Capital return and return on fixed assets. Analysis of non-current assets. What is capital return on labor?

Equity return— coefficient equal to the ratio of book profit to the amount of the average annual book value of fixed production assets.

What is capital return on labor?

The efficiency of using fixed assets at an enterprise is usually analyzed using indicators of capital profitability, capital productivity, capital intensity and capital-labor ratio. Fixed assets include buildings, structures, transport, machinery and equipment, tools and other fixed assets of the company.

Capital return indicator

The return on assets indicator shows how much profit falls on the ruble value of fixed assets. For the analysis, the total (balance sheet) profit from sales before tax and the average annual book value of fixed assets are used. Capital return is calculated using the company's balance sheet.

Formula: Capital return = Profit before tax / Average cost of non-current assets * 100%.

Typically, the indicator is analyzed over time. An increase in capital profitability indicates an increase in the efficiency of use of funds, a decrease indicates an increase in capital costs of the enterprise. As a rule, a decrease in capital profitability is observed when new products are introduced into the range or a new technology is mastered. This is due to the fact that investments in production require time to pay off, thus, the return on capital will increase as the return on investment returns.

Other indicators of the use of fixed assets

Close to the concept of capital profitability is the capital productivity ratio. The latter shows how much money in revenue from the sale of goods falls on a unit of investment in fixed assets or how much production the enterprise receives from each ruble of fixed assets.

Thus, the difference between these two indicators is in the numerator; when calculating capital productivity, it is revenue, not profit. When calculating capital productivity, their active part (machinery and equipment) is excluded from fixed assets.

Formula: Capital productivity = Volume of marketable products / Average annual cost of fixed assets.

An increase in capital productivity is necessary to increase labor productivity at an enterprise.

The capital intensity indicator is in inverse proportion to capital productivity. It shows how many fixed assets are per ruble of manufactured products or how much money needs to be spent to obtain the required volume of products.

Formula: Capital intensity = Average amount of fixed assets at original cost / Volume of output.

A decrease in capital intensity indicates labor savings. Thus, as the efficiency of use of fixed assets improves, capital productivity increases, and capital intensity decreases.

The capital-labor ratio, which is used to analyze the degree of labor equipment, has a great influence on capital intensity and capital productivity. These indicators are related to the labor productivity coefficient. The latter is calculated as the ratio of product output to the average number of employees. Capital productivity equals labor productivity divided by capital-labor ratio.

To increase production efficiency, it is necessary to ensure that production growth is faster than the increase in production assets.

Capital return shows the amount of profit per unit cost of the enterprise's fixed production assets. To calculate it, the necessary indicators are summarized in Table 19.

Table 19. Fund return indicators

Indicator	According to the report	Absolute deviation	Growth rate
Profit, thousand rubles
OPF, thousand rubles
FO, rub/rub
FOakt, rub/rub
UVakt, rub/rub
Revenue, thousand rubles
Cost, thousand rubles
Return on sales, %
Equity return

To determine capital profitability, it is necessary to calculate return on sales using the formula:

where VR is sales revenue, thousand rubles;

C – cost of manufactured products, thousand rubles

Return on sales in the reporting year was 42.73%, which is 5.65% higher than in the previous period.

The three-factor model of capital profitability takes into account the relationship between indicators of efficiency in the use of fixed assets and profitability indicators, as well as the structural factor and is as follows:

Factor analysis of fund profitability showed that this indicator tended to decrease. This drop was 5.59%. The decrease in capital profitability was primarily affected by an increase in return on sales by 5.65%. Its change increased the considered indicator by 0.48. The share of the active part of fixed assets had a negative impact on the decrease in capital profitability, reducing it by 0.06. This is not as significant as the impact on fund profitability of a decrease in the capital productivity of the active part of the funds by 1.46 rubles / ruble, which reduced it by 0.1.

