Usn / 04.09.2021

Return on assets and capital intensity of fixed assets. Analysis of return on assets. What is capital intensity

The efficiency of the use of fixed assets is characterized by the rate of return on assets, calculated as the ratio of the volume of output per year (at the enterprise level) to the average annual total cost. At the level of industries, output or gross value added is used as an indicator of output, and at the level of the economy as a whole, value is used.

Return on assets it is the volume of production divided by the average amount of industrial and production fixed assets at their initial cost.

The rational use of fixed assets is necessary to increase the production of the social product and.

An increase in the level of use of fixed assets makes it possible to increase the size of production output without additional capital investments and in a shorter time frame. Accelerates, reduces the cost of reproducing new assets and reduces.

The economic effect of increasing the level of use of fixed assets is the growth of social labor productivity.

The return on assets shows how much production (or profit) the organization receives from each ruble of its fixed assets.

Let us define by the method of absolute differences the influence on the volume of production of two factors associated with fixed assets:

quantitative (extensive) factor - the amount of fixed assets;
qualitative (intensive) factor - return on assets.

Table No. 1.

The increase in production versus the previous year was influenced by the following factors:

an increase in the amount of fixed assets could increase production by the amount of +6174 x 1.01 = +6235.7 thousand rubles.
a decrease in capital productivity reduced production by the amount of (-0.18) x 27985 = - 5037.3 thousand rubles. The total influence of two factors (balance of factors) is: +6235.7 - 5037.3 = +1198 thousand rubles.

Capital intensity

Capital intensity is the reciprocal of capital productivity... It characterizes how many basic production assets fall on 1 ruble of manufactured products.

Capital intensity is the average amount of industrial production fixed assets at their initial cost divided by the volume of output.

Reducing capital intensity means labor saving.

The value of return on assets shows how much production is received from each ruble invested in fixed assets, and serves to determine the economic efficiency of using existing fixed assets.

The value of capital intensity shows how much money needs to be spent on fixed assets in order to get the required volume of production.

Thus - capital intensity shows, how many fixed assets are for each ruble of manufactured products. If the use of fixed assets improves, then capital productivity should increase, and capital intensity - decrease.

When calculating the return on assets from the composition of fixed assets, working machines and equipment are allocated (the active part of fixed assets). Comparison of the growth rates and the percentage of fulfillment of the plan for capital productivity per 1 ruble of the cost of fixed industrial and production assets and per 1 ruble of the cost of working machines and equipment shows the effect of changes in the structure of fixed assets on the efficiency of their use. Under these conditions, the second indicator should outpace the first (if the proportion of the active part of fixed assets increases).

Capital-labor ratio

The capital-labor ratio has a huge impact on the value of capital productivity and capital intensity.

The capital-labor ratio is used to characterize the degree of equipment of workers' labor.

Capital-to-labor ratio and capital productivity are linked through the indicator labor productivity(Labor productivity = Output /).

Thus, capital productivity = labor productivity / capital-labor ratio.

To improve production efficiency, it is important that outrunning growth in production was ensured in comparison with the growth of fixed assets.

Using the problem, we will consider a method for calculating capital intensity, capital-labor ratio and capital productivity.

Task

	Base period		Reporting period
Company	Volume of production	Average cost of OF	Volume of production	Average cost of OF
1	18	15	36	24
2	140	35	158,4	36

Find

Coefficient of dynamics of the average capital productivity of the concern;
The absolute impact on the change in the average capital productivity of the change in capital productivity at each enterprise and changes in the capital structure.

Solution

Impact of a change in capital productivity of a change in fixed assets

Analysis of the condition and use of fixed assets

The volume of production depends on many factors, which can be grouped into three main groups:

factors related to availability, use, i.e. basic industrial and production Funds (funds);
factors related to security () and their use;
factors related to availability, movement and use.

The analysis should examine and measure the impact of these factors on. At the same time, the influence of each group of factors (resources) is determined, all other things being equal, i.e., it is assumed that the factors related to other groups acted as it was envisaged.

Consider the first group of factors (resources) that affect the volume of production. All other things being equal, the volume of production will be the greater, the greater the amount of fixed assets and the better their use.

The main sources of information for the analysis of fixed assets are: f. No. 5 of the annual report "Appendix to the balance sheet", inventory cards for accounting for fixed assets, acts of acceptance and transfer of fixed assets, invoices for the internal movement of fixed assets, acts of acceptance and transfer of repaired, reconstructed, modernized fixed assets,

Fixed assets (funds) are instruments of labor used to manufacture products or to service the production process.

