Balance Sheet ASSETS Fixed Assets Intangible (fixed) assets Tangible Assets Financial assets Current Assets Inventories

Receivables & other assets Securities Cash Prepaid expenses Capital reserves (EQUITY &) LIABILITIES Equity Liabilities (long-term) Loans Accruals Liabilities (short-term) Trade payables Liabilities to banks Other liabilities Deferred income Total equity and liabilities A E 373,291,000 201,767,000 E 98,395,000 156,273,000 96,063,000 0 1,556,105,000 350,731,000 68,209,000 84,808,000 132,824,000 Competitor A 2002 1,071,714,000 127,836,000 833,289,000 110,589,000 484,391,000 151,164,000 171,402,000 42,090,000 119,735,000 0 0 1,556,105,000 Competitor A 2002 630,316,000 575,058,000 253,535,000 197,934,000 Competitor B 2002 86,120,000 233,920,000 16,796,000 Competitor B 2002 115,380,000 667,738,000 85,873,000

D

B

Competitor B 2002 868,991,000

CEE Breweries 2002 682,145,000 52,154,000 548,593,000 81,398,000 487,314,000 196,566,000 244,408,000 46,340,000

Results A B C D E F G H = = = = = = = =

336,836,000

0 2,787,000 1,208,614,000 Competitor B 2002 463,476,000 451,469,000 251,720,000 195,907,000 285,841,000 251,186,000 99,199,000 187,184,000 7,828,000 1,208,614,000

0 4,233,000 1,173,692,000 CEE Breweries 2002 187,618,000 447,627,000

Color legend value from balance sheet value from P&L statement necessary entries

537,569,000

878,000 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 cost of materials cash discount income cost of purchased service(s) other variable costs gross margin personnel expenses release/allocation pension provision depreciation and amortisation 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 financial result result of ordinary activities 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

+/+ + = + = + = + +/= = + = = + +/=

F

H H

G C, H

Profit & Loss Statement 2002 Competitor A 2,100,000,000 0 217,000 1,410,000 30,138,000 2,131,765,000 571,111,000 2,500,000 41,000,000 122,100,000 1,400,054,000 440,413,000 18,025,000 274,755,000 161,093,400 0 505,767,600 8,707,000 6,203,000 33,160,000 -18,250,000 487,517,600 0 0 0 16,107,000 471,410,600 0 0 0 471,410,600

Competitor B 1,104,863,000 0 -1,843,000 1,385,000 33,828,000 1,138,233,000 300,516,000 0 0 0 837,717,000 213,655,000 12,586,000 120,192,000 0 422,919,000 68,365,000 866,000 7,689,000 22,022,000 -13,467,000 54,898,000 2,632,000 0 2,632,000 26,064,000 31,466,000 0 0 0 31,466,000

CEE Breweries 1,100,361,000 0 -1,183,000 1,646,000 36,663,000 383,275,000 0 0 1,050,000 325,704,000 5,076,000 109,656,000 340,304,000 0 1,211,000 95,100,000 22,195,000

0 0 8,787,000 0 0 0

CEE Breweries

1,137,487,000

753,162,000

-27,578,000

74,116,000 46,538,000

0 37,751,000

37,751,000

QUICKTEST
area of analysis financial stability ratio formula equity -----------------total assets

financing

equity ratio

x 100

liquidity

debt redemption in years

long term liabilities - cash ------------------------------------cash-flow profit/loss on + interest on ordinary activities liabilities ------------------------------------ x 100 total assets cash-Flow -----------------production x 100

