In the article we will consider the turnover of working capital, as one of the most important indicators for assessing financial condition enterprises.

Working capital turnover

Working capital turnover (English Turnover Working Capital) is an indicator related to the company and characterizing the intensity of use working capital(assets) of the enterprise/business. In other words, it reflects the rate at which working capital is converted into cash during the reporting period (in practice: year, quarter).

The formula for calculating the turnover of working capital according to the balance sheet

Working capital turnover ratio (analogue: fixed asset turnover ratio, K ook) - represents the ratio of sales proceeds to the average working capital.

The economic meaning of this ratio is an assessment of the effectiveness of investing in working capital, that is, how working capital affects the amount of sales proceeds. The formula for calculating the turnover ratio of working capital on the balance sheet is as follows:

In practice, the analysis of turnover is supplemented by the coefficient of fixing working capital.

Coefficient of fixing working capital- shows the amount of profit per unit of working capital. The calculation formula is inversely proportional to the working capital turnover ratio and is as follows:

- shows the duration (duration) of the turnover of working capital, expressed in the number of days required for the payback of working capital. The formula for calculating the turnover period of working capital is as follows:

Analysis of working capital turnover. Regulations

The higher the value of the turnover ratio of working capital, the higher the quality of working capital management in the enterprise. In financial practice, there is no single generally accepted meaning this indicator, the analysis must be carried out in dynamics and in comparison with similar enterprises in the industry. The table below shows the different types of turnover analysis.

Indicator value	Indicator analysis
K ook ↗ T ook ↘	Increasing growth dynamics of the turnover ratio of working capital (decrease in the period of turnover) shows an increase in the efficiency of the use of fixed assets of the enterprise and an increase in financial stability.
K ook ↘ T ook ↗	The downward dynamics of changes in the turnover ratio of working capital (an increase in the period of turnover) shows the deterioration in the effectiveness of the use of fixed assets in the enterprise. In the future, this may lead to a decrease in financial stability.
K ook > K * ook	The turnover ratio of working capital is higher than the average industry values ​​(K * ook) shows an increase in the competitiveness of the enterprise and an increase in financial stability.

Video lesson: "Calculation of key turnover ratios for OAO Gazprom"

Summary

The turnover of working capital is the most important indicator of the business activity of the enterprise and its dynamics directly reflects the financial stability of the enterprise in the long term.

PRODUCTION AND ECONOMIC ACTIVITIES OF THE ENTERPRISE

Efficiency consists in increasing the effect per unit of cost (resource) associated with obtaining this effect.

An effect is a useful result obtained in production. Expressed in absolute terms.

There are two methods for calculating efficiency:

1) direct:

E \u003d P / Z, where (7.1)

P is a useful result;

Z - costs (resources).

2) reverse:

T \u003d W / R \u003d 1 / E, where (7.2)

T - payback period, (year, month).

Economic efficiency characterizes the high performance of production (general economic) relations. It is divided into general (absolute) efficiency and comparative efficiency.

The overall efficiency characterizes the value of the economic effect in relation to the total costs (resources). The total costs include the costs of living labor and the costs of past labor embodied in the means of production. The costs associated with production are divided into current (cost) and one-time (real investment, capital investment).

For determining absolute efficiency on certain types costs use the following groups of indicators:

1. The efficiency of the use of human labor, characterized by such indicators as production (productivity of individual labor) and labor intensity (see Chapter 3, formulas 3.4, 3.5, 3.6).

2. The efficiency of the use of labor means, characterized by such indicators as capital productivity, capital intensity (see Chapter 1, formulas 1.8, 1.9).

3. The efficiency of using objects of labor, characterized by such indicators as the turnover ratio of working capital, the coefficient of fixing working capital, the duration of one turnover of working capital (see Chapter 2, formulas 2.6, 2.7, 2.8).

4. Usage efficiency production assets(assets) (the totality of materialized labor resources):

Profitability of production assets (assets) ( R a) is the ratio of profit before tax (Pb) or net profit(P h) to the sum of the average annual value of fixed assets, intangible assets (Ofsr.g.) and the average annual cost of working capital (OSsr.g.), that is, the average value of the balance sheet asset (A). Shows the amount of profit for each ruble invested in the property of the enterprise:

R a \u003d P b / (OFsr.g. + OSsr.g.) * 100% (7.3)

or R a \u003d P h / (OFsr.g. + OSsr.g.) * 100% (7.4)

The return of production assets is determined by the formula:

FD = (Q -Q
) / (WITH + C ), where (7.5)

Q - volume of production;

Q
- volume of production;

WITH - cost of fixed production assets, r.;

WITH - the cost of working capital, p.

5. The efficiency of current costs is characterized by the following indicators:

Material consumption of products:

M= M /Q , where (7.6)

M - material costs, p.

Product profitability ( R pr) is the ratio of profit from sales (P p) to the total (full) costs for the production and sale of products, works, services (Z), including the cost of sold products, works, services (S p), commercial (Z k) and management costs (Z y), they are determined by Z \u003d C p + Z k + Z y. This ratio shows how much profit falls on each ruble of costs:

R etc \u003d P n / Z * 100% (7.7)

The value (Z) is taken: from the "Profit and Loss Statement".

Comparative efficiency used when comparing options for production, economic, organizational, technical and other economic decisions, incl. capital construction projects, inventions, rationalization proposals, new technology and other activities with the goal of choosing the most effective option:

1. Costs given are determined by the formula:

W = E * K
+ С, where (7.8)

E - coefficient of comparative economic efficiency;

TO
- capital costs, r.;

C - current costs, p.

Economic effect (E ) is estimated by comparing the values ​​of the reduced cost indicator (Z ), efficiency factor (E) and payback period of capital investments (T ) according to the basic and designed options. At the same time, in the case of assessing economic efficiency for a short-term (within a year) perspective, statistical methods of calculation are used:

E = W
- Z (7.9)

E = (C-C ) / (TO - TO)< Е(7.10)

T = (K-K ) / (WITH - WITH)< Т(7.11)

where 1, 2 are options;

E ,E - actual, normative coefficient of comparative economic efficiency;

T ,T - actual, normative payback period;

C - current costs.

1. If E > E or T < Т, then the more capital-intensive option (i.e., with large capital investments) is more efficient.

2. If E = E or T = T (data can be considered equal with an error of 5%), then the options are equally economical.

3. If E < Еor T > T , then the option with lower capital investments (i.e., less capital-intensive) is efficient.

Dynamic methods for evaluating economic efficiency, based on discounting the values ​​of economic effect indicators, are used in assessing the economic efficiency of investment projects (see Chapter 8).

General indicators of economic efficiency:

1. Return on equity (R c) is the ratio of profit before tax (P b) or net profit (P h) to the average value of equity capital (K s). Shows the amount of profit attributable to each ruble of equity capital:

R c \u003d P b / K s * 100% (7.12)

or R c \u003d P h / K s * 100% (7.13) The value of K s is taken equal to the total of section III of the balance sheet.

