Theoretical and methodical aspects of cash flow management. 1.1 Cash flow as a subject of management

1.1 Cash flow as a subject of management

Cash flow is a set of enterprise distributed in time receipts and disbursements of cash generated by its business activities.

High as the effective management of cash flow, as determined by the following provisions:

1. Cash flows serve the implementation of business enterprises in almost all its aspects. Figuratively de gentle stream can be represented as a system of "financial circulation" of the economic organism of the enterprise. Effectively organized enterprise cash flows are the most important symptom of his "financial health", a prerequisite for achieving high end results of its economic activity in general.

2. Effective cash flow management company provides financial equilibrium in the course of its strategic development. The pace of this development, the financial stability of the enterprise is largely determined by how the different types of cash flows are synchronized with each other by volume and time. High levels of such synchronization provides a significant acceleration of the implementation of the strategic goals of the enterprise.

3. Efficient generation of cash flow contributes to the rhythm of the operational processes of the enterprise. Any failure to make payments on the formation of a negative sum of inventories of raw materials, labor productivity, sales of finished products. At the same time effectively organized cash flows of the enterprise, increasing the rhythm of the operations process, provide growth in production and sales of its products.

4. Effective cash flow management allows companies to reduce the need for borrowed capital. Actively managing cash flow, we can achieve a more rational and economic use of their own financial resources generated from internal sources to reduce dependence on the rate of development of the enterprise involved loans. Of particular relevance this aspect of cash flow gains for companies that are in the stages of their life cycle, whose access to external sources of finance rather limited.

5. Cash flow management is an important financial lever to ensure the acceleration of capital turnover of the enterprise. This is facilitated by reducing the length of the production and financial cycles, achieved during the effective management of cash flows, as well as reducing the need for capital that serves the economic activity of the enterprise. Speeding through the efficient management of cash flows of capital turnover, the enterprise provides increase in the amount of profit generated in time.

6. Effective cash flow management reduces the risk of insolvency of the company. Even in enterprises, successfully engaged in economic activity and of generating a sufficient amount of profit, insolvency different types of cash flows over time. Synchronization of receipts and payments of cash, achieved in the management company's cash flow, eliminates this factor occurrence of insolvency.

7. Active forms of cash flow allow the company to earn extra income generated directly to its cash assets. It is primarily about the effective use of temporarily idle cash balances in current assets and glows of investment of resources in the implementation of financial investments. The high level of synchronization receipts and disbursements of funds in terms of time and helps to reduce the real need in the current business and insurance balances of assets, serving the transaction process, as well as provision of investment resources that are generated in the process of real investment. Thus, the effective management of cash flow, promotes the formation of additional investment resources for financial investments, which are a source of profit.

Cash flow management is necessary for the following goals: regulation of balance sheet liquidity, management of current assets, the time parameters of planning capital expenditures and sources of financing, the management of current costs and optimize them in terms of efficient use of resources in the production process, forecasting economic growth.

The concept of "cash flow business" is an aggregate that includes in its membership many of these types of streams that serve economic activity. In order to ensure effective targeting of cash flow they require a certain classification. Generally, there are three types of business transactions (and thus, cash flow): current (operational), an investment and financial.

The purpose of cash flow analysis - is, first of all, the analysis of financial stability and profitability of the enterprise. Its starting point is the calculation of cash flows primarily from operating (current) activity.

These flows are of two types: positive and negative. Positive flows (inflows) reflect the flow of money to the company, and negative (outflows) - retirement or spending money now.

Transfer money from the cash to the account and similar internal transfers of money are not considered as cash flows. The most important condition for the emergence of cash flow is crossing them conditional "borders" of the enterprise.

The difference between gross inflows and outflows over a certain period of time is called net cash flow. It can also be positive or negative (inflow or outflow).

1.2 The economic essence of the cash flow of the enterprise and a classification of the cash flow

For ensuring effective purposeful management with cash flows they demand a certain classification, on various signs. The fullest classification of types and forms of cash flows of the enterprise is given in figure 1. Let's give the characteristic to main types of cash flows of the enterprise.

Picture 1. The classification of cash flows of the company on key criteria.

Note: compiled by source [8]

The scale of the economic process of service:

- Cash flow for the enterprise as a whole. This is the most aggregated form of cash flow, which accumulates all kinds of cash flows, business process service company as a whole;

- Cash flow for certain types of business enterprises. This is a cash flow characterizes the result of differentiation of the total cash flow of the enterprise in the context of certain types of its business;

- Cash flow for individual business units of the enterprise. Defines it as an independent object of management in organizational and economic construction of the enterprise;

- Cash flow for individual business transactions. Should be considered as the primary object of self-control.

