Alexander Lednev,
deputy CEO for Economics and Finance JSC TransWoodService,
financial director,
No. 6 (95) June 2010

To understand how realistic the sales budget and planned revenue is, the CFO has to answer an important question. Are there enough assets and funds to finance them. This dilemma can be solved with a simple financial model, which will take only a few hours to create.

TransWoodService has developed and successfully uses a model that requires only the opening balance sheet, sales plan, and data on inventory turnover, receivables and payables to form. This tool allows you to play out various scenarios for the development of events, take into account the existing restrictions on the capacity of warehouse space, production capacity, and most importantly, predict a possible shortage of funds in advance.

Before telling how it all works, let's make a small reservation. Despite the fact that the financial model that will be discussed is used by TransWood-Service in practice, the figures given in the calculations and tables are conditional, and the model itself is somewhat simplified for ease of understanding.

What is the model based on?

The main data sources for the model are the opening balance sheet and the sales forecast. As an introductory, you can use the balance sheet for the last reporting period. However, it is better to refine it taking into account the real needs of the company. For example, add analytical items such as illiquid inventory or overdue receivables. Information on these items can be found in the registers of accounting or analytical accounting.

As for the sales forecast, there are no special requirements for its form and detail. Just ask the sales department general information about what revenue is expected for the period analyzed in the model as a whole and broken down by months.

Forecast of income and expenses

When the initial data is collected, you can proceed to the step-by-step construction of a financial model. Let's start by creating a forecast of income and expenses (Table 1 on page 32).

There is already data on income, in fact, this is a sales plan. It makes sense to divide the costs into variable and conditionally fixed. Variables can be calculated as a percentage of revenue. To understand exactly what this percentage will be, it is enough to analyze the data for the previous reporting period. And the amounts of semi-fixed costs are taken, for example, from the budget approved for the year, or taken equal to the average value for similar periods of time in the past.

Example

The company is developing a financial model for the next six months - from July to December. The sales plan for July is 640 thousand rubles (see Table 1 on page 32). It is known that in the last half of the year, the cost of raw materials in the revenue structure was 85.5 percent, and the share of all variable costs was 90.8 percent. Suppose nothing changes in the planning period and the proportion of raw material costs remains the same. Hence, the cost of raw materials in July is projected at the level of 547.2 thousand rubles. (640 thousand rubles X 85.5%), and total variable costs - 581.12 thousand rubles. (640 thousand rubles X 90.8%). Similarly, the values ​​​​are calculated for other items of variable costs. As for semi-fixed costs, they can be taken equal to the previous reporting period.

As soon as there was clarity with the costs, it is easy to calculate the indicators characterizing the expected financial result, namely marginal income (revenue - variable costs); profit before tax (marginal income - semi-fixed costs) and net profit (profit before tax - income tax). To simplify calculations, deferred assets and liabilities are not taken into account.

The magazine subscribers can download an Excel file containing the described financial model on the website www.fd.ru. To do this, follow the link "Additional material" located in this article.

Inventory planning, "receivables" and "payables"

Next, a forecast is made for the movement of stocks, receivables and payables (see Table 2 on page 32). The initial data for its construction are the same opening balance sheet, as well as indicators of the turnover of stocks of raw materials and finished products, accounts payable and receivable. A previously prepared forecast of income and expenses will also come in handy. Turnover values ​​can be taken equal to the normative or values ​​for the previous reporting period. But, for example, if it is known that the company is going to take some measures to reduce the period of turnover of raw materials, then this must be reflected in the model.

Stocks finished products . Their volume at the beginning of the first month of the planning period is taken from the opening balance. How exactly the stocks will change is still unknown, there is only a forecast for revenue. Using it with numbers and data on the turnover of goods, it is possible to calculate the amount of commodity balances at the end of the month, and then determine the cost of production and products sold. The formulas are:

Stocks of finished goods at the end of the period = Revenue for the period x Inventory turnover / Number of days in the period;

Shipped products \u003d Revenue for the period x Share of variable costs in revenue;

Manufactured products = Stocks of finished products at the end of the period + Shipped products - Stocks of finished products at the beginning of the period.

The cost of shipped products is taken equal to the sum of all variable costs.

Table 1. Forecast of income and expenses (extraction), thousand rubles

Indicators	July	August	...	December
Revenue without VAT	640	700	...	750
Variable costs total (90.8%*), incl.	581,12	635,6	...	681
Raw materials (85.5%)	547,2	598,5	...	641,25
...	...	...	...	...
Marginal income	58,88	64,4	...	69
Semi-fixed costs in total, incl.	41	41	...	41
depreciation	8	8	...	8
...	...	...	...	...
Profit before tax	17,88	23,4	...	28
income tax	3,58	4,68	...	5,6
Net profit	14,3	18,72	...	22,4

* Percentages in parentheses - the share of the indicator in revenue according to data for previous reporting periods.

Table 2. Forecast of the movement of stocks, "receivables" and "payables" (extraction)

No. p / p	Indicators	For June 30 (according to introductory balance)	July	August	...	December
1	Number of days in the period, days		31	31	...	31
2	Stocks
3	Stocks of finished products at the beginning of the period, thousand rubles *	-	452	392,26	...	316,67
4	Products manufactured, thousand rubles (page 7 - page 3 + page 5)	-	521,38	672,37	...	824,01
5	Shipped products, thousand rubles (revenue for the period from Table 2 x 90.8%)*	-	581,12	635,6	...	681
6	Turnover of finished products, days	-	19	19	...	19
7	Stocks of finished products at the end of the period, thousand rubles (period revenue from table 1 x page 6: page 1)	452	392,26	429,03	...	459,68
8	Stocks of basic raw materials at the beginning of the period, thousand rubles	-	528	562,37	...	454
9	Receipt of raw materials, thousand rubles (page 12 - page 8 + page 10))	-	525,32	685,85	...	980,94
10	Raw materials transferred to production, thousand rubles (p. 4: total period variable costs from table 1 x raw material costs from table 1)	-	490,95	633,12	...	775,91
11	Raw material inventory turnover, days	-	30	30	...	30
12	Stocks of basic raw materials at the end of the period, thousand rubles (variable costs for the period from table 1 x page 11: page 1)	528	562,37	615,10	...	659,03
13	debts
14	Accounts receivable turnover, days	-	30	30	...	30
15	Accounts receivable at the end of the period, thousand rubles (period revenue from table 1 x page 14: page 1)	764	619,35	677,42	...	725,81
16	Accounts payable turnover, days	-	25	25	...	25
17	Accounts payable at the end of the period, thousand rubles (page 9 x page 16: page 1)	520	423,65	553,10	...	791,09

*Because the movement inventory is taken into account at cost, then the cost of shipped products is equal to the product of the forecast for revenue and the share of variable costs in revenue.

