Information agency Credinform prepared a ranking of enterprises of the RF producing refined oils and fats.
The companies with highest volume of revenue were selected for this ranking according to data from the Statistical Register for the latest available period (for the year 2012). These enterprises were ranked by decrease in inventory turnover ratio.
Inventory turnover ratio (in times) is the ratio of sales revenue to average inventory value for a period.
Inventory turnover characterizes mobility of assets, which an enterprise puts into the stocking: the faster the money put into inventories return to a company as the sales revenue from finished goods, the higher is the business activity of this organization, efficiency of resources use by the company taking into account the time factor.
There is no recommended value prescribed for this ratio, because it can vary strongly depending on industry sector, where the concrete enterprise operates. However, the higher is its value the better. By the analysis of company’s activity it is expedient to take into account the industry-average indicator.
|№||Name||Region||Turnover for 2012, in mln RUB||Inventory turnover, (in times)||Solvency index GLOBAS-i®|
|1||KRTs EFKO-KASKAD LLC
|Belgorod region||39 295,6||27,7||229(high)|
|Kaliningrad region||3 958,8||24,2||214(high)|
|3||Kazansky zhirovoi kombinat JSC
|The Republic of Tatarstan||14 993,0||24,1||216(high)|
|Krasnodar territory||14 948,5||15,1||253 (high)|
|Sverdlovsk region||5 096,8||7,9||216 (high)|
|Voronezh region||8 033,3||6,7||278 (high)|
|Voronezh region||4 406,7||6,5||275 (high)|
|8||Aston Produkty Pitaniya i Pishchevye Ingridienty JSC
|Rostov region||17 083,3||3,3||233 (high)|
|Belgorod region||14 818,0||3,2||248 (high)|
|Amur region||3 760,5||2,9||231(high)|
Picture. Increase of inventory turnover and annual sales of the largest manufacturers of refined oils and fats (TOP-10)
Cumulative turnover of the first TOP-10 manufacturers of refined oils and fats at year-end 2012 reached 126 394,5 mln RUB, went up by 8,4% in comparison with the year 2011. Industry leaders accumulate 77% of sales revenue of companies from the TOP-100 list.
The average value of inventory turnover ratio of TOP-100 organizations is 23,6 times.
Current sales revenue growth can be characterized as stably-moderate, there were high rates of cumulative turnover growth observed in previous periods. However, in view of the economic slowdown of the country taken as a whole and visible cooling-off in consumer demand, such figures look very encouraging. In the foreseeable future the decline in industry indicators is not expected.
Only 3 companies from the TOP-10 list showed higher rate of inventory turnover, than the average for all enterprises – these are: KRTs EFKO-KASKAD LLC (27,7 times) – being the largest player on this market, produces packed vegetable oil under brands «Sloboda», Altero and EFKO FOOD professional; SOYuZ-TMM LLC (24,2 times) – manufactures substitutes of special purpose fat; Kazansky zhirovoi kombinat JSC (24,1 times) – produces sunflower oil refined deodorized «Laska», «Chudesnaya semechka», «Bogatoe», «Miladora», «Volshebnaya semechka».
Other participants of TOP-10 showed lower rate of inventory turnover, than the branch average.
Taken as a whole, according to the independent estimation of solvency of companies, developed by the Agency Credinform, all market leaders have a high solvency index GLOBAS-i®, that can be considered as a guarantee they will pay off their debts, while risk of default is minimal or below average. From investment point of view the business cooperation with participants of the rating looks attractive.
During 2014 the Regional Development Ministry of the Russian Federation will for the first time estimate the impact of federal investments on the gross regional product of Russia’s territorial subjects, and will also estimate the impact of development institutes. The analysis will be carried out in virtue of the data of 2013.
The gross regional product (GRP) – is goods, works and services, made within the territory of particular subdivision of Federation. According to the head of the Regional Development Ministry Igor Slyunyaev, under GRP qualitative assessment it is necessary to give special priority to the real sector. It means to estimate the participation of the material production in the GRP (which goods are manufactured within the territory of the region, which plants were opened during the previous year).
The corresponding assessment has never been conducted until now, that is why it caused many contradictions. Thus, for instance, at year-end 2013 Russia exported the mineral resources and raw materials for a total amount of RUR 8,7 trillion. At the same time according to Russian Federal State Statistics Service, the largest region-exporter of raw materials and mineral resources in Russia is not Yakutia, as many people may think, but Moscow, due to the fact that the majority of tax payers are registered for tax purposes there. RUR 735 billion in terms of money of mineral extraction are accounted by for Moscow. But to what extent this figure reflects the state of affairs in Moscow economy, where the share of material production is extremely low, remains doubtful.
The head of the Regional Development Ministry also notes that only 9 territorial subjects of the RF out of 83 are donors, others are recipients. This trend is an alarming one, as it leads to decrease of the capital expenditure. Thus, the share of capital expenditure in consolidated budget as of the year-end 2012 amounted only to 11% (by comparison in 2007 – 24%). In Minister’s opinion, this indicator will amount 9% at the end of 2013.
The next major problem noted by Slyunyaev is the debt load of the regional budgets. As of year-end 2013 the joint debt volume of regional budgets amounted to RUR 1.45 trillion, that is five times more than it was in 2007. At the same time the consolidated revenues of regional budgets amounted to RUR 8.7 trillion.
Talking about the ways of solution of the current problems, the minister states, that in the first place it is significant to concentrate our attention on creation of the real economy sector in the field of the material production and capital investments. As it is the road construction of roads, bridges, utility lines, schools, hospitals, plants and factories, which give the most multiplicative effect. The overheads volume should be simultaneously decreased. At the year-end 2012 this indicator amounted to RUR 500 billion.
The second significant measure is revenue mobilization into the budget system and business output from the shade. According to Slyunyaev, one third of the national economy is out of tax liabilities at the moment and it doesn’t work for the budget system. For example, the land tax that generates budget revenue for regions is collected only on 50-60%. The Minister adds that the problem may be solved by virtue of simultaneous cadastral and tax registration having balanced cadastral, market and collateral value on land property and premises. Although corresponding measure is not popular, it is realized in many countries.
Thus, the key objectives that are set before the Regional Development Ministry are territorial and strategic planning on the basis of results obtained during investigation. More accurate estimates of GRP will help to avoid the mistakes in future when planning the budget and solving major economic problems.