comprehensive report - bursatransport compr… · business profile 000085. page 2 of 17 ood -...
TRANSCRIPT
page 1 of 17
For the exclusive use of:
Account Name:
Customer Reference No.:
Date of the Request:
Delivery Date:
Sample Client
17.03.2010
20.03.2010
Comprehensive ReportConfidential
SAMPLE COMPANYName:
Fax +359 2 8014101
Phone +359 2 8014160
10 CHERNI VRAH Str., Sofia , BulgariaHeadquarters
Website http://www.sample.com
COMPANY
Court Registration No:
Bulstat
9999/2005
111111111
Registration Date: 15.01.2005
Legal Form: AD - Joint Stock Company
Status: Active
Number of Employees
Registered Capital
Total Shareholders Equity
Sales Revenue
Profit before tax
109
EUR 5,113
EUR 16,847,068
EUR 77,669,327
EUR 189,178
Sector:
Consortium
Term of Existence
Special Conditions
No term
31.12.2019
Terms of Partnership
Nace Industry Code: 46.12: Agents involved in the sale of fuels, ores, metals and industrial chemicals
Company Type: Legal entity
UIC: 111111111
Subject of Activity: Trade and distribution of high-quality fuels, polymers and petrochemicals, trade with petrol and petroleum products, transport services, import, export, re-export and any other activity not prohibited by law.
Private national non-financial enterprises
BUSINESS PROFILE
000085
page 2 of 17
OOD - limited liability company AD - Joint Stock Company Commercial Act, Court Decision
Date of document 23.07.2006
Deposited Funds Increased EUR 2,556 EUR 5,113 Commercial Act, Court Decision
Shares number changed 50 100 Commercial Act, Court Decision
Capital Increased EUR 2,556 EUR 5,113 Commercial Act, Court Decision
Date of document 01.07.2007
Change of address 25 "Hristo Botev" Str., Sofia 1000, Bulgaria
10 "CHERNI VRAH" Str., Sofia 1407, Bulgaria
Decision of Sofia City Court
Date of document 23.08.2009
Type of Event: Previous Current Reason for occurrence
COMPANY HISTORY
Change of type
RISK RATING
Value31.12.2009
Payment Punctuality
Financial Strength
Risk Rating
A
4
Normal risk
For Financial Strength it is used a scale from 1 to 10, where 1 - very bad, 10 - very good.
For Payment Punctuality is used a scale from A to E, where A – very good, E – very bad.
Notes
CREDIT LIMIT
Value31.12.2009
Credit Limit - Debtor (in EUR)
Credit Limit - Creditor (in EUR)
1,441,025
1,546,351
page 3 of 17
OTHER COMMERCIAL DATA
ROSA Popovo Bulgaria 15.42: Manufacture of refined oils and fats
HOLCIM KARIERNI MATERIALI Sofia Bulgaria 14.21: Operation of gravel and sand pits
AYLA BULGARIA Kazichene Bulgaria 74.20: Architectural and engineering activities and related technical consultancy
Sector CountryName City
Country Percent
Canada 20.0%
Country Percent
Brazil 30.0%
Country Type
Exclusive ImporterENZO Leichtmetallräder GmbH Germany
AgentKFZ STAHLRAD Australia
Name
Sample-3
Sample-2
Sample-1
Name
RODCRAFT PNEUMATIC TOOLS 51.90: Other wholesaleGMBH
- Germany
VALAN Blagoevgrad Bulgaria 51.90: Other wholesale
GLAVBOLGARSTROY Sofia Bulgaria 45.21: General construction of buildings and civil engineering works
Sector CountryName City
KOREKT - 2004 Sandanski Bulgaria 51.38: Wholesale of other food, including fish, crustaceans and molluscs
FORTUNA EZ Vratsa Bulgaria 51.19: Agents involved in the sale of a variety of goods
BANNER GMBH 51.90: Other wholesale Vienna Austria
Sector CountryName City
IMPORTS
EXPORTS
REPRESENTED COMPANIES
TRADE MARKS
SUPPLIERS
CLIENTS
PARTNERS
page 4 of 17
3.