2. Profitability of permanent capital (investments) (R k) is the ratio of profit before tax (P b) to the average value of equity (K s) and long-term liabilities (credits, loans and other liabilities) (K d). Shows the amount of profit attributable to each ruble of capital invested for a long time:

R to \u003d P b / (K s + K d) * 100% (7.14)

The value of K d is taken equal to the total of section IV of the balance sheet.

3. Profitability ratio of sales (turnover) (R p) is the ratio of profit from sales (P p) or net profit (P h) to proceeds (net) from the sale of products, works, services (net of VAT, excises and similar obligatory payments) (C). Shows how much profit falls on each ruble of sold products, works, services:

R p \u003d P p / V * 100% (7.15)

or R p \u003d P h / V * 100% (7.16)

Example 7.1. Define all types of profitability.

In the reporting year, the enterprise sold 2,300 units of production, the price of a unit of production amounted to Ced. = 1.5 tr., the unit cost of production amounted to C = 1.1 tr.

To acquire part of the fixed assets, a long-term loan was attracted in the amount of K d = 1,500 tr., working capital was formed from equity, the amount of which is K s = 3,500 tr. .= 2,500 tr., the average annual cost of defense funds was OSsr.g. = 2 600 tr.

According to the results of activities for the reporting period, the company received a profit from sales in the amount of P p = 890 tr, and profit before tax amounted to P b = 810 tr.

1. Determination of return on assets (R a) according to formula 7.3:

Ra = P b / (Favg.y. + OSavg.y.) * 100%= 810 / (2,500 + 2,600) = 15.88%.

2. Determination of return on equity (R c) according to formula 7.12:

R c = P b / K s * 100% = 810 / 3 500 * 100% = 23,14%.

3. Definition of variable capital (R k) according to formula 7.14:

R k \u003d P b / (K s + K d) * 100% \u003d 810 / 3,500 + 1,500 \u003d 16.2%.

4. Determination of profitability of sales (turnover) (R p) according to formula 7.15:

B = Ced. * Qsales = 1.5 * 2,300 = 3,450 tr.

R p \u003d P p / V * 100% \u003d 890 / 3,450 \u003d 25.79%.

5. Determination of product profitability (R pr) according to formula 7.17:

Z = S * Qsales = 1.1 * 2,300 = 2,530 tr.

R pr \u003d P p / Z * 100% \u003d 890 / 2,530 \u003d 35.18%.

Example 7.2. Determine the economic efficiency of the use of means and objects of labor, if the enterprise for production Q = 7,000 tr. products require OS = 2,350 tr. working capital, while the average annual value of fixed assets is Avg.y = 1,730 tr., the company sold products for the amount of RP = 6,900 tr.

1. Determination of the economic efficiency of the use of labor means:

1.1. Determination of the return on assets of fixed assets according to formula 1.8:

Fo \u003d Q / Sav.y. \u003d 7,000 / 1,730 \u003d 4.05 tr.

1.2. Determination of capital intensity of fixed assets according to formula 1.9:

Fe \u003d Sav.g. / Q \u003d 1,730 / 7,000 \u003d 0.25 tr.

2. Determination of the economic efficiency of the use of objects of labor:

2.1. Determination of the turnover ratio of working capital according to formula 2.6:

kob \u003d RP / OS \u003d 6 900 / 2 350 \u003d 2.94.

2.2. Determination of the coefficient of fixing working capital according to formula 2.8:

kz \u003d OS / RP \u003d 2 350 / 6 900 \u003d 0.34.

2.3. Determination of the duration of one turnover of working capital according to formula 2.7:

Add \u003d T / kob \u003d 360 / 2.94 \u003d 123 days.

Conclusion: an enterprise needs 123 days to complete one turnover of working capital (an enterprise makes three turnovers of working capital per year), while one ruble of sales proceeds accounts for 34 kopecks of working capital, capital productivity is 4.05 rubles. for each ruble of the average cost of fixed assets.

Example 7.3. Determine the economic efficiency obtained by the enterprise by reducing the number of workers by 12 people and increasing the volume of gross output by 5%, if the volume of gross output is 739 thousand rubles, and the number of workers is 126 people.

1. Determining the output before the changes specified in the condition of the problem according to formula 3.4:

B \u003d VP (TP) / Nppp \u003d 739 / 126 \u003d 5.87 tr.

2. Determination of output after the changes specified in the task:

B" \u003d 739 * 1.05 / (126 - 10) \u003d 775.95 / 116 \u003d 6.69 tr.

3. Determination of economic efficiency from an increase in production by 5% and a reduction in the number of workers by 10 people:

E \u003d (V "- V) / V * 100% \u003d (6.69 - 5.87) / 5.87 * 100% \u003d 0.82 / 0.139 * 100% \u003d 13.97%.

Example 7.4. Determine the cost-effectiveness of reducing the current cost of materials by 120 tr, the initial data are presented in table 7.1.

Table 7.1

Initial data

1. Determination of material consumption and profitability of products before changing current costs:

1.1. Determination of material consumption according to formula 7.6:

M= M /Q \u003d 1,250 / 5,320 * 1.5 \u003d 1,250 / 7,980 \u003d 0.16 tr. per unit. products.

1.2. Determination of product profitability according to formula 7.7:

Determination of profit from sales (according to Fig. 6.1., Chapter 6):

P p \u003d P in - Z to - Z y, we determine the gross profit:

P in \u003d B - C \u003d 5,320 * 1.5 - 6,630 \u003d 7,980 - 6,630 \u003d 1,350 tr, therefore:

P p \u003d 1,350 - 90 \u003d 1,260 tr.

R etc \u003d P p / Z * 100% \u003d 1,260 / (6,630 + 90) * 100% \u003d 1,260 / 6,720 * 100% \u003d 18.75%.

2. Determination of material consumption and profitability of products after changing current costs:

2.1. Definition of material consumption:

M "= M / Q \u003d (1,250 - 120) / 5,320 * 1.5 \u003d 1,130 / 7,980 \u003d 0.14 tr. per unit. products.

2.2. Determination of product profitability:

P "in \u003d B - C \u003d 5 320 * 1.5 - 6 630 \u003d 7 980 - 6 630 - 120 \u003d 1 230;

P "n \u003d 1,230 - 90 \u003d 1,140 tr.

R "pr \u003d P p / Z * 100% \u003d 1,230 / (6,630 - 120 + 90) * 100% \u003d 1,260 / 6,600 * 100% \u003d 19.09%.

3. Determination of economic efficiency from the reduction of current costs for materials by 120 tr:

3.1. Determination of economic efficiency from changes in material consumption:

E \u003d (M - M") / M * 100% \u003d (0.16 - 0.14) / 0.16 * 100% \u003d 12.5% ​​tr. per unit of production.

3.2. Determination of economic efficiency from changes in product profitability:

E \u003d (R "pr - R pr) / R pr * 100% = (19,09 - 18,75) / 18,75 * 100% = 1,8%.

Example 7.5. The company's management is considering two options for introducing new technologies into production. The first option involves a 15% cost reduction, capital investments are expected in the amount of 900 tr. The second option assumes a cost reduction of 26%, capital investments are expected in the amount of 1,500 tr.

It is expected to recoup the capital costs in one year T = 1, and get the effect E = 0,4.

Determine which option to accept the management of the enterprise, if the current production costs are 2,700 tr.

