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Accounts payable turnover of the largest Russian leasing companies
Information agency Credinform prepared a ranking of Russian leasing companies. The enterprises with the largest volume of revenue (TOP-10) were selected for the ranking, according to the data from the Statistical Register for the latest available periods (for 2014 and 2015). Then they were ranked by accounts payable turnover (Table 1).
Accounts payable turnover (times in a year) is calculated as the relation of average accounts payable for the period to sales revenue. The ratio shows how many times a year an enterprise has discharged the average amount of its accounts payable.
This indicator reflects the process of debt repayment to contractors (partners, suppliers, mediators etc.). The coefficient determines the number of firm's closed debts and is calculated to estimate cash flows. It allows to draw conclusions about the effectiveness of company’s work and chosen financial strategy.
The higher is the ratio value, the soonest an enterprise settles accounts with its suppliers. Reduction of turnover can mean as well problems with payment of invoices, as more effective organization of relationships with suppliers, which provides a more profitable, deferred payment schedule and uses accounts payable as a source of cheap financial resources.
The specialists of the Information agency Credinform, taking into account the actual situation both in the economy as a whole and in the sectors, has developed and implemented in the Information and Analytical system Globas-i the calculation of practical values of financial ratios, which can be recognized as normal for a particular industry. For leasing companies the practical value of the accounts payable turnover is up to 338,29 times.
For getting of the most comprehensive and fair picture of the financial standing of an enterprise it is necessary to pay attention to all available combination of company’s financial indicators and ratios.
| Name, INN, region | Net profit (loss) for 2015, mln RUB | Revenue for 2015, mln RUB | Revenue for 2015, by 2014, +/- % | Accounts payable turnover, times in 2015 | Solvency index Globas-i® |
|---|---|---|---|---|---|
| SPETSNEFTETRANS LLC INN 7743712642 Moscow |
888,1 | 4 500,3 | 78 | 3 059,19 | 272 High |
| PAO ROSAGROLIZING INN 7704221591 Moscow |
-9 679,1 | 3 258,1 | 13 | 847,41 | 228 High |
| NITROKHIMPROM LLC INN 7718196987 Moscow |
170,6 | 3 320,6 | 2 138 | 541,80 | 221 High |
| RN-AIRCRAFT LLC INN 7706734415 Moscow |
6 540,9 | 8 649,2 | 57 | 110,16 | 242 High |
| RAIL1520 LLC INN 7801537819 Leningrad region |
661,2 | 8 172,5 | 116 | 82,90 | 297 High |
| NAO PROMTRANSINVEST INN 7730714748 Moscow |
604,4 | 8 189,2 | 220 | 62,21 | 227 High |
| TATNEFT – AKTIV LLC INN 1644013875 Republic of Tatarstan |
129,4 | 2 727,1 | 28 | 41,11 | 199 The highest |
| BRANSVIK REIL LLC INN 7705872331 Moscow |
-4 435,7 | 7 271,8 | -2 | 35,73 | 307 Satisfactory |
| GTI MENEDZHMENT LLC INN 7701409186 Moscow |
591,2 | 3 096,4 | 182 | 35,62 | 266 High |
| AGGREKO EURASIA LLC INN 7705838531 Tyumen region |
962,6 | 2 879,3 | 40 | 30,52 | 189 The highest |
| Total in the group of TOP-10 companies | -3 566,4 | 52 064,4 | *73 | **219,62 | |
| Total in the group of TOP-100 companies | -5 419,1 | 118 128,5 | *38 | **168,67 | |
| Industry average value/strong> | -0,6 | 25,7 | -9 | 299,38 | |
| * - group average value ** - group average value without extreme values |
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The average values of accounts payable turnover in 2015 as well in the group of TOP-10, as in the group TOP-100 companies stay within parameters of the practical value. However, three from TOP-10 companies (marked with a yellow filling in Table 1 and in Picture 1) have not met these parameters.
The volume of revenue of 10 the largest companies is 44% of the total revenue of 100 the largest enterprises. It points to a relatively high level of monopolization in this industry. Thus, the shares of the largest firms in terms of revenue in 2015 made 21% in the total revenue of the group of TOP-100 companies. (Picture 2).
Nine from TOP-10 companies got the highest or high solvency index Глобас-i®U, that points to their ability to repay their debts in time and fully.
BRANSVIK REIL LLC got satisfactory solvency index Глобас-i® due to the information on its participation as a defendant in arbitration court proceedings in terms of debt collection, on cases of untimely fulfillment of its obligations, as well as the loss in the structure of balance sheet indicators. The forecast for index development is stable.
