Prospects of development of the conducting chemical enterprises of Ukraine
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2007
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| Cite this: | Prospects of development of the conducting chemical enterprises of Ukraine / N. Dubrovina, Y. Kostin, E. Zembicki // Економічний вісник Донбасу. — 2007. — № 3(9). — С. 115-130. — Бібліогр.: 11 назв.— англ. |
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2007’3
115
PROSPECTS OF DEVELOPMENT
OF THE CONDUCTING CHEMICAL ENTERPRISES OF UKRAINE
Nadiya Dubrovina,
Kharkov Institute of Trade and Economy
Yuri Kostin,
Kharkov University of Radio Electronics,
Evgeniy Zembicki,
Enterprise «Sumykhimprom»
Nadiya Dubrovina, Yuri Kostin, Evgeniy Zembicki
Introduction
The chemical branch is one of the basic industries
of Ukraine and for the last 7 years it has demonstrated
fast enough rates of development. Its roles in economy
of Ukraine and its dynamic changes are testified by the
data submitted in the tables and figures of the annex.
The annual rate for the period 2000—2005 has made
more than 11 % for the chemical and petrochemical
industry. But in 2006 the growth rate of this branch is
Figure 1. Annual growth rate in industry and chemical branch in Ukraine
Source: State Statistics Committee of Ukraine
90
95
100
105
110
115
120
125
130
135
2000 2001 2002 2003 2004 2005 2006
Industry Chemical and petrochemical industry
Production of chemicals Production of rubber and plastics products
Table 1
Industrial output of chemical and petrochemical industry (%)
2000 2001 2002
All industry 100,0 100,0 100,0
chemical and petrochemical industry 6,7 6,9 6,7
manufacture of chemicals 5,3 5,4 5,2
manufacture of rubber and plastics products 1,4 1,5 1,5
Source: State Statistics Committee of Ukraine
decreased. The dynamics of annual growth rate in the
industry and in chemical and petrochemical branches is
shown in fig.1.
Production of the chemical and petrochemical
industry makes almost 7 % in total amount of manufacture
of the industrial goods (see table 1). The demand on the
chemical and petrochemical products is high and most
of the Ukrainian chemical and petrochemical products
were sold (table A.1, Annex A.1).
116
Економічний вісник Донбасу
Nadiya Dubrovina, Yuri Kostin, Evgeniy Zembicki
At the same time the current output of the chemical
and petrochemical industry of Ukraine for the present is
much less than output of 1990 (table A.2, Annex A.1).
For the period 2003—2005 the tendencies of significant
growth of export both import of production of chemical
and allied industries are observed, that testifies to increase
of external economic relations of the Ukrainian chemical
enterprises.
At the same time the chemical and petrochemical
branch is faced with a lot of risks and unsolved problems:
1). state control and problem of the proprietors
expressed in the non-transparent or slow privatization,
in increase of the corporate conflicts, inefficient state
management;
2). dependence of the branch upon the external
markets conjuncture and weak competitiveness of
Figure. Trends of export and import of products of chemical and allied industries in Ukraine (thsd. USD)
Source: State Statistics Committee of Ukraine
0
500000
1000000
1500000
2000000
2500000
3000000
3500000
4000000
4500000
2003 2004 2005 2006
Export Import
Table 2
Financial results in chemical and petrochemical industry
Profitable enterprises Loss-making enterprises Year Financial result of
general activity
before taxation
in % to the
total financial result in % to the
total financial result
2003 945,1 60 1448,9 40 503,8
2004 1354,0 64,4 2378,1 35,6 1024,1
2005 2646,0 72,2 3062,2 27,8 416,2
2006*
(January–
November) 1257,4 64,9 1745,2 35,1 487,8
2007*
(January-
February) 138,5 65,1 277,1 34,9 138,6
Source: State Statistics Committee of Ukraine
Ukrainian enterprises, especially in connection with sharp
increase of the gas prices;
3). low capitalization of the enterprises and weak
financial management;
4). weak uses of innovations and out-of-date fixed
capital;
5). low productivity of labour and motivation.
For instance only 60—65% of enterprises in
chemical and petrochemical industry are profitable in
Ukraine (see table 2). Market conjuncture for Ukrainian
enterprise in 2007 was pleasant and the share of profitable
enterprises is increased till 72%. But most of big chemical
and petrochemical enterprises are stayed under
governmental control and their financial plans are
coordinated by Ministry of Economy.
2007’3
117
Nadiya Dubrovina, Yuri Kostin, Evgeniy Zembicki
Ukraine prepares for joining WTO and further
expansion of integration connections with EU. At the same
time due to many factors, the industry of the country is
focused on a home market or markets of the CIS
countries. For western investors the enterprises of
chemical industry of Ukraine are not so known so far.
Though, according to the experts, a number of the
chemical enterprises, controlled to large Ukrainian
financial and industrial groups (FIG), will be sold; other
enterprises of chemical branch will search for the target
investors abroad or go to AIM. In particular, the sale of
one of the leading Ukrainian chemical enterprises
«DNEPROAZOT», belonging to structure FIG
«PRIVAT», one of the most powerful financial and
industrial groups, and «AZOT» (Cherkassy), belonging
large group «UKRSIB» is expected. Other leading
enterprises, such as «CRIMEAN TITAN», were able to
attract the large foreign investments from Germany. The
concern «STIROL», being the leader of the chemical
enterprises and included in listing PFTS (First Securities
Trading System in Ukraine), plans IPO in AIM (London)
for attraction of the large investments. Taking into
account the arising new problems of the Ukrainian
chemical enterprises in connection with the opening of a
home market and attraction of the foreign investors, it is
important to carry out the analysis of the leading Ukrainian
chemical enterprises and to introduce prospects of the
development.
