The Geocuba Camagüey-Ciego de Ávila Company has not been oblivious to the incidences of the economy, and together with many entities in the country joins the search for greater development and economic efficiency, an objective that requires a perfecting of its activity in a comprehensive for what will address in a particular way each of the spheres that comprise it. In this sense, financial administration in general and working capital administration in particular, constitute aspects to prioritize.
Deciphering the behavior of working capital is of vital importance in financial analysis, due to the close relationship it establishes with operations that affect current items. Considering the above, the research objective was to design a procedure for the analysis of working capital in the Geocuba Camagüey-Ciego de Ávila Company that would contribute to decision-making.
The proposed procedure integrated the traditional analyzes most used by relevant authors related to working capital management and the use of statistical techniques. The same allowed to obtain as a result of its application in the Geocuba Camagüey-Ciego de Ávila Company that it maintains high levels of Cash in Immobilized Bank and little turnover of its Inventories, carrying out a relaxed policy of short-term investment and conservative financing current, which causes low levels of financial risks, but also profitability, so it is necessary to modify the administration that is being exercised with working capital, since it is no longer investing in resources that could provide the entity with more income and efficiency.
The Cuban economy is in need of a strong process of renewal and revival, so it is necessary for companies to work to obtain better levels of efficiency. In order to achieve this objective, it is essential for companies to carry out permanent economic-financial analyzes, whose techniques, duly applied and adapted to the characteristics of each business organization, enable the determination of their current situation and prospects for the company, as well as being the ideal base for making operational and strategic decisions.
One of the aspects within the economic-financial analysis that is of great importance in business management is the analysis of Working Capital, since its administration refers to the management of the company's current accounts that include Current Assets and Liabilities: Cash, marketable securities, Accounts Receivable, Inventories and Accounts Payable. If the company is unable to maintain a satisfactory level of working capital, it is likely that it will become technically insolvent, and forced to file for bankruptcy; referring to this, one of the Guidelines of the economic and social policy of the party and the revolution states that ¨Companies (….) that show sustained losses in their financial balances, insufficient working capital, que no puedan honrar con sus activos las obligaciones contraídas, (…) serán sometidas a un proceso de liquidación…¨
The Geocuba Camagüey-Ciego de Ávila Company, which prepares and markets scientific-technical information, products and services in the areas of Geodesy, Hydrography, Cartography, Marine Studies, Polygraphy and aid to navigation, must be in tune with the process of renewal of the national economy and therefore manage to manage its working capital in an effective way, however, it does not keep the components of working capital fully analyzed. In the case of Current Assets, only Accounts Receivable are given a better treatment, which is followed up by the Boards of Directors and options are sought to collect them within 30 days; in case of non-payment, a default is applied to the client. For his part,Cash is managed taking into account the immediate needs to make the disbursements, without taking into account that care must be taken to ensure that sufficient cash is available to pay the Current Liabilities and at the same time avoid excessive balances. The items that make up the Inventory do not have a predetermined policy that guarantees their movements in the period analyzed; Although it is important to note that, even though they have defined placing orders four times a year, these - due to environmental factors - are not received on time, which results in them arriving out of phase, in addition to giving little interest to their rotation Inventories. On the other hand, regarding the levels of their Current Liability accounts; the company is normally willing to pay its debts,being advisable to verify first how the collection cycle is behaving. This shows that the company is not fully evaluating its investment and current financing, which could be detrimental to decision-making regarding the management of working capital.
Working capital is a financial indicator, which due to its importance, every company must have constantly analyzed, with the aim of knowing where their cash flows come from and where they are going, and even with the objective of forecasting the future movements. Failure to assess its behavior from the point of view of its relationship with the level of activity of the company, the efficiency and effectiveness of its use and the level of risk of insolvency, could negatively influence decisions regarding the policies of work capital Management; this being the problem situation of this investigation.
Taking into consideration the aforementioned, it can be posed as a scientific problem to be solved: "How to contribute to decision-making regarding the policies of administration of working capital in the Geocuba Camagüey-Ciego de Ávila Company." This is the reason why the following research hypothesis is proposed: If the Geocuba Camagüey-Ciego de Ávila Company had a procedure for the analysis of working capital, it could make decisions regarding the policies for the administration of working capital. related to current investment and current financing.
To demonstrate this research hypothesis, the following objective is set:
Design a procedure for the analysis of working capital in the Geocuba Camagüey-Ciego de Ávila Company that contributes to decision-making.
For this purpose, financial administration is aimed at and its field of action is the administration of working capital.
