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УДК 2964 ГРНТИ 06.35.35
Melnikova Alina Nikolaevna
PhD candidate,
FSBEI HE Kuban State Agricultural University named after I. T.Trubilin, Krasnodar
CURRENT STATE OF THE ECONOMIC POTENTIAL OF THE AGRICULTURAL SECTOR IN
THE KRASNODAR REGION
Мельникова Алина Николаевна
Аспирантка
ФГБОУ ВО Кубанский «Кубанский государственный аграрный университет
имени И. Т. Трубилина», г.Краснодар
СОВРЕМЕННОЕ СОСТОЯНИЕ ЭКОНОМИЧЕСКОГО ПОТЕНЦИАЛА СЕЛЬСКОХОЗЯЙСТВЕННОГО СЕКТОРА КРАСНОДАРСКОГО КРАЯ
Abstract. Agriculture in the Krasnodar Region is considered to be the main link in the agricultural sector of the Russian economy. Currently, agricultural development and food security in the Russian Federation are among the most important strategic tasks. A highly efficient agricultural sector is the basis for the material and social well-being of society. Krasnodar Region's actively developing agriculture plays a huge role for all of Russia, fulfilling the strategic task of supplying food. It is one of the few regions that guarantee food security for all of our country's large population. The Krasnodar Region's geographic location and natural and climatic conditions, due to the borders of temperate and subtropical climate zones, and the availability of good agricultural land, have determined the main direction economy. The article reviews the main economic and production indicators, analyses and evaluates the economic potential of the industry.
Аннотация. Сельское хозяйство Краснодарского края считается основным звеном агропромышленной отрасли экономики Российской Федерации. В настоящее время развитие сельского хозяйства, обеспечение продовольственной безопасности Российской Федерации являются одними из важнейших стратегических задач. Высокоэффективный аграрный сектор является основой материального и социального благополучия общества. Активно развивающееся сельское хозяйство Краснодарского края играет огромную роль для всей России, выполняя стратегическую задачу поставок продовольствия. Это один из немногих регионов, являющихся гарантом продовольственной безопасности всего многочисленного населения нашей страны. Географическое положение и природно-климатические условия Краснодарского края, обусловленные границами поясов умеренного и субтропического климата, наличие хороших сельскохозяйственных угодий определили основное направление экономики края. В статье рассматриваются основные экономические и производственные показатели, проведен анализ и оценен экономический потенциал отрасли.
Keywords: Krasnodar Region's agricultural sector, economic potential, agricultural products and raw materials
Ключевые слова: Агропромышленный комплекс Краснодарского края, экономический потенциал, сельскохозяйственная продукция и сырье
Introduction. Agriculture plays an important role in the Krasnodar Region's economy, and this sector is a multiplier for the development of other economic sectors.
Another important macroeconomic aspect of the role of agriculture in the region's economy is the fact that agriculture and the food industry form a significant volume of financial flows in the region. The Krasnodar Region's agricultural sector, with its developed
processing, storage and trade network, is Russia's largest producer and supplier of agricultural products and raw materials.
Objective: The agricultural sector organisations are economically and legally independent commodity producers, which are fully responsible for the results of their activities, which are reflected in the completion of the turnover by exchanging products manufactured in production for the money of consumers of these
14 East European Scientific Journal #2(66), 2021 products, i.e. the sales process. An up-to-date study of the economic potential makes it possible to assess the potential in this sector.
Materials and methods of research: The information base for the analysis of the current state of agricultural organisations in the Krasnodar Region was provided by the Ministry of Agriculture of the Krasnodar Region, as well as the data contained in the statistical collection "Agriculture of the Krasnodar Region" for 2012-2018, prepared by the Territorial Body of the Federal State Statistics Service for the Krasnodar Region.
The total land area in the Krasnodar Region is more than 7.5 million hectares, including 3.7 million hectares occupied by crop cultivation. The area under crops in the Krai increased by 86.7 thousand hectares (2.4%) between 2012 and 2018, including an increase of 38.1 thousand hectares (1%) over 2017 alone. Almost since 2014, there has been a reduction in the area under technical crops and in 2018 alone, compared to the previous year, the area increased by 90.0 thousand ha (11.5%), becoming slightly more than in 2012. (by 6.8 thousand ha).
