Methodological approaches to the analysis and assessment of the working capital of the borrower enterprise. Coursework: Assessing the effectiveness of the formation and use of working capital of an enterprise

Effective use working capital has an active influence on the progress of production, financial results And financial condition enterprises. The released material and monetary resources are additional internal source further investments contribute to increasing financial stability enterprise and its solvency. Under these conditions, the company fulfills its obligations in a timely manner and in full.

The efficiency of using working capital is characterized by a system of indicators:

1. Own working capital (own working capital) - characterizes that part current assets, which is financed by own funds or long-term commitments.

SOK = Current assets - Current liabilities,

Where JUICE- own working capital;

JUICE must be > 0.

Availability of own working capital - necessary condition ensuring the financial stability of the enterprise. Minimum value It is recommended to set this indicator at 10% of the total volume of current assets.

The higher this indicator, the more stable the financial condition of the enterprise, the more opportunities it has to conduct independent financial policy. However, having too high rate(more than 50% of current assets) is not very good, since the company uses funds ineffectively.

2. Working capital turnover is the duration of one complete circulation of funds, from the acquisition of inventories to sale finished products and receipt of money to the company’s current account.

The faster working capital goes through these phases, the more products an enterprise can produce using the same amount of working capital. Turnover depends on the specifics of production and sales conditions, features in the structure of working capital and other factors.

The turnover rate of working capital is calculated using the following indicators:

2.1. Turnover rates (turnover ratio)- the number of revolutions made by working capital and their individual elements during the analyzed period.

The turnover ratio is calculated using the following formula:

Ko = B / Sob,

Where Co.

IN- revenue from product sales;

Sob- average value of current assets for the analyzed period = (current assets at the beginning of the period + current assets at the end of the period) / 2.

2.2. Load factor of current assets- an indicator inverse to the turnover ratio. It shows how much working capital is per 1 ruble. revenue from product sales. The load factor is calculated using the following formula:

Kzos = 1 / Ko, or Kzos = Sob / V ,

Where Xos- load factor of current assets;

Co.- turnover ratio of current assets;

Sob

B - revenue from sales of products.

2.3. Turnover period(duration of one turnover of working capital) - average term, for which money invested in production and economic operations is returned.

The duration of one turnover of working capital is calculated by the formula:

Add = T × Sob / V,

Where Ext.- duration of one turnover of current assets, in days;

T- number of days in the analyzed period (year - 360 (365) days, quarter - 90 days);

Sob- average value of current assets for the analyzed period;

IN- revenue from sales of products.

There are general and private turnover.

Total turnover characterizes the intensity of use of working capital in all phases of the circulation, without reflecting the characteristics of the circulation of individual elements or groups of working capital.

Private turnover reflects the degree of use of working capital in each individual phase of the circulation, in each group, as well as for individual elements of working capital (inventory turnover, accounts receivable turnover, etc.).

The faster working capital circulates, the better and more efficiently they are used. Acceleration of turnover leads to the release of part of working capital ( material resources, Money), which can be used by the enterprise for further expansion of production, development of new types of products, improvement of supply and sales and other improvement measures entrepreneurial activity.

3. The relative release of working capital is the difference between the organization’s working capital requirement, calculated on the basis of the planned or actually achieved turnover in the reporting year, and the amount with which the organization ensured the implementation of the production program in the next year.

The relative release of working capital as a result of a change in the duration of one revolution is determined as follows:

Vos = (Dobf - Dobbaz) × Vf,

where Dobf is the turnover period of working capital in reporting period, in days;

Dobbaz - the period of turnover of working capital in the base (previous) period, in days;

Vf - average daily revenue from product sales in the reporting period.

Relative release of working capital = (Dobf - Dobbaz) × Vf = (22.5 - 25.7) × 24 million / 360 days = -213,333 rub.

