Financial analysis of Baltyisky zavod
Baltic state technical university
Sib-BSTU
Master of business administration and engineering
Financial Accounting
Project Work:
«Financial analysis of Baltyisky zavod»
Written by Boikova Anna
Saint-Petersburg
2007
Content
Introduction | 3 |
1. Theoretical framework | 5 |
2. Baltiysky zavod. Company’s profile | 8 |
3. Company’s organizational structure | 14 |
4. Horizontal and vertical analysis | 15 |
5. Company’s financial analysis | 29 |
Conclusion | 37 |
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Introduction
Financial analysis refers to an assessment of the viability, stability and profitability of a company. It is performed in the form of reports using ratios that make use of information taken from financial statements and other reports. These reports are usually presented to top management as one of their basis in making business decisions. Based on these reports, management may make very important for the business decisions: continue or discontinue its main operation or part of its business; make or purchase certain materials in the manufacture of its product; acquire or lease certain machineries and equipments in the production of its goods; issue stocks or negotiate for a bank loan to increase its working capital on so on.
This work is devoted to the financial analysis of Baltyisky zavod. When writing the work I was aimed to determine the company’s:
- Profitability - its ability to earn income and sustain growth in both short-term and long-term. A company's degree of profitability is usually based on the income statement, which reports on the company's results of operations;
- Solvency - its ability to pay its obligation to debtors and other third parties in the long-term;
- Liquidity- its ability to maintain positive cash flow, while satisfying immediate obligations; Both are based on the company's balance sheet, which indicates the financial condition of a business as of a given point in time.
- Stability - the firm's ability to remain in business in the long run, without having to sustain significant losses in the conduct of its business. Assessing a company's stability requires the use of both the income statement and the balance sheet, as well as other financial and non-financial indicators.
The objectives of my research are the following:
- to investigate the theoretical footing and relate the methodology;
- to tell briefly about the company and its activity;
- to give an organizational structure of the enterprise;
- to make the horizontal and the vertical analysis;
- to make the financial analysis of the company’s activity by comparing different ratios.
1. Theoretical framework
Financial accounting
Accounting is a system for measuring economic activity and communicating the result of these measures to users.
The definition tells that economic data must be recorded, measured and communicated. These dimensions are key words for what accounting is. They are:
Registration is the starting point for accounting data and also the documentation of data. The registration has to be done in a systematic way,, that means according to a plan or a system, as economic events take place. This sets limitations. Firstly, it must be possible to record the event, and secondly, the event must have a financial character. Many important events of value for the firm therefore fall outside the accounting system.
Measurement must be made according to specific rules. Some of them are quite clear and indisputable, others are open for alternatives. In many cases there are various possibilities for measurements. These must be clarified and written down as accounting policies.
Communication underlines that accounting is more than recording and producing measured figures. The final goal for accounting is to communicate the measured economic event to users.
From the above definition it can be seen that the focus is on users. This seems reasonable. A great challenge is to present accounting figures so the many different kinds of users understand the message. Later on in the chapter we will discuss this dimension.
Accounting is part of business economics. Historically business economics started with accounting. Accounting still plays a central role within business economics, and a teaching field in accounting corresponds to economics.
Accounting is not bookkeeping. The latter is technique although good and
logical reasoning lays behind this technique.
Traditionally accounting is divided into two: accounting addressed to internal parties and accounting for use outside the firm. Int4rnal and external accounting are good characteristics of the two, although the more common terminology is financial accounting and management accounting.
Financial accounting is the branch of accountancy concerned with the preparation of financial statements for decision makers, such as stockholders, suppliers, banks, government agencies, owners, and other stakeholders. The fundamental need for financial accounting is to reduce principal-agent problem by measuring and monitoring agents' performance and reporting the results to interested users.
Financial accounting is used to prepare accounting information for people outside the organization or not involved in the day to day running of the company. Managerial accounting provides accounting information to help managers make decisions to manage the business.
Financial accountancy is governed by both local and international accounting standards.
Financial analysis
Financial accounting analysis is the systematic use of accounting data in order to investigate the financial situation of the firm. Both the management of the firm and groups outside the firm are interested in a systematic use of accounting data. Such analyses are made for many purposes, and they can be either of a continuing character or a one-time phenomenon.
The quality of the financial analyses can never be better than the quality of the accounting data themselves. First of all it is important to remember the basic
principles of financial accounting, especially the historical cost principle. It is also important to remember that the measurements of accounting events are not always objective. In this connection it is reasonable to be aware of the possibility of manipulation of accounting data, and that great creativity can be involved. Finally, it is important to remember that very often a user of accounting data can be in doubt about the message and thus also the conclusions to draw from analyses.
Accounting data are produced to be used. Usually, that means comparison in one way or another. It is by comparison that accounting data can tell the economic story and explain it. It is by comparison that signals are found, positive as well as negative.
2. Baltyisky zavod. Company’s profile
Baltiysky Zavod holds a monopoly among the Russian shipyards in the construction of surface ships and ships with a nuclear power plant. From the beginning the yard was oriented towards building ships for the Russian Navy.
The Crimean War came to the end. Russian sailing vessels could not resist the enemy's steamships. Russia had no production facilities for creation of a steam war fleet, metallurgic industry had not yet existed. Modern self-propelled ships equipped with rifling guns and firm armour were called for urgently. On 26th May 1856 Matvej Egorovich Karr, merchant of the first class, and Mark Lvovich Macpherson, naval architect, established a new enterprise named Baltiysky foundry, engineering and building works of Karr and Macpherson.
Since its foundation BZ has been oriented for construction of naval ships as well as manufacture of machines and machinery for ships of in-house construction as well as under construction at the other shipyards of Russia. 10 steam engines of 1800 h.p. each and the same number of centrifugal pumps had been manufactured at BZ in the period 1859 to 1862. In 1862 the Russia's first metal ship, armoured gunboat "Opyt" was built there, and in 1863 there was launched the lead monitor "Latnik" the first ship of a series of that class vessels. Early in 1866 coast defence armoured vessel, frigate "Admiral Lazarev" was laid down. Two cylinder horizontal steam engine of 2,000 h.p. in capacity made from drawings of BZ's designers allowed to the frigate to run at up to 11 knots. "Admiral Lazarev" was so effective that remained on service for a full four decades. It gave a berth to armoured ship building in Russia, progress of which was crowned in 1877 by creation of heavy for those days armour clad "Petr Veliky". For a long time that armour clad was considered as the world's best vessel. All world naval achievements were embodied in her.In 20-30ies BZ built decades of submarines of different types ("D" - "Dekabrist", "Sch" - "Schuka", "K" - "Kreiserskaya" and so
on) for Baltic, Black Sea, Northern and Pacific Fleets.
