Information agency Credinform represents a ranking of the largest Russian companies that received support from the government (subsidies, subventions, budget investments, inter-budget transfers, independent guarantees, sureties and training events of the SME Corporation). Companies with the largest volume of annual revenue (TOP-10) were selected for the ranking, according to the data from the Statistical Register and the Federal Tax Service for the latest available periods (2018 - 2019). They were ranked by the liabilities to assets ratio (Table 1). The analysis was based on the data of the Information and Analytical system Globas.

Liabilities to assets ratio shows the share of assets financed by loans. The standard value for this ratio is from 0.2 to 0.5.

Sales revenue and net income show the scale and efficiency of the business activity, and the liabilities to assets ratio indicates the risk of the entity’s insolvency.

Exceeding the upper standard value indicates excessive debt load, which can stimulate development, but negatively affects the stability of the financial position of the company. If the value is below the standard value, this may indicate a conservative strategy of financial management and excessive caution in attracting new borrowed funds.

For the most complete and objective view of the financial condition of the enterprise, it is necessary to pay attention to the complex of indicators and financial ratios of the company.

Table 1. Revenue, net profit, liabilities to assets ratio, solvency index Globas of the largest Russian companies that received support from the government (TOP-10)

Name, INN, region	Revenue, million RUB		Net profit (loss), million RUB		Liabilities to assets ratio (x), from 0,2 to 0,5		Solvency index Globas
	2018	2019	2018	2019	2018	2019
1	2	3	4	5	6	7	8
TATNEFT JSC INN 1644003838 Republic of Tatarstan	793 237	827 027	197 523	156 046	0,22	0,30	173 Superior
JSC RUSSIAN RAILWAYS INN 7708503727 Moscow	1 798 396	1 848 123	18 363	53 457	0,30	0,32	196 High
JSC MAGNITOGORSK IRON&STEEL WORKS INN 7414003633 Chelyabinsk region	458 218	434 869	73 689	55 563	0,36	0,38	174 Superior
JSC SIBUR HOLDING INN 7727547261 Tyumen region	486 062	462 950	108 439	111 911	0,46	0,43	194 High
LLC TOYOTA MOTOR INN 7710390358 Moscow region	313 242	299 016	12 386	8 651	0,48	0,54	214 Strong
JSC SEVERSTAL INN 3528000597 Vologda region	432 773	457 588	124 269	105 732	0,55	0,64	193 Superior
JSC ROSTELECOM INN 7707049388 Saint Petersburg	305 939	319 726	5 381	-3 363	0,59	0,64	267 Medium
JSC AEROFLOT-RUSSIAN AIRLINES INN 7712040126 Moscow	504 697	551 767	2 796	5 287	0,65	0,65	195 High
LLC VOLKSWAGEN GROUP RUS INN 5042059767 Kaluga region	289 243	330 882	8 749	17 988	0,79	0,72	210 Strong
JSC MEGAFON INN 7812014560 Moscow	305 426	312 305	16 430	3 645	0,75	0,77	250 Medium
Average value for TOP-10	568 723	584 425	56 803	51 492	0,51	0,54
Average value for TOP-1000	20 374	20 946	1 331	1 559	0,65	0,63

growth of indicator to the previous period, decrease of indicator to the previous period

The average indicator of the net profit ratio of TOP-10 is below the average one of TOP-1000. In 2019, five companies have increased the value compared to the previous period.

Picture 1. Liabilities to assets ratio of the largest Russian companies that received support from the government (TOP-10)

During six years, the average values of the liabilities to assets ratio of TOP-1000 have a positive trend to decrease (Picture 2).

Picture 2. Change in the average values of the liabilities to assets ratio of TOP-1000 largest Russian companies that received support from the government, 2014 - 2019