Money in Moscow and the state: what does the new RBC 500 :: Economy :: RBC

Money in Moscow and the state: what does the new RBC 500 :: Economy :: RBC

Greater than 40% of the revenues of the largest Russian corporations offered a state-owned firm is certainly one of the foremost information of recent RBC 500. And the distribution of individuals by area confirms the centralisation of enterprise exercise in Moscow

As the findings of a new 500 RBC score, the complete income of all its members, virtually half is offered by state — owned corporations, though the quantity they’re a number of occasions inferior to non-public corporations. The turnover of state-owned corporations is rising yearly, whereas the overwhelming majority of the income of main Russian enterprises in various levels, is tied to Moscow.

The leaders of the score RBK 500 — 2018

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A big position of the state

The income of the state of the RBC 500 at the finish of 2017 amounted to 30.6 trillion and personal — to 40.1 trillion rubles: that is 42.three% and 55,5% in the complete income respectively (percentages don’t equal 100% as per the score individually, there are corporations with combined participation). However state enterprises in the rating is considerably lower than personal — 88 vs 394.

The necessary position of the state in the financial system is one in every of the fundamental structural issues, which is known as unbiased economists and officers. Now the authorities on behalf of President Vladimir Putin is working to extend the share of funding in GDP to 25% (from the present 21%), and one among the instruments to realize this goal might be a discount in the share of presidency in the financial system — Ministry of financial improvement talked about this in its macro forecast for the subsequent six-year-old, seen by RBC. Specialists of the Middle for strategic analysis estimated the share of state sector in GDP is 46% and referred to as it enlargement a transparent development which results in a lower in the effectivity of market mechanisms and the enterprises themselves, but in addition to “informal nationalization of private companies”. Ministry of financial improvement proposes to restrict the creation of unitary enterprises on aggressive markets, prohibit the state to purchase shares in corporations that function in aggressive markets, and to develop an exit plan of the Central Financial institution of capital in restructured banks (final yr, the three largest personal banks turned state).

“42% [of the revenue share of state-owned companies in the ranking] is over-the-top figure. She should decline. I think we are moving towards the maximum of inefficiency and extremely costly investment programs. One of the sources of growth should be the reduction of the share of the state in the economy and the transition not only in private but also in public [exchange-traded] company”, — informed RBC Director of the Middle for structural analysis of the Ranepa Alexey Vedev, till 2017, who held the publish of Deputy Minister of financial improvement.

Prime 10 information about RBC 500


Alexei Vedev emphasizes that the opposition between “public vs private companies” — just one aspect of the coin. A personal firm additionally could also be ineffective, and the state’s share of 20-25% is sufficient to not be thought-about a personal firm. Subsequently, the best choice is a public firm with shares on the market and clear reporting, stated Vedev. State-owned corporations reporting fairly “blurred”, and behind this inefficiency, he says.

Nevertheless, the contribution of state corporations in the quantity of 42% is lower than many specialists (e.g., specialists FAS have assessed the share of presidency in the financial system 70%), attracts the consideration of the Deputy Director of the Middle for macroeconomic evaluation and short-term forecasting Vladimir Salnikov, though that is nonetheless a big proportion. That is largely as a consequence of the affect of the oil and fuel sector, as corporations from that sector are sometimes state, he says.

RBC 500: freshmen score


The typical income of state-owned corporations continues to develop. At the finish of 2014, when the score was ready for the first time, it was 284,5 billion rubles, now — 347,7 billion rubles From personal corporations from the rating of common revenues 101,eight billion. However the “privateers” she rose 11% in comparison with the earlier yr (state-owned corporations — 5%), and this “good news,” says Alexei Vedev. “Private companies should be more active and show higher rates of growth, stresses the Seals. — Sectoral dimensions such that the presence of state-owned companies in the commodities hampers growth, because for them growth potential is less than for other companies.”

The result’s 70 trillion

In Basic, the income from RBC’s 500 by year-end 2017 made up of 72.three trillion for the yr elevated by 9%. A yr earlier, progress was slower (four.2 %), however the financial system was even in just a little however of recession (GDP in 2016 fell zero.2 %).

