In our publication as of 27.05.2019 «Capital amnesty has been extended» it was informed that the third stage of «capital amnesty» was carried out.

Started from June 1, 2019 and until February 29, 2020 the citizens of Russia can declare foreign assets and accounts, get tax exemption on personal income and that one gained from controlled foreign companies, under the condition of legalization as tax residents of Russia. Relief from criminal liability is guaranteed by the amendments to the article 761 of the Criminal Code of the RF.

Addition to the note to the article 14.1 of the Administrative Offences Code of the RF (AOC) was made by the Federal Law as of July 18, 2019 №178-FL. According to the Law, persons that are applicants or those the information about can be found in special declarations filed on the third stage of «capital amnesty» are discharged from administrative liability.

It concerns declaration of actions or inactions related to:

• property;
• participation in controlled foreign organizations;
• conducting transactions with currency;
• crediting of monetary funds to accounts or investments.

During first and second phases of «capital amnesty» almost 19 thousand declarations were filed.

Information agency Credinform has observed trends in the activity of the largest companies of real sector of economy of Tula region.

Enterprises with the largest volume of annual revenue (TOP-1000), were selected for the analysis, according to the data from the Statistical Register for the latest available periods (for 2013-2017). The analysis was made on the basis of the data of the Information and Analytical system Globas.

Net assets - indicator, reflecting the real value of company's property, is calculated annually as the difference between assets on the enterprise balance and its debt obligations. The indicator of net assets is considered negative (insufficiency of property), if company’s debt exceeds the value of its property.

The largest company of Tula region in terms of net assets is JSC QUADRA - POWER GENERATION. In 2017 net assets of the company amounted to 33,1 billion RUB.

The smallest amount of net assets among TOP-1000 has LLC BRAER BRICKYARD. Insufficiency of property of the company has negative value -1,3 billion RUB.

Over a five-year period average amount of net assets of the TOP-1000 group has got increasing tendency (Picture 1).

Picture 1. Change in TOP-1000 average indicators of the net asset amount in 2013 – 2017

Shares of companies with insufficiency of property in the TOP-1000 has increasing tendency for the last five years (Picture 2).

Picture 2. Shares of companies with negative value of net assets in TOP-1000

Sales revenue
The revenue of 10 leaders of the industry made 44% of the total revenue of TOP-1000 companies in 2017(Picture 3). It demonstrates high level of productive concentration in Tula region.

Picture 3. Shares of participation of TOP-10 companies in the total revenue of TOP-1000 companies for 2017

In general, an increasing tendency in volume revenue is observed (Picture 4).

Picture 4. Change in the average revenue of TOP-1000 companies in 2013 – 2017

Profit and losses
The largest company of Tula region in terms of net profit is NOVOMOSKOVSK JOINT STOCK COMPANY AZOT. For 2017 profit of the company amounted to 10,7 billion RUB.

In general, increasing trend in average amount of profit in TOP-1000 has been observed for five years (Picture 5).

Picture 5. Change in average indicators of profit of TOP-1000 companies in 2013 – 2017

Over a five-year period, the average values of profit indicators of TOP-1000 companies tend to increase. Besides, the average value of net loss increases (Picture 6).

Picture 6. Change in the average indicators of profit and loss of TOP-1000 companies in 2013 – 2017

Key financial ratios
Over the five-year period the average indicators of the total liquidity ratio were above the range of recommended values – from 1,0 up to 2,0 with increasing tendency (Picture 7).

The total liquidity ratio (the relation of the amount of current assets to short-term liabilities) shows the sufficiency of company’s funds for repayment of its short-term liabilities.

Picture 7. Change in the industry values of the total liquidity ratio of TOP-1000 companies in 2013 – 2017

In general, high level of average values of the indicators of the return on investment ratio with increasing tendency has been observed for five years. (Picture 8)

The ratio is calculated as the relation of net profit to the sum of own capital and long-term liabilities and demonstrates the return on the equity involved in the commercial activity of own capital and the long-term borrowed funds of an organization.

Picture 8. Change in the average values of the return on investment ratio of TOP-1000 companies in 2013 – 2017

Asset turnover ratio is calculated as the relation of sales revenue to the average value of total assets for a period and characterizes the efficiency of use of all available resources, regardless of the sources of their attraction. The ratio shows how many times a year a complete cycle of production and circulation is made, yielding profit.

This business activity ratio showed a tendency to decrease for five-year period (Picture 9).

Picture 9. Change in the average values of the asset turnover ratio of TOP-1000 companies in 2013 – 2017

Small business
80% of TOP-1000 are registered in the Register of small and medium enterprises of the Tax Service of the RF. Besides, share of revenue in the total revenue of TOP-1000 companies amounts to 16,9%, that is lower than the average indicator for the country (Picture 10).

Picture 10. Shares of small and medium enterprises in TOP-1000 companies

Main regions of activity
TOP-1000 companies are registered in 26 districts and settlements of the region and unequally distributed along the territory of the region. More than 79% of the largest companies in terms of revenue volume are concentrated in regional center – Tula, Novomoskovskiy and Efremovskiy districts (Picture 11).

Picture 11. Distribution of revenue of TOP-1000 companies by districts of Tula region, %

Financial position score
An assessment of the financial position of TOP-1000 companies shows that the largest number is in a stable financial position and above the average (Picture 12).

Picture 12. Distribution of TOP-1000 companies by financial position score

Solvency index Globas
Most of TOP-1000 companies got Superior/High or Medium Solvency index Globas, that points to their ability to repay their debts in time and fully (Picture 13).

Picture 13. Distribution of TOP-1000 companies by solvency index Globas

Industrial production index
According to the Federal State Statistics Service, in Tula region during 12 months of 2018 - 2019 no clear trend of indicators for industrial production index has been observed (Picture 14). Besides, average indicator of the index from month to month amounted to 101,5%, and for 5 months of 2019 – 89,4%.

Picture 14. Industrial production index in Tula region in 2018 - 2019, from month to month (%)

According to the same data, share of Tula region companies in the total revenue volume from sale of goods, products, works, services for the country in 2018 amounted to 0,626%, for the 1st quarter of 2019 – 0,593%, that is lower than the indicator for the 1st quarter of 2018, amounted to 0,606%.

Conclusion
Comprehensive assessment of the activity of largest companies of real sector of economy of Tula region, taking into account the main indexes, financial indicators and ratios, demonstrates the presence of negative trends (Table 1).

Table 1. Positive and negative trends, assessment factors of the TOP-1000

Trends and assessment factors for TOP-1000	Share of factor, %
Rate of increase (decrease) of average amount of net assets	10
Increase / decrease of share of companies with negative values of net assets	-10
Level of capital concentration	-10
Increase (decrease) rate of average revenue amount	10
Increase (decrease) rate of average net profit (loss) amount	10
Increase / decrease of average net profit amount of TOP-1000 companies	10
Increase / decrease of average net loss amount of TOP-1000 companies	-10
Increase / decrease of average industrial values of the current liquidity ratio	5
Increase / decrease of average industrial values of the return on investments ratio	-10
Increase / decrease of average industrial values of the assets turnover ratio, times	-10
Share of small and medium enterprises in the industry in terms of revenue volume more than 22%	-10
Regional concentration	-5
Financial position (major share)	10
Solvency index Globas (major share)	10
Industrial production index	-5
Dynamics of share of companies in the total volume of revenue from sale of goods, products, works, services for the country	-5
Average value of factors	0,9

positive trend (factor), negative trend (factor).