The purpose of the given research was the study
of parameters of activity for 2001—2005 of basic, large
enterprises of chemical industry, which were included in
national ratings; development of a technique of their
internal competitiveness rating and analysis of
competitiveness level for some leading enterprises.
The data and methods of research
In order to study the activity of the major chemical
enterprises of Ukraine included in the national branch
ratings «100 leading Enterprises of Ukraine» the published
data on their net income and profit for the period of 2001—
2005 were used. Also we used the information on their
balances and financial results given on the site
www.smida.gov.ua.
For realization of the comparative analysis the basic
parameters and factors describing financial and economic
activity of the enterprises were calculated on the basis of
balance and financial reports. Then these parameters were
used for calculations of complex indexes and for internal
competitiveness rating of the enterprises.
Features of statistical distribution of the net income
and profits values of the leading enterprises of chemical
branch and change of some statistical characteristics in
dynamics were also investigated; the classes estimating
strategic positions of the enterprises in coordinates «net
income» and «profit» are offered.
The parameter of internal competitiveness of the
enterprises was calculated on the basis of one of the
taxonomy methods offered in the works of V.Plyuta. The
algorithm of calculation for this index is given in the
application. The idea of construction of this taxonomical
index consists in the initial standardization of the data
and the calculation of deviations from a certain artificial
standard (etalon) constructed on the basis of the best
selective values for attributes — stimulants and
destimulants. Best for attributes — stimulants will be
maximal values, and best for attributes — destimulants
will be minimal values. As a measure of a deviation from
the etalon the Euclid metrics was chosen and the distances
of coordinates of the enterprise to the given attributes
from the etalon were determined. If the distance is smaller,
the better position of the enterprise in relation to the
standard is. As the distance is not absolutely convenient
value for comparison, since this value has no top
restriction, the rather simple transformation allowing to
receive the value of a complex index in limits from 0 up
to 1 was used. The greater the distance of the researched
object (enterprise) from the etalon, the less value of a
complex index, the worse position of the enterprise on
the given set of attributes. And on the contrary, the smaller
the distance of the researched object (enterprise) from
the etalon, the higher value of a complex index, the better
position of the enterprise on the given set of attributes.
For the forecast of internal competitiveness index
of the enterprises of chemical enterprises regression
equation were constructed and the close dependence
between internal competitiveness index and expected
income of the enterprise is shown.
Results of research
1. Construction of a matrix of enterprises strategic
positions in coordinates of net income and profit.
For the analysis of strategic positions of the leading
enterprises of chemical industry of Ukraine such important
parameters were used, as the net income of the enterprise
and profit. This information may be received in the public
reports. Figure A.1 (Annex A.1) shows, that on the whole
the enterprises with higher level of the net income had
the greater profit, however frequently cases are observed,
when the enterprises with rather high level of the net
income have received rather small profit, or even had
losses. And on the contrary, it is possible to see the cases
of the enterprises with rather low, in comparison with
others, level of the income and rather high value of the
profit. The ratio between the received net income and
profit at the majority of the enterprises submitted in the
given research was different. It can testify to some
118
Економічний вісник Донбасу
differences in strategy of enterprises development. The
low profit level can be explained not only by adverse
market condition for the given enterprise, but also by the
fact, that the expenses on manufacture capacities increase
were too large. It is interesting to study of the individual
diagrams of the enterprises positions in coordinates «net
income» and «profit» which demonstrate for some
enterprises the presence of the steady tendency of
parameters growth, and for other enterprises — unstable
tendencies (see fig.A.2-A.3, Annex A.1).
Then the initial statistical analysis of distribution of
the net income and profits values in leading chemical
enterprises included in national branch ratings was carried
out. The results of the analysis of the statistical
characteristics samples for 2001—2005 are given in the
table A.4 (Annex A.1). On the basis of the analysis of
distribution features of the net income and profit the
considerable difference of empirical distributions from
the normal and the asymmetry are clearly seen. The
distinct tendency of increase of the maximal values and
estimated sample means for the period 2001—2005 is
observed for net income values distribution. At the same
time such tendency for profit values distribution is not
exhibited. For the analysis of features of net incomes
and profit values in dynamics see fig.A.4-A.9, Annex A.1.
For construction of a strategic positions matrix of
the chemical enterprises the following annual statistical
characteristics for net income and profit were used:
(minimal value; lower quartile; median; upper quartile;
the maximal value). The classes determining the positions
of the enterprises according to the net income and profit
values were formed with consideration for statistical
distribution properties of the data on the chemical industry
enterprises. The rules of classes designation are given in
fig.A.10, Annex A.1. The results of the enterprises
classification according to the given classes are shown
in the table A.5, Annex A.1.
2. We calculated the taxonomical indexes for some
selected leading enterprises and called the complex indexes
as internal competitiveness level for these enterprises.
