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удк 339.9:691 а.А. Senotova
FOREIGN ECONOMIC ACTIVITY OF THE ENTERPRISES OF CEMENT INDUSTRY: FINAL GOODS EXPORT
This article contains the basic information about the external trade situation on the Russian cement enterprises, the influence of the economic crisis, and the statistic data about the export of Russian cement production for the years of 2005-2010, provided by the cement companies and the analytical editions.
Key words: cement export, cement industry, export duties, regional structure of export.
А.А. Сенотова
ВНЕШНЕЭКОНОМИЧЕСКАЯ ДЕЯТЕЛЬНОСТЬ ПРЕДПРИЯТИЙ ЦЕМЕНТНОЙ ОТРАСЛИ ПРОИЗВОДСТВА: ЭКСПОРТ ГОТОВОЙ ПРОДУКЦИИ
Статья содержит основную информацию о состоянии внешней торговли российских цементных предприятий и влиянии экономического кризиса на нее, а также статистические данные об экспорте цементной продукции российского производства за 2005 - 2010 гг., предоставленные цементными компаниями и аналитическими изданиями.
Ключевые слова: экспорт цемента, цементная отрасль, экспортные пошлины, региональная структура экспорта.
Since 2000 till the world financial crisis the Russian cement market was rapidly developing, increasing by 10% per year. According to the results of the market researches the highest indices of the cement market growth in Russia were marked in 2006 and 2007. It should be noted, that a significant factor of the Russian cement market development was exceeding of the cement export over its import. The cement product export implies export not only the final product (i. e. Cement itself), but a cement half-finished product - clinker. It is acquired mainly by the enterprises of the incomplete production cycle.
However, during the period under study cement import still had a sufficient volume that was connected with the ever-increasing demand on the domestic building market. Attractiveness of the imported cement determined a stable growth of domestic prices for products (before crisis) as well, and it became more profitable for some enterprises to buy cement abroad.
At the same time, it is obvious, that domestic cement manufacturers preserve good development perspectives, which may occur due to the substitution of a share of import cement on the market. In the opinion of analysts, the further development of delivery infrastructure and improving the qualitative indicators of cement may lead the Russian manufacturers to a stable competitive level and on the international market as well. But at the same time, the specialists point out, that the maximum capacities of cement manufacturers have reached the level of a real consumption that causes a deficit of cement on the Russian market. A certain deficit was felt even in 2008, when demand exceeded supply to 9,4%. The situation is supposed to be changed due to introduction of new cement enterprises and investment to modernization of the old production lines [7].
It should be noted, that domestic cement products prices are still lower the average world prices, because of lower costs of fuel and labor forces, that's why the products are more competitive to win new niches and international sales markets in a medium-term perspective. This
situation is a so-called move to competitiveness through “low tracts”, under which decrease of product costs via attraction of foreign investors by cheaper labor and natural resources is used by the countries as a means of competitive struggle on the world markets. That's why the solution of tasks of “new industrialization” demands a remarkable increase of financial investments to basic funds, first of all, - to financing of equipment replacement [3, p. 80].
In opinion of A.U. Alekseev, “one should bear in mind the circumstance, that now under crisis situation it is impossible to perform foreign-trade operations as earlier». New barriers, blocking a free entrance of home manufacturers on the world market, emerged” [1, p. 54]. Russian cement market didn't avoid trends, connected with the world crisis. Leading manufacturers offered lowering or full abolition of cement export tax in order to stabilize and maintain the further development of the cement industry. In 2010 the cement manufacturers got opportunity to compensate losses by overseas delivery. After two years of persuasion the Government of RF agreed to abolish cement export tax beyond extents of Customs union. In October 2010 Russian Prime-minister V.Putin signed the resolution on nullification of taxes on the cement, exported beyond the extents the countries- participants of Customs union agreements, on the area of which there is a duty-free trade. Earlier the cement export tax made up 6,5% of the customs cost. Domestic companies expect to export annually up to 3 mln tons of cement, having increased the volume of export gains by 5 times, to 6 bln rubles.