In 1925 BZ began implementation of a vast program of commercial and military shipbuilding. Timber carriers of 5,500 t in displacement, merchant, passenger-cargo ships and catcher boats. Only during the first decade of commercial shipbuilding BZ constructed 32 ships. In 30-es there were built a series of destroyers "Storozhevoy", "Gnevny" (7 units) which participated in defense of polar regions, Baltic Sea and in offensive operations during the War ending. In 1938 BZ built light cruisers "Kirov" and "M.Gorky" of 10,000 t in displacement, 36 knots in speed which actively participated in defense and break of Leningrad's siege and other military operations of the World War II. During 100 year period (1856-1956) BZ built 115 submarines.
In the meantime marine engineering - manufacturing of steam engines, propellers, shafts, different auxiliary machinery - has been developing too. In the same period BZ had been upgrading. Succeed the old equipment came new technique and technology. During the World War II in conditions of a ferocious siege despite starvation, shelling and bombardments BZ's shipbuilders selflessly worked for the needs of the front - arranged a mass production of ammunition, repaired vessels, built minesweepers, and with other Leningrad shipbuilders arranged barges and tenders construction for the Ladoga Lifeline. Milestone in the development of BZ in 60-ies was construction of a series of tankers type "Pekin" (displacement 40,000 t) and "Sophia" (62,000 t). In 70-ies BZ started to construct heavy nuclear-powered cruisers type "Kirov": 1980 - "Admiral Ushakov"; 1984 - "Admiral Lazarev"; 1988 - "Admiral Nakhimov"; 1998 "Petr Veliky".
The vessel of this class is a unique nuclear missile tender, second to non in the world in this type of cruisers. For commercial fleet BZ built and are building cargo and passenger-cargo ships: tankers, reefers, dry-cargo ships, ro-ro ships, chemical carriers, icebreakers for polar regions, research ships, icebreakers type
"Arktika" for navigation all the year round along the Northern Sea Route. At the
present the fifth icebreaker of this series, nuclear-powered icebreaker "50 Let Pobedy", is under completion. Many ships were constructed under the orders of some companies from Great Britain, Germany, Norway, Sweden and so on. In total for 143 years BZ built 312 warships and submarines and 215 commercial ships, i.e. 500 commercial and military ships.
Baltiysky Zavod, JSC is one of the leading enterprises in the Russian shipbuilding industry. In 2006, the shipyard is celebrating its 150th anniversary. During this century-and-a-half period, the shipyard has delivered over 500 naval ships, submarines, and commercial vessels. Since the day of its foundation, the shipyard has been among the first to undertake new shipbuilding projects subsequently taken up by other yards. The shipyard built the first metal ship in Russia – armored gunboat the Opyt (1862), the first Russian submarine designed by Ivan Alexandrovsky (1866), the first armorclad Admiral Lazarev (1871), and the first naval submarine Delfin (1904). In 1920s Baltiysky Zavod was among the pioneers in the Soviet Union to begin building diesel-electric icebreakers, and in 1980s – heavy nuclear-powered missile cruisers of Project 1144 (the Orlan).
Today, as well as a century and a half ago, Baltiysky Zavod remains in the vanguard of the Russian shipbuilding industry integrating most modern, state-of-the-art technologies. The shipyard's production facilities and equipment are capable of producing modern ships that meet all necessary international requirements. Currently the Baltiysky Zavod shipyard specializes in construction of icebreakers and ice-classed vessels (with nuclear-powered propulsion, as well as conventionally powered), large commercial vessels for carrying various types of cargo, and naval ships. The company also manufactures a wide range of marine propulsion equipment and machinery for equipping ships built at the shipyard, as well as for supplying other yards. Baltiysky Zavod also manufactures heat exchanges for nuclear power plants and is a major producer of non-ferrous and
core-mould castings. One of the most promising fields of the shipyard's activity is
the construction of floating nuclear power plants. Over the recent years Baltiysky Zavod has delivered ships to customers from Russia, Germany, Holland, Portugal, Norway, Sweden, and other countries.
The construction of civil ships has become our prime goal for . Nowadays Baltiysky Zavod has established a reputation as a reliable supply source of commercial ships among owners all over the world. Chemical carriers, floating power supply units, icebreaking ships for offshore oil/gas fields support are the priority projects for the yard. Baltiysky Zavod is largely self-sufficient and currently employs over 6000 employees. It consists of the following productions: shipbuilding, marine machine building and metallurgical. Besides, an in-hose Design Center, Material Procurement, Quality Assurance and many other departments support the shipbuilding process. The yard produces ship's equipment and various mechanisms not only for its own ships under construction but for other Russian shipyards as well. BZ manufactures marine equipment and machinery: · steam engines, marine boilers and boiler units; · shafts and shaftlines (up to 24 m in length); · ship's propellers with blade diameter up to 8 m; · portholes, windows and sliding doors; · marine fittings and valves (shut-off, control, non-return for steam, water and other media); · foundry, forged and formed products; · heat-exchangers; · steam generators and other main and auxiliary ship's machinery. BZ is going on with construction of nuclear-powered icebreakers, a series of chemical tankers, a series of bulkcarrier-dry cargo ships, a series of frigates for India.
Baltiysky Zavod was traditionally oriented towards building surface warships and ships with a nuclear power plant. But nowadays Baltiysky Zavod has established a reputation as a reliable supply source of vessels among owners all over the world. Ro-Ro ships, chemical carriers, floating power supply units, icebreaking ships for offshore oil/gas fields support are the priority projects for the yard. Baltiysky Zavod produces also ship's equipment, machinery and various mechanisms not only for its own ships under construction but for other shipyards
as well.
The enterprise specializes in complex high-technology large ships, including nuclear-powered ones. In the past, these were mostly warships; nowadays, Baltiysky Zavod has a number of interesting projects to offer to the Russian and international civilian market. These are icebreaking transport ships, nuclear- and diesel-powered floating power stations, offshore supply and service ships, floating desalting plants. ”Metallgalvanoservice” is a subsidiary of Baltiysky Zavod, JSC.
With the advanced technology in hand the company performs the following work:
- hot galvanizing of metal structures;
- chemical cleaning of pipes and other items;
- all electroplating processes;
- application of polymeric powder coatings;
- manufacture of shop and storage equipment, contact wire posts (for railway) and other metal structures;
- cold stamping.
Specialists of the company have been trained in Finland.
The in-house Ship Design Center ensures the timely issuance of working design documents as well as the efficient work preparation and production support. The use of state-of-the-art design techniques provides for compliance of design work with international requirements.
The issued documentation meets the requirements projected by international classification societies, namely: Lloyds Register of Shipping, Germanischer Lloyd, Bureau Veritas, Det Norske Veritas, Russian Maritime Register of Shipping. Our designers develop the workshop, delivery and operation documents in English or German on the basis of classification drawings designed by Western design companies Moss Maritime AS, Vik-Sandvik, Rolls Royce, SRS A/S and leading Russian design bureaus.