By types of economic activity:

-Cash flow from operating activities. Characterized by cash payments to suppliers of raw materials, the Contractor of certain types of services, staff salaries, tax payments. At the same time reflects the receipt of funds from the buyers of products, from the tax authorities in the exercise of the conversion of overpaid and some other payments provided for in international accounting standards. The cash flows from these activities (sales proceeds, payment providers, payment of wages) is the most regular, as they serve the ongoing operations, repeated from month to month. along with the implementation of routine business transactions from time to time the company is faced with the need to purchase new equipment or disposal of obsolete equipment, long-term investment otherwise. In addition, the importance of activities related to the involvement of additional equity or debt capital.

Each of these operations gives rise to the corresponding cash flows which, despite its less regular, can have a significant impact on the value of the total cash flow of the enterprise. Tributaries from operating activities are the proceeds from the sale of goods (works, services), collection of receivables, advances received from customers. Operating outflows - is through the payment of suppliers and contractors, payment of wages, salary in the budget and extra-budgetary funds, interest payments on a loan. This list includes almost all of the current business operations associated with the use of working capital.

- Cash flow from investing activities. Characterizes the payments and cash receipts related to the implementation of real and financial investments, the sale of disposal of fixed assets and intangible assets. Investment activities in the world of an enterprise by means of long-term investments, and takes into account not only real, but also the long-term financial investment. Cash outflows from investing activities include the cost of purchased fixed assets, capital investment in the construction of new facilities, the acquisition of companies or blocks of their shares (share capital) in order to generate income or to exercise control over their activities, the provision of long-term loans to other companies. Accordingly, investment inflows are generated by the proceeds from the sale of fixed assets or assets under construction, the value of sold stakes in other companies, the return of long-term loans amounts, the amounts of dividends received by the enterprise for the tenure of their shareholdings or interest paid by the debtor during the use of long-term debt.

- Cash flows from financing activities. Characterizes the receipt and payment of funds relating to the involvement of additional equity and share capital, obtaining long-term and short-term borrowings, the payment of cash dividends and interest on deposits and the owners of some of the other cash flows. Financial inflows is the amount of the proceeds from the placement of new shares or bonds, short-term and long-term loans obtained from banks or other companies targeted funding from various sources. Outflows include the return of loans and borrowings, the repayment of the bonds, repurchase its own shares, the payment of dividends.

Orientation on cash flow:

- incoming cash flow that characterizes the set of cash flows for the company from all kinds of business transactions: the issue of new shares, the new borrowing, collection of receivables, the sale for cash, the sale of property;

- Outgoing cash flow that characterizes the aggregate cash payments now in the process of implementation of all kinds of its business transactions ("cash outflow"): fixed assets, investments, payment of wages, payment of dividends, repayment of debt, the repayment of bank loans and borrowings taxes, cash payments.

Savitskaya GV considers the scheme of cash flows presented in Figure 2, the arrows show the inward positive cash flow (cash flow) to the outside - a negative cash flow (cash outflow).

Free cash flow is the most important result of the financial activities of the enterprise, which largely determines the financial equilibrium and the rate of increase in its market value. It can be both positive and negative.

According to the level of adequacy:

- Excess cash flow, describes the flow at which the cash flow significantly exceeds the real needs of the enterprise in a targeted their spending;

- Scarce cash flow, describes the flow at which the cash flows significantly below the actual needs of the company in their targeted spending. Even with a positive amount of net cash flow it can be characterized as scarce if this amount does not need to provide a planned expenditure of funds for all the requirements of the business activities of the enterprise. The negative value of the sum of net cash flow automatically does this flow deficit.

Picture 2. Diagram cash flows (cash flows in direction).
Note: compiled by source [8]

By the method of evaluation in time:

- A real cash flow, the flow is characterized as one of its magnitude comparable to that described in value to the current time;

- The future cash flow, the flow is characterized as one of its magnitude comparable to that described in value to a specific time of the coming time.

By continuity of formation in the reporting period:

- Regular cash flow, characterizes the receipt and expenditure of funds for individual business transactions (cash flow of one species), which in this period of time is constantly at separate intervals of the period. Flows related to the servicing of financial credit in all its forms, cash flow, ensuring the realization of long-term real investment projects.

- Discrete cash flow, characterized receipt or expenditure of funds related to the implementation of individual business operations of enterprises in this period of time.

They differ only in the particular timeslot.

The stability of slots forming:

- Regular cash flow at regular time intervals within the period under review;

- Regular cash flow with irregular time intervals within the period under review. Schedule of lease payments for rented property by the parties to the irregular intervals of time.

Thus, the organization is an objective prerequisite of cash flow. In turn, a continuous flow of funds in time understand cash flow. Cash flows of the company significantly affect the service organization, its financial strength.

