Financial analysis of annual reports of “KazanOrgSintez”

Автор работы: Пользователь скрыл имя, 19 Апреля 2010 в 18:49, Не определен

Описание работы

Introduction 3
Theory 4
Overview of the company 5
Main parameters of activity 6
Comparison balance sheet for 3 years 9
Horizontal analysis of balance sheet for 2004 10
Vertical analysis of balance sheet for 2004 11
Notes to analysis of balance sheet for 2004 12
Horizontal analysis of balance sheet for 2005 13
Vertical analysis of balance sheet for 2005 14
Notes to analysis of balance sheet for 2005 15
Horizontal analysis of balance sheet for 2006 16
Vertical analysis of balance sheet for 2006 17
Notes to analysis of balance sheet for 2006 18
Horizontal analysis of income statement for 2006/2005 19
Vertical analysis of income statement for 2006/2005 20
Horizontal analysis of income statement for 2005/2004 21
Vertical analysis of income statement for 2005/2004 22
Notes to analysis of income statement 23
Analysis of financial ratios 24
Analysis of financial condition 24
Analysis of bankruptcy opportunity 25
Analysis of financial stability 26
Analysis of business activity 27
Analysis of profitability 27
Conclusion 28
References 29

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Horizontal analysis of balance sheet for 2004

(thousand rubles) 

    ASSETS Beginning of reported period End of reported period Relative change

    %

    1. Fixed assets
    		      
      Intangible assets - - -
      Property, plant and equipment 3 456 639 3 714 636 7,5
      Construction in progress 699 281 1 471 364 110,5
      Long-term investments 521 123 460 093 (11,7)
      Other fixed assets 8 750 12 185 39,3
      Total for part I 4 685 793 5 658 278 20,8
    1. Current assets
    		      
      Inventories 921 061 1 839 311 99,7
      VAT recoverable and prepaid 202 609 251 089 23,9
      Trade and other accounts receivable 899 409 966 364 07,4
      Short-term investments 5 379 97 112 1705,4
      Cash and cash equivalents 211 479 165 167 (21,9)
      Total for part II 2 239 937 3 319 043 48,2
    TOTAL ASSETS 6 925 730 8 977 321 29,6
    EQUITY AND LIABILITIES      
    1. Shareholder’s equity
    		      
      Share capital 1 904 710 1 904 710 0
      Treasury stock - (100 077) -
      Additional paid-in capital 1 852 046 1 853 317 0,07
      Legal reserve 4 761 49 219 933,8
      Retained earnings 2 508 339 3 969 701 58,3
      Total for part III 6 269 856 7 676 870 22,4
    1. Long-term liabilities
    		      
      Long-term borrowings - - -
      Deferred tax liabilities 82 110 111 068 35,3
      Total for part IV 82 110 111 068 35,3
    1. Current liabilities
    		      
      Short-term borrowings - 459 277 -
      Accounts payable 573 377 727 810 26,9
      Advances received from customers 164 2 116 1190,2
      Other current liabilities 223 180 (19,3)
      Total for part V 573 764 1 189 383 107,3
    TOTAL EQUITY AND LIABILITIES 6 925 730 8 977 321 29,6
 
 
 
 
 
 
 
 
 
 
 

Vertical analysis of balance sheet for 2004 

    ASSETS Beginning of reported period % Ending of reported period % Net change

    %

    1. Fixed assets
    		      
      Intangible assets - - -
      Property, plant and equipment 49,9 41,3 (8,6)
      Construction in progress 10,1 16,4 6,3
      Long-term investments 7,7 5 (2,7)
      Other fixed assets 0,1 0,1 0
      Total for part I 67,8 62,8 (5)
    1. Current assets
    		      
      Inventories 13,1 20,6 7,5
      VAT recoverable and prepaid 3 2,8 (0,2)
      Trade and other accounts receivable 13 10,8 (2,2)
      Short-term investments 0,1 1,1 1
      Cash and cash equivalents 3 1,9 (1,1)
      Total for part II 32,2 37,2 5
    TOTAL ASSETS 100 100  
    EQUITY AND LIABILITIES      
    1. Shareholder’s equity
    		      
      Share capital 27,5 20,9 (6,6)
      Treasury stock - 1,1 (1,1)
      Additional paid-in capital 26,7 19,9 (6,8)
      Legal reserve 0,1 0,5 0,4
      Retained earnings 36,2 43,4 7,2
      Total for part III 90,5 85,8 (4,7)
    1. Long-term liabilities
    		      
      Long-term borrowings - - -
      Deferred tax liabilities 1,2 1,2 0
      Total for part IV 1,2 1,2 0
    1. Current liabilities
    		      
      Short-term borrowings - 5,08 5,08
      Accounts payable 8,3 7,9 (0,4)
      Advances received from customers 0 0,02 0,02
      Other current liabilities 0 0 0
      Total for part V 8,3 13 4,7
    TOTAL EQUITY AND LIABILITIES 100 100  
 
 
 
 
 
 
 
 
 
 
 
 

Notes to analysis of balance sheet for 2004 

The assets of the enterprise increased in 2004 by 2.051,6 mln. rub. (+29,6%) and were 8.977,3 mln. rub. The increase appeared due to the growth of fixed assets and current assets on 972,5 mln. rub. (+20,8%) and 1.079,1 mln. rub. (+48,2%) correspondingly. In the structure of the balance sheet in the end of 2004 fixed assets took 62,8%, current assets – 37,2%. 