The turnover of working capital may accelerate or slow down. When turnover slows down, additional funds are involved in turnover. The effect of accelerating turnover is expressed in a reduction in the need for working capital due to improved use and savings, which affects the increase in production volumes and, as a consequence, financial results.

Factors that contribute to increasing the efficiency of using working capital include:

· increase in production volumes and sales of products;

· rational organization of production reserves (resource conservation, optimal rationing, improvement of the supply of raw materials);

· reducing the presence of working capital in work in progress (overcoming the negative trend towards a decrease in capital productivity, accelerating technological process, implementation latest technologies);

· effective organization treatment (improvement of the payment system, rational organization of sales, systematic monitoring of receivables).

Definition

Working capital is the company's funds invested in current assets.

In other words, these are the funds necessary to conduct business, including those invested in investments traded on the market. It can also be said that it is the part of the firm's capital involved in its daily commercial activities. Working capital is the most liquid and mobile assets on the balance sheet of an enterprise. Current assets include:

Inventories (including finished goods, materials and raw materials, shipped goods, work in progress, goods for resale);

Accounts receivable;

VAT on purchased goods;

Financial investments;

Money (funds in the current account and in the cash register).

Role and significance working capital in the activities of the enterprise

Working capital is used in a short period of time, spent within one production cycle, transferring its entire cost to the manufactured product. Its main function is to guarantee uninterrupted production and sales of products. Going through three stages in succession, working capital continuously circulates. In the first phase “money-commodity” (supply), working capital, which initially has the form of money, turns into reserves, that is, it passes from circulation to production. At the second stage “product-production-product”, current assets participate in the process and turn into work in progress, semi-finished products and finished products. The third stage “commodity-money” (sales) again occurs in the sphere of circulation. After the sale of finished products, working capital again turns into money. The basic principle of working capital management is to identify the most optimal, acceptable volume and structure, sources of working capital coverage sufficient for the effective operation of the enterprise.

Performance indicators

The main criterion for the effectiveness of working capital is turnover. For analysis purposes, the following financial indicators are often used: working capital turnover ratio and time of one turnover. The turnover ratio determines the number of turnovers carried out by current assets over any period of time and is determined by the formula: To turnover = Sales proceeds / Cost of current assets. An increase in the ratio reflects a positive trend and has a positive effect on the investment attractiveness of the company. The time of one turnover is the ratio of the number of days in a period (D) to the turnover ratio: T rev = D/C rev OK. The shorter the turnover time, the more efficiently current assets are used. The following measures contribute to increasing the efficiency of working capital:

Reducing lost working time;

Rational organization of the workplace and production process;

Determining the ideal volume of a consignment of goods, inventories, money in current accounts;

Competent work with accounts receivable.

What is net working capital? Consideration of the concept

Net working capital is the most important financial indicator, used to determine the financial strength of a firm. His optimal size depends on the needs of the enterprise, the size and type of activity, the turnover period of working capital and the possibilities of obtaining loans. Too much large value This indicator reflects the ineffective use of resources. At the same time, small or negative meaning net working capital indicates that the company is unable to cope with short-term obligations, which is fraught with bankruptcy. Net working capital = current assets (Section 2 balance sheet) - current liabilities (section 5 of the balance sheet). An increase in this indicator reflects an increase in liquidity and an increase in the creditworthiness of the enterprise.

Availability commercial organization own working capital, its composition and structure, turnover rate and efficiency of use of working capital largely determine the financial condition of the enterprise and the stability of its position on the market. financial market, the main indicators of which are:

· solvency, i.e. the ability to repay your debt obligations on time;

liquidity – the ability to make necessary expenses at any time;

· opportunities for further mobilization of financial resources.

Effective use of working capital plays a big role in ensuring the normalization of the enterprise, increasing the level of profitability of production and depends on many factors. IN modern conditions factors have a huge negative impact on the efficiency of using working capital and slowing down their turnover crisis state economics:

· reduction in production volumes and consumer demand;

· high inflation rates;

· severance of economic ties;

· violation of contractual and payment discipline;

· high level tax burden;

· decreased access to credit due to high bank interest rates.

