Outflow from financial activities. Types of cash flows. How to calculate cash flow from core business

The concept of cash flow

Cash flow from financing activities

Calculation of cash flows (table forms)

1. The concept of cash flow

The calculation of the present value is made only on the basis of discounting cash flow (C Ash flow ), under which general case understand the turnover of money in a certain direction or type of activity, flowing continuously in time. It is advisable to understand the flow of money as the difference between the amounts of money coming to the investor to the current account and to the cash desk (money inflows), and the amounts leaving the current account and from the cash desk (money outflows).

It is recommended to designate the cash flows of individual entrepreneurs through CF ( t ), if they refer to a point in time t, or through CF(m), if they belong to m-th step. The cash flows of the project are classified depending on certain types activities:

1. cash flow from investing activities CFand(t);

2. cash flow from operating activities CFFo(t);

3. cash flow from financing activities CFf(t).

Within each of these three types of activity during any m-th settlement period (step) - month, quarter, year - the cash flow is characterized by:

a)inflow P(m) cash equal to the amount of cash receipts to the current account and to the cash desk (money inflows determine result implementation of IP in value terms at this step);

b)outflow O(m) cash equal to the payments at this step;

c) balance (active balance, effect), equal to the difference between inflow and outflow.

2. Cash flow from investing activities

For cash flow from investment activity:

to outflows relate:

capital investment,

start-up costs,

project liquidation costs,

costs for taken awayreading working capital.

This also includes non-capitalized costs (payment of tax on land plot used for the project, the cost of construction of external infrastructure facilities). Information on investment costs should include information classified by type of cost. The distribution of investment costs over the construction period should be linked to the construction schedule;

to tributaries:

sale of assets during and after the end of the project (in this case, it is necessary to take into account the payment of relevant taxes, which will be outflows Money),

income from a decrease in working capital.

3. Cash flow from operating activities

For cash flow from operating activities:

to outflows relate:

production costs;

to tributaries:

revenues from sales,

other income, including receipts from funds invested in additional funds.

4. Cash flow from financing activities

To financial activities includes transactions with funds external to the project that is, those coming not at the expense of the project. They consist of equity capital (equity for JSC) of the firm and borrowed funds.

For cash flow from fifinancial activity:

to outflows include: the cost of repayment and servicing of loans and debt issued by the enterprise valuable papers(in full, regardless of whether they were included in inflows or in additional funds), as well as, if necessary, for the payment of dividends on shares;

to tributaries- attachments equity and borrowed funds (subsidies, subsidies, borrowed funds, including through the issuance of the company's own debt obligations.

The calculation of the present value is made only on the basis of discounting cash flow ( cash flow) , which in the general case is understood as the turnover of money in a certain direction or type of activity, proceeding continuously in time. It is advisable to understand the flow of money as the difference between the amounts of money coming to the investor to the current account and to the cash desk (money inflows), and the amounts leaving the current account and from the cash desk (money outflows).

It is recommended to designate the cash flows of individual entrepreneurs through Ф (t) if they refer to a point in time t, or through Ф(m) if they belong to m my step. The cash flows of the project are classified depending on the individual types of activities:

Cash flow from investing activities F I (t); operating cash flow F O (t) cash flow from financing activities F F (t) Within each of these three activities, during any m th settlement period (step) of the month, quarter, year, the cash flow is characterized by:

a) tributary P (m) cash equal to the amount of cash receipts to the current account and to the cash desk (money inflows determine result implementation of IP in value terms at this step);

b) outflow O(m) cash equal to the payments at this step;

v) balance (active balance, effect) equal to the difference between inflow and outflow.

For cash flow from investment activity: To outflows include capital investments, commissioning costs, project liquidation costs, increase working capital, funds invested in additional funds. This also includes non-capitalized costs (payment of tax on the land plot used for the project, expenses for the construction of external infrastructure facilities). Information on investment costs should include information classified by type of cost. The distribution of investment costs over the construction period should be linked to the construction schedule;

TO tributaries sale of assets during and after the end of the project (in this case, it is necessary to take into account the payment of relevant taxes, which will be cash outflows), receipts from decrease working capital.