1. Determination of the value of current production costs when one of the options is accepted:

1.1. In the first option, the current costs will be:

C \u003d 2,700 - 2,700 * 15 / 100 \u003d 2,295 tr.

WITH = 2,700 - 2,700 * 26 / 100 = 1,998 tr.

2. Determination of the coefficient of comparative economic efficiency according to formula 7.10:

E = (C-C ) / (TO - K) \u003d (2,295 - 1,998) / (1,500 - 900) \u003d 297 / 600 \u003d 0.495;

E < Е.

3. Determination of the payback period according to formula 7.11:

T = (K-K ) / (WITH - C) \u003d (900 - 1,500) / (1,998 - 2,292) \u003d 600 / 297 \u003d 2.02;

T > T

1. If E > E or T < Т, then the more capital-intensive option is more effective (i.e., with large capital investments), therefore, it is beneficial for the management of the enterprise to accept the second option.

TASKS FOR INDEPENDENT SOLUTION

Problem 7.1. The enterprise produces goods "X" in the volume Q = 8 thousand pieces. / year. Production cost of one productC
= 120 rubles. variable costs for salesC
= 25 rub./ed. Fixed sales costsC
= 70 thousand rubles. for the entire production. Selling price of product C = 250 rubles. A proposal was received from the consumer to purchase an additional 1 thousand units. goods at a price of 190 rubles. Determine the cost-effectiveness of the proposed proposal. Should the company accept the offer? (Recommendations for the decision: to determine the gross profit before and after the acceptance of the proposal, to determine the economic efficiency of its change).

Problem 7.2. Determine all types of profitability based on the data in table 7.2.

Make conclusions about the work of the enterprise for the reporting year.

Table 7.2

Indicator	Indicator value
	Option 1	Option 2
Sales volume, units
Unit price, tr.
Unit cost of products sold, tr.
Long-term liabilities, tr.
Own capital, tr.
Average annual cost of fixed assets, tr.
Average annual cost, tr.
Operating income and expenses, t.r.
Non-operating income and expenses, tr.
Income tax, %

Problem 7.3. Determine the economic efficiency of accelerating the turnover of working capital, if the implementation plan is planned to be fulfilled by 110%, and the duration of one turnover of working capital is reduced by 10 days. Initial data: the volume of sales in the swollen year RP = 23,000 tr, the average annual planned value of working capital OS = 10,000 tr.

Problem 7.4. Determine the cost-effectiveness of reducing the norms by 3% and prices by 7% for material resources, the initial data table 7.3.

Table 7.3

Initial data

Problem 7.5. Determine the economic efficiency of increasing the volume of gross output by 10%, reducing the labor intensity of manufacturing a unit of output by 20 minutes. and changing the operating mode of the enterprise from one-shift to two-shift operation, based on the data in table 7.4.

Table 7.4.

Initial data

Problem 7.6. Determine the economic efficiency of the use of funds and objects of labor in the enterprise, based on the data in table 7.5.

Table 7.5.

Initial data

Indicator	Indicator value
The volume of manufactured products, tr.
Volume of sold products, units
Unit price, tr.
Cost of goods sold, tr.
Selling and administrative expenses, tr.
Operating income, tr.
Operating expenses, tr.
Non-operating income, tr.
Non-operating expenses, t.r.
Income tax, %
The cost of fixed assets at the beginning of the year, t.r.
Fixed assets were put into operation on 01.03., tr.
Fixed assets were liquidated on 01.06., tr.
Average annual cost of working capital, tr.

Problem 7.7. The management of the enterprise plans to increase the economic efficiency of production and is considering two options:

First: improving the level of qualification of personnel, the cost of training will amount to 500 tr., which will entail a reduction in cost by 5%;

Second: the introduction of new technologies, capital costs will amount to 1,600 tr, which will entail a reduction in cost by 15%.

Determine the economic efficiency from the implementation of these measures and choose the most profitable option, if the cost of production is 2,500 tr., it is expected to recoup the capital costs of one year T = 5 years, and get effect E = 0,3.

Profitability indicators are used to assess the current profitability of the enterprise. This relative indicator characterizing efficiency (effect/costs).

There are the following indicators of profitability:

This list can be supplemented at the request of individual project participants or financial institutions, as well as in connection with the introduction government bodies new or changes in existing criteria for initiating the bankruptcy procedure of an enterprise.

The values ​​of the corresponding indicators should be analyzed in dynamics and compared with the indicators of similar enterprises. Each project participant, as well as lending banks and lessors, may have their own idea of ​​the marginal values ​​of these indicators, indicating an unfavorable financial position of the company. However, in any case, these limit values ​​significantly depend on the production technology and the structure of prices for manufactured products and consumed resources. Therefore, it is not always advisable to use the prevailing at the time of calculation ideas about the marginal levels of financial indicators to assess the financial position of an enterprise over a long period of investment project implementation.

Determine the factors that affect profitability

asset turnover

Rp* - asset turnover*

1. With the growth of asset turnover, the profitability of sales and profitability of assets grows.
2. All types of profitability are expressed through the profitability of sales

In 1919, Dupont specialists proposed a scheme factor analysis. In the DuPont factor model, for the first time, several indicators are linked together and presented in the form of a triangular structure, at the top of which is the return on equity ROA as the main indicator characterizing the effectiveness of funds invested in the company's activities, and at the base are two factor indicators - return on sales NPM and resource efficiency TAT.

Subsequently, this model was expanded into a modified factorial model, presented in the form of a tree structure, at the top of which is the return on equity (ROE) indicator, and at the bottom - signs characterizing the factors of production and financial activities enterprises. The main difference between these models is a more fractional selection of factors and a change in priorities relative to the performance indicator. Enough effective way evaluation is the use of rigidly deterministic factor models; one of the variants of such an analysis is just carried out using a modified factorial model. DuPont's factor model is used for factor analysis of return on equity, it establishes the relationship between return on equity and the main financial indicators of the enterprise: return on sales, asset turnover and financial leverage. DuPont's modified model is: ROE = Net Income/Revenue*Revenue/Assets*Assets/Equity.

For each specific case, the model allows you to determine the factors that have the greatest impact on the value of return on equity. From the presented model, it can be seen that the return on equity depends on three factors: return on sales, asset turnover and the structure of the advanced capital. The significance of the identified factors is explained by the fact that they, in a certain sense, generalize all aspects of financial and financial economic activity enterprise, its statics and dynamics.

The modified factor model clearly shows that the return on equity of an enterprise and its financial stability are inversely related. With an increase in equity capital, its profitability decreases, but the financial stability and solvency of the enterprise as a whole increases.

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where PZ - the average annual amount of inventories for the analyzed period, rub.

4.Coefficientanchoringnegotiableassets (TO zoa) is calculated as the ratio of the average annual cost current assets to net revenue (B n). The economic content of this coefficient lies in the fact that the amount of working capital required to obtain 1 ruble of net proceeds (fixed) is determined. Current assets for calculation are taken on an average annual basis.

5.Coefficientturnoverowncapital (TO osc).