An analysis of the condition and efficiency of use of fixed assets showed that there was an increase in fixed production assets by almost 1.5 times. The low value of the wear coefficient of 0.117 indicates that the assets of the enterprise are slightly worn out due to the timely renewal of machinery and equipment, as well as buildings and structures, as evidenced by the value of the renewal coefficient equal to 0.22. Capital productivity tends to decline. During the reporting period, it decreased by 16.6%. The return on assets from the active part of fixed assets also decreased by 14.16%. This is due to the fact that in the period under review the share of the active part decreased by 2%. Capital profitability in the reporting period falls due to a decrease in indicators affecting it, such as a decrease in the share of the active part and a decrease in capital productivity from the active part of fixed assets. Fund return decreased by 0.22. Return on sales increased to 48.38%, which is 5.65% higher than in the reporting period. The capital-labor ratio and technical equipment in the reporting period increased by 20%, which is a positive factor for increasing production volumes in the future.

Thus, we can conclude that fixed production assets are used efficiently, with an upward trend.

Since the company for 2010-2012. There is an ambiguous situation regarding the efficiency of the use of fixed assets (in 2011 the situation is improving, and in 2012 it is worsening), we will conduct a factor analysis of capital profitability and capital productivity as the main indicators characterizing the efficiency of using fixed assets.

We present the initial data for the analysis in Table 2.12. The data for the analysis are taken from the financial statements for 2010-2012, as well as statistical reporting.

Table 2.12 - Initial information for the analysis of capital profitability and capital productivity

Indicator	Meaning of indicators	Deviation

Profit from sales of products, million rubles.
Volume of production at current prices, million rubles.
Revenue, million rubles
Share of sold products in its total output (Drp)
Average annual cost, million rubles.
fixed assets
their active part
machines and equipment
pieces of equipment
Specific gravity of the active part of the OS (Uda)
Specific gravity of machinery and equipment (UDM)
in the active part of the OS
in total OS
Capital return (Roc), %
Return on sales (Rob), %
Capital productivity of OS (FO), rub.
Return on assets of the active part of the operating system (FOa), rub.
Capital productivity of machinery and equipment OS (FOm), rub.
Average annual quantity of operating equipment (K), pcs.
Worked for the year by all equipment, machine hours, (T)
Worked out per year per unit of equipment
hours (Ted)


Equipment shift coefficient (Ksm)
Average shift duration (P), h
Product output per 1 machine hour (MH), rub.

The most general indicator of the efficiency of using fixed assets is capital profitability. Its level depends not only on capital productivity, but also on the profitability of products, as well as the share of products sold in its total volume.

As we see in Table 2.12, the level of capital return increases sharply in 2011 and decreases significantly in 2012. To determine how these changes were affected by changes in capital productivity and product profitability, we will use the method of absolute differences.

Let's calculate the change in capital return in 2011 due to:

3) profitability of sales

As we can see, the greatest influence on the change in equity profitability was an increase in return on sales by 11.102%, which led to an increase in equity profitability by 9.87%. An increase in capital productivity by 0.222 led to an increase in capital profitability by 0.6%, and a decrease in the share of sold products in its total volume by 0.08 led to a decrease in capital profitability by 0.19%.

Let us calculate the influence of the above factors on the change in capital profitability in 2012.

Changes occurred due to changes:

1) capital productivity of fixed assets
2) the share of products sold in its total volume
3) profitability of sales

As can be seen from the calculations, the greatest impact on the change in equity profitability was a decrease in return on sales by 7.972%, which led to a decrease in equity profitability by 6.65%. An increase in the share of sold products in its total volume by 0.002 led to an increase in capital profitability by 0.024%, and a decrease in capital productivity of fixed assets by 0.058 led to a decrease in capital profitability by 0.769%.

Factors of the first level that influence the change in the share of the active part of fixed assets in their total amount, the share of machinery and equipment in the active part of fixed assets and the capital productivity of machinery and equipment.

where Ud a is the share of the active part of fixed assets in their total amount

According to Table 2.12, using the method of absolute differences, we calculate the change in capital productivity of fixed assets in 2011 due to:

As can be seen from the calculation, the greatest impact on the change in capital productivity in general was caused by an increase in capital productivity of machinery and equipment by 0.54, which led to an increase in capital productivity by 0.198 rubles. An increase in the share of the active part of fixed assets in their total value by 0.011 led to an increase in capital productivity by 0.019 rubles, and an increase in the share of machinery and equipment in the active part by 0.006 led to an increase in capital productivity by 0.005 rubles.

