Management of productive capital of cognac industry enterprises of Ukraine
Substantiated that the structure of capital involved is the determining factor for predicting capitalization Odessa Cognac Factory. For this reason, to ensure capitalization of the enterprise of cognac industry in Ukraine should focus on the management of development and utilization of productive ca...
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Mohylova, A.Y. 2014-06-09T17:26:01Z 2014-06-09T17:26:01Z 2014 Management of productive capital of cognac industry enterprises of Ukraine / A.Y. Mohylova // Економіка промисловості. — 2014. — № 1 (65). — С. 127-135. — Бібліогр.: 25 назв. — англ. 1562-109Х https://nasplib.isofts.kiev.ua/handle/123456789/64031 658.14:663.241(477) Substantiated that the structure of capital involved is the determining factor for predicting capitalization Odessa Cognac Factory. For this reason, to ensure capitalization of the enterprise of cognac industry in Ukraine should focus on the management of development and utilization of productive capital, which is based on planting grapes. In the article the new approach to assessing capitalization of enterprise complete cycle of cognac through organizational and economic transformation of the production capital as a resource base for future capitalization. Focusing on the importance of the sugar content of grapes figure for the volume of alcohol, all calculations are carried out for reasons of ensuring the most collected large amounts of sugar. On this basis concluded that the possible optimization potential distribution area of land under vine particular brand. Given the optimal allocation structure planting grapes for the production of cognac alcohol at Odessa Cognac Factory «Shustov» medium duty sugar harvest grapes can be increased by 3,7%. However, EBITDA increased by 27,8%. Growth of EBITDA ratio can be interpreted as increased capitalization of the test plant. Thus, the redistribution of land area between the grape varieties are output by improving operational performance through better use of the available productive capacity. Доведено, що для забезпечення капіталізації підприємства коньячної галузі України варто зосередити увагу на управлінні процесом формування та використання виробничого капіталу. Обґрунтовано новий підхід до оцінки капіталізації підприємства повного циклу виробництва коньяку через організаційно-економічні трансформації виробничого капіталу як ресурсної основи майбутньої капіталізації. Доказано, что для обеспечения капитализации предприятия коньячной отрасли Украины следует сосредоточить внимание на управлении процессом формирования и использования производственного капитала. Обоснован новый подход к оценке капитализации предприятия полного цикла производства коньяка через организационно-экономические трансформации производственного капитала как ресурсной основы будущей капитализации. en Інститут економіки промисловості НАН України Економіка промисловості Problems of industrial enterprises’ and production complexes’ economics Management of productive capital of cognac industry enterprises of Ukraine Управління виробничим капіталом підприємств коньячної галузі України Управление производственным капиталом предприятий коньячной отрасли Украины Article published earlier |
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Management of productive capital of cognac industry enterprises of Ukraine |
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Management of productive capital of cognac industry enterprises of Ukraine Mohylova, A.Y. Problems of industrial enterprises’ and production complexes’ economics |
| title_short |
Management of productive capital of cognac industry enterprises of Ukraine |
| title_full |
Management of productive capital of cognac industry enterprises of Ukraine |
| title_fullStr |
Management of productive capital of cognac industry enterprises of Ukraine |
| title_full_unstemmed |
Management of productive capital of cognac industry enterprises of Ukraine |
| title_sort |
management of productive capital of cognac industry enterprises of ukraine |
| author |
Mohylova, A.Y. |
| author_facet |
Mohylova, A.Y. |
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Problems of industrial enterprises’ and production complexes’ economics |
| topic_facet |
Problems of industrial enterprises’ and production complexes’ economics |
| publishDate |
2014 |
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Економіка промисловості |
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Інститут економіки промисловості НАН України |
| format |
Article |
| title_alt |
Управління виробничим капіталом підприємств коньячної галузі України Управление производственным капиталом предприятий коньячной отрасли Украины |
| description |
Substantiated that the structure of capital involved is the determining factor for predicting capitalization Odessa Cognac Factory. For this reason, to ensure capitalization of the enterprise of cognac industry in Ukraine should focus on the management of development and utilization of productive capital, which is based on planting grapes. In the article the new approach to assessing capitalization of enterprise complete cycle of cognac through organizational and economic transformation of the production capital as a resource base for future capitalization. Focusing on the importance of the sugar content of grapes figure for the volume of alcohol, all calculations are carried out for reasons of ensuring the most collected large amounts of sugar. On this basis concluded that the possible optimization potential distribution area of land under vine particular brand. Given the optimal allocation structure planting grapes for the production of cognac alcohol at Odessa Cognac Factory «Shustov» medium duty sugar harvest grapes can be increased by 3,7%. However, EBITDA increased by 27,8%. Growth of EBITDA ratio can be interpreted as increased capitalization of the test plant. Thus, the redistribution of land area between the grape varieties are output by improving operational performance through better use of the available productive capacity.
