to finance investments in fixed assets of JSC "APK KAES" from various sources:

1) own,

2) borrowed,

3) involved, etc.

As already noted, the company's own sources of investment include the company's net profit and the amortization fund. The amount of these sources at JSC "APK KNPP" is not enough for making large investments: the depreciation fund at the end of 2010 amounted to 203,963 thousand rubles, and the amount of net profit in 2010 amounted to 26093 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 JSC "APK KAES" in the current financial period.

As one of the possible directions for improving the management of fixed assets in JSC APK KNPP, it is possible to propose to the management an adjustment of the applied depreciation policy ( component the general policy of managing fixed assets, is, among other things, in organizing the formation of the company's own investment resources). It consists in the individualization of the level of intensity of renewal of the fixed capital of JSC "APK KAES" 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 activities, and through them also on efficiency. social production, which explains the need for its timely updating.

The accounting policy of JSC APK KAES states that the only used method of depreciation of fixed assets is the linear 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 management of fixed assets at the enterprise

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

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

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

the expected use of the asset by the holding, which is measured by the estimated capacity or physical performance of the asset;

estimated physical wear and tear, depending on production factors, such as the number of shifts using this asset, and the repair and maintenance program adopted by APK KNPP, as well as the storage and maintenance conditions for 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 this product or service, produced or provided using the 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 estimate based on the experience of JSC "APK KAES" with similar assets.

2. creation of conditions ensuring the use of depreciation deductions in accordance with the functional purpose.

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

To do this, we propose to conduct periodic monitoring and control over the implementation of the depreciation policy, which should include obtaining information on established form(assessment of the consequences of changes in the financial situation, conditions for the accumulation and expenditure of depreciation charges), generalization and preparation of consolidated materials, as well as relevant proposals for improving the mechanism for calculating depreciation charges, ensuring the targeted nature of their use, monitoring their rational spending.

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

Conclusions and offers

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

Based on 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, during the study period, they amounted to 99.9% of the total capital, and the amount of funds raised was 0.1%. The amount of the authorized capital has not changed its values.

In OJSC "APK KNPP" in 2009, there is 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 area 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 enterprise of JSC "APK KNPP" have significantly changed at the enterprise in the period from 2008 to 2010. Namely, the revenue in 2010 amounted to 203,963 thousand rubles, which is 15.36% more than the same indicator in 2008. %. As a result of these changes, the profit from sales increased by 25.25% and, accordingly, the net profit increased by 42.82%.

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

Economic efficiency indicators are at a fairly high level. Sales proceeds for the study period were the highest in 2009. The main activity of the farm is profitable, which is associated with an increase in profits and a decrease in production costs. The capital productivity indicator changes unevenly, at first there is a sharp increase in this indicator, and then a slight decrease. In general, the indicators have an upward trend, which indicates an increase in the economic efficiency of the use of fixed production assets.

The enterprise's need for borrowed funds has decreased. Accounts payable decreased. Own sources of financial resources increased by 40,246 thousand rubles. This growth was 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 carrying out its activities quite efficiently.

The proceeds from the sale in 2010 increased by 27153 in comparison with 2008. The capital productivity of fixed assets also increased. The indicators of the turnover of funds in calculations in turnover and days, inventories in turnover, accounts payable in days have increased. This indicates an increase in the company's working capital. Accounts payable turnover in days in 2010 in the period under review dropped sharply and amounted to 0.49 days.

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

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