Деловая активность базовых промышленных предприятий в августе 2009 года
A continues microelectronics education system has been developed at MIEM. The approach provides all microelectronic products design stages learning and is based on close software/hardware relations and wide collaboration with industry enterprises during education process. The microelectronic products design stages studied inside the microelectronics educational program are considered.
This paper reports on the performance dynamics of Russian manufacturing subsidiaries of foreign multinational corporations that were established in 2012-2016. We collected balance sheets, annual income statements, and other annual reports of the representative sample (141 plants) of the general population of manufacturing plants opened in Russia by foreign multinational corporations in 2012-2016 (196 plants); further, we performed an analysis of the major business indicators, such as exit rate, sales dynamics, and financial results. We found that showing a positive gross profit (revenues minus direct production costs) was a relatively easy task and the majority of companies achieved this in the year of their official opening or shortly afterwards, both prior to, and after the beginning of, the sanctions. However, the majority of manufacturing plants opened in 2012-2014 demonstrated negative net profitability until 2016. We explained the massive shift to profitability in 2016 by the improvement in gross margins, measures taken to save “additional costs,” as well as the changes in the legal framework of foreign subsidiaries’ activities in Russia and the subsequent amendment of financial policies applied to Russian subsidiaries by their corporate parents. In general, multinational corporations demonstrated a high ability to operate under conditions of high market and institutional uncertainty and strategic flexibility in managing their newly established Russian industrial assets.
Factories owned by foreign corporations retain vital positions in many industries of the Russian economy, including car manufacturing, food production, machinery, construction materials production, and pharmaceuticals. Using the secondary data sources, we had identified all new factories, opened by foreign multinational corporations in Russia in 2012–2018. Almost 80% of the 261 factories opened in the last seven years are located in just 20 Russian administrative regions. Moscow (city and oblast), Kaluga oblast, St. Petersburg and Leningrad oblast, the Republic of Tatarstan, Lipetsk oblast, Nizhny Novgorod oblast and Ulyanovsk oblast are the leaders in accommodating foreign industrial investments. Although consumer goods production develops further, foreign investments increase in B2B sector, with emphasis on manufacturing of details, components, additives, outsourcing services, not the output of finished products. The majority of foreign investors preferred special economic zones and industrial parks as territories for installation of new facilities. Proximity to suppliers, availability of the local market, preferred tax regime, guaranteed infrastructure and articulated care of the local authority about the needs of foreign investors are the main factors that determine the choice of the region for industrial investments of foreign corporations. There is also a relatively large segment of ‘pioneers’ that build new factories in the regions ignored by the main portion of foreign investors. The number of such ‘pioneers’ is especially high for the companies that opened their first factory in Russia in 2012–2018.