УДК 338.24.01

МЕТОДИЧЕСКИЕ ПОДХОДЫ К ОЦЕНКЕ СТРУКТУРЫ КАПИТАЛА НЕФТЕХИМИЧЕСКОЙ КОМПАНИИ

Курилова Анастасия Александровна
Тольяттинский государственный университет
доктор экономических наук, доцент, профессор кафедры «Финансы и кредит»

Аннотация
Статья посвящена проблемам оценки структуры капитала крупного нефтехимического предприятия. По результатам оценки была выявлена динамика изменения иммобилизованных активов. Наибольшую долю в иммобилизованных активах составляют долгосрочные финансовые вложения. Остальные виды иммобилизационных активов незначительны. Это объясняется значительными вложениями нефтехимических предприятий в дочерние и зависимые общества. Большинство составляющих иммобилизованных активов выросли, по сравнению с предыдущим периодом наблюдается разнонаправленная динамика. Уровень финансовых вложений снизился. Это объясняется сокращением вложений средств компании в краткосрочные ценные бумаги корпоративного сектора, а также в государственные ценные бумаги. За исследуемый период произошло изменение отношение между дебиторской и кредиторской задолженностью. По результатам проведенного анализа можно сделать следующие выводы - в целом структура баланса нефтехимического предприятия положительная, но в динамики изменения структуры активов и пассивов общества присутствуют негативные тенденции, которые требуют проведения мероприятий по улучшению структуры баланса предприятия.

Ключевые слова: бухгалтерская отчетность, дебиторская задолженность, добавочный капитал, доходные вложения в материальные ценности, иммобилизованные активы, ликвидность, нематериальные активы, оборотные активы, основные средства, резервный капитал, собственный капитал, финансовые вложения.


METHODOLOGICAL APPROACHES TO ASSESSING THE STRUCTURE OF THE PETROCHEMICAL COMPANY'S CAPITAL

Kurilova Anastasia Alexandrovna
Togliatti State University
Ph.D., professor of «Finance and Credit»

Abstract
The article deals with problems of evaluating the capital structure of a large petrochemical enterprise. The evaluation has identified the dynamics of change of immobilized assets. The largest share in the immobilized assets comprise long-term investments. Other types of immobilization assets are insignificant. This is due to significant investments in the petrochemical companies subsidiaries and affiliates. Most components of the immobilized assets increased compared with the previous period observed multidirectional dynamics. The level of investments decreased. This is due to reduced investment of company funds in short-term securities of the corporate sector as well as in government securities. During the study period there was a change in the ratio between receivables and payables. According to the results of the analysis, the following conclusions - the whole of the petrochemical company's balance sheet structure is positive, but in the dynamics of change in the structure of assets and liabilities of the company there are negative trends, which require measures to improve the company's balance sheet structure.

Рубрика: Экономика

Библиографическая ссылка на статью:
Курилова А.А. Methodological approaches to assessing the structure of the petrochemical company's capital // Гуманитарные научные исследования. 2016. № 12 [Электронный ресурс]. URL: http://human.snauka.ru/2016/12/18194 (дата обращения: 29.04.2017).

PJSC “LUKOIL” is one of the largest vertically integrated oil and gas companies in the world. The share of the company for more than 2% of global oil production and about 1% of proven reserves of hydrocarbons. With a full production cycle, PJSC “LUKOIL” has full control over the entire production chain – from oil and gas to oil products.
FMD assess the capital structure of PJSC “LUKOIL” for the period 2012 – 2014 gg.
Materials and methods
In the first stage of capital evaluation of PJSC “LUKOIL” will consider the comparative analytical balance in society gap osnonvyh its sections [1, c.8].
In the first stage we carry out a comparative analysis of the dynamics of change in the immobilized assets of PJSC “LUKOIL”. The dynamics of their changes is shown in Table 1.
Table 1 – Changes in the immobilized assets of PJSC “LUKOIL”

Index’s

2012

2013

2014

Derivation 2014/2013

1.1.  Intangible assets and results of research and development

397361

383089

393925

10836

1.2.  Fixed assets

7532039

13138136

13350116

211980

1.3.  Long-term investments

661015690

959049433

1148294380

189244947

1.4.  Other

5595982

738619

1120256

381637

Figure 1 - The structure of the immobilized assets PJSC "LUKOIL" on 31.12.2014 (%)
Figure 1 – The structure of the immobilized assets PJSC “LUKOIL” on 31.12.2014 (%)

