Analysis Pack Report

8/7/2019 Analysis Pack Report

1/25

Balance Sheet

ASSETS Competitor A Comp

2002 20

Fixed Assets 1,071,714,000

Intangible (fixed) assets 127,836,000 115,380,000

Tangible Assets 833,289,000 667,738,000

Financial assets 110,589,000 85,873,000

Current Assets 484,391,000

Inventories 151,164,000 86,120,000

Receivables & other assets 171,402,000 233,920,000

Securities 42,090,000

Cash D 119,735,000 16,796,000

0

Prepaid expenses 0

Capital reserves 1,556,105,000

(EQUITY &) LIABILITIES Competitor A Comp

2002 20

Equity A 630,316,000

Liabilities (long-term) E 575,058,000

Loans 373,291,000 253,535,000

Accruals 201,767,000 197,934,000

Liabilities (short-term) E 350,731,000

Trade payables 98,395,000 68,209,000

Liabilities to banks 156,273,000 84,808,000

Other liabilities 96,063,000 132,824,000

Deferred income 0

Total equity and liabilities B 1,556,105,000


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titor B CEE Breweries Results

02 2002

868,991,000 682,145,000 A =

52,154,000 B =

548,593,000 C =

81,398,000 D =

E =

336,836,000 487,314,000 F =

196,566,000 G =

244,408,000 H =

46,340,000 Color leg

0 0 value from

2,787,000 4,233,000 value from

1,208,614,000 1,173,692,000 necessary

titor B CEE Breweries

02 2002

463,476,000 187,618,000

451,469,000 447,627,000

251,720,000

195,907,000

285,841,000 537,569,000

251,186,000

99,199,000

187,184,000

7,828,000 878,000

1,208,614,000 1,173,692,000


3/25

(net) equity

total capital

profit / loss on ordinary activities

liquid assets

liabilities

production

interest

Cash-Flow (bef. tax)

nd

balance sheet

P&L statement

entries


4/25

P

sales

- cash discount expenses

+/- + increase / - decrease in finished goods inventories & work in progress

+ own work capitalized

+ other operating income

= production F

- cost of materials

+ cash discount income

- cost of purchased service(s)

- other variable costs

= gross margin

- personnel expenses

- release/allocation pension provision H

- depreciation and amortisation H

- other operating expenses

+ other operating revenues

= EBIT = Earnings Before Interest & Tax

+ investment income, interest income, receipts from bonds

+/- + income / -expenses on financial assets and securities held as current assets

- interest charges & similar expenses G

= financial result

= result of ordinary activities C, H

+ extraordinary income

- extraordinary expenses

= extraordinary result

- tax on income= net income / net loss for the year

+ reserves released

- transfer to reserves

+/- + profit brought forward / - loss carried forward

= consolidated profit after tax


5/25

rofit & Loss Statement 2002

Competitor A Competitor B CEE Br

2,100,000,000 1,104,863,000 1,100,361,000

0 0 0

217,000 -1,843,000 -1,183,000

1,410,000 1,385,000 1,646,000

30,138,000 33,828,000 36,663,000

2,131,765,000 1,138,233,000

571,111,000 300,516,000 383,275,000

2,500,000 0 0

41,000,000 0 0

122,100,000 0 1,050,000

1,400,054,000 837,717,000

440,413,000 213,655,000 325,704,000

18,025,000 12,586,000 5,076,000

274,755,000 120,192,000 109,656,000

161,093,400 0 340,304,000

0 422,919,000 0

505,767,600 68,365,000

8,707,000 866,000 1,211,000

6,203,000 7,689,000 95,100,000

33,160,000 22,022,000 22,195,000

-18,250,000 -13,467,000

487,517,600 54,898,000

0 2,632,000 0

0 0 0

0 2,632,000

16,107,000 26,064,000 8,787,000471,410,600 31,466,000

0 0 0

0 0 0

0 0 0

471,410,600 31,466,000


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weries

1,137,487,000

753,162,000

-27,578,000

74,116,000

46,538,000

0

37,751,000

37,751,000


7/25

QUICKTEST

area of analysis ratio formula

financialstability

financing equity ratio

liquidity debt redemption in years

profitability return on assets

profit cash-flow rate

CEE Breweries

financing equity ratio 16.0 % > 30%

liquidity debt redemption in years 5.8 yrs < 3 J.

