Information agency Credinform represents the ranking of Russian coal mining companies. Coal mining enterprises with the largest volume of annual revenue (TOP-10) were selected for the ranking, according to the data from the Statistical Register for the latest available periods (for 2015 - 2017). Then they were ranked by the revenue volume (Table 1). The analysis was made on the basis of the data of the Information and Analytical system Globas.

Proceeds from the sale of goods, products, works, services – these are monetary amounts or material values in monetary terms, obtained as a result of business activities after the sale of goods and services.
Net profit ratio is a relation of net profit (loss) of a company to sales revenue.

The revenue and ratio show the scale of an enterprise and the effectiveness of its business activities. As a rule, the larger is company's revenue, the higher is its resistance to the effects of negative factors that could be crushing for small and micro enterprises. Revenue also indicates the production capacity of an organization, especially if you look at this indicator in dynamics. By adding to the analysis of the net profit ratio, it is possible to assess realistically the competitiveness of the company in the market. A high value of the net profit ratio (above the industry average) characterizes a more successful position of the enterprise in relation to its competitors.

In 2016, about 30% of coal mining companies had the net profit ratio higher than the industry average one, and in 2017 - only 23.8%. This suggests that, in general, the coal industry is not sufficiently effective in terms of the ability of the majority of companies to compete on an equal footing. To a some extent, this is due to a certain concentration: the TOP-10 companies cover 40% of the entire coal mining industry, and the TOP-25 - already more than 65%.

For getting of the most comprehensive and fair picture of the financial standing of enterprises of this sector it is necessary to pay attention to combination of the two considered indicators and take into account the dynamics of their change. The ranking of TOP-10 companies is presented below (Table 1).

Table 1. Revenue, net profit, net profit ratio, solvency index Globas of the largest Russian coal mining companies (TOP-10)

Name, INN, region	Sales revenue, mln RUB		Net profit (loss), mln RUB		Net profit ratio, in %		Solvency index Globas
	2016	2017	2016	2017	2016	2017
1	2	3	4	5	6	7	8
NJSC SUEK-KUZBASS INN 4212024138 Kemerovo region	105508	134255	22171	30262	21	22,5	204 Strong
NJSC COAL COMPANY KUZBASSRAZREZUGOL INN 4205049090 Kemerovo region	69130	85884	2690	9611	3,8	11,1	218 Strong
JSC HC YAKUTUGOL INN 1434026980 Republic of Sakha (Yakutia)	40006	41423	14051	15834	35,1	38,2	231 Strong
NJSC PREPARATION PLANT RASPADSKAYA INN 4214018690 Kemerovo region	17527	37470	843	503	4,8	1,3	225 Strong
NJSC SIBERIAN ANTHRACITE INN 5406192366 Novosibirsk region	21485	35996	2860	7795	13,3	21,6	205 Strong
NJSC RAZREZ TUGNUISKY INN 0314002305 Republic of Buryatia	32093	35049	5346	5761	16,6	16,4	213 Strong
NJSC TSENTRALNAYA OBOGATITELNAYA FABRIKA KUZNETSKAYA INN 4218000253 Kemerovo region	24996	34358	609	910	2,4	2,6	184 High
PJSC UGOLNAYA KOMPANIYA YUZHNY KUZBASS INN 4214000608 Kemerovo region	27758	32636	7814	17926	28,1	54,9	233 Strong
PJSC KUZBASSKAYA TOPLIVNAYA COMPANY INN 4205003440 Kemerovo region	21823	30237	600	1705	2,7	5,64	171 Superior
NJSC MEZHDURECHIE INN 4214000252 Kemerovo region	18907	29712	11149	18026	58,9	60,6	197 High
Total by TOP-10 companies	379233	497020	68132	108344
Average value by TOP-10 companies	37923	49702	6813	10833	18,7	23,5
Industry average value	1652	2379	203	386	12,3	16,2

— improvement of the indicator to the previous period, — decline in the indicator to the previous period.