For cash flow from operating activities:

TO outflows include production costs and taxes;

TO tributaries sales proceeds, other and non-operating income, including receipts from funds invested in additional funds.

TO financial activities includes transactions with funds external to the IP that is, those coming not at the expense of the project. They consist of equity capital (equity for JSC) of the firm and borrowed funds. For cash flow from financial activities:

TO outflows includes the cost of repaying and servicing loans and debt securities issued by the enterprise (in full, regardless of whether they were included in inflows or in additional funds), as well as, if necessary, on the payment of dividends on shares;

TO tributaries investments of own capital and borrowed funds (subsidies, subsidies, borrowed funds, including through the issuance by the enterprise of its own debt obligations.

It is recommended to calculate cash flows from investment, operating and financial activities for each stage of an investment project using special tables.

Cash flows from investing activities are calculated on the basis of Table 1, where the letter "Z" outflows of money are indicated (for the acquisition of assets and increase working capital), recorded with a minus sign, and the letter "P" cash inflows (from liquidation of capital funds and decrease working capital accounted for with a plus sign:

For calculation cash flows from investment activities, it is important to pay attention to the following: the main components of working capital are: stocks of raw materials and finished products, receivables and payables.

Increase working capital is associated either with an increase in inventories and/or accounts receivable(that is, the debt of buyers to the company), or with a decrease in accounts payable (the debt of the enterprise to its suppliers). In terms of cash flows, an increase in inventory or receivables means that the business has not received real money: finished products and raw materials are not sold in the warehouse, and the buyers of the goods of this company did not transfer money for the delivered products on time. Therefore, these amounts are classified as cash outflows. Similarly, if the company has reduced accounts payable, that is, paid off part of its debts, then these amounts are classified as cash outflows.

Forecasting is the core of any trading system, so professionally made ones can make you aspiously wealthy.

Cash flows of money from operating room activities are calculated according to Table 2.

Variables costs depend on the volume of products produced (costs of raw materials, labor force etc.), and permanent costs are not related to the volume of production of goods and services; they are present at any volume of output and can be at the zero calculation step (rent, maintenance of the management apparatus, etc.).

Separate accounting for depreciation for buildings and equipment is determined by linking it to net salvage value.

When taking into account depreciation costs, it is necessary to pay attention to a fundamental point: taken into account in the assessment investment projects money flows(their inflows and outflows) are not identical to the concepts of income and costs. Impairment of assets and depreciation of fixed assets reduce net income; the calculation of depreciation charges is necessary to determine the amount of profit (line 9) and to find the amount of taxes (line 10), but does not involve transferring money from the current account, therefore, depreciation charges should not be taken into account when calculating money flows. That is why net inflow from operations(line 13) is obtained by summing the projected net income (line 11) with depreciation charges (line 7 plus line 8).

On the other hand, the acquisition of capital assets is not a cost of production and is not included in the calculation of profits, but is an outflow of money and is included in the calculation of cash flows.

When calculating taxes, it must be borne in mind that if line (9) shows losses, then line (10) tax is taken into account with a minus sign and its value added to the amount of profit.

Net liquidation value(net cash flow at the stage of liquidation of the object) is determined on the basis of the data given in table 3:

Market price the elements of the object are evaluated by the managers of the company, based on those changes in the market situation that are expected in the area of the investment object (for example, a sharp increase in demand for industrial buildings, etc.). Calculations must also be carried out in nominal (projected) prices, taking into account inflation. We take the “costs” item from Table 1 (these data correspond to the initial cost of fixed assets at the time the investment project was started), and the depreciation values from Table 2. The residual value is determined as the difference between the initial costs (the cost of acquiring real assets) and depreciation. “Liquidation cost” is an estimate that is projected by the firm's managers.