All of these factors influence the use of working capital, regardless of the interests of the enterprise. At the same time, enterprises have internal reserves for increasing the efficiency of using working capital, which they can actively influence. These include:

· rational organization of production reserves (resource conservation, optimal rationing, use of direct long-term economic ties);

· reducing the presence of working capital in work in progress (overcoming the negative trend towards a decrease in capital productivity, introducing the latest technologies, especially waste-free ones, updating the production apparatus, using modern, cheaper construction materials);

· effective organization of circulation (improving the payment system, rational organization of sales, bringing consumers of products closer to their manufacturers, systematic control over the turnover of funds in settlements, fulfilling orders through direct connections).

A general indicator of the efficiency of using working capital is profitability indicator(R ok) calculated as the ratio of profit from sales of products ( P rp) or other financial result to the average amount of working capital (C ok):

This indicator characterizes the amount of profit received by B for each ruble of working capital and reflects financial efficiency the work of the enterprise, since it is working capital that ensures the circulation of all resources in the enterprise.

In Russian economic practice, the efficiency of using working capital is assessed through indicators of its turnover. Since the criterion for assessing the effectiveness of working capital management is the time factor, indicators are used that reflect, firstly, total time revolution, or the duration of one revolution in days; secondly, the turnover rate.

The duration of one turnover consists of the time spent by working capital in the sphere of production and the sphere of circulation, starting from the moment of acquisition of inventories and ending with the receipt of revenue from the sale of products manufactured by the enterprise. In other words, the duration of one turnover in days covers the duration of the production cycle and the amount of time spent on selling finished products, and represents the period during which working capital passes through all stages of the circulation at a given enterprise.

Duration of one revolution(working capital turnover) in days (About ok) is determined by dividing the working capital (C ok) by one-day turnover, defined as the ratio of sales volume (RP) to the duration of the period in days (D) or as the ratio of the duration of the period to the number of turnovers ( TO OB):

The shorter the duration of the circulation period or one turnover of working capital, the less other things being equal the enterprise requires less working capital. The faster working capital circulates, the better and more efficiently they are used. Thus, the timing of capital turnover affects the total working capital requirement. Reducing this time is the most important direction financial management, leading to increased efficiency in the use of working capital and an increase in their return.

The turnover rate characterizes direct turnover ratio (number of revolutions) for a certain period of time - a year, a quarter. This indicator reflects the number of turnovers made by the working capital of the enterprise, for example, per year. It is calculated as the quotient of the volume of sold (or commodity) products divided by working capital, which is taken as the average amount of working capital for a certain period (usually a year):

The direct turnover ratio shows the amount of sold (or marketable) products per 1 ruble. working capital. An increase in this coefficient means an increase in the number of revolutions and leads to:

· that production output or sales volume increases for each invested ruble of working capital;

· the same volume of production requires a smaller amount of working capital.

Thus, the turnover ratio characterizes the level of production consumption of working capital. Height direct coefficient turnover, i.e. An increase in the turnover rate of working capital means that the enterprise uses working capital rationally and efficiently. A decrease in turnover indicates a deterioration in the financial condition of the enterprise.

Inverse turnover ratio, or loading factor (consolidation) working capital shows the amount of working capital spent on each ruble of sold (commodity) products. This indicator is also called the working capital ratio. It is calculated as follows:

. (3.4)

Comparison of turnover and load ratios over time allows us to identify trends in changes in these indicators and determine how rationally and effectively the working capital of the enterprise is used.

Turnover indicators can be calculated for all working capital and for its individual elements, such as inventories, work in progress, finished and sold products, funds in settlements and accounts receivable.