223 6-th September Str. "Central" District, Plovdiv, 4006, BulgariaAddress:
Start Date: 03.08.2007rentedStatus
Type Offices
E-mail [email protected]
2.
145 Botevgradsko Shose Str., Sofia, 1517, BulgariaAddress:
Start Date: 04.07.2007ownedStatus
Type Shop
E-mail [email protected]
1.
10 CHERNI VRAH Str., Sofia, 1407, BulgariaAddress:
Start Date: 23.08.2008ownedStatus
Type Head Office
E-mail [email protected]
WORKING POINTS
PREMISES
25 Hristo Belchev Str., Sofia, 1000, BulgariaAddress:
End Date: 23.08.2008.ownedStatus
HeadquartersType Start Date: 25.01.20051.
WORKING POINTS
PREMISES HISTORY
Issued No Of Shares/Stakes
Nominal value Date
50
EUR 51.13 15.01.2005
EUR 2,556Capital
CAPITAL HISTORY
Type of shares/stakes Ordinary shares Number of privileged shares 5
Contribution in-kind EUR 511 Rights which the shares give to their holder Voting right
Capital EUR 5,113 Issued No Of Shares/Stakes 100
Nominal value EUR 51.13 Date 01.07.2007
CAPITAL
Deposited Funds (in EUR) EUR 5,113
Special Conditions For Transfer In compliance with the requirements of Art. 12 of the In-Laws of the Company.
Conceded Estate Value
Contribution in-kind info Regulated land plot
EUR 511
page 5 of 17
Percent:
Share/Stake (BGN):
23.5%
2,350
First Name:
Last Name:
Middle Name:
IVAN
IVANOV
IVANOV
BULGARIANNationality:
INDIVIDUALS
COMPANIES
100
Percent: 25.0%
Share/Stake (BGN):
Sample Shareholder 2Name:
Bulstat
Legal Form: OOD - limited liability company
Nationality: Bulgaria
766,938ACCOUNTING PROFIT OR LOSS(2008) EUR
6,135,503SALES REVENUE(2008) EUR
76,694TOTAL SHAREHOLDERS' EQUITY(2008) EUR
5,000
Percent: 50.0%
Share/Stake (BGN):
Sample Shareholder 1Name:
Bulstat 0000000001
Legal Form: AD - Joint Stock Company
Nationality: Bulgaria
5,624ACCOUNTING PROFIT OR LOSS(2008) EUR
35,790SALES REVENUE(2008) EUR
12,271TOTAL SHAREHOLDERS' EQUITY(2008) EUR
SHAREHOLDERS/OWNERS
OTHER SHAREHOLDERS
Percent: 1.5%
LIST OF PHYSICAL PERSONS
150Share/Stake (BGN):
0000000002
page 6 of 17
Percent:
Share/Stake (BGN):
50.0%
2,500
First Name:
Last Name:
Middle Name:
PETAR
PETROV
PETROV
RUSSIANNationality:
02.12.2007End Date:
INDIVIDUALS
COMPANIES
02.12.2007End Date:
2,500
Percent: 50.0%
Share/Stake (BGN):
Sample Company 3Name:
Bulstat 0000000011
Legal Form: EAD - Sole-owner public limited company
Nationality: Bulgaria
SHAREHOLDERS/OWNERS HISTORY
page 7 of 17
Board of Managers Member
First Name:
Last Name:
Middle Name:
GEORGI
GEORGIEV
GEORGIEV
BULGARIANNationality:
13.01.1960Birth Date:
600113XXXX(SSN)ID:
Position:
Executive Director
First Name:
Last Name:
Middle Name:
KAMEN
KAMENOV
KAMENOV
BULGARIANNationality:
19.04.1970Birth Date:
700419XXXX(SSN)ID:
Position:
MANAGEMENT
The Procurator represents the company jointly with the Chairman.
Way of representation - Representative
Way of representation - Procurator
Jointly and Separately
The company is represented by the three executive directors and is bound by two signatures.
Way of Management
Volume of Representation Power The Branch Manager has the right of management and representation of the branch.