The analysis should start by studying structure of fixed assets, i.e. the ratio of various groups of fixed assets in the total amount of their value.

Necessary so that in the structure of fixed assets the proportion of their active part increased, i.e. working machines and equipment that directly affect the objects of labor, i.e. for materials. At the same time, the return on the use of fixed assets increases.

Then you should check how fixed assets are updated, and calculate the following indicators:

fixed assets
fixed assets

These ratios should be calculated over several periods and track the dynamics of renewal, disposal and growth of fixed assets.

Then you need to study age composition of equipment, which is very important for characterizing the technical condition of fixed assets. For this purpose, the equipment is grouped by service life.

This grouping shows the proportion of new equipment, the return on the use of which is the highest, the proportion of equipment with average service life, as well as the percentage of obsolete means of labor.

Comparison of these indicators over several years shows the tendencies of their change (it should be borne in mind that the rates of renewal and disposal are calculated for a given period, and the rates of wear and tear - at the beginning and end of the period).

Technological level of equipment

It is necessary to study the technological level of the equipment.

For this, the equipment is divided into the following groups:

manual equipment;
partially mechanized simple equipment;
fully mechanized simple equipment;
partially automated equipment;
fully automated equipment;
automated and programmable equipment;
flexible, automated and programmable equipment.

In the process of analysis, the technological level of equipment is expressed by the following indicators:

Mechanization level machinery and equipment is the total cost of equipment of types 2 - 7 divided by the total cost of equipment of types 1 - 7.

Automation level machinery and equipment is the total cost of equipment of types 4 - 7 divided by the total cost of equipment of types 1 - 7.

Complex automation level machinery and equipment is the total cost of equipment of types 5 - 7 divided by the total cost of equipment of types 1 - 7.

Indicators of maintenance of machinery and equipment

Labor mechanization level it is the number of workers serving mechanized equipment divided by the total number of production workers.

Labor automation level it is the number of workers servicing automated equipment divided by the total number of production workers.

Analysis of the use of fixed assets

Having analyzed the state of fixed assets, we proceed to the analysis of their use. The most general indicators of the use of fixed assets are: capital productivity, capital intensity and capital-labor ratio (see the beginning of the article).

Equipment utilization rates

After studying the general indicators of the use of fixed assets, it is necessary to consider the use of equipment as the most active part of fixed assets, on which the output mainly depends.

Extensive use equipment can also be characterized by the equipment extensive utilization ratio.

Equipment extensive utilization rate Is the actual number of machine-tool hours worked by the equipment divided by the basic (planned) number of machine-tool hours worked by the equipment.

To ex= Actual operating time of the equipment, hour / Operating time of the equipment at the rate, hour

Having considered the extensive use of equipment, let us move on to studying its intensive use, i.e. use but performance. It is analyzed by comparing the actual indicators of product removal for one machine-hour (machine-hour) with the planned ones, with the indicators of previous periods, as well as with the indicators of other enterprises of a related profile by groups of the same type of equipment

Equipment use in terms of productivity, it can be characterized by the coefficient of intensive use of equipment.

Equipment intensive use ratio is the actual average output per one worked machine-hour divided by the base (planned) average output per one worked machine-hour.

Integral use of equipment, i.e. simultaneously in terms of time and productivity, expressed integral equipment utilization factor, which is defined as the product of the coefficients of extensive and intensive use of equipment.

In conclusion, the analysis should summarize the reserves for increasing production output associated with fixed assets.

Such reserves can be:

commissioning of uninstalled equipment;
increasing the shift in the work of equipment;
elimination of the causes of over-scheduled integral and intra-shift equipment downtime;
reduction of the planned losses of equipment operation time;
implementation of organizational and technical measures aimed at reducing the time spent on equipment operation for the release of a unit of production.

For industrial enterprises, the most important factor in the analysis of financial and economic activity is the assessment of the return on investment. The fixed assets of the organization are non-current assets, that is, the funds invested in their purchase will be returned in stages, over several production cycles. Accordingly, the more efficiently they are used, the faster the company returns the invested own or borrowed financial resources. Founders, credit organizations, owners, when assessing the activities of an enterprise, consider indicators that characterize fixed assets. These include capital productivity, return on assets, capital-labor ratio and capital intensity.