profitability situation

profitability

return on assets

profit

cash-flow rate

CEE Breweries financing liquidity profitability profit Competitor B financing liquidity profitability profit Competitor A financing liquidity profitability profit Key Factor (net) equity total capital profit / loss on ordinary activities liquid assets liabilities equity ratio debt redemption in years return on assets cash-flow rate 2000 630,316,000 1,556,105,000 487,517,600 119,735,000 925,789,000 2001 463,476,000 1,200,786,000 54,898,000 16,796,000 737,310,000 40.5 1.0 33.5 36.6 2002 187,618,000 1,172,814,000 46,538,000 46,340,000 985,196,000 % yrs % % equity ratio debt redemption in years return on assets cash-flow rate 38.6 3.8 6.4 16.5 % yrs % % equity ratio debt redemption in years return on assets cash-flow rate 16.0 5.8 5.9 14.2 % yrs % %

very good (1) > 30% < 3 J. > 15% >10% very good (1) > 30% < 3 J. > 15% >10% very good (1) > 30% < 3 J. > 15% >10%

production interest Cash-Flow (bef. tax)

2,131,765,000 33,160,000 780,297,600

1,138,233,000 22,022,000 187,676,000

1,137,487,000 22,195,000 161,270,000

T
explanations on capital strength

level of debt

rate of return

financial capacity

good (2) > 20% <5J >12% >8% good (2) > 20% <5J >12% >8% good (2) > 20% <5J >12% >8%

medium (3) > 10% < 12 J >8% >5% medium (3) > 10% < 12 J >8% >5% medium (3) > 10% < 12 J >8% >5%

bad (4) < 10% < 30 J <8% <5% bad (4) < 10% < 30 J <8% <5% bad (4) < 10% < 30 J <8% <5%

danger of insolvency (5) negativ > 30 J negativ negativ danger of insolvency (5) negativ > 30 J negativ negativ danger of insolvency (5) negativ > 30 J negativ negativ

3 3 4 1

1 2 4 1

1 1 1 1

Industry Code (Industry/Production (I), Trade (G), Wholesale (H), Retail (E))

area of anal
Competitor A Competitor B investment CEE Breweries 1 Rating 2 Competitor A 3

financing Quick-Test KPI: equity ratio (=absolute d adjusted equity x 100 total assets 40.51 1

fixed assets as % of total assets fixed assets x 100 total assets 68.87% 71.90% 1 1 investment ratio

1 2 3 58.12% >40% 20-40% <20% 1 Input Rating No industry benchmarks. Company internal comparison only.

coverage ratio A stockholders equity x 1 fixed assets 58.81% 2

EB-AB+depreciation 1,235,880,000 903,310,000 710,403,000

coverage ratio B (stockholders equity+ long-term lia fixed assets 112.47% 2

investment ratio net-additions to fixed assets initial fixed assets [book value] 108.40% 106.39% rate of depreciation depreciation net-additions to fixed assets 13.31% 15.44% depreciation per period depreciation terminal fixed assets [book value] 25.64% 13.83%

No industry benchmarks. Company internal comparison only.

working-capital-ratio (short-term curr. assets - short-term short-term current asse 27.59%

No industry benchmarks. Company internal comparison only.

ø days collection period for outstan accounts receivable x 3 sales 29.79 1

16.08%

No industry benchmarks. Company internal comparison only.

ø coll. period for settlement outstan accounts payable x 36 (material costs + ext.prod. 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 financing Quick-Test KPI: equity ratio (=absolute debts) adjusted equity x 100 total assets 38.60 16.00 1 3 stockholders equity x 100 fixed assets 53.33% 2 1 Rating 2 Competitor A 3

liquidity Quick-Test KPI: debt redemption in years (=relative debts long term liabilities - cash Cash-Flow 1.03 absolute liquidity ratio cash x 100 current liabilities 34.14% net quick ratio (short t.curr. assets - inventor. - down payment) short-term liabilities 95.01% current ratio short-term current assets x 100 short-term liabilities 138.11%

27.50% 2

1 >70%

2 10-70% Input Rating

3 <10%

age ratio B ockholders equity+ long-term liabilities) x 100 fixed assets 105.29% 93.12% 3 3

1 >150%

2 110-150% Input Rating

3 <110%

ng-capital-ratio Working Capital should never be ort-term curr. assets - short-term liabilities) x 100 negative, ideally 30 - 50% of total short-term current assets current assets 15.14% -10.31%

s collection period for outstanding receipts accounts receivable x 365 sales 77.28 81.07 2 3

1 <30 Tg.

