How to find the return on assets of fixed assets. How to calculate the return on assets of fixed assets according to the balance sheet of an enterprise

To assess the activities of the enterprise, managers and analysts use the return on assets indicator.

This is a financial ratio that determines the effectiveness of a business. It shows the amount of revenue per unit cost of existing fixed assets (OS). In the analysis of turnover, capital productivity shows the ratio of revenue (volume of sales) and the means of labor available to the company.

How to calculate return on assets - formula

The calculation looks like this:

return on assets= Revenue / Fixed assets

By revenue here we mean the price of products when they are sold, and not profit, since the main goal of the indicator is to demonstrate the effectiveness of converting fixed assets into goods.

Using the capital productivity formula, you can calculate how much goods an enterprise produces per unit of labor. The ratio is often considered the main indicator of the quality of a company's fund management. Its calculation is necessary when comparing the efficiency of production in different companies. The return on assets shows the ability of managers to ensure the rational use of assets if the ratio is high. Low scores signal poor management.

According to the balance sheet, the indicator is calculated in the new reporting system as follows:

Return on assets \u003d Str. 2110 ⁄ (St. 1150 n. - Str. 1150 k.) ⁄ 2,

where: p. 2110 - line 010 from form No. 2, information on the proceeds received for the period under study;
Page 1150 n. - line 120 from form No. 1, which indicates the total cost of fixed assets by the beginning of the reporting period;
Page 1150 k. - a similar indicator of the cost of fixed assets at the end of the period.

Analysis of capital productivity ratios

In the internal analysis of the enterprise, the return on assets indicator allows us to draw several important conclusions. The low value of the coefficient indicates that the production volumes are insufficient for a given value of funds. To solve the problem, measures are taken to increase sales. If this is not possible, the assets will have to be written off. High values ​​signal the need for an investment source to expand production.

Among allocate the turnover of certain groups of assets, such as stocks or receivables. Such indicators are calculated by dividing revenue by the analyzed type of assets or liabilities.

Let's give an example: in 2008 OJSC Norilsk Nickel received revenue in the amount of 13,980 million rubles, and the amount of the company's funds amounted to 28,259.5 million rubles.

Return on assets = 13,980 / 28,259.5 = 0.49

In the analyzed period, 49 kopecks of proceeds were received for each ruble of funds. Norilsk Nickel funds paid off by 49%.

The dynamics of the turnover of the company's assets for 2005-2008 is in decline. This indicates the inefficiency of the adopted policy for the use of funds owned by the enterprise. Since 2005, the growth rate of the amount of assets has been higher than the growth rate of OJSC Norilsk Nickel's revenue: since 2007, the amount of funds has increased by 119%, while revenue - only by 44%. If the negative trend continues, the company should revise its sales policy, attract investors, and eliminate unnecessary assets.

The normal value of the coefficient

There is no normal return on assets. The coefficient is often determined by the characteristics of the company and industry. In the conditions of capital-intensive industries, the asset turnover indicator will be lower, since the largest part of the enterprise's funds in this case is fixed assets. When the indicator increases in dynamics, we can talk about an increase in the efficiency of the use of means of production.

To increase the turnover of funds, you can take measures:

• increase the amount of revenue, and leave the composition of funds the same. It is necessary to use assets more efficiently or increase the operating time of the equipment (number of shifts on new machines);
• change the composition of funds, that is, write off assets that are not needed or unusable. This amount will reduce the denominator of the coefficient in the calculation.

The video below introduces other financial performance indicators of the company:

Accounting, analysis and audit / Comprehensive economic analysis of economic activity / 4.2 analysis of the intensity and efficiency of the use of fixed production assets

For a generalizing characteristic of the efficiency and intensity of the use of fixed production assets (OPF), the following indicators are used:

· capital productivity of OPF

where VP is the cost of output.

The return on assets shows how much production is received from each ruble invested in fixed production assets and is used in the analysis of the economic efficiency of using existing funds;

· return on assets of the active part of the OPF

,

where OPFact is the average annual cost of the active part of fixed assets;

· capital intensity

The capital intensity indicator characterizes the value of the costs of the cost of fixed production assets to obtain the required amount of production;

· relative economy of OPF

where , - respectively, the average annual cost of fixed assets in the base and reporting years; IVP - index of production volume.

Along with a generalizing indicator, the efficiency of using individual machines and equipment can be expressed, for example, by the following indicators:

1) the average daily volume of steel from 1 m2 of the furnace hearth area (in metallurgy);

2) productivity of cement rotary kilns (in the cement industry);

3) the production of yarn per 1,000 spindles (in the cotton industry);

4) the productivity of trucks per one average vehicle-ton (in transport).

In the process of analyzing the effectiveness of the use of fixed production assets, the dynamics of the listed indicators, the implementation of the plan in terms of their level, and inter-farm comparisons are studied. After that, the factors of change in the value of return on assets and return on assets are studied.

