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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
Vertical
analysis of balance sheet for 2006
| ASSETS | Beginning of reported period % | Ending of reported period % | Net change
% | |
|
||||
| Intangible assets | - | - | - | |
| Property, plant and equipment | 29,3 | 27,2 | (2,1) | |
| Construction in progress | 29,5 | 45,3 | 15,8 | |
| Long-term investments | 2,1 | 0,1 | (2) | |
| Other fixed assets | 0,1 | 0 | (0,1) | |
| Total for part I | 61 | 72,6 | 11,6 | |
|
||||
| Inventories | 14,2 | 12,2 | (2) | |
| VAT recoverable and prepaid | 4,4 | 0,1 | (4,3) | |
| Trade and other accounts receivable | 17,7 | 12,4 | (5,3) | |
| Short-term investments | 0,1 | - | (0,1) | |
| Cash and cash equivalents | 2,6 | 2,7 | 0,1 | |
| Total for part II | 39 | 27,4 | (11,6) | |
| TOTAL ASSETS | 100 | 100 | ||
| EQUITY AND LIABILITIES | ||||
|
||||
| Share capital | 11,5 | 6,7 | (4,8) | |
| Treasury stock | - | 0,2 | 0,2 | |
| Additional paid-in capital | 11,9 | 6,5 | (5,4) | |
| Legal reserve | 0,1 | 0,3 | 0,2 | |
| Retained earnings | 33,8 | 26 | (7,8) | |
| Total for part III | 57,3 | 39,7 | (17,6) | |
|
||||
| Long-term borrowings | 30 | 42,1 | 12,1 | |
| Deferred tax liabilities | 0,1 | 2 | 1,9 | |
| Total for part IV | 30,1 | 44,1 | 14 | |
|
||||
| Short-term borrowings | 3,9 | 1,1 | (2,8) | |
| Accounts payable | 8,1 | 14 | 5,9 | |
| Advances received from customers | 0, | 1,1 | 1,1 | |
| Other current liabilities | 0,6 | 0 | (0,6) | |
| Total for part V | 12,6 | 16,2 | 3,6 | |
| TOTAL EQUITY AND LIABILITIES | 100 | 100 | ||
Notes
to analysis of balance sheet for 2006
The assets of the company
increased in 2006 by 11.766 mln. rub. (+72,1%) and were 28.089 mln.
rub. The increase happened due to increase of fixed assets and current
assets by 10.290 mln. rub. (+103,1%) and 1.476 mln. rub. (+23,3%) correspondingly.
In the structure of the balance sheet in the end of 2006 fixed assets
took 72,6%, current assets – 27,4%.
Fixed assets
By the end of the analyzed
period the basic components of non-current assets were property, plant
and equipment (7.605 mln. rub.) and construction in progress (12.630
mln. rub.). The value of property, plant and equipment increased by
58,9%. The value of construction in progress during 2005 increased by
161,88%. The growth in the numbers of these entries has been constant
for the last three years and it is influenced by the company’s Development
Program for 2004-2008.
Current assets
By the end of 2006 current assets increase by 1.476 mln. rub. and were 7.819 mln. rub., and at the same time the weight of these assets in the whole amount of property decreased by 11,6% down to 27,4%. The main components of current assets for the analyzed period were Inventories and Account payable. By the end of 2006 the value of the mentioned entries was 3.418 mln. rub. (+48,2%) and 3.476 mln. rub. (+20,7%) correspondingly. The increase of Accounts payable was mainly due to the growth of production consignments to customers paid advances for equipment manufacturing for plants under construction.
Sources of assets formation
The basic sources of assets formation of the enterprise by the 1st January 2007 were own funds (11.120 mln. rub.) and long-term liabilities (12.415 mln. rub.). During the current period the weight of own capital in the whole amount of liabilities decrease from 57,3% down to 39,7%. This is connected to the fact that OJSC “Kazanorsintez” took the Euroonligations borrowings for financing its investment program.
