Improving of the Formation of Company’s Assets

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Prokopchuk K.S.

4th year student

National University of Ostroh Academy

Improving of the Formation of Company’s Assets

  The ways of improving the assets formation at PJSC ‘Rivneazot’ have been suggested in this article. The structure of the investigated economic agent’s assets has been analyzed. This paper has substantiated the methods of improving the management of company’s accounts receivable.

  Key words: assets, current assets, fixed assets, asset structure, optimization of assets, accounts receivable.

  Formulation of the problem. In terms of market relations one of the main conditions for successful operation of the enterprise is to ensure the efficient management of available resources. It is worth mentioning that the assets are one of the most important objects of management. The major factors for effective implementation of economic activity are to identify and meet the enterprise’s needs in certain types of resources and optimize assets.

Optimization process of assets should be aimed, firstly, at ensuring that certain species are fully used, secondly, gaining opportunities for increasing operating profit. Maximizing profit is one of the principle goals for every company. Therefore, the formation of the optimal structure of assets determines the relevance of this research.

  Analysis of recent research and publications. The theoretical basis of asset management company have been studied in the works of domestic and foreign scientists such as Azarian O.M., Balabanov L.B., Blank I.A., Bolt H.D., Valevych R.P., Vlasova N.O. , Kireitseva H.H., Lahtionova L.A., Mazaraki A.A., Omelyanovych L.O., Smolin I.V., Frolova L.V. and others. However, existing studies need to be developed towards optimizing the structure of assets, considering requirements about ensuring profitability in business.

The aim of this study is to identify ways for improving the formation of assets based on the study of theoretical and practical aspects of the selected evaluation  issues.

Summary of the basic material. Optimization of assets formation is a correlation between enterprise’s prospects and the results of current activities considering the given value and structure of financing assets [2, p. 655].

During the enterprise’s crisis optimization of assets should be carried out on the basis of accounting, organization and control of cash flow and cash reserves of assets in order to ensure the efficiency of payments and optimal operating company financial resources. Nevertheless, optimization of assets formation should be focused on the selected type of enterprise asset management policy of providing a given level of efficiency of its use value and risk [6, p. 345].

There is an analysis of circulating current and non-current assets below (table 1,2).

  Table 1

Dynamics and Structure of Fixed Assets of PJSC “Rivneazot” for the 2012-2014 Biennium

Indices For 31.12.2012 For 31.12.2013 For 31.12.2014 Absolute increase, th, UAN
Sum, th UAN Structure, % Sum, th UAN Structure, % Sum, th UAN Structure, % 2013–2012 2014–2013
Intangible assets 4015 0,46 5647,00 0,58 22282 1,58 1632 16635
Incomplete capital investments 169640 19,29 207049 21,11 134340 9,55 37409 -72709
Fixed assets 703653 79,99 757117 77,19 1250025 88,87 53464 492908
Deferred tax assets 2133 0,24 10840 1,11 0 0,00 8707 -10840
Total non-current assets 879638 100 980850 100,00 1406647 100 101212 425797

* Source: it is ccalculated according to the financial statements of PJSC “Rivneazot”

It should be noted from tables 1 and 2 that the formation of assets has the following features:

– fixed assets increase more rapid than current assets;

– fixed assets in the structure of fixed assets occupy almost 90%, in addition, indicators of fixed assets are satisfactory;

– receivables occupies almost 75% in the structure of current assets.

Table 2

Dynamics and Structure of Current Assets of PJSC “Rivneazot” for the 2012-2014 Biennium

Indices For 31.12.2012 For 31.12.2013 For 31.12.2014 Absolute increase, th, UAN
Sum, th UAN Structure, % Sum, th UAN Structure, % Sum, th UAN Structure, % 2013–2012 2014–2013
Inventories 353156 8,49 5918696 70,47 525785 9,68 5565540 -5392911
Receivables 3346780 80,47 2381125 28,35 4041602 74,41 -965655 1660477
Cash and cash equivalents 400085 9,62 27916 0,33 838833 15,44 -372169 810917
Other current assets 58643 1,41 71557 0,85 0 0,00 12914 -71557
Total current assets 4158824 100 8399449 100 5431481 100 4240625 -2967968

* Source: it is calculated according to the financial statements of PJSC “Rivneazot”

Therefore, while optimizing the formation of assets of PJSC “Rivneazot”, firstly, it should be provided the developing ways to improve the management of accounts receivable. The fact that a substantial proportion of receivables in the structure of current assets reflects the diversion of current assets to lending to consumers of finished products, goods and services of the organization, subsidiaries and other receivables, indicating that this part of the actual immobilization of working capital from the production process.