Baltiysky Zavod manufactures a wide range of marine and power engineering products for its own vessels and for some other shipbuilding companies: propellers, shafts and shaft lines, stern tubes, rudders, rudder horns, marine fittings.
Baltiysky Zavod has a long experience in manufacturing of fixed- and controllable pitch propellers made of bronze and brass (diameter – up to 8,000 mm, weight – up to 70,000 kg) as well as propellers made of carbon and stainless steels (diameter - up to 2,500 mm, weight - up to 2,500 mm). Besides we produce bosses, servo cylinders, etc. Baltiysky Zavod produces propellers for the following types of ships: large-capacity tankers, container ships, passenger ships, all kinds of navy ships nuclear and icebreakers speed-boats, including patrol vessels
The shipyard manufactures stern tubes made of carbon, stainless and low-magnetic steels up to 1,100 mm in diameter, 11,000 mm in length, weighing up to 31,000 kg. Our products meet environmental, vibration resistance, and shock resistance requirements applicable.
Baltiysky Zavod manufactures propeller, thrust and intermediate shafts of carbon, alloy, low magnetic and stainless steels, as well as of titanium alloys. The availability of unique shafting lathes makes it possible to machine solid-forged propeller shafts up to 24,000 mm long or built-up shafts up to 33,000 mm long (diameter - up to 1,000 mm, weight – up to 50,000 kg).
Baltiysky Zavod is highly skilled in production of structures made of titanium alloys, including deep submersible vehicles (depth of submergence – down to 7 km).
Baltiysky Zavod is situated in the western part of St. Petersburg, on Vassilievsky Island, at the outlet of Greater Neva.
The enterprise is specializing in complex high-technology large ships, including nuclear-powered ones. In the past, these were mostly warships; nowadays, Baltiysky Zavod has a number of interesting projects to offer to the Russian and international civilian market. These are icebreaking transport ships, nuclear- and diesel-powered floating power stations, offshore supply and service
ships, floating desalting plants.
The enterprise has three construction slips. The 350-meter "A" slip is the biggest in Russia, allowing to launch hulls up to 100,000 tons in deadweight. Superstructure blocks can be installed afloat using the Demag 350-ton floating crane with 50 m hoisting height. Deep-draught outfitting quay is 245 m long and 15 m wide, its depth is 10 m near the bank.
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3. The sceme of organization of production of public corporation “Baltiysky Zavod” (organizational structure)
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4. Horizontal and vertical analyses
Horizontal analysis
ASSETS 2004 | Line code | At beginning of reporting year | At end of reporting year | Change |
1 | 2 | 3 | 4 | 5 |
I. Non-current assets |
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Intagible assets including : | 110 |
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patents, licenses, trade marks | 111 |
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organizational expenses | 112 |
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goodwill | 113 |
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Fixed assets including : | 120 | 676 834 | 844 374 | 167 540 |
land plots and natural resources | 121 | 7 670 | 7 664 | -6 |
buildings, machinery and equipment | 122 | 669 165 | 836 709 | 167 544 |
Construction in progress | 130 | 112 699 | 157 324 | 44 625 |
Income-bearing investments | 135 |
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Long-term financial investments including : | 140 | 737 487 | 235 290 | -502 197 |
investments in subsidiaries | 141 |
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investments in associates | 142 |
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investments in other entities | 143 | 737 487 | 235 290 | -502 197 |
loans provided to companies for a period over 12 months | 144 |
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Deferred tax assets | 145 |
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Other non-current assets | 150 |
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Total section I | 190 | 1 527 020 | 1 236 988 | -290 032 |
II. Current assets |
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Inventories including: | 210 | 9 504 002 | 16 968 596 | 7 464 594 |
raw materials and other inventories | 211 | 533 011 | 452 198 | -80 813 |
livestock | 212 |
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work in progress | 213 | 8 871 197 | 16 463 250 | 7 592 053 |
finished goods and goods for resale | 214 | 37 085 | 28 108 | -8 977 |
goods dispatched | 215 |
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expenses related to future periods | 216 | 62 710 | 23 801 | -38 909 |
other current assets | 217 |
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Value added tax on purchased goods | 220 | 814 026 | 1 829 471 | 1 015 445 |
Accounts receivable (payments expected beyond 12 months after the reporting date) including: | 230 | 478 | 351 000 | 350 522 |
buyers and customers | 231 |
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promissory notes receivable | 232 |
| 351 000 | 351 000 |
advances issued | 234 |
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other debtors | 235 | 478 |
| -478 |
Accounts receivable (payments expected within 12 months after the reporting date) including: | 240 | 5 311 774 | 2 810 027 | -2 501 747 |
buyers and customers | 241 | 26 225 | 44 659 | 18 434 |
promissory notes receivable | 242 | 303 003 | 354 598 | 51 595 |
outstanding shareholders’ contributions to charter capital | 244 |
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advances issued | 245 | 4 706 307 | 2 273 926 | -2 432 381 |
other debtors | 246 | 267 238 | 136 844 | -130 394 |
Short-term investments | 250 |
| 5 700 | 5 700 |
loans provided to other companies for a period within 12 months | 251 |
| 5 700 | 5 700 |
other short-term investments | 253 |
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Monetary assets including: | 260 | 56 370 | 22 646 | -33 724 |
cash | 261 | 99 | 105 | 6 |
settlement accounts | 262 | 40 182 | 10 720 | -29 462 |