The area under potato and vegetable crops has been decreasing from year to year: from 2012 to 2018. - from 2012 to 2018 by 31.9%, or 44.7 thousand ha. Between 2017 and 2018, the area increased by almost 4 thousand ha, but the level of the base period was not reached (95.3 thousand ha in 2018 compared to 140 thousand ha in 2012). The area under fodder crops is also in decline: from 2012 to 2018, the baseline period was not reached (95.3 thousand ha in 2018 compared to 140 thousand ha in 2012). - by 134.4 thousand ha (31.2%), and for 2018. - by 11.1 thousand ha, or 3.8%.
Agricultural organisations account for the largest share of the Krasnodar Region's cultivated area, with 66.2% or 2,411.7 thousand ha at the end of 2018. In addition, the area under crops as a whole is decreasing from year to year: in the seven years studied, it decreased by 82.4 thousand ha (-3.3%).
In 2018 alone, the decrease amounted to 19 thousand ha (-0.8%), including due to the reduction of areas under crops and legumes by 36.4 thousand ha in 2018 as compared to 2017. (-2,3%). Compared to the base year, the increase was 77.6 thousand ha, or 5.2%.
Compared to 2012, the area under technical crops decreased by 32.1 thousand ha or 5% in 2018. Potato and vegetable crops also decreased: by 1.4 thousand ha or 5.4% in 2018 compared to the base year, which was also typical for fodder crops. They decreased by 126.4 thousand ha, or 34.1%, during this period. However, if we consider 2018 as compared to 2017, the area under these crops increased by 12.4 thousand ha (+2.1%), 3.6 thousand ha (+17.2%) and 1.4 thousand ha (0.6%) respectively.
The acreage sown by households has tended to decrease across all crops. In 2018, compared to 2012, there was a decrease in the area under crops:
- all crops by 55.4 thousand ha, or 40.7%;
- including cereals and legumes - by 9.3 thousand ha (32.7%); technical crops - by 2.1 thousand ha (65.6%); potatoes and vegetable crops - by almost 44
thousand ha (-46.4%) and fodder crops - by 0.1 thousand ha (-1%).
However, by the end of 2018, the area had already increased insignificantly compared to the previous similar period.
Peasant (farm) holdings account for 31.6% of the total area under crops or 1,164.6 thousand ha by the end of 2018, while the remaining 2.2% is owned by households of 80.6 thousand ha.
At the end of 2018 the area under crops decreased by 168.8 thousand ha, while the area under crops, which is the share of peasant farms, increased by 275.1 thousand ha, which indicates the potential development of farms and their expansion.
Accordingly, their structure has also changed with the changes in area.
Cereals and leguminous crops accounted for the largest share of the area under crops. Cereals and legumes accounted for 65.8% of the total area under crops at the end of 2018, up 6% from 2012-2018.
The share of industrial crops declined by 4% over this period (from 12% in 2012 to 8% at the end of 2018). The share of potatoes and vegetable crops declined from almost 4% to 2.6% over the period under study. A decrease in the share was also observed for fodder crops (from 11.6% to 7.7%).
At the end of 2018, the share of cereals in the sowing area structure was 66.2% (this year, winter cereal crops in the region were sown on 1.6 million hectares, including 1.5 million hectares of winter wheat and 125.2 thousand hectares of winter barley. ) potatoes and vegetable crops -2.6%, fodder crops - 7.7% and industrial crops - 23.5%.
Agricultural organisations in the Krasnodar Region plant fodder crops for animal husbandry needs, with 86.5% of them, and the remaining 10.07 and 3.43% being owned by peasant (farm) and household farms, respectively. Fodder crops cover 283,000 ha of the Krasnodar Region's cultivated area.
The number of cattle in the Krasnodar Region as a whole declined by 59,000 (-10%) between 2012 and 2018, mainly due to a reduction in the number of cows. The number of sheep and goats also decreased: by 9,000 heads in 2018 compared to 2017. By contrast, the number of pigs has a positive trend. In 2012-2018, there was an increase of 216 thousand heads, or 69.5%.
