Description
This is a spreadsheet describes on financial analysis of Aditya Birla Nuvo Ltd.
BALANCE SHEET- STANDALONE (Rs. crore) Source of funds Shareholders' funds Share capital Share warrants Reserves and surplus Loan funds Secured loans Unsecured loans Deferred tax liabilities Total funds employed Application of funds Fixed assets Gross block Less: depreciation Net block Capital work-in-progress Investments Current assets, loans and advances Inventories Sundry debtors Cash and bank balances Interest accrued on investments Loans and advances Less: current liabilities and provisions Current liabilities Provisions Net current assets Total funds utilised
2008-09
2007-08
2006-07
2005-06
2004-05
95 377.4 3,649.20 4,121.70 2,217.10 2,282.10 4,499.20 180.2 8,801.10
95 93.3 83.5 59.9 377.4 3,551.30 3,026.30 2,124.10 1,294.20 4,023.70 3,119.60 2,207.60 1,354.10 1,856.70 886.7 2,743.40 200.3 6,967.50 2,071.60 760.2 2,831.80 174.1 6,130.50 1,084.20 493 479.4 1,563.60 493 167.7 125.5 3,938.90 1,972.60
3,290.20 1,814.00 1,476.20 128.8 1,605.00 5,712.40 747.6 887.2 89.8 0 532.6 2,257.20 677 96.4 773.5 1,483.70 8,801.10
3,111.80 1,680.90 1,430.90 70.7 1,501.60 4,007.30
2,653.20 1,548.90 1,104.30 203.9 1,308.10 3,849.40
2,461.80 1,448.70 1,013.10 122.5 1,135.50 1,675.80
1,418.70 663.5 755.3 55 810.3 699.7 355 260.9 9.4 103.9 729.2 228.6 37.9 266.5 462.7 1,972.60
776.6 475.3 526.3 753.2 596 415.4 97.2 22.7 20.3 0.2 524 332.3 664.2 2,151.10 1,426.30 1,626.30 559.1 133.5 692.6 1,458.50 6,967.50 393.7 59.7 453.4 972.9 6,130.50 424.78 73.9 498.7 1,127.60 3,938.90
PROFIT AND LOSS ACCOUNT- STANDALONE (Rs. crore) 2008-09 2007-08 2006-07 2005-06 Income from operations 5,001.00 4,166.40 3,585.00 2,786.40 Less: excise duty 214.9 213.3 157.4 144.3 Net income from operations 4,786.20 3,953.10 3,427.50 2,642.10 Other income 32 12.7 37.6 23.4 Total income 4,818.20 3,965.80 3,465.10 2,665.50 (Increase)/decrease in stocks -21.7 -83.7 -45.5 -47.3 Cost of materials 2,564.70 2,131.30 1,840.40 1,447.60 Salaries, wages and employee benefits 287.9 258.2 193.2 164.1 Manufacturing, selling and other expenses 1,401.60 1,026.10 873.1 657.5 Interest and other finance charges (net) 257.4 179 171.2 55.8 Total expenses 4,489.90 3,510.90 3,032.40 2,277.90 Profit before depreciation / amortisation and exceptional items 328.3 454.9 432.6 387.6 Depreciation and amortisation 166 141.1 120.3 111.8 Marketing / technical knowhow expenditure written off Profit before exceptional items and tax 162.3 313.8 312.3 275.8 Exceptional gain/(loss) 0 0.7 -1.2 -4 Profit after exceptional items 162.3 314.56 311.1 271.8 Provision for current tax 77 78.1 98.8 93 Provision for deferred tax -21.1 25.2 15.2 -6.9 Provision for fringe benefit tax 4.1 3.9 3.4 4.3 Tax provision of earlier years written back -35.2 -35.8 -31.3 -5.5 Net profit 137.4 243.1 225 186.9
2004-05 1,988.00 127.2 1,860.80 9.7 1,870.60 -11.2 999.6 125 493 18.7 1,625.10 245.4 77.7 3 164.7 -7.7 157.1 45.4 -2 113.7
CASH FLOW STATEMENT- STANDALONE
