Silvano Fashion Group
|
|
- Baldwin Robertson
- 5 years ago
- Views:
Transcription
1 RĪGAS EKONOMIKAS AUGSTSKOLA STOCKHOLM SCHOOL OF ECONOMICS IN RIGA Silvano Fashion Group Project in Accounting and Finance Strupiša Ieva ZandersoneMāra Cornez Alexandre Kieffer Pierre-Louis May, 2010
2 Contents Presentation... 3 History... 4 Historical analysis... 5 Resource Structure and Growth... 5 Profitability (Figure 1)... 6 Margins and Profit... 6 Return on Equity... 6 Return on Asset... 6 Return on Capital Employed... 6 Return on Net Assets... 7 Profit per employee... 7 Financial Position (Figure 2)... 7 Liquidity (Figure 3)... 8 SWOT Analysis Strengths Weaknesses Opportunities Threats Scenario and forecasting Evaluation model Comparison of results P/E ratio P/B ratio PMB : Permanent Measurement Bias Work Cited Appendices
3 Presentation The joint stock company Silvano Fashion Group is a well-known international distributor and producer of women s apparel and lingerie in Eastern region of the Europe. The headquarters of the company is located in Minsk (Belarus), but the company has representation offices in Riga (Latvia), Moscow (Russia) and Tallinn (Estonia). The mission of the company is related not only with customers satisfaction, but also with comfort, positive emotions and confidence of stockholders and employees. They work on their products being personality encouraging and self-esteem boosting. They try to make their products in a way that each customer could find something specially for them, high lightening their personality (Silvano Fashion Group, 2010). Now the production takes place in Latvia (by lingerie production company Lauma Lingerie) and Belarus (by the company Milavitsa). The products are distributed in all the three Baltic countries, as well as in Russia, Belarus and Ukraine, where the company claims to have around 200 million possible customers. Silvanio Fashion Group owns a brand portfolio consisting of five brands which are target for different customer segments. Milavitsa is the best-known brand in Russia, meant for women between 25 and 45 years, sold mostly in CIS countries. Alisee is lingerie brand for higher class, stylish women which are years old. Aveline is a brand targeting lower middle class women in Russia, Ukraine and some other CIS countries. Lauma Lingerie and Laumelle are both coming from Latvian company Lauma. Lauma Lingerie is for 25 to 45 years old middle class ladies in Baltic States and Russia. Laumelle is a brand targeting years old girls, mainly in Russia and Baltic States (Silvano Fashion Group, 2010). The company is heading towards becoming the leader of women s lingerie market in Eastern and Central Europe. Their goal is to provide their production mainly through their own retailers and retail networks. The company is still growing and developing in order to become more efficient and to reach its future objectives, ensuring their clients with excellent products, qualitative service and personal attitude. Competitors.Silvano Fashion Group is facing number of competitors operating both in the countries they are selling their products, in countries they are planning to expand to, as well as large international companies. In Latvia one of main competitors are V.O.V.A. and Shante Ltd., what is underwear producer established in 2001 and have already partners in Russia (Shante, 2004). In Estonia main competitor is company Linette, which was originally established already in 1940 and now is cooperating with Swedish company, offering women lingerie with Swedish quality and comfort. They are exporting their products to different countries and have 8 specialized Linette stores in Estonia as well as their goods in different retail stores (Linette). Lithuanian competitor UtenosTrikotazas AB was established in In year 2005 sales of the company amounted 121,4 million litas, what is equivalent to 34,5 million euro. They are selling their products in such countries as Lithuania, Sweden, Spain, Germany, Finland and many others. UtenosTrikotazas has 20 retail stores in Lithuania and Ukraine (Utenos Trikotazas AB). 3
4 One of competitors in Russia is company Valeria, which is operating in Russian and CIS market for over 80 years. They have wide target market, producing different kinds of lingerie, including eco-lingerie. Valeria has numerous awards in different congresses and exhibitions. The company has also specialized shops in Moscow and Kolomna(Valeria). Although Milavitsa is considered to be the largest women lingerie manufacturer in Belarus, there are also some a bit smaller apparel producers like Tarusa JSC which operates under trademark Milady and is focusing on high quality underwear (Papova, 2010). In Ukraine one of the most successful competitors is TPP Ltd Universal (subdivision Fashion Lingerie House Ajour). It was established in 1997 and their annual revenues are 1 2 million USD (TPP Ltd Universal, 2009). Moreover, there are number of international competitors, e.g., Triumph, GAIA (exclusive lingerie s producer) and others. Moreover, there are always possibilities to order lingerie and underwear in internet shops. History The development of Silvano Group can be seen below, where the history of the company is graphically shown. Silvano Fashion Group has merged from joining together (in 2006) three cloth and lingerie producers PTA (later acquired by Klementi) in Estonia, previously mentioned Milavitsa in Belarus and Lauma in Latvia (Silvano Fashion Group, 2010). Figure 1Silvano Fashion Group History Source:Silvano Fashion Group, retrieved from 4
5 Historical analysis Resource Structure and Growth As Silvano Fashion Group experienced huge changes in 2006, it s more reasonable to look at time periods before merger and after, focusing on year 2006 and later. Year 2004 was not so successful for company, sales decreased from EUR to EUR (by 11%), number of employees was reduced by 7%, assets were cut by half, while personnel expenses remained approximately at the same level (2853 and 2815 thousands EUR respectively). However, everything changed with the year 2006, as parts of three big companies were joined together under one company Silvano Fashion Group. That is obvious, why there was such a huge increase in the number of employees, sales and their resource structure. The utmost increase was observed in assets. There was an enlargement by 1465%. The smallest effect was on sales; there was an increase only by 269%. That could be explained by the fact that at balance closing day assets of all three companies together were taken into account. However, as merging process took some time, then sales for Silvano Fashion Group as merger of three companies was not for 12 month, but smaller time period, thus we can t expect huge increase straight away. Moreover, company had to internally adjust and get used to new profile. Overall, joining under one name was a good idea, as already next year sales increased more than two times (from thousands EUR to thousands in 2007). Year 2008 was not so outstanding, as sales increased only by 10%, but it might be still a good result as 2008 was the time when financial crisis started and some companies were making losses. It is important to note that debt and equity has increased more than assets over time (in percentage terms relatively to existing); in 2008 amount of debt almost doubled. Number of employees has slightly increased from year to year indicating the expansion of the company. Administrative costs don t differ a lot from distribution costs. (in year 2006: distribution costs 3776 thousands EUR, administrative 2686 thousands EUR; 2009: and correspondingly). For a distribution company administrative costs are relatively high. Cost of Goods sold amounts on average for 43% of sales. In year 2008 distribution costs increased significantly due to the slight increase in rent and utilities, as well as personnel costs. They acquired land and buildings through business combinations (increased ownership of Milavitsa in 2008) and transfers and reclassifications. Figure 0. Resource 5
