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BEGA ELECTROMOTOR SA's Financial Condition Analysis

for the Period from 01.01.2011 to 31.12.2011
1. BEGA ELECTROMOTOR SA's Financial Position Analysis
1.1. Structure of the Assets and Liabilities
1.2. Net Assets (Net Worth)
1.3. Financial Sustainability Analysis
1.3.1. Key indicators of the company's financial sustainability
1.3.2. Working capital analysis
1.4. Liquidity Analysis
2. Financial Performance
2.1. Overview of the Financial Results
2.2. Profitability Ratios
2.3. Analysis of the Business Activity (Turnover Ratios)
2.4. Labour productivity
3. Conclusion
3.1. Key Indicators Summary
3.2. Rating of the Financial Position and Financial Performance of BEGA ELECTROMOTOR SA
4. Appendix
4.1. Bankruptcy Test (Altman Z-score)
4.2. Calculation of the Final Rating of the Financial Condition

1. BEGA ELECTROMOTOR SA's Financial Position Analysis

The report tells about the analysis on BEGA ELECTROMOTOR SA's financial condition based on the financial
statements data prepared according to International Financial Reporting Standards (IFRS) for the period from
01.01.2011 to 31.12.2011.

1.1. Structure of the Assets and Liabilities

Indicator Value Change for the analysed

period
in thousand ROL % of the balance total thousand ROL ±%
01.01.2011 31.12.2011 at the at the end of (col.3-col.2) ((col.3-col.2) :
beginning of the period col.2)
the period analysed
analysed (31.12.2011)
(01.01.2011)
1 2 3 4 5 6 7

Assets
1. Non-current 15,010,917 15,712,673 73.6 72 +701,756 +4.7
assets
2. Current assets, 5,396,340 6,100,009 26.4 28 +703,669 +13
total
Inventories 2,618,358 2,842,411 12.8 13 +224,053 +8.6
Trade and other 2,634,982 2,904,405 12.9 13.3 +269,423 +10.2
current
receivables
Cash and cash 68,639 281,471 0.3 1.3 +212,832 +4.1 times
equivalents
 Equity and Liabilities
1. Equity 20,407,257 21,812,682 100 100 +1,405,425 +6.9
2. Non-current – – – – – –
liabilities
3. Current – – – – – –
liabilities
Assets; Equity 20,407,257 21,812,682 100 100 +1,405,425 +6.9
and Liabilities

According to the table above, non-current assets made about two thirds of BEGA ELECTROMOTOR SA's
assets (72%) at the end of the period, while current assets took one third. For the period analysed, the assets
significantly spiked to ROL 21,812,682 thousand (by ROL 1,405,425 thousand, or by 6.9%). Assets and equity
were observed to grow simultaneously by 6.9% during the year. Growth of the equity value is a factor which
positively describes the dynamics of BEGA ELECTROMOTOR SA's financial state.

The total growth of BEGA ELECTROMOTOR SA's assets value is primarily connected with the value growth of
the following assets (the sum of change and percentage of this change relative to the total assets growth are
shown below):

● Property, plant and equipment – ROL 701,756 thousand (49.2%)

● Trade and other current receivables – ROL 269,423 thousand (18.9%)
● Current inventories – ROL 224,053 thousand (15.7%)
● Cash and cash equivalents – ROL 212,832 thousand (14.9%)

With that, growth in the section "Equity and Liabilities" of the company's balance sheet is caused with an
increase in the following rates (the percentage from total equity and liabilities change is shown in brackets):

● Other reserves – ROL 1,004,653 thousand (71.5%)

● Issued (share) capital – ROL 400,772 thousand (28.5%)

One of the negatively changed assets during the year is the item "Other current non-financial assets" (ROL
-20,066 thousand).

Correlation of basic asset groups is demonstrated in the diagram below.

The inventories were found to spike appreciably to ROL 2,842,411 thousand (by ROL 224,053 thousand, or
by 8.6%) during the reviewed period.