The most general indicator of the efficiency of the use of fixed assets is the return on assets, which is determined by the formula:

where PR - profit from the sale of products

The level of return on assets depends on the return on assets and the profitability of products.

The relationship between these indicators can be represented as follows:

;

To determine how the return on assets has changed due to the return on assets and the profitability of products, for example, the method of absolute differences is used.

We determine the change in capital profitability due to:

capital productivity of fixed production assets

;

product profitability

.

The factors of the first level that affect the return on assets of the fixed assets are the change in the share of the active part of the funds in the total amount of the fixed assets, the share of operating equipment in the active part of the funds and the return on assets of operating equipment:

The influence of these factors on the change in the return on assets of the OPF is carried out by the method of absolute differences. We determine the change in capital productivity due to:

specific gravity of the active part of the BPF

the share of operating equipment in the active part of funds

return on assets of existing equipment

The influence of these factors on the volume of production is established by multiplying the change in the return on assets of the OPF due to each factor by the actual average annual balances of the OPF of the current period.

The change in the level of return on assets is also influenced by a number of factors that can be grouped as follows (Fig. 4.1).

return on assets formula

To calculate the return on assets, data from the company's balance sheet can be used. The unit of measurement of capital productivity is rubles.

Return on assets formula and return on assets ratio show how many goods are sold (released) per unit of production assets. The calculation formula is as follows:

Kf=Vp/OSng

where Kf is the capital productivity ratio (rubles),

OSng - fixed assets at the beginning of the year (average annual cost in rubles),

Vp - sales revenue (rubles).

The capital productivity indicator is the reciprocal of capital intensity, so it can be found using the following formula:

Kf \u003d 1 / capital intensity

The return on assets ratio is not standardized; for each company, management determines its own levels of acceptable turnover of production assets. The return on assets must be analyzed over several years in dynamics to assess the nature of the trend.

Capital return formula according to the balance sheet

When calculating the return on assets, you need to use two forms of accounting:

• Balance sheet, referred to as Form No. 1;
• Statement of financial results (profit and loss statement), referred to as Form No. 2.

The amount of revenue is taken from the statement of financial results, and the cost of fixed assets is calculated according to the balance sheet. Formula of return on assets according to the balance sheet:

F \u003d (p. 2110 / p. 1150) * 100%

where Ф - return on assets (in percent);

line 2110 - revenue from the income statement (in rubles);

line 1150 - fixed assets calculated according to the balance sheet (in rubles).

To obtain a more accurate result, the average annual value of fixed assets is determined by adding the indicators of line 1150 of the balance sheet at the beginning and end of the period and dividing them by 2.

In calculations, instead of revenue, profit from sales is often used, while line 2200 (OFR) is substituted into the capital productivity formula instead of line 2110 (OFR).

What does the return on investment formula show?

Return on assets is a basic indicator of turnover, reflecting the efficiency of the company and the actual (potential) amount of cash in response to financial investments.

Simply put, capital productivity reflects how many rubles of income will fall on each ruble of the value of fixed assets.

Most enterprises consider the rate of return on assets in dynamics, making calculations for several periods. This makes it possible to assess the performance picture with higher accuracy. If the cost of fixed assets rises sharply (for example, a new workshop is launched), then the return on assets may decrease sharply.

Topic 5. ANALYSIS OF THE USE OF FIXED PRODUCTION ASSETS

When evaluating the effectiveness of managing production assets, it is required to use the following indicators:

• return on assets,
• resource intensity,
• resource return,
• material consumption.

In general, an increase in the number of fixed assets in dynamics leads to an increase in the return on assets, which shows an increase in the intensity of the use of fixed assets.

Capital productivity management

It is possible to manage capital productivity on the basis of managing the size of fixed assets of production and the company's revenue.

The increase in capital productivity is achieved through the following activities:

• Increasing the productivity of labor and equipment,
• Carrying out production automation;
• Increased equipment load;
• Development of a distribution network;
• Improving the quality and competitiveness of goods;
• Introduction of new technologies and innovations into the production process.

Examples of problem solving

F - change in capital productivity for the analyzed period, rub

Return on assets of the active part of fixed assets shows the volume of products sold per one ruble of the average annual cost of the active part of fixed assets; is calculated using the following formula:

fakt = Np/ Fakt,av, (55)

Where fact- return on assets of the active part of fixed assets, rub.;

Fact, cf- the average annual cost of the active part of fixed assets, thousand rubles.

The average annual cost of the active part of fixed assets is calculated by the formula:

Fact,av = (Fact,beginning + Fact,end) / 2, (56)

Where Fact, beginning, Fact, beginning- the initial cost of the active part of fixed assets, respectively, at the beginning and end of the year, thousand rubles;

Return on equity (profitability of fixed assets) is determined by the following formula:

Roc= Рp/ Fср, (57)

Where Ros— return on equity (profitability of fixed assets);

Rp— profit from sales, thousand rubles.