profit and loss account | balance sheet | cash flow statement (Rs. crore) 2008-09 2007-08 2006-07 Cash flow from operating activities Net profit before tax 162.3 314.6 311.1 Add: adjustments for Depreciation 166.1 141.2 120.4 Marketing and technical know-how written-off Interest expenses (net) 257.4 179 171.2 (Profit) / loss on fixed assets sold -0.6 -7.2 -2.7 (Profit) / loss on sale of investments -6.9 -1.2 -6.8 Dividend income -16.8 -4.2 -23.7 (Gain) / loss on long term strategic investments / transfer -0.7 0 -0.2 of business (net) Employees stock options outstanding 1.3 0.7 400.5 307.6 258.2 Operating profit before working capital changes 562.8 622.2 569.3 Add: adjustments for Decrease / (increase) in trade and other receivables -149.8 -141.4 -7.6 Decrease / (increase) in inventories 29 -258.5 28 Increase / (decrease) in trade and other payables 85.4 102.5 -32.7 -35.4 -297.3 -12.3 Cash generated from operations 527.4 342.8 557 Income taxes refund (paid) (net) -82.7 -46.1 -60.7 Net cash from operating activities 444.6 278.7 496.4 Cash flow from investing activities Proceeds from sale of fixed assets 6.9 13.3 8.8 Capital subsidy received 0Sale / redemption / (purchase) of investments (net) -749.5 212.3 -116.1 Proceeds from transfer of business (net) 0 5.1 34.5 Interest received 33.4 24.8 24.3 Dividend received 16.8 4.2 23.7 Capital subsidy received 1.6 Increase / decrease in corporate deposit 25.9 -89.8 132.5 Purchase of fixed assets -275.7 -238.1 -302.7 Investment in equity of joint ventures 0-1,596.90 Investment in equity of subsidiaries -948.7 -504.6 -453.8 Net cash (used in) / from investing activities -1,889.30 -572.8 -2,245.70 Cash flow from financing activities Proceeds from issue of share capital (including share premium) 0 1.7 9.8 Security premium received 0 339.7 759.9 Proceeds from issue of share warrants (net of conversion) 0 377.4 Proceeds from / (repayment of) borrowings (net) 1,755.80 -157.8 1,272.90 Dividends paid (including tax thereon) -63.9 -106.1 2005-06 271.8 111.9 55.8 0.3 -2.5 -16.5 148.9 420.7 231.5 -118.7 -275.6 -162.8 258 -81 177 2.2 257.4 13.2 16.5 -184.6 -200 -661.1 -91.4 -847.8 0 0.1 764.9 -27.3 88 -27.1 2 -153.7 0 -44.4 -92.3 0 0 90.3 247.3 -89.2 -78.3 17.8 -149.7 97.6 -48.2 49.4 2.8 0 84.9 5.4 4.3 6.4 2004-05 157.1 77.8 3 18.7 -0.4 -0.6 -6.4 -1.9
A
B
C
Interest and finance charges paid -254.6 Net cash (used in) / from financing activities 1,437.30 Net increase in cash and equivalents -7.3 Cash and cash equivalents (opening balance) 97.2 Cash of IGFL and BGFL Cash acquired on merger of ABIL Cash and cash equivalents (closing balance) 89.8
-194.6 366.5 72.4 22.7 297.2
-184.7 1,751.80 2.4 20.3 22.7
-62.1 675.6 4.8 9.4 6.2 20.3
-21.9 39.1 -3.9 13.3
9.4
ratio and stats 2008-09 2007-08 2006-07 2005-06 2004-05 Operating margin 11.6 15.7 16.5 15.9 13.7 Gross profit margin 6.9 11.5 12.6 14.7 13.2 Net profit margin 2.9 6.1 6.6 7.1 6.1 Net sales/ average capital employed 0.6 0.6 0.7 0.9 1 Interest cover (EBITDA/ gross interest) 2 3.1 3.1 6.5 11.4 Debt Service Coverage Ratio 1.2 1.2 1.2 2.9 6.8 ROACE (PBIT/ average capital employed) 5.3 7.5 9.6 11.2 9.7 ROAE (net profit / average net worth) 3.4 6.8 8.4 10.5 8.7 Current ratio 2.9 3.1 3.1 3.3 2.7 Debt equity ratio (total debt / net worth) 1.1 0.7 0.9 0.7 0.4 Debt equity ratio (long term debt / net worth) 0.6 0.5 0.6 0.4 0.2 Dividend per share 4 5.8 5.5 5 4 Dividend incl. dividend tax (as % to net profit) 30.9 26.3 26 25.5 24.1 EPS (weighted