Research Methods:
The scientific research methods used for the development of this work were:
- Hypothetical-deductive method, facilitates the formulation of the hypothesis, considering the solution of problems and obtaining greater results from the proposed solutions. Analysis and synthesis method, establishes the characterization of the company and defines the theoretical and conceptual framework that supports it in its relationship with the object and the field. Historical-logical method, establishes the stages that characterize the evolution of finance and fundamentally working capital. Systemic-structural method, enables the development of the procedure to manage working capital. Documentary analysis, allows the review of documents of economic-financial analysis related to the working capital of the company and its financial situation. Observation,necessary instrument to assess the current situation of financial administration in the company. Automated information processing, using Word, Excel and SPSS statistical software.
The contributions of the research include:
- The researcher, by including a review of the literature related to the management of working capital, delving into the different positions assumed by the authors of the topic on its concept, origin and importance and on the methods and techniques for its analysis, which serves of base for the elaboration of the proposed procedure The theoretical, by integrating the traditional procedures most used by relevant authors related to the management of working capital and the use of statistical techniques that make up the proposed procedure for the analysis of working capital in the Geocuba Camagüey-Ciego de Ávila Company,through different steps that allow the methodological orientation of the sequence of logical actions to be developed and the elements to be taken into account for the continuity of the investigation in the optimal management of working capital. The practical one, when applying the proposed procedure for the analysis of the Working capital in the Geocuba Camagüey-Ciego de Ávila Company, which lays the foundations for a possible systematic implementation The economic one, by elaborating a procedure capable of explaining how the level of working capital and its components has behaved in relation to the level of sales to make decisions on the elimination of current immobilized investment and the adjustment of the current financial structure, elements that are prone to cost generation and financial imbalance; reducing profitability.
Results and Discussion.
For the application of the procedure proposed in this investigation, the data obtained from the Balance Sheet and the Income Statement of the Geocuba Camagüey-Ciego de Ávila Company corresponding to the years 2014 and 2015 are taken as a base; likewise, statistical and computer tools are used.
The company under study does not have a defined working capital management policy, nor does it have established levels of risk and profitability. In the case of Current Assets, only Accounts Receivable are given a better treatment, which is followed up by the Boards of Directors and options are sought to collect them within 30 days; in case of non-payment, a default is applied to the client. For its part, Cash is managed taking into account the immediate needs to make the disbursements, without taking into account a minimum or maximum level of cash maintenance. The items that make up the Inventory do not have a predetermined policy that guarantees their movements in the period analyzed; although it is important to highlight that, even when they have defined to make orders four times a year,These - due to environmental factors - are not received on time, which results in them arriving out of date.
The entity does not have a comprehensive policy related to the levels of its Current Liability accounts; in other words, it does not present a strategy related to the management of Accounts Payable decisions, nor does it have a policy aimed at suspending payments, nor has an average interval been established to make payments in the short term.
Step 1: Knowledge of the level of sales.
In 2014, sales had an average value of $ 974238,69 and in 2015 they have an average of $ 977498,28, with an increase in sales due to better commercial management, obtaining more orders from customers.; keeping in mind that this company does not carry out mass productions, but by request. In both years, sales fluctuate from one month to the next, there being no uniform growth, this is mainly due to the fact that there is a greater administrative requirement to comply with production plans at the end of the quarters, with the support of indirect workers in the productive part and overtime work. This situation shows an inefficient policy in sales management and in the production cycle,reason why the company must project itself to change that work system in a more sustainable way.
Step 2: Knowledge of the level of each Current Assets game and its total.
In 2014, it is observed that the most significant items within Current Assets are Cash in Bank, Short-term Accounts Receivable and Inventories, this is given by the percentage that each one occupies in this group, occupying 54, 15 and 18% respectively. In 2015, it behaved the same way, occupying 49, 15 and 19%. According to the data analyzed, the company maintains high levels of immobilized Bank Cash, which can be used in investment processes that generate higher levels of profits.
Current Assets in 2014 presented a fairly stable behavior, with an average value of $ 5151698.17, obtaining the highest value in the month of June due to a growth in the level of sales, which brought about an increase in the items of Cash and Accounts Receivable. It reached its lowest level in July with a figure of $ 4723515.39, mainly due to a decrease in its Cash in Bank caused by the re-motorization of means of transport, belonging to the Graphic Agency and the Nuevitas Agency, in addition, the company used a more aggressive policy of payment to suppliers and their workers for vacations.