The index of internal competitiveness was calculated as
sum for taxonomical indexes according the following
groups of factors:
2.1. Productivity of labour and motivation (net
income per 1 worker; average month wages per one
worker; expenditures for social help and motivation per
1 worker);
2.2. Property status of the enterprise (fixed capital
depreciation rate; share of long-term financial investments
in assets; share of turnover assets)
2.3. Business activity (fixed assets productivity;
assets turnover; turnover of current assets; turnover of
production; turnover of equity)
2.4. Profitability (profitability of the equity;
profitability of the sold production)
2.5. Financial stability (manoeuvrability of own
current means; financial independence or coefficient of
autonomy; financial stability)
2.6. Liquidity (current ratio; quick liquidity; absolute
liquidity ratio).
The taxonomic indexes were calculated for each
group of parameters. The algorithm of taxonomical
indexes calculation is given in Annex A.2. The results of
calculated taxonomical indexes characterized the
productivity of labour and motivation, property status,
business activity, profitability, financial stability and
liquidity of the chemical enterprises are given in table
A.6-A.8, Annex A.3.
Then the index of internal competitiveness of the
enterprise was determined as the sum of complex
Nadiya Dubrovina, Yuri Kostin, Evgeniy Zembicki
Table 3
Values of internal competitiveness for some leading chemical enterprises for 2003—2005
Internal Competitiveness Index Title of enterprise
2003 2004 2005
SUMYCHIMPROM 1,7 1,691 1,494
AZOT, Cherkassy 2,187 1,726 1,416
DNEPROPETROVSKY
LAKOKRASOCHNY
3,521 3,145 2,662
DNEPROSZINA 2,155 2,295 1,947
TITAN 2,212 2,743 2,685
DNEPROAZOT 2,268 2,029 1,964
ROVNOAZOT 1,491 1,654 1,651
KRYMSKY SODOVY 2,017 2,543 2,487
STIROL 3,51 3,492 3,36
Mean 2,34 2,369 2,185
2007’3
119
parameters values describing such components, as
productivity of work and motivation; a property status
of the enterprise; business activity; profitability; financial
stability; liquidity.
The results of internal competitiveness indexes of
selected leading chemical enterprises are given in table 3.
As it is seen from the data given in the table 3, the
best values of internal competitiveness index are observed
at such enterprises, as: STIROL, TITAN,
DNEPROPETROVSKY LAKOKRASOCHNY.
3. The close connection between the calculated
internal competitiveness index and the received income
is observed.
As the dependent variable the ratio between the
enterprise net income and maximum net income for each
year sample was used.
It’s to allow problems of scales for dependent and
independent variables. Besides due to this regression
equation we estimated the approximate future level of
internal competitiveness of certain enterprise using the
forecasting data of possible leader-enterprise in sample.
So by predicting values of the net income of the given
enterprise and enterprise-leader it is possible to determine
a level of competitiveness.
The values for dependent variable (net income and
profit ratio) are calculated in table A.9 (Annex 3). The
results for regression estimations and coefficient of
correlation are given in table A.10 (Annex 3).
The regression model is shown below:
ttt ICIRATINC ε+⋅= 1469,0_ ,
where tRATINC _ — is the value of ratio
between net income of certain enterprise and maximum
net income in sample for period t; tICI — is the value
of internal competitiveness index for period t, tε — is
i.i.d. The correlation coefficient for this model is 0.8.
The result for dependency between profit ratio and
tICI is not so good, but also convenient (see table A.11).
For forecasting estimation of competitiveness level
it is also possible to use regression equation, where the
factor variables represent relations of individual values
of the enterprise specified attributes to forecasting values
of etalon. It means that the forecasting value of a set of
enterprise attribute for each equation and forecasting
attributes for etalon corresponding to the enterprise —
leader it is possible to receive competitiveness level for
each component.
In this way we can construct the regression
equations for forecasting of separated values of internal
competitiveness index components.
As values for independent variables in these
regressions we calculate the ratio between individual
Nadiya Dubrovina, Yuri Kostin, Evgeniy Zembicki
values for set attributes and values for etalon. So using
the determined ratio for set attributes and calculated earlier
values for each component of internal competitiveness
index (tables A.6-A.8, Annex 3) we estimated the following
dependencies:
1. Equation for forecast of first ICI component
(labour productivity and motivation)
*
3_1
*
2_1
*
1_11 459,0415,0337,0246,0 tttt xxxI ⋅+⋅+⋅+−= ,
where *
1_1 tx — is ratio for net income per 1 worker;
*
2_1 tx — is ratio for average month wages per one
worker; *
3_1 tx — s ratio for expenditures for social help
and motivation per 1 worker).
2. Equation for forecast of second ICI component
(property status)
*
3_2
*
2_2
*
1_22 386,0247,0258,0097,0 tttt xxxI ⋅+⋅+⋅+−= ,
where *
1_2 tx — is ratio for fixed capital depreciation rate;
*
2_2 tx is ratio for share of long-term financial investments
in assets; *
3_2 tx is ratio for share of turnover assets.
3. Equation for forecast of third ICI component
(business activity)
*
2_3
*
1_33
* 0220,0152,0220,0 ttt xxI +⋅+⋅+−=
*
5_3
*
4_3
*
3_3 223,0091,0268,0 tttt xxx ⋅+⋅+⋅+
where *
1_3 tx is ratio for fixed assets productivity; *
2_3 tx
is ratio for assets turnover; *
3_3 tx is ratio for turnover of
current assets; *
4_3 tx is ratio for turnover of production;
*
5_3 tx is ratio for turnover of equity..