In order to determine the optimal value of receivables for products, goods, works and services for JSC “Rivneazot” the method of Luchkova O.I is used. In this model the key for optimizing is credit period, which combines credit policy and the policy of the optimal size of investments in debt. The main advantages of the use of this technique are the consideration of the period of commercial credit customers and potential costs factoring [5, p. 74]. In particular, the nonlinear dependence of receivables from credit period approximated by A.I Luchkova is the following:

CR(t)-CRmax-CRmax* =CRmax(1- ),                                                                                    (1)

CR – commodity receivables

k – the proportionality between the change in the credit period and change of CR(t);

t – crediting period is 365 days.

A.I. Luchkova offers to calculate the proportionality between the change in the credit period and change of CR(t) with the help of the formula:

k= (CR2014-CR2013) ÷ (CR2013-CR2012),                                 (2)

So, with the help of techniques offered by O.I. Luchkova we have determined that JSC “Rivneazot” is the best receivable for products, goods, works and services in the amount of 528 819 thousand UAH., which is less than the volume amount in 2014 to 2138 thousand UAH (Fig. 1). Given the fact that in 2012 and 2013 the amount of receivables for products, goods, works, services were much higher, in 2014 there have been positive developments, as the result the amount of receivables for products, goods, works and services fell nearly optimal equal. Accordingly, there is a need to continue to take measures for its reduction.

Безымянный1

Fig. 1. Indicators of current and optimal amounts of accounts receivable for products, goods, works and services of JSC “Rivneazot”.

In addition, at the end of 2014 receivables on settlements occupies a significant part in the structure of current assets, including advances – 473 018 thousand UAH and other current receivables – 3017707 thousand UAH.

Therefore, the company needs to develop measures to reduce or recover such receivables as far as it burdens the company. Considering the fact that the amount of reserves on the company is sufficient and receivables to return the company are impractical, it is necessary to decrease in receivables for advances.

Due to the fact that we have found the optimal level of receivables for products, goods, works and services, the amount of its reduction and the amount of receivables on advances can be attributed to cash. Thus, we can offer now a new composition and structure of current assets of PJSC “Rivneazot” (Table. 3).

Table 3

Proposed Dynamics and Structure of Current Assets of PJSC “Rivneazot”

Indices For 31.12.2014 After reduction of accounts receivable to the optimum Absolute increase, th, UAN Growth rate %
Sum, th UAN Structure, % Sum, th UAN Structure, %
Inventories 525785 9,68 525785 9,68 0 100,00
Receivables 4041602 74,41 3566446 65,66 -475156 88,24
Cash and cash equivalents 838833 15,44 1313989 24,19 475156 156,64
Total current assets 5431481 100 5431481 100 0 100

* Source: it is calculated according to the financial statements of PJSC “Rivneazot”

The results of table 3 shows that we have managed to increase cash and cash equivalents at 475 156 thousand UAH, 56.64 %, by reducing receivables for products, goods, works, services and receivables for advances.

In order to determine the effectiveness of reducing the amount of accounts receivable and increase the amount of money and its equivalents there should be analyzed liquidity ratios before and after our suggested changes (tab. 4).

Table 4

Dynamics of Liquidity Ratios at the end of 2014 and after Optimizing the Structure of Current Assets of PJSC “Rivneazot”

Indices Normative values At the end of 2014 After reduction of accounts receivable to the optimum Absolute increase
Absolute liquidity ratio 0,2-0,35 0,04 0,07 0,02
Overall liquidity ratio  1 – 2 0,25 0,25 0,06
Quick ratio 0,7-0,8 0,54 0,27 -2,56

* Source: it is calculated according to the financial statements of PJSC “Rivneazot”

From table it is obvious that there is a positive growth in absolute liquidity ratio – 0.02 to 0.07 value, due to the growth of money and its equivalents. However, current liabilities are not covered by highly liquid assets. Accordingly, it is assessed negatively. These minor changes are caused by other large volume of current receivables and current liabilities. Therefore, there is a great need for company to reduce the amounts of such receivables for further addressing the problem of liquidity.

