Financial analysis of Baltyisky zavod

Автор работы: Пользователь скрыл имя, 21 Февраля 2012 в 21:15, курсовая работа

Краткое описание

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.

Содержание

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

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3. The sceme of organization of production of public corporation “Baltiysky Zavod” (organizational structure)

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
Intagible assets including :	110
patents, licenses, trade marks (service marks), other similar rights and assets	111
organizational expenses	112
goodwill	113
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 in tangible assets	135
Long-term financial investments including :	140	737 487	235 290	-502 197
investments in subsidiaries	141
investments in associates	142
investments in other entities	143	737 487	235 290	-502 197
loans provided to companies for a period over 12 months	144
Deferred tax assets	145
Other non-current assets	150
Total section I	190	1 527 020	1 236 988	-290 032
II. Current assets
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
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
expenses related to future periods	216	62 710	23 801	-38 909
other current assets	217
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
promissory notes receivable	232		351 000	351 000
advances issued	234
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
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
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
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

EQUITY AND LIABILITIES 2004
III. Equity and reserves
Charter capital	410	180 474	244 968	64 494
Treasury shares	411
Additional capital	420	367 313	373 381	6 068
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	-814 349	3 078 808
Retained earnings	470
Retained loss	475		-1 349 133	-1 349 133
Social government fund	480
Total section III	490	-3 345 370	-1 545 133	1 800 237
IV. Non-current liabilities
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
Deferred tax liabilities	515
Other non-current liabilities	520
including:
promissory notes payable	522
Total section IV	590	1 808 400	508 982	-1 299 418
V. Current liabilities
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
current portion of long-term borrowings	613
Accounts payable	620	17 801 262	17 633 819	-167 443
including:
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
Income of future periods	640
Reserves for future expenses and payments	650	42 164	18 746	-23 418
Other current liabilities	660
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

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	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			0
Profit (loss) from operations	50	-36 145	50 956	-87 101
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	2 238 148	132 366	2 105 782
Other operating expenses	100	3 192 285	3 320	3 188 965
III. Non-operating income and expenses				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				0
Extraordinary income	170			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
Intagible assets including :	110
patents, licenses, trade marks (service marks), other similar rights and assets	111
organizational expenses	112
goodwill	113
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
Construction in progress	130	157 324	83 037	-74 287
Income-bearing investments in tangible assets	135
Long-term financial investments including :	140	235 290	240 558	5 268
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	2 553 273
Other non-current assets	150
Total section I	190	1 236 988	3 808 619	2 571 631
II. Current assets
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
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
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
promissory notes receivable	232
advances issued	234
other debtors	235
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
outstanding shareholders’ contributions to charter capital	244
advances issued	245
other debtors	246
Short-term investments	250	5 700	500	-5 200
loans provided to other companies for a period within 12 months	251
other short-term investments	253
Monetary assets including:	260	22 646	53 365	30 719
cash	261
settlement accounts	262
foreign currency accounts	263
other monetary assets	264
Other current assets	270
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

EQUITY AND LIABILITIES 2005
III. Equity and reserves
Charter capital	410	244 968	264 440	19 472
Treasury shares	411
Additional capital	420	417 135	419 533	2 398
Legal reserve	430
including:
reserves and provisions formed in accordance with legislation	431
other legal reserve	432
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 for repayment within 12 months	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 and payments	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 (service marks), other similar rights and assets	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 in tangible assets	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

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 (service marks), other similar rights and assets	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 in tangible assets	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 for repayment within 12 months	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 and payments	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

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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