Effective cash flow management reduces the need for businesses in the capital, accelerates the turnover of funds, contributes to the expansion of production scale.

Isolation of the major classifications of cash flows allows a more focused way to implement accounting, analysis, planning and control of various types of cash flows of the enterprise.

1.3 The financial market and its importance in the management of cash flows at the current stage

The existence of firms in the market is impossible without cash flow management. Therefore, it is important to master the techniques of control money circulation and financial resources of the firm.

For effective cash flow management plays an important role determining the optimal size of the working capital, as the cash part of it. On the one hand, the lack of cash could lead to the bankruptcy of the firm, and the faster pace of its development, the greater the risk of being left without money. On the other hand, excessive accumulation of funds is not an indicator of well-being, as the company loses profit that could get through the investment of the money. This leads to the "immobilization" of capital and reduces the efficiency of its use.

One method of monitoring the state of the cash management is the ratio of the balance value of the cash in the amount of working capital. Determine the ratio (percentage) in cash from working capital by dividing the amount of cash in the amount of working capital.

Considering the ratio of cash for working capital, you need to know that the change in the proportions are not necessarily characterizes the change in cash, subject to change as inventories that are part of the working capital.

Turnover rate = cash sales for the reporting period / book value of cash.

A high score says about the effective use of cash and can increase sales without a change in working capital, reducing costs, increasing profits.
There are several options to accelerate cash withdrawals: accelerating the process of billing customers and clients; personal activity manager to obtain payments, the concentration of banking operations (funds collected in a local bank and transferred to a special account where they accumulate), obtaining cash from the accounts on which they are lie without use.

If the company lacks the cash, and payments should be made, and the current needs must be some money available, you can defer payments, or use notes. You can defer payments of cash, payments to suppliers using checks.Thus, to the funds can be applied models developed in the theory of inventory management.
In the Western practice of the most widely used model of Baumol and Miller-Orr. Direct application of these models in the domestic practice, while difficult because of inflation, high interest rates, lack of development of the securities market, etc.
Baumol model assumes that the company began to work with him for the maximum level of cash, and then gradually consumes them. All funds from the sale of goods and services are invested in short-term securities. As soon as the supply of money is exhausted, so it's zero or below a certain target level of safety, the company sells a portion of the securities and thus replenish cash reserves to prvonachalnoy value. Thus, the dynamics of the balance on the current account is a "saw-tooth" diagram (Fig. 3).

the balance Q

on the current account

Q/2

time

Picture 3. Graph changes the balance of the current account (Baumol model)
Note: compiled by source [3]

Replenishment amount Q is given by:

(1)

Q = 2*V*C

R

Where: V - projected cash requirements during the period;

C - the cost of conversion of funds in securities;

R - acceptable and possible for the company interest income on short-term financial investments.

Thus, the average stock of money is Q / 2, and the total number of transactions for the conversion of securities into cash (K) is: K = V: Q (2)

Total expenditure (RR) for the implementation of this policy's cash management are: OP = C * K + R * Q / 2 (3)

The first term in this equation represents the direct costs, the second - loss of profits from keeping funds in the current account instead of investing them in securities.

Baumol model is simple and reasonably acceptable to the business, financial costs are stable and predictable. In fact, this happens rarely. The balance of the current account is randomly changed, and fluctuates a lot.

Miller-Orr model answers the question of how the company should manage the money supply if it is impossible to predict the daily inflow and outflow of funds. In constructing the model uses Bernoulli process - a stochastic process in which the receipt and expenditure of money from period to period are independent random events.

cash Attachment surplus cash

upper limit

reserves

return point

lower limit

Recovery of the money stock

Time

Picture 4. Miller-Orr Model
Note: compiled by source [18]

The balance of the account varies randomly until reaches the upper limit. Once this occurs, the company begins to buy securities in order to return the cash reserves to some normal level (reversal point). If the supply of money reaches the lower limit, the company sells its securities and replenish cash reserves to normal levels.

When deciding on the extent of variation (the difference between the upper and lower limits), it is recommended to adhere to the following policies: If the daily cash flow variability is large, or the costs associated with buying and selling securities are large, then the company should increase the range of variation, and vice versa. It is also recommended to reduce the scale of variation, if it is possible to generate income because of the high rate of interest on the securities.

The implementation of the model is carried out in several stages:

1. set the minimum amount of cash in the current account;

2. according to the statistics defined by the variation of the daily flow of funds to the account;

3. determined by the cost of storage facilities in the current account and the cost of the transformation of money into securities;

4. range of variation is calculated balance on the current account;

5. calculate the upper limit of funds on the account above which must be part of the money to convert short-term securities;

6. determine the point of no return - the value of the cash balance on the account to which you want to return if the actual balance on the current account is outside the interval [upper limit, the lower limit].