Three from TOP-10 companies have reduced indicators of revenue in 2015 compared to the previous period or have a loss (are marked with red filling in Table 1).
In the group of TOP-100 companies there were 27 unprofitable companies in 2014, and in 2015 their number decreased to 25.
The indicators of Russian leasing companies in monetary terms have not been stable in recent years and are under pressure of the macroeconomic situation in the economy as a whole, that is confirmed by the data of the Federal State Statistics Service (Picture 3 и Table 2).
In 2016 the largest revenue was by companies, renting various machines and equipment, household products and personal demand items, and the least – by firms, renting commercial equipment.
| Leasing of: | 2010 г. | 2011 г. | 2012 г. | 2013 г. | 2014 г. | 2015 г. | 2016 г. |
|---|---|---|---|---|---|---|---|
| of machines and equipment without an operator; leasing of household goods and personal demand items | 63 467 670 | 77 222 139 | 88 113 719 | 108 117 783 | 121 148 285 | 103 362 858 | 104 108 554 |
| of other machines and equipment | 25 264 865 | 25 433 896 | 47 951 336 | 50 196 942 | 62 816 332 | 32 490 160 | 40 497 161 |
| of other vehicles and equipment | 15 706 913 | 25 300 835 | 35 119 421 | 49 848 191 | 49 013 587 | 55 432 777 | 39 723 982 |
| of other land vehicles and equipment | 15 043 107 | 24 398 446 | 34 275 436 | 48 822 363 | 47 422 878 | 54 864 194 | 38 113 449 |
| of other motor vehicles and equipment | 11 841 822 | 11 196 123 | 16 619 904 | 37 801 692 | 24 444 882 | 16 996 705 | 24 158 204 |
| of cars | 21 993 809 | 26 039 448 | 4 420 659 | 7 048 439 | 8 622 268 | 14 728 340 | 23 127 046 |
| construction machines and equipment with an operator | 13 125 243 | 12 682 238 | 15 288 568 | 12 835 733 | 13 873 017 | 11 880 186 | 19 554 487 |
| construction machines and equipment | 4 367 491 | 5 129 657 | 21 907 065 | 33 184 819 | 45 563 304 | 12 229 349 | 17 663 857 |
| of other machines and equipment n.e.c. | 15 719 453 | 16 401 560 | 20 240 909 | 12 335 964 | 12 940 284 | 14 499 193 | 17 462 162 |
| of marine vehicles with crew; provision of switching and shunting | 844 300 | 1 909 186 | 2 715 643 | 2 577 702 | 7 779 949 | 9 509 885 | 16 470 901 |
| of railway transport and equipment | 3 201 285 | 13 202 323 | 17 655 532 | 11 020 671 | 22 109 752 | 31 719 497 | 13 240 146 |
| of other machines and equipment of scientific and industrial purpose | 14 607 391 | 12 256 677 | 13 945 837 | 6 852 309 | 11 276 546 | 11 074 771 | 10 588 322 |
| agricultural machinery and equipment | 4 180 878 | 2 884 220 | 4 718 951 | 4 543 027 | 4 224 450 | 5 715 931 | 5 012 810 |
| of cargo motor transport with an driver | 2 740 842 | 4 939 978 | 3 949 999 | 3 865 291 | 4 344 440 | 5 416 675 | 4 239 681 |
| of air vehicles and equipment | 192 422 | 260 913 | 194 394 | 114 708 | 77 536 | 60 226 | 1 123 294 |
| of water vehicles and equipment | 471 384 | 641 476 | 649 591 | 700 782 | 1 297 544 | 186 218 | 487 239 |
| of mining and oilfield equipment | 555 962 | 4 137 040 | 6 247 895 | 1 651 801 | 258 833 | 403 6208 | 398 153 |
| office machines and equipment, including computing hardware | 997 043 | 1 018 459 | 1 084 411 | 131 762 | 88 294 | 45 687 | 358 332 |
| shop equipment | 400 750 | 4 889 | 5 811 | 7 103 | 6 213 | 6 523 | 6 683 |
| *) In Table 3 the red filling marks the decline in revenue, green filling – the growth. | |||||||
The leasing enterprises are distributed unevenly throughout the country, leaning toward two the biggest cities, where the largest financial resources are concentrated. This is confirmed by data of the Information and Analytical system Глобас-i, according to which 100 the largest companies in terms of revenue for 2015 are registered in 32 regions of Russia (Picture 4).