Capital gains (line 6) relate only to land and are defined as the difference between its market (line 1) and residual (line 4) values less the costs of liquidation. Land depreciation costs are not charged. Operating income (loss) relates to other elements of equity, i.e.:

(line 7) = (line 1)[(line 4)+(line 5)]

The net salvage value of each item is the difference between its market value (line 1) and the tax withheld (line 8). At the same time, it must be remembered that if there is a negative value (losses) in line 7, then in line 8 the income must be shown with a minus sign and its value added To market value when calculating net salvage value.

Let's transfer the data of Table 3 to Table 1, keeping in mind that for each element of capital assets at the liquidation step, taxes will be costs, and their market value will be revenues.

Based on the data in tables 1 and 2, you can begin to calculate the net present value of the project.

Money flows from financial activities F3 it is recommended to calculate according to table 4:

Current balance of real money b(t) defined through B(t) according to the formula: b(t)=B(t) B (t 1), while the initial value of the accumulated money balance B (0) is taken equal to the value of the amount on the current account of the project participant at the initial moment t = 0. In this case, the necessary criterion for making an investment decision is a positive value of the balance of accumulated money B(t)at any stage investment project. The negative value of the balance of accumulated money indicates the need to attract additional borrowed or own funds.

Thus, using tables (1) (4), applying the methodology for calculating the indicators indicated in them, you can find the net present value of the project and determine the feasibility of investing in it.

In the course of its activities, an enterprise or company generates various cash flows. They can have a different focus - on the inflow or outflow of funds, i.e. income or expenses. The presence of free money in cash or in bank accounts gives the company the opportunity to reinvest them or invest in another business in order to obtain additional profit.

All cash flows as a result of the operation of the enterprise are divided into three main types:

investment, which are aimed at ensuring the development of the company;
operating income received from core activities;
financial flows based on financial transactions: raising loans, paying off debts, issuing shares, paying dividends.

Added together, they form the amount of net cash flow (English Net Cash Flow, or NCF).

Operational Cash Flow (OCF) is the cash that comes from a firm's operations. This figure is one of the most important features the success of the company, since many obligations are usually repaid at its expense. It characterizes the business even more accurately than the rate of return, since it is not uncommon for a company to make a profit, but there is not enough money to pay the bills. Sometimes this criterion is also used to assess the quality of a firm's earnings. Some companies pursue a policy of "aggressive accounting" when, with high incomes, they do not have cash in their accounts.

The income part of the flow from the main activity is only the amount of funds from the proceeds for manufactured products (sales, sales). The cost part includes:

expenses for the organization of production (purchase of raw materials, payment for energy carriers);
staff salaries (sometimes it is displayed separately);
general running costs ( stationery, rental of premises, communal payments, insurance premiums);
advertising budget;
repayment of interest on loans and credits;
taxes (profit, payroll, VAT).

Cash flow from operating activities is understood as operating income after deducting operating expenses. After some adjustments, it can be considered as net income. You can find the OCF value using the cash flow statement.

How to calculate cash flow from core business

To calculate various kinds of cash flows, two methods are usually used: direct and indirect. The difference between them lies in a number of parameters, including the initial data on the movement of money through the company's accounts. Funds considered in determining cash flow from operations include items that are not included in the calculation of profits, such as depreciation, taxes, capital expenditures, advances, loans, debt, and penalties.

direct method is based on the study of the movement of finance through the accounts of the company. It makes it possible to study the main directions of outflow and sources of inflow of money, analyze the flows for various types of activities and the relationship between revenue for a certain period and sales of products.