The number of cattle of agricultural organisations had a negative trend. Between 2017 and 2018, the number of cattle decreased by 14 thousand or 4%, and compared to 2018, the number of cattle decreased by 66 thousand or 16.4%. In terms of cattle, the number of cows declined by 3,000 (-2.3%) in 2017-2018 and by 24,000 (-15.8%) in 2012-2018.
The number of pigs increased by 106 thousand heads (26.4%) between 2017 and 2018, and by 24 thousand heads (-15.8%) between 2012 and 2018. - in 2012-2018 by 223 thousand heads (+78.5%).
There were no significant changes in the number of livestock and poultry on farms in 2018 compared to the previous year, however, in 2012-2018 there was a negative trend in terms of the number of pigs:
- the number of cattle, which decreased by 6
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thousand heads or almost 4%, including cows - by 12 thousand heads or 16%;
-pigs, which decreased by 7,000 heads (almost 78%) and horses, which decreased by 1,000 heads or 16.7%.
The number of sheep and goats increased by 48,000 (+34.5%) over the 7 years studied.
It should be noted that the decrease in pigs at the beginning of the survey period was due to the spread of African swine fever (ASF) in 2010. Despite the positive development of the number of pigs by 2018, the number of pigs has not recovered to the 2010 figures.
The proportion of sheep and goats increased by 2% over the survey period (from 14% in 2012 to 16% by the end of 2018). In the period from 2012 to 2016 inclusive, there was an increase in the revenue of agricultural organisations in the Krasnodar Region. The growth for this period was 85693 million rubles, or 80.2%. But already for 2017 the indicator has decreased by 54235 million rubles, or 28,2%. By the end of 2018 there was an increase compared to 2017 in the amount of 13769 million rubles. (+10%). The same dynamics was observed in revenue from crop production. In 2012-2018, revenue increased by RUB 6,0261 million (+10%). (88%), including only for 2018. - by RUB 1,335 million (88%) in 2018 alone. (+11,6%). Revenue from livestock products increased by RUR 1990 million (+11.6%). (+9.3%) in 2018, compared to 2012, and by 417 million rubles. (+1.8%) in 2017-2018, compared to 2012 and by 417 million rubles (+1.8%) in 2018.
Gross profit has been growing since 2014. For the period from 2012 to 2018, the increase was RUB 17489 million, or 179%. In 2018, compared to 2017, gross profit increased to 2,381 million rubles, or 179%. (+9.6%), despite the general trend of reduction in the number of operating agricultural organizations over the period under analysis.
In general, sales profit from 2012 increased up to 2016, and starting from 2016 the indicator decreased significantly. Profit from sales for the years 2012-2018 increased by 1,815 million rubles, or 114.9%, and for the year 2018. - profit from sales for 2012-2018 increased by 18815 million rubles, or 114.9%, and for 2018 by 4470 million rubles, or almost 14.6%. Including in crop production - by 20202 million rubles. Including in crop production - by 20202 million rubles (164.6%) and by 4677 million rubles, or almost 14.6%. (16.8%), respectively. Profit from livestock products sales decreased by RUB 212 million, or 7.2%, in 2018, compared to 2017, an increase of RUB 1,187 million, or 114.9%.
The increase in prices, which arose at the end of 2016 due to the volatility of the rouble, forced many agricultural producers to reconsider the production programme budget plan, plans to purchase seeds, fuel, fertilizers and crop protection products and to protect themselves from a shortage of funds by obtaining short-term and long-term loans. As a result of these measures, many organisations were unable to obtain positive financial results.
Increase and loss per unit of loss-making farms:
East European Scientific Journal #2(66), 2021 15 by RUB 1.9 million / year, or 7% for the period 20122018 and by RUB 8.4 million / year (15.8%) for 20172018.
Production profitability for 2012-2018 increased by 12% and in 2018 compared to 2017. - in 2018 compared to 2017 by 1.5%. But over the seven-year period there was not only an increase but also a decrease: in 2017 by 4.7% compared to 2016. The same dynamics can be seen in the profitability of crop production: the increase was almost 12% and 2% respectively, while in 2017 the decline was 8.4%. In general, 2017 was the least favourable year for agricultural organisations in the region.
The profitability of livestock farming increased from 7.7% in 2012 to 13.1% by the end of 2018, but in 2018 the figure decreased by 1.5% compared to the previous year.