For the last year, the current receivables increased by ROL 269,423 thousand, or by 10.2%.
 1.2. Net Assets (Net Worth)

Value Change
in thousand ROL % of the balance total thousand ROL %,
at the beginning at the end of the 01.01.2011 31.12.2011 (col.3-col.2), ((col.3
Indicator
of the period period analysed -col.2) :
analysed (31.12.2011) col.2)
(01.01.2011)
1 2 3 4 5 6 7

1. Net tangible 100 100 +1,405,425 +6.9

20,407,257 21,812,682
assets
2. Net assets (Net 100 100 +1,405,425 +6.9
20,407,257 21,812,682
worth)
3. Issued (share) 59.4 57.4 +400,772 +3.3
12,121,296 12,522,068
capital
4. Difference 40.6 42.6 +1,004,653 +12.1
between net
assets and Issued 8,285,961 9,290,614
(share) capital
(line 2 - line 3)

For the reviewed period (2011), it was monitored that there was an appreciable increase in the net tangible
assets to ROL 21,812,682 thousand, which made ROL 1,405,425 thousand. In this case, BEGA ELECTROMOTOR
SA has no goodwill or other intangible assets. That is why rates of net worth and net tangible assets are equal
On 31.12.2011.

On 31.12.2011, the net worth (net assets) of BEGA ELECTROMOTOR SA is significantly higher (by 74.2%)
than the share capital. Such a ratio meets common requirements, according to which the net worth (net assets)
should not be less than the share capital of the company. The net worth (net assets) value is used as one of the
tools to estimate the company's value (used together with other methods, such as discounted cash flow method,
or an estimation based on shareholder's value etc.). But it is a key value in the estimation of the company's
financial condition.

1.3. Financial Sustainability Analysis

 1.3.1. Key indicators of the company's financial sustainability

Indicator Value Change The indicator description and its recommended

01.01.2011 31.12.2011 (col.3-col.2) value
1 2 3 4 5

Debt-to-equity ratio 0 0 – A debt-to-equity ratio is calculated by taking

(financial leverage) the total liabilities and dividing it by
shareholders' equity. It is the key financial ratio
and used as a standard for judging a company's
financial standing.
Normal value: 1.5 or less (optimum 0.43-1).
Debt ratio (debt to 0 0 – A debt ratio is calculated by dividing total
assets ratio) liabilities (i.e. long-term and short-term
liabilities) by total assets. It shows how much
the company relies on debt to finance assets
(similar to debt-to-equity ratio).
Acceptable value: 0.6 or less (optimum 0.3-0.5).
Long-term debt to 0 0 – This ratio is calculated by dividing long-term
Equity (non-current) liabilities by equity.
Non-current assets 0.74 0.72 -0.02 This ratio is calculated by dividing long-term
to Net worth (non-current) liabilities by net worth (equity)
and measures the extent of a company's
investment in low-liquid non-current assets.
This ratio is important for comparison analysis
because it's less dependent on industry
(structure of company's assets) than debt ratio
and debt-to-equity ratio.
Normal value: no more than 1.25.
Capitalization ratio 0 0 – Calculated by dividing non-current liabilities by
the sum of equity and non-current liabilities.
Fixed assets to Net 0.74 0.72 -0.02 This ratio indicates the extent to which the
worth owners' cash is frozen in the form of fixed
assets, such as property, plant, and equipment,
investment property and non-current biological
assets.
Acceptable value: 0.75 or less.
Current liability – – – Current liability ratio is calculated by dividing
ratio non-current liabilities by total (i.e. current and
non-current) liabilities.

Firstly, attention should be drawn to the debt-to-equity ratio and debt ratio as the indicators describing the
capital structure. Both ratios have similar meaning and indicate that if there is not enough capital (equity) for
stable work for the company. Debt-to-equity ratio is calculated as a relationship of the borrowed capital
(liabilities) to the equity, while debt ratio is calculated as a relationship of the liabilities to the overall capital (i.e.
the sum of equity and liabilities).