-
-
INDIVIDUALS
COMPANIES
Other Administrators
First Name:
Last Name:
Middle Name:
TODOR
TODOROV
TODOROV
BULGARIANNationality:
15.09.1976Birth Date:
760915XXXXID:
Position:
02.12.2007End Date:
MANAGEMENT HISTORY
.
INDIVIDUALS
Executive Director
page 8 of 17
INDIVIDUALS
COMPANIES
Test company 000000000 67.0 500,000
Company Name BULSTAT/UIC Percent % Capital (EUR)
The Shareholder Sample Shareholder 1 participates in the following companies:
000000001 30.0 400,000
Company Name BULSTAT/UIC Percent % Capital (EUR)
The Shareholder IVAN IVANOV IVANOV participates in the following companies:
ChairmanTest Company 3Name:
Bulstat 0000000011
Legal Form: EAD - Sole-owner public limited company
Nationality: Bulgaria
Position:
02.12.2007End Date:
COMPANIES
BULGARIAN INDUSTRIAL CONSORTIUM 200861965 8.8 2,608
Subject participates in the following companies:
Company Name BULSTAT/UIC Percent % Capital (EUR)
PARTICIPATIONS
SECTOR COMPARISON
TOTAL ASSETS 70,510,730 21,661,307 61,161,757SALES REVENUE 77,669,327 35,534,615 59,095,627OPERATING PROFIT/LOSS 189,178 1,409,376 954,071ACCOUNTING PROFIT OR LOSS 189,178 762,081 954,071
TOTAL CURRENT ASSETS 27,672,139 11,473,986 26,009,929
TOTAL SHAREHOLDERS' EQUITY 16,847,068 5,147,005 16,722,312
TOTAL FIXED TANGIBLE ASSETS 42,067,562 9,544,456 34,366,484
Amounts in EUR SUBJECT COMPANY 2008
SECTOR AVERAGES 2008
SUBJECT COMPANY 2007
SECTOR AVERAGES 2007
4,531,836 7,913,350
9,865,121
17,984,777 28,584,199
1,157,139
660,674
Board of Managers Member
PA
AFFILIATED
Test company 3
The Manager Georgi Georgiev Georgiev participates in the following companies:
000000001 3.0 100,000
Company Name BULSTAT/UIC Percent % Capital (EUR)
Sample company 3
page 9 of 17
PROPERTY LIENS
Pledge of a trade enterprise
Reason
Object
Size
Contract
Transfer of money
EUR 1,859,312
Interest Gross inretesr rate + 7 point
Debtor over Secure Claim
AtPawn Creditor
SAMPLE COMPANY
SAMPLE BANK
Description The enterprise as an entity
Pledge of a company share
Pledgor
Secured Claim Debtor
Pledge Creditor United Bulgarian Bank
Debtor`s name
Pledgor`s name
Secured Claim Reason
Secured Claim Subject
Secured Claim Amount
Contract - 11.08.2008
Trasfer of money
EUR 555800
Secured Claim Interests
Gross interest rate + 14 points
Gross interest rate + 4 points
Secured Claim Delay Interests
EUR 555800Pledge Money
Pledge Property Description
Pledge Property Price
Company share (nominal value EUR 1,304)
EUR 1,304
PEER ANALYSIS
TOTAL Fixed Tangible assets 42,067,562 956,116 10,030,013 34,546,970
OPERATING PROFIT/LOSS 189,178 4,006,483 987,816 -6,775,129Sales Revenue 77,669,327 48,874,391 37,201,597 19,754,784
ACCOUNTING PROFIT or LOSS 189,178 4,006,994 987,816 -6,775,129
TOTAL ASSETS 70,510,730 14,880,128 22,522,407 45,451,292
TOTAL Shareholders' Equity 16,847,068 5,505,591 5,010,149 21,697,182
TOTAL CURRENT ASSETS 27,672,139 13,486,857 980,147 10,464,611
Amounts in EUR SUBJECT COMPANY 2008 PEER COMPANY 1
Current Ratio (Current Assets/Current Liabilities)
1.5 1.5 0.1 0.6
Days Payable Outstanding (Payables/Cost of sales)*365
18.6 42.6 47.3 4.7
Days Receivable Outstanding (Receivables/Sales)*365
18.2 37.4 18.7 13.8
Leverage (TL/E) 3.2 1.7 3.5 1.1
ROA (Net Profit/Total Assets) 0.2 24.2 3.9 -13.9
Gross Profit Margin (Gross Profit/Sales) 9.1 11.6 5.9 -7.0
ROS (Net Profit/Sales) 0.2 7.4 2.4 -32.1
ROE (Net Profit/Shareholders' Equity) 0.8 65.4 17.7 -29.9
KEY RATIOS X, %, DAYS
Note
The companies PEER COMPANY 1, PEER COMPANY 2 & PEER COMPANY 3 are large sector players in terms of Sales Revenue.
