Debt ratio of the largest Russian scientific-research and design institutions

ranking 14/09/2017

Information Agency Credinform has prepared the ranking of the largest Russian scientific-research and design institutions. The largest enterprises (TOP-10) in terms of annual revenue were selected according to the data from the Statistical Register for the latest available periods (2016 and 2015). Then the companies were ranged by debt ratio (Table 1). The analysis was based on data of the Information and Analytical system Globas.

Debt ratio (or the ratio of borrowed and own funds) is one of the financial stability ratios. The ratios of this group determine the possibility of granting the long-term loans or investing as they characterize the possibility of the company to meet its long-term obligations. The debt ratio (х) is calculated as a ratio of total borrowed funds to equity capital and shows how many units of borrowed funds the company had attracted to each unit of own sources of financing.

The recommended value of the ratio is less than 1. The ratio of borrowed and own funds should not be negative, therefore the ratio value from 0 to 1 is one of the indicators of company’s high ability to meet its obligations.

The calculation of practical values of financial indicators, which might be considered as normal for a certain industry, has been developed and implemented in the Information and Analytical system Globas by the experts of Information Agency Credinform, taking into account the actual situation of the economy as a whole and the industries. In 2015 the practical value of debt ratio for scientific-research and design institutions ranged from 0 to 2,02.

For the most full and fair opinion about the company’s financial position, the whole set of financial indicators and ratios of the company should be taken into account.

Table 1. Net profit, revenue, debt ratio, solvency index Globas of the largest Russian scientific-research and design institutions (TOP-10)
Name, INN, region Net profit, mln RUB Revenue, mln RUB Debt ratio 0≤(x)<1 Solvency index Globas
2015 2016 2015 2016
1 2 3 4 5 6 7
NAO JSC ALL-RUSSIAN SCIENTIFIC-RESEARCH INSTITUTE SIGNAL
INN 3305708964 Vladimir region
2 078,4 1 343,8 6 257,0 3 260,7 0,32 233 High
FEDERAL STATE UNITARY ENTERPRISE CENTRAL AEROHYDRODYNAMIC INSTITUTE NAMED AFTER PROFESSOR N.E. ZHUKOVSKY
INN 5013009056 Moscow region
29,0 29,3 8 269,0 7 170,1 0,42 220 High
FEDERAL STATE UNITARY ENTERPRISE KRYLOV STATE RESEARCH CENTRE
INN 7810213747 Saint-Petersburg
-194,2 61,1 5 603,33 9 220,1 0,51 201 High
NAO JSC N.A. DOLLEZHAL RESEARCH AND DEVELOPMENT INSTITUTE OF POWER ENGINEERING
INN 7708698473 Moscow
367,0 136,8 6 759,0 4 935,4 0,53 247 High
NAO JSC STATE MASHINE BUILDING DESIGN BUREAU VYMPEL BY NAME I.I.TOROPOV
INN 7733546058 Moscow
3 143,3 798,8 37 497,6 17 239,6 1,52 188 The highest
NAO JSC ALL-RUSSIAN RESEARCH INSTITUTE FOR NUCLEAR POWER PLANTS OPERATION (VNIIAES)
INN 7721247141 Moscow
848,4 757,6 7 097,2 4 089,1 3,80 164 The highest
NAO JSC CENTRAL DESIGN BUREAU FOR MARINE ENGINEERING RUBIN
INN 7838418751 Saint-Petersburg
3 839,2 2 611,0 28 737,8 37 618,5 7,56 185 The highest
NAO SCIENTIFIC-RESEARCH AND DESIGN INSTITUTE OF CIVIL ENGINEERING, LANDSCAPING AND URBAN DESIGN MOSPRIEKT3
INN 7707820890 Moscow
257,7 261,0 7 598,8 6 619,6 7,76 226 High
PAO JSC ST. PETERSBURG MARINE DESIGN BUREAU MALACHITE
INN 7810537540 Saint-Petersburg
1 230,5 374,5 6 877,4 6 556,5 9,30 186 The highest
NAO JSC SCIENTIFIC-RESEARCH AND DESIGN INSTITUTE FOR ENERGY TECHNOLOGIES ATOMPROEKT
INN 7814417371 Saint-Petersburg
-1 646,6 1 105,4 12 026,6 9 767,7 18,13 238 High
Total for TOP-10 group of companies 9 952,7 7 479,5 126 723,7 106 477,4    
Average value within TOP-10 group of companies 995,3 747,9 12 672,4 10 647,7 4,99  
Industry average value 0,2   46,5   1,05  

The average value of debt ratio in TOP-10 group of companies is higher than recommended and practical values. Four companies have values within the recommended values, one company within practical values, five companies from TOP-10 list are not within practical values (green, yellow and red colors respectively in column 6 of Table 1 and Picture 1). In 2016, nine companies from TOP-10 list have decrease in revenue and net profit in comparison with previous period (red color in 3 and 5 columns of Table 1).

Picture 1. Debt ratio and revenue of the largest Russian scientific-research and design institutions (TOP-10) Picture 1. Debt ratio and revenue of the largest Russian scientific-research and design institutions (TOP-10)

In the period from 2006 to 2015, the average values of debt ratio were within practical values (Picture 2).

Picture 2. The change of debt ratio average values within 2006-2015 for the scientific-research and design institutions Picture 2. The change of debt ratio average values within 2006-2015 for the scientific-research and design institutions

All companies from TOP-10 list have the highest or high solvency index Globas, this fact shows the ability of the companies to meet their obligations in time and fully.