ТОP-10 of the Russian shipbuilding enterprises by loan protection factor

ranking 26.08.2019

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
up74274 up88787 up107392 down5720 up8892 down6616 down2,37 up180,64 down101,71 193 High
Baltic Shipyard JSC
INN 7830001910 Saint Petersburg
up328 up9666 up25584 up-130 up2676 down-1032 up-0,92 up14,78 down0,12 262 Medium
JSC Admiralty Shipyard
INN 7839395419 Saint Petersburg
down44926 down27084 up41023 down5194 down2712 up2952 up9,36 down5,31 down5,01 195 High
JSC Zelenodolsk Plant named after A.M. Gorky
INN 1648013442 Republic of Tatarstan
up12690 up32135 down25007 up8 up91 down15 up0,95 up1,42 down0,98 231 Strong
JSC LENINGRAD SHIPYARD PELLA
INN 4706000296 Leningrad region
down4327 up13701 down12653 up-626 up240 up348 up0,12 up1,17 up1,37 194 High
JSC VYBORG SHIPYARD
INN 4704012874 Leningrad region
up5392 up11766 down7947 up-1089 up12 down-546 down-4,38 up1,15 down-0,86 254 Medium
JSC UNITED SHIPBUILDING CORPORATION
INN 7838395215 Saint Petersburg
up48613 down44758 up61996 down585 down207 up295 down1,12 down0,95 down0,85 242 Strong
JSC AMUR SHIPBUILDING PLANT
INN 2703000015 Khabarovsk region
down5421 up11539 down11383 down-8008 up-1633 down-3681 down-8,88 up-0,07 down-2,48 279 Medium
JSC SHIPBUILDING PLANT SEVERNAYA VERF
INN 7805034277 Saint Petersburg
down13601 up19177 down17700 down-1835 up-1651 down-3200 up0,31 down-0,66 down-7,81 255 Medium
JSC Shipyard Yantar
INN 3900000111 Kaliningrad region
down12182 down9478 up14266 down403 up422 down83 up2,49 down-277,21 up7,96 243 Strong
Total for TOP-10 companies up221754 up268091 up324951 down222 up11968 down1850    
Average value for TOP-10 companies up22175 up26809 up32495 down22 up1197 down185 up0,26 down-7,25 up10,09
Average industry value up2844 up7618   up20 up301   down1,21 up2,00  

(*) 2018 data is for the reference

Up growth of indicator in comparison with prior period, Down 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) 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 Picture 2. Change in average industry values of the loan protection factor of the Russian shipbuilding enterprises in 2008 – 2017