This ratio is calculated as the ratio of net revenue for the analyzed period to the average annual cost of equity and shows how much net revenue is contained in each ruble of equity, and what is the period of its circulation. The reciprocal value of this coefficient and multiplied by 365 reflects the duration of one turnover of equity capital in calendar days(O ck).

Let's calculate the turnover rates based on the data of the balance sheet and income statement of Vulkan LLC.

1. Coefficientturnoveraccounts receivabledebt

Current period

Current period

Previous period

About dz \u003d 716 days - the previous period

2. Coefficientturnovercreditordebt

Current period

About kz \u003d 151 days - the current period

K okz \u003d 2.13 - previous period

About kz \u003d 171 days - the previous period

3.Coefficientturnoverproductionreserves:

Current period

About pz = 5 days - current period

K ops = 13.27 - previous period

About pz = 28 days - previous period

Coefficientanchoringnegotiableassets (TO zoa)

Current period

K zoa = 4.73 - previous period

Coefficientturnoverowncapital (TO osc).

Current period

Оsk = 365 / 0.45 = 811 days - current period

K osc \u003d 0.31 - previous period

O sc = 1177 days - previous period

Conclusion: Analyzing the turnover of receivables, it should be noted that the net revenue in the current year increased compared to the previous year from 54081741 rubles. to 80,065,410 rubles, as well as increased and the average annual receivables. And the turnover of receivables decreased from 0.51 to 0.48. In the previous year, on average, the turnover of repayment of receivables occurs in 716 days, and in the current year in about 760 days.

The turnover period of the company's accounts payable is reduced from 171 days to 151 days, as the turnover ratio increases from 2.13 to 2.42. This is a positive moment for the activity, since Vulkan LLC will be able to pay off its obligations faster.

If we compare inventory turnover, we can see that the operating cycle of the previous year is higher than that of the current year. In the previous period, it was 28 days, and in the current year - 5 days.

Analyzing the coefficient of fixing current assets, it can be seen that in the previous year it was 4.73, in the current one - 2.07. This means that in one ruble of net revenue, approximately 2 rubles are fixed. current assets (current period) and almost 5 rubles. current assets (previous year).

If we talk about the efficiency of the use of equity capital, we can say that this year it is used more efficiently. The turnover in the current year is 811 days (turnover ratio - 0.45), and in the previous year - 1177 days (0.31).

1.4 Analysisprofitability

An important role in the evaluation investment attractiveness, as well as in determining the impact of implemented investment projects on the change in the investment attractiveness of the enterprise, profitability indicators play. Among them:

Profitability of economic activity (profitability of property or assets);

Product profitability;

Financial profitability;

Return on current assets;

Profitability of production;

Return on equity;

Profitability of sales.

Return on assets is an indicator that comprehensively characterizes the efficiency of the enterprise. With its help, you can evaluate the effectiveness of management, since obtaining high profits and a sufficient level of profitability largely depends on the correct choice and rationality of the decisions taken. management decisions based on the analysis of indicators of the investment attractiveness of the enterprise and its financial stability.

By the value of the level of profitability, one can assess the long-term well-being of the enterprise, that is, the ability of the enterprise to receive the expected rate of return on investment in a sufficiently long term. For creditors and investors who invest in the company, this indicator is a reliable indicator that guarantees the required rate of return, which is based on the financial stability of the company and the liquidity of individual balance sheet items.

When determining the profitability of assets, one should proceed from the fact that the numerical value of the value of property does not remain unchanged over the period of commissioning of new fixed assets or disposal of property. Therefore, when calculating the profitability of assets, their average value should be determined.

All profitability indicators calculated in term paper, can be subdivided into the following:

1. Indicators of profitability of economic activity (profitability of assets or property).

2.Indicators of financial profitability.

3.Product profitability indicators.

1. Calculationindicatorsprofitabilityeconomicactivities.

When calculating the profitability ratios of assets, various indicators of the enterprise's income can be used: the total mass of profit, the amount of profit and depreciation, net profit, profit from sales, the amount of net profit and depreciation. In our case, to assess the investment attractiveness of an enterprise, calculate the return on assets, the amount of net profit and interest paid for using a loan is used as an indicator of income from the efficiency of economic activity. With this in mind, the indicator of profitability of economic activity - coefficientprofitabilityassets (TO ra) - can be defined as follows:

where PE - net profit, rub.;

Pr - interest paid for the use of loans, rub.;

A n.g., A c.g. - value of assets at the beginning and end of the year, rub.

In the absence of additional information, external subjects of analysis can only use the net profit indicator. Accordingly, the calculation formula will take the form:

Along with the specified indicator, calculated coefficient profitabilitynegotiableassets (TO roa) and coefficient profitabilityproduction (TO rp) according to the following formulas:

where OA n.g., OA k.g. - cost of current assets at the beginning and end of the year, rub.;

PF n.g., PF k.g. - cost of production assets at the beginning and end of the year, rub.;

2. Indicatorsfinancialprofitability.

Financial profitability characterizes the effectiveness of the investments of the owners of the enterprise, which provide the enterprise with resources or leave at its disposal all or part of their profits. In the very general view financial profitability is determined using coefficientprofitability owncapital (TO rsk) as the ratio of the amount of net profit (NP) to the average annual value of the equity capital of the company according to the following formula:

where SC n.g., SC k.g. - own capital of the enterprise at the beginning and end of the analyzed year, thousand rubles.

When calculating profitability, the cost of equity should be calculated as average value for the period, since during the year equity capital can be increased at the expense of additional cash deposits or by using the profit generated in the reporting year or reduced if there are losses or a reduction in the amount authorized capital enterprises.

3. Calculationindicatorsprofitabilityproducts.

The efficiency of the main activity of the enterprise for the production and sale of goods, works and services is characterized by coefficientprofitabilityproducts (TO rpr). It is determined by the ratio of potential profit (P p) to the total cost of production (C p). This indicator can be widely used for analytical purposes, as it allows you to make calculations, correlating different profit indicators with different indicators of product costs.

Profitabilityrealizedproducts is determined by the ratio of profit from sales (P pr) to the total cost of production, including selling and management expenses (Seb.full):

The total cost of goods sold is determined by summing lines 020, 030, 040 of the income statement. This indicator characterizes the real amount of profit that each ruble of the costs incurred for its production and sale brings to the enterprise. When calculating the profitability of sales, sometimes the net profit of the enterprise is used in the numerator. But the indicator of profitability of products, calculated on the basis of net profit, is influenced by factors related to the supply and marketing and other activities of the enterprise. In addition, taxation affects the net profit indicator, so it is advisable to use it for calculating indicators: profit from sales, profit before tax.

The indicator of profitability of sold products is used both to control not only the cost of sales, but also to control changes in pricing policy.

4. Coefficientprofitabilitysales (Crepod) is determined by the ratio of net profit (NP) to the amount of proceeds from sales without indirect taxes (In n):

According to the dynamics of this indicator, the enterprise can make decisions to change pricing policy or increased control over the cost of production. The indicator can be determined in general for products or for its individual types.

Let's define the above indicators of profitability.