foreign currency accounts | 263 | 15 788 | 11 601 | -4 187 |
other monetary assets | 264 | 301 | 219 | -82 |
Other current assets | 270 |
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Total section II | 290 | 15 686 652 | 21 987 440 | 6 300 788 |
TOTAL ASSETS | 300 | 17 213 671 | 23 224 426 | 6 010 755 |
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EQUITY AND LIABILITIES 2004 |
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III. Equity and reserves |
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Charter capital | 410 | 180 474 | 244 968 | 64 494 |
Treasury shares | 411 |
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Additional capital | 420 | 367 313 | 373 381 | 6 068 |
Legal reserve | 430 |
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including: |
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reserves and provisions formed in accordance with legislation | 431 |
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other legal reserve | 432 |
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Other equity and reserves | 450 | -3 893 157 | -814 349 | 3 078 808 |
Retained earnings | 470 |
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Retained loss | 475 |
| -1 349 133 | -1 349 133 |
Social government fund | 480 |
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Total section III | 490 | -3 345 370 | -1 545 133 | 1 800 237 |
IV. Non-current liabilities |
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Borrowings | 510 | 1 808 400 | 508 982 | -1 299 418 |
bank borrowings due for repayment beyond 12 months | 511 | 1 808 400 | 508 982 | -1 299 418 |
other borrowings due for repayment beyond 12 months | 512 |
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Deferred tax liabilities | 515 |
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Other non-current liabilities | 520 |
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including: |
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promissory notes payable | 522 |
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Total section IV | 590 | 1 808 400 | 508 982 | -1 299 418 |
V. Current liabilities |
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Borrowings | 610 | 907 214 | 6 608 012 | 5 700 798 |
bank borrowings due for repayment within 12 months | 611 | 907 214 | 6 608 012 | 5 700 798 |
other borrowings due for repayment within 12 months | 612 |
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current portion of long-term borrowings | 613 |
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Accounts payable | 620 | 17 801 262 | 17 633 819 | -167 443 |
including: |
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suppliers and contractors | 621 | 177 950 | 548 526 | 370 576 |
salaries payable | 622 | 45 155 | 188 048 | 142 893 |
payable to state non-budget funds | 623 | 176 | 203 | 27 |
taxes payable | 624 | 23 237 | 33 949 | 10 712 |
other creditors, including: | 625 | 7 712 | 9 798 | 2 086 |
promissory notes payable | 626 | 287 821 | 324 088 | 36 267 |
advances received | 627 | 17 247 420 | 16 505 689 | -741 731 |
other creditors | 628 | 11 792 | 23 519 | 11 727 |
Dividends payable to participants (shareholders) | 630 |
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Income of future periods | 640 |
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Reserves for future expenses | 650 | 42 164 | 18 746 | -23 418 |
Other current liabilities | 660 |
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Total section V | 690 | 18 750 641 | 24 260 577 | 5 509 936 |
TOTAL EQUITY AND LIABILITIES | 700 | 17 213 671 | 23 224 426 | 6 010 755 |
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PROFIT AND LOSS ACCOUNT | Line code | For reporting period | For the similar period of the prior year | Change |
1 | 2 | 3 | 4 | 5 |
I. Income from and expenses on ordinary activities |
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Sale of goods, products, work, services (less VAT, excise tax and other similar mandatory payments) | 10 | 951 680 | 363 398 | 588 282 |
Cost of goods, products, work, services sold | 20 | 986 070 | 307 180 | 678 890 |
Gross profit | 29 | -34 390 | 56 218 | -90 608 |
Selling expenses | 30 | 1 755 | 5 263 | -3 508 |
Administrative expenses | 40 |
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| 0 |
Profit (loss) from operations | 50 | -36 145 | 50 956 | -87 101 |
II. Operating income and expenses |
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| 0 |
Interest income | 60 |
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| 0 |
Interest expenses | 70 |
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| 0 |
Income from investments in other companies | 80 |
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| 0 |
Other operating income | 90 | 2 238 148 | 132 366 | 2 105 782 |
Other operating expenses | 100 | 3 192 285 | 3 320 | 3 188 965 |
III. Non-operating income and expenses |
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| 0 |
Non-operating income | 120 | 77 998 | 50 869 | 27 129 |
Non-operating expenses | 130 | 420 739 | 1 284 412 | -863 673 |
Profit (loss) before profit tax | 140 | -1 333 023 | -1 053 549 | -279 474 |
Current profit tax | 150 | 14 347 | 7 | 14 340 |
Other non-operating income | 160 | -1 347 371 | -1 053 549 | -293 822 |
IV. Extraordinary income and expenses |
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| 0 |
Extraordinary income | 170 |
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| 0 |
Extraordinary expenses | 180 | 1 762 |
| 1 762 |
Net profit (loss) for the reporting period | 190 | -1 349 133 | -1 053 549 | -295 584 |
ASSETS 2005 | Line code | At beginning of reporting year | At end of reporting year | Change |
1 | 2 | 3 | 4 | 5 |
I. Non-current assets |
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Intagible assets including : | 110 |
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patents, licenses, trade marks | 111 |
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organizational expenses | 112 |
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goodwill | 113 |
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Fixed assets including : | 120 | 844 374 | 931 751 | 87 377 |