As shown in Table 1 and Figure 1, the largest share in the immobilized assets comprise long-term investments (99%). Other types of assets imobilizatsionnyh insignificant. This is due to significant investments PJSC “LUKOIL” in the subsidiaries and associates of the Group [2, c.85].
It should be noted that most sostavlyayayuschih immobilizoovannyh assets increased compared with the year 2012 in comparison with the year 2013 observed multidirectional diniamika.
So the dynamics of aggregate indicators reflect changes in the volume of amortization of intangible assets and research and development is positive. This indicator increased in comparison with the same period of 2013, but in comparison with 2012 there was a decrease of this index by 3 436 thousand. Rub. and amounted to 393 925 thousand. rub. [3, c.390]
Changes in compiling this index – the results of research and development is negative. Otkloenie on the results achieved in 2012 sostavlet (-50 141) thousand. Rub.
At the same time the negative dynamics of this index is associated with a reduction in the size of R & D results in otraennyh sostve immobilizoannyh assets of PJSC “LUKOIL”.
In this case the absolute value of intangible assets compared with the same period in 2012 increased and amounted at 31.12.2014 354 221 thous. Rubles. [4, c.240].
The highest growth is observed intangible assets for the period from 31.12.2012 on 31.12.2013. At the end of this period, the value of intangible assets increased and amounted to 5,705,072 thousand. Rubles (Table 1).
Fixed assets of PJSC “LUKOIL” for periodc 31.12.2013 31.12.2014 increased by 211 980 thousand. Rub. and amounted to 13,350,116 thousand. rub.
A significant increase in the cost of fixed assets occurred during the period from 31.12.2012 until 31.12.2013, when the value of the property increased by 5,606,097 thousand. Rub. and amounted to 13,138,136 thousand. rub. The greatest absolute value of 13,350,116 thousand. Rub. fixed assets value reached in 2014.
Over the entire period under review have been absent profitable enterprise investments in tangible assets, which indicates the absence of long-term investments in tangible assets in the enterprise.
Long-term investments in the period from 31.12.2012 on 31.12.2014 increased in absolute terms by 48 727 8690 thousand. Rub., In relative to 42.43% [5, c.34].
The absolute value of other non-current assets for the period from 31.12.2012 till 31.12.2014 has decreased by 4,618,898 thousand. Rub. and amounted to 580 347 thousand. rub.
Table 2 – Changes in current assets of PJSC “LUKOIL”

Index’s

2012

2013

2014

Derivation 2014/2013

1.  Current assets
1.1.  Stock

63748

128131

217765

89634

1.2.  Receivables

150555599

168113561

181891930

13778369

1.3.  Short-term investments

347274244

142331861

337746230

195414369

1.4.   Cash

15550233

12393373

72481947

60088574

1.5.  Other

0

0

0

0

TOTAL FOR SECTION II

513443824

322966926

592337872

269370946

The structure of the current assets of PJSC “LUKOIL”, is shown in Figure 2.

Figure 2 - Structure of current assets of OAO "LUKOIL" on 31.12.2014 (%)
Figure 2 – Structure of current assets of OAO “LUKOIL” on 31.12.2014 (%)

The significant weight in the overall balance sheet structure is subjected to be carried summma VAT which is recoverable from the Russian budget.
It should be noted that at the beginning and end of the study period, this figure has a large weight in the total balance sheet structure. Also, its absolute value increased by 157 072 thous. Rubles. [6, c.22].
Index of accounts receivable for the period from 31.12.2012 till 31.12.2014 has increased. The largest increase occurred in the period from 31.12.2012 on 31.12.2014. During this period, this figure has changed to (31,336,331 thousand. Rub.) [7, c.24].
The share of this indicator in the total amount of working capital sotstavilo 29.32% as at 31.12.2012 and 30.71% as at 31.12.2014 year.
It should be noted that for the period from 31.12.2012 till 31.12.2014, the share of receivables exceeds the standard value, which constitutes 25-27% of the total current assets [8, c.130].
The level of investments of PJSC “LUKOIL” has decreased by 9,528,014 thousand. Rub. This is explained by the reduction of investments in the company’s funds kratkorsrochnye securities of the corporate sector as well as in government securities [9, c.60].
Most likivdnaya component of the balance sheet asset of the enterprise – the funds for the period from 31.12.2012 till 31.12.2014 year increased by 56,931,714 thousand rubles.. and reached at 31.12.2014 72,481,947 thousand. rub.
Index stocks with a value of 31.12.2012 on 31.12.2014 decreased in absolute terms by 3055 thousand. Rub. and amounted to 31 076 thousand. rub.
The most significant fall took place on 31.12.2014 to 31.12.2013. During this period, the value of stocks decreased by 1583 thousand. Rub.
Dynamics of PJSC “LUKOIL” shareholders’ equity is shown in Table 3.
Table 3 – Changes in capital soobstvenno PJSC “LUKOIL”

Index’s

2012

2013

2014

Derivation 2014/2013

1.  Equity
2.1.  Authorized capital

21264

21264

21264

0

2.2.  Extra capital

12625114

12625113

12625113

0

2.3.  Reserve capital

3191

3191

3191

0

2.4.  Profit (Loss)

726645569

851528337

1121448545

269920208

TOTAL FOR SECTION III

739295138

864177905

1134098113

269920208

The structure of the liabilities of PJSC “LUKOIL”, is shown in Figure 3.

