This work shows an economic-financial analysis in the Construction Materials Company located in the Municipality of Las Tunas, it is of great importance for the province and for the country for the products it offers, as well as the services it provides. The analysis of the financial economic situation was carried out taking the data from the Financial Statements for the year 2005, comparing it with the plan for the year 2004, evaluating different indices such as the liquidity and activity ratios. This research was developed in two chapters: Chapter 1 Theoretical Foundation, Chapter 2 Financial Analysis.Coming to the conclusion that the company works efficiently in the year under review, although there are still some deficiencies towards which recommendations are focused in order to improve results and advance in the constant struggle to achieve economic efficiency.
Introduction
Accounting has the mission of supplying data to the company management in order to carry out the planning, administration and management process, as well as information to all users, both internal and external. The importance of accounting data has assumed greater weight as the theories of scientific management have been perfected, which requires a truthful and precise flow of information. Accounting information is therefore a powerful tool for management. The intelligent use of this information can probably only be achieved if the decision makers in the companies understand the essential aspects of the accounting process, which ends with a final product, the financial statements and the analysis of those statements, which allows knowing the reality that underlies that information.
"… The Socialism we defend can only be sustained with a state company as strong and efficient as the best of private companies. ”
Taking into account the aforementioned and the extraordinary importance of financial analysis: Is the financial economic management of the Construction Materials Company of Las Tunas efficient?
In order to solve the problem, the objective is to evaluate the financial economic situation of the Construction Materials Company of Las Tunas on the basis of liquidity and activity indicators. The correct use of the information provided by the Financial Statements will allow evaluating the efficiency of the company's financial and economic management.
The work has been structured as follows:
Chapter 1 Theoretical Foundation: refers to the concepts of analysis, techniques, methods of analysis and reasons such as: liquidity and activity.
Chapter 2 Financial Analysis of the Construction Materials Company of Las Tunas: refers to the calculation and analysis of financial ratios.
CHARACTERIZATION OF THE COMPANY OF CONSTRUCTION MATERIALS OF LAS TUNAS.
The Construction Materials Company of Las Tunas is located on Avenida Camilo Cienfuegos No. 223, it is subordinate to the Industrial Construction Business Group of the Ministry of Construction. It owns a group of production centers mainly in the Tunas municipality.
It was founded in June 1966 and created by Resolution No. 58/81 of the Ministry of Construction as a Construction Materials Company No. 2 of Las Tunas and by Resolution No. 123/2002 issued by the Ministry of Construction itself in its sixth section changed the name of the entity to Las Tunas Construction Materials Company, it has the following corporate purpose:
SOCIAL PURPOSE OF THE COMPANY OF CONSTRUCTION MATERIALS IN LAS TUNAS.
- Produce, transport and wholesale aggregates including silica sand and other materials from the quarry, paints, gypsum, lime and its derivatives, clay and mud products and systems, concrete elements, terrazzo, additives, textured repels, monolayers, glue cement, dehydrated mix, hydraulic tiles, cast iron and bronze elements, products for the glass and ceramic industry, refractory products, hydraulic concretes, coatings and waterproofing agents, including their application; wood carpentry, including its assembly and offer after-sales services, all in national currency and currency. Provide maintenance and assembly services to industrial technological facilities and equipment for the production of construction materials;laboratory for testing construction materials, rental of construction equipment, complementary and specialized transport, transportation of general cargo; of diagnosis, repair and maintenance of automotive, construction and complementary transport equipment, as well as its aggregates; warehouse rental, parking; rental of premises, scientific-technical services and execution of R&D projects and technological innovations, as well as technical assistance, consulting and advice on activities in the production of construction materials; specialized blasting services, including your project; produce and commercialize in retail form surplus agricultural products from self-consumption to their workers and from storage and sale of fuel and lubricants,the latter only to entities of the Ministry of Construction system, all of them in national currency.