The average value of the net profit ratio of TOP-10 companies is above the industry average one. In 2017, all TOP-10 companies improved sales revenue, and in terms of the net profit ratio eight companies increased their efficiency. Moreover, all average values of companies’ indicators improved.

Picture 1. Net profit ratio and revenue of the largest Russian coal mining companies (TOP-10)

67,2% of the total revenue of the industry in 2017 was generated by enterprises located in Kemerovo region (Picture 2). At the same time, only 34% of coal mining companies operate in this region. This indicates that namely Kemerovo region is the locomotive of the coal industry. The second place in terms of revenue takes the Republic of Sakha (Yakutia). It accounts for 5,8% of total consolidated revenue and 3,6% of companies.

Picture 2. Distribution of regions by share in total revenue in 2017

For 10 years, industry average values of the net profit ratio have a certain stability, except for the crisis years (picture 3). In general, the industry was able to cope with the recession of 2013-2015 and reach the pre-crisis level of the net profit ratio.

Picture 3. Change in industry average values of the net profit ratio of Russian coal mining companies in 2008–2017

Information agency Credinform has prepared a review of trends in tourism. The largest Russian travel agencies (TOP-10 and TOP-1000) in terms of annual revenue were selected according to the data from the Statistical Register for the latest available periods (2015 - 2017). The analysis was based on data of the Information and Analytical system Globas.

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

Table 1. The largest Russian travel agencies with the highest and lowest net assets rate in 2015 – 2017

№	Name, INN, region	Net assets value, bln RUB			Solvency index Globas
		2015	2016	2017
1	2	3	4	5	6
1	JSC TOURIST COMPLEX KLJASMA LAKE INN 5029026466 Moscow region	5,48	5,33	5,08	212 Strong
2	ПVAO INTOURIST INN 7703016416 Moscow	4,62	3,99	3,39	310 Adequate
3	LLC VODOHOD INN 7707511820 Moscow	1,83	2,25	2,11	192 High
4	LLC LITEINYI 5 INN 7838397950 Saint Petersburg	1,06	1,10	1,17	175 High
5	LLC KEYSUSTEMS TOUR INN 2130119586 Chuvash Republic	1,06	1,10	1,17	241 Strong
996	LLC SVOY TOUR AND TRAVEL INN 7730633954 Moscow	-0,14	-0,12	-0,12	290 Medium
997	LLC VEGA INN 0256021810 Republic of Bashkortostan	-0,11	-0,11	-0,12	367 Adequate
998	LLC HOTEL AND TOURIST COMPLEX LADOGA ESTATE INN 1007021940 Republic of Karelia	-0,10	-0,11	-0,14	349 Adequate
999	LLC NTC INTOURIST INN 7717678890 Moscow	-0,08	-0,02	-0,21	315 Adequate
1000	LLC TT-TRAVEL INN 7714775020 Moscow	-4,34	-3,75	-4,96	306 Adequate

— growth indicator in comparison with prior period, — decline indicator in comparison with prior period.

For the last ten years, the average values of TOP-1000 net assets showed the decreasing tendency (Picture 1).

Picture 1. Change in average net assets value of travel agencies in 2008 – 2017

For the last three years, the share of enterprises with lack of property is decreasing (Picture 2).

Picture 2. The share of enterprises with negative net assets value in ТОP-1000 in 2015 – 2017

Sales revenue
In 2017, the total revenue of 10 largest companies amounted to 24% from ТОP-1000 total revenue (Picture 3). This fact testifies high level of competition within the industry.

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

In general, over a ten-year period the decrease in average sales revenue is observed (Picture 4).

Picture 4. Change in average revenue of travel agencies in 2008 – 2017

Profit and loss
In 2017 profit of 10 largest companies amounted to 27% from TOP-1000 total profit (Picture 5).