6 Profitability (Figure 1) Margins and Profit Gross Margin Due to the merger between PTA-Klementi and Silvano in 2006, the gross margin of the new company - has been rising until 2008 (2005: 9,3%, 2006: 14,71%, 2007: 15,82%). Indeed, in 2008 Silvano was subjected to an increase of both administrative and distribution costs in comparison with respectively +29% and +58% - which led to a negative gross margin at the end of 2008: -5,92%. Profit Margin: Through these calculations, we can observe that the company has had on average, a relatively high profit margin especially in 2007 (12,12%). Therefore, it is possible to say that Salvino has had a low turnover of capital. On the contrary, in 2008, the profit margin dropped reaching -7,02% and that was a possible threat: currently the decline in sales has erased profits and as a result, has led to a net loss. Finally, in 2009 the profit margin was still negative but went up again to -3,20%. Operating Margin: High level of Operating Margin in 2006 (18,69%) and in 2007 (20,85%) allowed to the company to pay its fixed costs (for instance interest on debt). The ratio of 2,73% in 2008 emphasizes the fact that Silvano bears more financial risks. In 2009, the company still had a low ratio just a little bit higher than in 2008: 5,01%. Return on Equity Through its equity, Silvano is able to generate a return valuated at 20,34% on average. In 2005, the company reached a very high ratio due to the low equity: 64,12%. The merger entailed a growth in asset and therefore a growth in equity which led to a lower ratio thereafter. Actually, the growth in net income has not been proportional to the growth in equity. Finally, a negative net income both in 2008 and 2009 means irrevocably a negative ROE: respectively -12,13% and -2,03%. Return on Asset Despite the ROA of 10,42% in 2006 which is lower than previous years, the return on asset was quite high until 2008 (19,66%). It is generally agreed that the higher the ROA number, the better, insofar as with lower investment the company is able to generate more money. A negative net income both in 2008 and 2009 implied a negative ROA: respectively -10,35% and -3,75%. Return on Capital Employed ROCE allows evaluating the efficiency and profitability of a company s capital investments. Thus, it can be concluded that Silvano reached high profitability in 2007 with a ROCE equal to 23,80%. Nevertheless, the financial crisis in 2008 led to a negative ratio due to a negative profit margin. The average ROCE of the company is 7,37%. 6
7 Return on Net Assets Similarly to the return on capital employed the RONA decreased between 2007 and With a ratio equal to approximately 53% for these two years, we can conclude that the company used its net assets in an effective manner in order to generate a profit. A drop in operating margin in 2008 led to a strong decrease of RONA which reached 2,73%. Profit per employee High profit per employee was reached in 2006 of about 9,53 thousands per employee. This emphasized a strong increase in comparison with 2005 (1,40 thousands). Since 2008 Silvano has been facing a negative profit per employee, respectively -1,86 thousands in 2008 and -0,23 thousands in Figure 1. OM, ROE, ROA, TOA, RONA and PE Financial Position (Figure 2) The calculations of E/A, D/E, Dib/E and E/sales ratios show, how Silvano Fashion Group is financed. As E/A ratio has been rather high during the last three years of operating it can be concluded that the company is mostly financed by equity (80% in 2007 and 65% in 2008). The ratio of interest bearing debt to equity in 2004 was enormous (393%) which means that the company s assets were financed by debt, however the situation changed over the years and if looking at years 2007 and 2008 the ratio is around 10%. This can be explained by the fact that the three companies in 2006 were merged together and started to share the financial structure, while the ratio of 393% is for the Estonian branch PTA alone. 7
8 The equity to sales ratio which shows by how much the sales increase with every monetary unit increase in equity, was stable in years 2004 and 2005 (around 13%) but it sharply increased in 2006, reaching 149% and then decreased in 2007 and 2008 to 56% and 46% respectively. This again can be explained by the enlarging of Silvano Fashion Group when due to companies merger the amount of shareholders could have increased. Figure 2. Financial Position Liquidity (Figure 3) The first ratio used to measure the liquidity of Silvano is the current ratio. This ratio compares the current assets to the current liabilities and thus we can see whether the company has enough resources to face up the debts. In theory a current ratio of 2 is usually good. As we can see here the current ratio is above 2, with a peak at 3,63 in 2006 and However in 2005, it was only 0,95 but in this year as we mentioned in description, the company was not operating at the same level it is now after merger in Then, we use the quick ratio, also called Acid test. In this case it measures the ability of the firm to pay its debt immediately. This ratio compares the current assets minus the inventory (which is illiquid) to the current liabilities and to be good it should be above 1. Here, again excepted 2005, it is below 1. There are huge differences in the quick ratio, which indicates the importance of inventory in the company. When we look at liquid assets as percentage of sales, this number is very disparate, after the merger of companies in 2005, the liquid assets represented 47% of sales in 2006, compared to only 2% in This ratio decreased in 2007 and 2008 to reach a more normal level of 5%. This should not indicate that there was a problem with liquidity; the 2006 ratio was just abnormal. The inventory turnover is globally very low, around 2 or 3 days. Generally it is better than high ratio, because high ratio implies investment with a return of 0. However, such a low ratio could be due to the fact that the company is overstocking (too high inventory, too low sales), or that the operations are really efficient. The average of account receivable ratio is around 37 days over the period. However, the time of receiving payments from customers has been increasing since 2007, and in 2009 reached 47 days. It is not very good to improve their liquidity. It is almost the same conclusion for the account payable. After a peak at 41 days in 2006, the ratio rose from 51 days in 2008 to 109 days in However in this case it is good for the liquidity because Silvano has more time to pay the creditors. 8
9 The interest coverage ratio has been over 1 in all years except in 2008 when it was -1,46 due to the losses. Coverage ratio in 2006 amounted to 60 and 120 in 2007 and 10 in This implies that payments related to expenses obligations is not an important concern when looking at overall liquidity. Finally, by looking at the cash, we see that Silvano had some problem during the financial crisis in 2007 and Indeed the cash flow was and respectively. But this situation reversed in 2009 with All things considered it is not that bad concerning the liquidity. Figure 3. Liquidity 9
10 SWOT Analysis Figure 2 SWOT analysis Strengths Wide target market Set of well-known brands Geographical dispersion Experience gained over decades Opportunities Opportunities to enlarge the market Economic recovery Opportunities to take over other small companies and brands Weaknesses Lack of central management Weakly distributed between the countries they are operating in Too big proportion of minority shareholders Threats No possibilities for innovations Large number of better known and more prestigious competitors Producing countries Source: By authors Strengths As mentioned before, Silvano Fashion Group is a well-known women apparel and lingerie production and distribution company. It has several strengths and advantages. First of all the company during times has acquired different well-known brands like Lauma Lingerie and Laumelle, Alisee and other. Set of well-known brands creates good reputation for it. Additionally, some of the brands initially were created in companies which are relatively old and stable already (e.g., Belarus Milavitsa was established in 1908), thus when Silvano Fashion Group acquired part of the company, they acquired also experience, which was gained over decades. Moreover, the brands they have are targeting different auditoriums starting from young, 18 years old women, ending with higher class stylish women who may be up to 45 year old. The wide target market is a huge advantage for the company. They are graphically dispersed as operating in such countries as Belorussia, Russia, Latvia, Estonia and others. That creates potential for high earnings. Weaknesses There are a number of weaknesses that the Silvano Group faces. The company lacks central management since it is nowadays built on a combination of smaller companies, it still holds the divisions of the small companies by focusing on certain production lines, style and previously developed strategies. This can lead to too dispersed goals and future development. Also the company is operating its sales mostly in the same country where the product is produced. The export strategy and possible exchange of differentiated goods is limited. Another weakness is the enormous number of minor shareholders. There are almost 1000 shareholders with shareholdings that are < 0,1% of all the shares. This affects the attitude 10