The company works in three fundamental branches: quarry, concrete and red ceramic, producing materials such as: aggregates, wall, floor, ceiling and woodwork elements. These productions allow us to respond to the needs of the province in terms of construction and repair of works for the programs carried out by the country. The structure of the company is flat, there are three levels between the Director and the Chief closest to production, two functional levels and one executive. It has flexibility and unity of command allowing compliance with the objectives and mission of the organization.
The Company has a Central Office with four Vice-Directorates to which 5 Base Business Units are subordinate, three of them productive and 2 service.
| Occupational Category | ||
| Current | ||
| Leaders | 32 | |
| Technicians | 81 | |
| Administrative | 17 | |
| Services | 100 | |
| Workers | 382 | |
| Total | 612 |
CHAPTER 1. THEORETICAL FOUNDATION.
- Analysis concepts.
Analysis concept according to Angela Demestre, César Castells and Antonio Gonzáles:
General meaning:
Study carried out to separate the different parts of a whole.
Meaning applied:
System: technique whose objective is the understanding and treatment of each problem in relation to the conjuncture as a whole and to the general economic structure.
Economic: correct methods of interpreting the information as opposed to the one that deals with its preparation and presentation.
Philosophical: method that comes from the compound to the simple.
¿ Why analyze?
To make intelligent decisions taking into account plans, action programs, policies, objectives, that is, linking all this.
How to analyze:
- Analyzing the Financial Statements:
- Balance Sheet or Situation Statement of Income or Profit or Loss Statement of Variation of Working Capital Status of Origin and Application of Funds Statement of Cash Flow
- Applying analysis techniques:
- Financial ratio calculations.
Analysis methods:
- Vertical method.Horizontal method.
The vertical method refers to the use of the Financial Statements of a period to know its situation or results.
In the horizontal method, the last two periods are compared to each other, since in the period that is happening, the accounting is compared against the budget.
In the historical method trends, whether percentages, indices or financial ratios are analyzed, can be graphed for better illustration.
Reason calculation:
One reason is an index, a coefficient. It is a simple mathematical expression of the relationship of one number to another that is taken as a unit or one hundred percent.
A reason by itself says something, but when the result is going to be classified as good or bad, favorable or unfavorable, etc., it is necessary to establish comparisons against some relevant standard, such as:
- A previous figure (historical tells what happened) An external figure (branch behavior) A projected figure (expected)
Classification of financial ratios:
The classification that Perdomo offers in its text of analysis and interpretation of financial statements was chosen.
For its application or objectives:
- Liquidity ratios Activity ratios
- Financial statements.
Concept.
The basic financial statements also known as primary are those that show the economic capacity of a company (total assets - total liabilities). Payment capacity of the same (current assets - current liabilities) or the result of operations obtained in a given period. Example:
-
- Balance Sheet Income Statement
The Financial Statements allow us to analyze the information through which we can evaluate the economic and financial situation of the company.
Economic Position: A company's ability to obtain results through the comparison of all income with all expenses, such results can be positive or negative (profit or loss).
Financial Position: The ability of a company to meet its debts at their respective maturities (short and long-term debts).
If the Financial Statements, which constitute the final product of accounting, are not subject to analysis, then accounting as such would have no use value.
1.2.1 Balance Sheet.
The Balance Sheet is the fundamental financial statement that the accounting renders, it is also known as: Situation Statement, it is the accounting document that reflects the patrimonial situation of a company in a moment of time. Through it, the financial position of the company can be evaluated, as well as a preliminary diagnosis of two financial policies (investment and financing). It consists of two parts, active and passive. The asset shows the assets of the company, while the liability details its financial origin. Legislation requires that this document be a true image of the State Heritage.
To analyze the financial situation of the company and its evolution, it is necessary to start from historical balance sheets belonging to the last two or three years, although it is also useful to analyze the estimated balance relative to the end of the next period.
1.2.2 Statement of Income or Profit and Loss.
Definition.