Inventory turnover is calculated as the ratio of production costs to the average amount of inventory; work in progress turnover - as the ratio of goods received to the warehouse to the average annual volume of work in progress; turnover of finished products - as the ratio of shipped or products sold to the average size of finished products; Fund turnover in calculations is the ratio of sales revenue to average accounts receivable.

The listed indicators make it possible to conduct an in-depth analysis of the use of own working capital; they are called private turnover indicators.

The turnover of working capital may accelerate or slow down. When turnover slows down, additional funds are involved in turnover. The effect of accelerating turnover is expressed in a reduction in the need for working capital due to improved use and savings, which affects the increase in production volumes and, as a consequence, financial results. Acceleration of turnover leads to the release of part of the working capital (material resources, cash), which are used either for production needs or for accumulation in a current account. Ultimately, the solvency and financial condition of the enterprise improves.

The release of working capital as a result of accelerating their turnover can be absolute and relative. Absolute release is a direct reduction in the need for working capital, which occurs in cases where the planned volume of production is completed with a smaller volume of working capital compared to the planned requirement.

Relative The release of working capital occurs in cases where, in the presence of working capital within the planned requirement, the production plan is exceeded. At the same time, the growth rate of production volume is faster than the growth rate of working capital balances.

Working capital management is important in solving the key problem of financial condition: achieving the optimal balance between increasing production profitability (maximizing profit on invested capital) and ensuring sustainable solvency, which serves as an external manifestation of the financial stability of the enterprise. An extremely important task is also the provision of reserves and costs of the enterprise with sources of their formation and maintaining a rational relationship between its own working capital and borrowed resources used to replenish working capital.