Figure 3 - The structure of the liabilities of the enterprise as of 31.12.2014 (%)
Figure 3 – The structure of the liabilities of the enterprise as of 31.12.2014 (%)

Figure 3 illustrates the main components of the balance sheet liability as of 31.12.2014. Own capital of PJSC “LUKOIL” is 64.6% of the total Company liabilities, non-current liabilities amount to 13.01% of the company’s liabilities, while the share of short-term liabilities is equal to 22.38%.
Carry out an assessment of its own capital of the enterprise. It is composed on 31.12.2014 is possible to allocate additional capital, capital reserve and retained earnings [10, c.95].
The absolute value of the additional capital decreased by 1 thousand. Rub. and amounted to 12,625,113 thousand. rub.
It should be noted that the balance of the reserve capital structure is present, the absolute value of which amounted to 3191 thousand. Rub.
According to the balance sheet can be seen that at the end of each period in the company’s balance sheet reflected retained earnings of the company. According to the balance of retained earnings of the absolute figure rose to 394 802 976 thous. Rubles. and amounted to 1,121,448,545 thousand. rub. [11, c.536].
Table 4 – Changes in long-term debt capital of PJSC “LUKOIL”

Index’s

2012

2013

2014

Derivation 2014/2013

1.  Long-term liabilities
1.1.  Borrowed funds

2383413

73145713

228021462

154875749

1.2.  Other borrowed funds

140208

1005199

426612

-578587

TOTAL FOR SECTION IV

2523621

74150912

228448074

154297162

Figure 4 - Structure of long-term debt capital at 31.12.2014 (%)
Figure 4 – Structure of long-term debt capital at 31.12.2014 (%)

The value of long-term debt peaked in the amount of 228 448 074 thous. Rubles. to 31.12.2014, value of this indicator increased in comparison with the value at 31.12.2012 on 22 592 4453 thousand. rub. In relative terms, the increase amounted to 1.1% of the original level [12, c.194].
The highest value in the structure of long-term liabilities at beginning of period are borrowed funds, which account at beginning of period 94.44% of the total long-term liabilities. At the end of the period the level of long-term liabilities amounts to 99.81% of the total long-term liabilities [13, c.150].
Table 5 – Changes in short-term debt capital of PJSC “LUKOIL” [14, c. 8]

Index’s

2012

2013

2014

Derivation 2014/2013

1.  Current liabilities
1.1. Loans

311052465

213144333

193383794

-19760539

1.2.  Accounts payable

133341022

142898544

198408144

55509600

1.3.  Revenue of the future periods

0

0

0

0

1.4.  Provisions for liabilities and contingent liabilities at

0

0

0

0

1.5.  Other

1772650

1904509

1158424

-746085

TOTAL FOR SECTION V

446166137

357947386

392950362

35002976

Figure 5 - Structure of short-term debt capital at 31.12.2014 (%)
Figure 5 – Structure of short-term debt capital at 31.12.2014 (%)

The absolute value of short-term borrowings on 31.12.2014 was reduced compared to 31.12.2012 to 117 668 671 thousand. Rub. and amounted to 193 383 794 thous. rubles. [16, c.480].
Indicator payable PJSC “LUKOIL” has increased in comparison with the similar indicator as of 31.12.2012 to 65,067,122 thousand. Rub. and amounted to 198 408 144 thous. rubles. The largest increase in this indicator was observed in the period from 31.12.2013 till 31.12.2014 years [17, c.5].
It should be noted that during the analyzed period there was a change in the ratio between accounts receivable and accounts payable [18, c.177].
At the beginning of the analyzed period 31.12.2012 receivables increased accounts by 12.9%, and as of 31.12.2014 the accounts payable were higher receivables by 9.1% [19, c.14].
The following conclusions can be drawn on the basis of the analysis.
the company’s balance sheet total increased in 2014 and amounted to 421 990 567 thous. rubles. This trend is characterized by positive economic activity of the enterprise [20, c.25].
conclusion
The situation with the ratio of accounts receivable and accounts payable of the enterprise, as well as the capital structure of the enterprise requires optimization.
According to the results of the analysis, the following conclusions – the whole structure of the balance of PJSC “LUKOIL” is positive, but in the dynamics of change in the structure of assets and liabilities of the company there are negative trends, which require measures to improve the balance sheet structure of PJSC “LUKOIL” [21, c.164 ].


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