1) specific gravity of their active part

2) the share of machinery and equipment in the active part of fixed assets
3) capital productivity of machinery and equipment

The most significant impact on the change in capital productivity in 2012 was the decrease in capital productivity of machinery and equipment by 0.133 rubles, which entailed a decrease in total capital productivity by 0.048 rubles. A decrease in the share of the active part of fixed assets in their total value by 0.009 led to a decrease in capital productivity by 0.02 rubles, and an increase in the share of machinery and equipment in the active part of fixed assets by 0.011 led to an increase in capital productivity by 0.011 rubles.

Since the capital productivity of machinery and equipment most strongly influences the change in capital productivity as a whole, we will conduct a more detailed analysis of the factors of change in the capital productivity of machinery and equipment.

However, to identify more detailed reasons, we will expand the above factor model by presenting equipment operating time as the product of the number of days worked, the shift ratio and the average shift duration. The average annual cost of technological equipment is equal to the product of the quantity and the average cost of its unit.

We will calculate the influence of factors on the increase in capital productivity of equipment using the method of chain substitutions. To do this, we will calculate conditional indicators. To begin with, let us trace the influence of factors for 2011.

To determine the first conditional indicator of capital productivity, it is necessary to take the current average annual cost of a unit of equipment instead of the base one:

Next, we will establish what the capital productivity would be given the actual cost of the equipment and the actual number of days worked, but with the basic value of other factors. To do this, we calculate the second conditional indicator:

The third conditional indicator of capital productivity is calculated using its actual cost, the actual number of days worked, the actual shift ratio and the basic level of other factors:

When calculating the fourth conditional indicator of capital productivity, only the level of average hourly output of equipment remains basic:

Increase in the average annual cost of a unit of equipment by 9.41 million rubles. led to a decrease in capital productivity of machinery and equipment by 0.733 rubles.

A decrease in the number of days worked by 3 days led to a decrease in capital productivity of machinery and equipment by 0.014 rubles.

A decrease in the shift ratio by 0.002 led to a decrease in capital productivity of machinery and equipment by 0.002 rubles.

An increase in the working day by 0.01 led to an increase in capital productivity of machinery and equipment by 0.001 rubles.

An increase in average hourly output by 12,676 rubles led to an increase in capital productivity of machinery and equipment by 1,288 rubles. This factor had a decisive influence on increasing capital productivity.

Upon actual production of equipment, the capital productivity will be:

Let's calculate the influence of the following factors on changes in capital productivity:

1) change in the average annual cost of a unit of equipment:

Increase in the average annual cost of a unit of equipment by 12.48 million rubles. led to a decrease in capital productivity of machinery and equipment by 0.83 rubles.

2) change in the number of days worked:

A decrease in the number of days worked by 2 days led to a decrease in capital productivity of machinery and equipment by 0.013 rubles.

3) change in shift ratio:

An increase in the shift ratio by 0.001 led to an increase in capital productivity of machinery and equipment by 0.002 rubles.

4) change in working hours:

A decrease in working hours by 0.03 led to a decrease in capital productivity of machinery and equipment by 0.007 rubles.

5) change in the level of average hourly output of equipment:

An increase in average hourly output by 10,612 rubles led to an increase in capital productivity of machinery and equipment by 0.714 rubles.

As can be seen from the calculation, in 2012 the greatest impact was exerted by the change in the average annual cost of a unit of equipment and the change in the level of average hourly output of equipment. Since the first of these two factors had a greater impact, as a result, the capital productivity of machinery and equipment decreased.

To find out how these factors influenced the level of capital productivity of fixed assets, we multiply the results obtained by the actual share of equipment in the total amount of fixed assets. We present the calculation in Table 2.13.

Table 2.13 - Calculation of the influence of factors on changes in capital productivity of fixed assets

As can be seen from Table 2.13, the greatest influence on changes in capital productivity is influenced by such factors as the cost of equipment and the average hourly output of equipment. Thus, in 2011, due to an increase in average hourly output, the increase in capital productivity amounted to 0.471 rubles, and the increase in the cost of equipment led to a decrease in capital productivity by 0.268 rubles.

