Development of effective program of investment projects for improving financial standing of an enterprise for production of nonmetallic building materials

Full Text:


The review of the current standing of the industry for production of nonmetallic building materials was performed, which showed that consumption of nonmetallic building materials steadily grows year by year. This is primarily due to increasing building volumes.

The study of activities of an enterprise for mining and processing of nonmetallic building materials was carried out. The main economic and financial problems of the enterprise under consideration are revealed. Profitability of the enterprise products is very low; the working capital turnover is insufficient.

To solve the main problems of the enterprise, long-term production development plan was proposed, consisting of measures for reducing costs and increasing its operational effectiveness.

To determine economic efficiency of the proposed projects, their NPV was calculated. To provide maximum efficiency of the proposed projects, the method of optimizing selection of an investment project using linear programming was applied. Restrictions on investment projects have been determined – availability of the enterprise's own funds by years of a project implementation.

The following results were obtained: the enterprise for nonmetallic building materials production is capable to carry out the 1st, 3rd and 4th projects within the next three years. Implementation of the 2nd project should be postponed for four years due to its high costs.

Implementing the long-term development plan will allow the enterprise to improve its financial performance, reduce costs, and increase economic efficiency of the production. Upon achieving the target goal, the enterprise will become an effective player at the market of nonmetallic building materials, a supplier of high-quality products with low production costs.

This method for preparing the long-term development plan was developed and applied using PJSC Tuchkovsky KSM as an example. 

About the Authors

N. V. Galieva
National University of Science and Technology MISiS
Russian Federation

Nadegda V. Galieva - Candidate of Economic Sciences, Associate Professor of the Department of "State and municipal management industrial regions"

N. O. Parshin
National University of Science and Technology MISiS
Russian Federation


1. Federal'naja sluzhba gosudarstvennoj statistiki [Federal State Statistics Service] // Available at

2. Gribanov V.N., Gornostaeva E.Ju., Lukutcova N.P. Nerudnye stroitel'nye materialy. Dobycha i pererabotka: uchebno-spravochnoe posobie. [Nonmetallic building materials. Extraction and processing: teaching handbook.] – Bryansk: BGITA, 2012. – 171 p.: silt.

3. Oficial'nyj sajt kompanii PAO «Tuchkovskij KSM». // Available at

4. Godovoj otchet za 2014 god PAO «Tuchkovskij KSM». [Annual Report 2014 PJSC "Tuchkovsky KSM"].

5. Godovoj otchet za 2015 god PAO «Tuchkovskij KSM». [Annual Report 2015 PJSC "Tuchkovsky KSM"].

6. Galieva N.V., Bagautdinov V.Sh., Korochkin G.V. Parshin N.O. Vozmozhnosti razvitija predprijatij otrasli nerudnyh stroitel'nyh materialov [Opportunities for development of the industry of non-metallic building materials] // GIAB – 2015. – No. 12. – Pp. 187-193.

7. Galiev Zh.K. Jekonomika predprijatija. Obshhij kurs s primerami iz gornoj promyshlennosti: Ucheb. [Enterprise economy. General course with examples from the mining industry: Proc.] – M.: Mining Book, 2009. – 304 p.

8. Galieva N.V. Informacionnye tehnologii v jekonomike gornogo predprijatija: Ucheb. posobie dlja vuzov. [Information technology in mining enterprise economy: Textbook. Manual for schools.] – М.: MSMU, 2012. – 125 p.

9. Staroverova G.S., Medvedev A.Ju., Sorokina I.V. Jekonomicheskaja ocenka investicij: ucheb. posobie. [Economic evaluation of investment: studies. allowance.] – М.: KNORUS, 2011. – 312 с.

10. Kas'enko T.G., Mahovikova G.A. Jekonomicheskaja ocenka investicij: Uchebnik i praktikum. Jurajt [Economic evaluation of investments: Tutorial and Workshop. Yurayt] – SPb, 2014. – 564 p.

11. Mossakovskij Ja.V. Jekonomika gornoj promyshlennosti: Ucheb. dlja vuzov [Economy Mining: Proc. for high schools] – 3rd ed. – M .: Mining Book, 2014. - 525 p .: silt.

12. Kossov V.V., Livshic V.N., Shahnazarov A.G. Metodicheskie rekomendacii po ocenke jeffektivnosti investicionnyh proektov. [Methodical recommendations according to efficiency of investment projects.] – M.: Economics, 2010. – 421 p.

13. Lukasevich I.Ja. Investicii. [Investments] – M .: INFRA-M, 2011. – 416 p.

14. Rimer M.I., Kasatov A.D. Jekonomicheskaja ocenka investicij. 2-e izd. [Economic evaluation of investments. 2nd ed.] // Under the general editorship. MI Riemer. – SPb.: Peter, 2010. – 416 p.

15. Vorob'eva I.M., Ponomarev A.M. Ocenka jeffektivnosti investicionnyh proektov [Evaluating the effectiveness of investment projects] // Young scientist. – 2015. – No. 10. – Pp. 5-9.

16. Dosuzheva E.E., Kirillov Ju.V. Osnovnye principy realizacii investicionnogo proekta [Basic principles of the implementation of the investment project] – Naukovedenie. – 2014. – № 1. – 310 p.

17. Andrea Caggesea. Testing financing constraints on firm investment using variable capital. Journal of Evolutionary Economics, Volume 15, Issue 11, 2015.

18. Ustinovichus L., Shevchenko G., Barvidas A., Ashikhmin I.V., Kochin D. Feasibility of verbal analysis application to solving the problems of investment in construction. Economic Modelling, Volume 55, 2016.

19. Balinski M.L. Integer Programming: Methods, Uses, Computations (in eng.) // Management Science. — 1965. — Vol. 12, no. 3. — P. 253-313.

20. Geoffrion A.M. Objective function approximations in mathematical programming, Math. Program., 13, 23–37, 1977.

21. Mandl C.W. A survey of mathematical optimization models and algorithms for design and extending irrigation and wastewater networks, Water Resour. Res., 17(4), 761–775, 1981

22. Taha H.A. Integer Programming: Theory, Applications and Computations, Academic, Orlando, Fla., 1975.

23. Dantzig G.В. On the Significance of Solving Linear Programming Problems with Some Integer Variables, Economet., 28, № 1, 30 (Jan. 1960).

24. Gass S.L. Recent Developments in Linear Programming, in: 1961. «Advances in Computers», Academic Press, Inc., NY

Supplementary files

For citation: Galieva N.V., Parshin N.O. Development of effective program of investment projects for improving financial standing of an enterprise for production of nonmetallic building materials. Gornye nauki i tekhnologii = Mining Science and Technology (Russia). 2016;(3):45-54.

Views: 797


  • There are currently no refbacks.

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 License.

ISSN 2500-0632 (Online)