Fixed assets

The weight of non-current assets in the total amount of property is 62,8% or 5.658,3 mln. rub. This ratio is typical and normal for chemical enterprises. The main components of fixed assets in the end of the current period are property, plant and equipment (3.714,6 mln. rub.) and the construction in progress (1.417,4 mln. rub.). The most significant change in 2004 happened exactly in the entry “construction in progress”: construction work under two plants (Bisphenol-A and Polycarbonates) were started in the current period, also the modernization of production of Ethylene, HDPE and Phenol was started. All of these are governed by the Development Program for 2004-2008. 

Current assets

By the end of 2004 current assets increased on 1.079 mln. rub. and were 3.319 mln. rub., and at the same time its weight in the total amount of assets increase by 5% up to 37,2%. During the whole current period the main components of current assets of the company were Inventories and Accounts receivable. By the end of 2004 the amounts of the mentioned entries were 1.839,3 mln. rub. and 966,4 mln. rub. correspondingly. The inventories almost doubled in 2004, which is mainly caused by purchasing of licenses according to the Development Program of OJSC “Kazanorgsintez”.

 

Sources of assets formation

During the current period the company did not involve any long-term sources of financing. The investment capital of the Company was formed exceptionally by own funds. And the weight of own capital in the total amount of liabilities decreased from 90,5% down to 85,8%. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Horizontal analysis of balance sheet for 2005

(thousand rubles) 

    ASSETS Beginning of reported period End of reported period Relative change

    %

    1. Fixed assets
    		      
      Intangible assets - - -
      Property, plant and equipment 3 714 636 4 785 222 28,8
      Construction in progress 1 471 364 4 823 592 227,8
      Long-term investments 460 093 358 322 (22,1)
      Other fixed assets 12 185 12 832 5,03
      Total for part I 5 658 278 9 979 968 76,4
    1. Current assets
    		      
      Inventories 1 839 311 2 305 592 25,4
      VAT recoverable and prepaid 251 089 718 877 186,3
      Trade and other accounts receivable 966 364 2 880 417 198,1
      Short-term investments 97 112 21 672 (77,7)
      Cash and cash equivalents 165 167 416 443 152,1
      Total for part II 3 319 043 6 343 001 91,1
    TOTAL ASSETS 8 977 321 16 322 969 81,8
    EQUITY AND LIABILITIES      
    1. Shareholder’s equity
    		      
      Share capital 1 904 710 1 904 710 0
      Treasury stock (100 077) - -
      Additional paid-in capital 1 853 317 1 852 045 (0,07)
      Legal reserve 49 219 95 235 93,5
      Retained earnings 3 969 701 5 405 629 36,2
      Total for part III 7 676 870 9 257 619 20,6
    1. Long-term liabilities
    		      
      Long-term borrowings - 4 892 425 -
      Deferred tax liabilities 111 068 154 836 39,4
      Total for part IV 111 068 5 047 261 4444,3
    1. Current liabilities
    		      
      Short-term borrowings 459 277 624 158 35,9
      Accounts payable 727 810 1 312 683 80,4
      Advances received from customers 2 116 81 112 3733,3
      Other current liabilities 180 136 (24,4)
      Total for part V 1 189 383 2 018 089 69,8
    TOTAL EQUITY AND LIABILITIES 8 977 321 16 322 969 81,8
 
 
 
 
 
 
 
 
 
 
 

Vertical analysis of balance sheet for 2005 

    ASSETS Beginning of reported period % Ending of reported period % Net change

    %

    1. Fixed assets
    		      
      Intangible assets - - -
      Property, plant and equipment 41,3 29,3 (12)
      Construction in progress 16,4 29,5 13,1
      Long-term investments 5 2,1 (2,9)
      Other fixed assets 0,1 0,1 0
      Total for part I 62,8 61 (1,8)
    1. Current assets
    		      
      Inventories 20,6 14,2 (6,4)
      VAT recoverable and prepaid 2,8 4,4 1,6
      Trade and other accounts receivable 10,8 17,7 6,9
      Short-term investments 1,1 0,1 (1)
      Cash and cash equivalents 1,9 2,6 0,7
      Total for part II 37,2 39 1,8
    TOTAL ASSETS 100 100  
    EQUITY AND LIABILITIES      
    1. Shareholder’s equity
    		      