PEER COMPANY 2 PEER COMPANY 3
page 10 of 17
26,764
58,555
Overdue tax and social security obligations without property to secure the claim
Overdue tax and social security obligations with a writ of execution over subject's property
OVERDUE DEBTS TO THE STATE BUDGET Amounts in EUR
UNITED BULGARIAN BANK
1874185000 (mortgage of real
estate)
333,271,808
752,222,841
Overdue loan interest
Overdue loan principal
Collateral
Lending Bank
PRESENCE OF THE SUBJECT IN "THE LIST OF CREDIT MILLIONAIRES IN BULGARIA" AS OF 1998 Amounts in BGN
PRESENCE OF THE SUBJECT'S MANAGEMENT IN "THE LIST OF CREDIT MILLIONAIRES IN BULGARIA" AS OF 1998
Name: GEORGI GEORGIEV GEORGIEV
Overdue loan interest
Overdue loan principal
Collateral
Lending Bank
34,551
39,148
No collateral
UNITED BULGARIAN BANK
NEGATIVE DATA
Distraint of a company share
Distraint Distraint Bank test 1
Reason Court Decision
Size
Interests
EUR 2,100,000
10 %
Description
Lifting Distraint
Size
Stop Execution Over Property
case № 167/1894
EUR 700,000
sample text
Distraint Distraint Bank Test
Reason Court
Size
Interests
EUR 1,000,000
5 %
Description
Lifting Distraint
Size
Stop Execution Over Property
case No164/1999
EUR 1,000,000
Company share of Test Shareholder 3
Amounts in BGN
Part of the capital of the company
Part of the capital of the company
page 11 of 17
NEGATIVE FINANCIAL INDICATORS (EUR)
Termination and Liquidation
Terms of Liquidation
Liquidator
14.11.2008
Liquidator`s name
Insolvency
Open Proceedings
Insolvency Date
Decision 71 from 24.11.2008, Case number 56/2008, Regional Court - Ruse
14/03/2007
Hold Proceedings Decision 71 from 24.11.2008, Case number 56/2008, Regional Court - Ruse
Declare Bankrupt Decision 71 from 24.11.2008, Case number 56/2008, Regional Court - Ruse
Supervision Body Member IVAN IVANOV GEORGIEV
Other Negative Data
.