4. Equation for forecast of forth ICI component
(profitability)
*
2_4
*
1_44 287,0430,0270,0 ttt xxI ⋅+⋅+=
where *
1_4 tx is ratio for profitability of the equity; *
2_4 tx
is ratio for profitability of the sold production.
5. Equation for forecast of fifth ICI component
(financial stability)
*
3_5
*
2_5
*
1_55 259,0316,0188,0011,0 tttt xxxI ⋅+⋅+⋅+−=
where *
1_5 tx is ratio for manoeuvrability of own current
means; *
2_5 tx is ratio for financial independence; *
3_5 tx
is ratio for financial stability.
5. Equation for forecast of six ICI component
(liquidity)
*
3_6
*
2_6
*
1_66 311,0005,0353,0291,0 tttt xxxI ⋅+⋅+⋅+=
where *
1_6 tx is ratio for current ratio; *
2_6 tx is ratio for
quick liquidity; *
3_6 tx is ratio for absolute liquidity ratio.
So we can determine the approximate internal
competitiveness index using the forecasts from equations
1—6. It’s more simple and fast way into comparison of
the difficulties of many calculations according the
algorithm in Annex A.2.
120
Економічний вісник Донбасу
Nadiya Dubrovina, Yuri Kostin, Evgeniy Zembicki
Conclusions:
The development of chemical industry of Ukraine, as
well as other branches, is occurring in conditions of unstable
dynamic environment and severe competition on external
and home markets. Difficult transformation period,
accompanied by structural reorganization of economic
territorial and inter-branch connections and introduction of
new principles of managing, has made many leading
enterprises of chemical industry of Ukraine face the problem
of survival and introduce new methods of management in
order to be effective in conditions of the competition. Hence
for many enterprises of chemical branch arose an urgent
problem of introduction of strategic management allowing
to carry out the complex analysis of the enterprise positions
in the market, estimation of its competitiveness potential in
the given conditions and to choose the most acceptable
strategy for purposes achievement.
The results of the given research can be used for
comparison of leading enterprises of chemical branch of
Ukraine as for their level of internal competitiveness and
attraction of the foreign investors.
References
1. Ізмайлова К.В. Фінансовий аналіз. — К.:
МАУП, 2001. — 152 с. 2. Рейтинг 100 лучших ком-
паний Украины. № 1 от 24 июня 2003 г. 3. Рейтинг
100 лучших компаний Украины. № 2, июнь 2006 г.
4. Рейтинг 100 лучших компаний Украины. № 3 от
26 октября 2004 г. 5. Рейтинг лучших компаний Ук-
раины. № 3 от 31 октября 2005 г. 6. Adair T. Corporate
Finance Demystified. California, USA, McGrawHill,
2006. 7. Gierszewska G., Romanowska M. Analiza
strategiczna przedsiebiorstwa. — Warszawa, Polskie
Wydawnictwo Ekonomiczne, 2002. 8. Mlodak A. Analiza
taksonomiczna w statystyce regionalnej. Warszawa,
Wydawnictwo Difin, 2006. 9. Pierscionek Z. Strategie
rozwoju firmy. — Warszawa, Wydawnictwo Naukowe,
1996. 10. www.ukrstat.gov.ua. 11. www.smida.gov.ua
2007’3
121
Nadiya Dubrovina, Yuri Kostin, Evgeniy Zembicki
Annex
Annex A.1
Table A.1.
Volume of industrial products (operations and services) sold in 2001—2005
(at current prices of the relevant year)
2001 2002 2003 2004 2005
mln.
UAH
% of
the
total
mln.
UAH
% of
the
total
mln.
UAH
% of
the
total
mln.
UAH
% of
the
total
mln.
UAH
% of
the
total
Industry 210842,7 100 229634,4 100 289117,3 100 400757,1 100 468562,6 100
Chemical and
petrochemical
industry 12598,9 6,0 13297,6 5,8 18519,7 6,4 24948,7 6,2 30161,6 6,4
Production of
chemicals 9782,4 4,7 10061,8 4,4 14433,6 5,0 18909,9 4,7 22045,3 4,7
Production of
rubber and
plastics
products 2816,5 1,3 3235,8 1,4 4086,1 1,4 6038,8 1,5 8116,3 1,7
Source: State Statistics Committee of Ukraine
Table A.2.