Characteristics of the rate of return on assets

For calculating the coefficient "capital productivity" the formula is applied unified, the calculated values of the mathematical components can be adjusted depending on the purposes of calculating the indicator. The main rule for a correct analysis of the return on investment is to track the dynamics of the value obtained. For comparison, a base value can be used, taken as a single positive level for a particular enterprise, or the indicators of the current calendar period are compared with the previous one. Also, a prerequisite for the objectivity of the obtained coefficient are the units of measurement used in the calculation; they should not change in the compared periods (most often it is a thousand rubles). The procedure for calculating the "return on assets" indicator - the formula for calculating this coefficient - implies that it refers to the values characterizing the turnover of non-current assets. The rate of renewal, inventory items, accounts receivable, IBE, and other types of assets involved in the production process is calculated in a similar way.

Factors affecting the return on assets

The value of the coefficient, which indicates the level of turnover of the OPF, is significantly influenced by a number of factors:

The volume of products sold in a certain period (in some cases, the indicator of manufactured, released products is taken into account).
The performance of the main active part of the equipment.
Reduction of downtime, reduced work shifts, days.
The level of technical excellence of equipment and machinery.
OPF structure.
Equipment utilization level.
Increase in labor productivity and non-current assets.

The formula for calculating the return on assets

The coefficient is calculated as the ratio of the output, produced (sold) of the enterprise to the cost of the production facility, as a result, an indicator is obtained, which indicates how much production is produced (sold) per unit of funds invested in the fixed facility. Let's look at a generalized calculation of the "return on assets" indicator. The calculation formula is as follows: Фо = Vpr / Sof, where Фо is the total capital productivity; Vpr - manufactured products for the selected period; Sof - the cost of fixed assets. This calculation option is used to obtain a generalized indicator, which must be calculated for all production units, otherwise it will be necessary to specify the elements of the numerator and denominator.

Denominator adjustment

When taking into account the structure of the OPF, only active (participating in the production process) fixed assets are taken into the formula for calculating the return on assets, that is, machines, machines, equipment, depending on the specialization of the enterprise. The funds of the enterprise that are on the reservation, leased, modernized and not operated during the analyzed period are subtracted from the total cost. As part of the fixed asset, it is necessary to take into account the leased or leased pieces of equipment. They can be reflected in off-balance accounts, so their value does not fall on account 01, which affects the receipt of incorrect data when analyzing such an indicator as capital productivity. The formula, or rather its denominator, must be increased by the value of the leased property.

Adjusting the numerator

To calculate the return on assets ratio (the general formula was discussed above), the volume of products produced for a certain period can be structured by divisions, by types of goods. In this case, the indicators of the volume of output should be correlated with the cost of fixed assets employed in the production of a particular type of product.

Analysis of the rate of return on assets

The coefficient obtained when calculating the return on assets is analyzed by comparison with similar data obtained in other periods, or with the level of the planned indicator. The dynamics of the values will show an increase or decrease in the operating efficiency of the OPF. Positive dynamics speaks of the competent use of fixed assets, which leads to an increase in production, and, consequently, sales (in the case of a stable level of demand). Lowering the estimated level of the rate of return on assets is not always a negative aspect of the enterprise. Therefore, it is recommended to carefully weigh all the factors affecting its value. To increase the return on assets, if it is objectively necessary, several methods are used.

Ways to increase the return on assets

To increase the capital productivity ratio, it is necessary to improve the operating efficiency of the fixed assets at the current implementation rates. There are the following ways:

Reduced equipment downtime by organizing multiple work shifts.
Incentives for personnel - a direct dependence of wages on product output is introduced.
Improving the technical level of personnel - will make it possible to avoid downtime by reducing the number and time of repairs.
Modernization of equipment, commissioning of more technologically advanced machines.
Sale of mothballed equipment, write-off of machines with a high level of physical wear and tear or obsolete.

These methods will allow to gradually increase the economic result from investing financial flows in fixed production assets, without cutting back

Return on assets is an indicator of the company's business activity, which demonstrates the efficiency of using the company's fixed assets. The value of the indicator indicates how much products were produced and services provided for each ruble of financial resources invested in fixed assets. It is calculated as the ratio of sales (revenue) to the average annual amount of fixed assets. The residual amount of the value of fixed assets is taken into account.

Applying this indicator, you can understand the efficiency of using the company's fixed assets.