Доведено, що для забезпечення капіталізації підприємства коньячної галузі України варто зосередити увагу на управлінні процесом формування та використання виробничого капіталу. Обґрунтовано новий підхід до оцінки капіталізації підприємства повного циклу виробництва коньяку через організаційно-економічні трансформації виробничого капіталу як ресурсної основи майбутньої капіталізації.
Доказано, что для обеспечения капитализации предприятия коньячной отрасли Украины следует сосредоточить внимание на управлении процессом формирования и использования производственного капитала. Обоснован новый подход к оценке капитализации предприятия полного цикла производства коньяка через организационно-экономические трансформации производственного капитала как ресурсной основы будущей капитализации.
|
| issn |
1562-109Х |
| url |
https://nasplib.isofts.kiev.ua/handle/123456789/64031 |
| citation_txt |
Management of productive capital of cognac industry enterprises of Ukraine / A.Y. Mohylova // Економіка промисловості. — 2014. — № 1 (65). — С. 127-135. — Бібліогр.: 25 назв. — англ. |
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AT mohylovaay managementofproductivecapitalofcognacindustryenterprisesofukraine AT mohylovaay upravlínnâvirobničimkapítalompídpriêmstvkonʹâčnoígaluzíukraíni AT mohylovaay upravlenieproizvodstvennymkapitalompredpriâtiikonʹâčnoiotrasliukrainy |
| first_indexed |
2025-11-25T22:45:39Z |
| last_indexed |
2025-11-25T22:45:39Z |
| _version_ |
1850572060711976960 |
| fulltext |
–––––––––––––––––––––– Економіка промисловості Экономика промышленности ––––––––––––––––––––––
ISSN 1562-109X 127
2014, № 1 (65)
UDC: 658.14:663.241(477) Anastasia Yurievna Mohylova,
PhD in Economics
Oles Honchar Dnipropetrovsk National University
MANAGEMENT OF PRODUCTIVE CAPITAL
OF COGNAC INDUSTRY ENTERPRISES OF UKRAINE
The current economic situation in Ukraine
is marked by uncertainty and inconsistency,
which is why arise scientific discussions on ad-
vanced concepts of economic development of
domestic enterprises. Even under conditions of
sufficient elaboration of theoretical and metho-
dological approaches to the assessment of de-
velopment of enterprises and forecasting future
trends of the external and internal environment,
scientific problems of justification of the con-
cepts of enterprise management in the aspect of
its growth strategy are actual. The methodologi-
cal basis of modern management concepts
should be formed taking into account accumu-
lated practical experience in strategic manage-
ment.
At the present stage of development of the
methodology of the financial analysis the capita-
lization of the enterprise is the indicator of eco-
nomic efficiency of its activity. The lack of a
single approach to the management of the
process of capitalization of enterprises compli-
cates the justification of effective administrative
decisions concerning the growth of its cost and
increase its capitalization. For these reasons,
particularly relevant are the works of scientists,
aimed at solution of the problems of develop-
ment and implementation of specific mechan-
isms to control the process of capitalization of
the enterprise. The above mentioned implicitly
indicates the timeliness and the scientific impor-
tance of the chosen theme for research.
The effectiveness of the enterprise activi-
ty in any industry is largely determined by its
capital value and dynamics which determine the
size of an enterprise and stability of its opera-
tions. Therefore, an important characteristic of
an enterprise quality management system is its
capital.
Kirsanova T. and Koljada I. solve the
problem of effective management of an enter-
prise capital by determining the optimal capital
structure, which refers to a ratio of equity and
debt that maximizes the market value [1, p. 61].
However, these researchers hold positions of
importance of preserving and enhancing equity.
