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Financial analysis of annual reports of “KazanOrgSintez”

Financial Accounting Project Work

Baltic State Technical University

International Business and Communication Institute

Masters of Business Administration & Engineering (MBAE)

Max Gashnikov

2008

Table of Contents

Table of Contents 2

Introduction 3

Theory 4

Overview of the company 6

Main parameters of activity 7

Comparison balance sheet for 3 years 10

Horizontal analysis of balance sheet for 2004 11

Vertical analysis of balance sheet for 2004 12

Notes to analysis of balance sheet for 2004 13

Horizontal analysis of balance sheet for 2005 14

Vertical analysis of balance sheet for 2005 15

Notes to analysis of balance sheet for 2005 16

Horizontal analysis of balance sheet for 2006 17

Vertical analysis of balance sheet for 2006 18

Notes to analysis of balance sheet for 2006 19

Horizontal analysis of income statement for 2006/2005 20

Vertical analysis of income statement for 2006/2005 21

Horizontal analysis of income statement for 2005/2004 22

Vertical analysis of income statement for 2005/2004 23

Notes to analysis of income statement 24

Analysis of financial ratios 25

Analysis of financial condition 25

Analysis of bankruptcy opportunity 26

Analysis of financial stability 27

Analysis of business activity 28

Analysis of profitability 28

Conclusion 29

References 30

Introduction

A man has always dreamt of transformations. Mostly the latter occurred in fairy tales, myths, legends where the talent of transformation was granted to gods and great magicians. The best minds devoted their lives to discovery of the Philosopher’s stone – a key to transformation of one substance into another. In the course of the researches were made the greatest discoveries in many fields of science, yet the Philosopher’s stone did not become the property of the mankind.

In the twentieth century the scientists learned to create new substances with the set physical and chemical properties. Our century is sometimes called a century of plastics. Instead of metal and wood, glass and ceramics more and more often we use polymers. They possess unique qualities and frequently surpass natural materials!

Today the OJSC “Kazanorgsintez” is an enormous production laboratory where the alchemists of the twenty first century are working. Transformation of one substances into others is no magic for them as it was, but a routine business.

The future will open many secrets, that now improbable matters will be possible. And the search of the Philosopher’s stone never stops.

The world today is the technocratic world. The concept of progress is connected with the science and technics development process and technology development. And in this world organic chemistry takes the special place of one of the “future sciences”.

Today polymeric materials pretend for domination in all fields of the human life, from the large-scale constructions and outer-space exploration to the household field. It becomes obvious in the moment of acquaintance with the number of facts based on the real projects and inventions, which are still considered as the Future technologies, but can be realized at the favorable conditions in the nearest future. One of the basic components of each of the mentioned inventions is the use of these or those kinds of polymeric materials.

Organic chemistry, starting with the direction of modern society development, becomes the original arm of forming not only new technologies but also new science-technical and design thinking. Even the scientists of the 20th years of the XXth century told that such time will come. And we fall to live during the time when these brave forecasts come true!

Theory

Financial analysis is the computation of analytical ratios from financial statements and interpretation of these ratios to determine their trends as a basis for management decisions. You can also say that it is a systematic use of accounting information in order to investigate the financial situation of a firm. During such analysis an assessment of viability, stability and profitability of a business is undertaken.

The overall objective of financial statement analysis is the examination of a firm’s financial position and returns in relation to risk. This must be done with a view to forecasting the firm’s future prospective.

In the following analysis two financial statements will be used: balance sheet and income statement. The balance sheet is summary of the financial position at a specific point in time. It presents the economic resources of an organization and the claims against those resources. An income statement reports the organization’s financial performance over a specified period of time. It summarizes all revenue earned and expenses incurred during a specified accounting period. An institution prepares an income statement so that it can determine its net profit or loss (the difference between revenue and expenses).

Several methods of performing financial statement analysis exist. In this work, two methods are presented: horizontal analysis and vertical analysis. Methods of financial statement analysis generally involve comparing certain information.