With the Miller-Orr model can determine the policy management of funds in the current account.

Thus the principles and methods of cash flow management should be adapted and implemented in the Russian conditions; common practice in the western model of Baumol and Miller-Orr, developed in the early 60s, which can be applied to Russian companies with great reservations, given the experience of Western scientists need to develop a comprehensive method of cash flow management.

2 Process to management of cash flow for example JSC «Kedentransservice»

2. 1 Brief characteristics of JSC «Kedentransservice»

Transport company JSC "Kedentransservice" fruitfully in the Kazakh market for seven years. JSC "Kedentransservice" is an active member of the "Association of National Freight Forwarders of Kazakhstan" (ANEK), a member of the Chamber of Commerce of the Republic of Kazakhstan, an individual member "of the International Federation of Freight Forwarders Associations» (FIATA). The company consists of the Central Office and thirteen branches located in the major industrial cities of Kazakhstan, is headquartered in Almaty. In addition, the city of Astana is representative of JSC "Kedentransservice" in the nearest future - opening of offices in the Baltic countries, Kyrgyzstan, Iran and South Korea. The company has its representatives in these countries near and far abroad countries like Uzbekistan, Russia,China.
The main activity of JSC "Kedentransservice" is the terminal handling of cargo, which causes a dominant position on the market of transportation services. High scores for terminal handling are explained in the first place, production infrastructure, and second, the ability to provide all kinds of services in the complex.

At present JSC "Kedentransservice" is the only one in the Republic of Kazakhstan largest private company providing a full range of freight forwarding services, namely:

1) terminal handling of containers and cargo handling operations;

2) forwarding by rail in Kazakhstan, CIS and foreign countries;

3) customs clearance, cargo storage and brokerage;

4) transportation of perishable goods in its own rolling stock;

5) autoservices.

The industrial infrastructure of the company is a loading-unloading machines and devices involved in the processing of goods, including: gantries, cranes on the pneumatic, on rail-mounted cranes, loaders, trucks, trailers, tractors and bulldozers.

Terminal handling includes not only the loading and unloading operations carried out by the above technique, but also a set of related services: cargo storage, cargo packing, paperwork, etc.

Currently, the Company's subsidiaries operate 19 rail terminals equipped with special technology and equipment, access roads and warehouses, there are indoor and outdoor specialized playgrounds.

Regarding the company's competitors JSC "Kedentransservice" it should be noted that to date, the company is dominant on the market of Kazakhstan for processing medium-capacity containers, nevertheless large-capacity containers are numerous competitors in all regions. For example, in Akmola branch of "Agrokomplektmontazh" storage containers on their territory of JSC "Kaztransservice" on AutoShip at Kostanay branch LLP "Transugolservis" processing of large containers, Pavlodar branch of JSC "Pavlodar river port" on auto delivery and services TSW at Karaganda LLP "Kaztranslogistik" storage services, in Semey - warehouses at the Atyrau branch of LLP "meta" services for storage in bonded warehouse at Aktau LLP "Turantehnologiya" - for processing of large containers, on the Almaty branch of LLP " Custom Merkur "JV" Alan "," Astana-Contract ", LLP" Leonino "LLP," Akku "processing of large containers.
The factors that positively and negatively affect the return on sales (works, services) of the core activities of the company.

Positive factors:

1. reduced costs for repair and maintenance;

2. increase handling mechanized and manual;

3. revenue growth for the storage of cargo on the cargo terminal;

4. rational and economical use of material, fuel and energy resources;

5. increase in rental areas.

Negative factors:

1. depreciation;

2. decline in cargo handling crane way;

3. decrease in revenues from car services.

2.1 Analysis of structure and structure of money in JSC «Kedentransservice»

In composition, cash can be summarized as follows:

1) Cash enterprise. Cash on hand, both in the main and foreign currency, securities and financial documents that are stored in the enterprise, are cash businesses. In international practice, that the ticket office must provide the current needs of the enterprise in cash (issue of salaries, funds for travel expenses, etc.), and the bulk of cash and equivalent assets at the bank decided to keep the current account, deposit.
2) Current accounts are opened businesses that are legal entities which has its own balance. Focus on the current account of the available funds and revenues for the sold products, works and services, short-term and long-term loans received from the bank, and other enrollment. With the current account produced almost all enterprise payments: payments to suppliers for materials, repayment of debt budget, social insurance, getting money to the cashier for payment of wages.
3) Foreign currency account. Transactions in foreign currencies can make any enterprise.
4) Deposit. If the disposal of the company has cash requirements which currently does not exist or is their sum does not match the intended purpose of the funds, and the company considers it necessary to accumulate a certain amount of money (this example is the accumulation of assets, depreciation, etc..), enterprises often choose such a form as a deposit, which provides a high degree of liquidity of funds.
5) Securities. For enterprise funds are also marketable securities held at the box office of the enterprise or the depositary bank. Function performed by the securities is similar to the deposit, but has some significant differences in their mode of treatment, the degree of liquidity and profitability. So, for example, the prematurely withdrawing funds from the deposit, the company may lose some of the interest at the time as realizing securities, it depends on the market situation.
When choosing between cash and securities, the financial manager solves the problem, similar to that which solves the production manager. There are always benefits associated with the creation of a large supply of money - they can reduce the risk of depletion of cash and provide an opportunity to satisfy the requirement to pay the fare before the statutory period. On the other hand, the costs of storage of temporarily idle, unused funds is much higher than the costs associated with the investment of money in the short-term securities (in particular, they can be assumed in the amount of lost profits with the possible short-term investments). Thus, the financial manager must decide on the optimal reserve of cash.
The method of analysis of funds considered on the basis of JSC "Kedentransservice" in 2010-2012.
First of all it is necessary to examine the share of cash in the current assets of the enterprise and its compliance with the normative value, calculated on the basis of liquidity ratios.
In the economic literature provides guidelines liquidity ratios: cash ratio 0.2-0.25; interim coverage ratio of 0.7-0.8, 2.0-2.5 current ratio. In the calculation of these parameters are specified in the numerator of certain kinds of working capital, the value of which, on the basis of the above norms of the coefficients should be, cash and short-term investments 10%, accounts receivable - 22-25%; tangible assets amount to 65 - 68 % (100 - 32 or 35).

Table 1 - The share of cash in current

years	Current assets, total, thousand tenge	Including cash	The baseline growth
sum. thousand tenge	Share, in%	current assets	cash
	4 242 195	231 481	5,46
	3 884 861	743 018	19,13	91,58	320,98
	3 025 037	285 856	9,45	77,87	38,47
Note: compiled by source [17]

In 2010, the amount of funds was 231.4 million tenge., And the amount of current assets of 4.2 billion tenge., That is, the proportion of funds is only 5.46%, which is almost two times less than the norm for a normal level liquidity. In 2011, working capital decreased by 8% compared with 2010, and the amount of funds increased almost three times the increase due to a decrease in accounts receivable, and with the added attraction of borrowed funds. This year, the share of cash in the structure of current assets was 19.13%, which is almost double the norm. This year, the company strongly reduced its accounts payable. In 2012, the amount of current assets compared to 2011, decreased by 22.1%, and the amount of funds decreased from 743.0 million tenge. to 285.8 million tenge, ie by 61.5%. This may be due to an increase in short-term receivables (22.6%) and a significant decrease in short-term payables. This year, the proportion of funds was 9.45%, which is close to normal.

Table 2 - Composition and structure of funds of JSC "Kedentransservice"

data
sum, thousands of tg	Share, in%	sum, thousands of tg	Share, in%	sum, thousands of tg	Share, in%
Cash, all	231 481		743 018		285 856
Including:
at the box office		0,14	2 972	0,4	1 715	0,6
on current accounts	209 391	90,46	625 621	84,2	249 266	87,2
other funds	21 762	9,4	114 425	15,4	34 875	12,2
Note: compiled by source [17]

Cash businesses consist of cash on hand, current account and other funds.
From the data of Table 2, it can be noted that the composition of cash within the analyzed period is not changed, in contrast to their structure which has undergone changes. The greatest share of the funds on the account. In 2010, the share was 90.5% of the total amount of money in 2011 - 84.2% and in 2012 - 87.2%.

2.2 Analysis of cash flows for the case JSC «Kedentransservice»

The meaning of this fragment analysis is obvious enough and determined, in particular, the following factors. First, from the perspective of the current activities of the funds are playing the most important role, since they are a kind of universal "gag", which can be used to eliminate any gaps and failures in the financial and manufacturing processes. Second, it should be noted that the profit and cash is not the same thing, in the current activity does not have to work at a profit, and with the money. Third, from the testing and evaluating the performance of the enterprise is very important to represent what activities generates the bulk of cash inflows and outflows. It is no accident report on cash flow is one of the main forms of account of any Western company and is often cited in the annual report.

The information base for the analysis of funds will serve as a "balance sheet and" Statement of Cash Flows. "

"Statement of Cash Flows" - a set of indicators that characterize maximized cash flow for the period.