average) 14.5 26.1 25.6 24.5 18.3 CEPS (weighted average) 29.7 43.9 41 38.2 31 Book value per share 433.8 424 335 264 226 No. of equity shareholders 155,497 155,028 164,603 89,287 94,137 Closing price as on 31st March - NSE 445 1,396.20 1,070.90 748 402.3 Market capitalisation (NSE) 4,227.40 13,265 9,992 6,246 2,409 Price earning ratio (NSE) 30.8 53.6 41.8 30.6 22 Price / book value ratio (NSE) 1 3.3 3.2 2.8 1.8 Exports (FOB) 636.2 624.3 482.6 460.1 447.4 Capital expenditure (net) 268.8 224.8 293.9 199.9 153.7 Strategic investments (net additions) 1,073.10 435.4 2,063.60 791.9 36.7
18 16 14 12 10 8 6 4 2 0 2008-09 2006-07 2004-05 2007-08 2005-06
Operating margin Gross profit margin Net profit margin
Operating margin
18 16 14 12 10 8 6 4 2 0 2008- 2007- 2006- 2005- 200409 08 07 06 05
Operating margin
Aditya Birla Nuvo Ltd. Ratios Mar ' 09 Per share ratios Adjusted EPS (Rs) Adjusted cash EPS (Rs) Reported EPS (Rs) Reported cash EPS (Rs) Dividend per share Operating profit per share (Rs) Book value (excl rev res) per share (Rs) Book value (incl rev res) per share (Rs.) Net operating income per share (Rs) Free reserves per share (Rs) Profitability ratios Operating margin (%) Gross profit margin (%) Net profit margin (%) Adjusted cash margin (%) Adjusted return on net worth (%) Reported return on net worth (%) Return on long term funds (%) Leverage/solvency ratios Long term debt / Equity Total debt/equity Owners fund as % of total source Fixed assets turnover ratio Liquidity ratios Current ratio Current ratio (inc. st loans) Quick ratio Inventory turnover ratio Payout ratios Dividend payout ratio (net profit) Dividend payout ratio (cash profit) Earning retention ratio Cash earnings retention ratio Coverage ratios Adjusted cash flow time total debt Financial charges coverage ratio 11.19 28.66 14.46 31.93 4 59.42 394.09 394.09 503.75 378.8 17.78 32.63 25.58 40.44 5.75 61.55 383.79 383.79 413.96 370.52 18.56 31.46 24.11 37.01 5.5 58.33 334.87 334.87 366.62 321.61 28.92 47.59 31.21 49.88 5 68.51 364.67 364.67 441.78 346.34 19.46 32.93 18.99 32.46 4 41.7 226.11 226.11 311.58 206.9 Mar ' 08 Mar ' 07 Mar ' 06 Mar ' 05
11.79 8.32 2.83 5.62 2.84 3.67 7.13
14.86 11.28 6.12 7.8 4.63 6.66 8.75
15.91 12.39 6.45 8.42 5.54 7.2 10.16
15.5 11.28 6.97 10.63 7.93 8.55 11.08
13.38 9.21 6.04 10.49 8.6 8.39 11.15
0.71 1.2 45.42 1.55
0.5 0.75 57.06 1.35
0.52 0.9 52.45 1.39
0.37 0.71 58.27 1.17
0.21 0.36 73.3 1.52
2.33 0.71 1.54 7.51
2.31 1.04 1.44 5.99
2.22 0.63 1.46 8.4
2.41 0.93 1.61 5.78
1.84 0.9 0.93 5.93
30.87 13.98 60.1 84.42
26.29 16.63 62.18 79.39
26.01 16.94 66.22 80.07
25.46 15.93 72.52 83.3
24.06 14.07 76.51 86.13
16.52 2.14
8.85 3.04
9.65 3.1
5.49 6.48
2.5 11.49
Fin. charges cov.ratio (post tax) Component ratios Material cost component (% earnings) Selling cost Component Exports as percent of total sales Import comp. in raw mat. consumed Long term assets / total Assets Bonus component in equity capital (%)
2.04
2.88
2.77
5.36
9.47
57.44 6.69 13.39 61 0.75 24.59
56.87 6.48 16 59.49 0.71 24.59
56.04 6.41 14.31 58.39 0.77 25.04
57.11 7.52 17.39 55.62 0.61 39.02
55.95 9.24 23.83 62.4 0.64 39.02
doc_757615016.xls
This is a spreadsheet describes on financial analysis of Aditya Birla Nuvo Ltd.