The horizontal analysis compares specific items over a number of accounting periods. These comparisons are performed in one of two different ways:

  • Absolute units. This method of performing the horizontal financial statement analysis compares the absolute unit amounts of certain items over a period of time. This method is valuable when trying to determine whether a company is conservative or excessive in spending on certain items. This method also aids in determining the effects of outside influences on the company, such as increasing gas prices or a reduction in the cost of materials.

  • Percentage. This is the other method of performing the financial statement analysis which compares the percentage difference in certain items over a period of time. Such percentages are calculated by selecting a base year and assign a weight of 100 to the amount of each item in the base year statement. Thereafter, the amounts of similar items or groups of items in prior or subsequent financial statements are expressed as a percentage of the base year amount. The resulting figures are called index numbers or trend ratios.

The horizontal analysis is conducted by setting consecutive financial statements side-by-side and reviewing changes in individual categories on year-to-year basis. The most important item revealed by such comparative financial statement analysis is trend. A comparison of statements over several years reveals direction, speed and extent of a trend.

The vertical analysis compares each separate figure to one specific figure in the financial statement. The comparison is reported as a percentage. This method compares several items to one certain item in the same accounting period. Users often expand upon vertical analysis by comparing the analyses of several periods to one another.


Overview of the company

OJSC “Kazanorgsintez” is one of the largest enterprises in the chemical industry of Russia, located in the capital of Tatarstan Republic, in Kazan. The enterprise is founded in 1958. In 1963 the first batch of products – phenol and acetone was produced.

Now the enterprise produces polyethylene, polyethylene pipes, phenol, acetone, ethylene glycol, ethanolamines and other products of organic synthesis, the total assortment includes more than 170 denominations with a total production volume over 1 mln. tons. Products correspond to the international quality standards of GOST R ISO 9001-2001 (ISO 9001:2000) and are exported to many countries of the world.

OJSC «Kazanorgsintez» includes six plants and the auxiliary divisions located on one industrial platform with a total area of 4.2 sq.km., and possessing uniform transport, power and telecommunication infrastructure:

  • Ethylene plant. The main products of the plant are ethylene, propylene, phenol and acetone. All ethylene is further processed at LDPE plant, HDPE plant and organic products plant.

  • LDPE plant. Produces various grades and compositions of low density polyethylene.

  • Plant for production and processing of high density polyethylene (HDPE plant). Releases various brands and compositions of high density polyethylene, pressure and gas pipes of HDPE.

  • Organic products plant. Produces ethylene oxide and other products on the ethylene oxide basis: ethylene glycol, ethanolamines and others.

  • Plant for production of nitrogen, oxygen and cold. About 85 % of its products oxygen and cold consumed by other plants and divisions of the enterprise.

  • Plant for preparation and making major overhauls. Carries out the preparation & realization of current and major overhauls of the industrial equipment in all divisions of the enterprise.

At the time, the following plants are getting ready for commissioning:

  • Bisphenol-A plant. The “know-how” of «Idemitsu Kosan Co. Ltd». Capacity of the plant – 70 ths. tons per year.

  • Polycarbonates plant. The first in Russia, the “know-how” of «Asahi Kasei Engineering Corporation» using non-phosgene method and the “know-how” of without waste production. Capacity of the plant – 65 ths. tons per year.

Since 1999 activity is carried out according to the world standards ISO 9000. In 2006, Ecological Management System ISO 14001:2004 and Integrated Quality Management System ISO 9001 and ISO

14001 have been certificated in OJSC “Kazanorgsintez”.

The revenues from product sales according to the results of 2006 have made 15,5 bln. rubles, net profit – 2,2 billion rubles. Number of personnel came to more than 8000 employees. Credit ratings according to Standard and Poor’s agency – “В-“, Fitch Ratings agency – “B”. The outlook on ratings is “stable”.

Within the framework of the development program realization the capital investments of 10,4 bln. rubles have been financed in 2006.

