Econometric analysis of the capital structure of oil and gas companies in Russia

The article is devoted to an in-depth study of the capital structure of oil and gas companies in Russia and the identification of key factors that affect the ratio of equity and debt capital. In the context of ongoing technological sanctions, an increase in the share of hydrocarbon production in the framework of capital-intensive projects for the development of hard-to-recover reserves and high depreciation of fixed assets, the need for investment, and justification of an effective borrowing strategy is sharpening

Factor analysis of economic efficiency of the oil and gas industry in Russia

The article presents an analysis of performance indicators of companies in the oil and gas industry of Russia in 2013-2018. The aim of the study is to decompose the factors of change in the return on equity (ROE) of Russian oil and gas companies. The authors used the Dupont method to identify the main factors affecting ROE. After decomposing the ROE into factors, the authors evaluated their impact using the Logarithmic Mean Divisia Index (LMDI-1). As a result of the study, it was found that in most companies the greatest impact on the change in ROE has a return on sales, primarily as a result of revenue growth due to favorable oil prices and positive exchange rate differences. Simultaneously, sales profitability has a positive effect on the index of almost all companies in the industry. Asset turnover also had only a positive effect on ROE. However, a comparison of the results for 2017 and 2018 showed a significant difference in performance for many companies. Thus, we can conclude that the effect of a certain factor on the profitability of sales largely depends on the development strategy of the company for the coming year, the economic and political situation

Innovative technology of flour confectionery products for therapeutic and preventive nutrition of patients with diabetes mellitus

Recently, much attention has been paid to the introduction of raw materials with a low glycemic index into the food industry, among which buckwheat, oat and barley flour occupy a special place. The use of raw materials with a low glycemic index in the formulation of flour confectionery products makes it possible to improve both the organoleptic and physicochemical properties of the product. They also allow to reduce the energy value of such products by reducing the amount of wheat flour, low-calorie margarine, melange and at the same time significantly increase the biological value of the food product. With the aim of adjusting the chemical composition, three recipes for cookies have been developed wheat-oat, wheatbuckwheat and wheat-barley, with the replacement of water in the recipe with an infusion from the collection of herbs “Arfazetin-E”, replacing part of the low-calorie margarine with linseed oil, with the addition of wheat flakes and flaxseed, as well as an aqueous solution of sorbitol and stevioside, apple pectin, iodized salt and flavocene (dihydroquercetin). The introduced components will improve the structural and mechanical properties of the dough, organoleptic and physicochemical indicators of the finished product, and bring the composition closer to the formula for balanced nutrition. The use of unconventional raw materials with a low glycemic index in the food industry makes it possible to enrich the chemical composition of biscuits with dietary fiber, vitamins, and mineral components. From the results of the analysis of the nutritional value, it follows that the finished product contains vitamins B1, B2, β-carotene and E, which can be used for therapeutic and prophylactic nutrition. The use of non-traditional raw materials of vegetable origin in the recipe for cookies leads to an increase in the biological value of the product and a decrease in its calorie content

Performance effectiveness of Russian energy companies based on EVA and DEA

Calculating both EVA and DEA indices is an effective way to comprehensive performance estimation. Russian market is full of differences between largest companies which influence their operation results. Some of them have more refinement facilities, other differ in export share or capital structure. There are plenty factors which we determined at the first stage of this research to compare those companies. Though, not all of them can really explain effectiveness changes such as EVA fluctuations or it’s decreasing trough 2014-2017 years at Russian market. This is possible with using a method suggested in this research