Consolidated: NO Auditor's opinion: UnqualifiedAuditor: Hristo Mavrudiev
Change % 200620072008BALANCE SHEET (AMOUNTS IN EUR) Change
%
Cost of acquisition or liquidation of tangible fixed assets 158.73 336.7217,811,364 6,884,034 1,576,313
Vehicles -23.67 58.57570,602 747,509 471,411
Fixed Assets 21.87 34.6942,838,590 35,151,828 26,098,894
ASSETS 15.29 37.3570,510,729 61,161,757 44,530,455
Fixed Tangible assets 22.41 32.2542,067,562 34,366,484 25,986,921
Machinery and equipment -25.82 29.046,715,308 9,052,934 7,015,436
Land -4.03 4.4816,970,289 17,682,007 16,923,761
FINANCIAL DATA
OVERDUE OBLIGATIONS WITH A WRIT OF EXECUTION OVER THE SUBJECT'S PROPERTY FROM THE CHAMBER OF PRIVATE ENFORCEMENT AGENTS
Area
Land plot
1000 sq. m
Type of Property
Private Legal Executor
Sofia City Court
Alexander Alexandrov (No. 700)
Court
01/03/2010Reg. Date
page 12 of 17
Reimbursable taxes 27.96 38.81795,570 621,731 447,892
Receivables from awarded damages 108.79 0.0097,145 46,528 46,528
Other short-term receivables 98.08 0.0052,663 26,587 26,587
Short-term financial assets - -- - -
TOTAL Short-term receivables -20.37 14.186,394,216 8,030,350 7,032,820
TOTAL Inventories 19.75 55.5020,996,712 17,533,732 11,275,520
Work in progress -49.72 36.714,279,513 8,510,965 6,225,490
Short-term receivables -20.37 14.186,394,216 8,030,350 7,032,820
Receivables from customers and suppliers -46.12 13.553,865,878 7,174,448 6,318,545
Receivables from related parties 882.86 -16.671,582,960 161,057 193,268
TOTAL Short-term Financial Assets - -- - -
TOTAL ASSETS 15.29 37.3570,510,729 61,161,757 44,530,455
TOTAL CURRENT ASSETS 6.39 41.1227,672,139 26,009,929 18,431,561
LIABILITIES & SHAREHOLDER'S EQUITY 15.29 37.3570,510,729 61,161,757 44,530,455
Cash on hand - 219.75- 264,849 82,829
Cash -36.93 261.83281,211 445,847 123,221
Cash in banks - 348.10- 180,997 40,392
Deferred expenses - -- - -
TOTAL Cash -36.93 261.83281,211 445,847 123,221
Investments 0.00 673.23723,478 723,478 93,566
Long-term Financial Assets 0.00 673.23723,478 723,478 93,566
Investments in subsidiary companies 0.00 680.66722,455 722,455 92,544
Other long-term securities 0.00 -1,023 1,023 -
Investment property - -- - 1,023
INTANGIBLE ASSETS -23.14 236.1047,550 61,866 18,407
TOTAL Fixed Tangible assets 22.41 32.2542,067,562 34,366,484 25,986,921
Rights of ownership -19.79 -39,369 49,084 -
TOTAL Intangible Assets -23.14 236.1047,550 61,866 18,407
Software -36.00 -30.568,181 12,782 18,407
Long-term receivables - -- - -
Inventories 19.75 55.5020,996,712 17,533,732 11,275,520
Current assets 6.39 41.1227,672,139 26,009,929 18,431,561
Raw materials 112.54 37.7111,075,605 5,211,087 3,784,071
Goods for sale -12.14 32.0592,544 105,326 79,762
Finished goods 49.72 212.465,549,051 3,706,355 1,186,197
Goodwill - -- - -
TOTAL Long-term Financial Assets 0.00 673.23723,478 723,478 93,566
Deferred Expenses - -- - -
TOTAL FIXED ASSETS 21.87 34.6942,838,590 35,151,828 26,098,894
Deferred tax assets - -- - -
page 13 of 17
Current liabilities 78.07 10.2018,963,305 10,649,187 9,663,417
Short-term liabilities 78.07 10.2018,963,305 10,649,187 9,663,417
Payables to suppliers and customers 87.99 -16.283,602,563 1,916,322 2,289,054
Payables to financial institutions 76.46 19.2714,963,979 8,480,287 7,110,025
TOTAL Long-term Payables 2.69 77.1534,700,357 33,790,258 19,074,255
Other long-term liabilities 40.17 39.2883,852 59,821 42,949
TOTAL Long-term Liabilities 2.69 77.1534,700,357 33,790,258 19,074,255
Deferred income - -- - -
Payables to personnel 49.16 44.88226,502 151,854 104,815
TOTAL Short-term liabilities 78.07 10.2018,963,305 10,649,187 9,663,417
Deferred income - -- - -
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY 15.29 37.3570,510,729 61,161,757 44,530,455
Total Liabilities 20.76 54.6453,663,662 44,439,445 28,737,671
Tax liabilities 146.59 0.00110,950 44,994 44,994