1. Coefficientprofitabilityassets:

Current period

K ra \u003d 0.03 - previous period

2. Coefficientprofitabilitynegotiableassets:

Current period

K roa = 0.06 - previous period

3. Coefficientprofitabilityowncapital

Current period

K rsk = 0.04 - previous period

4.Coefficientprofitabilityproducts

Current period

K rpr = 0.37 - previous period

5. Coefficientprofitabilitysales

Current period

K pprod \u003d 0.14 - previous period

Conclusion: the values ​​of the return on assets and the return on current assets decreased in the current year compared to the previous one due to a decrease in net profit by almost 3 times. Return on equity also decreased, but only by 0.01. This was due to a decrease in both the average annual cost of equity and net profit. The product profitability ratio remained practically unchanged, while the sales profitability ratio decreased by almost 5 times due to a slight increase in net revenue and a significant decrease in net profit.

2. Analysis of the effect of financial leverage (effect of financial leverage)

In order to increase the rate of return on equity, the owners of an enterprise are sometimes interested in attracting credit sources into circulation, and potential creditors are interested in how many loans the enterprise has already received and how the amounts of principal and interest on them were repaid. At the expense of credit resources, the enterprise can quickly receive the necessary funds, however, on the terms of payment and repayment within the terms specified in the loan agreement. The use of borrowed funds makes it possible to increase the efficiency of using the company's own capital. Such a mechanism for increasing the rate of return is called in economics. effectfinanciallever(EFR), or the effect of financial leverage.

The effect of financial leverage is an increase in the profitability of own funds due to the use of credit resources, despite the payment of the latter.

To use the mechanism of financial leverage, the following conditions must be met:

· the level of interest rate on loans should be lower than the profitability of production, calculated on profit after tax;

· relatively high degree stability of economic activity;

· the availability of opportunities for owners to allocate their saved capital on terms that increase the level of profitability.

The low cost of money encourages the use of borrowed sources in the turnover of the enterprise to obtain the difference between borrowed and allocated capital and thereby increase the rate of return on equity. The use of borrowed funds in circulation, the interest rate on which is lower than the return on equity, allows to reduce financial expenses and take advantage of the tax savings. The impact of debt obligations on the rate of return will be the greater, the higher the debt.

The effect of financial leverage is positive only when the difference between the profitability of production after tax and the interest rate is positive. If the market conditions are stable and allow for accurate calculations of future income, then the presence of significant debt on loans is not a concern. And with a significant difference between the profitability and the interest rate, the amount of debt can be increased. With economic instability, a large debt or its growth increases the risk associated with a decrease in the business activity of the enterprise.

The effect of financial leverage, which reflects the level of additionally generated return on equity with a different share of the use of borrowed funds, is calculated using the following formula:

where EFR is the effect of financial leverage, consisting in the increase in the return on equity ratio (or the strength of the impact of financial leverage),%;

Н pr - profit tax rate, in fractions of a unit;

E Ra - economic return on assets,%;

SRP - average calculated interest rate, %

DO - long-term liabilities, rub.;

KO - short-term liabilities, rub.

ZK - borrowed capital, rub.;

SC - equity, rub.

Let's consider each component of the formula 2.1.

1. In the above formula, the income tax rate is a constant value, depends on changes in tax legislation and for 2009 is 20%.

2. The data of borrowed and equity capital are taken from form No. 1 "Balance sheet".

3. The economic return on assets can be calculated with and without accounts payable. In international practice, there are two methods for calculating the effect of financial leverage. According to the first of them, borrowed funds are understood as the totality of directly borrowed capital and accounts payable. According to the second method, accounts payable are not taken into account. But then accounts payable should be excluded from the denominator of the formula for calculating the economic return on assets. According to the second method, the EGF is somewhat overestimated.

calculation of economic profitability excluding accounts payable,

where P r - profit before taxation, rub. (according to form 2 of the Profit and Loss Statement - line No. 140), rub.;

A - the value of assets at the end of the period, rub. (according to form 1 - "Balance sheet"), rub.

KZ - accounts payable, rub.

calculation of economic profitability taking into account accounts payable

4. The average calculated interest rate is determined based on the data of the loan agreement (amount of loan, financial costs of the loan, annual interest rate for the loan):

where P to - the amount of interest on the loan, rub.;

And k - financial costs of loans, rub.;

Kr - loan amount, rub.

Thus, formula 2.1 is transformed as follows:

Including accounts payable

Excluding accounts payable

From the above formulas 2.5, 2.6, three components of it can be distinguished:

tax corrector of financial leverage (1 - N pr), which shows the extent to which EGF manifests itself in connection with different levels profit taxation;

· Differential (strength) of financial leverage (E Ra - C srp), which characterizes the difference between the profitability ratio and the average interest rate for a loan;

· coefficient (shoulder) of financial leverage (LC/SK), which characterizes the amount of borrowed capital used by the enterprise, per unit of equity capital.

The selection of these components allows you to purposefully manage the EGF in the process of the financial activity of the enterprise.

The tax corrector of financial leverage practically does not depend on the activities of the enterprise, since the income tax rate is established by law. At the same time, in the process of managing financial leverage, a differentiated tax corrector can be used in the following cases:

if by various types the activities of the enterprise established differentiated rates of taxation of profits;

if the enterprise has tax benefits on profits for certain types of activities;

· if the subdivisions of the enterprise carry out their activities in free economic zones, where there are benefits.

In these cases, by influencing the sectoral or regional structure of production (and, consequently, the composition of profit in terms of its taxation level), it is possible, by reducing the average profit tax rate, to increase the impact of the financial leverage tax corrector on its effect.

The financial leverage differential is the main condition that forms a positive EGF. The higher the positive value of the differential, the higher the effect. Obtaining a negative value of the differential always leads to a decrease in the return on equity. This is due to a number of circumstances.

During a period of deteriorating conditions financial market and reducing the supply of free capital, the cost of borrowed funds can rise sharply, exceeding the level of profitability of production.

The decrease in the financial stability of the enterprise in the process of increasing the share of borrowed capital used leads to an increase in the risk of bankruptcy of the enterprise. This forces lenders to increase the level of interest rates for loans for additional financial risk. At a certain level of this risk, the financial leverage differential can take on a zero value and even have a negative value.

When conditions worsen commodity market the volume of sales of products is reduced, and, consequently, the size of profit. Under these conditions, a negative value of the differential of financial leverage can be formed at constant interest rates for a loan due to a decrease in the profitability of production.

With a positive value of the differential, any increase in the financial leverage ratio will cause an even greater increase in the return on equity ratio. With a negative value of the differential, an increase in the financial leverage ratio will lead to an even greater rate of decline in the return on equity ratio. Therefore, at a constant value of the differential, the coefficient of financial leverage is the main generator of both the increase in return on equity and the financial risk of loss of profit.

Many Western economists believe that the value of the effect of financial leverage should fluctuate within 30-50 percent, i.e. The EFR should optimally be equal to one third - half of the level of economic profitability of assets. In this case, tax exemptions are compensated and ensure own funds decent return.

Knowledge of the mechanism of the impact of financial leverage on the level of return on equity and the level of financial risk allows you to purposefully manage both the cost and the capital structure of the enterprise.

