Balance Sheet

ASSETS Competitor A Competitor B

2002 2002
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 Competitor B

2002 2002
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
Competitor B CEE Breweries Results
2002 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 legend

0 0 value from balance sheet
2,787,000 4,233,000 value from P&L statement
1,208,614,000 1,173,692,000 necessary entries

Competitor B CEE Breweries

2002 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
Results

(net) equity
total capital
profit / loss on ordinary activities
liquid assets
liabilities
production
interest
Cash-Flow (bef. tax)

Color legend
value from balance sheet
value from P&L statement
necessary entries
 Profit & Loss Statement 2002

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
 Profit & Loss Statement 2002
Competitor A Competitor B CEE Breweries

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
C, H 487,517,600 54,898,000

0 2,632,000 0
0 0 0
0 2,632,000
16,107,000 26,064,000 8,787,000
471,410,600 31,466,000
0 0 0
0 0 0
0 0 0
471,410,600 31,466,000
CEE Breweries

1,137,487,000

753,162,000

-27,578,000

74,116,000
46,538,000

37,751,000

37,751,000
 QUICKTEST

area of analysis ratio formula

equity
financial stability

financing equity ratio ------------------ x 100

total assets

long term liabilities - cash

liquidity debt redemption in years -------------------------------------
cash-flow

profit/loss on + interest on
ordinary activities liabilities
profitability return on assets
profitability

------------------------------------ x 100
situation

total assets

cash-Flow
profit cash-flow rate ------------------ x 100
production

very good
CEE Breweries
(1)
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%

very good
Competitor B
(1)
financing equity ratio 38.6 % > 30%
liquidity debt redemption in years 3.8 yrs < 3 J.
profitability return on assets 6.4 % > 15%
profit cash-flow rate 16.5 % >10%

very good
Competitor A
(1)
financing equity ratio 40.5 % > 30%
liquidity debt redemption in years 1.0 yrs < 3 J.
profitability return on assets 33.5 % > 15%
profit cash-flow rate 36.6 % >10%

Key Factor 2000 2001 2002

(net) equity 630,316,000 463,476,000 187,618,000
total capital 1,556,105,000 1,200,786,000 1,172,814,000
profit / loss on 487,517,600 54,898,000 46,538,000
ordinary activities
liquid assets 119,735,000 16,796,000 46,340,000
liabilities 925,789,000 737,310,000 985,196,000
production 2,131,765,000 1,138,233,000 1,137,487,000
interest 33,160,000 22,022,000 22,195,000
Cash-Flow (bef. tax) 780,297,600 187,676,000 161,270,000
T
explanations
on

capital strength

level of debt

rate of return

financial
capacity

good medium bad danger of

(2) (3) (4) insolvency (5)
> 20% > 10% < 10% negativ 3
<5J < 12 J < 30 J > 30 J 3
>12% >8% <8% negativ 4
>8% >5% <5% negativ 1

good medium bad danger of

(2) (3) (4) insolvency (5)
> 20% > 10% < 10% negativ 1
<5J < 12 J < 30 J > 30 J 2
>12% >8% <8% negativ 4
>8% >5% <5% negativ 1

good medium bad danger of

(2) (3) (4) insolvency (5)
> 20% > 10% < 10% negativ 1
<5J < 12 J < 30 J > 30 J 1
>12% >8% <8% negativ 1
>8% >5% <5% negativ 1
 Industry Code (Industry/Production (I), Trade (G), Wholesale (H), Retail (E))

area of ana
Competitor A Competitor B CEE Breweries Rating Competitor A
investment 1 2 3 financing
Quick-Test KPI:
equity ratio (=absolute d
adjusted equity x 100
total assets
40.51
1
fixed assets as % of total assets coverage ratio A
fixed assets x 100 stockholders equity x 1
total assets 1 2 3 fixed assets
68.87% 71.90% 58.12% >40% 20-40% <20% 58.81%
1 1 1 Input Rating 2
investment ratio coverage ratio B
EB-AB+depreciation No industry benchmarks. (stockholders equity+ long-term lia
1,235,880,000 903,310,000 710,403,000 Company internal fixed assets
comparison only.
112.47%
2
investment ratio working-capital-ratio
net-additions to fixed assets No industry benchmarks. (short-term curr. assets - short-term
initial fixed assets [book value] Company internal short-term current asse
comparison only.
108.40% 106.39% 27.59%