land plots and natural resources | 121 | 7 664 | 7 628 | -36 |
buildings, machinery and equipment | 122 |
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Construction in progress | 130 | 157 324 | 83 037 | -74 287 |
Income-bearing investments | 135 |
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Long-term financial investments including : | 140 | 235 290 | 240 558 | 5 268 |
investments in subsidiaries | 141 |
|
|
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investments in associates | 142 |
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investments in other entities | 143 |
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loans provided to companies for a period over 12 months | 144 |
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Deferred tax assets | 145 |
| 2 553 273 | 2 553 273 |
Other non-current assets | 150 |
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Total section I | 190 | 1 236 988 | 3 808 619 | 2 571 631 |
II. Current assets |
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Inventories including: | 210 | 16 968 596 | 7 825 367 | -9 143 229 |
raw materials and other inventories | 211 | 452 198 | 342 025 | -110 173 |
livestock | 212 |
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work in progress | 213 | 16 463 250 | 7 439 138 | -9 024 112 |
finished goods and goods for resale | 214 | 28 108 | 39 271 | 11 163 |
goods dispatched | 215 |
| 1 000 | 1 000 |
expenses related to future periods | 216 | 23 801 | 3 933 | -19 868 |
other current assets | 217 |
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Value added tax on purchased goods | 220 | 1 829 471 | 944 150 | -885 321 |
Accounts receivable (payments expected beyond 12 months after the reporting date) including: | 230 | 351 000 |
| -351 000 |
buyers and customers | 231 |
|
|
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promissory notes receivable | 232 |
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advances issued | 234 |
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other debtors | 235 |
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Accounts receivable (payments expected within 12 months after the reporting date) including: | 240 | 2 810 027 | 3 791 687 | 981 660 |
buyers and customers | 241 | 44 659 | 2 471 081 | 2 426 422 |
promissory notes receivable | 242 |
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outstanding shareholders’ contributions to charter capital | 244 |
|
|
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advances issued | 245 |
|
|
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other debtors | 246 |
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Short-term investments | 250 | 5 700 | 500 | -5 200 |
loans provided to other companies for a period within 12 months | 251 |
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other short-term investments | 253 |
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|
|
Monetary assets including: | 260 | 22 646 | 53 365 | 30 719 |
cash | 261 |
|
|
|
settlement accounts | 262 |
|
|
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foreign currency accounts | 263 |
|
|
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other monetary assets | 264 |
|
|
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Other current assets | 270 |
|
|
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Total section II | 290 | 21 987 440 | 12 615 069 | -9 372 371 |
TOTAL ASSETS | 300 | 23 224 428 | 16 423 688 | -6 800 740 |
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EQUITY AND LIABILITIES 2005 |
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III. Equity and reserves |
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Charter capital | 410 | 244 968 | 264 440 | 19 472 |
Treasury shares | 411 |
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|
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Additional capital | 420 | 417 135 | 419 533 | 2 398 |
Legal reserve | 430 |
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including: |
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|
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reserves and provisions formed in accordance with legislation | 431 |
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other legal reserve | 432 |
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|
|
Retained earnings (loss) | 470 | -2 209 406 | -2 667 724 | -458 318 |
Retained loss | 475 |
|
|
|
Social government fund | 480 |
|
|
|
Total section III | 490 | -1 547 303 | -1 983 751 | -436 448 |
IV. Non-current liabilities |
|
|
|
|
Borrowings | 510 | 508 982 | 6 068 | -502 914 |
bank borrowings due for repayment beyond 12 months | 511 |
|
|
|
other borrowings due for repayment beyond 12 months | 512 |
|
|
|
Deferred tax liabilities | 515 |
| 6 068 | 6 068 |
Other non-current liabilities | 520 |
|
|
|
including: |
|
|
|
|
promissory notes payable | 522 |
|
|
|
Total section IV | 590 | 508 982 | 2 466 739 | 1 957 757 |
V. Current liabilities |
|
|
|
|
Borrowings | 610 | 6 608 012 | 4 363 700 | -2 244 312 |
bank borrowings due for repayment within 12 months | 611 |
|
|
|
other borrowings due | 612 |
|
|
|
current portion of long-term borrowings | 613 |
|
|
|
Accounts payable | 620 | 17 635 990 | 9 909 745 | -7 726 245 |
including: |
|
|
|
|
suppliers and contractors | 621 | 548 526 | 1 607 943 | 1 059 417 |
salaries payable | 622 |
|
|
|
payable to state non-budget funds | 623 |
|
|
|
taxes payable | 624 | 33 949 | 32 116 | -1 833 |
other creditors, including: | 625 | 9 798 | 11 222 | 1 424 |
promissory notes payable | 626 | 324 088 | 306 325 | -17 763 |
advances received | 627 | 16 505 689 | 7 897 090 | -8 608 599 |
other creditors | 628 | 213 940 | 55 022 | -158 918 |
Dividends payable to participants (shareholders) | 630 |
|
|
|
Income of future periods | 640 |
|
|
|
Reserves for future expenses | 650 | 18 746 | 1 667 255 | 1 648 509 |
Other current liabilities | 660 |
|
|
|
Total section V | 690 | 24 262 748 | 15 940 700 | -8 322 048 |
TOTAL EQUITY AND LIABILITIES | 700 | 23 224 427 | 16 423 688 | -6 800 739 |
|
|
|
|
|
PROFIT AND LOSS ACCOUNT | Line code | For reporting period | For the similar period of the prior year | Change |
1 | 2 | 3 | 4 | 5 |