Output of major products in chemical and petrochemical industry
1990 1995 1999 2000 2001 2002
Mineral fertilizers (on 100 nutriment
base), mln. t 4,8 2,2 2,3 2,3 2,2 2,3
Plant protection chemicals (on 100%
active agent base), thsd. pcs
50,5 4,1 1,8 1,1 2,7 1,9
Sulphuric acid (monohydride), mln. t
5 1,6 1,4 1 1 0,9
Caustic soda, thsd. pcs 445 213 99,4 134 134 133
Soda ash, mln. t 1,1 0,5 0,5 0,6 0,7 0,7
Synthetic tar and plastic, thsd. t
827 178 119 152 231 276
Chemical fibre and thread, thsd. t
179 41,3 22,8 30,3 26,5 25,3
Tyres, mln. pcs 11,2 5,8 7,9 6,8 7,2 6,6
Synthetic detergents, thsd. t
301 76,4 62,6 68,2 91,1 117
Source: State Statistics Committee of Ukraine
122
Економічний вісник Донбасу
Nadiya Dubrovina, Yuri Kostin, Evgeniy Zembicki
Table A. 3
Foreign trade commodity structure in 2002—2006
Exports Imports Year
total
in % to
the total
total in % to the total
Total trade commodity 17957100 100,0 16976800 100,0 2002
VI. Products of chemical and
allied industries
1397000 7,8 1375000 8,1
Total trade commodity 23080187,31 100,00 23020771,01 100,00 2003
VI. Products of chemical and
allied industries
1942956,81 8,42 1771639,95 7,69
Total trade commodity 32672318,23 100,00 28996030,72 100,00 2004
VI. Products of chemical and
allied industries
2782029,36 8,51 2248421,83 7,75
Total trade commodity 34286748,26 100,00 36141094,96 100,00 2005
VI. Products of chemical and
allied industries
2990247,40 8,72 3097918,28 8,57
Total trade commodity 38367704,4 100,0 45034491,1 100,0 2006
VI. Products of chemical and
allied industries
3387259,7 8,8 3888589,9 8,6
(thsd. USD)
Source: State Statistics Committee of Ukraine
Figure A.1. The positions of leading chemical enterprises by coordinates of net income and profit (mln. UAH)
Scatterplot (NEW-CH~1.STA 10v*110c)
INCOME
P
R
O
FI
T
KST01
ACH01
OPZ01
ASD01
AMU01ROS01
DNA01
LUK01
DNS01
DZH01
SUM01
ROV01
KSZ01
TIT01
RUB01
CHKH01
ZIP01DNLK01CKJ01
KST02ACH02
ASD02
OPZ02DNA02
DNS02LUK02
ROS02
TIT02
ROV02
SUM02
KSZ02
RUB02CHKH02DNLK02
CHNH02
KRM02KRP02
KST03
ACH03
ASD03
OPZ03
DNA03
DNS03
LUK03
ROS03TIT03
ROV03
SUM03KSZ03RUB03
CHKH03
DNLK03
CHNH03KRM03KRP03
KST04
ASD04
ACH04
OPZ04
DNA04
ROS04
DNS04
TIT04
LUK04
SUM04
ROV04
KSZ04
RUB04CHNH04
NPO04
DNLK04
CHKH04
KRM04KRP04
KST05
ASD05
ACH05
OPZ05
ROS05
DNA05
TIT05
DNS05
ROV05SUM05
KSZ05
LUK05CHNH05
KRP05
RUB05
CHKH05
NPO05
LIS05KRM05DNLK05
-500
-300
-100
100
300
500
700
-200 400 1000 1600 2200 2800 3400
2007’3
123
0
100
200
300
400
500
600
0 1000 2000 3000 4000
NET INCOME
PR
O
FI
T
2001
2002
2003
2004
2005
Nadiya Dubrovina, Yuri Kostin, Evgeniy Zembicki
Figure A.2. Trajectory of dynamics net income and profit for enterprise SUMYCHIMPROM
-50
-40
-30
-20
-10
0
10
20
30
0 100 200 300 400 500 600 700
NET INCOME
PR
O
FI
T
2001
2002
2003
2004
2005
Figure A.3. Trajectory of dynamics net income and profit for enterprise STIROL
Table A.4
Descriptive Statistics for Chemical Enterprises Samples
Year Name of
index
Mean Median Minimum Maximum Lower
Quartile
Upper
Quartile
Variance
NET
INCOME 392,0759 299,054 69,092 1072,263 172,344 571,891 79685,28
2001 PROFIT 5,314895 7,983 -87,001 75,724 -15,412 28,813 1153,066
NET
INCOME 383,8595 376,564 110,137 1164,491 190,954 445,078 67105,14
2002 PROFIT -7,80132 0,551 -128,522 28,411 -7,697 11,51 1473,733
NET
INCOME 512,9984 337,6965 80,402 1553,297 123,705 675,368 215018,6
2003 PROFIT 28,47578 2,8135 -53,968 195,154 0,915 10,53 5047,343
NET
INCOME 660,4684 534 93,7 2387,4 178 830,7 376861,8
2004 PROFIT 43,18316 6,47 -382,47 423,36 -1,01 56,46 24775,09
NET
INCOME 530,29 137,56 3009,95 237,29 983,9 552168,6 530,29
2005 PROFIT 11,135 -51,47 513,13 -3,35 71,985 23044,07 11,135
124
Економічний вісник Донбасу
0
500
1000
1500
2000
2500
3000
3500
Minimum Maximum
2001 2002 2003 2004 2005
Nadiya Dubrovina, Yuri Kostin, Evgeniy Zembicki
Figure A.4. Dynamics of minimum and maximum values of net
income for Ukrainian leading chemical enterprises sample
Figure A.5. Dynamics of mean and median values of net
income for Ukrainian leading chemical enterprises sample
0
100
200
300
400
500
600
700
800
900
Mean Median
2001 2002 2003 2004 2005
Figure A.6. Dynamics of lower and upper quartiles of net income for Ukrainian leading chemical enterprises sample
0
200
400
600
800
1000
1200
Quartile Quartile
Lower Upper
2001 2002 2003 2004 2005
2007’3
125
Nadiya Dubrovina, Yuri Kostin, Evgeniy Zembicki
Figure A.7. Dynamics of minimum and maximum values
of profit for Ukrainian leading chemical enterprises sample
-600
-400
-200
0
200
400
600
Minimum Maximum
2001 2002 2003 2004 2005
Figure A.8. Dynamics of mean and median values
of profit for Ukrainian leading chemical enterprises sample
-20
0
20
40
60
80
Mean Median
2001 2002 2003 2004 2005
Figure A.9. Dynamics of lower and upper quartiles values of profit for Ukrainian leading chemical enterprises sample
-20
0
20
40
60
80
Quartile
Lower
Quartile
Upper
2001 2002 2003 2004 2005
126
Економічний вісник Донбасу
Lower
quartile
Upper
quartile
Max. of net income Min.of net
income
Median of net income
Min. of
profit
Lower
quartile
M
ed
ia
n
of
p
ro
fit
Upper
quartile
Max. of
profit AA aA
Aa aa
AB aB
ab Ab
bA BA
ba Ba
bB BB
Bb bb
Nadiya Dubrovina, Yuri Kostin, Evgeniy Zembicki
Figure A.10. The matrix of strategy position in coordinates net income and profit
Table A.5.