Example

According to the opening balance sheet, the value of the company's stock of goods at the end of June was 452,000 rubles. In July, the sales department predicts the sales volume at 640 thousand rubles, the working conditions with clients will remain the same, the turnover of finished products is the same as last year - 19 days. Hence the cost of stocks of finished products at the end of July - 392.26 thousand rubles. (640 thousand rubles X 19 days: 31 days).

Since, according to the data of the last reporting period, variable costs accounted for 90.8 percent of revenue, the volume of shipment in prime cost prices will amount to 581.12 thousand rubles. (640 thousand rubles X 90.8%), and the volume of production - 521.38 thousand rubles. (392.26-452 + 581.12).

Stocks of raw materials. The calculation of raw material balances is linked to the value of variable costs from the Forecast of income and expenses form:

Stocks of raw materials at the end of the period = Variable costs x Turnover of stocks of raw materials / Number of days in the period.

The volume of manufactured products serves as the basis for calculating the cost of raw materials transferred to production:

Transferred raw materials to production = Manufactured products: Variable costs x Costs of raw materials.

Having the necessary data on the balance of raw materials at the beginning and end of the month and information on how much of it was used in production, it is enough to simply assume how much raw material should be received:

Receipt of raw materials = Stocks of raw materials at the end of the period - Stocks of raw materials at the beginning of the period + Raw materials transferred to production.

Example

According to forecasts, in July the company will produce goods for 521.38 thousand rubles, its variable costs will amount to 581.12 thousand rubles, including 547.2 thousand rubles for raw materials. From here, materials worth 490.95 thousand rubles will be transferred to production. (521.38 / 581.12 x 547.2). The need to replenish stocks of raw materials is estimated at 525.32 thousand rubles. (562.37 - 528 + + 490.95), where 562.37 thousand rubles - stocks of materials at the end of July (581 thousand rubles X 30 days: 31 days), 528 thousand rubles - at the end of June (from the opening balance).

Accounts receivable and accounts payable. "Accounts receivable" at the end of the period is calculated on the basis of data on revenue and the value of "receivables" turnover for previous periods. The calculations will look like this:

Accounts receivable at the end of the period = Revenue for the period x Accounts receivable turnover x Number of days in the period.

The amount of the company's accounts payable to suppliers at the end of the period can be determined by the following formula:

Accounts payable at the end of the period = Receipt of raw materials x Accounts payable turnover: Number of days in the period.

Table 3. Movement budget Money indirect method (extraction), thousand rubles

Indicators	July	August	...	December
Net profit	14,3	18,72	...	22,4
Income from operating activities - total, including:	-88,35	137,45	...	543,93
Depreciation deductions	8	8	...	8
Increase in accounts payable to suppliers	-96,35	129,45	...	535,93
Disposals from operating activities - total, including:	170,02	-147,57	...	573,85
Increase in accounts receivable of buyers (customers)	144,65	-58,07	...	-225,81
Inventory increase, including:	25,37	-89,5	...	-348,04
raw materials	-34,37	-52,73	...	-205,03
finished products	59,74	-36,77	...	-143,01
	95,97	8,60	...	-7,52
...	...	...	...	...
Cash at the beginning of the period	50	145,97	...	369,27
	145,97	154,57	...	361,75

Example

The revenue forecast for July is 640 thousand rubles, according to calculations, it is supposed to purchase raw materials in the same month for 525.32 thousand rubles. Last year, the average turnover of receivables was 30 days, accounts payable - 25 days. From here accounts receivable at the end of July is 619.35 thousand rubles. (640 thousand rubles X 30 days: 31 days), accounts payable - 423.65 thousand rubles. (525.32 thousand rubles X X 25 days: 31 days).

Cash flows from financial and investment activities

In addition to the forecasts listed above, when building a model, one should not forget about creating a plan cash flows for financial and investment activity if they are supposed (or are) in the company.

In our example, at the time of model formation, the company has no obligations to repay loans and borrowings, so the cash flow forecast for financial activities skip.

Information on the company's investment plans is taken from the programs approved for the year, as well as on the basis of available operational information. When modeling, it must be taken into account that the implementation of the company's investment programs requires the diversion of financial resources, while increasing such balance sheet items as "Construction in progress", "Equipment to be installed", etc. When calculating the company's costs in Table 1 "Income and expenses forecast", it is necessary to take into account the fact that the commissioning of fixed assets increases the amount of depreciation. At the same time, the sale of fixed assets, as a rule, generates cash inflows, and also affects the amount of depreciation in subsequent periods. To simplify the model, the example does not consider cash flow from investing activities.

Cash flow forecast

It remains to draw up a cash flow budget (BCDS). Moreover, it will be formed by an indirect method (see Table 3). It is this plan that will help assess whether the company has enough funds to finance operations, whether it will be possible to fulfill the revenue plan without external loans, or whether it will be necessary to attract a loan.

The initial data for constructing an indirect BDDS are taken from the forms compiled in the previous steps. In particular, net profit is the planned value from the forecast of income and expenses, depreciation from the same. The receipt and disposal of funds is nothing more than a change in the corresponding items from the forecast for the movement of stocks, receivables and payables (the difference between the amounts for items at the beginning and end of the period). When forming a cash flow budget, it is important not to get confused in the signs:

an increase in current assets and a decrease in current liabilities is reflected with a "-" sign;

a decrease in current assets and an increase in current liabilities - with a “+” sign.

Example

According to the inventory and debt forecast (Table 2 on page 32), at the beginning of August, accounts payable will amount to 423.65 thousand rubles, and by the end of the same month will grow to 553.10 thousand rubles. Hence the change in this article for August is 129.45 thousand rubles. This figure is reflected in the cash flow budget with a “+” sign. Stocks of basic raw materials for the same period will increase by 52.73 thousand rubles, this figure will be included in the report with a "-" sign.