Operating cash flow using the direct method is calculated using the following formula:

NDP (OD) \u003d B + WUA + PP - FROM - SM - PRVOD - NALPL

wherein:

B - the amount of proceeds from the sale of products, services or works;
WUA - advances transferred by customers and buyers;
PP - other receipts from customers and buyers;
SM - funds for which material and commodity values \u200b\u200bare purchased for the organization of production;
NAPL - paid taxes and contributions to various extra-budgetary funds;
OT is the money spent on staff salaries;
PRDR - other payments that may arise in the course of the main activity.

Let's try to calculate the cash flow from the internal activities of the enterprise, based on the following inputs (all indicators are in rubles):

revenue from products sold - 1 million;
advances from buyers - 100 thousand;
other receipts from customers - 40 thousand;
wage fund - 100 thousand;
raw material and supply costs production process- 400 thousand;
contributions and taxes - 250 thousand;
other expenses - 70 thousand.

NPV (OD) \u003d 1000000 + 100000 + 40000 - 100000 - 400000 - 250000 - 70000 \u003d 1140000 - 820000 \u003d 320000 rubles.

At indirect method the calculation is based on the data of the balance sheet and the report on the results of financial activities. Calculation is performed in the context of species economic activity, at the same time, the relationship between changes in the value of assets for a certain period and net profit is clarified.

The calculation by the indirect method can be demonstrated using the following formula:

NDP(OD) = NPR(OD) +AM + ΔCRZ + ΔDBZ + ΔZAP + ΔDBP + ΔEF + ΔAVP + ΔABV + ΔRPP + ΔRBP

NPR(OD) - net profit from internal activities;
AM - wear and tear;

as well as a number of changes indicated by the sign Δ, regarding:

Δ KRZ - the amount of accounts payable;
Δ DBZ - the amount of receivables;
Δ ZAP – reserves values;
Δ DBP - income expected in future periods;
Δ FV - financial investments;
Δ WUA - advances received;
Δ АВВ – advance payments issued;
Δ RPP - a reserve for payment of payments and expenses in the next period;
Δ RBP - expenses of the upcoming periods.

Let's predict the indicators of the accounting report for the enterprise mentioned earlier (in thousand rubles) and find the operating flow using the indirect method:

undivided profit - (+) 400;
depreciation and wear - (+) 100;
creditor - (+) 150;
accounts receivable - (-) 120;
stock dynamics – (-) 60;
future income - (+) 130;
financial investments (-) 90;
advances received – (+) 30;
issued advances - (-) 70;
reserves - (-) 180;
forthcoming expenses - (-) 110.

NPV (OD) \u003d 400 + 100 + 150 - 120 - 60 + 130 - 90 + 30 - 70 - 180 - 110 \u003d 180.

Therefore, the cash flow calculated by the indirect method from the main activities of the company is 180 thousand rubles.

Standard Calculation Formula

Although the above calculations are easy to understand, generally accepted notation is used, and the calculation is carried out according to the following formula:

OCFt = EBIT + DA - T,

- profit from core activities, i.e. the company's profit before taxes and interest;
DA - deductions for depreciation and amortization;
T is the amount of income tax.

There are differences between financial management and accounting in understanding cash flow from internal activities. In accounting, OCFt is treated as the sum of depreciation and net income, in financial management They also charge interest on loans.

This indicator is also used in determining some more important quantities used for financial analysis and business valuations.

So, if we add the profit from operating activities (EBIT) and depreciation allowances (DA), we get an important criterion EBITDA (operating performance in monetary terms). If income tax is deducted from the same EBIT figure, then we get the value of operating net profit after taxes NO PAT.

Theoretical aspects of cash flow and liquidity management of the company

Smolina Irina Sergeevna,

Student of the Faculty of Master's Degree at Samara State University of Economics.

As you know, effectively organized cash flows of a company are the most important symptom of its "financial health", a prerequisite for ensuring sustainable growth and achieving high final results of economic activity in general. This becomes especially important in modern conditions, when the further successful functioning of the company often depends on the imbalance of cash flows in the short term.