On the last day of the period analysed, the debt-to-equity amounted to zero. The debt ratio did not change
and remained on the level of 0 for the last year.

According to the debt ratio, the percentage of the borrowed capital (liabilities) is significantly lower than the
admissible value and makes 0% of overall capital at the end of the period reviewed. On the one hand it
positively describes the financial situation of BEGA ELECTROMOTOR SA. On the other hand it says about missed
opportunities to use borrowed capital for the extension of activity and acceleration of development rates. The
company can increase the percentage of credits and debts without damage to its' financial situation if a plan on
efficient use of additional capital is available.

According to the principles of stable company development, investments with the least liquid assets
(non-current assets) should firstly be made with help from the most long-term sources of financing, i.e. with the
help of owned capital (equity). An indicator of this rule is the non-current assets to net worth ratio. During the
whole reviewed period, the ratio slightly fell (to 0.72; -0.02). On 31 December, 2011, the value of the ratio can
be characterised as obviously excellent.

1.3.2. Working capital analysis

Indicator Value Change for the period analysed

%
01.01.2011 31.12.2011 (col.3-col.2)
((col.3-col.2) : col.2)
1 2 3 4 5

1. Working capital (net working capital), +X,XXX,XXX +X,XXX,XXX +XXX,XXX +XX

thousand ROL
2. Inventories, thousand ROL +X,XXX,XXX +X,XXX,XXX +XXX,XXX +X.X
3. Working capital sufficiency (1-2), +X,XXX,XXX +X,XXX,XXX +XXX,XXX +XX.X
thousand ROL
4. Inventory to working capital ratio (2:1) X.XX X.XX -X.XX x
Acceptable value: 1 or less.

The working capital was equal to ROL X,XXX,XXX thousand on 31 December, 2011. During the year, it was
monitored that there was a marked growth in the working capital, which made ROL +XXX,XXX thousand.
According to calculations, working capital fully covers the inventories of the company and is deemed to be a
positive factor. At the end of the period analysed, the inventory to working capital ratio was equal to X.XX. Such
a correlation is deemed to be normal, although it can be achieved through warehouse inventories that are too
low, but not through enough of long-term resources of financing in some cases.

1.4. Liquidity Analysis

Liquidity related ratios are one of the most widespread indicators of a company's solvency. There are three
liquidity related ratios: current ratio, quick ratio and cash ratio. Current ratio is one of the most widespread and
shows to what degree the current assets of the company are meeting the current liabilities. The solvency of the
company in the near future is described with the quick ratio which reflects if there are enough fund's for normal
execution of current transactions with creditors. Current ratio, quick ratio and cash ratio for BEGA
ELECTROMOTOR SA are calculated in the following table.

Liquidity Value Change The indicator description and its recommended value
indicator (col.3 -
01.01.2011 31.12.2011 col.2)
1 2 3 4 5

1. Current ratio – – – The current ratio is calculated by dividing current

(working capital assets by current liabilities. It indicates a company's
ratio) ability to meet short-term debt obligations.
Normal value: no less than 2.
2. Quick ratio – – – The quick ratio is calculated by dividing liquid assets
(acid-test ratio) (cash and cash equivalents, trade and other current
receivables, other current financial assets) by current
liabilities. It is a measure of a company's ability to
meet its short-term obligations using its most liquid
assets (near cash or quick assets).
Acceptable value: 1 or more.
3. Cash ratio – – – Cash ratio is calculated by dividing absolute liquid
assets (cash and cash equivalents) by current
liabilities.
Acceptable value: 0.2 or more.

At the end of the period analysed, the current ratio was equal to zero. During the entire period analysed, a
change in the current ratio was not noticed. On 31.12.2011, the value of the ratio can be deemed as a
satisfactory one.