profitability return on assets 5.9 % > 15%

profit cash-flow rate 14.2 % >10%

Competitor B





Competitor A





Key Factor 2000 2001 2002

(net) equity 630,316,000 463,476,000 187,618,000total capital 1,556,105,000 1,200,786,000 1,172,814,000

487,517,600 54,898,000 46,538,000

liquid assets 119,735,000 16,796,000 46,340,000liabilities 925,789,000 737,310,000 985,196,000

equity

------------------ x 100total assets

long term liabilities - cash-------------------------------------

cash-flow

p

rofitability

situation

profit/loss on + interest onordinary activities liabilities

------------------------------------ x 100total assets

cash-Flow

------------------ x 100production

very good(1)

very good(1)

very good(1)

profit / loss onordinary activities


8/25

production 2,131,765,000 1,138,233,000 1,137,487,000interest 33,160,000 22,022,000 22,195,000

Cash-Flow (bef. tax) 780,297,600 187,676,000 161,270,000


9/25

capital strength

level of debt

rate of return

> 20% > 10% < 10% negativ 3

< 5 J < 12 J < 30 J > 30 J 3

>12% >8% 8% >5% 20% > 10% < 10% negativ 1

< 5 J < 12 J < 30 J > 30 J 2

>12% >8% 8% >5% 20% > 10% < 10% negativ 1

< 5 J < 12 J < 30 J > 30 J 1

>12% >8% 8% >5%


10/25


11/25

Competitor A Competitor B CEE Breweries Rating Competitor A

investment 1 2 3

equity

a

40.51

1

fixed assets as % of total assets coverage ratio A

fixed assets x 100 sto

total assets 1 2 3

68.87% 71.90% 58.12% >40% 20-40%


12/25

I

area of analysis: financial stability

Competitor B CEE Breweries Rating Competitor A

financing 1 2 3

Quick-Test KPI:ratio (=absolute debts) debt redem

djusted equity x 100 lon

total assets

38.60 16.00 1.03

1 3

absolute liquidity

kholders equity x 100

fixed assets 1 2 3

53.33% 27.50% >70% 10-70% 150% 110-150%


13/25

Competitor B CEE Breweries Rating

liquidity 1 2 3

Quick-Test KPI:tion in years (=relative debts)

term liabilities - cash

Cash-Flow

3.84 5.82

ratio

cash x 100

current liabilities

5.88% 8.62%

ts - inventor. - down payment) x100

hort-term liabilities 1 2 3

87.71% 54.09% >100% = 100 150% = 100


14/25


15/25

area of analysi

Competitor A Competitor B CEE Breweries Rating Competitor A

profitability 1 2 3

Quick-Test KPI:

return on assets

(profit/loss ord. activ.)+(interest liabilities)x100

total assets

33.46% 6.36% 5.86% 14.18

rate of return on equity costs of material &

net profit x 100 (material costs +

equity 1 2 3

77.34% 11.84% 24.80% >30% 10-30% 5% 1-5% 1,75 1,75-1 8,75% 1-8,75%


16/25

Contribution Margin

66%

Cash-Flow-Point

Opera

670,586,290.92

Cash-Flow-Point as

31.46%

Break-Even-Point

Err:508

Break-Even-Point a

B

Err:508

security level (%)

Err:508

target sales

100-


17/25

I

: profit

Competitor B CEE Breweries Rating Competitor A

tructure of charges 1 2 3

Quick-Test KPI:

cash-flow rate

cash-Flow x 100

production

16.49 36.60

oods as % of production cash discount expe

OGS + external production cost) x 100 cash

production

26.40% 33.69%

rvice as % of production cash discount inco

nal production cost x 100 casproduction (material c

0.00% 0.00% 0.44%

f production

wages x 100

production 1 2 3

18.77% 28.63% 40%

1 2 Input Rating

as as % of production

n capital interest x 100

production 1 2 3

1.93% 1.95% 4%

1 1 Input Rating

f production

depreciation x 100

production 1 2 3

10.56% 9.64% >7% 3-7% 65% 50-65%


18/25

Gross Margin

Net Sales

74% 66%

ting expenses (cash basis)