I. Income from and expenses on ordinary activities |
|
|
|
|
Sale of goods, products, work, services (less VAT, excise tax and other similar mandatory payments) | 10 | 21 316 | 951 680 | -930 364 |
Cost of goods, products, work, services sold | 20 | 17 935 965 | 986 070 | 16 949 895 |
Gross profit | 29 | 3 380 089 | -34 390 | 3 414 479 |
Selling expenses | 30 | 14 789 | 1 755 | 13 034 |
Administrative expenses | 40 |
|
| 0 |
Profit (loss) from operations | 50 | 3 365 300 | -36 145 | 3 401 445 |
II. Operating income and expenses |
|
|
| 0 |
Interest income | 60 |
|
| 0 |
Interest expenses | 70 |
|
| 0 |
Income from investments in other companies | 80 |
|
| 0 |
Other operating income | 90 | 2 588 048 | 2 238 148 | 349 900 |
Other operating expenses | 100 | 2 889 480 | 3 192 285 | -302 805 |
III. Non-operating income and expenses |
|
|
| 0 |
Non-operating income | 120 | 2 104 170 | 77 998 | 2 026 172 |
Non-operating expenses | 130 | 4 660 | 422 501 | -417 841 |
Profit (loss) before profit tax | 140 | -430 547 | -1 334 785 | 904 238 |
Deferred tax assets | 142 | 2 553 273 |
| 2 553 273 |
Deferred tax liabilities | 143 | 2 460 768 |
| 2 460 768 |
Current profit tax | 150 | 27 771 | 14 347 | 13 424 |
| 160 | -458 319 | -1 349 133 | 890 814 |
IV. Extraordinary income and expenses |
|
|
| 0 |
Extraordinary income | 170 |
|
| 0 |
Extraordinary expenses | 180 | 1 762 |
| 1 762 |
Net profit (loss) for the reporting period | 190 | -458 319 | -1 349 133 | 890 814 |
Permanent tax liabilities (assets) | 200 | 38 598 |
|
|
ASSETS 2006 | Line code | At beginning of reporting year | At end of reporting year | Change |
1 | 2 | 3 | 4 | 5 |
I. Non-current assets |
|
|
|
|
Intagible assets including : | 110 |
|
|
|
patents, licenses, trade marks | 111 |
|
|
|
organizational expenses | 112 |
|
|
|
goodwill | 113 |
|
|
|
Fixed assets including : | 120 | 931 751 | 1 160 272 | 228 521 |
land plots and natural resources | 121 |
|
|
|
buildings, machinery and equipment | 122 |
|
|
|
Construction in progress | 130 | 83 037 | 48 605 | -34 432 |
Income-bearing investments | 135 |
|
|
|
Long-term financial investments including : | 140 | 240 558 | 247 278 | 6 720 |
investments in subsidiaries | 141 |
|
|
|
investments in associates | 142 |
|
|
|
investments in other entities | 143 |
|
|
|
loans provided to companies for a period over 12 months | 144 |
|
|
|
Deferred tax assets | 145 | 2 553 273 | 646 712 |
|
Other non-current assets | 150 |
|
|
|
Total section I | 190 | 3 808 619 | 2 102 867 | -1 705 752 |
II. Current assets |
|
|
|
|
Inventories including: | 210 | 7 825 367 | 2 586 752 | -5 238 615 |
raw materials and other inventories | 211 | 342 025 | 312 316 | -29 709 |
livestock | 212 |
|
|
|
work in progress | 213 | 7 439 138 | 2 230 630 | -5 208 508 |
finished goods and goods for resale | 214 | 3 927 | 34 935 | 31 008 |
goods dispatched | 215 | 1 000 | 3 537 | 2 537 |
expenses related to future periods | 216 | 3 933 | 5 334 | 1 401 |
other current assets | 217 |
|
|
|
Value added tax on purchased goods | 220 | 944 150 | 255 918 | -688 232 |
Accounts receivable (payments expected beyond 12 months after the reporting date) including: | 230 |
|
|
|
buyers and customers | 231 |
|
|
|
promissory notes receivable | 232 |
|
|
|
advances issued | 234 |
|
|
|
other debtors | 235 |
|
|
|
Accounts receivable (payments expected within 12 months after the reporting date) including: | 240 | 3 791 687 | 2 565 192 | -1 226 495 |
buyers and customers | 241 | 2 471 081 | 77 061 | -2 394 020 |
promissory notes receivable | 242 |
|
|
|
outstanding shareholders’ contributions to charter capital | 244 |
|
|
|
advances issued | 245 |
|
|
|
other debtors | 246 |
|
|
|
Short-term investments | 250 | 500 | 1 437 | 937 |
loans provided to other companies for a period within 12 months | 251 |
|
|
|
other short-term investments | 253 |
|
|
|
Monetary assets including: | 260 | 53 365 | 102 630 | 49 265 |
cash | 261 |
|
|
|
settlement accounts | 262 |
|
|
|
foreign currency accounts | 263 |
|
|
|
other monetary assets | 264 |
|
|
|
Other current assets | 270 |
|
|
|
Total section II | 290 | 12 615 069 | 5 511 929 | -7 103 140 |
TOTAL ASSETS | 300 | 16 423 688 | 7 614 796 | -8 808 892 |
|
|
|
|
|
EQUITY AND LIABILITIES 2006 |
|
|
|
|
III. Equity and reserves |
|
|
|
|
Charter capital | 410 | 264 440 | 264 440 | 0 |
Treasury shares | 411 |
|
|
|
Additional capital | 420 | 419 533 | 419 533 | 0 |
Legal reserve | 430 |
|
|
|
including: |
|
|
|
|
reserves and provisions formed in accordance with legislation | 431 |
|
|
|
other legal reserve | 432 |
|
|
|
Retained earnings | 470 | -2 667 724 | -1 648 895 | 1 018 829 |
Retained loss | 475 |
|
|
|
Social government fund | 480 |
|
|
|
Total section III | 490 | -1 983 751 | 964 922 | 2 948 673 |
IV. Non-current liabilities |
|
|
|
|
Borrowings | 510 | 6 068 |
| -6 068 |
bank borrowings due for repayment beyond 12 months | 511 |
|
| 0 |
other borrowings due for repayment beyond 12 months | 512 |
|
|
|
Deferred tax liabilities | 515 | 2 460 671 | 903 897 | -1 556 774 |
Other non-current liabilities | 520 |
|
|
|
including: |
|
|
|
|
promissory notes payable | 522 |
|
|
|
Total section IV | 590 | 2 466 739 | 903 897 | -1 562 842 |
V. Current liabilities |
|
|
|
|
Borrowings | 610 | 4 363 700 |
| -4 363 700 |
bank borrowings due for repayment within 12 months | 611 |
|
|
|
other borrowings due for repayment within 12 months | 612 |
|
|
|
current portion of long-term borrowings | 613 |
|
|
|
Accounts payable | 620 | 9 909 745 |
| -9 909 745 |
including: |
|
|
|
|
suppliers and contractors | 621 | 1 607 943 |
| -1 607 943 |
salaries payable | 622 | 32 116 |
|
|
payable to state non-budget funds | 623 | 11 222 |
|
|
taxes payable | 624 | 306 352 |
|
|
other creditors, including: | 625 |
|
| 0 |
promissory notes payable | 626 |
|
| 0 |
advances received | 627 | 7 897 090 | 3 512 997 | -4 384 093 |
other creditors | 628 | 55 022 |
| -55 022 |
Dividends payable to participants (shareholders) | 630 |
|
|
|
Income of future periods | 640 |
|
|
|
Reserves for future expensesand payments | 650 |
|
| 0 |
Other current liabilities | 660 |
|
|
|
Total section V | 690 | 15 940 700 | 7 675 821 | -8 264 879 |
TOTAL EQUITY AND LIABILITIES | 700 | 16 423 688 | 7 614 796 | -8 808 892 |
|
|
|
|