Standard value:

It is desirable to improve the efficiency of using the company's fixed assets during the study period. There is no such normative value, but it is worth comparing the value of the indicator with the values of competitors. For different industries, different indicators of capital productivity are characteristic. For capital-intensive industries, this indicator will be lower, for the service sector - usually higher.

Directions for solving the problem of finding the indicator outside the regulatory limits

To increase the value of the indicator, it is necessary to ensure 100% equipment utilization. Another possible solution is to sell part of the unused fixed assets. It is advisable to do this only in the absence of prospects for further business growth.

The growth of the indicator has a limit. If fixed assets are loaded by 100%, then increasing the volume of production and sales is possible only through the purchase of new equipment, and this will lead to a slight decrease in capital productivity in the short term.

Calculation formula:

Return on assets = Revenue / Average annual residual amount of fixed assets

Calculation example:

OJSC "Web-Innovation-plus"

Unit of measurement: thousand rubles.

Return on assets (2016) = 2472 / (748/2 + 793/2) = 3.21

Return on assets (2015) = 2019 / (793/2 + 973/2) = 2.29

The efficiency of management of fixed assets in the company is growing. In 2015, products and services were provided in the amount of RUB 2.29 for each RUB of fixed assets used. In 2016, the indicator grows to 3.21 rubles. The reason for this trend is the optimization of the structure of fixed assets - the surplus was sold. There is also an increase in sales.

Characteristics of the rate of return on assets

Factors affecting the return on assets

The value of the coefficient, which indicates the level of turnover of the OPF, is significantly influenced by a number of factors:

The volume of products sold in a certain period (in some cases, the indicator of manufactured, released products is taken into account).
The performance of the main active part of the equipment.
Reduction of downtime, reduced work shifts, days.
The level of technical excellence of equipment and machinery.
OPF structure.
Equipment utilization level.
Increase in labor productivity and non-current assets.

The formula for calculating the return on assets

Denominator adjustment

The formula for return on assets in the denominator contains such a value as the cost of fixed assets. The numerator and denominator values must reflect the actual calculated data to obtain the correct indicator. The cost of fixed assets can be calculated as follows: OCav = OCn + OCK / 2, i.e., the book value of the OPF at the beginning of the period is summed up with the data at the end of the period, then the resulting value is divided by 2 (to obtain the arithmetic average). It is possible to expand and concretize this number by including in the calculation the cost of assets acquired during the period, retired as a result of sale or complete depreciation. The same indicator changes in case of revaluation of funds. Many analysts prefer to use the residual value of the asset - it can be defined as the difference between the book price at a certain moment (account 01 in the balance sheet) and the amount of depreciation of the asset (balance sheet account 02) accrued for the entire period of operation. When taking into account the structure of the OPF, only active (participating in the production process) fixed assets are taken into the formula for calculating the return on assets, that is, machines, machines, equipment, depending on the specialization of the enterprise. The funds of the enterprise that are on the reservation, leased, modernized and not operated during the analyzed period are subtracted from the total cost. As part of the fixed asset, it is necessary to take into account the leased or leased pieces of equipment. They can be reflected in off-balance accounts, so their value does not fall on account 01, which affects the receipt of incorrect data when analyzing such an indicator as capital productivity. The formula, or rather its denominator, must be increased by the value of the leased property.

Adjusting the numerator

The volume of products produced in the analyzed period is necessarily corrected for the amount of taxes, that is, VAT and the amount of excise taxes paid are deducted from the total volume of goods sold. The products sold in total terms are indexed to the inflation rate to obtain comparable indicators. It is possible to use the average contractual prices for products sold to calculate the return on assets. To calculate the return on assets ratio (the general formula was discussed above), the volume of products produced for a certain period can be structured by divisions, by types of goods. In this case, the indicators of the volume of output should be correlated with the cost of fixed assets employed in the production of a particular type of product.

Analysis of the rate of return on assets

Ways to increase the return on assets

To increase the capital productivity ratio, it is necessary to improve the operating efficiency of the fixed assets at the current implementation rates. There are the following ways:

Reduced equipment downtime by organizing multiple work shifts.
Incentives for personnel - a direct dependence of wages on product output is introduced.
Improving the technical level of personnel - will make it possible to avoid downtime by reducing the number and time of repairs.
Modernization of equipment, commissioning of more technologically advanced machines.
Sale of mothballed equipment, write-off of machines with a high level of physical wear and tear or obsolete.

These methods will make it possible to gradually increase the economic result from investing financial flows in fixed production assets, without cutting down on production costs.