Some problems of managing enterprise
capital structure, namely the optimization of
capital structure, described in the writings of
many other researchers:
Korzh R. worked out the capital structure
of companies in the current economic conditions
based on systematic guidelines static and dy-
namic theories of capital structure optimization
[2];
Chyzh N. compared to previous scholars,
narrowing a range of analyzed companies, high-
lights the problems of forming the optimal struc-
ture of its own enterprise capital [3];
Piletska S. for the grant of recommenda-
tions in relation to the construction of equity
structure proves feasibility of controlling the
structure of equity and debt businesses on a de-
finition of subordinated capital by providing
opportunities to use additional capital as a part
of its own and a bill of credit, a bond is as a part
of a debt [4];
Shevchenko N. offers to determine the
optimal capital structures of stock companies by
minimizing debt values guards and increase the
values of their own, and proves that effective
methods of optimizing the capital structure is to
use a loan and lease issuance of preferred
shares [5];
Obuschak T. focuses on the optimization
of the equity and debt capital on a multi-
objective basis, but emphasizes the need to en-
sure the lowest possible cost of capital compo-
nents [6];
Shpak N. and Rudnytska A. support the
partaking of new capitals at the obligatory
condition of development of the system of
indexes of the status and use of enterprise
capital, and they emphasize that there is an op-
timal capital structure, which will help to mi-
nimize the weighted average cost of capital and
at the same time support the credit reputation of
an enterprise [7];
© A.Yu. Mohylova, 2014
–––––––––––––––––––––––––– Економіка промисловості Economy of Industry ––––––––––––––––––––––––––
128 ISSN 1562-109X
2014, № 1 (65)
Semenov G. and Peleshko A. offered an
approach to determine the optimal capital struc-
ture according to method of the combined effect
of maximizing the return on equity growth and
the level of financial stability that, in their opi-
nion, enables rapid and optimal capital structure,
and predict the maximum increase in return on
equity and financial viability in the future [8].
The results of research done by Semenov G. and
Korol S. a set of criteria for return on equity and
the level of financial stability criterion is added
to minimize the level of financial risk on the
basis of which the stages of optimization capital
structure have been determined [9];
Perederiyenko N. and Lespuh A. solve the
problem of optimizing the capital structure and
conclude that the structure of equity and loan
capital «не є сталою, може змінюватись у від-
повідь на зміну умов виробництва і реаліза-
ції, але в кожний момент менеджери повинні
мати чітке уявлення про цільову структуру і
всі фінансові рішення підпорядковувати за-
вданню досягнення такої структури капі-
талу»1 [10, p. 184]. It is very important to con-
sider the comments of these authors concerning
the variability index of the target capital struc-
ture dynamics, that is why it is necessary to
identify the factors of index changes to ground
its periodic adjustment;
Grinkevich S., Saldan P. and Melnichen-
ko I. consider approaches to determine the na-
ture of capital structure and optimal capital
structure and focus their research on the groun-
ding for the choice of financial development
strategy based on the model of the structure of
its capital. Because of different economic condi-
tions different industries in the economy of vari-
ous countries agree with the conclusion of these
scholars about the impossibility to find a single
approach to determine the optimal ratio of capi-
tal items, which proves the necessity of deploy-
ing other areas of study of conditions for com-
panies’ capitalization we consider one of the
most original search conditions is formation of
capital and industrial – enterprises separately
formation of productive capital [11].
1 «is not constant, can change in response to
changing conditions of production and sales, but
managers should always be clear about the target
structure and all financial solutions to subordinate the
task of achieving such a capital structure»
The problem of managing its capital
structure is observed in the works of national
scientists-classical Afanasiev A. [12], Balitska
V. [13] and Blanc I. [14]. But they are focused
on the invention of the optimal ratio of equity
and debt capital. However, according to the ob-
tained results of during research, it is the finan-
cial capital is not a significant factor in the capi-
talization of the companies of some branches of
economy, which is why there is the need to ana-
lyze the contribution of other types of capital.
Management of capital structure is in the
focus of researches of leading foreign scientists.
Kehinde James Sunday, PhD of Lagos State
University Ojo (Nigeria), by examining the cha-
racteristics of Small and Medium Scale Enter-
prises (SMEs), concluded, that it was capital
management ensures continuous operation of the
enterprise in the market, its growth and solvency
[15, p. 271].