11 towards the company and possible gains from participation by the shareholders in the business development. Opportunities Currently Silvano Fashion group is operating in Eastern Europe and Asia mainly. However, they can open new their own shops in other countries, like Bulgaria, Romania, Armenia, Moldova and others as they are currently operating in Post soviet countries and they can follow this trend. They can take over other already existing small apparel and lingerie production companies, their brands and thus enter new markets. Moreover, as currently economy just starts to recover from crisis in many countries, it is a great possibility to expand as costs will be relatively lower and a lot of competitors are vanished due to low performance. Threats The Silvano Fashion Group faces several threats. Lack of innovation opportunities limits the business to certain production types and forces to adapt similarly to other competitors which in turn affects the business environment. Another threat is that there is a number of well known and developed brands in Western Europe (for example, Femilet in Denmark), United States of America and other huge producers that create and sell the same goods of high quality and fashion style. The authors of the report consider the small number of producing and selling countries as a possible threat as well since Silvano Fashion Group has good quality products and are able to face a bigger market, however, they are still leaving their business processes in the same countries. Moreover, the countries they are operating now are developing countries what limits potential earnings (price should be set accordingly). 11
12 Scenario and forecasting In this report, we are going to provide a realistic scenario as regards Silvano Fashion, an Estonian lingerie company. Our evaluation equity will be based on this scenario, and in order to do so, we need to make some assumptions about the major variables which are the following : - Sales: In order to obtain the expected growth of total sales, we have divided the total sales in three main sectors : women s apparel, lingerie and other. First of all, we expect the women s apparel growth to be 15% in 2010 and decreases towards 9%, and stays at this level in steady state. Furthermore, the growth in lingerie is estimated to be nearly the same in the future, around 5% Finally, for other sales, the growth is evaluated to be 60% because the rate was relatively higher that the growth of sales of woman s apparel. These services are just at the beginning of life cycle, thus growth was relatively much higher and decreases faster. In general the growth in steady state is expected to be around 10%. - Costs: On average, on the last four years, the gross margin (cost of goods sold divided by sales) was approximately 43%. Then we assume that this level remains constant in the future. Thus, the level of cost of goods sold will represent 43% of sales in our model. - Other operating incomes and expenses: For the other operating incomes, in general it represents around 1,5% of the sales, then we use this number for the forecasts. As regards the expenses, that is to say distribution and administrative costs and other expenses, this should represent around 36% of the sales in the future. - Investments in intangible and tangible We have computed the mean of accumulated acquisitions of tangible and intangible over the past 4 years. By increasing this number by about 10% every year, we can assume that the acquisition of intangible in 2010 will be 900 and after, it will be smoother (200, 220, 240 ). For the tangible, the total acquisition in 2010 will be 0 and will also be smoother thereafter (2050, 2260, 2470 ). - Interest expenses and interest revenues Interest expenses and interest revenues were given in the annual report and they were used to calculate interest rates. Interest rates applied for the company in 2008 were used further as constant for forecasts. - The overall tax rate was 33,04% for the company in 2009, we assume that this rate will stay constant in the future. - Dividends : 12
13 The payout ratio was around 3% before 2009, hence, dividends in 2010 are likely to be 150. In case of a drop of net income, dividends will not be diminished, the company cannot afford this even if it is a small company, because it is not good as regards investors. We assume that no repurchase of shares or new issue will be made. - Account receivable and payable When we compute the mean on the last 4 years,the average account receivable is 37 days and 60 for account payable. In 2009, there was a big rise due to the crisis (47 days for receivables and 109 for payables), but those numbers should not last thereafter. So we have taken the mean for the forecasting. - Based on historical data, the average turnover was 2, and it will remain the same over the period. Evaluation model In this section, we will provide an evaluation of the stock price of Silvano and we will compare what we have found with the current stock price on the market. Two models will be used in order to achieve this analysis : the dividend discount model and the residual income model. In the Dividend Discount Model (DDM), we evaluate the company stock by using predicted dividend and discount them back to present value. Share prices are estimated with this formula : ( ) ( ) Where is the dividend at year, is the required rate of return, and is the value of all future dividend at horizon. In the Residual Income Model, we use both the book value of the company and the present value based on accounting profits. In other words, it is the sum of the book value of equity at the time of valuation, the present value of residual income and the difference between the book and market value at horizon. Share prices are estimated with this formula : ( ) ( ) ( ) Where is the book value at time 0, and are respectively the market value and book value at horizon. is the return on equity at the year. In order to use those two models, we need first to describe all the required inputs. - The risk free interest rate : since there is no bond market in Estonia, we have decided to take the average 10 years government bond in Sweden. The rate found was 2,83% - The Beta : for Silvano Fashion Group, we have found the following beta : 1,5 - Equity risk premium : for Estonia, the equity risk premium is estimated to be 5,85% 13
14 - Required rate of return : we calculated the required rate of return with the CAPM model : ( ) Using the previous inputs, we have Comparison of results Figure 4. Share price of Silvano This graph shows the share s value of Silvano Fashion Group for the past 5 years. The price increased in 2006 and 2007, due to high profits in these 2 years. In 2008, the negative result (-6407) has led to a dramatic decrease of the value of the stock, to a low point at 0,20 in The enhancing of economic climate led to a relatively better result in 2009, even if it was still negative (-912), and previsions are also good for The price increased and is now at 1,20. As we can see, prices are extremely volatile, in 2007 there was a peak at almost 7, and a low point at 0,2. In the last year the price increased by more than 500%... We assume that dividends are paid at the end of the year. We have made our evaluation at the beginning of 2010 (1 january). Hence the price we have found is approximately 0,46. The stock price was around 0,78 (+70%) on the first of January. In order to compare the current prices we need to compute the present value of our estimation at the actual date (8 May). We discount future dividends by the respective number of days, and we find a new price of 0,48. Compared to this price, the real one is 150% higher. 14