This "Profit from sales" is taken from form No. 2 "Statement of financial results".

Similarly, the return on equity of the active part of fixed assets (profitability of the active part of fixed assets) is calculated:

R act, os \u003d Pp / Fact, cf, (58)

Where Rakt, os— return on equity of the active part of fixed assets (profitability of the active part of fixed assets);

Profitability of sales calculated by the formula:

Rpr= Рp/ Np , (59)

Where Rpr- profitability of sales.

Values return on assets are calculated by formulas (51) and (52):

Favg 2012 = (134975 + 152386) / 2 = 143680.5 (thousand rubles)

Favg 2013 = (152386 + 171653) / 2 = 162019.5 (thousand rubles)

f 2012 = 813819 / 143680.5 = 5.66 (rubles)

f 2013 = 619340 / 162019.5 = 3.82 (rubles)

Relative savings (relative overspending) of fixed assets is determined by formula (53):

F \u003d 162019.5 - 143680.5 * 619340 / 813819 \u003d 52674.46 (thousand rubles)

There is a relative overspending of fixed assets, since the result of the calculation is positive.

Growth (decrease) in the volume of production as a result of a change in the level of capital productivity of fixed assets is determined by the formula (54):

N \u003d (3.82 - 5.66) * 162019.5 \u003d - 298115.88 (thousand rubles)

There is a decrease in the volume of production, since the level of capital productivity of fixed assets has decreased.

Values return on assets of the active part of fixed assets are calculated by formulas (55) and (56):

Fav act 2012 = (71717 + 89128) / 2 = 80422.5 (thousand rubles)

Fsrakt 2013 = (89128 + 106007) / 2 = 97567.5 (thousand rubles)

f act 2012 = 813819 / 80422.5 = 10.12 (rubles)

f act 2013 = 619340 / 97567.5 = 6.35 (rubles)

Capital profitability (profitability of fixed assets) is determined by formula (57):

Ros, 2012 = 92896 / 143680.5 = 0.6465

Ros, 2013 = 48741 / 162019.5 = 0.3008

Profitability of the active part (profitability of the active part of fixed assets) is determined by formula (58):

R act, os, 2012 = 92896 / 80422.5 = 1.1551

R act, os, 2013 = 48741 / 97567.5 = 0.4996

Profitability of sales is calculated by formula (59):

Rpr, 2012 = 92896 / 813819 = 0.1141

Rpr, 2013 = 48741 / 619340 = 0.0787

The calculated indicators of the intensity and efficiency of the use of fixed assets of the analyzed enterprise are presented in Table. 10.

Table 10

Analysis of the effectiveness of the use of fixed assets of the enterprise

Table data analysis. 10 shows that for the analyzed period:

- return on assets decreased by 1.84 rubles. for each ruble of the average annual value of fixed assets or by 32.51%;

— due to a decrease in the return on assets, the volume of sales decreased by 298,115.88 thousand rubles, which is 153.29% of the total decrease in the volume of sales;

— due to a decrease in capital productivity, there is a relative overspending of fixed assets in the amount of 52,674.46 thousand rubles, which is 32.51% of their actual value in 2013;

— in contrast to the growth in the average annual cost of fixed assets, the proceeds and profit from the sale decreased by 23.90% and 47.53%, respectively, which is considered as a negative trend, indicating the inefficient use of fixed assets;

- the rate of decline in profit from sales exceeds the rate of decline in revenue, which indicates a decrease in profitable products in the composition of products;

— as a result, there is a decrease in capital profitability by 53.47%, capital profitability of the active part of fixed assets by 56.75% and a decrease in profitability of sales by 31.03%;

- the return on assets of the active part of fixed assets decreased by 3.77 rubles. for each ruble of the value of fixed assets or by 37.25%; however, the rate of its decline and the rate of decline in the return on assets of the active part of fixed assets exceed the rate of decline in the corresponding indicators for the fixed assets of the enterprise as a whole.

Related information:

1. B) Change in the volume of production, including due to individual factors
2. C) absolute change in the average price of product A, including due to individual factors
3. Gross profit for the analyzed period also decreased by 202 thousand rubles, which should be considered as a negative point
4. Hydrosol vit PIO. Types, sod-e, value in pit. Change in the quantity in the pr-se rework
5. Question: What about practical considerations, such as financial pressure? How does changing the context help?
6. d) Changing scale parameters
7. Ch. XIV.

   How to calculate the return on assets of fixed assets according to the balance sheet of an enterprise

   Valentinus and his followers borrowed the beginnings of their doctrine, only with a change of names, from the pagans

8. State borders and ways of their establishment. Change of state borders. Territorial disputes
9. Step 2: Change the Chart Layout or Style
10. Amendment (termination) of the contract by agreement of the parties
11. Change the base diagram to suit your needs

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Definition

return on assets is a financial ratio that characterizes the efficiency of the use of fixed assets of the organization. Return on assets shows how much revenue falls on the unit cost of fixed assets.