2 30-80 Tg. Input Rating

3 >80 Tg.

l. period for settlement outstanding debts (days) accounts payable x 365 (material costs + ext.prod. costs) 1 82.85 239.21 <40 Tg. 2 3 raw materials x 365 material costs 104.60 1

2 3 40-100 Tg. >100 Tg. Input Rating

1 2 3 187.19 <120 Tg. 120-180 Tg. >180 Tg. 3 Input Rating

Competitor B CEE Breweries liquidity Quick-Test KPI: debt redemption in years (=relative debts) long term liabilities - cash Cash-Flow 3.84 5.82

1

Rating 2

3

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 117.84%

1 2 3 90.65% >150% = 100 <150%

Industry Code (Industry/Production (I), Trade (G), Wholesale (H), Retail (E))

area of analysis :
Competitor A Competitor B CEE Breweries profitability Quick-Test KPI: return on assets (profit/loss ord. activ.)+(interest liabilities)x100 total assets 33.46% 6.36% 5.86% rate of return on equity net profit x 100 equity 77.34% 11.84% 1 2 rate of return on sales net profit x 100 sales 22.87% 4.82% investment turnover sales total assets 1.37 0.94 2 3 ROI (Return-On-Investment) net profit x 100 total assets 31.33% 4.54% 1 2 ROSTI (Return on Stock Investment) 1 Rating 2 Competitor A 3

profit

structure of charges Quick-Test KPI: cash-flow rate cash-Flow x 100 production 14.18

24.80% 2

1 >30%

2 3 10-30% <10% Input Rating

costs of material & goods as % of prod (material costs + COGS + external prod production 26.79%

4.09%

1 >5%

2 1-5%

3 <1%

costs purchased service as % of produ external production cost x production 1.92% labour costs as % of production wages x 100 production 20.66% 1

0.97 3

1 >1,75

2 1,75-1 Input Rating

3 <1

1 2 3 3.97% >8,75% 1-8,75% <1% 2 Input Rating

loan capital interest as as % of product loan capital interest x 1 production 1.56% 1 depreciation as % of production depreciation x 100 production 12.89% 1

other operating expenses as % of produ 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 Err:508

Break-Even-Point as % of production Break-Even-Point x 10 Net Sales Err:508 security level (%) 100Err:508 target sales

Retail (E))

I

of analysis :

profit
CEE Breweries 1 Rating 2 Competitor A 3 cash-management

Competitor B structure of charges Quick-Test KPI: cash-flow rate cash-Flow x 100 production 16.49

36.60 This KPI is (a) industry dependent and (b) differs strongly within industries. cash discount expenses as % of sales cash discount expenses x 100 sales

material & goods as % of production rial costs + COGS + external production cost) x 100 production 26.40% 33.69%

urchased service as % of production external production cost x 100 production 0.00%

This KPI is (a) industry dependent and (b) differs strongly within industries. 0.00%

cash discount income as % of costs of mat.&g cash discount income x 100 (material costs + COGS + ext. prod. cos 0.44%

osts as % of production wages x 100 production 18.77% 1

28.63% 2

1 <25%

2 3 25-40% >40% Input Rating

pital interest as as % of production loan capital interest x 100 production 1.93% 1

1.95% 1

1 <2%

2 3 2-4% >4% Input Rating

ation as % of production depreciation x 100 production 10.56% 1

9.64% 1

1 >7%

2 3 3-7% <3% Input Rating

perating expenses as % of production other operating expenses x 100 production 0.00% 3