At the end of the period reviewed, the quick ratio was equal to zero, having stayed at the same level as on
the first day of the period analysed (01 January, 2011). At the end of the period, the value of the quick ratio can
be deemed as a normal one. It means that BEGA ELECTROMOTOR SA has enough assets which can be
transferred to cash in a very short time to meet current liabilities.

Like the two previous rates, the cash ratio has a normal value (–) at the end of the period analysed which
demonstrates that the company has enough liquid assets (cash and cash equivalents) to meet current liabilities.

2. Financial Performance
2.1. Overview of the Financial Results
The main financial results of BEGA ELECTROMOTOR SA's activities are given in the table below for the last
year and also for the same period as last year.

Value, thousand ROL Change

Average annual
Indicator 2010 2011 ±% value, thousand
thousand ROL
(3-2) : ROL
(col.3 - col.2)
2
1 2 3 4 5 6

1. Revenue 10,268,109 9,821,479 -446,630 -4.3 10,044,794

2. Cost of sales 10,668,881 10,913,885 +245,004 +2.3 10,791,383
3. Gross profit (1-2) -400,772 -1,092,406 -691,634 ↓ -746,589
4. Other income and expenses, except
– – – – –
Finance costs
5. EBIT (3+4) -400,772 -1,092,406 -691,634 ↓ -746,589
5a. EBITDA 130,420 -523,911 -654,331 ↓ -196,746
6. Finance costs – – – – –
7. Income tax expense (from
– 8,250 +8,250 – 4,125
continuing operations)
8. Profit (loss) from continuing
-400,772 -1,100,656 -699,884 ↓ -750,714
operations (5-6-7)
9. Profit (loss) from discontinued
– – – – –
operations
10. Profit (loss) (8+9) -400,772 -1,100,656 -699,884 ↓ -750,714
11. Other comprehensive income – – – – –
12. Comprehensive income (10+11) -400,772 -1,100,656 -699,884 ↓ -750,714

The revenue made ROL 9,821,479 thousand for the 2011; that is moderately lower (ROL -446,630 thousand)
than for the same period of the previous year. The diagram below demonstrates the change in revenue and a
comprehensive income for BEGA ELECTROMOTOR SA. For the year 2011, the gross loss was equal to ROL
-1,092,406 thousand. In comparison with the previous financial year, the gross profit was seen to have a rapid
lessening of ROL 691,634 thousand.

The comprehensive loss of BEGA ELECTROMOTOR SA made ROL 1,100,656 thousand in total during the
year.
 2.2. Profitability Ratios

Profitability ratios Value in % Change

2010 2011 (col.3 - col.2)
1 2 3 4

1. Gross margin. -3.9 -11.1 -7.2

2. Return on sales (operating margin). -3.9 -11.1 -7.2
3. Profit margin. -3.9 -11.2 -7.3
Reference:
– – –
Interest coverage ratio (ICR). Acceptable value: 1.5 or more.

All three profitability ratios given in the table have negative values during the year, as the company had
losses from sales, operational and financial activities for this period. For the 2011, the gross margin equalled
-XX.X%; it is much lower (-X.X%) than for the same period of the previous year.

The profitability calculated by earnings before interest and taxes (Return on sales) is more important from a
comparative analyses point of view. For the 2011, the return on sales made -0.11 (or -11.1% per annum), and
profitability calculated by final financial results (net profit) made -11.2% per annum.
 Profitability ratios Value, % The indicator description and its reference value
2011
1 2 3

Return on equity
(ROE)
Return on assets
(ROA)
Return on capital
employed (ROCE)
ROE is calculated by taking a year's worth of earnings (net profit) and
dividing them by the average shareholder equity for that period, and is
-X.X
expressed as a percentage. It is one of the most important financial ratios
and profitability metrics. Acceptable value: 12% or more.
ROA is calculated by dividing net income by total assets, and displayed
-X.X
as a percentage. Acceptable value: no less than 6%.
ROCE is calculated by dividing EBIT by capital employed (equity plus
-X.X non-current liabilities). It indicates the efficiency and profitability of a
company's capital investments.