Picture 5. Shares of TOP-10 companies in TOP-1000 total profit for 2017

For the last ten years, the average net profit values show the growing tendency (Picture 6).

Picture 6. Change in average net profit of travel agencies in 2008 – 2017

Over a three-year period, the average net profit values of ТОP-1000 show the growing tendency, along with this the average net loss decreases (Picture 6).

Picture 7. Change in average profit/loss of ТОP-1000 companies in 2015 – 2017

Main financial ratios
For the last ten years, the average values of the current liquidity ratio were within the recommended values - from 1,0 to 2,0, with growing tendency (Picture 8).

The current liquidity ratio (ratio of total working capital to short-term liabilities) shows the sufficiency of company’s assets to meet short-term obligations.

Picture 8. Change in average values of current liquidity ratio of travel agencies in 2008 – 2017

For the last ten years, the average values of ROI ratiowere mostly negative with growing tendency (Picture 9).

The ROI ratio is calculated as a ratio of net profit to sum of stockholder equity and long-term liabilities and shows the return from equity involved in commercial activities and long-term borrowed funds.

Picture 9. Change in average values of ROI ratio in 2008 – 2017

Assets turnover ratio is the ratio of sales revenue and company’s average total assets for a period. It characterizes the effectiveness of using of all available resources, regardless the source of their attraction. The ratio shows how many times per year the full cycle of production and circulation is performed, generating the corresponding effect in the form of profit.

For the last ten years, this business activity ratio demonstrated the downward trend (Picture 10).

Picture 10. Change in average values of assets turnover ratio of travel agencies in 2008 – 2017

Production structure
The largest share of ТОP-1000 total revenue is occupied by the enterprises engaged in travel agency services (Picture 11).

Picture 11. Distribution of activities in ТОP-1000 total revenue

94% of ТОP-1000 companies are registered in the Unified register of small and medium-sized enterprises of the Russian Federal Tax Service. Herein, in 2017 their share in TOP-1000 total revenue amounted to 68%, it is significantly higher than indicator for the economy as a whole (Picture 12).

Picture 12. Shares of small and medium-sized enterprises in ТОP-1000, %

Main regions of activity
ТОP-1000 companies are unequally located across the country and registered in 70 regions of Russia. More than 76% of the largest enterprises in terms of revenue are located in Moscow, Moscow region and Saint Petersburg Picture 13).

Picture 13. Distribution of TOP-1000 revenue by the regions of Russia

Financial position score
An assessment of the financial position of TOP-1000 companies shows that more than a half of them have stable or above average financial position (Picture 14).

Picture 14. Distribution of TOP-1000 companies by financial position score

Solvency index Globas
Most of TOP-1000 companies got superior/high or strong/medium Solvency index Globas, this fact shows the ability of the companies to meet their obligations in time and fully (Picture 15).

Picture 15. Distribution of TOP-1000 companies by Solvency index Globas

Conclusion
A complex assessment of activity of the largest Russian travel agencies, taking into account the main indexes, financial ratios and indicators, demonstrates the presence of favorable trends (Table 2).

Table 2. Favorable and unfavorable trends, assessment factors

Trends and assessment factors	Relative share, %
Growth/drawdown rate of average net assets value	-10
Increase / decrease in the share of enterprises with negative net assets	10
Growth/drawdown rate of average revenue	-10
Competition/ monopolization level	10
Growth/drawdown rate of average net profit (loss)	10
Increase / decrease in average net profit of TOP-1000 companies	10
Increase / decrease in average net loss of TOP-1000 companies	10
Increase / decrease in average values of current liquidity ratio	10
Increase / decrease in average values of ROI ratio	10
Increase / decrease in average values of assets turnover ratio, times	-10
Share of small and medium-sized businesses in the industry by revenue more than 30%	10
Regional concentration	-10
Financial position (the largest share)	10
Solvency index Globas (the largest share)	10
Average value of factors	4,3

— favorable trend (factor), — unfavorable trend (factor).