In 2012, a similar situation is observed. An increase in the average annual cost of fixed assets led to a decrease in capital productivity by 0.301 rubles, and an increase in the hourly output of equipment led to an increase in capital productivity by 0.259 rubles.

To increase the level of capital productivity, it is necessary to increase the average hourly output to the greatest extent.

Knowing what factors caused capital productivity to change, you can determine their impact on the level of capital productivity by multiplying the absolute increase in capital productivity due to the i-th factor by the basic level of profitability of turnover and the coefficient of products sold.

We present the calculation in Table 2.14.

Table 2.14 - Calculation of the influence of factors on changes in the capital profitability of JSC Vitebskdrev

Factor influencing
Change in capital productivity, rub.	Change in fund rent, %	Change in capital productivity, rub.	Calculation of the impact on equity profitability	Change in fund rent, %
First level
1. Share of the active part of fixed assets	0,0191,0482,595			0,020,96813,697
2. Share of machinery and equipment in the active part of fixed assets	0,0051,0482,595			0,0110,96813,697
3. Return of the active part of fixed assets	0,1981,0482,595			0,0480,96813,697

Second level
1. Equipment cost	0,2681,0482,595			0,3010,96813,697
2. Number of days worked	0,0051,0482,595			0,0050,96813,697
3. Shift rate	0,0011,0482,595			0,0010,96813,697
4. Length of working day	0,0011,0482,595			0,0020,96813,697
5 Level of average hourly output of equipment	0,4711,0482,595			0,2590,96813,697

Based on this calculation, it is possible to establish unused reserves for increasing the level of profitability of fixed assets. Thus, according to the results of calculations for 2011, by increasing the number of days worked, increasing the shift ratio, and reducing the cost of equipment, it is possible to increase the return on fixed capital by 0.745%.

According to the results of calculations for 2012, the company has large reserves for increasing capital profitability. By reducing the cost of equipment, increasing the number of days worked and the length of the working day, it is possible to increase the return on equity by 4.08%, which is a significant increase.

Analysis of the use of fixed assets in trade

The structure of fixed assets (FAs) of a trade organization differs significantly from the structure of Fixed Assets (FAs) in industry. This is due to the high labor intensity of trade, the need for widespread use of human labor, low automation and mechanization of the trading process.

In the PF of a trade organization, the share of buildings, structures and transmission devices is about 80%, the active part - machinery and equipment - is about 11%. If rented premises are taken into account as part of the PF, then the proportion of the active part will be less.

The development of a network of supermarkets and large shopping centers causes an increase in investment in automated systems for paying customers and modern transport and warehouse complexes.

To assess the efficiency of equipping trade organizations, the following indicators are used: capital productivity, capital intensity, capital-labor ratio, as well as the coefficient of efficiency of use of the PF (profitability of the PF). The product of the coefficients of intensive and extensive load of equipment gives a generalized integral coefficient of equipment utilization.

Fixed assets (fixed assets) occupy, as a rule, a significant share in the total amount of the enterprise's fixed capital. The production and financial results of the enterprise largely depend on their quantity, cost, technical level, and efficiency of use. Depending on the degree of participation in the production process, main production and main non-production assets are distinguished.

Analysis tasks:

1. Identification of the degree of provision of the enterprise with fixed production assets in accordance with the production program.

2. Study of the degree of use of fixed production assets according to general and specific indicators. Identification and measurement of factors that influenced the level of these indicators.

3. Establishing the degree of use of the main (technological) equipment and production area.

4. Identification and measurement of reserves for increasing the efficiency of fixed production assets.

With the development of market relations, interest in intangible assets and the possibility of their effective use in order to increase the profitability of the enterprise increases.

Tasks of analyzing intangible assets of an enterprise:

1. Assessment of the size, structure and dynamics of intangible assets.

2. Assessing the efficiency of using intangible assets.

Sources of information for the analysis of fixed production assets and intangible assets can be:

business plan of the enterprise;

enterprise technical development plan;

accounting balance sheet and appendices thereto;

special balances: balance of fixed assets, balance of equipment, balance of production capacity;

inventory cards for recording fixed assets and other technical documentation.