To understand the mechanisms of cash flow, first of all, it is necessary to gain an understanding in the field of such concepts as "cash flow", "liquidity", to consider the classification of cash flows, as well as the direction of cash flow by type of activity: current, investment and financial.

Cash flows represent a set of receipts and payments of cash in the process of operating, investing and financial activities of the company.

Cash flows from operating activities are associated with current operations for the receipt of sales proceeds, payment of supplier invoices, receipt of short-term loans and borrowings, payment of wages, calculations with the budget. Cash flows (outflows) in the process of investment activity, as a rule, are directed to the acquisition of fixed assets, intangible assets. Cash flows from financial activities - receipts and payments of cash associated with raising additional equity or share capital, obtaining long-term and short-term loans and borrowings, paying cash dividends and interest on deposits of owners, and some other cash flows associated with the implementation of external financing of economic activity of the organization.

The classification of the company's cash flows is carried out according to many criteria, we will consider only some of them, the most important, in our opinion:

1. By type of economic activity:

a) cash flow from operating activities;

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b) cash flow from investment activities;

c) cash flow from financing activities.

2. According to the direction of cash flow:

a) positive cash flow

b) negative cash flow.

3. By the nature of the cash flow in relation to the company:

a) external cash flow;

b) internal cash flow.

4. According to the level of cash flow sufficiency:

a) excess cash flow

b) scarce cash flow.

5. If possible, regulation in the management process:

a) cash flow that can be regulated;

b) cash flow, not amenable to regulation.

6. If possible, ensure solvency:

a) liquid cash flow;

b) illiquid cash flow.

By type of economic activity in accordance with international accounting standards, the following types of cash flows are distinguished:

Cash flow from operating activities. It is characterized by cash payments to suppliers of raw materials and materials; wages to the personnel involved in the operational process, as well as managing this process; tax payments of the company to the budgets of all levels and extra-budgetary funds. At the same time, this type of cash flow reflects the receipt of funds from buyers of products; from tax authorities in order to recalculate overpaid amounts and some other payments provided for by international and national accounting standards.

Cash flow from investing activities. It characterizes payments and receipts of cash associated with the implementation of real and financial investment, the sale of retired fixed assets and intangible assets, and other similar cash flows serving the investment activities of the company.

Cash flow from financing activities. It characterizes the receipts and payments of cash associated with attracting additional equity and share capital, obtaining long-term and short-term loans and borrowings, paying cash dividends and interest on deposits of owners and some other cash flows associated with the implementation of external financing of the company's business activities.

According to the direction of cash flow there are two main types of cash flows:

Positive cash flow, which characterizes the totality of cash inflows to the company from all types of business transactions.

Negative cash flow, which characterizes the totality of cash payments by the company in the process of carrying out all types of its business operations.

By nature of cash flow to the company it is divided into two types:

Internal cash flow. It characterizes the totality of cash receipts and expenditures within the company. These receipts and payments are associated with transactions due to the company's monetary relations with personnel, founders (shareholders), subsidiaries. structural divisions etc. In the total cash flow of the company, its internal cash flow occupies a small share.

External cash flow. This type of cash flow serves the company's operations related to its monetary relations with business partners and government agencies. The volume of this type of cash flow is the predominant part of the total cash flow of the company.

According to the level of sufficiency cash flow, the following types of company cash flows are distinguished:

Excess cash flow. It characterizes such a cash flow in which cash receipts significantly exceed the company's real need for purposeful spending. Evidence of excess cash flow is a high positive amount of net cash flow not used in the course of the company's business activities. .

Deficient cash flow. It characterizes such a cash flow, in which cash receipts are significantly lower than the company's real needs for purposeful spending. Even if the amount of net cash flow is positive, it can be characterized as a deficit if this amount does not satisfy the planned need for spending money in all the envisaged areas of the company's activities. The negative value of the amount of net cash flow automatically makes this flow scarce.

