Information agency Credinform represents a ranking of the largest Russian exploration companies. The companies 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 (2016 - 2018). They were ranked by the ratio of assets and liabilities (Table 1). The analysis was based on the data of the Information and Analytical System Globas

The ratio of liabilities and assets indicates the share of assets funded with borrowing. The standard value for the ratio is from 0,2 to 0,5.

Sales revenue and net profit show the scale of the company and the efficiency of its business, and the ratio of liabilities and assets indicates the risk of insolvency of the company. It is especially important to consider the structure of short-term and long-term liabilities. It is not recommended to finance long-term projects through short-term loans, loans with repayment period is up to 12 months. Unforeseen circumstances can significantly affect the solvency of the company.

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.

Таблица 1. Net profit, revenue, ratio of liabilities and assets, solvency index Globas of the largest Russian exploration companies (TOP-10)

Name, INN, region	Revenue, million RUB		Net profit (loss), million RUB		Ratio of liabilities and assets (x), from 0,2 to 0,5		Solvency index Globas
	2017	2018	2017	2018	2017	2018
1	2	3	4	5	6	7	8
LLC GAZPROM NEDRA INN 7709769582 Moscow	9 345,8	8 941,2	9,3	14,2	0,18	0,17	256 Medium
LLC SLADKOVSKO-ZARECHNOE INN 5611037405 Orenburg region	5 513,8	26 848,9	1 183,2	6 571,3	0,26	0,26	196 High
JSC BASHNEFTEGEOFIZIKA INN 0275009544 Republic of Bashkortostan	12 899,0	14 229,1	765,9	1 850,5	0,52	0,43	172 Superior
LLC GAZPROMNEFT SCIENCE & TECHNOLOGY CENTRE INN 7838395487 Saint Petersburg	5 630,1	7 256,3	56,0	758,9	0,58	0,63	216 Strong
JSC ROSPAN INTERNATIONAL INN 7727004530 Yamal-Nenets autonomous district	38 231,5	51 739,0	7 166,0	16 158,6	0,75	0,73	220 Strong
JSC MARINE ARCTIC GEOLOGICAL EXPEDITION INN 5190100088 Murmansk region	5 567,0	8 928,4	147,5	151,3	0,87	0,91	179 High
JSC GEOTECH SEISMIC SERVICES INN 7203215460 Tyumen region	13 914,3	14 055,0	-2 018,7	80,9	0,90	0,92	262 Medium
LLC GAZPROM GEOLOGORAZVEDKA INN 2460066149 Tyumen region	47 443,4	44 940,3	89,4	135,8	0,97	0,96	235 Strong
LLC ZARNESTSERVICE INN 7717108843 Moscow	17 372,0	17 372,0	-140,8	223,0	1,01	0,99	252 Medium
LLC VOSTOKGEOLOGIA INN 7536076678 Zabaikalye territory	19 705,2	9 466,3	-498,4	-831,0	0,88	0,99	311 Adequate
Average value for TOP-10	17 562,2	22 418,6	675,9	2 511,4	0,69	0,70
Industry average value	164,9	202,9	-1,6	-5,4	0,85	0,81

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

Over the past 10 years, the industry average values of the ratio of liabilities and assets have a trend to decrease toward the standard value (Picture 2).

Picture 1. Ratio of liabilities and assets, and revenue of the largest Russian exploration companies (TOP-10)

Over the past 10 years, the industry average values of the ratio of liabilities and assets have a trend to decrease toward the standard value (Picture 2).

Picture 2. Change in the industry average values of the ratio of liabilities and assets of the largest Russian exploration companies in 2009 – 2018

In February 2019, the Ministry of Economic Development of the RF approved the spatial development strategy of Russia as part of 12 macro-regions.

Information agency Credinform represents an overview of activity trends of the largest enterprises of the real sector of the economy in the Central economic region of Russia.

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 - 2018). The analysis was made on the basis of the data of the Information and Analytical system Globas.

Net assets value is an 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 enterprise of the Central economic region of Russia in terms of net assets is GAZPROM PJSC, INN 7736050003, Moscow. Its net assets amounted to 11 067 billion rubles in 2018.

The smallest amount of net assets in the TOP-1000 list was hold by UNITED CHEMICAL COMPANY URALCHEM NJSC, ИНН 7703647595, Moscow. The insufficiency of property of this company in 2018 was expressed as a negative value of -113 billion rubles.

The average values of net assets of TOP-1000 enterprises tend to increase over the five-year period (Picture 1).

