Subject. The article considers the capital structure of the three leaders of the Russian coal mining industry, namely AO SUEK, OAO UK Kuzbasrazrezugol, AO SDS Holding Company. Objectives. The aims are to reveal the main trends in the equity to debt ratio of the largest players of the Federal coal market on the basis of the analysis of public financial statements for three recent years, to justify the optimal structure of their capital. Methods. The study employs economic and statistical methods, grouping and integration of data, methods for calculating the weighted average cost of capital, the effect of financial leverage to identify the current structure and cost of sources of capital, the ‘profitability – financial risk’ methodology to give scientific credence to optimal capital structure of coal producers. Results. The existing capital structure of the largest coal mining companies in Russia deviates from the optimal one from the point of view of financial analytics and scientific methods. It is formed spontaneously, under the influence of external factors. This results in unrealized reserves of capital cost reduction. We revealed certain differences in approaches to formation of sources of capital of the coal industry leaders, which are determined by their general financial position and capacity to raise funds. Conclusions. The findings enable to identify growth in the area of efficiency of finance management, increase the competitiveness of the Russian coal in world markets, provide financial stability and profitability of export-oriented coal producers, protect them from foreign trade risks, etc.
Keywords: capital, capital structure, coal producer, equity capital, borrowed capital
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