The task of the "indirect" BDDS is to check the feasibility of the company's plans. They can be considered unreasonably optimistic if, at the end of any of the months, there is a shortage of funds. In this case, you will have to adjust plans - reduce stocks, reduce accounts receivable, etc. All such ideas are consistently reflected in the model in Excel. The latter is automatically recalculated. By the way, in the process of balancing, and planning in general, do not forget about existing restrictions- limits on credit lines, maximum production capacity and warehouse capacity. For example, the maximum capacity utilization is 1 million rubles per month. In December, the volume of production is forecasted to be 824.01 thousand rubles. It's not over yet, but it's close.

Table 4. Master budget (extraction), thousand rubles

Indicators	July	August	...	December
Income and expense budget
Revenue	640	700	...	750
Variable costs, total	581,12	635,6	...	681
...	...	...	...	...
Net profit	14,3	18,72	...	22,4
Forecast balance
Current assets - total, including:	1840,95	1997,13	...	2327,27
stocks of finished goods	392,26	429,03	...	459,68
stocks of raw materials	562,37	615,10	...	659,03
...	...	...	...	...
total assets	3488,95	3637,13	...	3935,27
Obligations, including:	997,65	1127,11	...	1365,09
Short term debt- total, including:	990,64	1120,11	...	1358,09
accounts payable to suppliers	423,65	553,10	...	791,09
...	...	...	...	...
Capital and reserves	2491,3	2510,02	...	2570,18
...	...	...	...	...
Liabilities total	3488,95	3637,13	...	3935,27
Cash flow budget
Net cash flow from operating activities	95,97	8,60	...	-7,52
Net cash flow from investing activities	0	0	...	0
Net cash flow from financing activities	0	0	...	0
Cash at the beginning of the period	50	145,97	...	369,27
Cash at the end of the period	145,97	154,57	...	361,75

The model of the future of the company must take into account non-financial indicators

Stanislav Salostey, director of the company, about his experience in financial modeling

In addition to forecasting and budgeting, financial models can also solve more serious problems. For example, a comprehensive "what if" analysis, the search for optimal solutions and the assessment of the company's value. I am in addition to financial indicators I include labor productivity, capital productivity and other non-financial indicators in the model in order to be able to answer questions such as: what will happen if the staff is reduced? What will happen if we increase the fleet of machines and equipment? Where will bottlenecks appear in this case?

Accounting for the cost of capital in the financial model allows you to evaluate the effectiveness of asset decisions. For example, the result of overpacking the warehouse - after all, it is not always profitable to increase the volume of purchases in response to a decrease in suppliers' prices. For some industries, it will be extremely useful to take into account the influence of seasonality in the model. To evaluate it, it is necessary to collect statistics for several years (including sales in pre-crisis periods) and build a trend based on them. In practice, a sales forecast prepared in accordance with such trends is more accurate and often differs from the sales department's expectations based on expert expectations without mathematical analysis.

When preparing a financial model of a company, one should choose the main final parameter by which the effectiveness of the modeled activity is evaluated. This can be free cash flow (FCF) or economic value added (EVA). They are good because they integrate all the factors of efficiency.

Forecast Master Budget

After all the procedures for correcting the financial model have been completed and cash gaps have been eliminated, a master budget is created. This is the final form containing on one sheet the forecast balance, as well as the aggregate budgets of income and expenses, cash flows (see Table 4). Items from the last two budgets are copied to the master budget sheet by linking to the corresponding tables. Balance sheet items are calculated using the following formula:

Value at the end of the period = Value at the beginning of the period + Income - Expenses.

How much this or that balance sheet item has changed is known - all calculations are given in the cash flow budget. When creating formulas in Excel, do not forget that in the BDDS, an increase in current assets was reflected with a "-" sign (reduction - "+"), and an increase in current liabilities - with a "+" sign (decrease - "-").

Workshop 6

Theme 6

Formation and use cash savings enterprises. The content and functions of enterprise finance

1. Topics of abstracts and/or reports

1. The essence and place of enterprise finance in financial system countries. Functions of enterprise finance.
2. Principles of organization of finances of the enterprise.
3. Features of the organization of finances of enterprises of various organizational and legal forms of ownership.
4. Financial service in the organizational structure of the enterprise.
5. Enterprise financial management system. Functions of a financial manager.
6. Sources financial resources enterprises. Own and borrowed.
7. Income and expenses of the enterprise. Composition and structure.
8. The financial result of the enterprise. Profit: essence and types.
9. The concept of the break-even point of the enterprise.
10. The level of profitability of the enterprise. Profitability indicators.

2. Guidelines for the preparation of reports and / or abstracts

When preparing a question “The essence and place of enterprise finance in the country's financial system. Functions of enterprise finance " the definition of the enterprise is given, its relationships and cash flows are characterized. Place is determined in public finance. The main functions of enterprise finance are considered, through which their essence is manifested.

When preparing a question "Principles of organizing the finances of an enterprise" the basic principles of the organization of finance are considered and their characteristics are given. Their place and significance for the formation of the organization of the enterprise's finances are determined.

When preparing a question "Features of the organization of finances of enterprises of various organizational and legal forms of ownership" the features of the organization of finances of enterprises of various forms of ownership are revealed: economic partnerships (general partnerships, limited partnerships (limited partnerships)); business companies (limited liability companies, additional liability companies, joint-stock companies(closed and open type)); production cooperatives; state unitary enterprises, corporate structures (holdings, financial and industrial groups (FIGs)). The features of the sources of formation of the capital of the enterprise, the procedure for using profits are revealed.

When preparing a question "Financial service in the organizational structure of the enterprise" characterizes the main constituent elements organizational structure enterprises. The content of the enterprise management system is revealed: the subject of management (control subsystem) and the object of management. Their main functions are determined.

When preparing a question “Enterprise financial management system. Functions of a financial manager» it is necessary to give an approximate structure of the financial service of the enterprise and characterize its structural units. To reveal the importance of financial management in managing the finances of an enterprise. Define the functions of a financial manager.

When preparing a question “Sources of financial resources of the enterprise. Own and borrowed» analyzes the composition and structure of sources of financial resources of the enterprise and the procedure for their formation. The composition and structure of the enterprise's own funds are considered and a characteristic is given to borrowed and borrowed funds. When analyzing the procedure for the formation of the authorized capital, the relationship of its size with the cost is revealed. net assets. Particular attention is paid to the formation of the depreciation fund, here it is necessary to consider the methods of depreciation.