15 We think that such a difference between the theoretical and the real price can be explained by - The real price could be different from the theoretical one due to some inefficiency on the market. The first reason is that this stock is very volatile and is prone to speculation. There is not a lot of trade on the market, and thus the price can fluctuate very quickly. A change of investors behavior can lead to a loss or gain of confidence. Now, investors are more willing to invest their money in stocks than in the previous year. This is market inefficiency and can stop prices to converge to their fundamentals. - Moreover in our estimation, our payout ratio is very low as regards the previous years. Therefore, the growth (in steady state) is fully dependent on the ROE level (in steady state). Added to this, our required rate of return is in the same range that our ROE. Thus, a small variation of the ROE entails a significant price variation. P/E ratio In the last two years, that is to say 2008 and 2009, earnings were negative, thus we could not calculate this ratio. However if we follow our prevision for 2010, earnings could be 4222, and a valuation of equity : A P/E ratio of 2010 could be 4,4. In steady state (horizon 2014), ( ). If we assume that the payout ratio is 6%, the required rate of return is 11,6% and the growth is 10,3%, then the ratio would be around 4,7. P/B ratio The P/B ratio can be calculated with the following formula : For 2010, this ratio is around 0,5 and approximately the same in steady state. This could mean that the company is overvalued. PMB : Permanent Measurement Bias This ratio can be computed with the following formula : We have just found a P/B ratio less than 1, thus the PMB is negative (-0,5). By comparing the results with the data we found on internet, in the same industry (apparel), there are some important points to be explained. Price/Current EPS Price/Forward PE Expected Growth Payout Beta Apparel % 20.35% 1.30 Figure 5.Data for apparel, from the Stern School of New York 15
16 Those results are taken from the Stern School of New York, and represent American companies, but this should also be a good way to compare Silvano Fashion s results. First of all, the beta appears less important than the 1,5 we have found for Silvano. The payout ratio is more important. This could be explained by the fact that Silvano is still a young company, more risky (higher beta), and distribute less dividend than mature companies. The growth we have is approximately the same, but for Silvano the growth could be more important because as we said, it is not a mature company. The price earnings ratio is really low compared to the sector, around 4 or 5 times less. In general it means that investors expect higher return when P/E is high. By taking a ROE of 11%, it means that ( ), we can conclude that the future profitability will be a little bit lower than currently. Overall to conclude this part, we must say a word about the Silvano Fashion Group. This group is not a mature group. Few years ago, it was just a small entity named Klementi. In 2005/2006, this group expended and after some acquisition, took the name of Silvano. The group started to grow exponentially before the crisis, and started to distribute some dividends. Those dividends represented around 3/5% of the net income. With the crisis those dividends were cut. The point is that our model is very sensitive to the change in dividends and that it could lead to some problems in the evaluation of equity. In fact it is a very common problem to evaluate equity of start-up or not fully matured companies. We think that Silvano Fashion is still in this category, and thus it is very hard to evaluate correctly this company. Finally, our model is very sensitive to any change of ROE, due to the fact that ROE is approximately the same than and that payout ratio is low, so the difference between and growth is small. If we increase the ROE by 1%, the will be very low and the valuation of equity will be very high. With a 12% ROE we will have a share price of approximately 2 (400% more than the previous price). 16
17 Work Cited 1. Linette. (n.d.). About Us. Retrieved May 8, 2010, from Linette: 2. NASDAQ OMX. (n.d.). Benchmark Bonds. Retrieved May 5, 2010, from NASDAQ OMX: r_list/ 3. NASDAQ OMX. (2010, May 5). Silvano Fashion Group. Retrieved May 5, 2010, from NASDAQ OMX: tab=trading 4. Papova, N. (2010). Tarusa JSC. Retrieved May 9, 2010, from TradeAegea.com: 5. Reuters. (n.d.). Silvano Fashion Group AS. Retrieved May 9, 2010, from Reuters: 6. Shante. (2004). Par mums. Retrieved May 8, 2010, from Shante Lingerie: 7. Silvano Fashion Group. (2010). Brand Portfolio. Retrieved April 15, 2010, from silvano Fashion group: 8. Silvano Fashion Group. (2010). History. Retrieved April 17, 2010, from Silvano Fashion Group: 9. Silvano Fashion Group. (2010). Mission. Retrieved April 17, 2010, from Silvano Fashion Group: TPP Ltd Universal. (2009, February 9). Tpp Ltd Universal. Retrieved May 8, 2010, from EC21 Global B2B Marketplace: Utenos Trikotazas AB. (n.d.). About Us. Retrieved May 8, 2010, from Utenos Trikotažas: Valeria. (n.d.). О нас. Retrieved May 8, 2010, from Valeria Lingerie: 17
18 Appendices Growth % year PE/A 101% -87% -14% 10% EMPL -14% 598% 19% 14% -22% SALES -11% 269% 265% 10% -32% A -51% 1465% 34% 11% -30% D -59% 397% 22% 94% -47% E -12% 3961% 38% -10% -20% Liquidity year Average Current ratio 0,95 3,63 3,64 2,09 2,82 3,04 Quick Ratio 0,24 2,28 2,07 1,02 1,60 1,74 Cash availability 0,02 0,47 0,12 0,05 0,13 0,19 Interest coverage 2,87 60,22 119,32-1,46 10,30 47,09 ratio Cash Flow (in EUR) ,75 Inventory 1,90 3,07 2,46 1,87 2,32 Turnover - Receivables (credit days) Payables (credit days) Total Asset Turnover 1,45 0,98 1,62 1,47 1,12 1,33 18
AS Silvano Fashion Group
AS Silvano Fashion Group Consolidated Interim Financial Report for Q2 and 6 months of 2017 (unaudited) (translation of the Estonian original)* Beginning of the reporting period 1 January 2017 End of the
More informationSilvano Fashion Group
CONSOLIDATED INTERIM REPORT FOR Q1 2013 Silvano Fashion Group AS Silvano Fashion Group Consolidated Interim Financial Report for Q1 2013 (unaudited) (translation of the Estonian original)* Beginning of
More informationAS Silvano Fashion Group
AS Silvano Fashion Group Consolidated Interim Financial Report for Q4 and 12 months of 2015 (unaudited) (translation of the Estonian original)* Beginning of the reporting period 01 January 2015 End of
More informationAS Silvano Fashion Group
AS Silvano Fashion Group Consolidated Interim Financial Report for Q2 and 6 months of 2016 (unaudited) (translation of the Estonian original)* Beginning of the reporting period 1 January 2016 End of the
More informationCONSOLIDATED INTERIM REPORT FOR Q2 AND 6 MONTHS OF Silvano Fashion Group
CONSOLIDATED INTERIM REPORT FOR Q2 AND 6 MONTHS OF 2015 Silvano Fashion Group AS Silvano Fashion Group Consolidated Interim Financial Report for Q2 and 6 months of 2015 (unaudited) (translation of the
More informationAS Silvano Fashion Group
AS Silvano Fashion Group Consolidated Interim Financial Report for Q3 and 9 months of 2018 (unaudited) (translation of the Estonian original) * Beginning of the reporting period 1 January 2018 End of the
More informationAS Silvano Fashion Group
AS Silvano Fashion Group Consolidated Interim Financial Report for Q2 and 6 months of 2018 (unaudited) (translation of the Estonian original)* Beginning of the reporting period 1 January 2018 End of the
More informationCONSOLIDATED INTERIM REPORT FOR Q2 AND 6 MONTHS OF Silvano Fashion Group
CONSOLIDATED INTERIM REPORT FOR Q2 AND 6 MONTHS OF 2013 Silvano Fashion Group AS Silvano Fashion Group Consolidated Interim Financial Report for Q2 and 6 months of 2013 (unaudited) (translation of the
More informationAS Silvano Fashion Group
AS Silvano Fashion Group Consolidated Interim Financial Report for Q3 and 9 months of 2015 (unaudited) (translation of the Estonian original)* Beginning of the reporting period 01 January 2015 End of the
More informationSilvano Fashion Group Q4 and 12m 2010 Highlights.