Romano C. A., Tanewski G. A. and
Smyrnios K. X. invented the relationship be-
tween firm size and the importance of managing
its capital, namely: managing capital is a signifi-
cant factor in the growth of the effectiveness of
large and medium-sized enterprises than of
small ones [16].
Baral J. K. as a result of constructing re-
gression models found that the size, growth rate
and earnings of the enterprise are significant
determinants of its capital structure [17].
Khrawish H. A. and Khraiwesh A. H. A.
focused attention on the invention of impact the
ratio of short-term and long-term debt in the
capital structure on its profitability [18].
Given a large number of scientific papers
on managing capital structure it is possible to
make a remark that the formation of an effective
mechanism for managing the capitalization of
industrial enterprises should be based on consid-
eration of mandatory industry-specific require-
ments for raw materials, technologies, machines
of all logistics and personnel, especially the spe-
cialization, a process of manufacturing and pro-
duction technology. Semenov A., Plaksiuk A.
and Jaroszewska O. support the positions which
deal with the formation of aggregate enterprise
capital and argue that «this issue requires only
an individual approach. It is impossible to de-
termine a single optimal approach of capital ra-
tio of structural elements for different compa-
–––––––––––––––––––––– Економіка промисловості Экономика промышленности ––––––––––––––––––––––
ISSN 1562-109X 129
2014, № 1 (65)
nies or one company for the entire period of its
operation» [19, p. 140].
The optimal capital structure of the enter-
prise is usually achieved through the attainment
of the chosen optimization criterion. Research-
ers usually choose one out of the three criteria of
optimizing the capital structure of the enterprise
[9, p. 140]:
1. value of the enterprise as a whole;
2. maximum share price of the company;
3. optimal ratio of return on equity and fi-
nancial viability.
Thus, it is evident that much of the atten-
tion of researchers focused on studying the im-
pact of the management financial capital of en-
terprise on its economic efficient. But at the
same time the question arises: is it sufficient to
choose one of the above criteria and how to en-
sure a more rational choice of optimality crite-
rion by defining the specific features of the in-
vestigated companies. Also need to determine
whether enough only solution to the problem of
optimization of capital structure.
The purpose of this article is to determine
the impact of capital structure on the company
capitalization rate of the enterprise of the full-
cycle production of cognac in Ukraine and to
evaluate the possible directions of improving the
management of their own productive capital.
Some results of the research were represented in
the article [20].
Table 1 shows the amount of capital in-
volved in the production process of Odessa
Cognac Factory, and some financial indicators
of its activity.
Table 1
The volume of capital and results of operation at Odessa Cognac Factory *
Years
Non-current
assets (f.1,
line 080),
ths UAH
Long-term
liabilities (f.1,
line 480),
ths UAH
Share
of non-
current
assets
The share
of long-
term com-
mitments
Net
Profit,
ths
UAH
EBITDA,
ths UAH
EVA,
ths UAH
2004 136,047 28334 0,83 0,17 1302 20732
2005 129,587 30667 0,80 0,20 6173 28862 17056,38
2006 152,769 83548 0,65 0,35 490 23962 13819,04
2007 122620 34539 0,78 0,22 2256 26996,6 13357,02
2008 122,978 106,171 0,54 0,46 2126 34164 7322,479
2009 112,602 35185 0,76 0,24 2024 26306 4943,463
2010 103,259 0 1 0 2215 20585 8608,442
2011 96465 362,513 0,21 0,79 1476 25133 13844,3
2012 93425 362,443 0,20 0,80 6489 28939 13316,97
* Composed and calculated by the author according to the Financial Statements of Odessa Cognac Facto-
ry «Shustov».
EBITDA - Earnings Before Interest, Taxes, Depreciation and Amortization.
EVA - Economic Value Added.
Velnampy T. and Aloy Niresh J., Profes-
sors from Sri Lanka, on the basis of correlation
analysis revealed relationships between a capital
structure and profitability - namely, between the
ratio of borrowed and equity and return on equi-
ty [21].
As it can be seen from the data given in
table 1, there is a chaotic dynamics of the finan-
cial results of operating capital in Odessa Cog-
nac Factory and the tendency of development of
indicators EBITDA and EVA is not clear. For
this situation, there is an assumption that it is the
result of unstable capital structure.