When preparing a question “Revenues and expenses of the enterprise. Composition and structure» it is necessary to characterize the income of the enterprise, to determine the main types of income. Show which funds cannot be attributed to the income of the enterprise, and explain why. Describe the expenses of the enterprise, give the main types of expenses of the enterprise. Determine those expenses that, according to PBU 10/99, cannot be attributed to the expenses of the enterprise.

When preparing a question “The financial result of the enterprise. Profit: essence and types " reveals the order of formation financial result and determine the factors that affect its size. The concept of the cost of production is given, fixed and variable costs are determined. The concept of profit and loss is revealed, the characteristics of the main types of profit are given. The main directions of spending the profit of the enterprise are determined.

When preparing a question "The concept of the break-even point of the enterprise" the break-even indicator is considered, the break-even point is defined (profitability threshold, critical point, dead point), marginal profit is determined and the procedure for calculating (determining) the break-even point is considered. It also gives a characteristic of the force of the impact of the operating lever and its economic content.

When preparing a question “The level of profitability of the enterprise. Profitability indicators» the essence and significance of the main indicators of profitability (net profitability, profitability of sales, profitability of equity capital, profitability of total capital, profitability of permanent capital) are revealed and the procedure for their calculation is given.

3. Terms and concepts to be learned

Enterprise, enterprise finance, financial relations, financial resources, distributive function of enterprise finance, control function of enterprise finance, financial management, financial instruments, financial management system of an enterprise, asset, liability, own capital of an enterprise, borrowed capital of an enterprise, non-current assets, depreciation, current assets, circulation funds, accumulation funds, enterprise expenses, costs, revenue, profit, gross profit, taxable profit, net profit, product profitability, profitability production assets, return on equity, return on sales, break-even point, marginal profit.

Data-driven accounting given in table 1, it is necessary to calculate the amount of the company's income at the beginning and end of the period and their dynamics.

The results of the decision should be presented in table 2.

Table 1

Initial data

Name of incomeby type of activity	At the beginning of the period, thousand rubles	At the end of the period, thousand rubles
1. Revenue from the sale of products (goods, services)	9980,0	10023,0
2. Sale of goods and products on the terms commercial loan provided as a deferred payment	962,0	852,0
3. Advances received on account of payment for products	1342,0	1245,0
4. Other income, including: operating income (receipts related to the provision for a fee for temporary use of the company's assets)	150,0	150,0
received interest on securities	16,6	14,3
funds received to repay the loan	250,0	150,0
proceeds from the sale of fixed assets	50,0	10,0
5. Penalties received for violation of the terms of contracts (by court decision)	57,2	59,9
6. Profit of previous years, revealed in the reporting year	132,2	-
7. The amount of proceeds in compensation for losses caused to the organization	76,0	92,3
8. Insurance compensation from emergency	32,1	25,8
Amount of value added tax	742,6	652,7

table 2

Calculation of enterprise income

Name of incomeby type of activity	At the beginning of the period, thousand rubles		At the end of the period, thousand rubles		Dynamics,%
	amount, thousand rubles.	structure, % of total	amount, thousand rubles	structure, % of total
1. Income from ordinary activities
1.1. Revenue from the sale of products and goods, the provision of services
1.2. Sale of goods and products on the terms of a commercial loan provided in the form of a deferred payment
Total income from ordinary activities
2. Miscellaneous income 2.1. Operating income: receipts associated with the provision for a fee for the temporary use of the organization's assets
2.2. Received interest on securities
2.3. Proceeds from the sale of fixed assets
2.4. Non-operating income: fines received for violation of the terms of contracts (by court decision)
profit of previous years revealed in the reporting year
the amount of proceeds in compensation for the losses caused to the organization
Total other income
Not recognized as income (enter independently):
3. Extraordinary Income: Contingency Insurance Claim
Total other income
Not recognized as income (enter independently):
Total, the amount of the company's income

Based on the accounting data given in Table 3, it is necessary to calculate the amount of the company's expenses at the beginning of the reporting period and at the end of the reporting period.

The results are presented in table. four.

Table 3

Initial data

expendituresby type of activity	At the beginning of the period, thousand rubles	At the end of the period, thousand rubles
Costs (costs) for the purchase of raw materials and materials for the production of products	720,0	780,0
Costs for fuel, electricity, heat and gas	110,0	130,0
Labor costs	190,0	210,0
Social spending	60,0	70,0
Depreciation deductions	72,0	78,0
Selling expenses	30,0	32,0
Operating expenses (provided for a fee for the temporary use of assets), participation in authorized capitals other organizations	3,0	3,0
Payment of interest on loans and borrowings	20,0	22,0
Fines and penalties paid	50,0	45,0
Expenses for contributing funds to the share capital of other organizations, the acquisition of shares	20,0	20,0
Charity expenses	10,0	10,0

Table 4

Calculation of the amount and structure of expenses of the enterprise

expendituresby type of activity	At the beginning of the period, thousand rubles		At the end of the period, thousand rubles		Dynamics,%
	amount, thousand rubles	structure, % of total	amount, thousand rubles	structure, % of total
1. Costs for ordinary species activities
1.1. Material costs: expenses associated with the manufacture and sale of products (works, services) - the purchase of raw materials and materials
1.2. Labor costs
1.3. Deductions for social needs
1.4. Depreciation of fixed assets
1.5. Other expenses (sales and administrative expenses)
2 . other expenses
2.1. Operating expenses: expenses associated with participation in the authorized capital of other organizations;
expenses associated with the disposal and write-off of fixed assets;
interest paid
2.2. Non-operating income: fines, penalties paid;
losses of previous years
2.3. Extraordinary expenses: emergency expenses (natural disasters)
2.4. other expenses
Total expenses of the enterprise

Guidelines for solving task 1 and task 2

To solve problems, it is necessary to use the regulatory provisions for determining the income and expenses of an enterprise, set out in PBU 9/99 and PBU 10/99. These provisions define the composition of income and expenses, as well as those income and expenses that are not recognized as income and expenses of the enterprise. In accordance with these provisions, tables are filled out. 2 and 4.

Task 3.

An object with an initial cost of 1,500 thousand rubles was purchased. with a deadline beneficial use within 7 years.

Define annual rate depreciation charges and the annual amount of depreciation deductions for linear way depreciation charges.

Draw appropriate conclusions.

Guidelines for solving problem 3

With the straight-line method, the annual amount of depreciation charges is determined based on the initial cost of the fixed assets object and the depreciation rate calculated on the basis of the useful life of this object. In this case, the rate of depreciation N o is determined by the formula:

where t is the useful life of an object of fixed assets.