For the year 2011, the return on assets has an unsasfactory value of -X.X%.

A key indicator of business profitability is the return of equity (ROE), i.e. return from money invested by the
owners. For the year 2011, a return on equity made -5.2% per annum. A negative rate value was as a result of a
comprehensive loss obtained during the year.

2.3. Analysis of the Business Activity (Turnover Ratios)

In the following table, the calculated rates of turnover of assets and liabilities describe how fast prepaid
assets and liabilities to suppliers, contractors and staff are returned can be found. Turnover rates have strong
field specifics and depend on activity. That is why an absolute value of the rate does not allow making its'
qualitative assessment.

Turnover ratio Value, days Ratio

2011 2011
1 2 3

Receivables turnover (days sales outstanding) 103 3.5

(average trade and other current receivables divided by average daily revenue*)

Accounts payable turnover (days payable outstanding) 0 –

(average current payables divided by average daily purchases)
 Inventory turnover (days inventory outstanding) 91 4
(average inventory divided by average daily cost of sales)

Asset turnover 785 0.5

(average total assets divided by average daily revenue)

Current asset turnover 214 1.7

(average current assets divided by average daily revenue)

Capital turnover 785 0.5

(average equity divided by average daily revenue)

Reference: 194 x
Cash conversion cycle
(days sales outstanding + days inventory outstanding - days payable outstanding)
* Calculation in days. Ratio value is equal to 365 divided by days outstanding.

According to the table, the average collection period (day’s sales outstanding), calculated based on the
data during the year, was 103 days, while average repayment period for credit debts (day’s payable
outstanding) was 0 days. The rate of asset turnover means that BEGA ELECTROMOTOR SA gains revenue equal
to the sum of all the available assets for 785 days (on average during the reviewed period).

2.4. Labour productivity

The labour productivity indicator was calculated using the information on the number of [firm] employees
(the ratio of revenue from sales to the average number of employees).

The labour productivity was equal to 70,913 thousand ROL/employee during the year.

3. Conclusion
3.1. Key Indicators Summary
The main financial state indicator values and BEGA ELECTROMOTOR SA's activity results are classified by
qualitative assessment according to the results of the analysis for the year and are given below.

The analysis discovered the following excellent financial rates:

● the value of the non-current assets to net worth ratio equal to 0.72 can be specified as very good
● the net worth (net assets) of the company significantly exceeds (by 74.2%) the share capital on 31.12.2011
● long-term resources of the financing of the company's activity are enough to form a normal amount of working
capital which would cover the available inventories

The BEGA ELECTROMOTOR SA's financial situation is positively described with the following rate – the
debt-to-equity ratio and debt ratio demonstrate good values, but say about too cautious attitude of BEGA
ELECTROMOTOR SA to use of the borrowed capital, which makes only 0% of the total balance of the company.

There is one rate with a marginally acceptable value obtained during the analysis – the increase in equity
during the period analysed was lower than the growth rates of total assets.

One can show the following financial rates of BEGA ELECTROMOTOR SA with critical values:

● critical return on equity (-5.2% per annum for the year)

● critical return on assets, which made -5.2% for the entire period analysed
● the company reported a loss in earnings before interest and taxes (negative EBIT) to the amount of ROL
1,092,406 thousand during the last year, at the same time, a negative dynamics of the rate (ROL -691,634
thousand compared with the previous value was observed
● comprehensive loss from financial and operational activities made ROL 1,100,656 thousand for the last year
 3.2. Rating of the Financial Position and Financial Performance of BEGA
ELECTROMOTOR SA

Financial Final rating of the

Financial position on 31.12.2011
performance for financial condition of
the period analysed BEGA ELECTROMOTOR SA
AAA AA A BBB BB B CCC CC C D
(01.01–31.12.2011) (period analysed: from
Excellent (AAA) • 01.01.2011 to 31.12.2011
Very good (AA) • according to the data of
the one reporting period):
Good (A) •
Positive (BBB) •
BB
Normal (BB) • (normal)
Satisfactory (B) •
Unsatisfactory (CCC) •
Adverse (CC) •
Bad (C) •
Critical (D) • V • • • • • • • •