The information contained in the "Statement of Cash Flows", it is necessary to assess:

- Promising opportunities the organization to create a positive cash flow (excess of receipts over expenditure);

- The organization's ability to fulfill its settlement obligations to creditors, payment of dividends and other payments;

- The need to attract additional funds from the party;

- Reasons for the differences between the net income of the organization and related receipts and payments;

- The efficiency of operations of the organization and financing of investment transactions in monetary and non-monetary forms.

The structure of the statement of cash flows is based on the classification of cash flows, involving the separation of the company into three types: operating, investing and financing.

Operating is the main activity that brings revenue to the enterprise, as well as other activities that are not investing and financing.

Investing activities include purchases and sales of long-term (non-current) assets and short-term (current) financial investments that are not cash equivalents.

Financing activities - a set of operations that lead to a change in the size and composition of the equity and debt.

Approach to the classification of cash flows in a general form shown in Figure 6.

Before proceeding to the analysis, you should know the following definitions.

Cash-include cash on hand and balances with banks, deposits made on the "on demand". Deposits in banks are short-term or long-term investments.

Cash equivalents are short-term, highly liquid investments quickly and easily convertible into cash amount and subject, an insignificant risk of fluctuations in value. For example, certificates of deposit, treasury short-term liabilities, etc.

Net cash - net result of cash flows under the influence of business operations. Net increase or decrease in cash during the period.

Cash flow - the receipt and expenditure (decrease) in cash and cash equivalents.

Inflow (outflow) - Increase (decrease) in cash flows from its operations, or certain types of transactions.

Cash flow analysis by direct and indirect method, this paper will consider the direct method based on the "Report of Cash Flows."

Consider the analysis of cash flows from operating, investing and financing activities.

Table 3 - Analysis of cash flows relating to operating activities

name of indicators				% Change
sum, thousands of tg	sum, thousands of tg	sum, thousands of tg	2008-2007	2009-2008	2009-2007
I. CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts, total ("flow")	21 276 210	13 606 805	6 076 048	64,0	44,7	28,6
including:
sale of goods	4 818 328	15 252	588 058	0,3	3855,6	12,2
provision of services	11 569 189	6 829 810	3 968 033	59,0	58,1	34,3
advances received	3 925 339	6 666 486	963 784	169,8	14,5	24,6
dividends	2 117					0,0
miscellaneous income	961 237	95 257	556 173	9,9	583,9	57,9
2. Cash outflow, total ("outflow")	20 521 962	11 250 873	6 036 516	54,8	53,7	29,4
including:
payments to suppliers for goods and services	7 040 777	2 932 710	2 979 592	41,7	101,6	42,3
prepayments	7 429 322	2 667 209	94 827	35,9	3,6	1,3
payment of wages	2 078 670	1 862 469	1 123 356	89,6	60,3	54,0
payment of interest on loans	577 832	435 947	191 402	75,4	43,9	33,1
corporate income tax	385 103	454 744	342 422	118,1	75,3	88,9
other payments to the budget	1 567 573	1 067 449	470 775	68,1	44,1	30,0
other Fees	1 442 685	1 830 345	834 142	126,9	45,6	57,8
3. Net cash from operating activities	754 248	2 355 932	39 532	312,4	1,7	5,2
Note: compiled by source [17]

According to table 3, we can draw the following conclusions: The greatest inflow of cash from operating activities in 2010 enrolled in the amount of $ 21.3 mlrd.tg. Moreover, the principal amount of the proceeds, approximately 54% are providing services in the amount of 11.57 mlrd.tg., then the proceeds from the sale of goods - about 23%. In 2011, cash flow decreased by 99%, mainly because of the reduction of the inflow on the sale of products is almost 38 times and by declining revenues from the provision of services - by 39%. Thus, in 2012 compared with 2010 there is a decrease, "flow" on the core business of almost 71%, this is due to a reduction of income from the provision of services and other revenue. "Outflow" of cash from operating activities decreased correspondingly reduced "flow" of funds. The largest amounts of cash outflows in the analyzed period were related to the transfer of funds to suppliers for goods and services under the deferred payment in 2010 is 34% of the total outflow of cash and, prepaid - 36%, in 2011 it is about 24% of the total outflow, and in 2012 it is 49% of the total outflow. Despite the fact that the receipt and disbursement of funds from operations each year less of their relationship is such that the net amount of funds for each year is positive, which means that as a result of the current cash inflows exceed outflows, and means the company can in that period or not to take the borrowed funds, or borrow but not in bulk. In this case, the company also invests in non-current assets. In the future, the financial condition of the company will depend on whether it is able to do so, the ratio of receipts and payments in the normal course of business provided the increase in cash, sufficient borrowing capacity, and further investment funds. In the process of analyzing and evaluating the cash flow is primarily used for:

- The magnitude and sign of the net cash flow from operating activities, investing and financing activities;

- The ratio of net cash flow from operating activities and net income;

- The ratio of net operating, investing and financing cash flows.