Silvano Fashion Group Q4 and 12m 2010 Highlights g www.silvanofashion.com SFG Facts and Figures OVERVIEW 2010 2009 Sales 93,292 74,044 EBITDA 19,415 6,052 EBITDA margin 20.8% 8.2% Net profit 15,064-912
More informationIZMIR UNIVERSITY of ECONOMICS
IZMIR UNIVERSITY of ECONOMICS Department of International Relations and the European Union TURKEY EU RELATIONS ( EU308) FOREIGN DIRECT INVESTMENT IN THE EUROPEAN UNION AND TURKEY Prepared By: Büke OŞAFOĞLU
More informationSilvano Fashion Group AS. Consolidated Annual Report 2016
Silvano Fashion Group AS Consolidated Annual Report 2016 (translation of Estonian original*) Beginning of the reporting period 1 January 2016 End of the reporting period 31 December 2016 Business name
More informationREPORT ON THE FINANCIAL EVALUATION:
REPORT ON THE FINANCIAL EVALUATION: McDONALD'S CORPORATION AND YUM! BRANDS TAMARA AYRAPETOVA The aim of this paper is to perform financial analysis by using financial ratios and to comment, evaluate, and
More informationBALTIKA GROUP Q4 and 12m 2011 results. March 2012
BALTIKA GROUP Q4 and 12m 2011 results March 2012 2 Overview Fashion retailer Vertically integrated business model: the Group controls all stages of the fashion process: design, manufacturing, supply chain
More informationSilvano Fashion Group AS. Consolidated Annual Report 2017
Silvano Fashion Group AS Consolidated Annual Report 2017 (translation of Estonian original) Beginning of the reporting period 1 January 2017 End of the reporting period 31 December 2017 Business name Silvano
More informationSwedbank AS* Interim report January-September 2011 Tallinn, 30 November 2011
* Interim report January-September Tallinn, 30 November Third quarter compared with second quarter Profit for the period for continuing operations was EUR 34m (34m) The return on equity was 34.3 per cent
More informationCompany Valuation Report: Demo Company Oy. VAT No: October 13, Link to Online View
Report: VAT No: Link to Online View Summary The estimated value of the company is in the range of 1411-2116 keur. The valuation is based on the following methods: - Multiples - ROE vs. P/BV - Discounted
More informationJoint Merger Report (Prospectus) on the cross-border merger. regarding
Luminor Bank AS Registry code 11315936 Liivalaia tn 45, Tallinn 10145, Estonia Luminor Bank AS Registry code 40003024725 Skanstes iela 12, Riga LV-1013, Latvia Luminor Bank AB Registry code 112029270 Konstitucijos
More informationBALTIKA GROUP. October 2005
BALTIKA GROUP October 2005 Table of contents I II III IV Company overview Retail concepts Financial review Growth drivers and future outlook COMPANY OVERVIEW Emerging regional leader in fashion retail
More informationAS BALTIKA. Consolidated interim report for the second quarter and 6 months of 2017
AS BALTIKA Consolidated interim report for the second quarter and 6 months of 2017 Commercial name AS Baltika Commercial registry number 10144415 Legal address Veerenni 24, Tallinn 10135, Estonia Phone
More informationII. ESTONIAN BALANCE OF PAYMENTS FOR 2001
18 II ESTONIAN BALANCE OF PAYMENTS FOR 2001 In 2001 a rapid slowdown of economic growth was registered with all Estonia s major export partners The negative import growth of the euro area Finland and Sweden
More informationGlobal Consumer Confidence
Global Consumer Confidence The Conference Board Global Consumer Confidence Survey is conducted in collaboration with Nielsen 4TH QUARTER 2017 RESULTS CONTENTS Global Highlights Asia-Pacific Africa and
More informationEesti Pank ESTONIA S BALANCE OF PAYMENTS FOR 2016
Eesti Pank ESTONIA S BALANCE OF PAYMENTS FOR 216 217 The Balance of Payments Yearbook is a longer analysis of annual external sector statistics, which includes a number of graphs. In addition, the yearbook
More informationIII SECURITIES AND MONEY MARKET
III SECURITIES AND MONEY MARKET International financial markets Major stock markets experienced a strong upward trend at end-2006 and the beginning of 2007 (see Figure 1). The rapid acceleration in the
More informationGood revenue growth continued; Q3 operating profit somewhat down on Q3 2010
STOCKMANN GROUP S INTERIM REPORT Q3/2011 Stockmann Group, Interim report 1 January - 30 September 2011 Good revenue growth continued; Q3 operating profit somewhat down on Q3 2010 July - September 2011:
More informationAHLERS AG, HERFORD Interim Report Q3 2013/14
AHLERS AG, HERFORD Interim Report Q3 2013/14 2 INTERIM REPORT Q3 2013/14 AHLERS AG INTERIM REPORT Q3 2013/14 (December 1, 2013 to August 31, 2014) BUSINESS PERFORMANCE IN THE FIRST NINE MONTHS OF FISCAL
More informationEesti Pank ESTONIA S BALANCE OF PAYMENTS FOR 2015
Eesti Pank ESTONIA S BALANCE OF PAYMENTS FOR 215 216 Eesti Pank, 215 Address Estonia pst 13 1595 Tallinn Estonia Telephone +372 668 719 E-mail info@eestipank.ee Website www.eestipank.ee ISSN 1736-7859
More informationFinancing. of the. Economy
CONTENT SUMMARY... 3 1. LOAN GROWTH IN THE EURO AREA AND IN ESTONIA'S NEIGHBOURS... 5 2. FINANCING OF COMPANIES... 9 2.1. The impact economic environment and investment activity on corporate financing...
More informationCompany Valuation Report: Demo Company. VAT No: August 25, Link to Online View
Report: VAT No: August 25, 2017 Link to Online View August 25, 2017 Summary The estimated value of the company is in the range of 3242-4863 teur. The valuation is based on the following methods: - Multiples
More information1 World Economy. Value of Finnish Forest Industry Exports Fell by Almost a Quarter in 2009
1 World Economy The recovery in the world economy that began during 2009 has started to slow since spring 2010 as stocks are replenished and government stimulus packages are gradually brought to an end.