Where possible regulation in the process of management distinguish:

Regulated cash flow. It characterizes this type of cash flow, which can be changed in time or in volume at the request of managers. An example of this type of cash flow is the sale of a company's products on credit, the issue of shares or bonds, etc.

Unregulated cash flow. It characterizes this type of deterministic cash flow, which cannot be changed in time or in volume by company managers without negative consequences for the final results of its economic activity. An example of such a cash flow is a company's tax payments, payments for servicing and repaying its debt, etc.

As far as possible to ensure solvency There are two types of company cash flow:

liquid cash flow. It characterizes such type of the company's cash flow, according to which the ratio of positive and negative cash flows is equal to or exceeds one in each interval of the considered period of time, i.e. condition is met:

ODP / RDP ≥ 1,

where RAP is the sum of the company's gross positive cash flow in each of the intervals of the period under consideration; NFP - the sum of the company's gross negative cash flow in each of the intervals of the considered period of time.

Illiquid cash flow. It characterizes the type of cash flow of the company, according to which the ratio of its positive and negative types is less than one in certain intervals of the considered period of time (and for the period as a whole), i.e. condition is met:

RAP / EFA< 1,

where RAP is the sum of the company's gross positive cash flow in certain intervals of the period under consideration; GFA is the sum of the company's gross negative cash flow in certain intervals of the period under consideration.

The above classification allows you to conduct targeted accounting of cash flows, as well as timely and efficiently analyze and plan the company's cash flows.

As mentioned above, it is customary to consider the directions of cash flow in the context of the main types of activity - current (operating, core), investment, financial.

Current activity includes the receipt and use of funds that ensure the implementation of the main production and commercial functions. Below are the main directions of cash inflow and outflow in the framework of core business (see table 1).

Table 1.

Cash inflow and outflow from current activities.

INFLOW	OUTFLOW
Revenue from the sale of products, works, services	Payments on invoices of suppliers and contractors
Receiving advances from buyers and customers	Payment of wages
Other income (return of issued accountable amounts, etc.)	Contributions to off-budget funds and fund social insurance
	Calculations with the budget for taxes
	Payment of interest on a loan

Investment activities includes the receipt and use of cash associated with the acquisition, sale of long-term assets and income from investments. Below are the main directions of inflow and outflow of funds in the framework of investment activities (see table 2).

Table 2.

Cash inflow and outflow from investment activities.

INFLOW	OUTFLOW
Revenue from the sale of non-current assets	Acquisition of long-term property
Dividends and interest from long-term financial investments	Capital investments
Return of other financial investments	Long-term financial investments

Financial activities includes cash inflows from borrowing or issuing shares, as well as outflows associated with the repayment of debt on previously received loans, and the payment of dividends (see table 3).

Table 3

Cash inflow and outflow from financing activities.

INFLOW	OUTFLOW
Received loans, loans	Return of previously received loans
Issue of shares, bonds	Payment of dividends on shares and interest on bonds
Receive dividends on shares and interest on bonds	Bond redemption

Obviously, it is necessary and expedient to sum up the results for each area of activity. Thus, the predominance of cash outflow from current activities indicates that the cash is not enough to ensure the current payments of the enterprise. In this case, the lack of funds will be covered by borrowed resources. If, in addition to this, there is an outflow of funds from investment activities, then this, in turn, indicates a decrease in the financial independence of the company.

One of the conditions financial well-being company is cash flow. However, their excessive value indicates that the company actually suffers losses associated with the depreciation of money, as well as with the missed opportunity for their rational allocation. This suggests that it is necessary to manage the movement of cash flows, and for this, at the first stage, the share of cash in the composition of current funds in the composition of current liabilities is analyzed, that is, the current liquidity ratio is determined according to the following formula:

where VLA - highly liquid current assets (cash on hand and on settlement accounts); KO - short-term liabilities.

Liquidity is an economic term that refers to the ability of assets to be quickly sold at a price close to the market. Liquid - convertible into money. Usually, highly liquid, low liquid and illiquid values (assets) are distinguished. The easier and faster you can get the full value of an asset, the more liquid it is.

