Information agency Credinform represents an overview of activity trends of the largest Russian wholesalers of cereals.

Trading companies with the largest volume of annual revenue (TOP-50) were selected for the analysis, according to the data from the Statistical Register for the latest available periods (for 2013 - 2018). The analysis was made on the basis of the data of the Information and Analytical system Globas.

Net assets value is an indicator, reflecting the real value of company’s property, is calculated annually as the difference between assets on the enterprise balance and its debt obligations. The indicator of net assets is considered negative (insufficiency of property), if company’s debt exceeds the value of its property.

The largest enterprise of the industry in terms of net assets is OPTOVO-ROZNICHNAYA TORGOVAYA I PROIZVODSTVENNAYA FIRMA KUBANYOPTPRODTORG NJSC, INN 2312018180, Krasnodar territory. Its net assets amounted to more than 4 billion rubles in 2018.

The smallest amount of net assets in the TOP-50 list was hold by RICHLINE LLC, INN 7718791016, Moscow. The insufficiency of property of this company in 2018 was expressed as a negative value of -1 billion rubles.

The industry average values of net assets tend to increase over the ten-year period (Picture 1).

Picture 1. Change in the industry average indicators of the net asset value in 2009 – 2018

The shares of TOP-50 enterprises with insufficiency of assets have a tendency to decrease in the last five years (Picture 2).

Picture 2. Shares of enterprises with negative values of net assets in TOP-50

Sales revenue
The revenue volume of 10 leading companies of the industry made almost 92% of the total revenue of TOP-50 in 2018 (Picture 3). It points to a high level of monopolization in the industry.

Picture 3. Shares of participation of TOP-10 companies in the total revenue of TOP-50 enterprises for 2018

In general, there is a tendency to increase in the revenue volumes (Picture 4).

Picture 4. Change in the industry average revenue in 2009 – 2018

Profit and losses
The largest company of the industry in terms of net profit value is also OPTOVO-ROZNICHNAYA TORGOVAYA I PROIZVODSTVENNAYA FIRMA KUBANYOPTPRODTORG NJSC, INN 2312018180, Krasnodar territory. The company's profit amounted to 177 million rubles in 2018.

Over a ten-year period, the indicators of industry average profit have a tendency to increase (Picture 5).

Picture 5. Change in the industry average indicators of profit (loss) in 2009 – 2018

Average values of net profit’s indicators of TOP-50 enterprises have a tendency to decrease over a five-year period, at the same time the average value of net loss increases. (Picture 6).

Picture 6. Change in the industry average indicators of net profit and net loss of TOP-50 companies in 2014 – 2018

Key financial ratios
Over the ten-year period the industry average indicators of the total liquidity were within the range of recommended values - from 1,0 up to 2,0, with a tendency to increase. (Picture 7).

The total liquidity ratio (the relation of the amount of current assets to short-term liabilities) shows the sufficiency of company’s funds for repayment of its short-term liabilities.

Picture 7. Change in the industry average values of the total liquidity ratio in 2009 – 2018

The industry average values of the return on investment ratio trend to decrease for ten years. (Picture 8).

The ratio is calculated as the relation of net profit to the sum of own capital and long-term liabilities and demonstrates the return on the equity involved in the commercial activity and the long-term borrowed funds of an organization.

Picture 8. Change in the industry average values of the return on investment ratio in 2009 – 2018

Asset turnover ratio is calculated as the relation of sales proceeds to the average value of total assets for a period and characterizes the efficiency of use of all available resources, regardless of the sources of their attraction. The ratio shows how many times a year a complete cycle of production and circulation is made, yielding profit.

Over a ten-year period, indicators of this ratio of business activity showed an upward trend (Picture 9).

Picture 9. Change in the industry average values of the asset turnover ratio in 2009 – 2018

Small business
88% of TOP-50 companies are registered in the Register of small and medium-sized enterprises of the Federal Tax Service of the RF. At the same time, their share in the total revenue of TOP-50 enterprises mounts to almost 22%, that is higher than the national average one (Picture 10).

Picture 10. Shares of proceeds of small and medium-sized enterprises in TOP-50 companies

Main regions of activity
The TOP-50 companies are registered in 22 regions and distributed unequal across Russia. More than 75% of the largest enterprises in terms of revenue are concentrated in St. Petersburg, Krasnodar territory and Moscow (Picture 11).

Picture 11. Distribution of the revenue of TOP-50 companies by Russian regions

Financial position score
An assessment of the financial position of TOP-50 companies shows that most of them are in average financial position. (Picture 12).

Picture 12. Distribution of TOP-50 companies by financial position score

Solvency index Globas
The most of TOP-50 enterprises got Superior/High or Strong/Medium Solvency index Globas, that points to their ability to pay off their debts in time and fully (Picture 13).