The presence of a commercial organization's own working capital, its composition and structure, turnover rate and efficiency of use of working capital largely determine the financial condition of the enterprise and the stability of its position in the financial market, the main indicators of which are:
- solvency, i.e. the ability to repay your debt obligations on time;
- liquidity - the ability to make necessary expenses at any time;
- opportunities for further mobilization of financial resources.
Effective use of working capital plays a role
a major role in ensuring the normalization of the enterprise, increasing the level of profitability of production and depends on many factors. In modern conditions, huge Negative influence The efficiency of the use of working capital and the slowdown in their turnover are influenced by factors of the crisis state of the economy:
- reduction in production volumes and consumer demand;
- high inflation rates;
- severance of economic ties;
- violation of contractual and payment discipline;
- high level of tax burden;
- decreased access to credit due to high bank interest rates.
All of these factors influence the use of working capital, regardless of the interests of the enterprise. At the same time, enterprises have internal reserves for increasing the efficiency of using working capital, which they can actively influence. These include:
- rational organization of production reserves (resource conservation, optimal rationing, use of direct long-term economic ties);
- reducing the presence of working capital in work in progress (overcoming the negative trend towards a decrease in capital productivity, introducing the latest technologies, especially waste-free ones, updating the production apparatus, using modern, cheaper construction materials);
- effective organization of circulation (improving the payment system, rational organization of sales, bringing consumers of products closer to their manufacturers, systematic control over the turnover of funds in settlements, fulfilling orders through direct connections).
A general indicator of the efficiency of using working capital is the profitability indicator (Roc), calculated as the ratio of profit from sales of products (#рп) or other financial result to the average amount of working capital (C):
p Yarp 100 “ok _ r
""OK
Example. Substituting the conditional data given in table. 6.6, you can calculate the return on working capital for the base and planning periods.
Table 6.6. Initial data for calculating working capital turnover
Indicators Legend Basic
period Planned
period Increase (decrease)
1. Product sales volume or sales revenue, thousand rubles. BP 24,840 25,920 1,080
2. Profit (loss) from sales, thousand rubles. pRP 5 150 6 050 900
3. Average working capital, thousand rubles* 10,074 10,080 6
4. Number of days in period D 360 360
* The value of average working capital is determined as the sum of working capital at the beginning and end of the year, divided by 2.
„ „ 6050100%,p
Planned period: -10,080- =
This indicator characterizes the amount of profit received for each ruble of working capital and reflects the financial efficiency of the enterprise, since it is the working capital that ensures the turnover of all resources in the enterprise.
In Russian economic practice, the efficiency of using working capital is assessed through indicators of its turnover. Since the criterion for assessing the effectiveness of working capital management is the time factor, indicators are used that reflect, firstly, the total turnover time, or the duration of one turnover in days; secondly, the turnover rate.
The duration of one turnover consists of the time spent by working capital in the sphere of production and the sphere of circulation, starting from the moment of acquisition of inventories and ending with the receipt of revenue from the sale of products manufactured by the enterprise. In other words, the duration of one turnover in days covers the duration of the production cycle and the amount of time spent on the sale of finished products, and represents the period during which working capital passes through all stages of the circulation at a given enterprise.
The duration of one turnover (working capital turnover) in days (Obok) is determined by dividing the working capital (Sok) by one-day turnover, defined as the ratio of sales volume (RP) to the duration of the period in days (D) or as the ratio of the duration of the period to the number of turnovers ( Code):
06OK=SOK:^=^RP"D=1^=L"K3‘
Example. To calculate the duration of one revolution in days, 3 methods are used (Table 6.7).
Period 1st method
PC g rp Side = Sov. 2nd method O^ok =DKob 3rd method Obok=D.Kg
Basic, fri l.24 840,
10 0/4: = 146 days
360 360:2.466 = = 146 days 360*0.406 = = 146 days
Planned 25 920
10,080: * = 140 days 360,360: 2.571 = * 140 days 3600.389= 140 days
The shorter the duration of the circulation period or one turnover of working capital, the less other things being equal, the enterprise requires less working capital. The faster working capital circulates, the better and more efficiently they are used. Thus, the timing of capital turnover affects the total working capital requirement. Reducing this time is the most important area of ​​financial management, leading to increased efficiency in the use of working capital and an increase in their return.
The turnover rate characterizes the direct turnover ratio (number of revolutions) for a certain period of time - a year, a quarter. This indicator reflects the number of turnovers made by the working capital of the enterprise, for example, per year. It is calculated as the quotient of the volume of sold (or commodity) products divided by working capital, which is taken as the average amount of working capital for a certain period (usually a year):
„ _ RP obT,- »
""OK
i.e., substituting the values:
in the base period: 24,840: 10,074 = 2.466;
in the planning period: 25,920: 10,080 = 2.571.
The direct turnover ratio shows the amount of sold (or marketable) products per 1 ruble. working capital. An increase in this coefficient means an increase in the number of revolutions and leads to the fact that:
- production output or sales volume increases for each invested ruble of working capital;
- the same volume of production requires a smaller amount of working capital.
Thus, the turnover ratio characterizes the level of production consumption of working capital. An increase in the direct turnover ratio, i.e. An increase in the turnover rate of working capital means that the enterprise uses working capital rationally and efficiently. A decrease in turnover indicates a deterioration in the financial condition of the enterprise.
The inverse turnover ratio, or the loading (consolidation) factor of working capital (K3) shows the amount of working capital spent on each ruble of sold (commodity) products. This indicator is also called the working capital ratio. It is calculated as follows:
k - ^°6 = ^
3 RP Ko6
Or, substituting the values:
in the base period: 10,074: 24,840 = 0.406 or 1: 2.466 = 0.406; in the planning period: 10,080: 25,920 = 0.389 or 1: 2.571 = 0.389. The data obtained show that the company has experienced an increase in the efficiency of using working capital. This was reflected in an increase in the return on working capital from 51.12% to 60.02%. This positive shift was reflected in the acceleration of working capital turnover.
The duration of one revolution in days decreased from 146 to 140 days, the load factor or the provision of the production process with working capital decreased from 40.6 k. to 1 rub. of sold products up to 38.9 k. The number of turnover of working capital increased and amounted to 2.57 in the planning period versus 2.47 turnover per year in the base period, which means an increase in returns in the form of growth in sales revenue for each ruble of invested working capital.
Comparison of turnover and load ratios over time allows us to identify trends in changes in these indicators and determine how rationally and effectively the working capital of the enterprise is used.
Madug turnover indicators can be calculated for all working capital and for its individual elements, such as inventories, work in progress, finished and sold products, funds in settlements and accounts receivable.
Inventory turnover is calculated as the ratio of production costs to the average amount of inventory; work in progress turnover - as the ratio of goods received to the warehouse to the average annual volume of work in progress; turnover of finished products - as the ratio of shipped or sold products to the average value of finished products; Fund turnover in calculations is the ratio of sales revenue to average accounts receivable.
The listed indicators make it possible to conduct an in-depth analysis of the use of own working capital; they are called private turnover indicators.
The turnover of working capital may accelerate or slow down. When turnover slows down, additional funds are involved in turnover. The effect of accelerating turnover is expressed in a reduction in the need for working capital due to improved use and savings, which affects the increase in production volumes and, as a consequence, financial results. Acceleration of turnover leads to the release of part of the working capital (material resources, cash), which are used either for production needs or for accumulation in a current account. Ultimately, the solvency and financial condition of the enterprise improves.
The release of working capital as a result of accelerating their turnover can be absolute and relative. Absolute release is a direct reduction in the need for working capital, which occurs in cases where the planned volume of production is completed with a smaller volume of working capital compared to the planned requirement.
The relative release of working capital occurs in cases where, in the presence of working capital within the planned requirement, the production plan is exceeded. At the same time, the growth rate of production volume is faster than the growth rate of working capital balances. Data for calculating the relative savings of working capital are given in table. 6.8.?
Example. Calculation of relative savings of working capital. Table 6.8. Initial data
Indicators Conditional Basic Planned
notation period period
1. Volume of sales
duction or revenue from real estate
lization, thousand rubles VR 24 840 25 920
2. Growth rate about
duction K 1.044
Simple
3. average value turnover
funds, thousand rubles ^approx 10,074 10,080
4. Turnover turnover
funds, days Side 146 140
5. Turnover ratio
productivity K06 2.4657 2.5714
Calculation of working capital savings (ECS) can be done in various ways.
1st method: Eok = Sok.plSok.base "Simple"
Eok = 10,080 - 10,074 * 1.044 = - 432 thousand rubles;
1 (O^ok. base
25 920 (140146)
_ _ VRt
^ob.pl K ’ frontal base
25 920 25 920
2,5714 2,4657
= -432 thousand rubles;
OK
As we can see, the enterprise, as a result of increased efficiency in the use of working capital, has experienced a relative release of working capital. The financial result from the acceleration of turnover amounted to 432 thousand rubles.
Working capital management is important in decision key problem financial condition: achieving optimal?
the relationship between the growth of production profitability (maximizing profit on invested capital) and ensuring sustainable solvency, which serves as an external manifestation of the financial stability of the enterprise. An extremely important task is also the provision of reserves and costs of the enterprise with sources of their formation and maintaining a rational ratio between its own working capital and borrowed resources aimed at replenishing working capital.