Lending to agricultural organisations is increasing. For example, between 2012 and 2018, the volume of long-term financial liabilities of agricultural organisations in the Krasnodar Region increased by RUB 2,937 million. (32%), but only for 2017-2018. -Between 2012 and 2018, the volume of long-term financial liabilities of agricultural organisations in the Krasnodar Region increased by RUB 29937 million (32%), and between 2017 and 2018 alone by RUB 23468 million, or 23.5%.
Settlement and payment discipline is worsening:
- Debt obligations of debtors for the seven-year period increased by RUB 66698 million, or 132.4%, and in 2018 compared to 2017. - in 2018 as compared to 2017 by 6.6%;
- debts to creditors increased by RUB 1,2975 million, or 132.4%, and in 2018 by 6.6% compared to 2017; debts to creditors increased by RUB 1,2975 million, or 3.8%. (+145.4%) and by RR 2,208 million, respectively, compared to 2017 by 6.6%. (+5,6%).
Moreover, if in 2012 the above mentioned debts balanced each other, by the end of 2018 the debts of debtors exceeded the debts of creditors by 1.6 times, which indicates the deterioration of settlements with counterparties and problems in debt management.
Looking at the debt and equity dynamics of agricultural producers, it should be noted that the growth of debt capital indicators was dictated by the state's support for the agricultural sector and favourable credit conditions during the period under review provided a number of opportunities for the development of the sector. With an average annual growth of RUB 2,7660 million, the borrowed capital at the end of 2018 increased 2.5 times. According to the study, the average growth of equity capital over the period under review was RUB 2,734 million, with an R2 value of 0.96, which indicates a high degree of approximation of the values under study.
The investment attractiveness of the agricultural sector is dictated by the sustainable and dynamic development of the industry. A topical and multifaceted task is to attract investments aimed at developing this most important sector of the economy.
EBITDA margin has been used to analyse the investment attractiveness of the agricultural sector in
16 East European Scientific Journal #2(66), 2021 the Krasnodar Region, and the application of this indicator provides a reliable picture regardless of accounting and taxation systems. It makes it possible to quickly compare the activities of several economic entities from at least one industry. The analysis of the
30,00% 25,00% 20,00% 15,00% 10,00% 5,00% 0,00%
Starting from 2016, there has been a decline in profitability indicators, and by the end of 2018 the profitability indicator will reach 15.60%. Over the analyzed period of the agricultural sector, the average profit per agricultural organization increased by 63.92 million rubles. (or 44.6%) in 2018. RUB 115.4 million (or 44.6%) in 2018.
Revenue from the sale of goods at the end of the analysed period increased by RUB 206.51 million compared to 2012, which was due to an increase in sales and production turnover in the agricultural sector as a whole.
The analysis of assets shows that non-current assets grew every year due to an increase in fixed assets and long-term financial investments. In 2012-2018, fixed assets increased by RUB 83,117.5 million. (+93%), and for 2018. - in 2018 by RUB 8,864.6 million, or almost 10%. Fixed assets are being renovated and organisations are investing in property necessary for agricultural production. Long-term financial investments are also growing: by 106270.5 million roubles, or almost 10%. (11 times) and about 12,000 million roubles. (11.6%), which indicates an increase in the ability of organizations to invest temporarily free funds.
Current assets for 2012-2018 increased by RUB 1,05713.3 million, or 3%, including through an increase in inventories (by RUB 4,4974 million, or 78.3%), which is positive against the background of revenue growth.
Short-term financial investments and cash investments grew by RUR 10956.2 million and RUR 10956.2 million, respectively. This is a prerequisite for improving the financial condition of Krai organisations.
The negative point is the growth of debts of debtors over 7 years by 43540.3 million rubles, or 162.9%. However, it should be noted that in 2018, all items of current assets showed an increase, while accounts receivable decreased (in 2018 by 4,651.4
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dynamics series presented in Figure 1 clearly shows the highest value of the indicator - 27.45%, which was observed in 2015, when the "peak" of liquidation and reorganization of economic entities in the agricultural sector was marked.
million rubles, or 6.2%), which is a positive fact against the background of revenue growth.
Over the period under review, the ratio of non-current assets to current assets was approximately the same. At the end of 2018, non-current assets increased and current assets decreased by 7.8%. The decline in non-current assets was mainly influenced by inventories, which is considered to be a positive trend in terms of turnover as revenue growth.