The amount of depreciation deductions is determined by the formula:

where WITH o - the initial cost of fixed assets.

Task 4. Determining the amount of depreciation.

An object with an initial cost of 2,000 thousand rubles was purchased. with a useful life of 10 years.

Determine the rate of depreciation, the amount of depreciation when applying reducing balance method and the residual value for all periods of use of the object at the beginning and at the end of the period. The solution is presented in the form of a table. 5.

Table 5

residual value at the beginning of the period, thousand rubles	Depreciation amount, thousand rubles	Residual value at the end of the period, thousand rubles
Total:

Guidelines for solving problem 4

With the reducing balance method, the annual amount of depreciation is determined based on the residual value of fixed assets at the beginning of the year and the rate of depreciation calculated based on the useful life of this object. When applying this method, the share of depreciation charges attributable to the cost of production decreases with each subsequent year of operation of the facility.

The rate of depreciation is determined by the formula given in task 3, and the amount of depreciation for each year, starting from the 2nd, is determined by the formula:

where С OST is the residual value of the fixed assets object at the beginning of the year.

For example. An object with an initial cost of 100 thousand rubles was purchased. with a useful life of 5 years.

1. Depreciation rate:

1. Calculation of the amounts of depreciation deductions for the years of useful use of the object.

Table 6

Residual value at the beginning of the period, rub.	Depreciation amount, rub.	Residual value at the end of the period, rub.
100000	100000×20%=20000	100000-20000=80000
80000	80000×20%=16000	80000-16000=64000
64000	64000×20%=12800	64000-12800=51200
51200	51200×20%=10240	51200-10240=40960
40960	40960×20%=8192	40960-8192=32768
Total:	67232	32768

Task 5. Determining the amount of depreciation.

Determine the depreciation rates and the amount of accrued depreciation for the acquired object worth 900 thousand rubles. with the depreciation method by the sum of the numbers of years of useful life, if the useful life is 6 years.

The results of the decision to issue in the form of a table. 7.

Table 7

Year from the date of purchase	Depreciation rate, %	Depreciation amount, rub.
the first
second
etc.
Total:

Guidelines for solving problem 5

When applying the depreciation method based on the sum of the number of years of the useful life, the annual amount of depreciation is determined based on the initial cost of the fixed assets object and the ratio of the number of years remaining until the end of the object's service life and the sum of the number of years of the object's service life. In this case, the sum of the numbers of years of useful life is determined:

where i is the period (year) number.

The rate of depreciation when using this method changes annually during the period of use of the object and is determined by the formula:

The amount of depreciation deductions is determined by the formula used in task 3.

For example. The enterprise acquired an object of fixed assets with an initial cost of 100 thousand rubles. and a useful life of 5 years.

1. Let us determine the sum of the numbers of years of useful life of the object:

1. Calculate the rates and amounts of depreciation.

Table 8

Year from the date of purchase	Depreciation rate, %	Depreciation amount, rub.
The first	5/15×100=33.33	100000×33.33%=33330
Second	4/15×100=26.67	100000×26.67%=26670
Third	3/15×100=20.00	100000×20.00%=20000
Fourth	2/15×100=13.33	100000×13.33%=13330
Fifth	1/15×100=6.67	100000×6.67%=6670
Total:		100000

Task 6. Determining the amount of depreciation.

The organization for the implementation of cargo transportation acquired freight car worth 800 thousand rubles, a useful life of 5 years and an estimated mileage of 600 thousand km.

AT reporting period mileage was 10 thousand km. Determine the amount of depreciation deductions when using depreciation method in proportion to the volume of products (works) .

Guidelines for solving problem 6

With the method of calculating depreciation in proportion to the volume of products (works), depreciation is charged based on the natural indicator of the volume of products (works) in the reporting period and the ratio of the initial cost of the fixed assets object and the estimated volume of products (works) for the entire useful life of the fixed assets object.

The amount of annual depreciation deductions is determined by the formula:

where q is the volume of products (works) produced in the reporting period;

Q - the volume of production (work) for the entire period of useful life of the object of fixed assets.

Task 7. Determination of the break-even point of the enterprise.

Determine the profitability threshold for the enterprise and build a schedule for calculating the break-even point of sales under the following conditions:

Volume of sales	- 3000 units
Unit price	- 1500 rub.
The cost of producing a given volume of output:
permanent variables	800 thousand rubles 2300 thousand rubles

Methodological instructions for solving the problem

Threshold of profitability (break-even point)- such a volume of output at which the profit of the enterprise is equal to zero, i.e. such a volume of sales of products at which revenue is equal to total costs. Determined by the formula:

where T bu is the break-even point (critical volume in natural terms);

P is the price of a unit of production;

v - variable costs per unit of production;

V — variable costs for the entire volume of production;

F — total fixed costs;

MP - marginal profit;

Вр - proceeds from the sale of products.

In this case, the revenue is determined by the formula:

where Q is the volume of products sold.

Marginal Profit (MP)— the difference between revenue and variable costs. Sometimes marginal profit is called coverage amount(this is the part of the proceeds that remains to cover fixed costs and profit generation).

Indicators	at the beginning of the period, thousand rubles	at the end of the period, thousand rubles	Deviations (+,-),	Growth rate %
			thousand roubles.
1. Non-current assets
2. Current assets
3. Balance currency
4. Equity
5. Borrowed capital
6. Accounts receivable
7. Accounts payable
8. Own funds in working capital

Signs of a "good" balance:

1. The balance sheet currency increased at the end of the reporting period compared to the beginning by 9.12%. This positive trend is associated with an increase in production volumes and with an increase in current assets. (condition met)

2. The growth rate of current assets is higher than the growth rate of non-current assets by 22.86%. (condition met)

3. The equity capital of the enterprise is many times greater than the borrowed capital, and the growth rate is noticeably higher (the condition is met)

4. The growth rate of accounts payable outpaces the growth rate of accounts receivable by 18.54%, thus negatively impacting operations. (condition not met)

5. The share of own funds in current assets is large (the condition is met).

6. There are no articles: uncovered loss (the condition is fulfilled).

2.6. Analysis of the structure of assets and liabilities of the balance sheet Analysis of the structure of property value

Indicators	at the beginning of the period		at the end of the period		Growth for the reporting period (+,-) %
	thousand roubles.	in % of property value	thousand roubles.	in % of property value
1. All property, including:
2. Non-current assets, including:
2.1. fixed assets
2.2. Long term financial investments
3. working capital, of them:
3.1. Short-term financial investments
3.2. Cash
3.3. Accounts receivable
3.4. Stocks

1. During the reporting period, the assets of the enterprise increased by 10889 thousand rubles. or 9.123%. This was due to an increase in current assets by 13,353 thousand rubles. or 15.882%. It turns out that the company reporting year invested more funds in current assets than in non-current assets, which decreased by 2464 thousand rubles. or 6.985%. There are pluses in this, as the property of the enterprise has become more mobile.