In 2014, the Current Assets averaged $ 4816578.19, reaching its maximum value in the month of December with $ 5480015.10 given by an increase in the Cash items caused by the high levels of sales, also this month the Inventories for the entry of raw materials and materials for the Chart. It reached its lowest level of CA in the month of October with a figure of $ 4184079.77, due to a decrease in Cash in Bank and that the agency settled its debts, increasing the Inventory levels mainly in the graph, which were used in the production cycle.
Step 3: Partial evaluation of the current investment.
There has been an evolution of these two indicators, showing a fairly adjusted behavior in the trajectory that the series follow; that is, when the Current Assets experience variations, Sales maintain the same rhythm as the former experience.
In order to go deeper into the study of the causal relationship that must exist between Current Assets and Sales, the correlation coefficients and R-squares are calculated.
Table A Result of the relationship coefficients between Sales and Current Assets.
| Model | R | R square | R squared corrected | Typ error of the estimate | Durbin-Watson |
| one | .500 (a) | .250 | .216 | 205209.16715 | 1,526 |
Source: self made
The correlation coefficient between the variables is equal to 0.5, indicating a direct relationship between Current Assets and Sales. The r-squared coefficient indicates that the total variations in Sales are explained by 25% for Current Assets, the average error of estimate is $ 205,209.16. The significance of F is 0.013 which is less than 0.05, so the equation is significant. The estimated regression equation is:
This shows that during the years 2014 and 2015 for each peso of Current Assets only 32 cents were obtained from Sales, evidencing its low capacity to generate income.
During 2014 and 2015, the performance of the operating cycle was high, being an average of 105 and 101 days respectively, this is due to the fact that the conversion period of the Inventories is high and that there are large quantities of raw materials and stored materials that are not used in a timely manner. To reduce the inventory turnover cycle, which in turn would improve the operating cycle, the company should carry out an analysis of those aged raw materials and look for alternatives, making better commercial management of those that can be processed in the production cycle or coordinating with other companies., to sell these raw materials and recover the investment.
The current assets turnover during the year 2014 and 2015 had an average of 0.18 and 0.20 times respectively, that is; that Sales only cover 0.20 times the average amount of Current Assets. This shows that the company has not moved its resources efficiently, since there are financial assets that are causing opportunity costs.
In 2014, the highest value was reached in the month of November with 0.28 times, this is mainly due to the increase in Sales, which means that the company has managed the Current Assets with more effectiveness. It behaves similarly in December 2015 with a rotation of 0.3.
Step 4: Knowledge of the level of Current Liabilities and each item of this.
The Current Liabilities in 2014, has an average value of $ 1608131.71. The highest value of this item is shown in the month of February with a figure of $ 1931235.58 and the lowest level is in the month of August with a value of $ 1154931.08. This decrease was mainly due to the decrease in the items of Obligations with the State Budget and Payroll Payable.
During 2015, the Current Liabilities present an average of $ 1501716.78, reaching its maximum value in the month of January with $ 1762229.28 and its lowest level in the month of March with $ 1320295.89. The increase in this account in January was mainly due to an increase in the items of Obligations with the State Budget and Payroll Payments.
In 2014 it is observed that the most significant items within the Current Liabilities are the Obligations with the State Budget and Payroll Payments and other operational provisions, this is given by the percentage that each one occupies in this group, occupying the 26, 15 and 18% respectively. In 2015, it behaved in the same way, occupying 13%, 17% and 19%, although the item of Anticipated Collections also represents 13%.
Step 5: Partial evaluation of current financing.
When Current Liabilities experience variations, Sales do not maintain the same rhythm as the former, so there is no causal relationship.
In order to study further the causal relationship between Current Liabilities and Sales, the correlation coefficients and R-squares are calculated.
Table B Result of the relationship coefficients between Sales and Current Liabilities.
| Model | R | R square | R squared corrected | Typ error of the estimate | Durbin-Watson |
| one | .040 (a) | .002 | -.044 | 236712.42069 | 1,925 |
Source: self made
The correlation coefficient is equal to 0.04 indicating that there is a direct relationship, but very weak. The r-squared coefficient indicates that the variability of Sales is only explained by Liabilities by 0.2%, so the regression equation is not recommended.
In 2014, the behavior of the accounts payable deferral period had an average value of 26 days, increasing this figure in June to 28 days and achieving its lowest level of 23 days in December, due to the increase in credit purchases.