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% D0% A4% D0% BE% D1% 80% D0% BC% D1% 83% D0% BB% D0% B0% 20% D1% 80% D0% B0% D1% 81% D1% 87% D0% B5 % D1% 82% D0% B0

% 0A

% D0% A4% D0% BE% D0% BD% D0% B4% D0% BE% D0% BE% D1% 82% D0% B4% D0% B0% D1% 87% D0% B0,% 20% D1% 84% D0% BE% D1% 80% D0% BC% D1% 83% D0% BB% D0% B0% 20% D1% 80% D0% B0% D1% 81% D1% 87% D0% B5% D1% 82% D0% B0% 20% D0% BA% D0% BE% D1% 82% D0% BE% D1% 80% D0% BE% D0% B9% 20% D0% BF% D1% 80% D0% B5% D0% B4% D1% 81% D1% 82% D0% B0% D0% B2% D0% BB% D0% B5% D0% BD% D0% B0% 20% D0% B4% D0% B0% D0% BB% D0% B5% D0% B5,% 20% D1% 81% D0% BB% D0% B5% D0% B4% D1% 83% D1% 8E% D1% 89% D0% B0% D1% 8F:

% D0% A4% 20 =% 20% D0% 92% D1% 8B% D1% 80% D1% 83% D1% 87% D0% BA% D0% B0% 20% D0% BE% D1% 82% 20% D1% 80% D0% B5% D0% B0% D0% BB% D0% B8% D0% B7% D0% B0% D1% 86% D0% B8% D0% B8 /% D0% 9E% D1% 81% D0 % BD% D0% BE% D0% B2% D0% BD% D1% 8B% D0% B5% 20% D1% 81% D1% 80% D0% B5% D0% B4% D1% 81% D1% 82% D0 % B2% D0% B0

% D0% A7% D1% 82% D0% BE% D0% B1% D1% 8B% 20% D1% 81% D0% B4% D0% B5% D0% BB% D0% B0% D1% 82% D1% 8C % 20% D0% BF% D1% 80% D0% B0% D0% B2% D0% B8% D0% BB% D1% 8C% D0% BD% D1% 8B% D0% B5% 20% D0% B2% D1 % 8B% D0% B2% D0% BE% D0% B4% D1% 8B% 20% D0% BD% D0% B0% 20% D0% BE% D1% 81% D0% BD% D0% BE% D0% B2 % D0% B5% 20% D0% BF% D0% BE% D0% BB% D1% 83% D1% 87% D0% B5% D0% BD% D0% BD% D1% 8B% D1% 85% 20% D0 % B4% D0% B0% D0% BD% D0% BD% D1% 8B% D1% 85,% 20% D0% BF% D0% BE% D0% BA% D0% B0% D0% B7% D0% B0% D1% 82% D0% B5% D0% BB% D1% 8C% 20% D0% BA% D0% BE% D0% BB% D0% B8% D1% 87% D0% B5% D1% 81% D1% 82% D0% B2% D0% B0% 20% D0% BF% D1% 80% D0% BE% D0% B8% D0% B7% D0% B2% D0% BE% D0% B4% D1% 81% D1% 82% D0% B2% D0% B5% D0% BD% D0% BD% D1% 8B% D1% 85% 20% D1% 84% D0% BE% D0% BD% D0% B4% D0% BE% D0% B2% 20% D1% 81% D0% BB% D0% B5% D0% B4% D1% 83% D0% B5% D1% 82% 20% D0% B1% D1% 80% D0% B0% D1% 82% D1% 8C% 20% D0% BA% D0% B0% D0% BA% 20% D1% 81% D1% 80% D0% B5% D0% B4% D0% BD% D0% B5% D0% B0% D1% 80% D0% B8% D1% 84% D0% BC% D0% B5% D1% 82% D0% B8% D1% 87% D0% B5% D1% 81% D0% BA% D0% BE% D0% B5% 20% D0% B7% D0% BD% D0% B0% D1% 87% D0% B5% D0% BD% D0% B8% D0% B5% 20% D0% B7% D0% B0% 20% D0% BE% D1% 82% D1% 87% D0% B5% D1% 82% D0% BD% D1% 8B% D0% B9% 20% D0% BF% D0% B5% D1% 80% D0% B8% D0% BE% D0% B4.