      Share capital 20,9 11,5 (9,4)
      Treasury stock 1,1 - (1,1)
      Additional paid-in capital 19,9 11,9 (8)
      Legal reserve 0,5 0,1 (0,4)
      Retained earnings 43,4 33,8 (9,6)
      Total for part III 85,8 57,3 (28,5)
    1. Long-term liabilities
    		      
      Long-term borrowings - 30 30
      Deferred tax liabilities 1,2 0,1 (1,1)
      Total for part IV 1,2 30,1 28,9
    1. Current liabilities
    		      
      Short-term borrowings 5,08 3,9 (1,18)
      Accounts payable 7,9 8,1 0,2
      Advances received from customers 0,02 0, (0,02)
      Other current liabilities 0 0,6 0,6
      Total for part V 13 12,6 (0,4)
    TOTAL EQUITY AND LIABILITIES 100 100  
 
 
 
 
 
 
 
 
 
 
 
 

Notes to analysis of balance sheet for 2005 

The assets of the company increased in 2005 by 7.346 mln. rub. (+81,2%) and were 16.323 mln. rub. The increase happened due to the growth of fixed assets and current assets by 4.322 mln. rub. (+76,4%) and 3.024 mln. rub. (+91,1%) correspondingly. In the structure of the balance sheet in the end of 2005 fixed assets took 61%, current assets – 39%. 

Fixed assets

By the end of the analyzed year the basic components of non-current assets were property, plant and equipment (4.785 mln. rub.) and construction in progress (4.824 mln. rub.). The value of property, plant and equipment increase by 28,8%. Thus growth was influenced by finished modernization of production, which was in the Development Program for 2004-2008гг. The growth of construction in progress in 2005 was by 227,8% up to 4.824 mln. rub. This is also explained by the realization of investment program. 

Current assets

By the end of 2005 current assets increase by 3.024 mln. rub. and were 6.343 mln. rub., at the same time the weight of these assets in the whole amount of property increased by 1,8% up to 39%. The main components of current assets in the current period were Inventories and Accounts receivable.In the end of 2005 the amount of the mentioned entries were 2.306 mln. rub. and 2.880 mln. rub. correspondingly. The direction of the enterprise follows a monthly control over the formation of Accounts receivable. Accounts receivable are separated by the types activities on current and investing. From the beginning of the year the accounts receivable for current activities increased by 13%, and the increase for investing activities was in 9,9 times. All in all, accounts receivable increased in 3 times during 2005, which is mainly caused by the advances given to equipment suppliers and contractors according to realization of investment program. Inventories grew by 25,4% during 2005. 

Sources of assets formation

The basic sources of assets formation of the enterprise by the 1st January 2006 were own funds (9.258 mln. rub.) and long-term liabilities (5.047 mln. rub.). During the current period, the weight of own capital in the whole amount of liabilities decreased from 85,8% down to 57,3% as the company took long-term borrowings for financing the Development Program. Investing capital (the total of own funds and long-term borrowings), which was previously formed exceptionally by own funds, now also includes the borrowed capital. The increase of borrowed funds in sources of assets formation means that financial independence has fallen, and consequently that financial risks have risen.

 

Horizontal analysis of balance sheet for 2006

(thousand rubles) 

    ASSETS Beginning of reported period End of reported period Relative change

    %

    1. Fixed assets
    		      
      Intangible assets - - -
      Property, plant and equipment 4 785 222 7 605 106 58,9
      Construction in progress 4 823 592 12 630 151 161,8
      Long-term investments 358 322 26 306 (92,7)
      Other fixed assets 12 832 8 611 (32,9)
      Total for part I 9 979 968 20 270 174 103,1
    1. Current assets
    		      
      Inventories 2 305 592 3 417 758 48,2
      VAT recoverable and prepaid 718 877 169 417 (76,4)
      Trade and other accounts receivable 2 880 417 3 476 144 20,68
      Short-term investments 21 672 - -
      Cash and cash equivalents 416 443 755 216 81,4
      Total for part II 6 343 001 7 818 535 23,3
    TOTAL ASSETS 16 322 969 28 088 709 72,1
    EQUITY AND LIABILITIES      
    1. Shareholder’s equity
    		      
      Share capital 1 904 710 1 904 710 0
      Treasury stock - (46 251) -
      Additional paid-in capital 1 852 045 1 852 045 0
      Legal reserve 95 235 95 235 0
      Retained earnings 5 405 629 7 314 472 35,3
      Total for part III 9 257 619 11 120 211 20,1
    1. Long-term liabilities
    		      
      Long-term borrowings 4 892 425 11 850 402 142,2
      Deferred tax liabilities 154 836 564 146 264,4
      Total for part IV 5 047 261 12 414 548 146
    1. Current liabilities
    		      
      Short-term borrowings 624 158 305 759 (51)
      Accounts payable 1 312 683 3 943 480 200,4
      Advances received from customers 81 112 300 157 270,1
      Other current liabilities 136 4 554 3248,5
      Total for part V 2 018 089 4 553 950 125,7
    TOTAL EQUITY AND LIABILITIES 16 322 969 28 088 709 72,1

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