In practice, the coefficient absolute liquidity shows what part of the current debt can be repaid as of the balance sheet date (form No. 1). A value greater than 0.3 is considered normal. The higher this ratio, the higher the solvency of the company, however, too high values of this ratio may indicate an irrational capital structure, a high share of non-performing assets in the form of cash in bank accounts and cash. Values below the specified coefficient, on the contrary, indicate a shortage of funds in the company. In such circumstances, the current solvency will depend entirely on the reliability of debtors.

Literature

1. Blank I.A. Management of assets and capital of the enterprise. - M.: Nika-center Elga, 2008 - 815 p.

2. Kapranov N.S. "Management of cash flows in order to increase the value of the company", Journal "Audit and Financial Analysis" No. 3, 2007.

3. Kapranov N.S. "Optimization of cash flows in enterprises", Journal "Finance and Credit" No. 23, 2007.

4. Kovalev VV, Management of cash flows, profit and profitability. – M.: Prospekt, 2008. – 336 p.

5. Neveshkina E.V. Management of financial and commodity flows at trade enterprises. – M.: Dashkov i K, 2009. – 192 p.

Received October 31, 2012

Neveshkina E.V. Management of financial and commodity flows at trade enterprises. – M.: Dashkov i K, 2009. – 192 p.

3. Cash flow from financial activities.

It characterizes the receipts and payments of cash associated with attracting additional or share capital, obtaining loans and borrowings, paying cash dividends on deposits to the owners of the enterprise and some other cash flows associated with the implementation of external financing of the economic activity of the enterprise.

Within the framework of certain types of economic activity of the enterprise, cash flows can also be classified according to the directions of cash flow:

· Positive cash flow (cash inflow) characterizes the totality of all types of cash receipts.

· Negative cash flow (cash outflow) characterizes the totality of cash payments. The relationship of these types of cash flows is manifested in the fact that the insufficiency of volumes in time of one of these flows causes subsequent reductions in the volumes of another type of these flows.

· Gross cash flow characterizes the difference (balance) between positive and negative cash flows in the period under review. Net cash is the most important result of the financial activity of the enterprise, which largely determines the financial balance and the rate of increase in its market value.

The main purpose of developing a plan for the receipt and expenditure of funds is to forecast in time the gross and net cash flows of the enterprise in terms of certain types of activities and ensure the constant solvency of the enterprise at all stages of the planning period.

The DDS plan is developed for the coming year by months to ensure that seasonal fluctuations in the company's cash flows are taken into account. The plan for the receipt and expenditure of funds is developed at the enterprise in the following sequence.

At stage I, the receipt and expenditure of funds for the operating activities of the enterprise is forecasted, since a number of performance indicators of this plan serve as an initial prerequisite for the development of its other components.

At stage II, planned indicators of cash flows from investment activities are developed (taking into account the cash flow from operating activities).

At stage III, the cash flows of the financial activity of the enterprise are calculated, which is designed to provide sources of external financing for operating and investment activities in the planning period.

At stage IV, gross and net cash flows are forecast, as well as the dynamics of cash balances for the enterprise as a whole.

First stage

Forecasting the receipt and use of funds for the operating activities of the enterprise is carried out in two ways:

· Based on the planned volume of sales of products (direct method);

· Based on the planned target amount of net profit (indirect method);

When planning cash flows for operating activities, the influence of such indicators as “increase in current liabilities”, taken into account in cash receipts, and “increase in current assets”, taken into account in costs, is taken into account.

The need to calculate the indicators of the growth of current assets and the growth of current liabilities in financial planning is due to the fact that when developing a DDS plan, these indicators are considered, respectively, as spending money on creating stocks of raw materials, materials in conjunction with the volume of sales of products (increase in current assets) and as additional sources financial resources in the form of accounts payable (increase in current liabilities).