It shows the effects of a company's operations and its bottom line, whether profit or loss. It shows the result of the events that caused an increase or decrease in the company's equity. It presents the financial situation of a company at a certain date, taking as a parameter the income and expenses incurred; provides the net profit of the company. It generally accompanies the Balance Sheet. It shows the difference between the total income in its different modalities; sale of goods, services, fees and contributions and expenses represented by costs of sales, cost of services, benefits and other expenses and products of the entities.
Chapter 2 Financial Analysis of the Construction Materials Company
Application of Ratios to the analysis of the Financial Statements.
Liquidity ratios
They study the ability to pay cash or money of a company. Within it we determine:
Working Capital
The administration of Working Capital refers to the management of current accounts that include current assets and liabilities. The most common definition of it is the difference between current assets and current liabilities, that is, the funds or resources with which a company operates in the short term, after covering the amount of the debts that are also due in that short term.
In the financial analysis, deciphering the behavior of Working Capital is of vital importance, due to the close relationship it establishes with operations that affect current or current items, and which are the effect of the operations that the company commonly carries out.
General Liquidity:
It is the ratio of current assets to current liabilities. It allows to measure the ability of the company to cover its short-term obligations, based on its current assets, at a certain time.
When this ratio is less than 1, the entity has lost its general liquidity and is technically in a situation of suspension of payments. It should reach values greater than 1, although the most appropriate, in general, is that it behave with a value of 2, or almost 2. If the current assets are considerably greater than twice the current liabilities, it is possible that the The company is immobilizing its current assets, and therefore obtain little profitability from them by having an excess of them.
Immediate Liquidity or Acid Test:
It measures the ability to face the most demandable obligations, that is, short-term debts, from current assets without the inclusion of less liquid items.
To consider that the company will not have liquidity problems, this ratio must approximately equal the short-term callable. If the ratio is less than 1, there is a dangerous situation, in which it is possible that there will be problems in meeting the payments. If the ratio exceeds 1, be careful, your investments in available and realizable may be underused.
Solvency:
It measures the ability of the company to face all its debts, both short and long term, with its real assets (current and fixed assets).
Activity reasons:
They measure the efficiency of accounts receivable and payable, the efficiency of the consumption of materials, production, sales and assets with which the company operates.
Inventory rotation (R INV.)
It indicates the speed of the company in making its sales, the speed of consumption of materials and the speed of production. It is defined as cost of sales divided by the average of the inventory during the period.
This index reports the times that, in a given period, the inventory of finished products has been renewed due to merchandise sales. A higher turnover will generally correspond to higher profits, less resources applied to inventory maintenance, better possibility of competing on prices and more prompt completion of inventories of finished products.
Therefore, inventory turnover is a valuable measure of administrative efficiency in the field of sales and the quality of merchandise sold.
Accounts Receivable Rotation:
It allows knowing the number of times that the average customer of the company is renewed, the number of times the commercial circle is completed in the period to which the net sales refer. It is necessary to know the cycle that the company has to carry out the analysis.
The fastest way for an analyst to determine the average accounts receivable is to add the beginning and ending balances of the period and divide the sum by two.
Accounts Payable Rotation:
Indicates the number of times the average of accounts payable to suppliers is renewed in the period or year to which the net purchases refer. It allows to know the speed or efficiency of payments of the company.
In the case of our companies, it is necessary to determine the purchases for the period. As the company does not have a specific account to collect this data, it is necessary to find out what the purchases of materials and merchandise were, since these constitute the fundamental amount of the purchases made by the company.
Materials Purchases = Material Expenditure + Final Inventory - Initial Inventory.
Cash Cycle
It is the integral part of the operating cycle where the economic organization does no more than invest funds for operating payments (purchases, salaries, other expenses, etc.) and its interval is between payment to suppliers and collection from customers. It is in the interest of every company that this cycle is as short as possible to reduce its financing needs.
Poor management of cash flow management creates significant financial stress for companies, so all appropriate measures must be implemented to make this cycle as short as possible. The ideal situation is for those companies that manage to have a cash cycle where operation activities are more than financed from the funds of suppliers and clients.