Next, we calculate the effect of financial leverage based on the balance at the end reporting period with and without accounts payable on the example of OAO "VULKAN". Financial costs at the end of the reporting year amount to 3% of the balance of credit funds in the accounts of the enterprise. The balance sheet and income statement are given in Appendix 1.

Exercise 2. The enterprise plans to receive bank loans in the current financial year. Calculate the effect of financial leverage for the current year based on the balance sheet at the end of the reporting year, with and without accounts payable. Financial costs amount to 8% of the balance of credit funds at the end of the period.

Credit treaty №1.

Term - 4 years

Interest - 7% per annum.

The amount of the main loan debt is 1,500,000 rubles.

1. Let's determine the average calculated interest rate (С rp). To do this, we calculate the amount with interest that we must return

S \u003d P * (1 + i) \u003d 1,500,000 rubles. * (1 + 9% / 12 months * 4 years * 12 months) = 1950000 rubles.

the amount of interest \u003d S - P \u003d 1,950,000 -1,500,000 \u003d 450,000 rubles.

2. Let's determine the economic profitability of assets (E ra) according to formulas 2.2 and 2.3 with and without accounts payable at the end of the reporting period:

- With taking into account creditor debt:

- without accounting creditor debt:

3. Let's determine the financial costs (And k) according to formula 2.4 with and without accounts payable:

- With taking into account creditor debt

And to \u003d 3% * (TO con lane + KO con lane + Credit) \u003d 3% * (35202229 + +65348712 + 1500000) \u003d 100595941 rubles.

- without accounting creditor debt:

And k1 \u003d 3% * (TO con lane + KO con lane + Credit - KZ con lane) \u003d 3% * (35202229 + 65348712 + 1500000 - 30323848) \u003d 101141225.6 rubles.

- With taking into account creditor debt:

- without accounting creditor debt:

- With taking into account creditor debt:

ZK \u003d 35202229 + 65348712 + 1500000 \u003d 102050941 rubles.

- without accounting creditor debt:

ZK 1 \u003d 35202229 + 65348712 + 1500000 - 3032348 \u003d 99018593 rubles.

- With taking into account creditor debt:

- without accounting creditor debt:

Credit treaty №2.

Term - 2 years

Interest - 11% per annum.

The order of payment is monthly, starting from the first month.

The amount of the main loan debt is 6,500,000 rubles.

1. Let's determine the average calculated interest rate (Cavg). To do this, we calculate the amount with interest that we must return

S \u003d P * (1 + i) \u003d 6,500,000 rubles. * (1 + 11% / 12m. * 2g * 12m.) \u003d 7800000 rubles.

the amount of interest \u003d S - P \u003d 7800000-6,500,000 \u003d 1,300,000 rubles.

2. Let's determine the economic profitability of assets (Era) according to formulas 2.2 and 2.3 with and without accounts payable at the end of the reporting period:

- With taking into account creditor debt:

- without accounting creditor debt:

3. Let's determine the financial costs (IC) according to formula 2.4 with and without accounts payable:

- With taking into account creditor debt

Ik \u003d 3% * (TO end lane + KO end lane + Credit) \u003d 3% * (35202229 + +65348712 + 6500000) \u003d 100745941 rubles.

- without accounting creditor debt:

Ik1 \u003d 3% * (TO con lane + KO con lane + Credit - KZ con lane) \u003d 3% * (35202229 + 65348712 + 6500000 - 30323848) \u003d 106141225.6 rubles.

4. Let's determine the average estimated interest rate on the loan, with and without accounts payable:

- With taking into account creditor debt:

Srp = = 1.7

- without accounting creditor debt:

Срп1 = = 1.8

5. Let's define borrowed capital with and without accounts payable:

- With taking into account creditor debt:

ZK \u003d 35202229 + 65348712 + 6500000 \u003d 107050941 rubles.

- without accounting creditor debt:

ZK1 \u003d 35202229 + 65348712 + 6500000 - 3032348 \u003d 104018593 rubles.

6. Using formulas 2.5 and 2.6, we determine the effect of financial leverage with and without accounts payable:

- With taking into account creditor debt:

EGF = (1 - 0.20) * (0.02 - 0.7) * 107050941/180959910 = 0.80 * (-0.68) * 0.6= - 0.32 = -32%

- without accounting creditor debt:

EGF \u003d (1-0.20) * (0.022 - 0.8) * 104018593 / 180959910 \u003d 0.80 * (-0.8) * 0.6 \u003d -0.39 \u003d -39%

In this case, it is not advisable to take a loan, because the company does not have enough money to repay it (negative value of the EGF due to the negative value of the differential (strength) of financial leverage).

3. Analysisratiosvolumesales,cost,arrivedandpointsbreak even

Analysis of the ratio of sales volume, cost and profit consists in determining the break-even point - such a ratio of the three listed indicators that ensures the break-even operation of the enterprise. This material is devoted to calculating the break-even point for enterprises that produce a different range of products, i.e. being multi-nomenclature.

As an example, consider the methodology for determining the break-even point for a multi-product enterprise, which reflects the most common approach to solving this problem.

The break-even point in physical terms is proposed to be calculated in two ways. According to the first method, to determine the break-even point, the coefficient (K t) is calculated, showing the ratio of fixed costs (Z post) and marginal income (D m) from the sale of the entire range of products for the analyzed period:

Then for the i-th type of product, the sales volume that ensures break-even (K cr i), can be defined as the product of the K T coefficient and the volume of sales of the i-th type of product for the analyzed period in physical terms ( To i).

K cr i= K t * k i (3.2)

According to the second method, the calculation of the break-even point is carried out in terms of value, i.e., the amount of proceeds from sales at the break-even point (B kr) is determined.

V kr \u003d Z post / K dm \u003d Z post / D m * V p, (3.3)

K dm \u003d D m / V r., (3.4)

where K dm is the coefficient of marginal income;

B p - proceeds from the sale of the entire range sold, rub.

K cr \u003d V RT /? K i* c i (3.5)

K cr i = K cr * k i , (3.6)

where c i- price of a unit of production of the i-th type, rub.;

K kr - coefficient reflecting the ratio of the volume of sales at the break-even point to the total volume of sales.

The disadvantage of the proposed methodology is the assumption that the structure of production and sales of products that has developed in the period under review will remain in the future, which is unlikely, since demand, the volume of orders, and the range of products change.

Consider the calculation of the break-even point for a multi-product enterprise using an example, the initial data for which are shown in Table 1.

Table 1 Initial data for calculating the break-even point for a multiproduct enterprise

Indicators	Quantity, units	Unit price, rub.	Cost, rub.
1. Sales
1.1 Product A
1.2 Products B
1.3 Products B
1.4 Products G
1.5 Total
2. Variablesexpenses
2.1 Product A
2.2 Products B
2.3 Products B
2.4 Products G
2.5 Total
3. Marginincome
Total (p.1.5 - p.2.5)
4. Are commonpermanentexpenses

Let's calculate the break-even point according to the first method, using formulas (3.1) and (3.2):

K T \u003d Z post / D m \u003d 108000/82800 \u003d 1.304

K cr i= K T * k i

K crA \u003d 1.304 * 300 \u003d 391.2 units.

