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.

Loan protection factor (x) is the ratio of pre-tax earnings and loan interest to the sum of interest payable. It characterizes the security level of creditors from non-payment of interest for the granted loan and shows how many times during the reporting period the company earned means to pay the interest on loans.

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.

Table 1. Net profit, revenue, loan protection factor, solvency index Globas of the largest Russian shipbuilding enterprises (TOP-10))

Name, INN, region	Revenue, million RUB			Net profit (loss), million RUB			Loan protection factor (x), >1			Solvency index Globas
	2016	2017	2018	2016	2017	2018	2016	2017	2018
1	2	3	4	5	6	7	8	9	10	11
JSC PO Sevmash INN 2902059091 Arkhangelsk region	74274	88787	107392	5720	8892	6616	2,37	180,64	101,71	193 High
Baltic Shipyard JSC INN 7830001910 Saint Petersburg	328	9666	25584	-130	2676	-1032	-0,92	14,78	0,12	262 Medium
JSC Admiralty Shipyard INN 7839395419 Saint Petersburg	44926	27084	41023	5194	2712	2952	9,36	5,31	5,01	195 High
JSC Zelenodolsk Plant named after A.M. Gorky INN 1648013442 Republic of Tatarstan	12690	32135	25007	8	91	15	0,95	1,42	0,98	231 Strong
JSC LENINGRAD SHIPYARD PELLA INN 4706000296 Leningrad region	4327	13701	12653	-626	240	348	0,12	1,17	1,37	194 High
JSC VYBORG SHIPYARD INN 4704012874 Leningrad region	5392	11766	7947	-1089	12	-546	-4,38	1,15	-0,86	254 Medium
JSC UNITED SHIPBUILDING CORPORATION INN 7838395215 Saint Petersburg	48613	44758	61996	585	207	295	1,12	0,95	0,85	242 Strong
JSC AMUR SHIPBUILDING PLANT INN 2703000015 Khabarovsk region	5421	11539	11383	-8008	-1633	-3681	-8,88	-0,07	-2,48	279 Medium
JSC SHIPBUILDING PLANT SEVERNAYA VERF INN 7805034277 Saint Petersburg	13601	19177	17700	-1835	-1651	-3200	0,31	-0,66	-7,81	255 Medium
JSC Shipyard Yantar INN 3900000111 Kaliningrad region	12182	9478	14266	403	422	83	2,49	-277,21	7,96	243 Strong
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.

Picture 1. Loan protection factor and revenue of the largest Russian shipbuilding enterprises (ТОP-10)

Within 10 years, the average industry indicators of the loan protection factor showed the growing tendency. (Picture 2).

Picture 2. Change in average industry values of the loan protection factor of the Russian shipbuilding enterprises in 2008 – 2017

There will be an official list of professional participants of the foreign trade in Russia. This is the subject of an Action plan to accredit the Single Window information system developed by the Russian export center as the federal state information system. The Action plan was approved by the Government decree No. 1661-p from July 26, 2019.

The plan provides, inter alia, for the development of two draft laws:

1) the law establishing the legal status of the Single Window information system as the federal state information source to ensure online interactions of participants of the foreign economic activity with public authorities, foreign exchange control bodies and other organizations.

This will allow to:

• control over foreign economic activities;
• provide public and other services;
• form statistic data in the foreign trade.

2) the law amending the Federal law “On currency regulation and currency control” for the purpose of addition for the Single Window users of the points below:

• mandatory submission of the authorities and foreign exchange control bodies of confirming electronic data, including documents and data concerning foreign exchange transactions with the posting timeframe depending on the transactions type;
• remove the obligation to provide hard copies of confirming documents and data on each foreign exchange transaction placed in the Single Window system;
• providing the option to link payments on foreign contracts with confirming documents and data in accordance with statutory periods and regulations of the Central bank of Russia;
• providing the option to monitor periods for submission of confirming documents and data to the authorities and foreign exchange control bodies, and to provide information support for participants of the foreign trade.