| AK&M assessed the efficiency of enterprises The AK&M rating center, with the support of the regional branch of the Federal Securities Commission in the Central Federal District, has developed a rating of the efficiency of enterprises in the Central Federal District (CFD). Efficiency is a key factor determining the investment attractiveness of an enterprise. Moreover, if efficiency is characterized by any one well-known indicator, then the assessment of the position of a particular company may not be entirely adequate and mislead investors. Therefore, to determine the efficiency of an enterprise, it is necessary to use an integrated approach and take into account a set of indicators.
The rating included the largest joint stock companies in terms of sales revenue in 2000, located in the Central Federal District. The rating does not include companies that are registered in one of the regions of the Central Federal District, but conduct their main activities not only on its territory. These are enterprises that have a distributed structure and carry out their main activities in two or more federal districts. These include, in particular, Gazprom, RAO UES of Russia, LUKOIL, RAO Norilsk Nickel, Rostelecom, Sibneft, Sidanko, Slavneft, Tyumen Oil Company, Rosneft, Transneft" and others.
The Novolipetsk Iron and Steel Works (NLMK) took first place in the ranking. To some extent, its leadership is an effect of scale, since NLMK's net profit in 2000 is the largest compared to the same indicator for all enterprises in the Central Federal District. This is not least due to the favorable international price environment. NLMK's profitability indicators are among the highest among the largest Russian metallurgical enterprises and are significantly higher than the average indicators for enterprises included in the Central Federal District. NLMK has recently been implementing a large-scale investment program, so its costs are constantly decreasing, and the quality of its products is increasing, which also indicates high efficiency. Of the export-oriented enterprises that made it into the top ten of the rating, we can note the Moscow Coke and Gas Plant and Novomoskovsk Azot.
All other representatives of the top ten are enterprises focused on consumer demand. The leader among them was the Mobile Telesystems company (2nd place in the ranking), which is quite understandable, given the multiple growth in the number of subscribers that is currently observed in this market and the share occupied by the company. The presence of Velor, a manufacturer of building materials, in the top three is not surprising: during the construction boom that has been observed since 1999, building materials have become one of the most popular goods on the domestic market, and the profitability of their production is very high. It is also noteworthy that there are four brewing companies in the top ten of the ranking, which fully reflects the recent growth dynamics of this market.
When compiling the rating, an analysis was carried out of five financial indicators characterizing the efficiency of enterprises. They were calculated on the basis of financial statements for the year 2000. These are the overall profitability of the reporting period (weight in the ranking - 35%), net profit (30%), profitability of core activities (15%), labor productivity (10%) and the ratio of revenue in 2000 to revenue in 1999 (10 %).
The methodology for compiling the rating was audited by UNICON/MS Consulting Group.
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