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32-479: United Automotive Technologies was established in 2008 by Rostec to consolidate the supply of domestic auto parts. By 2012, it took control of AvtoVAZ assets formerly belonging to the SOK Group . In 2015, AvtoVAZ tried to purchase United Automotive Technologies, but the deal fell through. In February 2018, Rostec sold United Automotive Technologies to KAMAZ (49%) and its subsidiary Remdiesel (51%). The Remdiesel stake

64-404: A cost amounted to 2.8 billion rubles. On November 27, 2007, Rostec became general sponsor of FC Krylia Sovetov Samara ; however, in 2011 the corporation decided to suspend its support of the team. In 2010 and 2011, Rostec sponsored Vitaly Petrov , Formula One racing driver. In 2012, Russian Helicopters partnered with Caterham F1Team for which Petrov drives. Improving professional training of

96-407: A debt of RUB 630 billion. In addition, these enterprises had worn out fixed assets , dilapidated production chains, and poor management. After the acquisition, structural reforms were made, helping the enterprises emerge from their financial struggles with a 20–30% increase in production growth, five times the national average. Most of the profits were acquired by Rostekhnologii, which 80% of it

128-650: A firm's consumers or end-users. In modern financial accounting usage, the term fixed assets can be ambiguous. Instead, the term non-current assets (used by the IFRS and U.S. Generally Accepted Accounting Principles (GAAP) XBRL reporting taxonomies) is preferred when referring to assets that will not be liquidated in the current fiscal period. Specific non-current assets (Property, plant and equipment, Investment property, Goodwill, Intangible assets other than goodwill, etc.) should be referred to by name. A baking firm's current assets would be its inventory (flour, yeast, etc.),

160-616: A special employment program for dismissed workers. The unemployment rate in the company town of Verkhnyaya Salda , Sverdlovsk Oblast , which is owned by VSMPO-AVISMA , was less than 1% in 2013. In order to implement its Health National Program , the corporation has set up nine centers for high medical technologies. Five centers for cardiovascular surgery ( Khabarovsk , Krasnoyarsk , Chelyabinsk , Perm and Kaliningrad ), two centers for neurosurgery ( Tyumen and Novosibirsk ) and two centers for traumatic surgery, orthopedics and endoprosthesis replacement ( Smolensk and Barnaul ). Rostec

192-420: A synonym for property, plant and equipment. According to IAS 16.6, property, plant and equipment are tangible items that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes and (b) are expected to be used during more than one period. Fixed assets are one of two types: A fixed asset can also be defined as an asset not directly sold to

224-624: A value similar to that of major companies such as Rosneft and Rostelecom . On 16 July 2014, as a result of Russian intervention in Ukraine and Russian annexation of Crimea , Rostec was one of the companies that was sanctioned by the Obama administration . Sergey Chemezov , then CEO of Rostec, was one of the individuals targeted by the United States (US) and the European Union (EU), Chemezov's visa

256-520: Is a Russian state-owned defense conglomerate headquartered in Moscow. Established in 2007, the organization comprises about 800 enterprises, which together form 15 holding companies: eleven in the defense-industry complex and three in civil sectors. Rostec's organizations are located in 60 constituents of the Russian Federation and supply goods to over 70 countries worldwide. The organization

288-571: Is a participant in the Perinatal center development program along with Russia's Ministry of Health , the Federal Compulsory Medical Insurance Fund and federal member state authorities. As of March 2017, Rostec had built and equipped perinatal centers in 15 federal subjects of Russia : Rostec cooperates with 312 leading higher educational institutions, including, among others, Bauman Moscow State Technical University , and

320-420: Is a term used in accounting for assets and property that may not easily be converted into cash . Fixed assets are different from current assets , such as cash or bank accounts, because the latter are liquid assets . In most cases, only tangible assets are referred to as fixed. While IAS 16 ( International Accounting Standard ) does not define the term fixed asset , it is often colloquially considered

352-492: Is headed by Sergey Chemezov , appointed to the position by Russian President Vladimir Putin . The 2014 EU sanctions listing for Chemezov describes how Rostec subsidiaries supported Russia's annexation of Crimea . On 23 November 2007, Russian President Vladimir Putin signed federal law No. 270 to establish a state corporation named Rostekhnologii, which was previously passed by the State Duma on 9 November and passed by