Throughout 2015, the behavior of the payment cycle averaged 26 days, increasing its value in February to 30 days and reaching its lowest level of 20 days in December. In both years, the payment cycle behaved below 30 days, which shows a concern and concern of the company to meet its payment commitments, showing security and liquidity in its operations.
During 2014, the current liabilities turnover had an average behavior of 0.62 times, reaching its lowest level in the month of July with a figure of 0.42 times and managing to optimize its value in the months of September and November with a figure of 1 time; It is important to note that this indicator has evolved favorably in these two months, since for each peso of Current Liabilities, the company manages to fully face its short-term debts.
The turnover of the Current Liabilities in the year 2050 was above the average of 0.65 times, reaching its lowest level in the month of February with a figure of 0.39 times and achieving its maximum value in the month of December with 0.95 times.
With the data analyzed, it can be said that the company, although it can practically cover its debts with its Sales, still presents low levels of risk and profitability, carrying out a conservative current financing policy. In this situation, the entity may be affected by the loss of new materials or equipment that would increase its efficiency.
Step 6: Comprehensive evaluation.
Once the Current Assets and Liabilities have been evaluated and based on the results obtained from the different techniques and tools used, a more detailed analysis of the working capital in the company under study can be developed.
During 2014, the net working capital was above the average of $ 3543566.46. It is important to note that throughout the year Current Assets exceed Current Liabilities, which indicates positive values of working capital. This means that the company always had the possibility of maintaining itself with liquid assets, even if it had decided to pay off all its short-term obligations.
In 2014 the net working capital reached its lowest level in the month of July with a figure of $ 2987969.39 and obtained its maximum value in the month of June with $ 4098320.44, due to an increase in Current Assets in the item of Cash in Bank caused by the increase in Sales.
During 2015, the net working capital was above the average of $ 3314861.41, which shows that compared to 2009 the company had less availability of financing, but even so it always had the possibility of maintaining liquid assets. The lowest level was in the month of October with a figure of $ 2830699.51 and reached the highest in the month of December with $ 3748810.76 due to an increase in Current Assets in the Cash items in Bank and Inventories caused by the high Sales and input levels of raw materials and materials for the Chart.
The graph prepared in Annex 16 shows that in 2010 when working capital experiences increases or decreases, sales maintain the same sequence as this; however in 2009 it does not happen this way. In order to deepen the study of the causal relationship between working capital and sales, the correlation coefficients and R-squares are calculated.
Table C Result of the correlation coefficients between working capital and sales.
| Model | R | R square | R squared corrected | Typ error of the estimate | Durbin-Watson |
| one | .552 (a) | .305 | .273 | 197566.19339 | 1,650 |
Source: self made
The correlation coefficient is equal to 0.55 indicating a directly proportional relationship between working capital and sales. The r-squared coefficient indicates that the total variations in sales are explained by 30% by working capital.
The significance of F is 0.005 which is less than 0.05, so the equation is significant. The estimated regression equation is:
This shows that during the years 2014 and 2015, for each peso of working capital, only 38 cents of sales were obtained, evidencing its low capacity to generate income.
To delve more statistically and understand which indicator is having the most impact on working capital, it was decided to carry out an analysis of the causal relationship between working capital and Current Assets, as well as between the first and Current Liabilities.
Table D. Result of the correlation coefficients between working capital and Current Assets.
| Model | R | R square | R squared corrected | Typ error of the estimate | Durbin-Watson |
| one | .837 (a) | .700 | .686 | 186429.91518 | 1,374 |
Source: self made
The correlation coefficient equal to 0.83 indicating a strong and directly proportional relationship between working capital and Current Assets. The r-squared coefficient indicates that the variability of working capital explained by Current Assets is 70%. The significance of F is 0.000 which is less than 0.05, so the equation is significant. The estimated regression equation is:
This means that during the years 2014 and 2015, for each one peso of Current Assets, 0.792 of working capital was obtained, demonstrating a large amount of immobilized resources.
Table E. Result of the relationship coefficients between working capital and Current Liabilities.
| Model | R | R square | R squared corrected | Typ error of the estimate | Durbin-Watson |
| one | .196 (a) | .038 | -.005 | 333800.87941 | 1,843 |
Source: self made
The correlation coefficient is equal to 0.196, indicating a directly proportional relationship between working capital and Current Liabilities, but weak. The r-squared coefficient indicates that the variability of working capital explained by Current Liabilities is only 3.8%. Once again, it is shown that the item that has most influenced working capital is Current Assets, causing excesses of it, which is not being used effectively.
Cash conversion cycle.