The lack of stable tendency to attract
long-term bank loans can be attributed to two
factors:
1. Odessa Cognac Factory uses bank
loans to purchase foreign cognac required for
blending. But determining the required amount
of loan capital, should take into account in an
agreement between the plant and the Bank on
especially favorable credit conditions at 10% per
annum.
–––––––––––––––––––––––––– Економіка промисловості Economy of Industry ––––––––––––––––––––––––––
130 ISSN 1562-109X
2014, № 1 (65)
2. Fall of credit used in 2008 to zero in
2010, after which the revival of lending is seen,
due to the overall situation in the banking sector
of Ukraine, when banks stopped lending alto-
gether individuals and businesses due to the fi-
nancial crisis, but in 2011 they restored it.
To justify recommendations for the man-
agement of its capital structure, the relationship
between the financial capital operating results
(EBITDA and EVA) and the share of long-term
liabilities of Odessa Cognac Factory was in-
vented. However, the relationship between
EBITDA and the share of long-term debt in the
capital structure of the enterprise is very weak
(coefficient of determination 0,1826), and as far
as the rate of EVA is concerned such a relation-
ship is absent (coefficient of determination is
almost zero – 0,0588).
In this respect, the relationship between
EVA and the share of long-term liabilities at
Odessa Cognac Factory was checked; as a resalt,
it was found that the dependence with lag 2
(coefficient of determination 0,4677) is a bit
bigger, but still there is no reason to argue that at
the studied enterprise the financial results are
determined by the structure of capital involved.
To test this assumption we checked the depen-
dence of net income on the capital structure of
the plant and it has found that the relationship
between the net profit of the plant and the per-
centage of a long-term debt (even lags) are vir-
tually absent. According to the results of finding
the relationships between the key financial indi-
cators of enterprise performance and the share of
long-term liabilities a final conclusion can be
made: the structure of the capital involved is not
the determining factor for predicting capitaliza-
tion of Odessa Cognac Factory. So it is possible
to formulate the following hypothesis: factory
capitalization is determined by its productive
capital. In other words: for the capitalization of
Odessa Cognac Factory «Shustov» it is neces-
sary to focus on the management of formation
and utilization of productive capital, which is
based on grapes planting.
Areas of land occupied by grape bushes in
Odessa Cognac Factory during 2000-2012 years
can be described as unsteady.
Climatic features and characteristics of
the soil near the town Feodosiia led to the fact
that to produce cognac of Odessa Cognac Facto-
ry «Shustov» such sorts of grapes as Rkatsiteli,
Silvaner, Aliquot, Sukholimansky White, Char-
donnay, Riesling, Sauvignon Blanc, Pinot Blanc
are grown.
As can be seen from the data given in ta-
ble 2, the acidity of grapes and its sugariness,
the range of values is determined by the variety
and actual values – by weather conditions and
sunlight access to vines, the company keeps
these factors constant by controlling the density
of vines planting. The dynamics of areas of a
particular grape variety depends on weather
conditions and pests, namely: 1. due to a very
cold winter (below 30 ͦ C) vineyards can die out,
which took place in 2010; 2. Feodosiia soil isn’t
resistant to the main pest of grapes - phylloxera.
The main characteristics of the varieties
of white grapes that are grown for the produc-
tion of cognac of TM «Shustov» are as follows:
acidity (over 6-6,5 g / l), which deter-
mines the taste and after taste of the finished
drink - cognac;
sugar content (usually more than 20 %),
which determines the potential amount of cog-
nac spirit. Sugar content of grapes and cognac
spirit are proportionally dependent parameters,
that’s why white grapes with high sugar content
index are used to produce large amounts of al-
cohol.
Gross harvest of grapes for making cog-
nac of TM «Shustov» for the same period can
also be characterized as an uncertain size, which
firstly depends on the area of vineyards, and
secondly, competent preparation of vines when
cutting vines after harvest in the fall. Even if
there is a close connection between indicators of
vineyard area and total grape harvest (coeffi-
cient of determination is very high -
R 2 = 0,9237), it can be argued that the analyzed
parameters are random variables.