BALANCE SHEET- STANDALONE (Rs. crore) Source of funds Shareholders' funds Share capital Share warrants Reserves and surplus Loan funds Secured loans Unsecured loans Deferred tax liabilities Total funds employed Application of funds Fixed assets Gross block Less: depreciation Net block Capital work-in-progress Investments Current assets, loans and advances Inventories Sundry debtors Cash and bank balances Interest accrued on investments Loans and advances Less: current liabilities and provisions Current liabilities Provisions Net current assets Total funds utilised
2008-09
2007-08
2006-07
2005-06
2004-05
95 377.4 3,649.20 4,121.70 2,217.10 2,282.10 4,499.20 180.2 8,801.10
95 93.3 83.5 59.9 377.4 3,551.30 3,026.30 2,124.10 1,294.20 4,023.70 3,119.60 2,207.60 1,354.10 1,856.70 886.7 2,743.40 200.3 6,967.50 2,071.60 760.2 2,831.80 174.1 6,130.50 1,084.20 493 479.4 1,563.60 493 167.7 125.5 3,938.90 1,972.60
3,290.20 1,814.00 1,476.20 128.8 1,605.00 5,712.40 747.6 887.2 89.8 0 532.6 2,257.20 677 96.4 773.5 1,483.70 8,801.10
3,111.80 1,680.90 1,430.90 70.7 1,501.60 4,007.30
2,653.20 1,548.90 1,104.30 203.9 1,308.10 3,849.40
2,461.80 1,448.70 1,013.10 122.5 1,135.50 1,675.80
1,418.70 663.5 755.3 55 810.3 699.7 355 260.9 9.4 103.9 729.2 228.6 37.9 266.5 462.7 1,972.60
776.6 475.3 526.3 753.2 596 415.4 97.2 22.7 20.3 0.2 524 332.3 664.2 2,151.10 1,426.30 1,626.30 559.1 133.5 692.6 1,458.50 6,967.50 393.7 59.7 453.4 972.9 6,130.50 424.78 73.9 498.7 1,127.60 3,938.90
PROFIT AND LOSS ACCOUNT- STANDALONE (Rs. crore) 2008-09 2007-08 2006-07 2005-06 Income from operations 5,001.00 4,166.40 3,585.00 2,786.40 Less: excise duty 214.9 213.3 157.4 144.3 Net income from operations 4,786.20 3,953.10 3,427.50 2,642.10 Other income 32 12.7 37.6 23.4 Total income 4,818.20 3,965.80 3,465.10 2,665.50 (Increase)/decrease in stocks -21.7 -83.7 -45.5 -47.3 Cost of materials 2,564.70 2,131.30 1,840.40 1,447.60 Salaries, wages and employee benefits 287.9 258.2 193.2 164.1 Manufacturing, selling and other expenses 1,401.60 1,026.10 873.1 657.5 Interest and other finance charges (net) 257.4 179 171.2 55.8 Total expenses 4,489.90 3,510.90 3,032.40 2,277.90 Profit before depreciation / amortisation and exceptional items 328.3 454.9 432.6 387.6 Depreciation and amortisation 166 141.1 120.3 111.8 Marketing / technical knowhow expenditure written off Profit before exceptional items and tax 162.3 313.8 312.3 275.8 Exceptional gain/(loss) 0 0.7 -1.2 -4 Profit after exceptional items 162.3 314.56 311.1 271.8 Provision for current tax 77 78.1 98.8 93 Provision for deferred tax -21.1 25.2 15.2 -6.9 Provision for fringe benefit tax 4.1 3.9 3.4 4.3 Tax provision of earlier years written back -35.2 -35.8 -31.3 -5.5 Net profit 137.4 243.1 225 186.9
2004-05 1,988.00 127.2 1,860.80 9.7 1,870.60 -11.2 999.6 125 493 18.7 1,625.10 245.4 77.7 3 164.7 -7.7 157.1 45.4 -2 113.7
CASH FLOW STATEMENT- STANDALONE