K krB \u003d 1.304 * 480 \u003d 626 units.

K krV \u003d 1.304 * 600 \u003d 782 units.

K krG \u003d 1.304 * 120 \u003d 156 units.

Let's calculate the break-even point according to the second method, using formulas (3.3), (3.4), (3.5), (3.6):

K dm \u003d D m / V p \u003d 82800 / 288000 \u003d 0.2875

In cr \u003d Z post / K dm \u003d 108000 / 0.2875 \u003d 375652.170 rubles.

K cr \u003d V RT /? K i* c i = 375652,17/288000 = 1,304

K cr i= K cr * k i

K crA \u003d 1.304 * 300 \u003d 391.1 units.

K krB \u003d 1.304 * 480 \u003d 626 units.

K krV \u003d 1.304 * 600 \u003d 782 units.

K krG \u003d 1.304 * 120 \u003d 156 units.

Table 2 can be used to check the correctness of the calculations.

Table 2. Checking the correctness of the calculations of the break-even point for a multi-product enterprise

Indicators
1. Sales proceeds
2. Variable costs
3. Marginal income
4. General post. costs
5. Profit

To achieve break-even operation of the enterprise, it is recommended to produce products A with a volume of at least 391.1 units, products B with a volume of at least 626 units, products C with a volume of at least 782 units, products D with a volume of at least 156 units.

The third way to determine the break-even volume is by distributing fixed costs between types of products in proportion to variable costs.

The determination of the break-even volume of production can be carried out in several stages. On the first of them, the total amount of fixed costs is distributed among the types of products in proportion to the selected distribution base, for which, in this case, the value of variable costs is taken. At the second stage, the break-even volume of production and sales for each type of product (K cr i) is calculated using the formula:

K cr i= 3 post i/(c i- Z lane i), (3.7)

where is 3 post i- sum fixed costs relating to the i-th type of product, rub.

This approach eliminates the drawback noted above and allows solving the problem of determining the break-even sales volume of an enterprise with a multi-product production.

We will carry out the calculation by this method, using the data in Table.

1. Distribute fixed costs in proportion to variable costs between types of products: (product cost of the i-th cost at variable costs * fixed costs).

A \u003d 18000/205200 * 108000 \u003d 9474 rubles.

B \u003d 43200/205200 * 108000 \u003d 22737 rubles.

B \u003d 14400/205200 * 108000 \u003d 7579 rubles.

G \u003d 129600 / 205200 * 108000 \u003d 68211 rub.

2. Let's calculate the break-even point for each type of product:

K cr i= 3 post i/(c i - Z lane i) (3.8)

K crA \u003d 9474 / (108 - 60) \u003d 9474/48 \u003d 197.38 units.

K krB = 22737/(120 - 90) = 22737/30 = 757.9 units.

K krV = 7579 / (42 - 24) = 7579/18 = 421 units.

KcrG = 68211/(1440 - 1080) = 68211/360 = 189.48 units

Checking the correctness of the calculations is carried out in table 3.

Table 3 Checking the correctness of calculations of the break-even point for each type of product

Indicators
1. Sales proceeds
2. Variable costs
3. Marginal income
4. General post. costs
5. Profit

According to the table, it can be seen that, as follows from the definition of the break-even point, with critical sales volumes of types of products A, B, C, D and the costs of their production and marketing, profit is zero.

According to this method, in order to achieve break-even operation of the entire enterprise, it is recommended to produce products A with a volume of at least 197.38 units, products B with a volume of at least 757.9 units, products C with a volume of at least 421 units, products D with a volume of at least 189.48 units.

Next, we consider the problem of determining the volume of sales with the planned profit value using the example of a multi-product enterprise. If the management of the enterprise sets the task of obtaining a certain amount of profit, then the proceeds from the sale (B p) for a given amount of profit (P) can be calculated using the already known formula:

The volume of production and sales of products in physical terms (K t), at which the enterprise will receive a profit in the planned amount, then will be:

The methodology for determining the volume of sales with the planned amount of profit for diversified enterprises is as follows.

1. The volume of sales in value terms corresponding to the planned profit (V p) is determined by the formula:

V p \u003d (3 post + P) / D m0 * V 0, (3.11)

where B 0 - the volume of sales in the base period, rubles;

D m0 - marginal income in the base period, rub.

2. The volume of sales in physical terms, necessary to obtain the planned profit (K p i), is equal to:

K p i= K * k i , (3.12)

where K \u003d (3 post + P) / D m;

To i- sales volume of the i-th product in real terms, units.

Using the data in table 1 and the condition according to which the planned amount of profit should be 200,000 rubles. (before its taxation), we determine the volume of sales in value terms, corresponding to the planned profit.

V p \u003d (3 post + P) / D m0 * V 0

B p \u003d (108000 + 200000) / 82800 * 288000 \u003d 11130434.78 rubles.

Let's calculate the growth index of marginal income (K) according to the plan in relation to the base period.

K \u003d (3 post + P) / D m

K \u003d (108000 + 200000) / 82800 \u003d 3.7

Then it is possible to determine the volume of sales in physical terms for each type of manufactured and sold products in order to obtain the planned amount of profit:

K p i= K * k i

K pA \u003d 3.7 * 300 \u003d 1110 units.

K pB \u003d 3.7 * 480 \u003d 1776 units.

K pV \u003d 3.7 * 600 \u003d 2220 units.

K pG \u003d 3.7 * 120 \u003d 444 units.

After checking, substituting the planned sales volume, we get the planned profit.

Table 4 Checking the correctness of the calculation of the sales volume corresponding to the planned profit

Indicators
1. Sales proceeds
2. Variable costs
3. Marginal income
4. General post. costs
5. Profit

In order for the company to receive the planned profit of 200,000 rubles, it is necessary to produce products A with a volume of at least 1110 units, products B with a volume of at least 1776 units, products C with a volume of at least 2220 units, products D with a volume of at least 444 units.

4. Analysisinfluenceonfactorson thethe changepointsbreak even

Factors that affect critical sales volume include:

the price of a unit of production;

variable costs per unit of output;

Fixed costs per unit of output

fixed costs.

Relationship listed factors and a generalizing indicator can be expressed by the following already known formula:

K cr \u003d 3 post / (c i- Z lane i) (4.1)

If we consider successively the change in the value of only one of the listed factors, then the break-even point will be calculated as follows.

With a change in the sales price of products, the critical sales volume will be equal to:

V kr (c) \u003d 3 post0 / (c 1 - 3 per0), (4.2)

where B kr (c) - the volume of sales at the break-even point at the price (c 1), rub.

The change in the break-even point due to deviations in the selling price (? In kr (c)) will be:

B kr(c) = B kr(c1) - B kr(c0), (4.3)

where B kr (ts1) and B kr (ts0) - sales volumes at the break-even point at prices ts 1 and ts 0, rub.

With a change in variable costs per unit of output, the break-even point will be:

V kr (per) \u003d Z post0 / (c 0 - Z per1), (4.4)

where B kr (per) - the volume of sales at the break-even point at variable costs (per1), rub.