2. The share of current assets in the value of all property accounts for 74.8052%, compared to 25.1948% of non-current assets. The increase in working capital was due to a sharp increase in cash and inventories.

3. Long-term financial investments have not changed over the year, therefore, we can conclude that the company does not seek investment activities and is in no hurry to invest in projects. Or, it can be said that no financial investments were made during the year, but in the past the enterprise willingly invested its funds.

4. The share of fixed assets increased by 30%. This indicates an increase in production capital, and the prospects for further development of production. Thus, the enterprise cares about the future.

Option 9

1. Cash flow budget (BDBS)

2. Essence of budgeting. Goals and objectives of budgeting in the enterprise

A task

The name of indicators	Months	Total per quarter
January	February	March

Stocks of materials at the end of the period are 40% of the requirements for materials in the next period.

Accounts payable at the beginning of the period must be paid in full in January; The coefficients of collection for payment for the supply of materials are as follows: 60% is paid in the month of supply, and 40% - in the next month.

Option 10

1. Budget balance sheet(BBB)

A task Draw up a budget for the cost of basic materials (table 1) and a budget for paying for the supply of materials (table 2) according to the following data.

Table 1 - Cost budget for basic materials

The name of indicators	Months	Total per quarter
January	February	March
1 Planned production volume, pcs.
2 Consumption rate of materials per item, kg/pc.
3 Need for materials, kg
4 Stock of materials at the end of the period, kg
5 Stock of materials at the beginning of the period, kg
6 Material purchase volume, kg
7 Price of 1 kg of materials, rub.
8 Expenses for basic materials, thousand rubles.

Stocks of materials at the end of the period are 30% of the requirements for materials in the next period.

Prices for materials are calculated taking into account the annual inflation rate of 12% (prices are rounded up to integers)

Table 2 - Budget for payment of supplies of materials

Accounts payable at the beginning of the period must be paid in full in January; The coefficients of collection for payment for the supply of materials are as follows: 50% is paid in the month of supply, and 50% - in the next month.

Option 11

1. Concept and choice budget period

2. Evaluation financial condition enterprises

A task

Option 12

1. Methodology of "rolling" budget planning

2. The concept and classification of enterprise budgets

A task Make a budget for labor costs (Table 2), having previously calculated prices for products A and B (Table 1).

Table 1 - Calculation of prices for products

Table 2 - Budget for labor costs

Option 13

1. Concept and formation financial structure enterprises

2. Sales budget

A task

Accounts payable for wages at the beginning of the planned year is 120,000 rubles and is repaid as follows: 50% in January and 50% in February.

Wage payments are made: 70% in the month of payroll; 30% - next month.

Option 14

1. Types of financial responsibility centers and their characteristics

2. Special budgets

A task Form a budget for labor costs (Table 1) and a budget for wage payments (Table 2) according to the following initial data.

Table 1 - Labor Cost Budget

Table 2 - Budget for salary payments

Accounts payable for wages at the beginning of the planned year is 140,000 rubles and is repaid as follows: 40% in January and 60% in February.

Wage payments are made: 75% in the month of payroll; 25% - next month.

Option 15

1. Budgets for selling and management expenses

2. Integrated accounting in budget management

A task. AMM's balance sheet for last year has the following form (thousand r)

Due to the newly invented improvement, the owner of the company expects a doubling of sales, which will lead to an increase in net profit(after taxes) up to 1,000. The owner is confident that he can avoid the increase in fixed assets. Will the company need additional capital if the board of directors does not plan to pay dividends? If YES, how much?

Option 16

1. Plan-fact analysis as a technology of budget control

2. Cash flow budget (BCD)

A task According to the data presented 1) draw up a sales budget for the first quarter of the planned year (in table 1); 2) calculate average price per quarter by type of product; 3) determine the growth rate of natural and value sales volumes; 4) draw up a budget for cash receipts from sales (in table 2), if:

a) accounts receivable for supplies at the beginning of the planned quarter is 2,000 thousand rubles. and will be repaid in January of the planned year in full;

b) payment for supplies is made as follows: 70% of supplies are paid in the month of implementation, 30% - in the next month.

Table 1 - Sales budget

Estimated inflation rate in the planned year - 6% per year

Table 2 - Budget of cash receipts from sales

Option 17

1. The concept and classification of enterprise budgets

2. The concept and choice of the budget period

A task

Table 1 - Sales budget

Collection coefficients:

40% - in the month of deliveries;

40%, 15%, 5% - in the following months respectively

Option 18

1. The composition of the consolidated (general) budget of the enterprise

2. The essence and purpose of financial and economic analysis in budget process

A task Form a sales budget (table 1) and a budget for cash receipts from sales (table 2) according to the following initial data:

Table 1 - Sales budget

When forming the sales budget, take into account that the natural volume of sales is distributed by months in the following proportions: January - 35%; February - 35%; March - 30%. Annual inflation - 6%.

Table 2 - Budget for cash receipts from sales

Collection rates: 40% - in the month of sale; 50% and 10% in the following months respectively.

Option 19

1. Production budgets

2. Types of financial responsibility centers and their characteristics

A task Prepare a production budget using the following data:

a) stocks of finished products at the end of the previous planned year were 450 units for products A and 100 units for products B;

b) Stocks of finished products (FP) at the end of each month are accepted in the amount of 25% of the sales volume (in natural units) of the next month. In the last month (June), they are taken equal to the size of the previous month (May).

The coefficient of renewal (input) of fixed assets (K rev) proves the share of new fixed assets in the composition of all fixed assets and is calculated by the formula:

where C input is the initial cost of newly introduced fixed assets for the analyzed period, thousand rubles;

With con - the value of fixed assets at the end of the same period, thousand rubles.

The retirement rate of fixed assets (K vyb) shows what proportion of fixed assets that were available at the beginning of the reporting period, retired during the reporting period due to dilapidation and wear and tear, and is determined by the formula:

where WITH vyb - the cost of retired fixed assets for the analyzed period;

From the beginning - the cost of fixed assets at the beginning of the analyzed period, thousand rubles.