It should be canceled that the return on assets indicator itself does not indicate the efficiency of the use of production assets, but only shows how the volume of products received from the sale (i.e., revenue) correlates with the cost of the organization's means of labor. It is possible to draw conclusions about the effectiveness of the use of production assets by comparing the rate of return on assets in dynamics over a number of years, or by comparing it with the same indicator for other, similar enterprises in the same industry.

Formula (calculation)

The return on assets index is calculated according to the following formula:

Return on assets = Revenue / Fixed assets

For a more accurate calculation, the value of fixed assets should not be taken at the end of the period, but as the arithmetic average for the period for which the proceeds are taken (i.e., the sum of the value of fixed assets at the beginning of the period and the end of the period, divided by 2).

Some sources recommend using the historical cost of fixed assets. However, in the financial statements (Balance sheet) the residual value of fixed assets is indicated, therefore, this assessment is often used in calculations.

At its core, the return on assets can be attributed to the turnover indicators (along with the turnover of inventories, receivables and other assets). Turnover indicators (coefficient) are always calculated as the ratio of revenue to certain assets or liabilities.

Normal value

The return on assets ratio does not have a generally accepted normal value.

Capital return formula for balance sheet

This is due to the fact that the indicator is highly dependent on industry characteristics. For example, in capital-intensive industries, the share of fixed assets in the assets of the enterprise is large, so the ratio will be lower. If we consider the rate of return on assets in dynamics, then the growth of the coefficient indicates an increase in the intensity (efficiency) of the use of equipment.

Accordingly, in order to increase the return on assets, it is necessary either to increase revenues when using existing equipment (to increase the efficiency of its use, to produce products with greater added value, to increase the time of equipment use - the number of shifts, to use more modern and productive equipment), or to get rid of unnecessary equipment by reducing thus its value is in the denominator of the coefficient.

The increase in capital intensity indicates the inefficient use of fixed assets.

Profitability of OF (fundamental profitability)- shows how much profit the company received from each ruble of used fixed assets.

fp – return on equity,

P - profit

capital-labor ratio- characterizes the number of fixed production assets in monetary terms per employee.

Exercise:

According to the table, calculate the return on assets, capital intensity, capital profitability and capital-labor ratio for the reporting and previous periods and draw conclusions about the efficiency of using fixed assets in the reporting period compared to the previous period.

Conclusion:

Compared to the previous period, in the reporting period there was a decrease in capital productivity (from 4.86 to 4.60 rubles), capital-labor ratio (from 350 to 313 rubles), capital return (from 0.129 to 0.125 rubles), an increase in capital intensity (from 0.21 up to 0.22 rubles). This indicates a decrease in the efficiency of the use of fixed assets in the reporting period compared to the previous one.

2. Private indicators - characterize the use of fixed assets in time, in terms of productivity.

Among other indicators of the efficiency of the use of fixed assets in the practice of enterprises, the most commonly used shift ratio and equipment load factor. The first is determined by the ratio of the number of worked machine shifts to the total number of installed equipment. The achieved level of utilization of the possible productivity of technological equipment is measured coefficient of intensity of use of the machine park , which is determined by the ratio of the actual volume of output to the installed production capacity of the equipment. Based on the shift indicator of equipment operation, and coefficient of use of the shift mode of equipment operation time . It is determined by dividing the shift ratio of equipment operation achieved in a given period by the shift duration established at a given enterprise (in the workshop). In addition to intra-shift and all-day downtime, it is important to know how efficiently the equipment is being used during its actual loading hours. This problem is solved by calculating indicators of intensive use of fixed assets, reflecting the level of their use in terms of capacity (productivity). The most important of them is equipment intensive utilization rate .The coefficient of intensive use of equipment is determined by the ratio of the actual performance of the main technological equipment to its standard performance, i.e. progressive technically sound performance. Kint \u003d Vf / Vn, where Vf is the actual output of equipment by equipment per unit of time; Vn is the technically justified output of equipment by equipment per unit of time (determined on the basis of equipment passport data). The third group of indicators for the use of fixed assets includes coefficient of integral use of equipment , capacity utilization factor .The coefficient of integral use of equipment is defined as the product of the coefficient of intensive and extensive use of equipment and comprehensively characterizes its operation in terms of time and productivity (power). The value of this indicator is always lower than the values ​​of the two previous ones, since it simultaneously takes into account the disadvantages of both extensive and intensive use of equipment.

Improving the use of fixed assets is reflected in the financial performance of the enterprise due to: increase in output; lower property tax and increase net profit.