profit and loss account | balance sheet | cash flow statement (Rs. crore) 2008-09 2007-08 2006-07 Cash flow from operating activities Net profit before tax 162.3 314.6 311.1 Add: adjustments for Depreciation 166.1 141.2 120.4 Marketing and technical know-how written-off Interest expenses (net) 257.4 179 171.2 (Profit) / loss on fixed assets sold -0.6 -7.2 -2.7 (Profit) / loss on sale of investments -6.9 -1.2 -6.8 Dividend income -16.8 -4.2 -23.7 (Gain) / loss on long term strategic investments / transfer -0.7 0 -0.2 of business (net) Employees stock options outstanding 1.3 0.7 400.5 307.6 258.2 Operating profit before working capital changes 562.8 622.2 569.3 Add: adjustments for Decrease / (increase) in trade and other receivables -149.8 -141.4 -7.6 Decrease / (increase) in inventories 29 -258.5 28 Increase / (decrease) in trade and other payables 85.4 102.5 -32.7 -35.4 -297.3 -12.3 Cash generated from operations 527.4 342.8 557 Income taxes refund (paid) (net) -82.7 -46.1 -60.7 Net cash from operating activities 444.6 278.7 496.4 Cash flow from investing activities Proceeds from sale of fixed assets 6.9 13.3 8.8 Capital subsidy received 0Sale / redemption / (purchase) of investments (net) -749.5 212.3 -116.1 Proceeds from transfer of business (net) 0 5.1 34.5 Interest received 33.4 24.8 24.3 Dividend received 16.8 4.2 23.7 Capital subsidy received 1.6 Increase / decrease in corporate deposit 25.9 -89.8 132.5 Purchase of fixed assets -275.7 -238.1 -302.7 Investment in equity of joint ventures 0-1,596.90 Investment in equity of subsidiaries -948.7 -504.6 -453.8 Net cash (used in) / from investing activities -1,889.30 -572.8 -2,245.70 Cash flow from financing activities Proceeds from issue of share capital (including share premium) 0 1.7 9.8 Security premium received 0 339.7 759.9 Proceeds from issue of share warrants (net of conversion) 0 377.4 Proceeds from / (repayment of) borrowings (net) 1,755.80 -157.8 1,272.90 Dividends paid (including tax thereon) -63.9 -106.1 2005-06 271.8 111.9 55.8 0.3 -2.5 -16.5 148.9 420.7 231.5 -118.7 -275.6 -162.8 258 -81 177 2.2 257.4 13.2 16.5 -184.6 -200 -661.1 -91.4 -847.8 0 0.1 764.9 -27.3 88 -27.1 2 -153.7 0 -44.4 -92.3 0 0 90.3 247.3 -89.2 -78.3 17.8 -149.7 97.6 -48.2 49.4 2.8 0 84.9 5.4 4.3 6.4 2004-05 157.1 77.8 3 18.7 -0.4 -0.6 -6.4 -1.9
A
B
C
Interest and finance charges paid -254.6 Net cash (used in) / from financing activities 1,437.30 Net increase in cash and equivalents -7.3 Cash and cash equivalents (opening balance) 97.2 Cash of IGFL and BGFL Cash acquired on merger of ABIL Cash and cash equivalents (closing balance) 89.8
-194.6 366.5 72.4 22.7 297.2
-184.7 1,751.80 2.4 20.3 22.7
-62.1 675.6 4.8 9.4 6.2 20.3
-21.9 39.1 -3.9 13.3
9.4
ratio and stats 2008-09 2007-08 2006-07 2005-06 2004-05 Operating margin 11.6 15.7 16.5 15.9 13.7 Gross profit margin 6.9 11.5 12.6 14.7 13.2 Net profit margin 2.9 6.1 6.6 7.1 6.1 Net sales/ average capital employed 0.6 0.6 0.7 0.9 1 Interest cover (EBITDA/ gross interest) 2 3.1 3.1 6.5 11.4 Debt Service Coverage Ratio 1.2 1.2 1.2 2.9 6.8 ROACE (PBIT/ average capital employed) 5.3 7.5 9.6 11.2 9.7 ROAE (net profit / average net worth) 3.4 6.8 8.4 10.5 8.7 Current ratio 2.9 3.1 3.1 3.3 2.7 Debt equity ratio (total debt / net worth) 1.1 0.7 0.9 0.7 0.4 Debt equity ratio (long term debt / net worth) 0.6 0.5 0.6 0.4 0.2 Dividend per share 4 5.8 5.5 5 4 Dividend incl. dividend tax (as % to net profit) 30.9 26.3 