As was explained the value of the cash inflows significantly different from the sum of the profits and there are several reasons. We call the main ones.

1) Profit (loss) or financial results, are recognized in the profit and loss account, is formed in accordance with accounting principles according to which income and expenses are recognized in the accounting period in which they were charged (regardless of the actual monetary funds): accounting of sales on the moment of its delivery (putting the settlement documents to customers) is associated with the divergence of the value of shipment and receipt of cash from customers. The reason for this discrepancy - changes in the balance of accounts receivable, the presence of costs related to future periods, resulting in the fact that the actual amount of payments is different from the cost of production, which is known to include only the costs of the reporting period, the availability of deferred payments, ie. accrued but not made during the reporting period, expenditures, increases the cost of production for these expenses, and cash outflows happens, the division of the costs of capital and operating. If running costs are directly related to the cost of goods sold, the capital reimbursed over a long period of time through depreciation. However, it is often accompanied by capital spending most significant cash outflow.

2) The source of the increase in funds is not necessarily a profit (for example, cash flow can be achieved by involving them in the borrowing base). Similarly, the cash outflow is often not associated with a decrease in the financial result.

3) Purchase of long-term assets and the related cash outflows do not affect the amount of profit, and their implementation is changing the total financial result amounting to result from the operation. Change in cash at the same time is determined by the amount of revenue received from the sale.

4) The magnitude of the impact the financial results of expenses not accompanied by a cash outflow (eg, depreciation) and income, are not accompanied by their inflows (for example, taking account of sales at the time of its shipment).

5) On the discrepancy financial result and income directly affects changes in its own working capital. The increase in balances of items of current assets results in additional cash outflows, reducing - their influx. The activities of the enterprise, accumulating stocks of inventory, inevitably accompanied by a cash outflow, but until such time as reserves are released into production (realized), the value of the financial result will not change.

6) The cash outflow associated with the purchase of inventory is determined by the nature of the payments to creditors. The presence of payables allows the company to use stocks that have not yet been paid. Therefore, the longer the period of repayment of the debt, the greater the amount of outstanding stock in circulation enterprises and the greater the difference between the amount of wealth which have been released to manufacturing (cost of goods sold), and the size of payments to creditors.

Table 4 - Analysis of cash flows in the context of investment

name of indicators				Change,%
sum, thousands of tg	sum, thousands of tg	sum, thousands of tg	2011-2010	2012-2011	2012-2010
II. CASH FLOWS FROM INVESTING ACTIVITIES
1. Cash receipts, total ("flow")	1 148 117	2 175		1,5
including:
sales of fixed assets	118 066	2 175		1,8
miscellaneous income	30 051			-
2. Cash outflow, total ("outflow")	20 423	159 337	35 113	7,8	22,0	171,9
including:
acquisition of fixed assets	19 469	159 193	34 958	8,2	22,0	179,6
acquisition of intangible assets				15,1	107,6	16,2
3. Net cash flows from investing activities	127 694	-157162	- 35 113	- 123,1	22,3	- 27,5
Note: compiled by source [17]

The main cash flow from investing activities observed in 2010. Mostly from the sale of fixed assets in the amount of $ 118 mln.tg. Cash outflow from investing activities also mainly from the acquisition of fixed assets. Thus the net cash flow from investing activities is 127 mln.tg. In 2011, outflows increased by 7.8 times and is 159 million tenge, mainly from the acquisition of fixed assets. In 2011, net cash is negative and equal to - 157 million tenge. In 2012, the net amount of cash is also negative and equal to - 35 million tenge.In 2011 and 2012, the net amount of cash is negative, while cash flow is not significant.

Table 5 - Analysis of cash flows in the context of financial activities

name of indicators				change, %
sum, thousands of tg	sum, thousands of tg	sum, thousands of tg	2011-2010	2012-2011	2012-2010
II. CASH FLOWS FROM FINANCING ACTIVITIES
1. Cash receipts, total ("flow")	5 087 155
including
issue of shares and other securities	1 561 196
borrowing	3 304 000
receiving benefits under the financial lease
miscellaneous income	221 959
2. Cash outflow, total ("outflow")	5 932586	1 687233	461 581	28,44	27,36	7,78
including
repayment of loans	5 573 368		340 000	30,12	20,25	6,10
purchase of own shares
payment of dividends		3 021	99 238		3284,94
other	359 218	5 268	22 343	1,47	424,13	6,22
3. Net cash from financing activities	- 845 431	-1687233	-461581	199,57	27,36	54,60
TOTAL: increase + / decrease in cash	36 511	511 537	-457162	-	-	-
Cash and cash equivalents at beginning of period	194 970	231 481	743 018	-	-	-
Cash and cash equivalents at end of period	231 481	743 018	285 856	-	-	-
Note: compiled by source [17]