Calculation of the planned amount of net cash flow is carried out according to the following formula:

NDP pl \u003d PDS pl - RDS pl,

NPV pl - the planned amount of net cash flow in the period under review;

PDS pl - the planned amount of cash receipts from the sale of products;

RDS pl - the planned amount of expenditure of funds of the enterprise.

Second phase

Forecasting the receipt and use of funds for the investment activities of the enterprise, the basis for the calculation are:

1. The program of real investment, which characterizes the volume of investment of funds in terms of individual ongoing or planned investment projects.

2. A portfolio of long-term financial investments projected for formation.

3. Estimated amount of cash receipts from the sale of fixed assets, intangible assets. This calculation should be based on a plan for their renewal.

4. The planned amount of investment profit in the form of dividends and interest receivable.

Calculations are summarized within the framework of the positions provided for by the standard of the statement of cash flows of an enterprise for investment activities.

Third stage

Forecasting the receipt and use of funds for the financial activities of the enterprise is carried out on the basis of the company's need for external financing, determined by its individual elements. The basis of these calculations is:

1. The planned volume of issue of own shares or attraction of additional share capital. The cash flow plan includes only that part of the additional issue of shares that can be sold in the forthcoming period.

2. Planned volume of attraction of long-term and short-term credits and loans.

3. The amount of the expected receipt of funds in the form of gratuitous targeted financing. These indicators are included in the DDS plan based on the approved state budgets or the corresponding budgets of other bodies.

4. Amounts of forthcoming payments in the planned period of the main debt on credits and loans. These indicators are calculated on the basis of specific loan agreements with banks and other creditors.

5. Estimated amount of dividend payments to shareholders. This calculation is based on the planned amount of the company's net profit and its dividend policy.

The indicators of the developed plan for the receipt and expenditure of funds serve as the basis operational planning various kinds enterprise cash flows. DDS plan formats may be different, but in all cases the indicators of the DDS plan are interconnected with the form of the D&R plan, the capital investment plan and the credit plan.

Since in practice most indicators are difficult to predict with sufficient accuracy, in practice this technique cash flow planning is simplified.

1. Determine the most important indicators, which will be set in the DDS plan as targets (the size of the minimum and maximum closing balance by month).

2. Set up three types of source of funds:

· From transactions (with the allocation of prepayment, sales for cash, receipts for products shipped earlier);

· External financing (loans and investments);

· Other sources (advance payments, proceeds from participation in other activities other than the main activity).

3. Predict the receipt and expenditure of funds for the operating activities of the enterprise, since a number of performance indicators of this plan serves as an initial prerequisite for the development of its other components.

4. Detail the items of sources of funds of each type, highlighting the most important positions (breakdown of income

2. Characteristics of annual financial plans

Current system financial planning activity of the enterprise is based on the development of a financial strategy and financial policy on certain aspects of financial activity and long-term financial plan. Hence, the ongoing financial planning of the implementation.

The result of the current financial planning is the development of three main documents:

1. profit and loss plan;

2. cash flow plan;

3. planned balance.

All three planning documents are based on the same initial data, correspond with each other and are developed in a certain sequence.

Current financial planning documents are developed for a period equal to one year, broken down by quarters.

The initial data for the development of annual financial plans are:

· financial strategy enterprises and target strategic standards in the main areas of financial activity for the coming period;

· results of the financial analysis for the previous period;

· planned volumes of production and sales of products and other economic indicators of operating production and economic activities;

The system of norms and standards for the costs of individual resources developed at the enterprise;

the current system of taxation;

· applied methods of calculation of depreciation deductions;

The average interest rates for financial market.

Development of financial plans in real life preceded by a big analytical work, which is associated with the definition of the strategic parameters of the company's activities, with volumetric marketing research, with planning production program, production costs, etc.

In market conditions, the first indicator with which to start planning is the volume of sales (volume of products sold).

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