It is known, that cement manufacturers talked about abolition of export taxes in 2008. This issue was discussed in the RF Government in December 2007 after the abolition of the import cement taxes that negatively affected the development of domestic cement industry. Because of the import growth the annual sales of Russian manufacturers, according to the estimation of “Euro cement group”, dropped to 10 mln tons [4]. “Euro cement group” and “Basel cement” cement companies hope, that nullification of the export taxes will allow domestic manufacturers to load their
idling capacities and increase the cement export proceeds. However specialists give ambiguous estimations of postcrisis production growth: from 100-500 thousand tons to 1-2 million tons per year.
The largest traditional cement-importers from Russia are Kazakhstan and Azerbaijan, the total volume of Russian cement export amounted to more than 800 thousand tons in the first half of 2010. More over, the potential buyers of Russian cement are concentrated in Byelorussia, Mongolia, Ukraine, Finland and number of Scandinavian countries. Export to the remote foreign countries is limited due to the lack of the infrastructure in domestic ports, and the Russian cement uncompetitiveness caused by outdated production technologies.
According to federal customs service of Russia (table 1) till 2006 the cement export gradually grew, after that in 2007 the growth rate dropped twice, and the export volume practically was equal with the volume of import delivery. The regional cement export structure underwent essential changes. Yet in 2000 the main consumer of Russian cement was China, the share of which in All-Russian export deliveries made up 25 %. However since 2004 the export cement supply forms Russia to China are not accomplished [5].
T a b l e 1
Cement export from Russian enterprises in 2005-2008, t
Destination regi on 20 0 5 2006 2007 2008
CIS 1 927 910 2 141 523 1 55 6 474 503 219
E urope 896 1 45 978 004 147 238 666
Africa 179 195 278 4 77 155 482 0
Asia 6 942 7 058 135 284
Middle East 41 0 33 0
Total 3 010 233 3 405 0 62 1 85 9 362 504 169
Table 1 shows that the greatest part of the cement products from Russia comes to the CIS- countries, the main importers of which are Kazakhstan (47% of the total cement export from Russia in 2006, 87% in 2007, 54,4 % in 2009) and Azerbaijan (44 %). Besides, table 1 clearly shows that overseas cement sales volumes in crisis 2008 decreased twice. One of the largest cement companies offers a summary table on cement export volume from Russia in the enterprises (table 2).
Based on these data, one may conclude that the main suppliers of the Russian cement abroad are the companies, situated in Uralsk and Privolzhsky federal districts.
Exactly from these regions it is profitable most of all to export products to Kazakhstan and Azerbaijan.
Beton.ru Internet- portal offers a diagram with data on the cement export volume at the enterprises in august 2010 (Figure 1). N ovotrotsky cement works (29741 tons),
Caucasus Cement (28886 tons), belonging to Euro cement group of companies, and Volskcement (25915 tons), belonging to the Swiss
T а б л и ц a 2
Cement export from Russia in 2006-2009, thousand tons
District Company 2006 2007 2008 20 0 9
Central federal region Eurocement 5 40 0 13
Holcim 0 0 0 2
Uralsky federal region Dyckerhioff 48 25 24 61
Lafarge 97 57 29 17
Eurocement 0 0 0 1
Novotroitsky 405 333 323 499
Povolzhsky federal region Holcim 368 282 70 224
S erebrya kovcem e nt 1 0 0 16
Mordovcement 0 0 0 5
South federal region Novoroscement 1 306 253 0 205
Inteco 0 0 0 72
Eurocement 183 122 63 220
North federal region Siberia cem ent 442 244 22 118
RATM Cement 228 153 28 74
Total 3 083 1 509 559 1 527
Total in Russia 3 191 1 598 562 1 552
company Holcim are the most active cement exporters in august 2010. Novotroitsky enterprise's export cement share, amounted to 65 % of the total railway shipment.
The biggest amount of cement was exported to Kazakhstan (79587 tons) in Agust 2010. Azerbaijan became the second country-consumer of Russian cement. Belarus republic became the third country -consumer of Russian cement. The export situation to the other countries is shown on Figure 2. Finland occupies a remarkable place among the list of ex-Union republics at the diagram. If you recollect history, it will become crystal clear why this country belongs to this list. Some time ago Finland was a part of the Russian Empire. Exactly at this time the construction of railway roads began in Finland, thus, their tracks are similar to Russian; it essentially facilitates the cement shipping to this country [2].
35000 30000 25000 20000 15000 10000 5000 Экспорт август 2010
DC/ Ij U| ILIJ U]
I I
Ilia.