The cash conversion cycle includes the operating cycle (collection period of Accounts Receivable plus the inventory rotation period) and the deferral period of Accounts Payable, to which reference has already been made previously, developing its study. relevant.
In the years analyzed, the cash conversion cycle was over 70 days, given the long conversion period of the Inventory since there are large quantities of raw materials and stored materials. The company must devise a strategy to reduce the inventory conversion period through better planning of the purchases of raw materials and materials to be used, manage the commercialization of already aged inputs, as well as maintain collection policies and payments within 30 days.
The rotation of working capital in the years 2014 and 2015 was on average below 0.3 times, which shows that the company maintains high levels of working capital, leaving immobilized resources that can provide greater benefits. The company must achieve a higher turnover of its working capital, investing fundamentally in new technologies, as this will allow it to increase its productive capacity and, therefore, the level of sales, in this way it would become a leading entity in its branch.
To deepen the analysis of the company under study, it is necessary to apply certain financial ratios, for which the fractional analysis of liquidity was taken into account. Through this analysis, it is possible to determine to what extent the Current Assets of the period are able to cover their short-term debts.
- Analysis of the ability to cope with short-term payments with the availability of Current Assets (solvency ratio).
The behavior of this indicator throughout the whole of 2014 was above the average of 3.26, reaching its highest level in the month of August where for each peso of Current Liabilities the company has 4.21 pesos as an average of Current Assets to face the First. In 2015, this indicator behaves similarly, with an average of 3.22. As can be seen, this index presents a very high value, which supposes a financial slack that can be seen together with an excess of unapplied capitals that negatively influence the total profitability of the company, for which reason a policy must be drawn up investment of idle money, since it has excess Cash in Bank.
- Analysis of the ability to face short-term payments with Cash and Accounts or Receivables (immediate liquidity ratio)
This indicator is very important since it allows evaluating the situation that the company presents to face its short-term debts. In 2014, this ratio behaved above the average of 2.34 pesos for each peso of Current Liabilities, reaching up to 3.05 pesos in September. The increase in this index was mainly caused by the increase in Short-term Accounts Receivable and the decrease in Current Liabilities. In 2015, every month they present values higher than 2, except October, which is 1.85, so the company should not present risks to settle its short-term debts, but working capital is oversized.
- Analysis of the ability to meet short-term payments with total Cash (cash ratio)
Available liquidity is nothing more than the ability to meet short-term obligations from Cash. During the years 2014 and 2015, this ratio shows values above one weight. In 2014 the lowest value was 1.52 in the month of July. It should be noted that the months of August, September and October reached values above 2, demonstrating that there is a large amount of immobilized Cash, which is harmful to the company as it triggers an excess of working capital and the existence of opportunity costs. In 2015 there is a small decrease in the treasury, since only the month of September exceeded 2, but the excess of Cash persists.
Profitability of working capital.
The return on working capital in the years analyzed is low. In 2015, there was a slight increase in average profitability of 0.02, which shows that the company used its working capital better, but it was not enough, as they continue to maintain high levels of working capital caused by high amounts of cash. and large amounts of stored raw materials.
After carrying out a comprehensive analysis of the working capital in the company under study, it can be said that it is carrying out a relaxed policy of short-term investment and conservative current financing, which causes low levels of financial risks, but also of profitability, so it is necessary to modify the administration that is being carried out with working capital since it is not investing in resources that could provide the entity with more income and efficiency. In this sense, the author of this work considers that the company must make decisions regarding:
- High levels of immobilized Bank Cash can be used in investment processes, such as new technologies, that generate higher levels of profits. Reduce the turnover cycle of the Inventory, carrying out an analysis of those aged raw materials and looking for alternatives by carrying out a better commercial management of those that can be processed in the production cycle or coordinate with other companies, to sell them these raw materials and recover these costs. In addition to executing better planning of purchases of raw materials and necessary materials, modify the conservative policy of current financing, since it may be affected by the loss of new materials or equipment that would increase its efficiency.
Conclusions:
- The proposed procedure for the analysis of working capital integrates different methods, techniques and tools, both statistical and financial, which provides the basis for its application and obtaining relevant information from its breakdown into steps. the company the possibility of knowing the levels of risk and profitability, which allows it to strategically modify the working capital management policy. There is no comprehensive policy defined by the company regarding the movement or levels of its Current Assets accounts and Current Liabilities. The inventory conversion period is high. There is a large amount of immobilized Cash originating excess working capital.There are low levels of risk and return caused by the relaxed current investment policy and the conservative policy of current financing.
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