The growth of liquid assets is also seen as a positive trend. Cash and cash equivalents at the end of 2018 represented 1.8% of the value of assets of agricultural organisations. Short-term accounts receivable increased by 1.25% to the end of 2018. 13,55%. The share of inventories in total assets decreased by 6.69 % between 2012 and 2018.
The share of financial investments increased most significantly (from 4.17% to 22.23%).
The share of fixed assets, or production assets, in agricultural organisations was 41.14-33.25% of total assets. Nevertheless, it should be noted that this indicator has decreased by 7,89% in 2012-2018, which was a result of renovation of fixed assets through leasing.
Against the background of the growth of financial investments as a result of mergers and acquisitions of the least liquid entities of the agro-industrial sector of the economy, there is a prevalence of growth in the value of non-current assets over the value of current assets.
For the period under analysis, the dynamics of current assets in the period 2012-2018, has an average annual growth of 19332 million rubles. The volume of non-current assets at the end of 2018 increased by 2.1 times.
According to the study, the average growth of current assets for the period under review was 3,5671 million rubles, the value of R2 was 0.963, which indicates a high degree of approximation of the values under study.
27,45%
2012 2013 2014 2015 2016 2017 201|BITDA
Figure 1 - Krasnodar Region agricultural industry profitability by EBITDA
East European Scientific Journal #2(66), 2021 17
Let us consider the dynamics and structure of capital and liabilities of agricultural organisations in the region. According to the results of the analyzed period, the largest share in the structure of capital and liabilities is held by equity capital, its share at the end of 2018 was 49.2%, of which the largest share in the structure of equity had an indicator of undistributed profit -78.1%. Between 2012 and 2018, the retained earnings ratio increased by 2 %. Timely decisions to increase equity capital through retained earnings increase the financial attractiveness of the agricultural industry for shareholders and investors. This procedure is in the interests of the founders and reflects the minimum guaranteed value of the company's assets.
Polynomial levelling of a number of dynamics of the share of retained earnings indicates an increase in the growth rate of the share of retained earnings in the structure of liabilities, the highest value of the indicator, was in 2015 and amounted to 81.2% in relation to the structure of own sources, at the end of the study period, the indicator dropped to 78.1%.
The largest share in the structure of sources at the end of 2018 was own capital (49.2%). During the period under review, support from the public sector and the agricultural sector managed to overcome the threshold of financial instability, reduce dependence on loans, increase capacity and, as a result, ensure the growth of equity capital.
To a lesser extent, there has been an increase in short-term liabilities, which increased by 4.8% by the end of the period under review. Long-term liabilities, as mentioned earlier, decreased by 2.1 % relative to the structure of liabilities.
At the end of the analysed period, 14.82% of the Krasnodar Region's agricultural organisations had their share in the structure of equity; at the end of 2018, compared to 2012, its share increased by 0.12%.
The reserve capital at the end of the analyzed period, has decreased by 0,54 %.
For the analyzed period from 2012 to 2014, there has been a decrease in the level of lending to the agricultural sector, improvement of financial performance indicators, allowed to increase the positive dynamics of profit. Beginning from 2015, the
need for credit funds is increasing, this factor is interrelated with the implementation of countermeasures.
Beginning in August 2014, products from the agricultural sector were added to the list of food embargoes.
In order to ensure the consumer market, agricultural organisations have improved their material and technical base, modernised and re-equipped, and improved production technologies for production and cultivation. As a result, it became necessary to use credit resources more actively.
There has been a significant growth in interest payments over the period 2015-2018. Analysing this ratio, at the end of 2012, 48% of net profit was required to repay interest on loans, and by the end of 2018, 93% of turnover had to be diverted.
During the period under review, a favourable trend was the outpacing growth of revenue over cost, which led to a 70.8% increase in sales revenue and an almost 1.5 times increase in pre-tax profit and net profit. Positive changes are associated with production results for 2017. (in particular, high winter wheat yields) and, as mentioned earlier, due to increased production and price increases following the introduction of a "counteraction policy".
The decrease in the number and share of profitable organisations, as mentioned earlier, was not only due to bankruptcies but also due to liquidation and consolidation. The minimum number of loss-making organisations recorded in 2016 was 13, or 13 % of the total share.