1 1 1 1 1 1 1 I I ■ ■
> > > > J*1 J- J- <? # # jCT cJ cP c’P сл c’P OP
Figure 1. Cement export from Russia, August 2010, tons.
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Кыргызстан; Грузия; 615 135
Финляндия;
1792 Таджикистан;
Узбекистан; Туркменистан,
1137 135
Figure 2. Cement export from Russia to the other countries (august 2010 , t)
Thus, till the beginning of the world financial crisis Russian cement market rapidly developed, and export products share in a share of produced cement was gradually increasing. By this time the first crisis year brought down these indices twice. Gradually the cement industry began to recover from the crisis, and, probably, the export volume will reach the level before crisis. However, a lot of experts consider that export extension of Russian cement abroad is a utopian idea. Only two countries, suffering a cement deficit: Kazakhstan and Azerbaijan are situated on the continent and may be reached by land. But this problem may
be solved in two years due to the introducing of new enterprises there [6].
The world large export volumes are coming only by the sea way. Now there is only one enterprise in Russia with its own port terminal - JSC “Novoroscement”. But it has a small percent of cement export form the All-Russian cement overseas supplies [6]. The specialists assert that increasing the production growth rates and increase of capacity of the domestic cement market will bring a great profit to cement enterprises-manufacturers and positively influence the Russian economy development in general.
1. Alekseev A.U. Russian export development under terms of globalization// SSSEU Bulletin. 2010. № 1(30).
2. Cement import-export in august 2010 // Beton.ru. URL: http:// www.beton.ru/news/detail.php?ID=338483.
3. Kruglov V.C. The prospects of expanding of domestic export of final products on the world market // SSSEU Bulletin. 2010. № 5(34).
4. Mikhalev N. Cement went bankrupt // RBKdaily. Daily business newspaper. 2010. October19. URL: http://www.rbcdaily.ru/ 2010/10/19/market/520068.
5. Cement deficit on the Russian market // Cement.ru. 2008 February 12. URL: http://www.icement.ru/obzor/2008/02/12/ pubs_16.
6. Branch portal. Cement.ru. URL:http://cement.ru/
7. Cement market in Russia// Metaprom.ru. Industrial portal. 2009. June 2. URL: http://www.metaprom.ru/pub466.html.
8. Construction portal Stroyka.ru. URL: http://www.stroyka.ru/
УДК 658.14 A.A. Tarelkin
CHOICE OF THE INVESTMENT APPEAL MANAGEMENT STRATEGY OF THE INDUSTRIAL ENTERPRISES
In the article questions of management by investment appeal with a view of attraction of resources for development of the industrial enterprise are considered, the technology of definition of a strategic investment position of the enterprise on the basis of an estimation of financial streams is analyzed.
Key words: management of investment appeal, an estimation of factors of investment appeal, financial streams, a strategic investment position of the enterprise.
A.A. Тарелкин
ВЫБОР СТРАТЕГИИ УПРАВЛЕНИЯ ИНВЕСТИЦИОННОЙ ПРИВЛЕКАТЕЛЬНОСТЬЮ ПРОМЫШЛЕННЫХ ПРЕДПРИЯТИЙ
В статье рассматриваются вопросы управления инвестиционной привлекательностью в целях привлечения ресурсов для развития промышленного предприятия, анализируется технология определения стратегической инвестиционной позиции предприятия на основе оценки финансовых потоков.
Ключевые слова: управление инвестиционной привлекательностью, оценка факторов инвестиционной привлекательности, финансовые потоки, стратегическая инвестиционная позиция предприятия.
Effective attraction of investment resources positively affects the enterprise's development. Ability to production expansion is a positive consequence. From the other hand, the investor's benefit is widely known. It is gained through the income and risk compensation.
To identify maximum efficiency of investment decisions we use the investment appeal management concept, which is rather new for economic publications and is used for characterizing and assessment of investment methods of
industrial enterprises, ratings, comparative analysis of the given processes. Analysis of different points of view allowed finding out that the absence of a single approach to the nature of this economic category [1].
One of the most widely spread point of view is a comparison of investment appeal management strategy with a certain investment appeal of invested means into the enterprise which attracts the investor. It entirely depends on a number of factors, characterizing the activity of a subject.
