Information agency Credinform has observed trends in the activity of the largest Russian shipbuilding companies.
Enterprises with the largest volume of annual revenue (TOP-10 and TOP-100), were selected for the analysis, according to the data from the Statistical Register for the latest available periods (for 2015-2017). The analysis was made on the basis of the data of the Information and Analytical system Globas.
The largest company in terms of net assets amount is JSC UNITED SHIPBUILDING CORPORATION. In 2018 net assets of the company amounted to almost 250 billion RUB.
JSC VYBORG SHIPYARD had the smallest amount of net assets in the TOP-100 group. Insufficiency of property of the company in 2018 was expressed in negative value -511 million RUB.
For a ten-year period average amount of net assets of TOP-100 companies has increasing tendency (Picture 1).
Share of companies with insufficiency of property in the TOP-100 demonstrate stable standing on relatively high level for the last three years (Picture 2).
The revenue volume of 10 leaders of the industry made 84% of the total revenue of TOP-100 companies in 2017(Picture 3). It demonstrates high level of monopolization in the industry.
In general, over a ten-year period an increasing tendency in revenue volume is observed (Picture 4).
Profit and losses
The largest company in terms of net profit amount is JSC PO Sevmash. Net profit of the company amounted to 6,6 billion RUB for 2018.
For the last ten years average industrial indicators of net profit have an increasing tendency (Picture 5).
Over a three-year period, the average values of net profit indicators of TOP-100 companies tend to decrease. Besides, the average value of net loss decreases (Picture 6).
Key financial ratios
Over the ten-year period the average indicators of the current liquidity ratio most often were above the range of recommended values – from 1,0 up to 2,0 with increasing tendency (Picture 7).
Sufficiently low level of average values of the indicators of the return on investment ratio with increasing tendency has been observed for ten years (Picture 8).
This business activity ratio showed a tendency to decrease for a ten-year period (Picture 9).
65% of the TOP-100 companies are registered in the Register of small and medium enterprises of the Federal Tax Service of the RF. Besides, share of revenue in the total volume in 2017 is more than 1,5%, that is lower than the average indicator countrywide (Picture 10).
Main regions of activity
TOP-100 enterprises are unequally distributed along the territory of Russia with consideration to geographical position and registered in 29 regions. More than 74% of revenue volume is concentrated in Saint Petersburg, Arkhangelsk region and the Republic of Tatarstan (Picture 11).
Financial position score
An assessment of the financial position of TOP-100 companies shows that the largest number is in average financial position. (Picture 12).
Comprehensive assessment of the activity of largest Russian shipbuilding enterprises, taking into account the main indexes, financial indicators and ratios, demonstrates the presence of favorable trends (Table 1)
|Trends and assessment factors||Share of factor, %|
|Rate of increase (decrease) of average amount of net assets||10|
|Increase / decrease of share of companies with negative values of net assets||5|
|Increase (decrease) rate of average revenue amount||10|
|Level of competition||-10|
|Increase (decrease) rate of average net profit (loss) amount||10|
|Increase / decrease of average net profit amount of TOP-1000 companies||-10|
|Increase / decrease of average net loss amount of TOP-1000 companies||10|
|Increase / decrease of average industrial values of the current liquidity ratio||5|
|Increase / decrease of average industrial values of the return on investments ratio||5|
|Increase / decrease of average industrial values of the assets turnover ratio, times||-10|
|Share of small and medium enterprises in the industry in terms of revenue volume more than 22%||-10|
|Financial position (major share)||5|
|Solvency index Globas (major share)||10|
|Average value of factors||1,4|
positive trend (factor), negative trend (factor).
Information agency Credinform has prepared a ranking of the largest Russian shipbuilding enterprises. The largest enterprises (TOP-10) in terms of annual revenue were selected according to the data from the Statistical Register for the available periods (2015-2017). Then the companies were ranged by loan protection factor (Table 1). The analysis was based on the data from the Information and Analytical system Globas.
The recommended value is >1. No indicator value indicates that the company does not have borrowed funds, therefore, no interest payable to creditors. However, it may not alsways be the evidence of general well-being as credit resources are necessary for successful business growth.
For the most full and fair opinion about the company’s financial position the whole set of financial indicators and ratios should be taken into account.
|Name, INN, region||Revenue, million RUB||Net profit (loss), million RUB||Loan protection factor (x), >1||Solvency index Globas|
|JSC PO Sevmash
INN 2902059091 Arkhangelsk region
|Baltic Shipyard JSC
INN 7830001910 Saint Petersburg
|JSC Admiralty Shipyard
INN 7839395419 Saint Petersburg
|JSC Zelenodolsk Plant named after A.M. Gorky
INN 1648013442 Republic of Tatarstan
|JSC LENINGRAD SHIPYARD PELLA
INN 4706000296 Leningrad region
|JSC VYBORG SHIPYARD
INN 4704012874 Leningrad region
|JSC UNITED SHIPBUILDING CORPORATION
INN 7838395215 Saint Petersburg
|JSC AMUR SHIPBUILDING PLANT
INN 2703000015 Khabarovsk region
|JSC SHIPBUILDING PLANT SEVERNAYA VERF
INN 7805034277 Saint Petersburg
|JSC Shipyard Yantar
INN 3900000111 Kaliningrad region
|Total for TOP-10 companies||221754||268091||324951||222||11968||1850|
|Average value for TOP-10 companies||22175||26809||32495||22||1197||185||0,26||-7,25||10,09|
|Average industry value||2844||7618||20||301||1,21||2,00|
(*) 2018 data is for the reference
growth of indicator in comparison with prior period, decline of indicator in comparison with prior period.
Average value of loan protection factor for TOP-10 companies is lower than 2017 average industry value. In 2018 only one company improved the result.
Within 10 years, the average industry indicators of the loan protection factor showed the growing tendency. (Picture 2).