Improving the use of fixed assets in the enterprise can be achieved by:

· Releasing the enterprise from excess equipment, machinery and other fixed assets or renting them out;

· Timely and high-quality carrying out of scheduled preventive and capital repairs;

· Acquisition of high-quality fixed assets;

· Increasing the level of qualification of service personnel;

· Timely renewal, especially of the active part, of fixed assets in order to prevent excessive moral and physical wear and tear;

· Increasing the shift ratio of the enterprise, if there is economic feasibility in this;

· Improving the quality of preparation of raw materials and materials for the production process;

· Increasing the level of mechanization and automation of production;

· Providing, where it is economically feasible, the centralization of repair services;

· Increasing the level of concentration, specialization and combination of production;

· Introduction of new equipment and advanced technologies (low-waste, waste-free, energy-saving and fuel-saving);

· Improving the organization of production and labor in order to reduce the loss of working time and downtime in the operation of machinery and equipment.

Ways to improve the use of fixed assets depend on the specific conditions prevailing at the enterprise for a given period of time.

1. Working capital of the organization

An important part of the property of the enterprise are its working capital.

To ensure an uninterrupted production process, along with the main production assets, objects of labor and material resources are needed. The objects of labor together with the means of labor participate in the creation of the product of labor, its use value.

The presence of an enterprise with sufficient working capital of an optimal structure is a necessary prerequisite for its normal functioning in a market economy. Therefore, the enterprise should carry out the rationing of working capital, whose task is to create conditions that ensure the continuity of the production and economic activities of the company.

It is also important to be able to properly manage working capital, develop and implement measures that help reduce the material consumption of products and accelerate the turnover of working capital. As a result of the acceleration of the turnover of working capital, they are released, which gives a number of positive effects.

An enterprise in the case of effective management of its own and other people's working capital can achieve a rational economic position, balanced in terms of liquidity and profitability.

Increase - return on assets

Page 1

Increasing the return on assets is possible on the basis of the intensive use of funds, advanced technologies, and the growth of labor productivity. Currently, there is a decrease in capital productivity, which indicates a poor state of the material and technical base of production. The growth of capital intensity and capital-labor ratio does not always reflect positive changes in the structure and condition of fixed assets. It may be the result of reduced productivity and the presence of uninstalled equipment.

Increasing the return on assets is possible on the basis of the intensive use of funds, advanced technologies, and the growth of labor productivity. Currently, there is a decrease in capital productivity, which indicates a poor state of the material and technical base of industries. The growth of capital intensity and capital-labor ratio does not always reflect positive changes in the structure and condition of fixed assets. It may be the result of a decrease in labor productivity, uninstalled equipment.

Increasing the return on assets in the national economy with the current scale of the economy is becoming increasingly important. It is necessary to stabilize the return on assets in the first half of the 1990s, and subsequently ensure its growth through a more complete use of machinery and equipment, an increase in the shift ratio, a reduction in the time for mastering new capacities, and further intensification of production processes.

An increase in capital productivity contributes to an increase in balance sheet profit and an increase in the overall profitability of production as a result of savings on conditionally fixed costs (expenses for heating and lighting premises, maintenance of equipment, wages of shop management personnel, administrative and economic, etc.) and depreciation deductions. With an increase in the water supply to the enterprise due to an increase in the return on assets, the absolute conditionally fixed costs and depreciation charges, as a rule, do not change or increase slightly, as a result of which the amount of these costs per 1 m3 of supplied water decreases compared to the base period.

Increasing the return on assets ensures savings in capital investments.

An increase in capital productivity leads, other things being equal, to a decrease in the amount of depreciation deductions per ruble of finished products, or depreciation intensity, and, accordingly, contributes to an increase in the share of profit in the price of goods.

2.2 Analysis of the effectiveness of the use of fixed assets

Increasing the return on assets is of great national economic importance.

Increasing the return on assets of the main equipment is achieved through the use of production assets in strict accordance with their purpose. It is expressed in the annual increase in the free balance of profits received by saving money intended for depreciation payments. The total effect of the introduction and operation of complex systems, which is manifested in the improvement of the above indicators, can be illustrated by the following facts.

Increasing the return on assets is facilitated by: 1) mechanization and automation of production, the use of advanced technology; 2) increasing the operating time of the equipment; 3) increasing the intensity of equipment operation by applying modern methods of organizing and managing production, using progressive types of raw materials and materials, and improving the skills of personnel; 4) increase in the share of the active part of fixed assets; 5) increase in the share of operating equipment.

To increase the return on assets, it is necessary both to improve the equipment used and to improve the use of fixed assets. Improvement of the equipment used can be carried out by replacing or upgrading obsolete equipment.

To increase the return on assets, it is necessary that the growth rate of labor productivity outstrip the growth rate of its capital-labor ratio.

There are various ways to increase the return on assets. In many ways, its level depends on the quality of the project of the enterprise. Errors, excesses included in the project or design, adversely affect the return on assets. A lot depends on the builders, on the time frame and at what cost this or that object was built. The directives of the 24th CPSU Congress strongly demand that capital investments be made more efficient and that the most rational use of the material and financial resources allocated for construction be ensured in order to obtain the maximum increase in output per ruble of funds invested.