When analyzing the cash cycle, it is useful to distinguish two factors: the operating cycle and the payment cycle, which combine to determine the cash cycle.
The cash cycle relates the operating cycle and the payment cycle as follows:
Cash Cycle (CE) = Operating Cycle (CO) - Payment Cycle (CP)
Operating Cycle.
The operating cycle (CO) is a measure of the amount of time that elapses from when the raw material is purchased to produce goods until it is charged to the customer, through the production, storage and sale process. The operating cycle takes into account two liquidity determinants:
- The Inventory Conversion Period (PCI), which is an indicator of the average time it takes for a business to convert its cumulative inventories of raw materials and materials to production in process, from production in process to finished production, and from finished production to sales made to customers. This period is measured by the average terms of the inventories of materials, production in process and finished production. The accounts receivable conversion period (PCxC), which is the indicator of the average time a company needs to convert its accounts receivable into cash. This period is measured by the average collection cycle.
The operating cycle focuses on the timing of cash inflows, but circumvents the timing of outflows (at which point we must pay for purchases and labor). However, the company's financing requirements will be influenced by its ability to delay payments by purchasing materials on long-term credit or by making labor payments after work has been completed.
CO = PCI + PCxC
PAYMENT CYCLE.
The payment cycle (CP) is the indicator of the time that elapses as an average between the date of purchase of the materials and the date on which the payment is made to the suppliers.
FINANCIAL ANALYSIS OF THE CONSTRUCTION MATERIALS COMPANY LAS TUNAS.
2.1 Liquidity Ratios.
General Liquidity.
| CONCEPT | Um | REAL 2005 | REAL 2004 | |
| Current Assets | one | MP | 2909.8 | 3086.9 |
| Current Liabilities | two | MP | 1062.9 | 823.7 |
| Circulating Ratio (½) | 3 | $ | 2.74 | 3.75 |
In 2004, for each peso of short-term debt, the company had $ 3.75 of current assets, however in 2005, its ability to pay was less, with $ 2.74. In general, there is a very favorable trend during the two years in this indicator, showing that the company has acceptable liquidity, which exceeds in 2004 the standard established according to authorial criteria.
Immediate Liquidity or Acid Proof.
| CONCEPT | Um | REAL 2005 | REAL 2004 | |
| Current Assets - Inventories. | one | MP | 1088.9 | 1096.7 |
| Current Liabilities | two | MP | 1062.9 | 823.7 |
| Acid Ratio (½) | 3 | $ | 1.02 | 1.33 |
Immediate liquidity was 1.33 in 2004, that is, for each peso of short-term debt, the entity had 1.33 cents of available and realizable assets, which implied that the company had cash to meet its short-term liabilities. In 2005, the ratio decreased by 0.31 cents (1.33 - 1.02), that is, it reached a value of $ 1.33, remaining above the author's criteria.
Solvency.
| CONCEPT | Um | REAL 2005 | REAL 2004 | |
| Total Assets | one | MP | 10077.0 | 9797.7 |
| Total Liabilities | two | MP | 1428.9 | 1274.6 |
| Solvency Ratio (½) | 3 | $ | 7.05 | 7.69 |
At the end of 2004, real assets covered 7.69 times all debts, that is, for each peso of external financing, the company had $ 7.69 of real assets to cover all obligations. In 2005, the ratio decreased by 0.64 times (7.69 - 7.05), which means that it has $ 7.05 to face each peso of debt.
Working Capital.
| CONCEPT | Um | REAL 2005 | REAL 2004 | |
| Current Assets | one | MP | 2909.7 | 3086.9 |
| Current Liabilities | two | MP | 1062.9 | 823.7 |
| Working Capital (1-2) | 3 | MP | 1846.8 | 2263.2 |
Working capital maintains an adequate level, in 2005 it decreases with respect to the previous year by 416.4 MP (2263.2 - 1846.8), which was 2263.2 MP, that is, in 2004.
