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15.03.2020

The efficiency of the use of fixed assets characterizes the return on assets, calculated as the ratio of the volume of output for the 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:

an increase in the amount of fixed assets could increase output by +6174 x 1.01 = +6235.7 thousand rubles.
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 economic efficiency use of existing fixed production 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 machinery 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 specific gravity active part of fixed assets).

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

	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

To 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.

Decision

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. ratios various groups 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 according to the 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 service 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:

equipment with manual control;
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:

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.

These reserves can be:

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.

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 return on assets 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. Return on assets shows the ability of managers to provide rational use 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 volume of production is 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 others financial performance enterprise activities:

Turnover ratios are the basis for analyzing the benefits that an investor receives by investing material assets in various investment projects. One of the most important economic indicators can be considered the return on assets, which gives an adequate assessment of the work of the enterprise in the economic field of activity.

When analyzing turnover, an entrepreneur must remember that capital productivity implies the ratio of the means of labor that the company owns and the proceeds that were received from the sale of a certain volume of products. That is, this coefficient is not a direct characteristic of the effectiveness of the use of funds available to the enterprise. However, monitoring the dynamics of the return on assets over the past few years will give an idea of the effectiveness of the production assets. So what is return on equity?

How to calculate capital return

Total Asset Turnover Ratio – economic indicator, called the turnover of funds, is calculated by the following formula:

RTAT=Revenue/Average Equity Value

The results of calculations using the above formula show how much goods the organization produces per each unit of labor tools. In most cases, the coefficient becomes the main indicator indicating the level of quality in the use of funds. It is necessary to calculate the indicator in order to compare the efficiency with which production assets by various companies. Return on assets indicates the ability of managers to ensure the effective use of assets. The lower the indicator indicates the inappropriate management of production assets.

Sometimes a comparison of capital productivity ratios for a certain reporting period can give incorrect results. There are similar difficulties:

when the policies of the analyzed companies have significant differences;
when there are suspicions related to the overestimation of the proceeds received from the sale of goods;
when the degree of depreciation of the analyzed funds varies significantly;
when prices rise due to inflation.

Return on assets analysis

The return on assets ratio makes it possible to draw adequate conclusions after the internal analysis the work of the organization. If, as a result of the analysis, a low coefficient was obtained, we can talk about insufficiently high volumes of production for the established value of funds.

To solve the problem, the manager needs to take a set of measures to increase the volume of products prepared for sale. If this possibility does not exist, an analysis of the assets that will need to be written off in the future should be carried out.

If the rate of return on assets is high, the manager needs to think about finding investors whose investments will expand production.

There are several groups of assets that stand out among the indicators of turnover, for example, accounts receivable or inventory. Such indicators are most often calculated by dividing revenue by the type of liabilities or assets that are analyzed.

An illustrative example will help you understand. In 2008, OJSC Norilsk Nickel's profits were RR 14,000 million, while funds were RR 28,300 million. To calculate return on equity , it is necessary to divide 14,000 by 28,300. The indicator will be equal to 0.49. This means that for the reporting period, the analysis of which was carried out, one ruble of the company's funds accounted for forty-nine kopecks of revenue, that is, for the analyzed year, the funds were able to pay off only forty-nine percent.

If we consider the period from 2005 to 2008, we can see the negative dynamics of asset turnover, there is a decline. The results of the analysis may indicate an ineffective policy regarding the use of funds that are owned by the company. This is due primarily to the fact that since the year 2007, revenues have increased by only forty-four percent, while the amount of funds has increased by one hundred and nineteen percent.

However, avoiding such jumps is sometimes difficult, as assets are multiplied in batches, and revenues are growing steadily. Negative dynamics should not persist for a long time, otherwise the company's managers should reconsider the sales policy. Sometimes, in order to attract new investors, it is necessary to exclude all kinds of unnecessary assets.

The optimal rate of return on assets

There is no standard when it comes to return on assets. The optimal indicator in most cases depends on the characteristics of the organization, as well as the industry in which it operates. If we talk about the asset turnover indicator for capital-intensive production, it should be noted that its value will be lower, since in this case the main part of the fund is fixed assets. We can speak of a productive increase in efficiency only when the return on assets indicator grows in dynamics.

To increase the turnover of funds, modern managers can:

1. increase the level of revenue, leaving the composition of funds the same. To do this, it is necessary to take a set of measures that will improve the efficiency of the use of assets. It can also be effective to increase the operating time of the equipment used;
2. change the composition of funds by writing off usable and unnecessary assets. The total write-off will help reduce the denominator used in the formula for calculating return on assets.

The influence of various factors on the return on assets

The success of the functioning of the company is influenced by a number of factors, the return on assets is the first of them. But it is also influenced by various parameters, such as:

armament and reconstruction;
perfect use of the applied capacities;
reduction in the cost of a unit of power;
changes in the structure of funds;
development factors in the market;
the quality of the offered goods.

The profitability of the company's activities depends on these phenomena.

Carrying out settlement actions

This indicator can be applied at different economic levels. The return on assets demonstrates the same phenomena, in particular, the efficiency of production, in relation to the capital used, but here the calculations are carried out on different scales:

company level;
industry level.

In the first case, the volume of the produced product is used. In the second, output within the framework of the country's economic position (GDP). At both levels, there are differences in the calculated actions carried out, however, the indicator is general and characterizes the same phenomenon.

Note: The main objective of the indicator is to demonstrate the volume and cost of the product per unit (ruble).

The return on investment formula looks like this.