Analysis of financial status and operation results

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  31.12.09 31.12.10 Change
Net asset value, RUR thous. 28 263 217 29 941 608 +1,678 391
Debt/ Capital and Reserves, % 49.44 49.19 -0.25
Debt payment coverage, % 127.81 82.87 -44.9
Receivables turnover, times 6.63 7.53 +0.9
Efficiency ratios      
Return on Assets, % 2.5 3.78 +1.28
Return on Capital, % 3.74 5.64 +1.9
Financial stability ratios      
Equity autonomy ratio 0.67 0.67 0.00
Equity/Debt 2.04 2.05 +0.01
Receivables/Payables 0.87 0.93 +0.06
Liquidity ratios      
Current liquidity ratio 1.30 1.23 -0.07
Quick liquidity ratio 1.12 1.06 -0.06
Debt      
Debt 5 583 562 5 537 633 -45 929
Net debt 4 542 354 4 365 572 -176 782
Debt/EBITDA 1.3 1.1 -0.2
Debt/Equity 0.20 0.19 -0.01
For information:      
EBITDA 4 191 790 5 124 407 +932 617
  31.12.09 31.12.10 Change
Net asset value, RUR thous. 28 263 217 29 941 608 +1,678 391
Debt/ Capital and Reserves, % 49.44 49.19 -0.25
Debt payment coverage, % 127.81 82.87 -44.9
Receivables turnover, times 6.63 7.53 +0.9
Efficiency ratios      
Return on Assets, % 2.5 3.78 +1.28
Return on Capital, % 3.74 5.64 +1.9
Financial stability ratios      
Equity autonomy ratio 0.67 0.67 0.00
Equity/Debt 2.04 2.05 +0.01
Receivables/Payables 0.87 0.93 +0.06
Liquidity ratios      
Current liquidity ratio 1.30 1.23 -0.07
Quick liquidity ratio 1.12 1.06 -0.06
Debt      
Debt 5 583 562 5 537 633 -45 929
Net debt 4 542 354 4 365 572 -176 782
Debt/EBITDA 1.3 1.1 -0.2
Debt/Equity 0.20 0.19 -0.01
For information:      
EBITDA 4 191 790 5 124 407 +932 617

As of 2010, Debt/Capital and Reserves ratio demonstrates insignificant and still positive dynamics. Our debt in 2010 was at the same level, financial stability also retaining. Borrowed funds are long-term borrowings. Other long-term borrowings were made of advances on connection contracts, execution date exceeding 12 months. Debt payment coverage demonstrates the ability of the company to discharge its liabilities using profit and its equivalents. Receivables turnover increase characterizes improvements in debtor payments.

Due to the increase of net profit and depreciation, income tax and decrease of interest payable EBITDA grew by 22% on 2009. Debt/ EBITDA in 2010 totaled 1.1, being within the generally accepted limits (not more than 4). Liquidity ratios are at the specified level and characterize the ability of the company to discharge its short-term liabilities. The Company is able to fully discharge its debt liabilities retaining its financial stability. The Company has a low risk of losing its financial solvency if the debt increases. Financial ratios are among guideline values of key financial indicators.