More informationAS BALTIKA. Consolidated interim report for the third quarter and 9 months of 2016
AS BALTIKA Consolidated interim report for the third quarter and 9 months of 2016 Commercial name AS Baltika Commercial registry number 10144415 Legal address Veerenni 24, Tallinn 10135, Estonia Phone
More informationTelstra Financial Analysis Report Fy2009 Fy2013
Journal of Finance and Accounting 2015; 3(5): 150-158 Published online August 25, 2015 (http://www.sciencepublishinggroup.com/j/jfa) doi: 10.11648/j.jfa.20150305.16 ISSN: 2330-7331 (Print); ISSN: 2330-7323
More informationTikkurila's Interim Report for January September 2014 Solid profitability, weak economic situation puts pressure on revenue
INTERIM REPORT Q3 JANUARY SEPTEMBER 2014 1 (28) Tikkurila Oyj Interim Report November 6, 2014 at 9:00 a.m. (CET+1) Tikkurila's Interim Report for January September 2014 Solid profitability, weak economic
More informationAS BALTIKA. Consolidated interim report for the fourth quarter and 12 months of 2016
AS BALTIKA Consolidated interim report for the fourth quarter and 12 months of 2016 Commercial name AS Baltika Commercial registry number 10144415 Legal address Veerenni 24, Tallinn 10135, Estonia Phone
More informationUTENOS TRIKOTAŽAS, AB. CONSOLIDATED AND COMPANY'S INTERIM FINANCIAL STATEMENTS for the 3 months period ended 31 March 2017 (UNAUDITED)
UTENOS TRIKOTAŽAS, AB CONSOLIDATED AND COMPANY'S INTERIM FINANCIAL STATEMENTS for the 3 months period ended 31 March 2017 (UNAUDITED) INFORMATION ABOUT COMPANY name Legal and organisation form Date and
More informationH & M HENNES & MAURITZ AB NINE-MONTH REPORT
H & M HENNES & MAURITZ AB NINE-MONTH REPORT 1 December 2012 31 August 2013 NINE-MONTHS The H&M Group s sales including VAT increased in local currencies by 8 percent in the first nine months of the financial
More informationHighlights of Handelsbanken s annual report
Highlights of Handelsbanken s annual report January - December 2008 * Summary of Q4 2008, compared with Q3 2008 Operating profits rose by 39% to SEK 5,216m (3,758). Excluding capital gains, operating profits
More informationGeox breathes again. BSIC - Equity Research Corporate Finance Team. The new business plan is back on track. December 2014
BSIC - Equity Research Corporate Finance Team December 2014 www.bsic.it Geox breathes again The new business plan is back on track Geox is an Italian footwear and apparel company that focuses on the medium
More informationRETAIL DISCOUNT NEW BREED OF MARKETPLACES
RETAIL DISCOUNT NEW BREED OF MARKETPLACES Raising working capital has always been quite a difficult endeavor for a balance sheet lender focused on a non-prime segment. There are several ways to get working
More informationStatistics Brief. Inland transport infrastructure investment on the rise. Infrastructure Investment. August
Statistics Brief Infrastructure Investment August 2017 Inland transport infrastructure investment on the rise After nearly five years of a downward trend in inland transport infrastructure spending, 2015
More information4th QUARTER INTERIM REPORT
4th QUARTER INTERIM REPORT 2016 Beginning of the Interim Report Period: 1.1.2016 End of the Interim Report Period: 31.12.2016 Beginning of the financial year: 1.1.2016 End of the financial year: 31.12.2016
More informationWULFF GROUP PLC S INTERIM REPORT FOR JANUARY 1 SEPTEMBER 30, 2015
WULFF GROUP PLC INTERIM REPORT November 5, 2015 at 9:00 A.M. WULFF GROUP PLC S INTERIM REPORT FOR JANUARY 1 SEPTEMBER 30, 2015 Operating result without non-recurring items increased in January-September
More informationWilson Toneto. After Spain, Brazil is the country with. the highest business volume of MAPFRE. in the world and our commitment to this
Wilson Toneto CEO OF THE MAPFRE REGIONAL AREA OF BRAZIL After Spain, Brazil is the country with the highest business volume of MAPFRE in the world and our commitment to this relationship was a key element
More informationBJÖRN BORG AB YEAR END REPORT JANUARY DECEMBER Weak finish
BJÖRN BORG AB YEAR END REPORT JANUARY DECEMBER 2013 Weak finish OCTOBER 1 DECEMBER 31, 2013 The Group s net sales decreased by 28 percent to SEK 100.3 million (138.7). The decrease was the same excluding
More informationPerformance of Private Equity Funds in Central and Eastern Europe and the CIS Data to 31 December 2008
Performance of Private Equity Funds in Central and Eastern Europe and the CIS Data to 31 December 2008 1 EBRD in Private Equity EBRD s portfolio of funds: over 15 years of investing in the asset class
More informationFact book Q April 2007
Fact book Q1 27 25 April 27 Contents page General information 2 Mission, vision, values and markets 2 Financial objectives 3 Geographic reach and market shares 4 Macro economic indicators 5-6 Business
More informationStrategic Management. Concepts and Cases. Strategic Management. Fred R. David Forest R. David
Strategic Management Concepts and Cases For these Global Editions, the editorial team at Pearson has collaborated with educators across the world to address a wide range of subjects and requirements, equipping
More informationKey figures 7-9/ /2009 Index
STOCKMANN plc Interim report 27.10.2010 at 8.00 STOCKMANN plc INTERIM REPORT 1 JANUARY 30 SEPTEMBER 2010 STOCKMANN S OPERATING PROFIT GREW SOMEWHAT The Stockmann Group s third-quarter revenue was up by
More informationAS BALTIKA. Consolidated interim report for the IV quarter and 12 months of 2015
AS BALTIKA Consolidated interim report for the IV quarter and 12 months of 2015 Commercial name AS Baltika Commercial registry number 10144415 Legal address Veerenni 24, Tallinn 10135, Estonia Phone +372
More informationVienna Insurance Group reports stable development in the first half of 2009: Group premiums significantly above EUR 4 billion
20 August 2009 Vienna Insurance Group reports stable development in the first half of 2009: Group premiums significantly above EUR 4 billion Profit (before taxes) of about EUR 230 million Double-digit
More informationOPERATIONAL AND STRATEGIC HIGHLIGHTS FINANCIAL HIGHLIGHTS AND PROGRESS
MOGO FINANCE REPORTS UNAUDITED RESULTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2018 Investments for further increases in profitability while improving performance quarter on quarter OPERATIONAL AND STRATEGIC
More informationUTENOS TRIKOTAŽAS, AB. CONSOLIDATED AND COMPANY'S INTERIM FINANCIAL STATEMENTS for the 9 months period ended 30 september 2017 (UNAUDITED)
UTENOS TRIKOTAŽAS, AB CONSOLIDATED AND COMPANY'S INTERIM FINANCIAL STATEMENTS for the 9 months period ended 30 september 2017 (UNAUDITED) INFORMATION ABOUT COMPANY name Legal and organisation form Date
More informationAll-time high revenue; Q4 operating profit up 22.1 per cent on 2010
Financial Statements Bulletin 2011 2 STOCKMANN S FINANCIAL STATEMENTS BULLETIN 2011 STOCKMANN plc, Financial Statement Bulletin 9.2.2012 at 8.00 EET All-time high revenue; Q4 operating profit up 22.1 per
More informationInterim Report 1 January 30 September Hannu Penttilä CEO
Interim Report 1 January 30 September 2009 Hannu Penttilä CEO 1 Stockmann Group Q3/2009 and 1 9/2009 Positive points 1. + Lindex is the star of the Group; operating profit and market share in the main
More informationPaper 2.6 Fixed Income Dealing
CHARTERED INSTITUTE OF STOCKBROKERS September 2018 Specialised Certification Examination Paper 2.6 Fixed Income Dealing 2 Question 2 - Fixed Income Valuation and Analysis 2a) i) Why are many bonds callable?