Opportunities to increase capital productivity are available at all enterprises. Some of them, as they say, lie on the surface: they are visible to everyone who looks at the production with a master's eye. For example, changes in production often lead to the fact that some machines, tools, devices are unnecessary for this enterprise.

The tasks of increasing the return on assets require a deeper analysis of the costs associated with the maintenance of equipment and other fixed assets and depending both on their size and structure, and on the degree of use.

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The efficiency of the use of fixed assets characterizes the 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 production, and at the level of the economy as a whole, value.

return on assets is the volume of output divided by the average amount of industrial and production fixed assets at historical cost.

The rational use of fixed production 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 period of time. Accelerates, reduces the cost of reproduction of new funds and reduces.

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

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

Let's define the way of absolute differences the impact on the volume of production of two factors related to fixed assets:

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

Table number 1.

The following factors influenced the increase in output compared to the previous year:

1. an increase in the amount of fixed assets could increase output by +6174 x 1.01 = +6235.7 thousand rubles.
2. the decrease in capital productivity reduced the output by the amount (-0.18) x 27985 \u003d - 5037.3 thousand rubles. The total influence of the 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 fixed production assets account for 1 ruble of output.

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

Reducing capital intensity means saving labor.

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 the use of existing fixed assets.

The value of capital intensity shows how much money you need to spend on fixed assets in order to obtain the required volume of production.

Thus - capital intensity shows how many fixed assets account for each ruble of output. If the use of fixed assets improves, then the return on assets should increase, and the capital intensity should decrease.

When calculating the return on assets, working machines and equipment (the active part of fixed assets) are allocated from the composition of fixed assets. Comparison of growth rates and percentages of fulfillment of the capital productivity plan per 1 ruble of the cost of fixed industrial production assets and per 1 ruble of the cost of working machines and equipment shows the impact of changes in the structure of fixed assets on the efficiency of their use. The second indicator under these conditions should be ahead of 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 the labor of workers.

The capital-labor ratio and capital productivity are interconnected through the indicator labor productivity(Labor productivity = Output / ).

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

In order to increase the efficiency of production, it is important that the outstripping growth of production is ensured in comparison with the growth of fixed production assets.

With the help of the problem, we will consider the method of calculating the capital intensity, capital-labor ratio and capital productivity.

Task

Find

• The coefficient of dynamics of the group's average return on assets;
• The absolute impact on the change in the average return on assets of changes in capital productivity at each enterprise and changes in the capital structure.

Solution

The impact of changes in capital productivity changes in fixed assets

Analysis of the state and use of fixed assets

The volume of output depends on many factors that can be grouped into three main groups:

• factors related to the availability, use, i.e. main 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 influence of these factors on . At the same time, the influence of each group of factors (resources) is determined ceteris paribus, i.e., it is assumed that the factors related to other groups acted as intended.

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

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 objects of fixed assets,

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

The analysis should start by examining 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 specific gravity 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 the fixed assets are updated, and calculate the following indicators:

• fixed assets
• fixed assets

These coefficients should be calculated for several periods and trace 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 share of new equipment, the return on the use of which is the highest, the share of equipment with an average life, as well as the percentage of obsolete labor tools.

Comparison of these indicators over several years shows trends in their change (it should be borne in mind that the renewal and disposal rates are calculated for a given period, and the depreciation and shelf life rates are calculated 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:

1. equipment with manual control;
2. partially mechanized simple equipment;
3. fully mechanized simple equipment;
4. partially automated equipment;
5. fully automated equipment;
6. automated and programmable equipment;
7. flexible, automated and programmable equipment.

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

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

Level of automation machinery and equipment is the total cost of equipment types 4-7 divided by the total cost of equipment 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.

Maintenance indicators for machinery and equipment

Level of labor mechanization is the number of workers servicing mechanized equipment divided by the total number of production workers.

Level of labor automation 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 common indicators of the use of fixed assets are: capital productivity, capital intensity and capital-labor ratio (see the beginning of the article).

Equipment usage 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 output mainly depends.

Extensive use equipment can also be characterized by the coefficient of extensive use of equipment.

Extensive equipment utilization rate is the actual number of machine hours worked by the equipment divided by the base (planned) number of machine hours worked by the equipment.

K ex= Actual equipment operation time, hour / Equipment operation time according to the norm, hour

Having considered the extensive use of equipment, let's move on to studying its intensive use, i.e. usage 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 for groups of the same type of equipment

Equipment use performance can be characterized by the coefficient of intensive use of equipment.

Equipment intensive utilization rate- this is the actual average output per machine hour worked divided by the baseline (planned) average output per machine hour worked.

Integral use of equipment, i.e. simultaneously in time and performance, is expressed coefficient of integral use of equipment, which is defined as the product of the coefficients of extensive and intensive use of equipment.