Company’s strategy:

  1. Realization of Development Program for increasing the capacities of existing products and production the new ones.

  2. Increasing production with the high added value.

  3. Increasing efficiency by optimization the parity of internal and export sales.

  4. Diversification of the raw-material base.

  5. Reduction the expenses under the saving resources program.

  6. Diversification of the financing base.

Main parameters of activity

Parameter

Units

2004

2005

2006

1

Commodity output

mln. RUB

11 870,4

13 597,0

15 771,2

Cost price

mln. RUB

8 823,7

10 367,6

12 066,5

Index of physical volume

%

100,4

92,2

104,3

2

Revenues from sale

mln. RUB

11 787,8

13 328,6

15 517,7

Including export

2 928,3

2 710,1

2 815,2

Cost price

8 743,8

9 985,1

11 735,5

Profit

3 044,0

3 343,5

3 782,2

Profitability

%

25,8

25,1

24,4

3

Taxes (calculated)

mln. RUB

1 839,2

1 696,0

34,2

4

Net profit

mln. RUB

1 981,6

2 002,1

2 209,0

5

Amortization

mln. RUB

308,1

392,9

586,6

6

Own capital

mln. RUB

7 676,9

9 257,6

11 120,2

7

Capital investments

mln. RUB

1 437,9

5 169,2

11 467,6

8

Financing of capital investments

mln. RUB

1 114,7

7 061,2

10 382,0

9

Liabilities (total debt)

mln. RUB

1 300,3

7 065,2

16 968,5

10

Accounts receivable

mln. RUB

966,4

2 880,4

3 476,1

11

Average personnel number

employees

7 061

7 607

8 072

12

Average salary

RUB / month

12 181

15 463

16 739

In 2006 commercial output in amount of 15,771 mln. rubles was produced, that is by 16 % more than in 2005. The gain is basically received due to rise in prices by 11.7 %. Production in physical terms has increased by 4.3 %. In the year of 2006 the reconstruction was held in the phenol-acetone, LDPE and HDPE production units. Nevertheless, the percent of use of capacities has increased by 4 % comparing to 2005 and has made 73.2 %. The general capacities increased by 1.2 % and have made by the beginning of 2006, 1,240 thousand of tons of organic synthesis products.

Comparison balance sheet for 3 years

(thousand rubles)

ASSETS

01.01.2005

01.01.2006

01.01.2007

  1. Fixed assets

Intangible assets

-

-

-

Property, plant and equipment

3 714 636

4 785 222

7 605 106

Construction in progress

1 471 364

4 823 592

12 630 151

Long-term investments

460 093

358 322

26 306

Other fixed assets

12 185

12 832

8 611

Total for part I

5 658 278

9 979 968

20 270 174

  1. Current assets

Inventories

1 839 311

2 305 592

3 417 758

VAT recoverable and prepaid

251 089

718 877

169 417

Trade and other accounts receivable

966 364

2 880 417

3 476 144

Short-term investments

97 112

21 672

-

Cash and cash equivalents

165 167

416 443

755 216

Total for part II

3 319 043

6 343 001

7 818 535

TOTAL ASSETS

8 977 321

16 322 969

28 088 709

EQUITY AND LIABILITIES

  1. Shareholder’s equity

Share capital

1 904 710

1 904 710

1 904 710

Treasury stock

(100 077)

-

(46 251)

Additional paid-in capital

1 853 317

1 852 045

1 852 045

Legal reserve

49 219

95 235

95 235

Retained earnings

3 969 701

5 405 629

7 314 472

Total for part III

7 676 870

9 257 619

11 120 211

  1. Long-term liabilities

Long-term borrowings

-

4 892 425

11 850 402

Deferred tax liabilities

111 068

154 836

564 146

Total for part IV

111 068

5 047 261

12 414 548

  1. Current liabilities

Short-term borrowings

459 277

624 158

305 759

Accounts payable

727 810

1 312 683

3 943 480

Advances received from customers

2 116

81 112

300 157

Other current liabilities

180

136

4 554

Total for part V

1 189 383

2 018 089

4 553 950

TOTAL EQUITY AND LIABILITIES

8 977 321

16 322 969

28 088 709



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