Information agency Credinform has observed trends in the activity of the largest Russian holding management companies.
Enterprises with the largest volume of annual revenue (TOP-10 and TOP-1000), engaged in management of holding companies, financial industrial groups and management consultancy, were selected for the analysis, according to the data from the Statistical Register for the latest available periods (for 2015-2017). The analysis was made on the basis of the data of the Information and Analytical system Globas.
The largest company in terms of net assets amount is AO ROSNEFTEGAZ. In 2018 net assets of the company amounted to more than 3454 billion RUB.
LLC CORPORATE MANAGEMENT COMPANY CONCERN TRACTOR PLANTS had the smallest amount of net assets in the TOP-1000 group. Insufficiency of property of the company in 2018 as expressed in negative value -109 billion RUB.
For a ten-year period average amount of net assets of TOP-1000 companies has increasing tendency (Picture 1).
Share of companies with insufficiency of property in the TOP-1000 demonstrate increasing tendency (Picture 2).
The revenue volume of 10 leaders of the industry made 87% of the total revenue of TOP-1000 companies in 2017 (Picture 3). It demonstrates high level of monopolization in the industry.
In general, over a ten-year period an increasing tendency in revenue volume is observed (Picture 4).
Profit and losses
The largest company in terms of net profit amount is JSC HOLDING COMPANY METALLOINVEST. Net profit of the company amounted to almost 70 billion RUB for 2018.
For the last ten years average industrial indicators of net profit have an increasing tendency (Picture 5).
Over a five-year period, the average values of net profit indicators of TOP-1000 companies tend to increase. Besides, the average value of net loss decreases (Picture 6).
Key financial ratios
Over the ten-year period the average indicators of the current liquidity ratio in general were within the range of recommended values – from 1,0 up to 2,0 with increasing tendency (Picture 7).
Average values of the indicators of the return on investment ratio have increasing tendency for ten years (Picture 8).
This business activity ratio showed a tendency to decrease for a ten-year period (Picture 9).
56% of the TOP-1000 companies are registered in the Register of small and medium enterprises of the Federal Tax Service of the RF. Besides, share of revenue in the total volume in 2017 is 1,8%, that is lower than the average indicator countrywide (Picture 10).
Main regions of activity
TOP-1000 enterprises are unequally distributed along the territory of Russia and registered in 67 regions. More than 94% of revenue volume is concentrated in Moscow (Picture 11).
Financial position score
An assessment of the financial position of TOP-1000 companies shows that the largest number is in an above average financial position. (Picture 12).
According to the data of the Federal State Statistics Service, share of the companies, engaged in activities of head offices and management consultancy in the volume of revenue from sale of goods, products, works and services countrywide in general amounted to 0,8% for 2018.
Comprehensive assessment of the activity of largest Russian holding management enterprises, taking into account the main indexes, financial indicators and ratios, demonstrates the presence of favorable trends (Table 1).
|Trends and assessment factors||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|
|Increase (decrease) rate of average revenue amount||10|
|Level of competition||-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||10|
|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|
|Financial position (major share)||10|
|Solvency index Globas (major share)||10|
|Average value of factors||2,9|
positive trend (factor), negative trend (factor).
Information agency Credinform presents ranking of the largest Russian holding management companies. Enterprises with the largest volume of annual revenue (TOP-10), engaged in management of holding companies, financial industrial groups and management consultancy, were selected for the analysis, according to the data from the Statistical Register for the latest available periods (for 2015-2017). Then they were ranked by decrease in current liquidity ratio (Table 1). The analysis was made on the basis of the data of the Information and Analytical system Globas.
Recommenmded value is from 1,0 to 2,0. Value of the indicator less than 1,0 demonstrates that short-term liabilities exceed current working assets. Therefore, lower limit of the interval reveals need to provide sufficiency of working assets for complete payment of short-term liabilities. Otherwise, it may cause bankruptcy of an enterprise. However, significant increase of short-term assets over liabilities can demonstrate impairment of capital structure and irrational investments of funds.
The experts of the Information agency Credinform, taking into account the actual situation both in the economy as a whole and in sectors, has developed and implemented in the Information and Analytical system Globas the calculation of practical values of financial ratios that can be recognized as normal for a particular industry. For holding management companies practical value of the current liquidity ratio amounted from 0,71 to 5,17 in 2017.
For getting of the most comprehensive and fair picture of the financial standing of an enterprise it is necessary to pay attention to all combination of indicators and financial ratios.
|Name, INN, region||Revenue, billion RUB||Net profit (loss), billion RUB||Current liquidity rsatio (x), from 1,0 to 2,0||Solvency index Globas|
INN 7705630445 Moscow
|JSC RUSSIAN GRIDS
INN 7728662669 Moscow
|JSC RUSSIAN HELICOPTERS
INN 7731559044 Moscow
|JSC CONCERN RADIO-ELECTRONIC TECHNOLOGIES
INN 7703695246 Moscow
|JSC United Engine Corporation
INN 7731644035 Moscow
|LLC SET - SVYAZNOY
INN 7714617793 Moscow
INN 7704726183 Moscow
INN 7707572492 Moscow
|LLC PROCTER & GAMBLE
INN 7701032910 Moscow
|JSC HOLDING COMPANY METALLOINVEST
INN 7705392230 Moscow
|Total for TOP-10 companies||3487,61||3622,65||469,28||353,14||127,08||246,65|
|Average value for TOP-10 companies||348,76||362,26||46,93||35,31||12,71||24,66||2,96||282,98||32,06|
|Average industrial value||0,09||0,07||0,04||0,01||1,31||1,01|
*) data for 2018 are given for reference
growth decrease of indicator to the previous period, decrease of indicator to the previous period
Average value of the current liquidity ratio of the TOP-10 group is significantly higher than the average industrial, recommended and practical values of 2017. Five companies have shown results within the interval of the recommended value in 2018.
Over a ten-year period average industrial values of the current liquidity ratio were, in general, within the interval of recommended values with increasing tendency. (Picture 2).