More informationSKANO GROUP AS. Consolidated Interim Report for the. First Quarter of Beginning of the Interim Report Period:
IN SKANO GROUP AS Consolidated Interim Report for the First Quarter of 2017 Beginning of the Interim Report Period: 1.01.2017 End of the Interim Report Period: 31.03.2017 Beginning of the financial year:
More informationHardware & Lumber Limited Company Analysis
Hardware & Lumber Limited Company Analysis. Company Background Hardware & Lumber Limited (H&L) is involved in the trade of hardware, lumber, household items and agricultural products and provides residential
More informationYEAR-END REPORT JANUARY DECEMBER 2012
Press release YEAR-END REPORT JANUARY DECEMBER 2012 VIKING LINE S EARNINGS WEAK BUT POSITIVE FULL CALENDER YEAR During the full report period January 1 December 31, 2012, consolidated sales of the Viking
More informationTHE ECONOMY AND THE BANKING SECTOR IN BULGARIA
THE ECONOMY AND THE BANKING SECTOR IN BULGARIA THIRD QUARTER OF 2018 SOFIA HIGHLIGHTS The Bulgarian economy recorded growth of 3,2% on an annual basis in Q2 2018, driven by the private consumption and
More informationManagement Report 3. Management of the Bank 5. Condensed Interim Statements of Income 6. Condensed Interim Statements of Comprehensive Income 7
Table of Contents Management Report 3 Management of the Bank 5 Condensed Interim Financial Statements: Condensed Interim Statements of Income 6 Condensed Interim Statements of Comprehensive Income 7 Condensed
More informationPerformance of EBRD Private Equity Funds Portfolio Data to 31 st December EBRD 2011, all rights reserved
Performance of EBRD Private Equity Funds Portfolio Data to 31 st December 2010 0 Portfolio Overview 1 EBRD in Private Equity EBRD s portfolio of funds: over 15 years of investing in the asset class 133
More informationSecurity Analysis. macroeconomic factors and industry level analysis
Security Analysis (Text reference: Chapter 14) discounted cash flow techniques price-earnings ratios other multiples example #1: U.S. retail stores more on price to book value multiples more on price to
More information3rd QUARTER INTERIM REPORT
3rd QUARTER INTERIM REPORT 2016 Beginning of the Interim Report Period: 1.1.2016 End of the Interim Report Period: 30.09.2016 Beginning of the financial year: 1.1.2016 End of the financial year: 31.12.2016
More informationWikipedia: "Financial Ratio" Contents. Sources of Data for Financial Ratios. Purpose and Types of Ratios
Wikipedia: "Financial Ratio" A financial ratio or accounting ratio is a relative magnitude of two selected numerical values taken from an enterprise's financial statements. Often used in accounting, there
More information2. Changes in a company s accounting policies and estimates can significantly distort any inter-firm comparisons and trend analysis.
Chapter 17 Solution 17.1 The limitations of ratio analysis are: 1. Accounting statements present a limited picture only of a business. The information included in the accounts does not cover all aspects
More informationPerformance of Private Equity Funds in Central and Eastern Europe and the CIS
Performance of Private Equity Funds in Central and Eastern Europe and the CIS Data to 31 December 26 1 EBRD in Private Equity EBRD s portfolio of funds: 15 years of investing in the asset class Investment
More informationFacts. Q3, 2007 October 24, 2007
Facts October 24, 27 24 October, 27 Contents page General information 2 Mission, vision, values and markets 2 Financial objectives 3 Geographic reach and market shares 4 Macro economic indicators 5-6 Business
More informationEQUITY RESEARCH AND PORTFOLIO MANAGEMENT
EQUITY RESEARCH AND PORTFOLIO MANAGEMENT By P K AGARWAL IIFT, NEW DELHI 1 MARKOWITZ APPROACH Requires huge number of estimates to fill the covariance matrix (N(N+3))/2 Eg: For a 2 security case: Require
More informationRietumu Success in Figures and Facts
Rietumu Bonds Rietumu Success in Figures and Facts One of the largest private banks in the Baltic States offering services to corporate clients and wealthy individuals. Key Financial data for the period
More informationUTENOS TRIKOTAŽAS, AB. CONSOLIDATED AND COMPANY'S INTERIM FINANCIAL STATEMENTS for the 9 months period ended 30 september 2018 (UNAUDITED)
UTENOS TRIKOTAŽAS, AB CONSOLIDATED AND COMPANY'S INTERIM FINANCIAL STATEMENTS for the 9 months period ended 30 september 2018 (UNAUDITED) INFORMATION ABOUT COMPANY name Legal and organisation form Date
More informationHANSABANK GROUP. September 2007
HANSABANK GROUP September 20 I Introduction of the Hansabank Group II Market shares and results III Baltic markets 2 Hansabank is a fully owned subsidiary of Swedbank Group. The Group has 2,750 employees,
More informationInvestments and adaptations for the future one-off costs impacting the result
Interim report January 1 September 30, 2017 Odd Molly International AB (publ) Stockholm, Sweden, October 24, 2017 Investments and adaptations for the future one-off costs impacting the result JULY 1 SEPTEMBER
More informationIV SECURITIES AND MONEY MARKET
FINANCIAL STABILITY REVIEW, NOVEMBER 25 IV SECURITIES AND MONEY MARKET Money Market The key interest rates in the euro area have remained at a low level ever since mid-23. Thus, the money market interest
More informationKORADO INDUSTRY: ELECTRICAL EQUIPMENT RESULTS ANALYSIS HOLD BOTTOM LINE OUTPACES EXPECTATIONS EQUITY RESEARCH BULGARIA DATE: FEBRUARY 7 TH 2018
EQUITY RESEARCH BULGARIA KORADO INDUSTRY: ELECTRICAL EQUIPMENT BOTTOM LINE OUTPACES EXPECTATIONS KORADO S FY 217 FUNDAMENTALS MATCH TOP LINE EXPECTATIONS BUT OUTPACE BOTTOM LINE FORECASTS ON WELL MANAGED
More informationStrategic development of the banking sector
II BANKING SECTOR STABILITY AND RISKS Strategic development of the banking sector Estonia s financial system is predominantly bankbased owing to the smallness of the domestic market (see Figure 1). In
More informationTIKKURILA INSPIRES YOU TO COLOR YOUR LIFE. TM. Tikkurila's Interim Report for January September 2013 Record-high third quarter profitability 1 (30)
Interim Report Q3 January September 2013 1 Tikkurila Oyj Interim Report November 7, 2013 at 9:00 a.m. (CET+1) Tikkurila's Interim Report for January September 2013 Record-high third quarter profitability
More informationFINANCIAL RATIOS. LIQUIDITY RATIOS (and Working Capital) You want current and quick ratios to be > 1. Current Liabilities SAMPLE BALANCE SHEET ASSETS
FINANCIAL RATIOS ROUND ALL ANSWERS TO TWO DECIMALS UNLESS REQUESTED OTHERWISE IN THE PROBLEM LIQUIDITY RATIOS (and Working Capital) You want current and quick ratios to be > 1 Current Ratio Quick Ratio