According to the results of the conducted analysis, the financial position of BEGA ELECTROMOTOR SA was
assessed at a score scale in +1.33, which corresponds to the AA rating (very good position). The financial
results of the company's activities were scored at -1.8 for the whole reviewed period, which corresponds to the
D rating (critical results). One should mention that final scores are calculated considering both rates at the end
of the period analysed and rates dynamics, including their forecasted values for the next year. The final score of
the financial condition, which includes analysis of the company's financial position and financial performance,
makes +0.08, which equals the rating scale to a normal (BB) condition.

"BB" describes the financial condition of a company when the majority of rates are normal. Companies with
this rating should be considered as business partners who will need to be treated carefully when managing risks.
These companies can lay a claim to obtain credit but a decision mainly depends on the analysis of additional
factors (neutral creditworthiness).

One should mention, that this rating is made by analysing financial data during the entire period analysed.
But it is necessary to make an analysis of a company's activity for at least the last 2-3 years to obtain enough
objective results.

4. Appendix
4.1. Bankruptcy Test (Altman Z-score)
The Altman Z-score is a rate predicting the probability that the company will go into bankruptcy in the near
future. The Z-score is calculated according to the following formula (a 5-factor model for private manufacturing
firms is taken for BEGA ELECTROMOTOR SA):

Z-score = X.XXXT1 + X.XXXT2 + X.XXXT3 + X.XXT4 + X.XXXT5 , where

Ratio value on Product

Ratio Calculation Weighting factor
31.12.2011 (col. 3 x col. 4)
1 2 3 4 5

T1 Working Capital / Total Assets X.XX X.XXX X.X

T2 Retained Earnings / Total Assets 0 X.XXX 0
T3 Earnings Before Interest and Taxes / -X.XX X.XXX -X.XX
Total Assets
T4 Equity / Total Liabilities XX X.XX X.X
 T5 Sales / Total Assets X.XX X.XXX X.XX
Altman Z-score: X.XX

Zones of Discrimination:

● 1.23 or less – “Distress” Zone

● from 1.23 to 2.9 – “Grey” Zone
● 2.9 or more – “Safe” Zone

According to calculations, on 31.12.2011, the Z-score equalled X.XX for BEGA ELECTROMOTOR SA. It means
that the probability of BEGA ELECTROMOTOR SA's bankruptcy is insignificant.

4.2. Calculation of the Final Rating of the Financial Condition

Average score
Score Weighted
(col.3 x 0.25 +
Indicator Weighting factor average score
col.4 x 0.6 + col.5
past present future (col.2 x col.6)
x 0.15)
1 2 3 4 5 6 7
I. Rating of the company's financial position
Debt ratio 0.3 +1 +1 +1 +1 +0.3
Non-current assets to net
0.15 +2 +2 +2 +2 +0.3
worth
Current ratio – – – – – 0
Quick ratio – – – – – 0
Cash ratio – – – – – 0
Total 0.45 Final score (in total col.7 : col. 2): +1.333
II. Rating of the company's financial performance
Return on equity (ROE) 0.5 -2 -2 -2 -2 -1
Return on assets (ROA) 0.3 -2 -2 -2 -2 -0.6
Sales growth 0.2 -1 -1 -1 -1 -0.2
Total 1 Final score (in total col.7 : col. 2): -1.8

The final rating score of BEGA ELECTROMOTOR SA's financial condition: (+1.333 x 0,6) + (-1.8 x 0,4) =
+0.08 (BB - normal)

Reference: Financial condition scale

Total score
to Sign The qualitative assessment of a financial condition
from (inclusive)