In 2018, the maximum number of loss-making organisations was 77, which is 25.0% of the total number of farms.
Looking at the dynamics of financial results, it should be noted that high profit per profitable organisation was recorded in 2015. - 245 million rubles, which was 2 times more than the maximum loss amount in 2013. On average, one agricultural organization earned 156 million rubles of net profit in 2015, which was 2.1 times more than the average figure for other periods.
Table 1
Relative indicators of agricultural turnover organizations in the Krasnodar Region
Indicator Years Deviation(+;-) 2018 from
2012 2013 2014 2015 2016 2017 2018
2012 r. 2017 r.
Turnover ratio of current assets 1,13 1,05 1,06 1,16 1,14 1,02 0,95 -0,18 -0,07
Inventory turnover ratio 1,46 1,59 1,57 1,64 1,60 1,54 1,44 -0,02 -0,1
Cash turnover ratio 30,2 16,6 27,2 17,7 33,7 31,4 21,0 -9,26 -10,37
Ratio of accounts receivable turnover 4,33 4,43 3,45 3,4 3,3 2,84 2,82 -1,51 -0,02
Equity Turnover Ratio 1,06 1 1,03 1,08 0,93 0,86 0,78 -0,28 -0,08
Turnover ratio of accounts payable 3,83 4,1 4,04 3,72 4,39 3,8 3,58 -0,25 -0,22
Period of current assets turnover, days 686 726 690 632 730 849 957 271 108
Period of stock turnover, days 250 229 233 223 229 237 254 4 17
Period of accounts receivable turnover, days 84 82 106 107 111 128 130 46 2
18 East European Scientific Journal #2(66), 2021
Period of accounts payable turnover, days 95 89 90 98 83 96 102 7 6
Over the period under review 2012-2018, there has been an upward trend in positive financial results and profits. It should also be noted that starting from 2013, the loss indicator per agricultural organisation is decreasing.
In 2018, the average net profit per agricultural organization was 89.4 million rubles. However, the average net profit per agricultural organisation in 2018 was 89.4 million roubles. However, it was reduced by 43% compared to the highest figure observed in 2015.
Business activity of agricultural organisations in the Krasnodar Region decreased between 2012 and 2018, which is indicated by an 81-day increase in the duration of turnover of current assets, including a 103-day slowdown in the turnover of debtors' accounts receivable. The inventory turnover period at the end of 2018 increased by 4 days compared to 2012.
Table 1 shows that the business activity of agricultural organizations in the Krasnodar Region decreased in 2012-2018, indicating an increase in the duration of turnover of current assets by 81 days, including due to a slowdown in the turnover of debtors by 103 days The stock turnover period at the end of 2018 increased by 4 days compared to 2012. Compared to 2017, the duration of stock turnover increased by 17 days.
It should be noted that there is a shortage of funds to cover the debt obligations of creditors, because on average in 2018 the debt in the economy was returned in 300 days, and the obligations should be paid in 20 days on average.
Starting from 2012, the ROA had the following dynamics: the ROA increased from 6.6-14.09% as the turnover of assets increased, the profitability of assets decreased from the end of 2015 to 4.3% at the end of the analysed period, and as a result, the decrease in the ROA characterises the decrease in the level of income with the growth of investments.
While at the end of 2015 the Equity Turnover was 1.08, at the end of 2018 it was 0.78.
The duration of one current asset turnover for 2018 has increased by 271 days compared to 2012, which indicates that funds invested in 2018 in current assets are fully cycle and take cash back by 271 days longer than in 2012 and by 108 days longer than in 2017. The period of inventory turnover characterizes
the average number of days of cash "necrosis". In 2018, a 254-day period was required for inventory to be in cash, which was the highest level in the analysed period.
The maturities of accounts receivable and payable by the end of the analysed period tend to increase; at the end of the analysed period, they increased by 46 and 7 days, respectively. This trend is negative in terms of solvency, the number of days in the turnover of accounts receivable is increasing and the repayment period to creditors is decreasing.