Peculiarities of cognac production mean
pressing of harvested grapes rather than pressing
of each type separately, the white grape varieties
are interchangeable, and therefore we can fore-
cast the potentially optimized distribution of a
land area under vineyards of any particular type.
Based on the importance of the sugar content of
grapes for the volume of spirit production, it is
reasonable to carry out further calculations,
based on getting the maximum amount of har-
vested sugar.
Index of gross yield of sugar from the
grape harvest of Odessa Cognac Factory (Ta-
ble 2) is characterized by an accident. It does not
reflect the dynamics of the fluctuations in the
–––––––––––––––––––––– Економіка промисловості Экономика промышленности ––––––––––––––––––––––
ISSN 1562-109X 131
2014, № 1 (65)
overall yield rate of 1 ha (figure for all grades).
It is obvious that a constant yield of 1 hectare at
the factory reaches at the expense of proper
pruning of grapes in autumn and adjusting the
density of planted vines (at a distance of 2,5 - 3
m between them).
Table 2
Yield of sugar from 1 hectares, fi / ha
Years Chardonnay Riesling Rkatsiteli Silvaner Aliquot Suholymansky
White
Sauvignon
Blanc
Pinot
B lanc
2000 14 16,9 19,4 16,3 23,8 20,5 8,7 12,0
2001 16 17,4 20,4 15,9 23,9 20,8 10,3 11,0
2002 14 18,0 20,8 16,7 22,6 21,0 10,0 12,8
2003 15 16,8 21,4 17,4 24,5 20,9 10,1 11,7
2004 16 16,8 19,9 17,5 22,6 19,4 10,6 12,1
2005 15 15,9 20,7 16,6 24,3 20,8 9,4 11,8
2006 15 17,4 21,5 17,1 23,4 20,3 8,9 11,4
2007 15 17,2 21,0 17,4 23,1 18,9 10,4 11,6
2008 15 17,1 20,6 17,1 24,9 20,1 9,5 12,4
2009 16 17,1 19,7 17,1 25,9 19,8 9,0 11,4
2010 15 17,8 20,5 17,2 25,3 19,6 9,7 11,1
2011 16 17,8 20,6 17,7 22,5 21,2 9,0 12,3
2012 15 18,4 21,7 17,3 23,2 19,5 10,0 12,1
During the research by the following laws
were revealed:
First, the dynamics of the gross harvest
almost follows the dynamics of the total vi-
neyard area. For this reason, reaching the
planned gross crop values determine the impor-
tance of managing the total area of vineyards.
Secondly, 2010 was characterized by a
sharp reduction in the total area of vineyards due
to their freezing after winter. In the same year
there was a significant decrease in grape harvest.
Thirdly, even in periods 2000-2003 and
2005-2008 when the vineyard area was almost
constant, fluctuations in gross harvest of grapes
were observed, which confirms the fact that the
harvest of grapes is also determined by weather
conditions, such as special features of the sum-
mer months, when berries ripen.
The distribution of vineyards by types of
grapes in Odessa Cognac Factory has historical-
ly background.
It’s possible to increase the volume of har-
vested sugar by redistribution of areas between
different grape varieties. For this purpose, we
recommend to use sach mathematical tool of cal-
culation as «efficient portfolio theory» [22-25].
While solving the problem, the structure
of vineyards used for Odessa Cognac Factory
was determined (Table 3, Fig. 1).
Changes that will occur in the structure of
the distribution area between grape varieties are
reproduced in Fig. 2.
