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Receivables turnover of printing companies and publishing houses in Russia
Information agency Credinform prepared a ranking of receivables turnover of printing companies and publishing houses in Russia. The ranking list includes 10 largest Russian companies with this activity and is based on turnover as stated in the Statistics register, with the reference period of 2011. These companies were ranked first in terms of revenue, and then of ascending the receivables turnover ratio.
Receivables turnover indicates the number of days required to recover the debt. The lower the number, the faster the receivables turn into cash and, therefore, increase the liquidity of working capital. For an objective assessment of the indicator, it should be analyzed alongside the payables turnover ratio: number of days of payables turnover should exceed the number of days of receivables turnover.
| № | Name, INN | Region | Turnover 2011, mln. RUB | Receivables turnover, days | Solvency index GLOBAS-i® |
|---|---|---|---|---|---|
| 1 | Print House Pushkinskay Ploshad, INN 7723193075 | Moscow | 2 937 | 13,72 | 332 (satisfactory) |
| 2 | JSC "Publishing House "Rossiyskaya gazeta", INN 7714010896 | Moscow | 3 858 | 13,83 | 193 (top) |
| 3 | LLC First printing and publishing plant, INN 5024051807 | Moscow region | 2 737 | 22,45 | 338 (satisfactory) |
| 4 | LLC Fashion Press, INN 7743002018 | Moscow | 2 945 | 69,58 | 195 (top) |
| 5 | CJSC "Conde Nast", INN 7709244433 | Moscow | 2 366 | 69,82 | 164 (top) |
| 6 | JSC "Prosveshcheniye publishers", INN 7715589549 | Moscow | 3 701 | 84,15 | 206 (high) |
| 7 | CJSC "Kommersant. Publishing House", INN 7707120552 | Moscow | 2 488 | 102,19 | 226 (high) |
| 8 | "Hearst Shkulev Media" LLC, INN 7708183322 | Moscow | 2 417 | 105,01 | 220 (high) |
| 9 | Publishing house "Komsomolskaya pravda", INN 7714037217 | Moscow | 4 903 | 105,86 | 206 (high) |
| 10 | Eksmo Publishing House LLC, INN 7708188426 | Moscow | 4 651 | 166,96 | 197 (top) |
Today the publishing industry worldwide is in decline in all indicators and the Russian market is no exception. Many experts explain negative tendencies with sales slowdown for printed literature because of the demographic crisis accompanied by differentiation of reader demand and the increasing popularity of electronic media and Internet resources.
In the domestic publishing market the leading positions belong to Moscow companies. In the ranking top-10 includes nine Moscow companies and one company of the Moscow region.
The ranking top-3 is as follows: Print House Pushkinskay Ploshad, JSC "Publishing House "Rossiyskaya gazeta" and LLC First printing and publishing plant. Receivables turnover of these companies does not exceed 23 days. It should be noted that according to an independent evaluation of the creditworthiness of the Information agency Credinform, only JSC "Publishing House "Rossiyskaya gazeta" was given the highest solvency index GLOBAS-i ®, which describes the company as a financially stable. Two other companies were given a satisfactory solvency index GLOBAS-i ®, which means that firms do not guarantee the full and timely repayment of its debt obligations.
The undisputed leader of the Russian printing market is Eksmo Publishing House LLC, both in terms of circulation and titles released, closes the top-10 of largest producers, with the highest rate of receivables turnover - 167 days. Despite this, the company has been assigned the highest solvency index GLOBAS-i ®. Another major typographic venture, JSC "Prosveshcheniye publishers" settled only on the sixth line of the ranking, having a high solvency index GLOBAS-i ®.
Based on these ranking results it is possible to ascertain the necessity to take into account the collection of financial indicators for an objective assessment of the company’s solvency and financial stability.