Analysis of the enterprise's provision with fixed production assets

The enterprise's provision with fixed production assets is assessed in accordance with the enterprise's production program.

The analysis is carried out for each group of fixed production assets. The amount of necessary equipment is calculated based on the number of workers (key workers) and the operating mode of the enterprise (number of work shifts).

Currently, a characteristic feature of the fixed production assets of service sector enterprises is the high proportion of main (technological) equipment and the relatively low proportion of buildings and structures. This is due to the high cost of constructing new buildings and, as a consequence, the need for large capital investments in new construction. Therefore, the need for production space in most service sector enterprises is met, as a rule, by renting premises that are state and municipal property or private property of other enterprises.

Fixed production assets represent one of the types of enterprise resources. Assessment of the effectiveness of their use is based on the use of technology common to all types of resources, which involves the calculation and analysis of return and capacity indicators.

Return indicators characterize the volume of sales of services per 1 ruble of resources. Capacity indicators characterize the costs or reserves of resources per 1 ruble of sales volume of services.

Important indicators of the use of fixed production assets are capital productivity (CR), capital intensity (FE):

When determining capital productivity and capital intensity, the volume of services is calculated in monetary, natural terms.

There is a relationship between capital productivity and labor productivity and capital-labor ratio.

To increase capital productivity, it is necessary that the growth rate of labor productivity outpace the growth rate of its capital-labor ratio.

When analyzing capital productivity, it is necessary to study the dynamics over a number of years, identify and quantitatively measure the factors of change in capital productivity, and calculate the reserves for its growth.

To calculate the influence of factors on changes in capital productivity, you can use the methods of chain substitutions and absolute differences.

Factors influencing capital productivity are:

Change in the average annual value of the active part of fixed production assets;

Change in the specific gravity of the active part;

Change in the number of operating equipment;

Changing the duration of equipment operation;

Change in the average hourly output of a piece of equipment.

The most general indicator of the efficiency of using fixed production assets is capital profitability.

FUND PROFITABILITY

Equity return– reflects the profitability of the enterprise’s fixed assets, and characterizes the share of balance sheet profit to the average annual value of non-current assets. This coefficient relates to the indicators of the profitability group, is calculated from the balance sheet and is used to analyze the efficiency of the enterprise's use of production assets. Production assets include buildings, structures, vehicles, production tools, machines, computers and other equipment.

FORMULA FOR CALCULATING CAPITAL RATIO

Capital return shows how many rubles were received per ruble of fixed assets. The indicator represents the ratio of accounting (or net) profit to the average annual value of fixed assets:

The formula for calculating capital return on the balance sheet is as follows:

EQUITY ANALYSIS

The higher the capital return, the higher the efficiency and effectiveness of the use of the enterprise's production assets. A decrease in capital profitability can also be positive if the company makes additional investments (costs) on innovations, technologies, expanding the range of products, etc. It is necessary to carry out an analysis of capital profitability in dynamics; this allows one to assess the trend in the management of the enterprise’s fixed production assets. Increasing the ratio allows you to increase the financial stability and investment attractiveness of the enterprise. In addition to the capital productivity of fixed production assets, the turnover of funds is analyzed based on an assessment of capital productivity; read more about the capital productivity ratio in the article “

STANDARD VALUE

The indicator does not have a generally accepted normative value. The optimal value of the coefficient depends on the type of activity of the enterprise and its industry, so in capital-intensive industries the value of the indicator will be lower than in trade industries.

The level of capital profitability depends on two main factors: capital productivity and profitability of services.

In the process of analysis, the degree of equipment utilization is studied using a system of indicators characterizing the use of its number, operating time and power.

The greatest effect is achieved if the amount of available, installed and operating equipment is approximately the same (the value of each indicator is approximately equal to 1).

The presence of unused equipment significantly worsens the structure of the enterprise's fixed production assets and reduces the efficiency of their use. When identifying equipment that is available but not installed or is inoperative for various reasons, it is necessary to consider all possible options for its use. For example, setup and commissioning, decommissioning with subsequent disposal, decommissioning with subsequent sale, etc.