Table 3
Structure of planted grapes of Odessa Cognac Factory
Chardonnay Riesling Rkatsiteli Silvaner Aliquot Suholymansky
White
Sauvignon
Blanc
Pinot B
lanc
for the minimum risk portfolio (in Fig. 1 - the lowest point)
0,188 0,122 0,076 0,000 0,133 0,099 0,126 0,256
to maximize the value of gross yield of sugar from all areas of vineyards without limitation of risk (in
Fig. 1 - This is an extreme point of the upper area, which corresponds to only one sort -Aliquot № 6)
0 0 0 0 1 0 0 0
for the distribution of areas between grape varieties that is currently present at the factory (in Fig. 3 - a
yellow dot is inside the area)
0.171 0,165 0.157 0,144 0,123 0.114 0,080 0,048
to ensure maximum efficiency in existing (actual) risk levels (average volume of sugar yield from 1 ha)
0,128 0,155 0.122 0,140 0,156 0,202 0,030 0,067
–––––––––––––––––––––––––– Економіка промисловості Economy of Industry ––––––––––––––––––––––––––
132 ISSN 1562-109X
2014, № 1 (65)
0
0,2
0,4
0,6
0,8
1
1,2
0 5 10 15 20 25 30
ris
k (
sta
nd
ar
d d
ev
iat
io
n)
Yield of sugar from 1 ha
sorts of vineyard alone portfolio of minimal risk
factual situation in 2012 maximum sugar
efficient portfolios optimal portfolio with fact risk
portfolios of the previous periods
Fig. 1. Portfolios of distribution of areas between grape types
Chardonnay Riesling Rkatsiteli Silvaner Aliquot Suholymansky
White Sauvignon Pinot B lanc
factual structure 0,170632436 0,164996869 0,156856606 0,143706951 0,122730119 0,113650595 0,079524108 0,047902317
optimal structure 0,127762752 0,155319015 0,122433423 0,139586175 0,155640656 0,201564115 0,03033743 0,067356434
0
0,05
0,1
0,15
0,2
0,25
sh
ar
e
of
th
e
vi
ne
ya
rd
s
or
t i
n
th
e
ov
er
al
g
ra
de
transition to the optimal structure of plantings while keeping the actual level of risk
Fig. 2. Changes in distribution of areas between the grape types
under the actual level of risk
–––––––––––––––––––––– Економіка промисловості Экономика промышленности ––––––––––––––––––––––
ISSN 1562-109X 133
2014, № 1 (65)
If you agree to the increase in risk, you
can get any of the points of the right lower limit
(shown by the dotted line in Fig. 1). Each higher
point is reached by the corresponding changes in
the structure of the distribution area. The dy-
namics of these changes is shown in Fig. 3.
However, EBITDA would increase from
33,903 thousand UAH to 43,330 thousand
UAH, by 27,8 % (Fig. 4). The growth of EBIT-
DA can be interpreted as the increase in capita-
lization of the factory under research.
Fig. 3. Dynamics of structure of vineyard areas with the increase
in maximum average volume of sugar yield from 1 ha
According to the calculations, it was de-
termined that under optimal distribution of the
structure of planted grapes to the produce of
cognac alcohol at Odessa Cognac Factory
«Shustov», the average volume of sugar har-
vested from the grape can be increased by
3,7 %. Thus, the redistribution of land between
the grape varieties is the initial condition to im-
prove operational performance through the bet-
ter use of the available production capacity. But
it should be noted that it will be observed in 4
years (lag = 4 while assessing the impact of
gross volume of sugar from the harvested grapes
on EBITDA). The plant management should
accept recommendations on the optimal alloca-
tion of land area between the grape varieties
while planning future business strategies to pro-
duce maximum yield of grapes.
Thus, by results of research, the impact of
productive capital in the financial performance
of the enterprise capitalization was found and
the structure of productive capital was
optimized. This article validates a new approach
to the increase in the capitalization of an enter-
prise of a complete cycle of cognac production
through organizational and economic transfor-
mations of the production capital as a resource
base for the future capitalization when the indus-
try characteristics and peculiarities of the pro-
duction process are taken into account.
0,0
0,1
0,2
0,3
0,4
0,5
0,6
0,7
0,8
0,9
1,0
15 17 19 21 23 25
th
e
gr
ap
e
sh
ar
e
in
th
e
st
ru
ct
ur
e
of
v
in
ey
ar
d
average yield of sugar from 1 ha
dinamics of the structure area provided maximum grows
of sugar
Chardonnay Riesling
Rkatsiteli Silvaner
Aliquot Suholymansky White
Sauvignon Pinot B lanc
–––––––––––––––––––––––––– Економіка промисловості Economy of Industry ––––––––––––––––––––––––––
134 ISSN 1562-109X
2014, № 1 (65)
Further research is seen to be appropriate
towards the invention of the influence of other
factors on the enterprise capitalization. Neces-
sary to determine how the value of the enterprise
is influenced by such factors as the size of the
enterprise, operating expenses, the composition
of assets and its liabilities, growth in sales, busi-
ness risk, debt service capacity, stability in cash
flow and others.
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