Picture 13. Distribution of TOP-50 companies by solvency index Globas

According to the Federal State Statistics Service, the share of enterprises of the industry in the total revenue volume from the ale of goods, products, works, services made 0,023% countrywide for 2019, that is higher than the indicator for 2018, which amounted to 0,02%.

Conclusion
A comprehensive assessment of activity of the largest Russian wholesalers of cereals, taking into account the main indices, financial indicators and ratios, points to the prevalence of positive trends (Table 1).

Table 1. Positive and negative trends, evaluation factors

Trends and evaluation factors	Specific share of factor, %
Rate of growth (decline) in the average size of net assets	10
Increase / decrease in the share of enterprises with negative values of net assets	10
Level of competition / monopolization	-10
Rate of growth (decline) in the average size of revenue	10
Rate of growth (decline) in the average size of profit (loss)	10
Growth / decline in average values of net profit of TOP-50 companies	-10
Growth / decline in average values of net loss of TOP-50 companies	-10
Increase / decrease in average values of total liquidity ratio	10
Increase / decrease in average values of return on investment ratio	-10
Increase / decrease in average values of asset turnover ratio, times	10
Share of small and medium-sized enterprises in terms of revenue being more than 21%	10
Regional concentration	-10
Financial position (the largest share)	5
Solvency index Globas (the largest share)	10
Dynamics of the share of proceeds of the industry in the total revenue of the RF	10
Average value of the specific share of factors	3,0

positive trend (factor), negative trend (factor).

Information agency Credinform has prepared a ranking of the largest Russian companies engaged in wholesale trade of cereals. The largest enterprises (TOP-10) in terms of annual revenue were selected according to the data from the Statistical Register for the available periods (2016-2018). Then the companies were ranged by profitability of sales (Table 1). The analysis was based on the data from the Information and Analytical system Globas.

Profitability of sales (%) is the share of operating profit in the sales volume of the company. The ratio characterizes the efficiency of the industrial and commercial activity and shows the company’s funds, which remained after covering the cost of production, interest and tax payments.

The rage of ratio’s values within companies of the same industry is defined by the differences in competitive strategies and product lines.

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, profitability of sales, solvency index Globas of the largest companies engaged in wholesale trade of cereals (ТОP-10)

Name, INN, region	Revenue, million RUB		Net profit (loss), million RUB		Profitability of sales, %		Solvency index Globas
	2017	2018	2017	2018	2017	2018
1	2	3	4	5	6	7	8
IMPULS LLC INN 5407048460 Novosibirsk region	484,49	262,90	35,78	41,98	10,36	14,16	192 High
AF-GROUP TRADING COMPANY LLC INN 7734623403 Moscow	3754,23	3598,11	86,35	68,17	7,42	4,64	240 Strong
AGRO-ALLIANCE LTD INN 7814413641 Saint-Petersburg	11464,57	10950,40	203,01	73,53	3,95	3,52	261 Medium
SELTING LLC INN 3235013772 Bryansk region	1679,76	1864,34	54,57	29,85	5,83	3,34	221 Strong
KUPETS LLC INN 2289006988 Altai region	546,10	1057,87	2,44	10,91	-2,40	1,95	256 Medium
NAO KUBANYOPTPRODTORG INN 2312018180 Krasnodar region	8335,47	7987,74	182,84	176,51	1,76	1,34	228 Strong
DDP TRADE LLC INN 2540180383 Primorsky Krai	378,30	506,81	10,10	23,24	3,94	1,08	245 Strong
SOYUZ LLC INN 5406521885 Novosibirsk region	292,00	361,96	1,41	1,69	0,49	0,56	198 High
ОBAKALEINAYA KOMPANIYA LLC INN 2723087134 Khabarovsk region	222,87	306,08	-5,61	0,62	-2,50	0,24	246 Strong
KURSKZERNOPROM LLC INN 4627003174 Belgorod region	1377,93	1179,72	-84,24	3,29	-11,76	-3,53	273 Medium
Average value for TOP-10 companies	2853,57	2807,60	48,67	42,98	1,71	2,73
Average industry value	200,03	199,56	2,63	4,72	3,38	4,20

growth of indicator in comparison with prior period, decline of indicator in comparison with prior period

In 2018, the average value of profitability of sales for TOP-10 companies is lower than average industry value: seven companies improved the results.

Picture 1. Profitability of sales and revenue of the largest Russian companies engaged in wholesale trade of cereals (ТОP-10)

Within 10 years, the average industry indicators of profitability of sales showed the growing tendency. (Picture 2).

Picture 2. Change in average industry values of profitability of sales of Russian companies engaged in wholesale trade of cereals in 2009 – 2018