Picture 1. Change in the average indicators of the net asset value of TOP-1000 companies in 2014 – 2018

The shares of TOP-1000 enterprises with insufficiency of assets have a tendency to decrease in the last five years (Picture 2).

Picture 2. Shares of enterprises with negative values of net assets in TOP-1000

Sales revenue
The revenue volume of 10 leading companies of the region made 35,5% of the total revenue of TOP-1000 in 2018. (Picture 3). It points to a high level of capital concentration.

Picture 3. Shares of participation of TOP-10 companies in the total revenue of TOP-1000 enterprises for 2018

In general, there is a tendency to increase in the revenue volumes (Picture 4).

Picture 4. Change in the average revenue of TOP-1000 companies in 2014 – 2018

Profit and losses
The largest company in terms of net profit value is GAZPROM PJSC, INN 7736050003, Moscow. Company's profit amounted to 933 billion rubles in 2018.

Over a five-year period, TOP-1000 enterprises showed a tendency to growth of profits (Picture 5).

Picture 5. Change in the average indicators of profit of TOP-1000 companies in 2014 – 2018

Average values of net profit’s indicators of TOP-1000 enterprises have a tendency increase over a five-year period, at the same time the average value of net loss decreases. (Picture 6).

Picture 6. Change in the average indicators of net profit and net loss of TOP-1000 companies in 2014 – 2018

Key financial ratios
Over the five-year period, the average indicators of the total liquidity of TOP-1000 enterprises were mainly in the range of recommended values - from 1,0 up to 2,0, with a tendency to increase. (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 average values of the total liquidity ratio of TOP-1000 companies in 2014 – 2018

Over the course of five years, there is a high level of average indicators of return on investment ratio, with a tendency to increase (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 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 2014 – 2018

Asset turnover ratio is calculated as the relation of sales proceeds 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.

Over a five-year period, this indicator of business activity showed a tendency to increase (Picture 9).

Picture 9. Change in the average values of the asset turnover ratio of TOP-1000 companies in 2014 – 2018

Small business
None of TOP-1000 enterprises is registered in the Register of small and medium-sized enterprises of the Federal Tax Service of the RF.

Main regions of activity
TOP-1000 companies are registered in all 13 regions and distributed extremely unequal across the territory. More than 82% of the largest enterprises in terms of revenue are concentrated in Moscow (Picture 10).

Picture 10. Distribution of the revenue of TOP-1000 companies by regions of the Central economic region of Russia

Financial position score
An assessment of the financial position of TOP-1000 companies shows that the financial position of the most of them is above average. (Picture 11).

Picture 11. Distribution of TOP-1000 companies by financial position score

Solvency index Globas
The vast majority of TOP-1000 enterprises got Superior/High or Strong/Medium Solvency index Globas, that points to their ability to pay off their debts in time and fully (Picture 12).

Picture 12. Distribution of TOP-50 companies by solvency index Globas

Industrial production index
According to the Federal State Statistics Service, there is a tendency towards an increase in indicators of the industrial production index in the Central economic region of Russia during 12 months of 2019 (Picture 13). At the same time, the average index month-over-month made 101,6%.

Picture 13. Averaged industrial production index in regions of the Central economic district of Russia in 2019, month-over-month (%)

According to the same data, the share of enterprises of the Central economic region of Russia in the total amount of revenue from the sale of goods, works, services made 30.309% countrywide for 2018, and for 9 months of 2019 – 30.409%, that is higher than the indicator for the same period of 2018, which amounted to 29,991%

Conclusion
A comprehensive assessment of activity of the largest enterprises of the real sector of the economy in the Central economic region of Russia, taking into account the main indices, financial indicators and ratios, points to the prevalence of positive trends (Table 1).

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

Trends and evaluation factors of TOP-1000	Specific share of factor, %
Rate of growth (decline) in the average size of net assets	10
Increase / decrease in the share of enterprises with negative values of net assets	10
Level of competition / monopolization	-10
Rate of growth (decline) in the average size of revenue	10
Rate of growth (decline) in the average size of profit (loss)	10
Growth / decline in average values of net profit of companies	10
Growth / decline in average values of net loss of companies	10
Increase / decrease in average values of total liquidity ratio	5
Increase / decrease in average values of return on investment ratio	10
Increase / decrease in average values of asset turnover ratio, times	10
Share of small and medium-sized enterprises in the region in terms of revenue being more than 22%	-10
Regional concentration	-10
Financial position (the largest share)	10
Solvency index Globas (the largest share)	10
Industrial production index	10
Dynamics of the share of proceeds of the region in the total revenue of the RF	10
Average value of the specific share of factors	5,4

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