26 25.5 24.1 EPS (weighted average) 14.5 26.1 25.6 24.5 18.3 CEPS (weighted average) 29.7 43.9 41 38.2 31 Book value per share 433.8 424 335 264 226 No. of equity shareholders 155,497 155,028 164,603 89,287 94,137 Closing price as on 31st March - NSE 445 1,396.20 1,070.90 748 402.3 Market capitalisation (NSE) 4,227.40 13,265 9,992 6,246 2,409 Price earning ratio (NSE) 30.8 53.6 41.8 30.6 22 Price / book value ratio (NSE) 1 3.3 3.2 2.8 1.8 Exports (FOB) 636.2 624.3 482.6 460.1 447.4 Capital expenditure (net) 268.8 224.8 293.9 199.9 153.7 Strategic investments (net additions) 1,073.10 435.4 2,063.60 791.9 36.7
18 16 14 12 10 8 6 4 2 0 2008-09 2006-07 2004-05 2007-08 2005-06
Operating margin Gross profit margin Net profit margin
Operating margin
18 16 14 12 10 8 6 4 2 0 2008- 2007- 2006- 2005- 200409 08 07 06 05
Operating margin
Aditya Birla Nuvo Ltd. Ratios Mar ' 09 Per share ratios Adjusted EPS (Rs) Adjusted cash EPS (Rs) Reported EPS (Rs) Reported cash EPS (Rs) Dividend per share Operating profit per share (Rs) Book value (excl rev res) per share (Rs) Book value (incl rev res) per share (Rs.) Net operating income per share (Rs) Free reserves per share (Rs) Profitability ratios Operating margin (%) Gross profit margin (%) Net profit margin (%) Adjusted cash margin (%) Adjusted return on net worth (%) Reported return on net worth (%) Return on long term funds (%) Leverage/solvency ratios Long term debt / Equity Total debt/equity Owners fund as % of total source Fixed assets turnover ratio Liquidity ratios Current ratio Current ratio (inc. st loans) Quick ratio Inventory turnover ratio Payout ratios Dividend payout ratio (net profit) Dividend payout ratio (cash profit) Earning retention ratio Cash earnings retention ratio Coverage ratios Adjusted cash flow time total debt Financial charges coverage ratio 11.19 28.66 14.46 31.93 4 59.42 394.09 394.09 503.75 378.8 17.78 32.63 25.58 40.44 5.75 61.55 383.79 383.79 413.96 370.52 18.56 31.46 24.11 37.01 5.5 58.33 334.87 334.87 366.62 321.61 28.92 47.59 31.21 49.88 5 68.51 364.67 364.67 441.78 346.34 19.46 32.93 18.99 32.46 4 41.7 226.11 226.11 311.58 206.9 Mar ' 08 Mar ' 07 Mar ' 06 Mar ' 05
11.79 8.32 2.83 5.62 2.84 3.67 7.13
14.86 11.28 6.12 7.8 4.63 6.66 8.75
15.91 12.39 6.45 8.42 5.54 7.2 10.16
15.5 11.28 6.97 10.63 7.93 8.55 11.08
13.38 9.21 6.04 10.49 8.6 8.39 11.15
0.71 1.2 45.42 1.55
0.5 0.75 57.06 1.35
0.52 0.9 52.45 1.39
0.37 0.71 58.27 1.17
0.21 0.36 73.3 1.52
2.33 0.71 1.54 7.51
2.31 1.04 1.44 5.99
2.22 0.63 1.46 8.4
2.41 0.93 1.61 5.78
1.84 0.9 0.93 5.93
30.87 13.98 60.1 84.42
26.29 16.63 62.18 79.39
26.01 16.94 66.22 80.07
25.46 15.93 72.52 83.3
24.06 14.07 76.51 86.13
16.52 2.14
8.85 3.04
9.65 3.1
5.49 6.48
2.5 11.49
Fin. charges cov.ratio (post tax) Component ratios Material cost component (% earnings) Selling cost Component Exports as percent of total sales Import comp. in raw mat. consumed Long term assets / total Assets Bonus component in equity capital (%)
2.04
2.88
2.77
5.36
9.47
57.44 6.69 13.39 61 0.75 24.59
56.87 6.48 16 59.49 0.71 24.59
56.04 6.41 14.31 58.39 0.77 25.04
57.11 7.52 17.39 55.62 0.61 39.02
55.95 9.24 23.83 62.4 0.64 39.02
doc_757615016.xls