2.2 Reasons for Activity
Collection Cycle.
| CONCEPT | Um | REAL 2005 | REAL 2004 | |
| Sales | one | MP | 4255.9 | 4284.8 |
| Average Accounts Receivable | two | MP | 379.8 | 471.1 |
| Accounts Receivable Rotation (½) | 3 | Times | eleven | 9 |
| Days of the Period | 4 | Days | 360 | 360 |
| Collection Cycle (4 / 3) | 5 | Days | 32 | 40 |
In 2004, accounts receivable rotated 9 times a year every 40 days, however in 2005 they did so 11 times every 32 days. As can be seen, the collection cycle decreased over the previous year by 8 days, influencing the decrease in the average of the accounts that are still pending collection. If this result is compared with the average collection cycle in the country that is 30 days, then it must be considered that it is within the parameters.
Payment Cycle.
| CONCEPT | Um | REAL 2005 | REAL 2004 | |
| Purchases | one | MP | 1532.6 | 1293.1 |
| Average Accounts Payable | two | MP | 82.15 | 47 |
| Accounts Payable Rotation (½) | 3 | Times | 18.6 | 27.5 |
| Days of the Period | 4 | Days | 360 | 360 |
| Payments cycle (4 / 3) | 5 | Days | 19 | 13 |
The payment cycle tends to increase, behaving in 13 days for the year 2004 and 19 days for the year 2005, pointing out that this situation is not favorable for the company, since lengthening the payment cycle without breaching the commitments made is a good measure for cash management and therefore contributes to improving the financial situation of the company. If you take into account that a 30-day payment cycle is within the established parameters, then it can be affirmed that the company has financing reserves that are not exploiting and which is not expensive.
Inventory Cycle.
Raw Materials and Materials Inventory.
| CONCEPT | Um | REAL 2005 | REAL 2004 | |
| Raw Materials Expenses | one | MP | 716.5 | 657.5 |
| Average of Raw Materials and Mat. | two | MP | 150.15 | 160.65 |
| Rotation of Raw Materials and Mat. (½) | 3 | Times | 4.7 | 4 |
| Days of the Period | 4 | Days | 360 | 360 |
| Inventory Cycle M. Primas y Mat. (4 / 3) | 5 | Days | 76 | 90 |
In 2005, the material expenditure was higher than in 2004 by 58.0 MP (716.5 -657.5). The average of raw materials was 150.15 MP in 2005 and in 2004 it was 160.65 MP, that is to say 9.50 MP less, this occurred due to the sale of some raw materials that were made. The inventory cycle of raw materials and materials decreased in relation to 2004 in 14 days, that is, it rotated 4.7 times every 76 days in 2005, however in 2004 it rotated 4.0 times every 90 days. As observed in both periods, it has a similar behavior and although the average of inventories decreases in 2005 by 9.50 MP, a greater quantity is consumed in this period, that is to say, 58.0 MP more.
Parts and Spare Parts.
| CONCEPT | Um | REAL 2005 | REAL 2004 | |
| Parts and Spare Expenses | one | MP | 146.0 | 151.5 |
| Average of Parts and Spare Parts | two | MP | 415.4 | 397.0 |
| Rotation of Parts and Spares (½) | 3 | Times | 0.35 | 0.38 |
| Days of the Period | 4 | Days | 360 | 360 |
| Invent cycle. Parts and Spares. (4 / 3) | 5 | Days | 1028 | 947 |
The company in 2005 had a cost of parts of 146.0 MP, that is, it spent 5.5 MP less than the previous year, which had been 151.5 MP. The average of parts and spare parts increased from 397.0 MP in 2004 to 415.4 MP in 2005.
Parts and spare parts in 2005 rotated 0.35 times every 1028 days, in 2004 they rotated 0.38 times every 947 days. The inventory rotated 0.03 times less in 2005 compared to 20024, however the rotation continues to be very slow, as only a small part of these are being rotated and part of these pieces are in the warehouse without using them, resulting in idle inventory. with an approximate value of MP, among which are: mill parts, heavy equipment and automotive, they have a high value, but are no longer useful for the company.