2 1.6 AAA Excellent

1.6 1.2 AA Very good
1.2 0.8 A Good
0.8 0.4 BBB Positive
0.4 0 BB Normal
0 -0.4 B Satisfactory
-0.4 -0.8 CCC Unsatisfactory
-0.8 -1.2 CC Adverse
-1.2 -1.6 C Bad
-1.6 -2 D Critical
The report was prepared by the financial analysis software.
Date: 30-05-2012 09:19

Extra Tables

Analytic Balance sheet

Indicators Value* 01.01.2011 31.12.2011

1 2 3 4

Non-current assets value,

thousand 15,010,917 15,712,673
ROL

change,
thousand x +701,756
ROL

change, % x +4.7%

% of total 73.6% 72%

Property, plant and equipment value,

thousand 15,010,917 15,712,673
ROL

change,
thousand x +701,756
ROL

change, % x +4.7%

% of total 73.6% 72%

Current assets value,

thousand 5,396,340 6,100,009
ROL

change,
thousand x +703,669
ROL

change, % x +13%

% of total 26.4% 28%

Current inventories value,

thousand 2,618,358 2,842,411
ROL

change,
thousand x +224,053
ROL

change, % x +8.6%

% of total 12.8% 13%

Trade and other current receivables value,
thousand 2,634,982 2,904,405
ROL

change,
thousand x +269,423
ROL

change, % x +10.2%

% of total 12.9% 13.3%

Other current financial assets value,

thousand 54,295 71,722
ROL

change,
thousand x +17,427
ROL

change, % x +32.1%

% of total 0.3% 0.3%

Other current non-financial assets value,

thousand 20,066 –
ROL

change,
thousand x -20,066
ROL

change, % x -100%

% of total 0.1% –

Cash and cash equivalents value,

thousand 68,639 281,471
ROL

change,
thousand x +212,832
ROL

by +4.1
change, % x
times

% of total 0.3% 1.3%

Equity value,
thousand 20,407,257 21,812,682
ROL

change,
thousand x +1,405,425
ROL

change, % x +6.9%

% of total 100% 100%

 Issued (share) capital value,
thousand 12,121,296 12,522,068
ROL

change,
thousand x +400,772
ROL

change, % x +3.3%

% of total 59.4% 57.4%

Other reserves value,

thousand 8,285,961 9,290,614
ROL

change,
thousand x +1,004,653
ROL

change, % x +12.1%

% of total 40.6% 42.6%

ASSETS/EQUITY and LIABILITIES value,

thousand 20,407,257 21,812,682
ROL

change,
thousand x +1,405,425
ROL

change, % x +6.9%

* Line "% of total" indicates percentage ratio of the item to the total assets.

Analytic P&L statement

Indicators Value 2010 2011

1 2 3 4

Revenue value,
thousand 10,268,109 9,821,479
ROL

change,
thousand x -446,630
ROL

change, % x -4.3%

Cost of sales value,

thousand 10,668,881 10,913,885
ROL

change,
thousand x +245,004
ROL

change, % x +2.3%
Gross profit value,
thousand -400,772 -1,092,406
ROL

change,
thousand x -691,634
ROL

change, % x ↓

Profit (loss) from operating activities value,

thousand -400,772 -1,092,406
ROL

change,
thousand x -691,634
ROL

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Profit (loss) before tax value,

thousand -400,772 -1,092,406
ROL

change,
thousand x -691,634
ROL

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Income tax expense (from continuing operations) value,

thousand – 8,250
ROL

change,
thousand x +8,250
ROL

change, % x –

Profit (loss) from continuing operations value,

thousand -400,772 -1,100,656
ROL

change,
thousand x -699,884
ROL

change, % x ↓

Profit (loss) value,

thousand -400,772 -1,100,656
ROL

change,
thousand x -699,884
ROL

change, % x ↓
COMPREHENSIVE INCOME value,
thousand -400,772 -1,100,656
ROL

change,
thousand x -699,884
ROL

change, % x ↓