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384-499: The Federation Council on 16 November. On 10 July 2008, newly elected Russian President Dmitry Medvedev signed a decree that transferred 443 struggling enterprises to ownership by Rostekhnologii. Of these enterprises, 30% were in pre-crisis and crisis condition, 28 were in bankruptcy proceedings, 17 had no business operations, and 27 had lost part of their assets or faced a material risk of such loss, and in total they faced

416-482: The Plekhanov Russian University of Economics , through targeted training of specialists, development of cooperation in the framework of scientific and technological areas, joint research, design and technological work. There are 294 departments belonging to holding companies and enterprises under Rostec in these institutions. In 2015, Rostec started 165 projects in collaboration with these institutions at

448-650: The Russian economy , increasing the share of high-tech civilian products and non-primary exports. According to the 2022 development strategy of the corporation, by 2025 the share of civilian products in its revenue should be 50%. It was reported in late 2022 that Rostec had increased the production of armored vehicles and ammunition in response to the 2022 Russian invasion of Ukraine . Rostec announced on 5 January 2023 that it would commence mass manufacture of new C-UAS EW systems in two months. Chemezov stated in May 2023 that

480-1047: The Ryazan Oblast ; PJSC OSVAR (lighting engineering) in the Vladimir Oblast ; JSC SMZ (stamp-welded parts) and OAT Cargo LLC (transport) in the Penza Oblast. Rostec Rostec (Russian: Ростех , romanized : Rostekh ), formally trading as State Corporation "Rostec" ( Russian : Государственная корпорация «Ростех» ), fully the State Corporation for the Promotion of the Development, Manufacture, and Export of High Tech Products "Rostec" ( Russian : Государственная корпорация по содействию разработке, производству и экспорту высокотехнологичной промышленной продукции «Ростех» ) and formerly Rostekhnologii ( Russian : Ростехнологии , lit.   'Rustechnology'),

512-744: The Rostec Aleksin Chemical Plant in the Aleksinsky District , about 190 km (120 mi) south of Moscow, causing a series of explosions and fires at the plant. The plant manufactures ammunition and explosives for the Russian military. The supervisory board, the management board, and the General Director are all appointed by the President of Russia . The Rostec companies employed about 450,000 people as of 2016. A special focus of

544-959: The acquisition is completed, the holding will become a joint venture owned by KAMAZ (45%), AvtoVAZ (40%) and Spetsavtokam (15%). United Automotive Technologies is a holding of companies that manufacture and sell auto parts for Russian vehicle manufacturers, including AvtoVAZ (over 90% of its sales), KAMAZ, GAZ , and UAZ . As of December 2021, the companies controlled by United Automotive Technologies were: DAAZ LLC (radiators, fuel systems, cooling systems; stamp-welded assemblies; aluminum casting; production of tooling equipment and tools), DZPM LLC (powder metallurgy) and Avtosvet LLC (lighting equipment) in Dimitrovgrad; RosAvtoPlast LLC (plastic granulate), JSC Motor-Super (filters, plastic parts),  JSC VIS and  EVR LLC (both suspension and brake system) in Tolyatti; Saaz Komplekt LLC (struts, shock absorbers) in

576-811: The company's revenue in 2022 was $ 27.2 billion and the share of civilian production was 45%. It was reported in August 2023 that Rostec's enterprises had increased the production of armored vehicles by 4x and the production of ammunition for barrel artillery and MLRS by 20-30x since February 2022. It was reported in September 2023 that Rostec's enterprises had increased the production of various types of weapons 2-to 10-fold. Sergey Chemezov claimed on 1 November 2023 that Rostec has increased tank production by 7x, other combat vehicles by 4.5x, artillery/MLRS by 2.5 times, and ammunition by 60x. Rostec reported in April 2024 that during

608-420: The corporation more open to the world. Rostec also featured a new logo, an open square symbolizing a window to the world and a focus frame, as well a new slogan "Partner in development" and implemented changes in its corporate governance structure. The corporation spent $ 1.5 million for rebranding. The corporate brand, which was launched in late 2012, is currently one of Russia's 15 most valuable brands and has

640-461: The corporation's responsibility on labor involves 21 dominant employers that are part of Rostec. As an example of corporate activity aimed at stabilization of social environment in single-company towns, mass media covered Rostec's labor policy in relation to AvtoVAZ , a dominant employer in Togliatti during the 2008-2009 economic crisis . Despite large-scale layoffs, public unrest was prevented by

672-399: The cost of transporting and installing the asset on-site and an estimate of the cost of dismantling and removal once it is no longer needed due to obsolescence or irreparable breakdown. The primary objective of a business entity is to be profitable and increase the wealth of its owners. To do so, management must exercise due care and diligence by matching the expenses for a given period with