Margin Ratio

864,933,544.08 491,904,883.48

% of production

CFP

Net Sales

75.99% 43.24%

Fixed Cost

CM

Err:508 Err:508

% of production

reak-Even-Point x 100

Net Sales

Err:508 Err:508

Break-Even-Point x 100

Net Sales

Err:508 Err:508


19/25

Competitor B CEE Breweries Rating

cash-management 1 2 3

nses as % of sales

discount expenses x 100

sales 1 2 3

e as % of costs of mat.&goods

h discount income x 100osts + COGS + ext. prod. costs) 1 2 3

0.00% 0.00%


20/25


21/25

The "big picture" of busin

investment financing liquidity

3 3

equity ratio debt redemption in years

coverage ratio A absolute liquidity ratio

investment ratio coverage ratio B net quick ratio

rate of depreciation working-capital-ratio current ratio

depreciation per period

storage in days

legend of colors

area of analysisfinancial stability

QUICK - TESTratios

fixed assets as % oftotal assets

collection period foroutstanding receipts

coll. period for settle-ment outstanding debts

statement of changes infinancial positions

quicktest indicates:detailed analysisneeded


22/25

ess ratio analysis

profitability structure of charges cash-management

4 3

return on assets cash-flow rate

rate of return on equity

rate of return on sales

investment turnover

Cash-Flow-Point

Break-Even-Point

security level

target sales

area of analysisprofit

QUICK - TESTratios

costs of material & goodsas % of production

cash discount expensesas % of sales

labour costs as % ofproduction cash discount income

as % of costs of material &goodscosts purchased service

as % of production

ROI(Retur- On Investment)

costs material & goods &labour as % of production

ROSTI(Return- On Stock Inv.)

loan capital interest as as% of production

depreciation as % ofproduction

profit margin as % ofproduction


23/25


24/25

International KPIs and Comparis

Company Company Company Industry

Year 0 Year 1 Year 2

INPUT

Sales revenue 2,100,000,000 1,104,863,000 1,100,361,000

Cost of Goods Sold 384,325,000

EBIT 505,767,600 68,365,000 (27,578,000)

Number of Employees 4,500 4,500 4,500

Receivables 171,402,000 233,920,000 244,408,000

Inventory 151,164,000 86,120,000 196,566,000 Yellow fields ne

Total Assets 1,556,105,000 1,208,614,000 1,173,692,000 Aqua fields are

Payables 98,395,000 68,209,000 251,186,000

Current Assets 484,391,000 336,836,000 487,314,000 Direct Transfer

Current Liabilities 350,731,000 285,841,000 537,569,000

Equity 630,316,000 463,476,000 187,618,000

Long Term Debt 373,291,000 253,535,000 251,720,000

Gross Profit 2,100,000,000 1,104,863,000 716,036,000

KPI

Financial Strength

Quick Ratio 95.01% 87.71% 54.09%

Equity ratio 40.51% 38.35% 15.99%

Profitability

Operating Margin 24.08% 6.19% -2.51%

Gross Profit Margin 100.00% 100.00% 65.07%

Management Effectiveness

Return on Assets 32.50% 5.66% -2.35%

Return on Investment 50.39% 9.53% -6.28%

Efficiency

Revenue/Employee 466666.67 245525.11 244524.67

Collection Period 29.79 77.28 40.54

Inventory Period/Inv.Days of supply #DIV/0! #DIV/0! 93.34

Inventory Turnover 0.00 0.00 3.91

MultexInvestor


25/25

ion with Competitors

Competitor 1 Competitor 2. Competitor 3 Competitor 4.

Year 2 NN NN NN

2,500,000,000 1 1 1

490,000 1 1 1

1 1 1 1

1 1 1 1

Legend 1 1 1 1

ed to be filled in. 1 1 1 1

calculation results. 1 1 1 1

1 1 1 1

Kralicek 1 1 1 1

1 1 1 1

1 1 1 1

1 1 1 1

2499510000 0 0 0

0.00% 0.00% 0.00% 0.00%

100.00% 100.00% 100.00% 100.00%

0.00% 100.00% 100.00% 100.00%

99.98% 0.00% 0.00% 0.00%

100.00% 100.00% 100.00% 100.00%

50.00% 50.00% 50.00% 50.00%

2500000000.00 1.00 1.00 1.00

0.00 365.00 365.00 365.00

0.00 365.00 365.00 365.00

490000.00 1.00 1.00 1.00

SCOR Industry Benchmark

SCOR Bestin ClassIndustry

SCOR MedianIndustry

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Analysis Pack Report