Increasing the efficiency of using operating equipment is achieved in two ways: extensive (in time) and intensive (in power).

Intensive use of equipment is characterized by its productivity. To assess how fully the equipment is used in terms of power, the intensive load factor is determined.

To characterize the use of the passive part of fixed production assets, the sales volume indicator per 1 square meter is calculated. m production area. Increasing the level of this indicator helps to increase sales volumes and reduce costs. In the process of further analysis, you can compare this indicator with the rental cost of 1 sq. m. m production area. In accordance with the results of the analysis, you can choose the most effective option for the enterprise for using the passive part of fixed production assets.

Equity return analysis

Let's analyze capital profitability using the method of L.T. Gilyarovskaya.

The overall change in capital profitability in the reporting year compared to the previous year was:

0.25183 - 0.08536 = 0.16647 rubles, or 16.647 kopecks.

(5,080,231 - 1,537,650) / 18,012,999.5 = 0.19667 rubles, or 19.667 kopecks.

This means that as a result of profit growth, equity profitability increased by 19,667 kopecks.

(1,537,650 (41,870,322 / 42,275,050)) / 20,173,426.5 = 0.07549 rubles, or 7.549 kopecks.

Now let’s calculate the change in the value of capital return depending on the cost of fixed assets using formula (52):

(5,080,231 / 20,173,426.6) - (5,080,231 / 18,012,999.5) = -0.0302 rubles, or -3.02 kopecks.

Thus, due to the introduction of new fixed assets, capital profitability decreased by 3.02 kopecks.

The influence of other factors on capital profitability cannot be determined due to the lack of necessary data.

Ways to improve the use of fixed assets

Thus, based on the results of the analysis, we can conclude that in the reporting year, JSC OGK-6 used fixed assets less efficiently than last year, since most return indicators (capital productivity of fixed assets, capital productivity of the active part, capital productivity of machines and equipment, capital profitability) decrease in dynamics (with the exception of capital profitability), and capital intensity, on the contrary, increases, which means an increase in the need for fixed assets.

Extensive factors, such as an increase in the average annual cost of fixed assets, an increase in the share of the active part and the share of machinery and equipment, had a positive impact on the dynamics of revenue from the sale and capital productivity of fixed assets in 2009. But, despite this, overall these indicators decreased over the year. This fact is caused by a significant decrease in intensive factors (capital productivity of the general, active part and machinery and equipment) in the reporting year. One of the reasons for this decline may be the slow development of new fixed assets. In this case, it is recommended to reduce the time frame for commissioning new fixed assets, which will speed up the turnover of production assets and thereby slow down the onset of obsolescence of the enterprise's fixed assets and increase the efficiency of its economic activities. In addition, the reason for the decrease in the above factors may be the ineffective use of certain types of machinery and equipment:

2) all-day and intra-shift downtime, etc.

Increasing the efficiency of using existing equipment is achieved in two ways: extensive and intensive. The intensive path includes technical re-equipment of the enterprise, increasing the rate of equipment renewal.

Improving extensive use presupposes, on the one hand, an increase in the operating time of existing equipment in a calendar period (during a shift, day, month, quarter, year) and, on the other hand, an increase in the quantity and proportion of operating equipment as part of all equipment available at the site. enterprise.

Increasing equipment operating time can be achieved by:

1) constant maintenance of proportionality between the production capacities of individual groups of equipment at each production site, between workshops of the enterprise as a whole, and between individual production facilities;

2) improving the care of fixed assets, compliance with the prescribed production technology, improving the organization of production and labor, which contributes to the correct operation of equipment, the prevention of downtime and accidents, the implementation of timely and high-quality repairs, reducing equipment downtime for repairs and increasing the turnaround period;

3) carrying out activities that increase the share of main production operations in working time costs;

4) increasing work shifts;

5) reduction of all-day and intra-shift downtime, etc.

Timely installation of uninstalled equipment, commissioning of all installed equipment with the exception of part that is in planned reserve and repair, can also significantly improve the use of fixed assets.