Social security payables 35.29 74.3647,039 34,768 19,940
Total Current Liabilities 78.07 10.2018,963,305 10,649,187 9,663,417
Other current liabilities -41.46 -77.8412,271 20,963 94,589
Revaluation reserve 0.00 0.0013,940,884 13,940,884 13,940,884
RESERVES 5.07 4.1316,456,440 15,662,404 15,041,185
TOTAL Reserves 5.07 4.1316,456,440 15,662,404 15,041,185
Specific reserves 46.12 56.462,515,556 1,721,520 1,100,300
Share capital 0.00 100.00260,759 260,759 130,379
Shareholders' Equity 0.75 5.8916,847,067 16,722,312 15,792,784
TOTAL Share Capital 0.00 100.00260,759 260,759 130,379
Subscribed capital 0.00 100.00260,759 260,759 130,379
Financial result -83.75 28.64129,868 799,149 621,220
Long-term payables 2.69 77.1534,700,357 33,790,258 19,074,255
Long-term Liabilities 2.69 77.1534,700,357 33,790,258 19,074,255
Debts on trade loans 79.94 -19.572,953,222 1,641,247 2,040,566
Accounts payable to financial institutions -1.33 88.8631,663,284 32,089,190 16,990,741
Current Year Profit (Loss) -83.75 28.64129,868 799,149 621,220
Accumulated Profit (Loss), incl.: - -- - -
TOTAL Shareholders' Equity 0.75 5.8916,847,067 16,722,312 15,792,784
TOTAL Financial result -83.75 28.64129,868 799,149 621,220
page 14 of 17
Change % 200620072008PROFIT AND LOSS ACCOUNT (AMOUNTS IN EUR) Change
%
Services 61.27 83.72325,693 201,960 109,928
Goods 377.18 13,611.2714,719,071 3,084,624 22,497
Other -38.89 145.833,377,083 5,526,554 2,248,150
Financial Income 1,149.72 106.982,274,738 182,020 87,942
Total Sales Revenue 31.43 30.3577,669,327 59,095,627 45,335,740
GRAND TOTAL 34.86 30.5079,944,065 59,277,647 45,423,682
TOTAL EXPENSES 36.75 30.5079,754,887 58,323,576 44,692,023
OPERATING INCOME 34.86 30.5079,944,065 59,277,647 45,423,682
Production 17.83 17.0659,247,481 50,282,489 42,955,165
Sales Revenue 31.43 30.3577,669,327 59,095,627 45,335,740
ACCOUNTING PROFIT or LOSS -80.17 30.40189,178 954,071 731,659
TOTAL INCOME 34.86 30.5079,944,065 59,277,647 45,423,682
Tax expenses -61.72 40.2859,310 154,921 110,439
GRAND TOTAL 1 34.86 30.5079,944,065 59,277,647 45,423,682
NET PROFIT/LOSS -83.75 28.64129,868 799,149 621,220
Foreign exchange gains 1,193.03 189.072,274,226 175,884 60,844
Interest income, incl. from related parties -91.67 -77.36511 6,136 27,098
Total financial income 1,149.72 106.982,274,738 182,020 87,942
OPERATING PROFIT/LOSS -80.17 30.40189,178 954,071 731,659
Total operating income 34.86 30.5079,944,065 59,277,647 45,423,682
Social insurance costs 34.35 54.72337,964 251,556 162,591
Expenses for salaries and wages 55.47 31.601,728,167 1,111,549 844,654
Other expenses -83.60 188.65901,919 5,500,478 1,905,585
Corrections 325.91 -39.7413,492,481 -5,972,400 -4,273,889
Total Economic elements expenses -1.59 28.9660,206,664 61,179,653 47,441,751
Economic elements expenses -1.59 28.9660,206,664 61,179,653 47,441,751
Operating expenses 36.75 30.5079,754,887 58,323,576 44,692,023
Cost of materials 5.23 19.9848,432,123 46,023,939 38,358,140
Depreciation Costs 28.65 51.463,273,802 2,544,700 1,680,105
Cost of hired services -3.74 27.995,532,689 5,747,432 4,490,677
Foreign exchange losses 472.03 -2,582,535 451,471 -
Interest expenses 38.13 80.443,055,992 2,212,360 1,226,078
Other financial operations expenses -7.80 51.80417,214 452,493 298,083
Total operating expenses 36.75 30.5079,754,887 58,323,576 44,692,023
Total financial expenses 94.32 104.466,055,741 3,116,324 1,524,161
Expenses for fixed assets acquisition and liquidation -29.76 -127.89-5,470,312 -4,215,602 -1,849,854
Balance value of assets sold (excluding goods) 444.64 852.5516,605,226 3,048,833 320,069
Change in inventories 149.06 -75.132,357,567 -4,805,632 -2,744,104
Financial expenses 94.32 104.466,055,741 3,116,324 1,524,161
Total Amounts of corrective nature: 325.91 -39.7413,492,481 -5,972,400 -4,273,889
page 15 of 17
FINANCIAL RATIOS
Ratios are expressed in either "x, times", "percentage" or in "days".