The effective use of working capital has an active influence on the progress of production, financial results and the financial condition of the enterprise. The released material and monetary resources are an additional internal source of further investment, helping to increase the financial stability of the enterprise and its solvency. Under these conditions, the company fulfills its obligations in a timely manner and in full.
The efficiency of using working capital is characterized by a system of indicators:
Own working capital (own working capital) - characterizes that part of current assets that is financed from own funds or long-term liabilities.

SOK = Current assets - Current liabilities,

where SOK is own working capital;
JUICE must be gt; 0.

Having your own working capital is a necessary condition for ensuring the financial stability of an enterprise. It is recommended to set the minimum value of this indicator at 10% of the total volume of current assets.
The higher this indicator, the more stable the financial condition of the enterprise, the more opportunities it has to pursue an independent financial policy. However, having a ratio that is too high (more than 50% of current assets) is not very good, since the company uses funds inefficiently.
Working capital turnover is the duration of one complete circulation of funds, from the acquisition of inventories to the sale of finished products and the receipt of money in the company's current account.
The faster working capital goes through these phases, the more products an enterprise can produce using the same amount of working capital. Turnover depends on the specifics of production and sales conditions, features in the structure of working capital and other factors.
The turnover rate of working capital is calculated using the following indicators:
2.1. Turnover speed (turnover ratio) - the number of revolutions that working capital and its individual elements make during the analyzed period.
The turnover ratio is calculated using the following formula:

Ko = B / Sob,

where Ko is the turnover ratio of current assets;
B - revenue from sales of products;
Sov - average value of current assets for the analyzed period = (current assets at the beginning of the period + current assets at the end of the period) / 2.

2.2. The load factor of current assets is an indicator inverse to the turnover ratio. It shows how much working capital is per 1 ruble. revenue from product sales. The load factor is calculated using the following formula:

Kzos = 1 / Ko, or Kzos = Sob / B,

where Kzos is the load factor of current assets;

Ko - turnover ratio of current assets;

2.3. Turnover period (the duration of one turnover of working capital) is the average period during which money invested in production and business operations is returned.
The duration of one turnover of working capital is calculated by the formula:

Ext = T? Sob/V,

where Dob is the duration of one turnover of current assets, in days;
T - number of days in the analyzed period (year - 360 (365) days, quarter - 90 days);
Sob - the average value of current assets for the analyzed period;
B - revenue from sales of products.

There are general and private turnover.

General turnover characterizes the intensity of use of working capital in all phases of the circulation, without reflecting the characteristics of the circulation of individual elements or groups of working capital.
Partial turnover reflects the degree of use of working capital in each individual phase of the circulation, in each group, as well as for individual elements of working capital (inventory turnover, accounts receivable turnover, etc.).
The faster working capital circulates, the better and more efficiently they are used. Accelerating turnover leads to the release of part of the working capital (material resources, cash), which can be used by the enterprise for further expansion of production, development of new types of products, improvement of supply and sales and other measures to improve business activities.
The relative release of working capital is the difference between the organization's working capital requirement, calculated on the basis of the planned or actually achieved turnover in the reporting year, and the amount with which the organization ensured the implementation of the production program in the next year.
The relative release of working capital as a result of a change in the duration of one revolution is determined as follows:

Vos = (Dobf - Dobbaz) ? Vf,

where Dobf is the turnover period of working capital in the reporting period, in days;
Dobbaz - the period of turnover of working capital in the base (previous) period, in days;
Vf - average daily revenue from product sales in the reporting period.

Relative release of working capital = (Dobf - Dobbaz) ? Vf = (22.5 - 25.7) ? 24 million / 360 days = -213,333 rub.

The turnover of working capital may accelerate or slow down. When turnover slows down, additional funds are involved in turnover. The effect of accelerating turnover is expressed in a reduction in the need for working capital due to improved use and savings, which affects the increase in production volumes and, as a consequence, financial results.
Factors that contribute to increasing the efficiency of using working capital include:
increase in production and sales volumes;
rational organization of production reserves (resource conservation, optimal rationing, improvement of the supply of raw materials);
reducing the presence of working capital in work in progress (overcoming the negative trend towards a decrease in capital productivity, accelerating the technological process, introducing the latest technologies);
effective organization of circulation (improvement of the payment system, rational organization of sales, systematic control of receivables).

More on topic 9.2. Indicators of efficiency in the use of working capital:

1. Topic 2. FIXED CAPITAL AND THE EFFECTIVENESS OF ITS USE. WORKING CAPITAL AND THE EFFECTIVENESS OF ITS USE