|
PROFIT AND LOSS ACCOUNT | Line code | For reporting period | For the similar period of the prior year | Change |
1 | 2 | 3 | 4 | 5 |
I. Income from and expenses on ordinary activities |
|
|
|
|
Sale of goods, products, work, services (less VAT, excise tax and other similar mandatory payments) | 10 | 9 660 151 | 21 316 054 | -11 655 903 |
Cost of goods, products, work, services sold | 20 | 8 998 009 | 17 935 965 | -8 937 956 |
Gross profit | 29 | 662 146 | 3 380 089 | -2 717 943 |
Selling expenses | 30 | 4 525 | 14 789 | -10 264 |
Administrative expenses | 40 |
|
|
|
Profit (loss) from operations | 50 | 657 621 | 3 365 300 | -2 707 679 |
II. Operating income and expenses |
|
|
|
|
Interest income | 60 | 57 | 456 | -399 |
Interest expenses | 70 | 288201 | 938478 | -650 277 |
Income from investments in other companies | 80 | 107 |
| 107 |
Other operating income | 90 | 1 268 315 | 2 588 048 | -1 319 733 |
Other operating expenses | 100 | 1 285 527 | 2 889 480 | -1 603 953 |
III. Non-operating income and expenses |
|
|
|
|
Non-operating income | 120 | 1 636 282 | 2 104 170 | -467 888 |
Non-operating expenses | 130 | 599 107 | 4 660 563 | -4 061 456 |
Profit (loss) before profit tax | 140 | 1 389 547 | -430 547 | 1 820 094 |
Deferred tax assets | 142 | -1 906 562 | 2 553 273 | -4 459 835 |
Deferred tax liabilities | 143 | -1 556 774 | 2 460 768 | -4 017 542 |
Current profit tax | 150 | 20 930 | 27 771 | -6 841 |
| 160 |
|
|
|
IV. Extraordinary income and expenses |
|
|
|
|
Extraordinary income | 170 |
|
|
|
Extraordinary expenses | 180 |
|
|
|
Net profit (loss) for the reporting period | 190 | 1 018 829 | -458 319 | 1 477 148 |
Permanent tax liabilities (assets) | 200 | 37 226 | 38598 |
|
2
ASSETS 2002 | Line code | At beginning of 2004 | At beginning of 2005 | At beginning of 2006 | At beginning of 2007 | ||||
|
| mln rub | % | mln rub | % | mln rub | % | mln rub | % |
I. Non-current assets |
|
|
|
|
|
|
|
|
|
Intagible assets including : | 110 |
|
|
|
|
|
|
|
|
patents, licenses, trade marks | 111 |
|
|
|
|
|
|
|
|
organizational expenses | 112 |
|
|
|
|
|
|
|
|
goodwill | 113 |
|
|
|
|
|
|
|
|
Fixed assets including : | 120 | 676 834 | 100 | 844 374 | 124,8 | 931 751 | 137,7 | 1 160 272 | 171,4 |
land plots and natural resources | 121 | 7 670 | 100 | 7 664 | 99,9 |
|
|
|
|
buildings, machinery and equipment | 122 | 669 165 | 100 | 836 709 | 125,0 |
| 0,0 |
| 0,0 |
Construction in progress | 130 | 112 699 | 100 | 157 324 | 139,6 | 83 037 | 73,7 | 48 605 | 43,1 |
Income-bearing investments | 135 |
|
|
|
|
|
|
|
|
Long-term financial investments including : | 140 | 737 487 | 100 | 235 290 | 31,9 | 240 558 | 32,6 | 247 278 | 33,5 |
investments in subsidiaries | 141 |
|
|
|
|
|
|
|
|
investments in associates | 142 |
|
|
|
|
|
|
|
|
investments in other entities | 143 | 737 487 | 100 | 235 290 | 31,9 |
|
|
|
|
loans provided to companies for a period over 12 months | 144 |
|
|
|
|
|
|
|
|
Deferred tax assets | 145 |
|
|
|
| 2 553 273 |
| 646 712 |
|
Other non-current assets | 150 |
|
|
|
|
|
|
|
|
Total section I | 190 | 1 527 020 | 100 | 1 236 988 | 81,0 | 3 808 619 | 249,4 | 2 102 867 | 137,7 |
II. Current assets |
|
|
|
|
|
|
|
|
|
Inventories including: | 210 | 9 504 002 | 100 | 16 968 596 | 178,5 | 7 825 367 | 82,3 | 2 586 752 | 27,2 |
raw materials and other inventories | 211 | 533 011 | 100 | 452 198 | 84,8 | 342 025 | 64,2 | 312 316 | 58,6 |
livestock | 212 |
|
|
|
|
|
|
|
|
work in progress | 213 | 8 871 197 | 100 | 16 463 250 | 185,6 | 7 439 138 | 83,9 | 2 230 630 | 25,1 |
finished goods and goods for resale | 214 | 37 085 | 100 | 28 108 | 75,8 | 3 927 | 10,6 | 34 935 | 94,2 |
goods dispatched | 215 |
|
|
|
| 1 000 |
| 3 537 |
|
expenses related to future periods | 216 | 62 710 | 100 | 23 801 | 38,0 | 3 933 | 6,3 | 5 334 | 8,5 |
other current assets | 217 |
|
|
|
|
|
|
|
|
Value added tax on purchased goods | 220 | 814 026 | 100 | 1 829 471 | 224,7 | 944 150 | 116,0 | 255 918 | 31,4 |
Accounts receivable (payments expected beyond 12 months after the reporting date) including: | 230 | 478 | 100 | 351 000 | 73 431 |
|
|
|
|
buyers and customers | 231 |
|
|
|
|
|
|
|
|
promissory notes receivable | 232 |
|
| 351 000 |
|
|
|
|
|
advances issued | 234 |
|
|
|
|
|
|
|
|
other debtors | 235 | 478 |
|
|
|
|
|
|
|
Accounts receivable (payments expected within 12 months after the reporting date) including: | 240 | 5 311 774 | 100 | 2 810 027 | 52,9 | 3 791 687 | 71,4 | 2 565 192 | 48,3 |
buyers and customers | 241 | 26 225 | 100 | 44 659 | 170,3 | 2 471 081 | 9422,6 | 77 061 | 293,8 |
promissory notes receivable | 242 | 303 003 | 100 | 354 598 | 117,0 |
|
|
|
|
outstanding shareholders’ contributions to charter capital | 244 |
|
|
|
|
|
|
|
|
advances issued | 245 | 4 706 307 | 100 | 2 273 926 | 48,3 |
|
|
|
|
other debtors | 246 | 267 238 | 100 | 136 844 | 51,2 |
|
|
|
|
Short-term investments | 250 |
|
| 5 700 |
| 500 |
| 1 437 |
|
loans provided to other companies for a period within 12 months | 251 |
|
| 5 700 |
|
|
|
|
|
other short-term investments | 253 |
|
|
|
|
|
|
|
|
Monetary assets including: | 260 | 56 370 | 100 | 22 646 | 40,2 | 53 365 | 94,7 | 102 630 | 182,1 |
cash | 261 | 99 | 100 | 105 | 106,1 |
| 0,0 |
| 0,0 |
settlement accounts | 262 | 40 182 | 100 | 10 720 | 26,7 |
| 0,0 |
| 0,0 |
foreign currency accounts | 263 | 15 788 | 100 | 11 601 | 73,5 |
| 0,0 |
| 0,0 |
other monetary assets | 264 | 301 | 100 | 219 | 72,8 |
|
|
|
|
Other current assets | 270 |
|
|
|
|
|
|
|
|
Total section II | 290 | 15 686 652 | 100 | 21 987 440 | 140,2 | 12 615 069 | 80,4 | 5 511 929 | 35,1 |
TOTAL ASSETS | 300 | 17 213 671 | 100 | 23 224 426 | 134,9 | 16 423 688 | 95,4 | 7 614 796 | 44,2 |
|
|
|
|
|
|
|
|
|
|
EQUITY AND LIABILITIES 2002 |
|
|
|
|
|
|
|
|
|
III. Equity and reserves |
|
|
|
|
|
|
|
|
|
Charter capital | 410 | 180 474 | 100 | 244 968 | 135,7 | 264 440 | 146,5 | 264 440 | 146,5 |
Treasury shares | 411 |
|
|
|
|
|
|
|
|
Additional capital | 420 | 367 313 | 100 | 373 381 | 101,7 | 419 533 | 114,2 | 419 533 | 114,2 |
Legal reserve | 430 |
|
|
|
|
|
|
|
|
including: |
|
|
|
|
|
|
|
|
|
reserves and provisions formed in accordance with legislation | 431 |
|
|
|
|
|
|
|
|
other legal reserve | 432 |
|
|
|
|
|
|
|
|