Results of strategy position classification for Ukrainian leading chemical enterprises
Name of enterprise Code 2001 2002 2003 2004 2005
STIROL KST AA AA AA AA AA
AZOT, Cherkassy ACH AB Aa AB AB Aa
ODESSKY PRIPORTOVY OPZ AA AB AA AA AA
AZOT, Severodonetsk ASD aA AA AA AA AA
AMTEL-UKRAINA AMU AB Aa N.A. N.A. N.A.
ROSAVA ROS AB ab aa ab Ab
DNEPROAZOT DNA ab ab AA AA aA
LUKOR LUK Bb aB ab ab BB
DNEPROSZINA DNS aA aB aB aa aB
DZERELO DZH BB aA N.A. N.A. N.A.
SUMYCHIMPROM SUM aa Bb BB aB aa
ROVNOAZOT ROV Bb Bb Bb Ba aa
KRYMSKY SODOVY KSZ Ba Ba Ba BA Ba
TITAN TIT aA Ba aA aa aA
RUBEZHANSKY CHEMICAL PLANT "ZORYA" RUB Ba BB BB BB BB
CHERKASSKOYE CHIMVOLOKNO CHKH bb bB Bb bb bb
ZIP ZIP bB bA N.A. N.A. N.A.
DNEPROPETROVSKY LAKOKRASOCHNY DNLK ba ba ba ba bB
JOHNSON CKJ ba bA N.A. N.A. N.A.
CHERNIGOVSKOYE CHIMVOLOKNO CHNH N.A. N.A. bb Bb BB
KREMENCHUGSKY PLANT KRM N.A. N.A. ba bB bb
KREMNIY POLIMER KRP N.A. N.A. bB bB N.A.
NPO “INKOR” NPO N.A. N.A. N.A. Ba ba
CARPATNEFTECHIM KRP N.A. N.A. N.A. N.A. Bb
LISICHANSKAYA SODA LIS N.A. N.A. N.A. N.A. bb
N.A. — data is not available, because this enterprise was not included in national branch rating
Appendix A.2
2007’3
127
Nadiya Dubrovina, Yuri Kostin, Evgeniy Zembicki
Annex A.2.
Algorithm for complex index calculation
1. Description of initial values for matrix X
__
,1;,1),( kjnixX ij ===
i — number of object
j — number of attribute
xij — value of j attribute for i object
2. Procedure of standardization
j
jij
ij s
xx
x
_
~ −
= , where
~
ijx — standardized values for xij,
_
jx — mean for
j attribute, js — standard deviation for j attribute
3. Construction of artificial etalon
i
ij
e
j xx
~
max= for attribute — stimulant
i
ij
e
j xx
~
min= for attribute — non-stimulant
(destimulant)
4. Calculation of Euclid distances for i object
2
1
~
∑
=
−=
k
j
e
jiji xxd
5. Definition of value for taxonomic complex index
d
i
i
sd
dI
⋅+
−=
2
1 _ ,
where
_
d — mean for distances, ds — its standard
deviation.
Annex A.3.