The underside restrict for getting into the score this yr was the turnover in the quantity of RUB 17.eight bn the chief of the score, as final yr, turned “Gazprom”, which confirmed income in the quantity of 6.5 trillion rubles in the Subsequent 5 corporations was additionally unchanged is LUKOIL (5.5 trillion rubles), “Rosneft” (5 trillion rubles), Sberbank (three.1 trillion USD), Railways (2.2 trillion RUB) and VTB (1.three trillion RUB). Sixth place might take “assistance” with a turnover of 1.6 trillion rubles., however he, in response to the score methodology, and entered it with out assigning a place as a diversified holding firm. The ten largest corporations additionally consists of X5 Retail Group, “Surgutneftegas”, “Magnet” and “rosseti”.

Oil and fuel contribution

Probably the most variety of individuals score misplaced oil and fuel business — in the new RBK 500 for eight oil and fuel corporations lower than final yr (partially that is brought on by mergers and acquisitions). Nevertheless, this didn’t forestall her to remain in first place in phrases of income amongst all sectors (23,eight trillion). On the second place by this indicator to monetary sector (eight.eight billion rubles.), adopted by metals and mining (7.2 trillion USD), commerce (6 trillion) and transport (four.5 trillion rubles). This can be a commonplace distribution, says Salnikov: “the Structural parameters tend to change very slowly. For a year or two it can’t change”.

As we thought: the methodology of the RBC 500 in 2018


The best income progress confirmed the Web corporations and the media — 35,7% towards the common score of the indicator of 10.2%. The variety of individuals rating in the first place got here the commerce sector (53 members), and the second was the monetary business (51), main on this indicator in final yr’s rating. Third place went to the oil and fuel sector (49 corporations).

In January 2018, when the fundamental matter of stories was the “Kremlin report” of the U.S. Treasury, was that the American Company used the knowledge of final yr’s RBC 500. In the report fell 19 heads of Russian state-owned corporations in precisely the sequence in which these corporations have been in the RBC.

Moscow — the middle of gravity

A big a part of the income of main Russian corporations have been someway related with the capital. Assuming the distribution of the corporations collaborating in the score of the areas (based on the VAT variety of the father or mother firm or the largest income group firm), it seems that 68% of income is concentrated in Moscow. Its position far exceeds the contribution of the nearest “rival” — Krasnodar area, whose share in income is simply four%. In third place — St. Petersburg with a share of three.6% on the fourth and fifth — the suburbs (three%) and Tatarstan (2.eight %).

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The variety of registered corporations collaborating in the first place additionally took Moscow (49%). The closest persecutors — Petersburg and Moscow area — 6.6% and four.6%, respectively.

Uneven improvement is amplified, the Director of the Middle for the research of regional reforms Ranhigs Alexander Deryugin, since 1990-ies the share of Moscow in complete GRP of all areas is growing. The hole in the wealth of Moscow and the remainder of Russia will improve in the coming years, predicted Moody’s. In accordance with the forecast of Ministry of financial improvement, as he wrote RBC, on the ten largest areas in 2018 may have greater than half of the complete GRP. “The differentiation will grow, if nothing to do with regional development,” says Deryugin.

At the similar time, Moscow is producing outcomes. She has a agency maintain on first place amongst areas in revenue revenue tax to the Federal finances — its share is 52.5% and the contribution of the following Petersburg — is simply eight.1%, estimated by analyst group and sovereign regional rankings in ACRE Ilya Tsypkin. However in the event you take the assortment of all main taxes, “in the first place there KHMAO, because it has a huge rate on the tax on extraction of mineral resources”, stated zipkin. On this part the contribution of KHMAO is 21.5%, and Moscow — solely 13.5%. Solely 20 of the largest entities-taxpayers give 74% of the revenues of all areas in the Federal price range.

“The majority of revenues are generated by oil and gas companies, which are mainly registered in Moscow. Most companies in this industry are taxpayers of mineral extraction tax, which is paid to the Federal budget. So here, as in the case of VAT, no matter where these companies are registered — they can be registered in Moscow or another city, but the bulk of back taxes still owed to the Federal budget” — explains a senior Moody’s analyst Semyon Isakov.

One in every of the methods of overcoming of the differentiation (and fairly straightforward) to re — register the enterprises in the areas, says Deryugin. “Many companies don’t care where to be registered. Especially in Moscow companies that are engaged in mining, do not conduct real activity, except Executive. They just prefer to sit here and solve the issues together with the government,” — says the skilled. This technique will assist the regional budgets, nevertheless, that is solely the “tip of the iceberg” — this nonetheless won’t result in job progress, says Alexander Deryugin.