In conclusion of the analysis carried out, it is necessary to generalize the reserves for increasing output associated with fixed assets.

• commissioning of uninstalled equipment;
• increase in shift work of equipment;
• elimination of the causes of extra-scheduled whole-shift and intra-shift downtime of equipment;
• reduction of the planned loss of equipment operation time;
• implementation of organizational and technical measures aimed at reducing the time spent on equipment operation for the production of a unit of output.

For industrial enterprises, the most important factor in the analysis of financial and economic activity is the assessment of the return on investment. The organization's fixed assets are non-current assets, i.e., 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 institutions, owners, when assessing the activities of an enterprise, consider indicators characterizing fixed assets. These include return on assets, return on investment, capital-labor ratio and capital intensity.

Characteristics of the return on assets ratio

To calculate the return on assets ratio, a single formula is used, 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 obtained value. For comparison, the base value taken as a single positive level for a particular enterprise can be used, 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 comparable periods (most often it is a thousand rubles). The procedure for calculating the indicator "capital productivity" - the formula for calculating this coefficient - implies that it refers to the values ​​characterizing the turnover of non-current assets. Similarly, the renewal rate is calculated for inventory, receivables, IBE, and other types of assets involved in the production process.

Factors affecting return on assets

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

1. The volume of products sold in a certain period (in some cases, the indicator of manufactured, manufactured products is taken into account).
2. Performance of the main active part of the equipment.
3. Decreased downtime, shorter shifts, days.
4. The level of technical perfection of equipment and machines.
5. OPF structure.
6. Equipment load level.
7. Increasing labor productivity and non-current assets.

Formula for calculating return on assets

The coefficient is calculated as the ratio of the released, manufactured (sold) products of the enterprise to the value of the OPF, as a result, an indicator is obtained that indicates how many products are produced (sold) per unit of funds invested in the OF. Let's look at the generalized calculation of the "capital productivity" indicator. The calculation formula is as follows: Fo = Vpr / Sof, where Fo is the total return on assets; Vpr - manufactured products for the selected period; Sof - the cost of fixed production 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

The capital productivity formula in the denominator contains such a value as the cost of fixed assets. To obtain a correct indicator, the values ​​of the numerator and denominator must reflect the actual calculated data. The cost of fixed assets can be calculated as follows: OSav \u003d OSn + OSk / 2, i.e. the book value of the OPF at the beginning of the period is added to the data at the end of the period, then the resulting value is divided by 2 (to obtain the arithmetic average). You can expand and specify this number by including in the calculation the cost of fixed assets acquired over 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 value of the residual value of fixed assets - it can be defined as the difference between the book price at a certain point (account 01 in the balance sheet) and the amount of fixed asset depreciation (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) OS, i.e. machines, machines, equipment, depending on the specialization of the enterprise, are taken into the formula for calculating the return on assets. From the total cost, the funds of the enterprise located on the reservation, leased, modernized and not operated during the analyzed period are taken away. As part of fixed assets, it is necessary to take into account leased or leased units of equipment. They can be reflected on 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.

Numerator adjustment

The volume of products manufactured in the analyzed period is necessarily adjusted for the amount of taxes, i.e. VAT and paid excises are deducted from the total volume of goods sold. Sold products in sum terms are indexed to the level of inflation in order 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 departments, by types of goods. In this case, output indicators should be correlated with the cost of fixed assets employed in the production of a particular type of product.

Analysis of the return on assets

The coefficient obtained in the calculation of capital productivity 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 efficiency of the BPF operation. Positive dynamics indicates the proper 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 calculated level of the 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. For the growth of capital productivity, if it is objectively necessary, several methods are used.

Ways to increase return on assets

In order to increase the capital productivity ratio, it is necessary to increase the efficiency of the operating system at current implementation rates. There are the following ways:

1. Reduce equipment downtime by organizing multiple work shifts.
2. Stimulation of personnel - a direct dependence of wages on output is introduced.
3. Increasing the technical level of personnel - will make it possible to avoid downtime by reducing the number and time of repairs.
4. Modernization of equipment, commissioning of more technologically advanced machines.
5. Sale of mothballed equipment, write-off of machines with a high level of physical wear or obsolete.

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

To assess the activities of the enterprise, a fairly wide list of indicators is used, including those that reflect the effectiveness of the financial results of the organization at the end of the period.

For these purposes, various turnover ratios are most often used, including capacities and returns (capital intensity / capital productivity, material intensity / material productivity, etc.).

What is capital return

Return on assets as one of the basic indicators of turnover and efficiency of an enterprise reflects the potential / actual "return" of money in response to financial investments.

In other words, the characteristic reflects how many rubles of income fall on the ruble of the cost of fixed assets.

Fixed assets are also called fixed assets, non-mobile assets and represent the basic property of the enterprise (buildings, structures, equipment, power lines, transport, patents, licenses, etc.). Income in this calculation refers to the types of profit - revenue or profit from sales.