More informationOEG unaudited consolidated operating results for the first half of 2008
OEG unaudited consolidated operating results for the first half of Financial highlights I half of : Revenue: 1395.3 million kroons (year-on-year growth 34.9%) EBIDTA: 269.1 million kroons (year-on-year
More informationH & M HENNES & MAURITZ AB NINE-MONTH REPORT
NINE-MONTH REPORT 2010 H & M HENNES & MAURITZ AB NINE-MONTH REPORT 1 December 2009 31 August 2010 NINE MONTHS The H&M Group s sales excluding VAT during the first nine months of the financial year amounted
More informationILO World of Work Report 2013: EU Snapshot
Greece Spain Ireland Poland Belgium Portugal Eurozone France Slovenia EU-27 Cyprus Denmark Netherlands Italy Bulgaria Slovakia Romania Lithuania Latvia Czech Republic Estonia Finland United Kingdom Sweden
More informationNew strategy well under way, operating profit up in the second quarter
Interim Report Q2 2015 2 STOCKMANN S INTERIM REPORT Q2 2015 STOCKMANN plc, Interim Report 29.4.2015 at 8.00 EET New strategy well under way, operating profit up in the second quarter April-June 2015: Consolidated
More informationWEEK 10 Analysis of Financial Statements
WEEK 10 Analysis of Financial Statements Learning Objectives 1. Organize a systematic financial statements analysis using common-size financial statements and ratio analysis. 2. Recognize the potential
More informationInternational Management Journals
International Management Journals www.managementjournals.com International Journal of Applied Finance for Non-Financial Managers Volume 2 Issue 2 The EU Investment into Latvian SME s Dr oec, prof Inna
More informationEffectiveness of International Bailouts in the EU during the Financial Crisis A Comparative Analysis
Effectiveness of International Bailouts in the EU during the Financial Crisis A Comparative Analysis Sara Koczkas MSc student, Shanghai University, Sydney Institute of Language Commerce Shanghai, P.R.
More informationHerford Half-year Report 2016/17
AHLERS AG Herford Half-year Report 2016/17 2 AHLERS AG HALF-YEAR REPORT 2016/17 (December 1, 2016 to May 31, 2017) BUSINESS PERFORMANCE IN THE FIRST SIX MONTHS OF FISCAL 2016/17 H1 2016/17 - Highlights
More informationAS BALTIKA. Consolidated interim report for the third quarter and 9 months of 2018
AS BALTIKA Consolidated interim report for the third quarter and 9 months of 2018 Commercial name AS Baltika Commercial registry number 10144415 Legal address Veerenni 24, Tallinn 10135, Estonia Phone
More informationTHE ROLE OF INVESTMENT IN A SUSTAINABLE DEVELOPMENT OF THE ECONOMY OF LATVIA ABSTRACT
УПРАВЛЕНИЕ И УСТОЙЧИВО РАЗВИТИЕ 1-2/25(12) MANAGEMENT AND SUSTAINABLE DEVELOPMENT 1-2/25(12) THE ROLE OF INVESTMENT IN A SUSTAINABLE DEVELOPMENT OF THE ECONOMY OF LATVIA Maija Senfelde Technical University
More informationTHE ECONOMY AND THE BANKING SECTOR IN BULGARIA
THE ECONOMY AND THE BANKING SECTOR IN BULGARIA SECOND QUARTER OF 2018 SOFIA HIGHLIGHTS The Bulgarian economy recorded growth of 3,6% on an annual basis in Q1 2018, driven by the private consumption and
More informationChapter 18 Interest rates / Transaction Costs Corporate Income Taxes (Cash Flow Effects) Example - Summary for Firm U Summary for Firm L
Chapter 18 In Chapter 17, we learned that with a certain set of (unrealistic) assumptions, a firm's value and investors' opportunities are determined by the asset side of the firm's balance sheet (i.e.,
More informationChapter 17 Notes - Part 1
Basics of Financial Statement Analysis Chapter 17 Notes - Part 1 Involves evaluating a company and its liquidity, solvency, and profitability All extremely important for investors and creditors Comparative
More informationFöreningsSparbanken Q Jan Lidén, CEO
FöreningsSparbanken Q4 2005 Jan Lidén, CEO Highlights 2005 2 The market share for total new savings from Swedish households rose to 19 percent (17) For new household deposits, the Swedish market share
More informationCompany Profile. First Investment Bank 4 December BSE ticker: 5F4 Bloomberg: 5F4BU
BSE ticker: 5F4 Bloomberg: 5F4BU Stock price: 2.40 BGN Market capitalization: 263 450 000 BGN 1 year change: +80% 1 year price range: 1.29-2.46 BGN Intrinsic value: 3.68 BGN Recommendation: Buy Price target:
More informationIntroduction of the euro in the new member states
EOS Gallup Europe Introduction of the euro in the new member states - Report p. 1 Introduction of the euro in the new member states Conducted by EOS Gallup Europe upon the request of the European Commission.
More informationPremia Foods. August 13, 2013
Premia Foods Q2 & 6 months 2013 August 13, 2013 Increase in turnover, improved EBIT and net profit Turnover of 6 months of 2013 increased by 2.9 meur, i.e. 7%, reaching 46.1 meur. The increase came from
More informationAB VILNIAUS DEGTINĖ Key performance indicators report for the nine-month period ended on the 30 th September 2018
AB VILNIAUS DEGTINĖ Key performance indicators report for the nine-month period ended on the 30 th September 2018 30 November 2018 Vilnius Information about Company Name of the company Legal form Public
More informationThird quarter report 2010
Third quarter report 2010 Third quarter report 2010 Juno Selection Fund Performance We closed the third quarter, which ended on 30 September 2010, with a net asset value of 113.21 per participation. The
More informationDisciplined thinking focuses inspiration rather than constricts it. ~ Anonymous
Ratio Analysis Disciplined thinking focuses inspiration rather than constricts it. ~ Anonymous Ratio Analysis compares significant numbers from your financial statements. Rather than focusing on specific
More informationFinancial Statement Analysis
Section 7. Financial Statement Analysis Writing a Financial Analysis Report Hotel Illiquidity risk: short and long-term ratios Fahmi Ben Abdelkader 10/4/2017 11:55 AM 1 Chapter Outline Writing a Financial
More informationComments on THE CURRENT STATE OF LITHUANIAN PENSION SYSTEM AND DISCUSSIONS ON IT S REFORM
Romas Lazutka Comments on THE CURRENT STATE OF LITHUANIAN PENSION SYSTEM AND DISCUSSIONS ON IT S REFORM Research Report P98-1023-R This research was undertaken with support from the European Union s Phare
More informationDisney is a household and worldwide name that loyal customers trust. The company is known for the
Executive Summary Disney is a household and worldwide name that loyal customers trust. The company is known for the grand theme parks countrywide and their timeless movies across generations. Disney is
More information