Table A.6
Components of internal competitiveness for some leading chemical enterprises in 2003
Productivity
of labour
and
motivation
Property
status
Business
activity
Profitability Financial
stability
Liquidity
Title of enterprise
1I 2I 3I 4I 5I 6I
SUMYCHIMPROM 0,248 0,348 0,22 0,317 0,241 0,326
AZOT, Cherkassy 0,655 0,22 0,579 0,327 0,059 0,347
DNEPROPETROVSKY
LAKOKRASOCHNY
0,533 0,563 0,294 0,559 0,572 1
DNEPROSZINA 0,393 0,378 0,476 0,342 0,236 0,33
TITAN 0,268 0,563 0,233 0,419 0,351 0,378
DNEPROAZOT 0,488 0,103 0,113 0,8 0,386 0,378
ROVNOAZOT 0,249 0,194 0,134 0,317 0,261 0,336
KRYMSKY SODOVY 0,501 0,289 0,348 0,367 0,174 0,338
STIROL 1 0,226 0,394 1 0,412 0,478
Mean 0,482 0,32 0,31 0,494 0,299 0,435
128
Економічний вісник Донбасу
Table A.7
Components of internal competitiveness for some leading chemical enterprises in 2004
Nadiya Dubrovina, Yuri Kostin, Evgeniy Zembicki
Productivity
of labour and
motivation
Property
status
Business
activity
Profitability
Financial
stability
Liquidity
Title of enterprise
1I 2I 3I 4I 5I 6I
SUMYCHIMPROM 0,196 0,312 0,365 0,243 0,252 0,323
AZOT, Cherkassy 0,541 0,151 0,351 0,261 0,091 0,331
DNEPROPETROVSKY
LAKOKRASOCHNY 0,412 0,4 0,308 0,391 0,634 1
DNEPROSZINA 0,284 0,303 0,67 0,469 0,234 0,335
TITAN 0,459 0,595 0,527 0,314 0,49 0,358
DNEPROAZOT 0,465 0,14 0,06 0,548 0,323 0,493
ROVNOAZOT 0,307 0,241 0,17 0,417 0,195 0,324
KRYMSKY SODOVY 0,488 0,26 0,37 0,695 0,392 0,338
STIROL 1 0,175 0,379 1 0,499 0,439
Mean 0,461 0,286 0,356 0,482 0,346 0,438
Table A.8
Components of internal competitiveness for some leading chemical enterprises in 2005
Table A.9
The values for regression between net income ratio (profit ratio) and internal competitiveness indexes
2003 2004 2005
Title of enterprise Net
income
ratio
Profit
ratio
Net
income
ratio
Profit
ratio
Net
income
ratio
Profit
ratio
SUMYCHIMPROM 0,191 0,009 0,224 0,003 0,194 0,028
AZOT, Cherkassy 0,799 0,005 0,521 0,015 0,455 0,053
DNEPROPETROVSKY
LAKOKRASOCHNY 0,079 0,035 0,055 0,015 0,046 0,005
DNEPROSZINA 0,315 0,005 0,258 0,073 0,236 0,015
TITAN 0,163 0,017 0,157 0,133 0,158 0,126
DNEPROAZOT 0,435 0,454 0,348 0,25 0,317 0,296
ROVNOAZOT 0,203 -0,189 0,218 0,066 0,195 0,044
KRYMSKY SODOVY 0,163 0,017 0,157 0,133 0,158 0,126
STIROL 1 1 1 1 1 1
Productivity
of labour and
motivation
Property
status
Business
activity
Profitabilit
y
Financial
stability
Liquidity
Title of enterprise
1I 2I 3I 4I 5I 6I
SUMYCHIMPROM 0,097 0,339 0,262 0,333 0,204 0,259
AZOT, Cherkassy 0,373 0,077 0,245 0,246 0,225 0,25
DNEPROPETROVSKY
LAKOKRASOCHNY 0,337 0,498 0,226 0,306 0,524 0,771
DNEPROSZINA 0,196 0,471 0,6 0,307 0,115 0,258
TITAN 0,41 0,666 0,255 0,511 0,439 0,404
DNEPROAZOT 0,382 0,123 0,058 0,648 0,304 0,449
ROVNOAZOT 0,214 0,364 0,343 0,394 0,099 0,237
KRYMSKY SODOVY 0,31 0,376 0,366 0,686 0,434 0,315
STIROL 0,686 0,343 0,251 1 0,377 0,703
Mean 0,334 0,362 0,29 0,492 0,302 0,405
2007’3
129
Nadiya Dubrovina, Yuri Kostin, Evgeniy Zembicki
Table A.10
Results of regression for net income and internal competitiveness index
Regression Summary for Dependent Variable: INC_RAT
R= ,80150231 RІ= ,64240595 Adjusted RІ=
,62865233
F(1,26)=46,708 p<,00000 Std.Error of estimate: ,26649
St. Err. St. Err.
BETA of BETA B of B t(26) p-level
ICI 0,801502 0,117276 0,146869 0,02149 6,834336
2,97E-
07
Table A.11
Results of regression for profit and internal competitiveness index
Regression Summary for Dependent Variable: PR_RAT
R= ,62142817 RІ= ,38617297 Adjusted RІ=
,36256424
F(1,26)=16,357 p<,00042 Std.Error of estimate: ,28651
St. Err. St. Err.
BETA of BETA B of B t(26) p-level
ICI 0,621428 0,153651 0,093442 0,023104 4,044405 0,000416
Table A.12
Results of regression for first ICI component
Regression Summary for Dependent Variable: I_1
R= ,98843919 RІ= ,97701202 Adjusted RІ= ,97401359
F(3,23)=325,84 p<,00000 Std.Error of estimate: ,03504
St. Err. St. Err.
BETA of BETA B of B t(23) p-level
Intercpt
-
0,246413674 0,043459 -5,67006 8,99E-06
X1_1 0,447486372 0,04580478 0,337415449 0,034538 9,769425 1,18E-09
X1_2 0,283182515 0,051217099 0,41542177 0,075134 5,529062 1,27E-05
X1_3 0,416040776 0,041299066 0,459765939 0,04564 10,07385 6,65E-10
Table A.13
Results of regression for second ICI component
Regression Summary for Dependent Variable: I2
R= ,88435555 RІ= ,78208473 Adjusted RІ= ,75366100
F(3,23)=27,515 p<,00000 Std.Error of estimate: ,07890
St. Err. St. Err.