The relative indicators of absolute critical and fast liquidity have shown for years that agricultural organisations are able to repay both the most urgent liabilities with cash and financial investments, as well as less urgent debts, taking into account the repayment of accounts receivable within the normatively established limits. The decrease in the dynamics of liquidity indicators as at the end of the analysed period did not cause any significant deviation for the interpretation of the results from the 2012 indicator, the indicators are within the normative limits throughout the analysed period.
At the same time, one of the most important indicators of financial stability - the availability of own working capital for 2012-2015 - is 0.07. The growth of equity capital recorded since the beginning of 2016 was previously considered to be theoretically insufficient, as the sufficient value of 0.1 is not reached.
This means that in order to repay all debts to creditors and lenders, organisations will have to sell non-current assets - the basis of the material and technical base. By the end of 2016, this indicator increased to 0.21, and at the end of the analysed period it was 0.22, i.e. it reached a sufficient standard value.
The analysis of absolute indicators of financial stability for the period under review shows that the most liquid assets were secured only in 2013, the growth rate of accounts payable is higher than that of the most liquid assets (Table 2).Of course, the type of financial position of all agricultural producers cannot be unambiguously described. The analysis of averaged input data makes it possible to form an image of the financial characteristics of the average agricultural organisation in the Krasnodar Region.
Table 2
Determination of the type of financial situation of agricultural producers
Liquidity conditions 2012 r. 2013 r. 2014 r. 2015 r. 2016 r. 2017 r. 2018 r.
Ai> Li - + - - - - -
A2 > L 2 - - + + + + -
A3 > L 3 + + + + - - -
A4 < L 4 + + - - + + +
Description of breached breached tolerable tolerable breached breached critical
liquidity conditions liquidity liquidity liquidity liquidity liquidity liquidity liquidity
Conclusions and proposals: Of course, the type of be unequivocally described. Analysis of averaged input financial situation of all agricultural producers cannot data makes it possible to form an image of the financial
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characteristics of the average agricultural organisation in the Krasnodar Region.
However, the analysis makes it possible to assess the current potential problematic aspects of the industry and negative trends, namely:
1) Analysis of absolute indicators of financial stability for the period under analysis shows that the availability of the most liquid assets was sufficient only in 2013;
2) Considering the dynamics of financial results, it should be noted that high profit per profitable organization was recorded in 2015. - 245 million rubles;
3) There has been a significant increase in the number and share of loss-making agricultural organisations, if starting from 2012 the number of loss-making organisations has been decreasing, then by the end of 2018 the number of loss-making organisations has reached the maximum value and amounted to 77 units, which is 5 units more than at the end of 2012;
4) the duration of one current asset turnover for 2018 increased by 271 days. The period of inventory turnover was 254 days, which is a negative trend;
5) the maturity of accounts receivable by the end of the analysed period has a tendency to increase. This trend is negative in terms of solvency.
All the problems mentioned above characterise the high financial and investment risk in the industry.
However, based on the analysis for 2012-2018, we can highlight the general positive trends in the development of agricultural organisations in our region:
1) relative indicators of absolute critical and fast liquidity in all years showed the ability of agricultural organizations to repay both the most urgent liabilities with cash and financial investments, and less urgent debts, taking into account the repayment of receivables within the established norms;
2) the share of equity capital in the structure of liabilities has been growing and in the last two years it exceeded 49.2%, which increases the level of independence of agricultural organisations from creditors;
3) Revenues of industry organisations in 2015 were the highest over the survey period (216,210 million roubles), which was 53.4% higher than in 2012. At the same time, revenue growth outpaced cost growth, which led to a 1.8-fold increase in sales revenue and a 1.5-fold increase in pre-tax profit and net profit. As a result, the turnover of assets and profitability of agricultural organizations have increased significantly;
4) Starting from 2012, there is a dynamic increase in the indicator of retained earnings, at the end of the analyzed period, the indicator increased by 2%.
Positive trends are due to a number of factors. First of all, the policy of "counteraction sanctions" had a positive impact on the competitiveness of domestic agricultural producers.
However, in 2018, agricultural producers in the region found themselves in an ambiguous situation. The devaluation of the rouble, accelerated inflation and, as a result, rising interest rates on loans have significantly restricted the use of borrowed funds and
East European Scientific Journal #2(66), 2021 19 the import of high-tech agricultural machinery and equipment, raw materials and supplies.
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