% D0% 9F% D1% 80% D0% BE% D0% B8% D0% B7% D0% B2% D0% B5% D1% 81% D1% 82% D0% B8% 20% D0% B2% D1% 8B % D1% 87% D0% B8% D1% 81% D0% BB% D0% B5% D0% BD% D0% B8% D1% 8F% 20% D0% BF% D0% BE% D0% BC% D0% BE % D0% B3% D1% 83% D1% 82% 20% D0% B4% D0% B0% D0% BD% D0% BD% D1% 8B% D0% B5% 20% D0% B1% D1% 83% D1 % 85% D0% B3% D0% B0% D0% BB% D1% 82% D0% B5% D1% 80% D1% 81% D0% BA% D0% BE% D0% B3% D0% BE% 20% D0 % BE% D1% 82% D1% 87% D0% B5% D1% 82% D0% B0% 20% E2% 84% 96% 201% D0% B8% 20% E2% 84% 96% 202.% 20% D0% A4% D0% BE% D0% BD% D0% B4% D0% BE% D0% BE% D1% 82% D0% B4% D0% B0% D1% 87% D0% B0,% 20% D1% 84 % D0% BE% D1% 80% D0% BC% D1% 83% D0% BB% D0% B0% 20% D1% 80% D0% B0% D1% 81% D1% 87% D0% B5% D1% 82 % D0% B0% 20% D0% BF% D0% BE% 20% D0% B1% D0% B0% D0% BB% D0% B0% D0% BD% D1% 81% D1% 83% 20% D0% BA % D0% BE% D1% 82% D0% BE% D1% 80% D0% BE% D0% B9% 20% D0% BF% D0% BE% D0% B7% D0% B2% D0% BE% D0% BB % D1% 8F% D0% B5% D1% 82% 20% D1% 81% D0% B4% D0% B5% D0% BB% D0% B0% D1% 82% D1% 8C% 20% D0% B2% D1 % 8B% D0% B2% D0% BE% D0% B4% D1% 8B% 20% D0% BE% 20% D1% 81% D0% BE% D1% 81% D1% 82% D0% BE% D1% 8F % D0% BD% D0% B8% D0% B8% 20% D1% 84% D0% B0% D0% BA% D1% 82% D0% BE% D1% 80% D0% BE% D0% B2% 20% D0 % BF% D1% 80% D0% BE% D0% B8% D0% B7% D0% B2% D0% BE% D0% B4% D1% 81% D1% 82% D0% B2% D0% B0,% 20% D0% B8% D0% BC% D0% B5% D0% B5% D 1% 82% 20% D1% 82% D0% B0% D0% BA% D0% BE% D0% B9% 20% D0% B2% D0% B8% D0% B4:

% D0% A4% 20 =% 20% D1% 81.% 202 110% 20% D1% 84.% 202 / (% D1% 81.1150% 20% D0% BD% D0% B0% D1% 87.% 20% D1 % 84.% 201% 20 +% 20% D1% 81.% 201150% 20% D0% BA% D0% BE% D0% BD.% 20% D1% 84.% 201) / 2

% D0% 9F% D0% BE% 20% D1% 81% D0% B2% D0% BE% D0% B5% D0% BC% D1% 83% 20% D0% BE% D0% B1% D1% 89% D0 % B5% D0% BC% D1% 83% 20% D0% BF% D1% 80% D0% B8% D0% BD% D1% 86% D0% B8% D0% BF% D1% 83% 20% D0% BF % D1% 80% D0% B5% D0% B4% D1% 81% D1% 82% D0% B0% D0% B2% D0% BB% D0% B5% D0% BD% D0% BD% D1% 8B% D0 % B9% 20% D0% BF% D0% BE% D0% BA% D0% B0% D0% B7% D0% B0% D1% 82% D0% B5% D0% BB% D1% 8C% 20% D0% BF % D0% BE% D1% 85% D0% BE% D0% B6% 20% D0% BD% D0% B0% 20% D0% BA% D0% BE% D1% 8D% D1% 84% D1% 84% D0 % B8% D1% 86% D0% B8% D0% B5% D0% BD% D1% 82% D1% 8B% 20% D0% BE% D0% B1% D0% BE% D1% 80% D0% B0% D1 % 87% D0% B8% D0% B2% D0% B0% D0% B5% D0% BC% D0% BE% D1% 81% D1% 82% D0% B8.

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Therefore, the comparison of the analysis results is carried out in dynamics and based on the indicators of the study of the financial and economic activities of enterprises in this industry. Only on the basis of such studies can one draw conclusions about the literacy of the management of production assets.