Other equity and reserves | 450 | -3 893 157 | 100 | -814 349 | 20,9 |
|
|
|
|
Retained earnings | 470 |
|
|
|
| -2 667 724 |
| -1 648 895 |
|
Retained loss | 475 |
|
| -1 349 133 |
|
|
|
|
|
Social government fund | 480 |
|
|
|
|
|
|
|
|
Total section III | 490 | -3 345 370 | 100 | -1 545 133 | 46,2 | -1 983 751 | 59,3 | 964 922 | -28,8 |
IV. Non-current liabilities |
|
|
|
|
|
|
|
|
|
Borrowings | 510 | 1 808 400 | 100 | 508 982 | 28,1 | 6 068 | 0,3 |
| 0,0 |
bank borrowings due for repayment beyond 12 months | 511 | 1 808 400 |
| 508 982 |
|
|
|
|
|
other borrowings due for repayment beyond 12 months | 512 |
|
|
|
|
|
|
|
|
Deferred tax liabilities | 515 |
|
|
|
| 2 460 671 |
| 903 897 |
|
Other non-current liabilities | 520 |
|
|
|
|
|
|
|
|
including: |
|
|
|
|
|
|
|
|
|
promissory notes payable | 522 |
|
|
|
|
|
|
|
|
Total section IV | 590 | 1 808 400 | 100 | 508 982 | 28,1 | 2 466 739 | 136,4 | 903 897 | 50,0 |
V. Current liabilities |
|
|
|
|
|
|
|
|
|
Borrowings | 610 | 907 214 | 100 | 6 608 012 | 728,4 | 4 363 700 | 481,0 |
| 0,0 |
bank borrowings due for repayment within 12 months | 611 | 907 214 | 100 | 6 608 012 | 728,4 |
|
|
|
|
other borrowings due | 612 |
|
|
|
|
|
|
|
|
current portion of long-term borrowings | 613 |
|
|
|
|
|
|
|
|
Accounts payable | 620 | 17 801 262 | 100 | 17 633 819 | 99,1 | 9 909 745 | 55,7 |
| 0,0 |
including: |
|
|
|
|
|
|
|
|
|
suppliers and contractors | 621 | 177 950 | 100 | 548 526 | 308,2 | 1 607 943 | 903,6 |
| 0,0 |
salaries payable | 622 | 45 155 | 100 | 188 048 | 416,5 | 32 116 | 71,1 |
| 0,0 |
payable to state non-budget funds | 623 | 176 | 100 | 203 | 115,3 | 11 222 | 6376,1 |
| 0,0 |
taxes payable | 624 | 23 237 | 100 | 33 949 | 146,1 | 306 352 | 1318,4 |
| 0,0 |
other creditors, including: | 625 | 7 712 | 100 | 9 798 | 127,0 |
| 0,0 |
| 0,0 |
promissory notes payable | 626 | 287 821 | 100 | 324 088 | 112,6 |
| 0,0 |
| 0,0 |
advances received | 627 | 17 247 420 | 100 | 16 505 689 | 95,7 | 7 897 090 | 45,8 | 3 512 997 | 20,4 |
other creditors | 628 | 11 792 | 100 | 23 519 | 199,4 | 55 022 | 466,6 |
| 0,0 |
Dividends payableto participants (shareholders) | 630 |
|
|
|
|
|
|
|
|
Income of future periods | 640 |
|
|
|
|
|
|
|
|
Reserves for future expenses | 650 | 42 164 | 100 | 18 746 | 44,5 |
|
|
|
|
Other current liabilities | 660 |
|
|
|
|
|
|
|
|
Total section V | 690 | 18 750 641 | 100 | 24 260 577 | 129,4 | 15 940 700 | 85,0 | 7 675 821 | 40,9 |
TOTAL EQUITY AND LIABILITIES | 700 | 17 213 671 | 100 | 23 224 426 | 134,9 | 16 423 688 | 95,4 | 7 614 796 | 44,2 |
2
5. Analyses
Financial Analysis Ratios
Owned floating assets = Equity and reserves - Non-current assets
Owned floating assets 2003 = – 4 872 388
Owned floating assets 2004 = – 2 782 120
Owned floating assets 2005 = – 5 792 370
Owned floating assets 2006 = – 1 137 945
Owned and long-term borrowing costs = Owned floating assets + Non-current liabilities
Owned and long-term borrowing costs 2003 = – 3 063 988
Owned and long-term borrowing costs 2004 = – 2 273 138
Owned and long-term borrowing costs 2005 = – 3 325 631
Owned and long-term borrowing costs 2006 = – 234 048
The main sources of company’s resources and costs = Owned and long-term borrowing costs + Borrowings + Accounts payable (including salaries payable and advances received)
The main sources of company’s resources and costs 2003 = 15 313 749
The main sources of company’s resources and costs 2004 = 21 577 137
The main sources of company’s resources and costs 2005 = 10 543 102
The main sources of company’s resources and costs 2006 = 3 278 949
Inventory turnover and cost turnover ratio= Inventories + Value added tax on purchased goods
Inventory turnover and cost turnover 2003 = 10 318 028
Inventory turnover and cost turnover 2004 = 18 798 067
Inventory turnover and cost turnover 2005 = 8 769 517
Inventory turnover and cost turnover 2006 = 2 842 670
Financial index 1 = Owned floating assets - Inventory turnover and cost turnover
Financial index 1 2003= – 15 190 416
Financial index 1 2004 = – 21 580 187
Financial index 1 2005 = – 14 561 887
Financial index 1 2006 = – 3 980 615
Financial index 2 = Owned and long-term borrowing costs - Inventory turnover and cost turnover
Financial index 2 2003 = – 13 382 016
Financial index 2 2004 = – 21 071 205
Financial index 2 2005 = – 12 095 148
Financial index 2 2006 = – 3 076 718
Financial index 3 = The main sources of company’s resources and costs - Inventory turnover and cost turnover
Financial index 3 2003 = 4 995 721
Financial index 3 2004 = 2 779 070
Financial index 3 2005 = 1 773 585
Financial index 3 2006 = 436 279
Resume: The analysis suggests that Baltiysky Zavod satisfies a want of owned and long-term borrowing costs and owned floating assets. However, from year to year the situation is improving.
Liquidity Analysis Ratios
Liquidity is the cash generating ability of the firm. The best way to show and to explain the development in the total liquidity is a cash flow statement. The use of liquidity ratios does not give the total picture of the liquidity, but can still be
important. The difference between current assets and current liabilities gives the working capital and is an interesting factor to examine.
Current Ratio = Current Assets / Current Liabilities
Current Ratio 2003 = 0,84
Current Ratio 2004 = 0,9
Current Ratio 2005 = 0,88
Current Ratio 2006 = 0,72
Net Working Capital Ratio = Net Working Capital / Total Assets
Net Working Capital Ratio 2004 = – 0,11
Net Working Capital Ratio 2004 = – 0,12
Net Working Capital Ratio 2005 = – 0,46
Net Working Capital Ratio 2006 = – 0,2
Resume: The two ratios demonstrate the lack of floating assets necessary for paying off the long-term liabilities and for the company’s financial stability in general. The current ratios are smaller than 1, it indicates negative current assets. This fact indicates the extent to which short-term creditors are covered by assets that can be translated into cash in the short-term.
Financial Stability Ratios
Autonomy ratio = Equity and reserves/ Total assets
Autonomy ratio 2003 = - 0,19
Autonomy ratio 2004 = - 0,07
Autonomy ratio 2005 = - 0,12
Autonomy ratio 2006 = - 0,13
Interest bearing debt ratio = (Short term loans + long term loans) / Total assets
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