Horizontal analysis of income statement for 2006/2005
(thousand rubles)
| Entry name | For current period | For the same period in previous year | Relative change
% |
| PROFITS AND LOSSES ON OPERATING ACTIVITIES | |||
| Sales | 15 517 680 | 13 328 636 | 16,42 |
| Cost of sales | (10 039 117) | (8 497 132) | (18,15) |
| Gross profit | 5 478 563 | 4 831 504 | 13,39 |
| Selling expenses | (302 110) | (431 757) | 30,03 |
| Administrative expenses | (1 394 229) | (1 056 539) | (31,96) |
| Profit (loss) on sales | 3 782 224 | 3 343 508 | 13,12 |
| OTHER PROFITS AND LOSSES | |||
| Interest receivable | 40 050 | 5690 | 603,87 |
| Interest payable | (117 203) | (68 533) | (71,02) |
| Profit from other sales | 5 445 | 7 | 77 785,7 |
| Other operating profits | 1 949 023 | 1 506 757 | 29,35 |
| Other operating expenses | (2 634 108) | (2 154 444) | (22,26) |
| Profit (loss) before income tax | 3 025 431 | 2 632 985 | 14,90 |
| Deferred tax assets | (381) | 88 | (532,95) |
| Deferred tax liabilities | (409 310) | (43 767) | (835,20) |
| Current income tax | (406 750) | (587 184) | 30,73 |
| Profit (loss) for the year | 2 208 990 | 2 002 122 | 10,33 |
Vertical
analysis of income statement for 2006/2005
| Entry name | For current period | For the same period in previous year | Net
change % |
| PROFITS AND LOSSES ON OPERATING ACTIVITIES | |||
| Sales | 100 | 100 | - |
| Cost of sales | (64,69) | (63,75) | 0,94 |
| Gross profit | 35,31 | 36,25 | (0,94) |
| Selling expenses | (1,95) | (3,24) | (1,29) |
| Administrative expenses | (8,98) | (7,93) | 1,06 |
| Profit (loss) on sales | 24,37 | 25,09 | (0,71) |
| OTHER PROFITS AND LOSSES | |||
| Interest receivable | 0,26 | 0,04 | 0,22 |
| Interest payable | (0,76) | (0,51) | 0,24 |
| Profit from other sales | 0,04 | 0,00 | 0,04 |
| Other operating profits | 12,56 | 11,30 | 1,26 |
| Other operating expenses | (16,97) | (16,16) | 0,81 |
| Profit (loss) before income tax | 19,50 | 19,75 | (0,26) |
| Deferred tax assets | 0,00 | 0,00 | 0,00 |
| Deferred tax liabilities | (2,64) | (0,33) | 2,31 |
| Current income tax | (2,62) | (4,41) | (1,78) |
| Profit (loss) for the year | 14,24 | 15,02 | (0,79) |
Horizontal analysis of income statement for 2005/2004
(thousand rubles)
| Entry name | For current period | For the same period in previous year | Relative change
% |
| PROFITS AND LOSSES ON OPERATING ACTIVITIES | |||
| Sales | 13 328 636 | 11 787 768 | 13,07 |
| Cost of sales | (8 497 132) | (7 337 195) | 15,81 |
| Gross profit | 4 831 504 | 4 450 573 | 8,56 |
| Selling expenses | (431 757) | (438 709) | (1,58) |
| Administrative expenses | (1 056 539) | (967 874) | 9,16 |
| Profit (loss) on sales | 3 343 508 | 3 043 990 | 9,84 |
| OTHER PROFITS AND LOSSES | |||
| Interest receivable | 5 690 | - | - |
| Interest payable | (68 533) | - | - |
| Profit from other sales | 7 | 10 543 | (99,93) |
| Other operating profits | 1 506 757 | 2 765 118 | (45,51) |
| Other operating expenses | (2 154 444) | (3 155 266) | (31,72) |
| Profit (loss) before income tax | 2 632 985 | 2 664 385 | (1,18) |
| Deferred tax assets | 88 | 4 496 | (98,04) |
| Deferred tax liabilities | (43 767) | (28 958) | 51,14 |
| Current income tax | (587 184) | (658 347) | (10,81) |
| Profit (loss) for the year | 2 002 122 | 1 981 576 | 1,04 |
Vertical
analysis of income statement for 2005/2004
| Entry name | For current period | For the same period in previous year | Net
change % |
| PROFITS AND LOSSES ON OPERATING ACTIVITIES | |||
| Sales | 100 | 100 | - |
| Cost of sales | (63,75) | (62,24) | 1,51 |
| Gross profit | 36,25 | 37,76 | (1,51) |
| Selling expenses | (3,24) | (3,72) | (0,48) |
| Administrative expenses | (7,93) | (8,21) | (0,28) |
| Profit (loss) on sales | 25,09 | 25,82 | (0,73) |
| OTHER PROFITS AND LOSSES | |||
| Interest receivable | 0,04 | - | 0,04 |
| Interest payable | (0,51) | - | (0,51) |
| Profit from other sales | 0,00 | 0,09 | (0,09) |
| Other operating profits | 11,30 | 23,46 | (12,16) |
| Other operating expenses | (16,16) | (26,77) | (10,61) |
| Profit (loss) before income tax | 19,75 | 22,60 | (2,85) |
| Deferred tax assets | 0,00 | 0,04 | (0,04) |
| Deferred tax liabilities | (0,33) | (0,25) | 0,08 |
| Current income tax | (4,41) | (5,59) | (1,18) |
| Profit (loss) for the year | 15,02 | 16,81 | (1,79) |
Информация о работе Financial analysis of annual reports of “KazanOrgSintez”