Форум Дніпропетровської державної фінансової академії
Форум присвячений вступу, навчанню, подіям яки відбуваються у Дніпропетровської державної фінансової академії, проведення Інтернет конференції, працевлаштуванню студентів академії, співпраці з партнерами.
Написане: середа березня 25, 2015 11:26 am Тема повідомлення: Yuliya Horyaschenko, PhD, Senior Lecturer PROBLEMS OF UPD...
PROBLEMS OF UPDATING OF THE FIXED ASSETS
Yuliya Horyaschenko, PhD, Senior Lecturer
Dnipropetrovsk State Financial Academy
Analysis of fixed assets renovation on rail transport enterprises revealed the absence of main management functions in material and technical base renovation. Low management efficiency of renovation process surely is caused by discrepancy of existing needs and financial capacity of enterprises. All this bring a necessity to improve fixed assets renovation management on enterprises. This in turn will increase profitability and efficiency of separate enterprises as well as the rail industry as a whole.
The program of hauling equipment renewal of Ukrainian railways for years 2012-2016 states that the current technical condition of rolling stock does not meet modern the requirements of transport system of the 21st century. Material obsolescence of hauling equipment is one of the most urgent problems of railways .
According to Section 2.9 of the Report on the financial and economic condition of state-owned enterprise “Pridneprovs'ka railway”, prospects of its development are tied to, first of all, “renovation and modernization of fixed assets of the transport complex in order to achieve competitiveness in foreign and domestic markets”.
Analysis of scientific developments and sources of this research shows a significant number of publications devoted to identification of sources of financing railways development and modernization including works by V.G. Andreychuk, D.V. Van'kovych, N.M. Kolesnikova, I.A. Makarenko, F.I. Khusainov, etc. The research aims to substantiate main directions and current trends of the railway complex development by example of state-owned enterprise “Pridneprovs'ka railway”.
Scientific methods were used in the research including matrix-structural analysis method – while studying “Prideprovs’ka railway” fixed assets technical condition, methods of analysis and synthesis - to determine dependency of technical facilities from changes in company's fixed assets value, classification methods – while reasoning the main sources of financing fixed assets of enterprises of the railway complex; methods of logical approach and theoretical generalization – while analyzing the problem of fixed assets renovation and modernization in transport complex, special methods including statistical survey, formalization and system analysis – to define and estimate fixed assets’ condition and movement.
The economic essence and material content of fixed assets are defining characteristics for measuring their importance for reproduction processes, functioning and development of any economic activity. The complex of existing production facilities is a major portion of the national wealth of the country by their specific weight .
Financial and economic mechanisms of fixed assets renovation can be divided into following categories based on the industrial complex’s line of development: degradation – deterioration of fixed assets' quality and quantity; conservative – maintaining quantitative and qualitative condition of fixed assets at a constant level; progressive – improving quality and quantitative composition of fixed assets.
In general, sources of financing fixed assets’ renovation include own, centralized and borrowed financial resources.
In modern economy conditions the assets renovation process on enterprises is based on the process-functional approach to understanding of fixed assets circulation. Each stage of it has its own peculiarities of functionality and methods used for planning. Thus, fixed assets formation is a starting point for implementation of fixed assets circulation. So, it has a significant impact on subsequent processes of assets development, usage and reimbursement. In order to improve management of fixed assets renovation, this process should be planned taking into account entity's strategy on the basis of target planning - based on goals. This approach takes into account demand for freight transportation of each company, profitability level and corresponding market share that a company occupies. Decline in demand for transportation leads to decrease in entity's current needs of expanding its material base. That, in turn, results in revision of forms and methods of fixed assets renovation. Available technology ratio formalizes process of fixed assets’ formation and development. The ratio’s optimal value describes economic activities of enterprises with different industry focus. At the same time, vehicles, as an active part, are the main factor of rail freight transportation efficiency improvement. Share of the active part of fixed assets should remain within 50 - 75 % to ensure growth of rail transportation capacity [3, p. 38-41].
During the reporting period the initial and net value of fixed assets reduced by UAH 11,637 and UAH 568,293 thousand respectively. Depreciation increased by UAH 556,656 thousand. Fixed assets value dropped by UAH 571,842 thousand. Equity grew by UAH 1,196,559 thousand and inventories decreased by UAH 14,447 thousand.
Depreciation ratio in 2011 was 97.34%, in 2012 – 97.46%. The ratio's increase by 0.12% indicates a slight technical condition deterioration of fixed assets. Availability of fixed assets ratio decreased by 0.12% for the period. Intrinsic value ratio that defines enterprise's procurement with production facilities dropped by 0.02% for the period. Constant assets index was as follows: at the beginning of the period – 1.173 at the end – 1.020. During the period, the ratio reduced by 0.153 points meaning that the part of the company’s own fixed assets declined. Thus, we can affirm a tendency of fixed assets depreciation on Pridneprovs'ka railway.
The financial and economic crisis in 2009 has adjusted plans of railways significantly. The issue of freight and passenger traffic differentiation and high-speed traffic introduction moves to the background and is replaced with smooth functioning of existing infrastructure issues. That once again proves that simple renovation questions must be resolved before implementing expanded renovation of fixed assets.
Railways in modern conditions can not succeed without partnership with private investors and loans from international financial institutions. Financial partnership of the North ore-dressing and processing enterprise, situated in Krivoy Rog, Dnepropetrovs’ka oblast with Pridneprovs’ka railway can serve as an example of cooperation between railway and its customers in terms of restoring fixed assets of the railway complex. Renovation of previously dismantled stations in Therny and Ryadova as well as Ryadova-Kontsentratna line (near 5 km) were financed by the enterprise in 2006. This became possible due to significant growth of the enterprise’s production compared to the beginning of the 1990s. The EBRD loan to Ukrainian Railway under the state guarantees in 2006 for implementation of high-speed passenger trains on railways of Ukraine is an example of foreign investments .
The initial and net value of fixed assets of SOE “Pridneprovs'ka railway” reduced significantly during 2011-2012. As of 01.01.2012 the wear-off ratio was 97.46%, share of fixed assets in equity of the company also declined considerably. So, there is a general tendency of “Prideprovs’ka railway” fixed assets depreciation.
It was identified that railway enterprises’ own funds remain the main source of financing fixed assets renovation. Financing with own funds is available due to amortization deductions and net profit.
Economic mechanism of fixed assets renovation in railway complex occupies a key position in providing extended renovation of rail transport production facilities and requires further research and improvement considering current conditions and challenges of globalization, competition, technological progress and development of productive relations.
1. Постанова Кабінету Міністрів України від 1 серпня 2011 р. № 840 “Про затвердження Програми оновлення локомотивного парку залізниць України на 2012-2016 роки”. [Електронний ресурс]. – Режим доступу: http://zakon2.rada.gov.ua/laws/show/840-2011-п. 2. Урсуляк М.М. Необхідність оновлення основних засобів підприємств в Україні: альтернативні методи фінансування / М.М. Урсуляк [Електронний ресурс]. – Режим доступу: http://www.rusnauka.com. 3. Демченко М.А. Проблеми відтворення основних засобів колійного господарства залізниць / М.А. Демченко // Вісник Чернігівського державного технологічного університету. Серія “Економічні науки”. Збірник. – Чернігів: ЧДТУ, 2010. – № 43. – С. 36-42. 4. УНИАН-Транспорт. – 2009. – № 146 [Електронний ресурс]. – Режим доступу: www.unian.net/products/d_detail.php?id=78680.
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