29.92% 3

1 <7%

2 3 7-20% >20% Input Rating

argin as % of production profit margin x 100 production 73.60% 1

66.21% 1

1 >65%

2 3 50-65% <50% 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 Err:508

Err:508

ven-Point as % of production Break-Even-Point x 100 Net Sales Err:508

Err:508

Break-Even-Point x 100 Net Sales Err:508

Err:508

Competitor B cash-management

CEE Breweries 1

Rating 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) 0.00% 0.00%

1

2

3

The "big picture" of business ratio analysis
area of analysis financial stability

investment

financing 3

liquidity 3 debt redemption in years

QUICK - TEST ratios fixed assets as % of total assets investment ratio

equity ratio

coverage ratio A

absolute liquidity ratio

coverage ratio B

net quick ratio

rate of depreciation

working-capital-ratio ø collection period for outstanding receipts ø coll. period for settlement outstanding debts storage in days

current ratio

depreciation per period

statement of changes in financial positions

legend of colors quicktest indicates: detailed analysis needed

" of business ratio analysis
area of analysis profit

profitability 4 return on assets

structure of charges 3 cash-flow rate costs of material & goods as % of production labour costs as % of production costs purchased service as % of production

cash-management

QUICK - TEST ratios cash discount expenses as % of sales

rate of return on equity

rate of return on sales

investment turnover

cash discount income as % of costs of material & goods

ROI costs material & goods & (Retur- On Investment) labour as % of production ROSTI loan capital interest as as (Return- On Stock Inv.) % 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 Com
Company Company Company Industry

Year 0 INPUT Sales revenue Cost of Goods Sold EBIT Number of Employees Receivables Inventory Total Assets Payables Current Assets Current Liabilities Equity Long Term Debt Gross Profit KPI Financial Strength Quick Ratio Equity ratio Profitability Operating Margin Gross Profit Margin Management Effectiveness Return on Assets Return on Investment Efficiency Revenue/Employee Collection Period Inventory Period/Inv.Days of supply Inventory Turnover 2,100,000,000 505,767,600 4,500 171,402,000 151,164,000 1,556,105,000 98,395,000 484,391,000 350,731,000 630,316,000 373,291,000 2,100,000,000

Year 1 1,104,863,000 68,365,000 4,500 233,920,000 86,120,000 1,208,614,000 68,209,000 336,836,000 285,841,000 463,476,000 253,535,000 1,104,863,000

Year 2 1,100,361,000 384,325,000 (27,578,000)

Multex Investor

4,500 244,408,000 Legend 196,566,000 Yellow fields need to be filled in. 1,173,692,000 Aqua fields are calculation results. 251,186,000 487,314,000 Direct Transfer Kralicek 537,569,000 187,618,000 251,720,000 716,036,000

95.01% 40.51% 24.08% 100.00% 32.50% 50.39% 466666.67 29.79 #DIV/0! 0.00

87.71% 38.35% 6.19% 100.00% 5.66% 9.53% 245525.11 77.28 #DIV/0! 0.00

54.09% 15.99% -2.51% 65.07% -2.35% -6.28% 244524.67 40.54 93.34 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 2,500,000,000 490,000 1 1 1 1 1 1 1 1 1 1 2499510000

NN 1 1 1 1 1 1 1 1 1 1 1 1 0

NN 1 1 1 1 1 1 1 1 1 1 1 1 0

NN 1 1 1 1 1 1 1 1 1 1 1 1 0

Legend Yellow fields need to be filled in. Aqua fields are calculation results.

Direct Transfer Kralicek

0.00% 100.00% 0.00% 99.98% 100.00% 50.00% 2500000000.00 0.00 0.00 490000.00

0.00% 100.00% 100.00% 0.00% 100.00% 50.00% 1.00 365.00 365.00 1.00

0.00% 100.00% 100.00% 0.00% 100.00% 50.00% 1.00 365.00 365.00 1.00

0.00% 100.00% 100.00% 0.00% 100.00% 50.00% 1.00 365.00 365.00 1.00

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