The growth rate of fixed assets (K pr) characterizes the process of updating fixed assets, taking into account the amount of disposal of obsolete funds and is determined by the formula:

An example of calculating the coefficients of renewal, disposal and growth of fixed assets for the analyzed period of 2003-2006. is given in table. one.

Table 1. Calculation of the coefficients of renewal, disposal and growth of fixed assets for the analyzed period

			Price			Coefficient
	for the beginning of the year	at the end of the year			growth			growth
			fixed assets, thousand rubles
Total for the analyzed period

Each enterprise must independently, based on its capabilities, economic feasibility, as well as development prospects and competitive requirements, determine the advantages and preference for entry, disposal or growth.

Analysis of the technical condition of fixed assets is carried out by comparing the coefficients with each other. So, for example, comparing the coefficient of renewal of fixed assets with the retirement rate allows you to establish the direction of change in fixed assets: if the ratio of the coefficients is less than one, then the fixed assets are directed mainly to replace obsolete ones; if the ratio of the coefficients is greater than one, new fixed assets are directed to replenish existing ones. In our example, fixed assets for all the years of the study were directed to replenish existing funds, which ensured their significant increase.

When determining the technical condition of fixed assets, one should also calculate the period of their renewal. This allows the company to more clearly see its possibilities for updating and the prospects for the development of its technical base.

The term for the renewal of fixed assets (T rev) is determined by the ratio of the initial value of fixed assets at the beginning of the period to the value of received fixed assets (C input) for the analyzed period:

Based on the data in Table. 1, the update period for the years of the analyzed period is as follows (Table 2).

Table 2. Terms of renewal of fixed assets

1. The initial cost of fixed assets, thousand rubles.
2. Commissioning of fixed assets, thousand rubles.
3. Period of renewal of fixed assets, years (line 3 = line 1 / line 2)

As you can see, the fact of a systematic reduction in the period of renewal of fixed assets is positive, which for the analyzed period decreased by more than 5.5 years.

The depreciation coefficient of fixed assets (K depreciation) characterizes the average degree of their depreciation and is determined by the formula:

where C out - the cost of depreciation of all or the corresponding types of fixed assets, thousand rubles;

C n - the cost of all or certain types of fixed assets, thousand rubles.

The coefficient of validity of fixed assets (K g) shows what proportion of their residual value of the initial cost for a certain period. It is determined by the formula:

The usefulness ratio of fixed assets can also be calculated by subtracting the depreciation percentage from 100%.

The calculation of the coefficients of wear and tear of fixed assets is carried out according to Table. 3.

Table 3. Calculation of wear and tear coefficients of fixed assets at the enterprise for 2003-2006

	The initial cost of fixed assets, thousand rubles.		Residual value of fixed assets, thousand rubles		Depreciation of fixed assets, thousand rubles		Wear factor		Acceptance factor
	for the beginning of the year	at the end of the year	for the beginning of the year	at the end of the year	for the beginning of the year	at the end of the year	for the beginning of the year	at the end of the year	for the beginning of the year	at the end of the year
					gr. 6 = gr. 2 - gr. 4	gr. 7 = gr. 3 - gr. 5	gr. 8 = gr. 6 / gr. 2	gr. 9 = gr. 7 / gr. 3	gr. 10 = gr. 1 - gr. eight	gr. 11 = gr. 1 - gr. 9

As you can see, the depreciation of fixed assets at the enterprise is significant (20%), but the positive is not the deterioration of the coefficient of validity of fixed assets, but its stabilization.

Analysis of the technical condition of fixed assets requires the enterprise to develop a program for the introduction of new technology and the introduction of new production facilities. Wherein Special attention appeals to the introduction of progressive equipment, to an increase in the share of highly mechanized and automated production processes that increase the competitiveness of the enterprise and its products.

To maintain the technical level of the enterprise, its uninterrupted functioning and development, it is necessary to perform work on the maintenance of fixed assets.

• analysis of the implementation of the plan for the repair of fixed assets;
• determination of the share of capital repair costs to the average annual cost of fixed assets and to the amount of depreciation;
• analysis of the repair base of the enterprise.

Analysis of the implementation of the plan for the repair of fixed assets on the basis of the primary factory accounting data allows us to determine:

• repair costs - total;
• including the cost of capital repairs and out of it the cost of repairs carried out by an economic method.

Comparison of the costs according to the plan and the actual data allows for all the analyzed indicators, as well as for the calculation of the share of overhaul and the share of work performed by the enterprise itself, to analyze the implementation of the plan for the repair of fixed assets.

Calculation of the share of capital repair costs to the average annual cost of fixed assets and to the amount of depreciation allows you to determine how fully the internal source of financing is used, and to establish how the volume of a repair work depending on the average annual cost of fixed assets.

Practice shows that enterprises often do not fully use depreciation funds for repairs or for other purposes.

To determine the amount of financing for repair work and the level of its use, it is advisable to create a repair fund at enterprises. It is especially important to create it at those enterprises where large volumes of repair work or complex and expensive work repair of individual objects. At the same time, the repair fund should not be created in thousands of rubles, as is done at many enterprises, but as a percentage of the average annual cost of fixed assets. This allows you to change the amount of financing for repair work for the reporting periods, depending on the change in the same periods of their average annual cost.

Economists of the enterprise, with the involvement of the chief mechanic and power engineer, with knowledge of the preventive maintenance system of the expected volume of repair work, the amount of repair costs for a number of years of the past period, taking into account the specifics of the enterprise and a number of other factors, determine the estimate of repair costs for the planned year. Next, the proportion of the cost estimate as a percentage of the value of fixed assets at the beginning of the year is calculated. And this percentage for the entire planned year is taken as fundamental for determining the amount of repair costs for the planned period.

For example, the estimated repair costs for 2006 amounted to 200 thousand rubles. The average annual value of fixed assets is set for 2006 at 4,000 thousand rubles. We determine the specific weight of the estimate of repair costs to the cost of fixed assets (200 / 4000) × 100 = 5%. Next, the amount of repair costs for each reporting period is calculated. If at the end of the first quarter the cost of fixed assets was 3800 thousand rubles, then the volume of financing for this period was 190 thousand rubles. (3800 thousand rubles × 5%), and if for the II quarter fixed assets amount to 4300 thousand rubles, then the amount of financing for repair work will be 215 thousand rubles. (4300 × 5), etc.