rate of depreciation ø days collection period for outstan

depreciation No industry benchmarks. accounts receivable x 3
net-additions to fixed assets Company internal sales
comparison only.
13.31% 15.44% 29.79
1
depreciation per period ø coll. period for settlement outsta
depreciation No industry benchmarks. accounts payable x 3
terminal fixed assets [book value] Company internal (material costs + ext.prod.
comparison only.
25.64% 13.83% 16.08% 58.67
2
storage in days
raw materials x 365
material costs
96.61
1
tail (E)) I

area of analysis: financial stability

Competitor B CEE Breweries Rating Competitor A
financing 1 2 3 liquidity
Quick-Test KPI: Quick-Test KPI:
equity ratio (=absolute debts) debt redemption in years (=relative debts
adjusted equity x 100 long term liabilities - cash
total assets Cash-Flow
38.60 16.00 1.03
1 3
absolute liquidity ratio
stockholders equity x 100 cash x 100
fixed assets 1 2 3 current liabilities
53.33% 27.50% >70% 10-70% <10% 34.14%
2 2 Input Rating
age ratio B net quick ratio
ockholders equity+ long-term liabilities) x 100 (short t.curr. assets - inventor. - down payment)
fixed assets 1 2 3 short-term liabilities
105.29% 93.12% >150% 110-150% <110% 95.01%
3 3 Input Rating
ng-capital-ratio current ratio
ort-term curr. assets - short-term liabilities) x 100 Working Capital should never be short-term current assets x 100
short-term current assets negative, ideally 30 - 50% of total short-term liabilities
current assets
15.14% -10.31% 138.11%

s collection period for outstanding receipts

accounts receivable x 365
sales 1 2 3
77.28 81.07 <30 Tg. 30-80 Tg. >80 Tg.
2 3 Input Rating
l. period for settlement outstanding debts (days)
accounts payable x 365
(material costs + ext.prod. costs) 1 2 3
82.85 239.21 <40 Tg. 40-100 Tg. >100 Tg.
2 3 Input Rating

raw materials x 365

material costs 1 2 3
104.60 187.19 <120 Tg. 120-180 Tg. >180 Tg.
1 3 Input Rating
 Competitor B CEE Breweries Rating
liquidity 1 2 3
Quick-Test KPI:
debt redemption in years (=relative debts)
long term liabilities - cash
Cash-Flow
3.84 5.82

ute liquidity ratio

cash x 100
current liabilities
5.88% 8.62%

uick ratio
rt t.curr. assets - inventor. - down payment) x100
short-term liabilities 1 2 3
87.71% 54.09% >100% = 100 <100%

nt ratio
short-term current assets x 100
short-term liabilities 1 2 3
117.84% 90.65% >150% = 100 <150%
 Industry Code (Industry/Production (I), Trade (G), Wholesale (H), Retail (E))
area of analysis : profit
Competitor A Competitor B CEE Breweries Rating Competitor A
profitability 1 2 3 structure of charge
Quick-Test KPI: Quick-Test KPI:
return on assets cash-flow rate
(profit/loss ord. activ.)+(interest liabilities)x100 cash-Flow x 100
total assets production
33.46% 6.36% 5.86% 14.18

rate of return on equity costs of material & goods as % of prod

net profit x 100 (material costs + COGS + external pro
equity 1 2 3 production
77.34% 11.84% 24.80% >30% 10-30% <10% 26.79%
1 2 2 Input Rating

rate of return on sales costs purchased service as % of produ

net profit x 100 external production cost
sales 1 2 3 production
22.87% 4.82% 4.09% >5% 1-5% <1% 1.92%

investment turnover labour costs as % of production

sales wages x 100
total assets 1 2 3 production
1.37 0.94 0.97 >1,75 1,75-1 <1 20.66%
2 3 3 Input Rating 1

ROI (Return-On-Investment) loan capital interest as as % of product

net profit x 100 loan capital interest x 1
total assets 1 2 3 production
31.33% 4.54% 3.97% >8,75% 1-8,75% <1% 1.56%
1 2 2 Input Rating 1

ROSTI (Return on Stock Investment) depreciation as % of production

depreciation x 100
production
12.89%
1

other operating expenses as % of prod

other operating expenses
production
7.56%
2

profit margin as % of production

profit margin x 100
production
65.68%
1
Contribution Margin
Gross Margin
Net Sales
66%