Based on the data in Table 5, the following conclusions, cash inflow from financing activities was observed only in 2010, in the amount of 5 KZT.bln, of which 3.3 billion - is making loans, 1.5 mlrd.tg. - This issue of shares and other securities. Cash outflows exceed inflows in 2010 so the net amount of cash is -845 mln.tg. in 2011, cash outflows are 1.7 billion tenge, mainly repayment of loans in 2012, cash outflows are 456 mln.tg. is a cash outflow due to the repayment of loans in the amount of 340 million tenge in due to the payment of dividends.
In general, for all three types of activities in 2010, an increase in cash (36,511 + tys.tg), in 2011, an increase of funds (+ 511 mln.tg.), and in 2012 there is an overall decrease in cash (- 457.1 mln.tg.)

Table 6 - The dynamics of cash flows JSC "Kedentransservice"

data
Positive cash flow, thousand tenge	26 511 482	13 608 980	6 076 048
The negative cash flow, thousand tenge.	26 474 971	13 097 443	6 533 210
Net cash flow thousand tenge	36 511	511 537	- 457 162
Note: compiled by source [17]

In 2010, a positive cash flow (the amount by operating, investing and financing activities) amounted to 26,511,482 tys.tg and outflow 26,474,971 tys.tg, so the net cash flow, calculated as the difference between positive and negative cash descendants amounted to 36.5 million tenge. In 2011, the sum of net cash flow increased to 511.5 million tenge. And in 2012, cash outflows were greater than inflows, and net cash flow this year is -457.2 mln.tg.

In general, according to the analyze the following conclusions:

1) In the course of analyzing the composition and structure of the funds found that the enterprise funds consist of cash on hand, current account and other funds. The greatest share of the funds on the account. In 2010 it amounted to 90.5% of the total amount of money in 2011 - 84.2% and in 2012 - 87.2%. The largest flow of funds in 2010 were in the amount of 743 mln.tg.

2) Cash flows related to three categories: operational, financial, and investment. The main activity is operating. According to the basic operating cash flow comes at the expense of providing services and sale of goods. In general, for all three types of activities in 2010, an increase in cash (36,511 + thou.tg), in 2011, an increase of funds (+ 511 mln.tg.), and in 2012 there is an overall decrease in cash (- mln.tg. 457.1).

Cash flow - this is the amount of money that the company receives or pays for reporting or planning period.

Cash flow is the proceeds from the sale of goods (works, services), increasing the authorized capital of the additional issue of shares, loans received, loans and funds from the issuance of corporate bonds, etc.

The cash outflow is due to recurrent (operating) costs, investment costs, payments to the budget and extra-budgetary funds, payments of dividends to shareholders and the company, etc.

Net cash inflows (cash reserve) is formed as the difference between all income and deductions of funds.

To effectively manage your cash flow, you need to know:

- Their value over time (month, quarter);

- Their main elements;

- Activities that generate cash flow.

3) The study of synchronicity formation of different types of cash flows is calculated dynamics of the liquidity ratio of cash flow businesses in the context of separate intervals of the period. To ensure the necessary liquidity to cash flow this ratio should have a value of not less than one. As the table shows the value of the cash flow liquidity ratio greater than one in 2012 (1,001) and 2011 (1,039). Exceeding the unit promotes the growth of the cash balances of assets at the end of the period and on the contrary, a value lower than one can reduce the cash balances of assets at the end of the period, which was observed in 2010 (0,930).

4) When analyzing this ratio was calculated as a ratio of effectiveness of cash flow. The calculation of this ratio is only useful with excess cash flow. In 2012, cash flow was negative. Thus in 2010 the efficiency ratio is equal to 0.0014, and in 2011 - 0,039.

5) An integral part of the analysis is the analysis of cash liquidity and solvency of the company. In the course of this analysis, it became clear that the balance of JSC "Kedentransservice" is not enough liquid. That is also confirmed by the coefficients of the current, absolute and quick ratio. The current ratio in 2010 is 0.65, which is lower than the norm, in 2011, it is equal to 1.04 which is also lower than normal, that is, in 2010 and of 2011, current liabilities may not be covered by the mobilization of circulating assets. In 2012, the current ratio is 1.8, it is correct. In 2011, the cash ratio is 0.2, this means that only 20% of short-term debt the company can be covered by the funds. So companies do not have the funds to provide payments on its obligations and it is forced to borrow.

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