Main Production in Process.
| CONCEPT | Um | REAL 2005 | REAL 2004 | |
| Gross Production | one | MP | 4393.0 | 4644.8 |
| Average Inventory Production Proc. | two | MP | 120.2 | 36.05 |
| Production Rotation Princ. Proc. (½) | 3 | Times | 36.5 | 128.8 |
| Days of the Period | 4 | Days | 360 | 360 |
| Production Cycle. Princ. Proc. (4 / 3) | 5 | Days | 9 | two |
In 2005 gross production decreased by 251.8 MP (4644.8 MP - 4393.0 MP), the inventory of production in process increased by 84.15 MP (120.2 MP - 36.05 MP). The main production in process in 2005 rotates 36.5 times every 9 days and in 2004 it rotated 128.8 times every 2 days
Production finished.
| CONCEPT | Um | REAL 2005 | REAL 2004 | |
| Mercantile Production | one | MP | 4236.2 | 4633.2 |
| Inventory Inventory Produc. Term. | two | MP | 1028.75 | 1228.7 |
| Production Rotation Term. (½) | 3 | Times | 4.1 | 3.7 |
| Days of the Period | 4 | Days | 360 | 360 |
| Production Cycle. Term. (4 / 3) | 5 | Days | 87 | 97 |
Mercantile production decreased by 397.0 MP in 2005 in relation to the previous year, and the average inventory of finished production remained approximately the same, in 2005 it was 1028.75 MP and in 2004 1228.7 MP
As can be seen, the finished production cycle is 4.1 times every 87 days for 2005 and in 2004 3.7 times every 97 days. Taking into account the criteria of the entity's specialists, this cycle should not exceed 30 days, however, as explained above, it is 129 days, so it is evident that there is an accumulation of this inventory and only part of it is rotating as: Stones, sand, wall elements, floor elements, and ceiling elements are all stagnant in the warehouse: clay, cast iron fittings for sanitary facilities, and some aggregates.
The cast iron connections of sanitary facilities were idle because plastic facilities arose from high demand, and that they are more used nowadays so that this asset expired and became obsolete. The company owns around 200.0 MP in these inventories.
In the 1980s the company acquired a kaolin mine, from which kaolin and clay are extracted. Kaolin is sold in foreign currency and in national currency with the Holguín White Ceramic Factory, the clay was wrongly inventoried and is stagnant.
There are large amounts of aggregates primarily inventories from stones 1 1 / 2, this in because the company has little technology to the grinding these stones, so that the ground is obtained compulsorily three types of stones, but the stones 1 1 / 2 have little demand in the market and removing them causes a double expense to be incurred, resulting in a large number of them without being able to market them.
Cash Cycle Analysis and Proposal for an Ideal Cash Cycle.
It is observed that there is a decrease of 25 days in the cycle of operations in 2005 with respect to 2004. In 2005 the cycle of operations was 204 days and in 2004 229 days, the same is given by a decrease of 17 days in the rotation of raw material inventories, finished and in-process production, and an 8-day decrease in the collection cycle. In 2004 the entity paid its bills on average every 13 days and the cash cycle was 216 days, that is, there were 216 days between the cash disbursement and the income from the collection of accounts receivable, in 2005 the accounts were paid every 19 days, that is to say 6 days more than the previous year and the cash cycle was 185 days, that is to say 31 days more than in 2004.
Taking into account the criteria of various specialists for their experience and knowledge in the activity, the Cash Cycle should behave as follows:
The Operations Cycle should be 76 days taking into account that the Raw Materials Inventory Cycle would be 20 days, the Production in Process 10 days, the Finished Production 20 days and the Collection Cycle 26 days.
If the Payments are extended up to 28 days, then a Cash Cycle of 48 days is obtained, which differs from the current one in 186 days.
CONCLUSIONS
- Carry out deeper analysis of the financial reasons in the company Involve as many workers as possible in this type of analysis and thereby contribute to the formation of their economic culture Use this work as a bibliography.
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