Notes:
Inflation rate at the end of the period 7.8% 12.5% 6.5%
Year 2008 2007 2006
Tangible Assets Turnover (times) 1.8 1.7 1.7
Fixed Assets Turnover (times) 1.8 1.7 1.7
Total Assets Turnover (times) 1.1 1.0 1.0
Days Payable Outstanding (Payables/Cost of sales)*365 18.6 12.8 19.4
Inventory Turnover (days) 108.6 116.7 95.3
Days Receivable Outstanding (Receivables/Sales)*365 18.2 44.3 50.9
Activity Ratios 2008 2007 2006
Quick Ratio ((Current Assets - Inventories)/Current Liabilities) 0.4 0.8 0.7
Working Capital (CA-CL) 8,708,834.6 15,360,742.0 8,768,144.5
Current Ratio (Current Assets/Current Liabilities) 1.5 2.4 1.9
Liquidity Ratios 2008 2007 2006
Leverage (TL/E) 3.2 2.7 1.8
Equity Ratio (E/TA) 0.2 0.3 0.4
Total Debts/Total Assets 0.8 0.7 0.6
Solvency Ratios 2008 2007 2006
Operating profit or loss/Total Assets 0.3% 1.6% 1.6%
Gross Profit Margin (Gross Profit/Sales) 9.1% 7.2% 4.8%
Operating Profit Margin (Operationg Profit/Sales) 0.2% 1.6% 1.6%
ROS (Net Profit/Sales) 0.2% 1.4% 1.4%
ROA (Net Profit/Total Assets) 0.2% 1.3% 1.4%
ROE (Net Profit/Shareholders' Equity) 0.8% 4.8% 3.9%
Profitability Ratios 2008 2007 2006
Inventory's growth in real terms 3,462,979.9 6,258,212.6
Operating profit/loss growth in real terms -764,892.7 222,412.0
Net profit's growth in real terms -669,281.1 177,929.6
Sales growth % 31.4 30.4
Evolution of the Company Elements from Financial Statements 2008/2007 2007/2006
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Sales Revenue Return on Sales - ROSSales revenue is the total amount of money that the company has earned from the sale of all its goods and services during a given time period. In general, the sales revenue represents what a company has earned performing its normal operations.
ROS is a widely used ratio that detects efficiency. This measure is helpful to management, providing insight into how much net profit is being produced per dollar of sales. ROS is also known as a company's net profit margin.
Total Assets Growth Return On Equity - ROEIn business and accounting, assets are everything of value that is owned by a person or company. Total Asset Growth in perspective is indicative of the company's future potential to add value.
The amount of net income returned as a percentage of shareholders’ equity. ROE reveals how much profit a company generates with the money shareholders have invested in the company.
Leverage (Total Liabilities to Equity ratio) Current Ratio
The leverage ratio indicates what relative portions of equity and debt the company uses to finance its assets. It also depends on the industry in which the company operates.
The ratio is mainly used to give an idea of the company's ability to pay back its short-term liabilities (debt and payables) with its short-term assets (cash, inventory, receivables). The higher the current ratio, the more capable the company is of paying its obligations.
CHARTS
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FINANCIAL ANALYSIS
Milestones of the analysis: • the economy of Bulgaria (incl. GDP review, budget deficit, investment activity, domestic consumption, currency board stability, etc);• specific data for the sector• history of the sector and market volumes in the last years; • barriers to entry; • the largest sector players with their specifics and the position of the subject amongst them (market shares).
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SECTOR STUDY