How to calculate it

For the calculation, it is necessary to use two indicators that reflect certain aspects of the organization's activities - income and the cost of fixed assets.

It is most rational to calculate this type of income as revenue, because it reflects the primary result from the sale of products / the provision of services / the performance of work.

In some cases, it is more expedient to use profit from sales as income (for example, if the cost of products / services / works is low and takes no more than 30% of the total revenue).

For calculation, it is possible to use the full value of fixed assets, or only the active part - only the value of fixed assets directly related to the production process.

The use of only the active part of fixed assets is necessary if the balance sheet includes non-production buildings, uncommissioned machines, and unused infrastructure facilities.

Capital productivity of fixed assets: calculation formula and how it is measured

Like any performance indicator, capital productivity is relative, that is, it reflects the dependence of the value of one characteristic (income) on another (the value of fixed assets).

To calculate, you need to find the ratio of revenue or to the value of fixed assets or the active part of fixed assets.

The income and cost of fixed assets are measured in monetary units (rubles), therefore, capital productivity is sometimes reflected as a ruble / ruble value. More often, the result of the calculation is multiplied by 100% and then the indicator is measured as a percentage.

General calculation formula

In general, the methodology for calculating the return on assets is as follows:

CP = (TR/Vfa)

CP (capital productivity/yield of capital investments) – capital productivity, rub/rub;

TR (totalrevenue) - revenue from the main activities of the organization, rubles;

V fa (valueoffixedassets) - value of fixed assets, rub.

The revenue, in turn, is found as the ratio of the price and volume of products manufactured / services rendered / work performed:

TR = P*Q

TR – revenue for the period, rub.;

P is the price of a product/service/work unit, rub.;

Q is the volume of production, rub.

The cost of fixed assets can be found using this algorithm: take the value at the beginning and end of the period and divide by 2. The calculation formula looks like this:

V fa = (V fab + V fae)/2

V fa - value of fixed assets (average annual), rub.;

V fab is the cost of fixed assets (beginning of the period), rub.;

V fae – cost of fixed assets (end of period), rub.

Balance calculation formula

To calculate the return on assets, it is necessary to have 2 forms of accounting - balance sheet and income statement (profit and loss statement). They are also referred to as form #1 and #2, respectively.

The amount of revenue can be found in the income statement, and the value of fixed assets can be calculated based on the balance sheet data. The methodology for calculating the return on assets (calculation formula) according to the balance sheet is as follows:

CP = (p. 2110 OFR / (p. 1150 BB) * 100%

CP (capital productivity/yield of capital investments) – return on assets, %;

line 2110 OFR - revenue (statement of financial results), rubles;

line 1150 BB - fixed assets, rub.

For a more objective result, it is necessary to find the average annual value of fixed assets. To do this, you need to add the indicators of line 1150 of the balance sheet at the beginning and end of the period and divide by 2.

In the calculation, instead of revenue, you can use profit from sales. To do this, substitute line 2200 in the formula instead of line 2110 of the income statement.

Balance calculation example

The possibility of applying the formula for calculating the return on assets according to the balance sheet will be considered using the example of the Vostok company. The company is engaged in woodworking, which means that the cost is quite high. It is advisable to use revenue in the formula. The organization does not have unused property, therefore, it is possible to calculate the full cost of fixed assets.

At the end of the period, the organization received the following results:

• line 2110 of the income statement (revenue) 2500 thousand rubles;
• line 1150 of the balance sheet (fixed assets): at the beginning of the period - 1100 thousand rubles, at the end of the period - 1300 thousand rubles.

Substituting these data into the formula for calculating the return on assets according to the balance sheet, we get:

CP \u003d 2500 / (1100 + 1300) \u003d 2.08 rubles / rubles.

Thus, the return on assets amounted to 2.08 rubles / rub., That is, one ruble invested in fixed assets accounted for 2.08 rubles of the company's revenue.

What characterizes the rate of return on assets

The characteristic under consideration reflects the success of the use of fixed assets for the production of products and, as a result, income generation.

It is more rational to consider the indicator in dynamics (for several periods) in order to get a more complete picture of performance. With a sharp increase in the value of fixed assets (for example, due to the launch of a new workshop), the return on assets may fall sharply, so it is necessary to analyze other characteristics related to the use of the enterprise's property and types of profit.

But in general, the growth in the value of fixed assets should subsequently lead to an increase in capital productivity. The positive dynamics of the ratio of revenue to the value of fixed assets reflects the growth in the intensity of the use of fixed assets.

Return on assets is one of the most important performance indicators of the enterprise. Calculations for several years will allow you to identify weaknesses in investment and develop a more successful strategy for investing in the organization's fixed assets.

But for a more complete analysis, it is also necessary to take into account other indicators of turnover and efficiency in general.