Analysis of return on assets

Return on assets, the formula for calculating the balance of which was carried out by analysts for several years, should be interpreted correctly. If in the period under review the ratio decreased, this indicates a decrease in the financial stability of the company and an insufficiently effective policy in the field of using production capacities.

With a gradual increase in capital productivity, it can be concluded that the company is developing correctly and harmoniously. Competent, expedient use of production assets led the enterprise in this case to an increase in financial stability.

The return on assets indicator, the calculation formula of which helps to calculate the industry average value, should be compared with the results of the analysis of competitors' activities. If the capital productivity ratio exceeds the intersectoral value, one can say about the growth of the competitiveness of the analyzed organization. And vice versa.

Two-factor and four-factor analysis of return on assets

To determine what factors affect changes in the indicator of production assets, a certain type of analysis should be performed. It allows you to take a deeper look at the ratio. With the help of two-factor analysis, capital productivity, the formula for the balance of which is calculated by the analyst at the initial stage, is studied in the aspect of the influence of the structure of production assets on it. The two-factor model is calculated as follows:

F2 = Af / F * O / Af, where Af is the active part of production assets, F is the fixed assets of production, O is the volume of product sales.

The analysis can take into account 4 factors, the level of specialization, the capacity of the company, the structure of production assets and the turnover of active means of production.

F4 = O / Oosn. * Oosn. / Msred. * Af / F * Msred. / Af, where Oosn. the main products of the enterprise, Msred. the average annual capacity of the enterprise.

Seven-factor analysis of return on assets

The seven-factor model for performing the analysis allows you to deeply evaluate all the elements that influenced the coefficient of efficiency of production facilities. The capital productivity of fixed assets, the formula of which shows only a general picture of the state of the means of labor, would be incomplete without the following analysis.

This technique makes it possible to assess the degree of influence in the production process of the structure of fixed assets, equipment, machines, shift work of machines, average annual cost of each piece of equipment, duration of equipment operation, and its efficiency.

The technique is calculated as follows:

Ф7 = Af / F * Cm / Af * Ks / M * Dp * 1 / St * Chm / Ks * O / Chm, where Cm is the average annual cost of machines and machine tools, Ks is the number of equipment changes, St m is the average cost of labor instruments, M is the number machines, Dp duration of the period, Wm the number of hours worked by the equipment.

Return on assets management

After the calculations, the return on assets, the formula of which was presented above, requires adjustment. You can manage this indicator using revenue and the size of fixed assets. To increase the return on assets, it is required to increase the productivity of labor and equipment. For this, it is possible to automate production processes, increase the load on equipment.

It is also possible to increase the return on assets by introducing scientific developments and innovations into the production process. Increase in sales will allow an increase in the distribution network. By improving product quality, you can achieve good results.

Having familiarized yourself with such a coefficient as capital productivity, the formula and analysis of which are necessarily used by analytical services, you can understand the ways to improve it. Justifiably increasing production capacity, introducing innovations in technology, expanding the distribution network, and ensuring the development and prosperity of production will not be difficult.

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Industrial buildings (workshops, warehouses, laboratories).
Other structures (various engineering structures that create the infrastructure for the production of products, such as roads and tunnels).
Transmission networks (electrical, gas, heat).
Equipment and machines.
Transport vehicles.
Tool.
Production and household inventory.
Working cattle and perennial plantings.
Other funds (including museum and library values).

Analysis of fixed assets

The study of funds at the disposal of the enterprise is carried out in four directions:

Analysis of the structure of the OS and the dynamics of their growth or decrease. Its tasks include assessing the size of capital and its structure. At this stage, the nature of the impact of fixed assets on the financial position of the enterprise is also determined.
Analysis of the effectiveness of using the OS. Its tasks are to determine the direction of movement of funds and the time of their useful operation, the calculation of integral indicators. At this stage, the calculation of the rate of return on assets is carried out.
Cost-benefit analysis of equipment upgrades. Its tasks include the determination of the necessary costs for current and major repairs.
Analysis of the effectiveness of investments in the OS. Its task is to assess the borrowed loans and their impact on production.