This approach to the formation of repair costs allows you to determine the amount of costs with a sufficient degree of accuracy in advance, prevent sharp fluctuations in the cost of production for the reporting period and predetermine the expected profit.

To determine the repair capabilities of the enterprise and the need for development, an analysis of the repair base is carried out. To do this, it is recommended to compare over a 3-5-year period of time average headcount workers of the enterprise with the number of workers employed in repair services, as well as the number of units of installed equipment at the plant with its number in repair services. At the same time, if possible, it is necessary to take into account the technical parameters of the equipment used, the change in the cost of repairs in the cost of production, the level of qualification of the repair personnel, average level them wages and other indicators.

Analysis of technical and economic indicators of the use of fixed assets

Analysis of technical and economic indicators of the use of fixed assets includes:

• analysis of indicators of equipment use by time and power;
• analysis of indicators of equipment use by quantity;
• shift ratio analysis;
• general analysis of capital productivity;
• factor analysis of capital productivity;
• analysis of the effectiveness of the development of fixed assets.

Analysis of equipment usage indicators by time and power

Analysis of the use of equipment over time (extensive use) is reduced to determining the changes that have occurred in the reporting period compared to the base period by reducing various kinds of downtime and unscheduled interruptions.

Extensive use of equipment consists in determining the time of its actual operation and comparing it with various time funds: calendar (T k), regime (T p), arranged according to plan (T pl).

The level of use of equipment by time is characterized by coefficients calculated as the ratio of the actual time worked: to the calendar fund; to the regime fund; to the fund disposable according to the plan (see Table 4).

Table 4. An example of calculating the use of equipment by time per month

Index	Symbol	Absolute expression
Number of calendar days in a month
Number of working days
Number of shifts
Set shift duration, hours
Number of installed equipment
Number of operating equipment
Calendar fund of time, machine-hours (30 × 24 × 10)
Regime fund of installed equipment (22 × 2 × 8 × 10)
Scheduled repair time, machine-hours
Planned time fund, machine hours (3520 - 120)
Downtime, machine-hours
Actual hours worked, machine-hours
Odds: a) T fact / T to b) T fact / T r c) T fact / T pl

The analysis of the use of equipment by capacity (intensive use) expresses the degree of use of the capacity of the equipment during its actual operation.

The level of use of equipment in terms of power is characterized by the coefficients of intensive equipment load (K in), calculated as the ratio of the basic specific labor intensity of products (T c. b) to the reported specific labor intensity (T c. from):

The specific labor intensity (T y) of products, respectively, in the base or reporting periods is determined by the ratio of the actual labor intensity of products (T fact) to the actual volume of production (VP) in value terms:

At enterprises producing homogeneous products, the indicator of intensive use of equipment is determined by the formula:

where H fact is the actual production output per unit of time in the corresponding natural units of measurement;

H max - the maximum possible number of products according to the norms of equipment productivity for the same period of time and in the same units of measurement.

Under the productivity rate, the estimated potential productivity of equipment per unit of time of its operation is taken.

Analysis of equipment usage indicators by quantity

The analysis of the use of equipment by quantity shows the quantitative change in the use of equipment at the enterprise in the reporting period compared to the base one.

Available equipment - all equipment of the enterprise, regardless of the place of its divergence and technical condition.

Installed equipment means equipment put into operation, including overhaul and for modernization.

Actual operating equipment - equipment that was in operation, regardless of the duration of its operation during the reporting period.

The level of use of equipment by quantity is characterized by coefficients calculated as ratios:

a) installed (or actually operating) equipment to cash, i.e. This ratio is used to analyze the dynamics of the use of the equipment available on the balance sheet, and allows you to find out the amount of uninstalled equipment and outline measures to speed up its commissioning;

b) actually operating equipment to the installed one, that is, This coefficient characterizes the degree of use of the amount of equipment intended for operation at one enterprise within a certain period.

An example of the calculation is given in Table. 5.

Table 5. Equipment usage analysis

Type of equipment	Quantity	Including in workshops:
		production			auxiliary
			of it in groups			of it in groups
			metal cutting			metal cutting
1. Available equipment
2. Installed equipment
3. Actually working Odds: page 2 / page 1 page 3 / page 1 page 3 / page 2

The impact on the return on assets of a quantitative change (reduction or increase) of uninstalled and unused (or surplus) equipment in the reporting period compared to the base period is determined by comparing the return on assets for the base period based on the base output:

a) at the cost of fixed assets in the base period;

b) at the basic cost of fixed assets minus (or adding) the amount of the reduction (or increase) of uninstalled and unused (or surplus) equipment compared to the base period.

Example 1

The cost of fixed assets in the base period is 15,000 thousand rubles, and the volume of gross output is 30,000 thousand rubles. In the reporting period, uninstalled and unused equipment decreased by 1,000 thousand rubles. The change in capital productivity will be:

a) with the value of fixed assets and the volume of gross output in the base period, the return on assets is equal to: 30,000/15,000 = 2 rubles;

b) with the basic volume of gross output and the basic value of fixed assets, taking into account their reduction by 1000 thousand rubles. the return on assets is: 30,000 / (15,000 - 1,000) = 2.14 rubles.

The increase in capital productivity as a result of the reduction of uninstalled and unused equipment will be: 2.14 - 2 = 0.14 rubles, or 14 kopecks. from each ruble of the value of fixed assets.

Shift ratio analysis

Shift ratio (K cm) is an indicator that characterizes the use of the equipment fleet in terms of quantity and time. It reflects the time of full-shift use of a unit of installed equipment and is defined as the ratio of worked machine-shifts (P 1, P 2, P 3) to the amount of installed equipment (P set):

K cm \u003d (P 1 + P 2 + P 3) / P set.

Example 2

The enterprise installed 300 units of equipment, 200 machines worked in the first shift, 150 in the second, and 100 in the third. The shift ratio (K cm) is: (200 + 150 + 100) / 300 = 1.5 shifts.

The change in capital productivity due to changes in the shift coefficient (ΔF cm) in the reporting period compared to the base period is determined by the formula:

Example 3

The return on assets in the base period (F b) was 5 rubles, the shift ratio in the reporting period (K see from) - 1.5; in the base (K see b) period - 1.4. The decrease in capital productivity due to changes in the shift ratio amounted to ≈ 0.36 rubles, or 36 kopecks.