BETA of BETA B of B t(23) p-level
Intercpt -0,097564408 0,059534 -1,63881 0,114861
X2_1 0,363345433 0,10376728 0,258405288 0,073798 3,501541 0,001921
X2_2 0,558604839 0,105019363 0,247316717 0,046496 5,319065 2,12E-05
X2_3 0,674581755 0,100428064 0,386014772 0,057468 6,717064 7,49E-07
130
Економічний вісник Донбасу
Nadiya Dubrovina, Yuri Kostin, Evgeniy Zembicki
Table A.14
Results of regression for third ICI component
Regression Summary for Dependent Variable: I3
R= ,95752699 RІ= ,91685794 Adjusted RІ= ,89706221
F(5,21)=46,316 p<,00000 Std.Error of estimate: ,05012
St. Err. St. Err.
BETA of BETA B of B t(21) p-level
Intercpt -0,22014 0,040036 -5,49855 1,87E-05
X3_1 0,272180186 0,113616 0,152088 0,063486 2,395618 0,02599
X3_2 0,273333834 0,151973 0,220399 0,122541 1,798569 0,086478
X3_3 0,444138111 0,118088 0,268246 0,071321 3,761088 0,001149
X3_4 0,180324225 0,086508 0,091978 0,044125 2,084486 0,049512
X3_5 0,366376946 0,082903 0,223358 0,050541 4,41935 0,000238
Table A.15
Results of regression for forth ICI component
Regression Summary for Dependent Variable: I4
R= ,99207477 RІ= ,98421235 Adjusted RІ= ,98289671
F(2,24)=748,09 p<,00000 Std.Error of estimate: ,03077
St. Err. St. Err.
BETA of BETA B of B t(24) p-level
Intercpt 0,270503 0,008213 32,9374 1,72E-21
X4_1 0,57292094 0,08629 0,430088 0,064777 6,639518 7,23E-07
X4_2 0,430322279 0,08629 0,28781 0,057713 4,986958 4,3E-05
Table A.16
Results of regression for fifth ICI component
Regression Summary for Dependent Variable: I5
R= ,96039993 RІ= ,92236803 Adjusted RІ= ,91224212
F(3,23)=91,090 p<,00000 Std.Error of estimate: ,04550
St. Err. St. Err.
BETA of BETA B of B t(23) p-level
Intercpt -0,0115 0,035196 -0,32687 0,746719
X5_1 0,440754348 0,059188 0,188928 0,025371 7,446687 1,43E-07
X5_2 0,422626022 0,068062 0,316091 0,050905 6,209471 2,46E-06
X5_3 0,513911157 0,067045 0,259784 0,033892 7,665172 8,86E-08
Table A.17
Results of regression for six ICI component
Regression Summary for Dependent Variable: I6
R= ,97142665 RІ= ,94366974 Adjusted RІ= ,93632231
F(3,23)=128,44 p<,00000 Std.Error of estimate: ,05178
St. Err. St. Err.
BETA of BETA B of B t(23) p-level
Intercpt 0,291896 0,013966 20,90032 1,85E-16
X6_1 0,515256318 0,12529 0,353229 0,085891 4,112522 0,000425
X6_2 0,009469332 0,114613 0,005529 0,066918 0,08262 0,934869
X6_3 0,492789321 0,089153 0,311941 0,056435 5,527465 1,27E-05
|
| id | nasplib_isofts_kiev_ua-123456789-16122 |
| institution | Digital Library of Periodicals of National Academy of Sciences of Ukraine |
| issn | 1817-3772 |
| language | English |
| last_indexed | 2025-11-28T02:30:13Z |
| publishDate | 2007 |
| publisher | Інститут економіки промисловості НАН України |
| record_format | dspace |
| spelling | Dubrovina, N. Kostin, Y. Zembicki, E. 2011-02-07T09:44:01Z 2011-02-07T09:44:01Z 2007 Prospects of development of the conducting chemical enterprises of Ukraine / N. Dubrovina, Y. Kostin, E. Zembicki // Економічний вісник Донбасу. — 2007. — № 3(9). — С. 115-130. — Бібліогр.: 11 назв.— англ. 1817-3772 https://nasplib.isofts.kiev.ua/handle/123456789/16122 en Інститут економіки промисловості НАН України Стратегічний менеджмент Prospects of development of the conducting chemical enterprises of Ukraine Article published earlier |
| spellingShingle | Prospects of development of the conducting chemical enterprises of Ukraine Dubrovina, N. Kostin, Y. Zembicki, E. Стратегічний менеджмент |
| title | Prospects of development of the conducting chemical enterprises of Ukraine |
| title_full | Prospects of development of the conducting chemical enterprises of Ukraine |
| title_fullStr | Prospects of development of the conducting chemical enterprises of Ukraine |
| title_full_unstemmed | Prospects of development of the conducting chemical enterprises of Ukraine |
| title_short | Prospects of development of the conducting chemical enterprises of Ukraine |
| title_sort | prospects of development of the conducting chemical enterprises of ukraine |
| topic | Стратегічний менеджмент |
| topic_facet | Стратегічний менеджмент |
| url | https://nasplib.isofts.kiev.ua/handle/123456789/16122 |
| work_keys_str_mv | AT dubrovinan prospectsofdevelopmentoftheconductingchemicalenterprisesofukraine AT kostiny prospectsofdevelopmentoftheconductingchemicalenterprisesofukraine AT zembickie prospectsofdevelopmentoftheconductingchemicalenterprisesofukraine |