The value of return on assets

This indicator illustrates the ratio of gross profit to fixed assets. Return on assets characterizes the efficiency of the enterprise. This indicator has been used since the days of the USSR. The calculation of the return on assets of fixed assets allows you to determine how many products sold are for each unit of the value of fixed assets. In essence, this indicator is on a par with depreciation and production profitability. Based on these three indicators, it can be concluded how efficiently the enterprise is operating. To begin with, the cost of the output is compared with the amount of fixed assets. Then the net income is compared with the required depreciation deductions. Calculation of capital productivity of fixed assets allows you to understand whether it is necessary, in particular, to purchase new equipment. If the expenses are less than future income, then such an acquisition is profitable.

Return on assets calculation

Analysis of the effectiveness of the use of fixed assets is one of the components of competent management. The calculation of return on assets can be carried out using several formulas. But in principle, they all boil down to the main one. The calculation of return on assets on the balance sheet begins with the determination of the issue and the initial cost of fixed assets. In foreign literature, this indicator is called the turnover ratio. It is used not only to assess the effectiveness of the OS, but also to compare performance within the industry. One of these indicators is the return on assets. An example of a calculation allows you to understand how much production falls on a ruble of fixed assets.

Elements of improving the functioning of the enterprise

The successful work of the enterprise is well traced in the dynamics of indicators of the analysis of fixed assets. The following factors affect the return on assets:

Equipment structure and maintenance.
The ratio of funds for various purposes.
Favorable market factors.

However, capital productivity does not take into account, for example, changes in the quality of products. Therefore, it is important to pay attention separately to this indicator when calculating.

Factors of increasing the efficiency of using the OS:

Technical re-equipment and reconstruction of operating enterprises.
Changes in the structure of fixed assets.
Use of newer models of equipment to replace obsolete ones.
Improving equipment performance by increasing its use and operating time.
Automation of production.
Increase the number of shifts and eliminate equipment downtime.
Improving the use of newly commissioned capacities.

Efficiency

The purpose of the enterprise is commercial benefit. For this, any business seeks to reduce costs and increase its income from core activities. Therefore, the problem of increasing the efficiency of functioning is central in market relations. The competitiveness of an enterprise depends on the success of its solution. Efficiency is measured by the amount of profit per ruble of investment. If the cost of purchasing new equipment exceeds the expected future income, then this investment is not at all profitable. A clear understanding of the current situation at the enterprise allows you to competently plan for the future. The main thing is to neutralize threats from the external environment at the expense of your own strengths. To do this, the company must identify methods to improve the productivity of fixed assets. So it will reduce the cost of production and provide an increase in gross profit.

Revision as a control check

Any enterprise is a complex economic organism. Therefore, it is difficult to imagine its existence without constant revisions. They can be carried out as separate activities or as components of financial control of activities. The goals of the OS revision include:

Checking the correctness of documentary registration of financial transactions.
Determination of the initial cost of fixed assets on the balance sheet.
Checking the correctness of the calculation of depreciation deductions.
Determination of the residual value of fixed assets.
Checking the legality and correctness of business transactions reflected in the accounting.
Assessment of the state of the OS, their safety and performance.

Thus, capital productivity is inextricably linked with productivity. The calculation of this indicator allows you to understand the current situation at the enterprise and plan its further development. To correctly determine the return on assets, you must first understand what fixed assets are and what factors affect the increase in their productivity in the production of products.

Red = ""> Determining the return on fixed assets in the process of a particular enterprise can be called one of the important methods of analyzing the company's efficiency. Such calculations need to be done on an ongoing basis. Otherwise, you can miss the moment when the work of the enterprise turns out to be insufficiently effective. At the same time, it is important to understand that each company needs to adjust the calculation formula taking into account the peculiarities of its own production and the industry as a whole.

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Tagged

(efficiency of non-circulating capital) - a coefficient equal to the ratio of the value of products produced or sold after deducting VAT and excise taxes to the average annual value of fixed assets.

It is calculated in the FinEkAnaliz program in the Business activity analysis block as capital productivity.

Return on assets - what shows

Shows what is the return on each ruble invested in fixed assets, what is the result of this investment.

Return on assets - formula

General formula for calculating the coefficient:

Calculation formula according to the old balance sheet:

K f =	page 010
	0.5 * (p. 120 n + p. 120 k)

where line 010 is the line of the profit and loss statement (form no. 2), line 120 n and line 120 k are the lines of the balance sheet (form no. 1) at the beginning and end of the reporting period.

Calculation formula based on the new balance sheet data:

Return on assets - value

Return on assets is an indicator reflecting the level and effect of operating fixed assets. The value of the indicator depends on the industry specifics, inflation rate and revaluation of fixed assets.

Return on assets - scheme

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