Cash-Flow-Point
Operating expenses (cash
Margin Ratio
670,586,290.92

Cash-Flow-Point as % of production
CFP
Net Sales
31.46%

Break-Even-Point
Fixed Cost
CM
1,361,667,798

Break-Even-Point as % of production
Break-Even-Point x 10
Net Sales
63.88%

security level (%)

100-
36.12

target sales
Retail (E)) I
of analysis : profit
Competitor B CEE Breweries Rating Competitor A
structure of charges 1 2 3 cash-management
Quick-Test KPI:
cash-flow rate
cash-Flow x 100
production
16.49 36.60

material & goods as % of production This KPI is (a) industry cash discount expenses as % of sales
rial costs + COGS + external production cost) x 100 dependent and (b) differs cash discount expenses x 100
production strongly within industries. sales
26.40% 33.69%

urchased service as % of production This KPI is (a) industry cash discount income as % of costs of mat.&g
external production cost x 100 dependent and (b) differs cash discount income x 100
production strongly within industries. (material costs + COGS + ext. prod. cos
0.00% 0.00% 0.44%

osts as % of production
wages x 100
production 1 2 3
18.77% 28.63% <25% 25-40% >40%
1 2 Input Rating

pital interest as as % of production

loan capital interest x 100
production 1 2 3
1.93% 1.95% <2% 2-4% >4%
1 1 Input Rating

ation as % of production
depreciation x 100
production 1 2 3
10.56% 9.64% >7% 3-7% <3%
1 1 Input Rating

perating expenses as % of production

other operating expenses x 100
production 1 2 3
0.00% 29.92% <7% 7-20% >20%
3 3 Input Rating

argin as % of production
profit margin x 100
production 1 2 3
73.60% 66.21% >65% 50-65% <50%
1 1 Input Rating
ution Margin
Gross Margin
Net Sales
74% 66%

Operating expenses (cash basis)

Margin Ratio
864,933,544.08 491,904,883.48

ow-Point as % of production
CFP
Net Sales
75.99% 43.24%

Fixed Cost
CM
1,045,343,278 1,179,137,557

ven-Point as % of production
Break-Even-Point x 100
Net Sales
91.84% 103.66%

Break-Even-Point x 100
Net Sales
8.16 -3.66
 Competitor B CEE Breweries Rating
cash-management 1 2 3

scount expenses as % of sales

cash discount expenses x 100
sales 1 2 3

scount income as % of costs of mat.&goods

cash discount income x 100
(material costs + COGS + ext. prod. costs) 1 2 3
0.00% 0.00%
 The "big picture" of business ratio analysis

area of analysis
financial stability

investment financing liquidity

3 3

QUICK - TEST
equity ratio debt redemption in years
ratios

fixed assets as % of
coverage ratio A absolute liquidity ratio
total assets

investment ratio coverage ratio B net quick ratio

rate of depreciation working-capital-ratio current ratio

ø collection period for

depreciation per period
outstanding receipts

ø coll. period for settle-

ment outstanding debts
statement of changes in
financial positions
storage in days

legend of colors
quicktest indicates:
detailed analysis
needed
" of business ratio analysis

area of analysis
profit

profitability structure of charges cash-management

4 3

QUICK - TEST
return on assets cash-flow rate
ratios

costs of material & goods cash discount expenses

rate of return on equity
as % of production as % of sales

labour costs as % of
rate of return on sales
production cash discount income
as % of costs of material &
costs purchased service goods
investment turnover
as % of production

costs material & goods &

ROI
labour as % of
(Retur- On Investment)
production

ROSTI loan capital interest as

(Return- On Stock Inv.) as % of production

depreciation as % of
production

profit margin as % of
production

Cash-Flow-Point

Break-Even-Point

security level

target sales
 International KPIs and Comparision with Co
Company Company Company Industry

Multex
Year 0 Year 1 Year 2 Investor
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 Legend
Inventory 151,164,000 86,120,000 196,566,000 Yellow fields need to be filled in.
Total Assets 1,556,105,000 1,208,614,000 1,173,692,000 Aqua fields are calculation results.
Payables 98,395,000 68,209,000 251,186,000
Current Assets 484,391,000 336,836,000 487,314,000 Direct Transfer Kralicek
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
mparision with Competitors
SCOR Industry
Benchmark
Competitor 1 Competitor 2. Competitor 3 Competitor 4.

SCOR Best
in Class SCOR Median
Industry Industry 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
Yellow fields need to be filled in. 1 1 1 1
Aqua fields are calculation results. 1 1 1 1
1 1 1 1
Direct Transfer 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