The change in the break-even point due to changes in variable costs per unit of output (? In kr (per)) is equal to:

B cr(per) = B cr(n ep 1) - B cr(per0), (4.5)

where B kr (n ep 1) and V kr (per 0) - sales volumes at the break-even point at the level of variable costs before the implementation of the event (per 0) and after the implementation of the event (per 1), rub.

With a change in fixed costs, the break-even point will be equal to:

K kr (post) \u003d Z post1 / (c 0 - Z per0), (4.6)

where V kr (post) - the volume of sales at the break-even point at fixed costs (Z post1), rub.

The change in the break-even point due to changes in fixed costs (? In kr (post)) is:

V kr(post) = V kr(post1) - V kr(post0) (4.7)

The impact of these factors on the break-even point can be analyzed. Obviously, the break-even point reacts most sensitively to changes in the selling price of a unit of output. At the same time, these indicators are inversely related. If an enterprise operates at close to its full production capacity, then its management has little ability to control the price downwards, since the volume of sales that is necessary to ensure cost recovery increases dramatically and may go beyond the production capacity of the enterprise. With a low capacity utilization of an enterprise, a decrease in the sale price can be considered as a factor that can increase the profitability of the enterprise due to a possible increase in output and sales of products. The break-even point is also highly sensitive to changes in variable costs per unit of output. There is a direct relationship between this factor and the generalizing indicator. Even a slight increase in variable costs negatively affects the results of the enterprise.

An increase in fixed costs leads to a higher break-even point and vice versa.

The analysis of the impact on the break-even point of one product of all factors is carried out using the method of chain substitutions in a certain sequence. At the same time, indicators with index 0 denote the values ​​of the base period, and those with index 1 - the current (reporting). First, a change in the break-even point is determined by changing the level of fixed costs, then by changing sales prices and by changing variable costs per unit of product.

K kr (cond1) = Z post1 / (c 0 - Z per0) (4.8)

K kr (condition2) \u003d Z post1 / (c 1 - Z per0) (4.9)

K kr (uslZ) \u003d Z post1 / (c 1 - Z lane 1) \u003d K kr1 (4.10)

The change in the break-even point will be due to the change:

a) the amount of fixed costs K kr (usl1) - K kr0;

b) sales prices of products K kr (usp2) - K kr (usl1);

c) variable costs K cr (yc l3) - K cr (usl2) .

For enterprises with diversified production, the analysis of the influence of factors on the break-even sales volume should also take into account structural shifts in the product range. Accounting for the impact of changes in the product range in terms of value is carried out according to the following formula:

B to p = Z post /? (y i* (c i- Z lane i)/c i) = 3 post /? (y i* (1 - Z lane i/c i), (4.11)

where u i= to i* c i/?(To i* c i) - the share of each type of product in the total amount of sales proceeds;

Z post - fixed costs, rub.

Z lane i- variable costs of the i-th type of product, rub.

c i- price of the i-th type of product, rub.

We will analyze the influence by factors on the change in the break-even point of a multi-product enterprise based on the initial data accumulated in Table 5.

Table 5 Initial data for calculating the influence of factors on the change in the break-even point of a diversified enterprise

Indicators		Actually
Fixed costs of the enterprise, thousand rubles.
Specific variable costs, thousand rubles
Product A
Product B
Product B
Selling price per unit, thousand rubles
Product A
Product B
Product B
Number of products sold, units
Product A
Product B
Product B
Share in total revenue
Product A
Product B
Product B

B to p = Z post /? (y i* (c i- Z lane i)/c i) = 3 post /? (y i* (1 - Z lane i/c i) (4.12)

1. Determine the level of the break-even point in value terms will be according to the planned data (B kr0):

2. Let's determine the level of the break-even point in value terms according to the actual data (B kr1):

3. Determine the change in the break-even point (? In cr) is equal to:

V cr = V cr1 - V cr0 = 6000 - 5617.98 = 382,02 thousand rub .

We will calculate the influence by factors by the method of chain substitutions in the following sequence.

1. Determine the impact of changes in the volume of sales and the structure of products:

For product A:

Therefore, the impact of changes in volume and structure on product A is:

В?уА \u003d V conv1 - V kr0 \u003d 33222.59 - 36764.71 \u003d -3542.12 thousand rubles.

For product B:

Therefore, the impact of changes in volume and structure on product B is:

В?уБ \u003d In conv.2 - In conv.1 \u003d 970.09 - 4087.19 \u003d -3117.1 thousand rubles.

For product B:

Therefore, the impact of changes in volume and structure on product B is:

В?уВ \u003d In condition 3 - In condition 2 \u003d 5190.31 - 970.09 \u003d 4220.22 thousand rubles.

Total for the factor of changes in the volume and structure of products, the impact on the break-even point is:

382,02 + (-3117,1) + 4220,22= 1485,14 thousandrub.

2. Consider the influence of the factor of specific variable costs on the break-even point in value terms.

For product A:

The impact of changes in unit variable costs for products A is:

V? ZperA \u003d In condition 4 - In condition 3 \u003d 5190.31 - 5190.31 \u003d 0 thousand rubles.

For product B:

The impact of changes in specific variable costs for products B is:

V? ZperB \u003d V conv.5 - In conv.4 \u003d 4298 - 5190.31 \u003d -892.31 thousand rubles.

For product B:

The impact of changes in unit variable costs for product B is equal to:

V? ZperV \u003d In condition 6 - In condition 5 \u003d 5597 -4298 \u003d 1299 thousand rubles.

Total for the factor of change in specific variable costs, the impact on the break-even point is:

0+ (-892,31) + 1299= 406,69 thousandrub.

3. Let's consider the influence of the factor of change in the selling price of products.

For product A:

Therefore, the impact of a change in the selling price of product A is:

V?cA \u003d V conv. 7 - V conv. 6 \u003d 6550 - 5597 \u003d 953 thousand rubles.

For product B:

Therefore, the impact of a change in the selling price of products B is equal to:

В?ЦБ \u003d In conv8 - In conv7 \u003d 6466 - 6550 \u003d -84 thousand rubles.

For product B:

Therefore, the impact of a change in the selling price of product B is equal to:

V?cV \u003d V conv9 - In conv8 \u003d 5000 - 6466 \u003d -1466 thousand rubles.

Total for the factor of change in the selling price, the impact on the break-even point is:

953 + (-84) + (-1466)= -597 thousandrub.

4. Let's determine the impact of changing fixed costs on changing the break-even point:

?V ?Zpost= In kr1 - In conv9 = 6000- 5000 = 1000 thousand roubles.

Let's check the calculations:

V cr = V cr1 - V cr0 = ?V? V?cV + ?V?Zpost \u003d 1485.14 + 406.69 + (-597) + 1000 \u003d 2294.83 thousand rubles.

In general, for the enterprise, changes in the break-even point amounted to:

· decrease due to changes in the volume and structure of products - by 1485.14 thousand rubles;

· growth due to changes in specific variable costs - by 406.69 thousand rubles;

· reduction due to changes in sales prices - by (-597) thousand rubles;

Growth due to an increase in fixed costs - by 1000 thousand rubles.

The total change was: + 2294.83 thousand rubles. (1485.14) + 406.69 + (-597)+1000= 2294.83 ...

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