Considering the fact that the problem of management of accounts receivable related to overdue payments, repayment of debt incomplete, the emergence of doubtful debts, a large amount of accumulated receivables is one of the causes of deterioration of the financial situation of the company JSC “Rivneazot”. Further problems with accounts receivable can lead to real bankruptcy creditor [1, p. 25].

Therefore, in terms of optimizing the composition and structure of current assets to the form offered by us, company will be able to improve its financial situation. Based on this optimization, an important step for the company will develop methods to improve accounts receivable management.

One of the main methods is the process of restructuring [3, p. 158].

As far as restructuring of receivables is directed to the increase of liquidity and solvency of enterprises, refinancing of receivables should be applied which is a system of accelerating the transformation of receivables in cash assets. The main forms of refinancing receivables are factoring, forfaiting and accounting bills. In billing discounting, this system looks like a combination of financial sales transactions of bank notes or other financial institution or entity on a given (discount) price, which is determined on the basis of its nominal value, period of repayment and accounting bills rates [4, p. 84].

The advantages of this form of refinancing as accounting bills for businesses are to guarantee loans provided by counterparties and improve liquidity. Besides this, factoring and forfaiting are not well-developed due to imperfect legal framework for the regulation of the operation [8, p. 496].

Therefore, in our opinion, the method of refinancing receivables by discounting bills should be used in PJSC “Rivneazot” in order to improve management of its accounts receivable that will allow improving its financial situation. Moreover, it will give an opportunity to get additional revenue from use of funds during the period remaining until the end of the repayment of the bill and would solve many other problems.

In addition, PJSC “Rivneazot” in the structure of its assets has significant share of reserves. Excess inventory in the enterprise can lead to poor forecasting and planning marketing company that in any event causes loss of income.

When there is a situation of surplus stocks, in warehouses there are saved a lot of inventory that require substantial costs for service stocks associated with the storage of inventory, and the cost of placing and making orders [7, p. 237].

The process of improving inventory management in PJSC “Rivneazot” should be the main purpose of the release of funds “frozen” in excess reserves. To achieve this goal, it is necessary to develop and implement a number of measures:

  • permanent control over the formation of reserves inventory, comparing its regulatory and actual volumes;
  • periodic reporting of surplus stocks of finished products with further development of measures for promoting products on the market;
  • periodic reporting of excess inventories for accelerating its involvement in the production process [6, p. 345].

Conclusions. Therefore, while analyzing the formation of assets in PJSC “Rivneazot” there was found several shortcomings, the most important of which is the increase in receivables. To solve these problems, the company needs to optimize the formation of assets through improved management of accounts receivable and inventory. We have offered refinancing of receivables using the method of discounting bills and a number of measures for releasing funds “frozen” in excess reserves. These actions will optimize the assets of the company with further improvement of the company.

References:

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  2. Бланк И.А. Финансовый менеджмент / Бланк И.А. – К. : Эльга, 2004. – 655 с.
  3. Блащак Л.М. Шляхи до раціонального управління дебіторською заборгованістю / Блащак Л.М. // Науковий вісник «Львівської політехніки». –2009. – №1. – С. 157-159.
  4. Гнєушева І. Вплив застосування методів рефінансування дебіторської заборгованості на фінансову стійкість підприємства / Гнєушева І. // Економічний аналіз. – 2011. – Вип. 8. – С. 82-85.
  5. Квасницька Р. Інструментарій та методи оптимізації цільової структури капіталу підприємства / Р. Квасницька // Економіка підприємств. – 2008. – № 5 – С. 73–75.
  6. Лахтіонова Л.А. Фінансовий аналіз суб’єктів господарювання: Монографія – К.: КНЕУ, 2007.- 345с.
  7. Снитко Л. Т. Управление капиталом торговой организации : учеб. пособ. / Л. Т. Снитко. – М. : Изд-во РДЛ , 2009. – 237 с.
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