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704-693: The employees, Rostec cooperates with the WorldSkills movement. In 2015 the Corporation and WorldSkills Russia concluded a cooperation agreement which is aimed mainly at the joint work on training specialists for high-tech industries. State Corporation Rostec is a general partner of WorldSkills Russia in accordance with a three-year agreement. As of late 2016, going by its development strategy, Rostec organizes its 700 enterprises into either directly controlled companies or clusters composed of holding companies. The preliminary financial performance for 2012 show that

736-442: The historical cost of that asset and its associated depreciation. Under most financial accounting standards (Standard Accounting Statement (SAS) 3 and IAS 16), the value of fixed assets are recorded and reported at net book value. Also, carrying assets at net book value is the most meaningful way to capture asset values for the owners of the business and potential investors. Depreciation is the expense generated by using an asset. It

768-519: The organization has bought and will use for an extended period of time, typically including land and buildings , motor vehicles , furniture , office equipment , computers , fixtures and fittings, and plant and machinery . These often receive a favorable tax treatment (in the form of a depreciation allowance ) in contrast to short-term assets. Note that the cost of a fixed asset is its purchase price including import duties, after subtracting any deductible trade discounts and rebates. It also includes

800-427: The overall revenue of Rostec exceeded RUR960 billion compared with RUR817 billion a year earlier. Revenues from export to 70 countries globally exceeded RUR240 billion. Main financial indicators, 2015 ($ 1 = 60,96 RUB): The company's revenue in 2021 amounted to 2.06 trillion rubles (US$ 28 billion). Fixed asset A fixed asset , also known as long-lived assets or property, plant and equipment ( PP&E ),

832-430: The previous year it had increased the production of self-propelled artillery by 10x, towed artillery by 14x, mortars by 20x, MLRS by 2x, of ammunition by 25x (by 50x for some types), of rounds for automatic and under-barrel grenade launchers by 5 times at comparison with the 2022. It also enhanced the production and repair of tank guns and artillery barrels twice, organized the production of munitions for drones and increased

864-410: The production of guided artillery rounds and gliding bombs. Chemezov stated in May 2024 that the Corporation employed more than 660,000 people as of the end of 2023 and its revenue was 2.9 trillion rubles (31.6 bln US$ ). A Rostec high-ranking official stated in August 2024 that Russia's total export orders for weapons exceeded 60 bln US$ . On the night of 8–9 November 2024, Ukrainian drones attacked

896-465: The revenues of the same period. The period of use of revenue generating assets is usually more than a year, i.e. long term. To accurately determine the Net Income (profit) for a period, incremental depreciation of the total value of the asset must be charged against the revenue of the same period. Doing so is necessary for determining Net Revenue . Net book value of an asset is the difference between

928-455: The value of sales owed to the firm from credit extended (i.e. debtors or accounts receivable), and cash held in the bank. Its non-current assets would be the oven used to bake bread, motor vehicles used to transport deliveries, and cash registers used to handle cash payments. While these non-current assets have value, they are not directly sold to consumers and cannot be easily converted to cash. Non-current (fixed) assets are items of value that

960-595: Was banned and assets frozen by the EU. Rostec's access to US debt markets was also limited. Rostec was forced to rethink its strategy for its holding companies. In December 2015, Rostec's supervisory board approved its development strategy through 2025. According to the strategy, Rostec intends to change the Russian economic model by putting less emphasis on weaponry , aviation components, and software and more emphasis on electronics , telecommunications , robotics , and other high-tech industries. This in turn would diversify

992-514: Was from 20% of Rostekhnologii's assets. The 20% included AvtoVAZ , KamAZ , the titanium monopoly VSMPO-AVISMA , and helicopter manufacturers Mil and Kamov . This in turn brought executives of some companies into conflict with each other, such as the case with Mil and Kamov, in which they refused to communicate with each other. As a result, Rostekhnologii had to work with the two companies so they can cooperate with each other. On 21 December 2012, Rostekhnologii rebranded itself as Rostec to make

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1024-581: Was later transferred to Spetsavtokam. In June 2019, the United Automotive Technologies group liquidated PKH Autocomponents, a debt-ridden, money-losing subsidiary holding that controlled group's assets in Dimitrovgrad and the Penza Oblast . The group took direct control of said assets. In November 2021, AvtoVAZ said it again planned to acquire a stake in United Automotive Technologies. If

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