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Financial Statement Analysis for SIDENOR S.A. Efstratios Patsatzis MBA Canditate Supervisor Dr. Nicos Sykianakis. Presentation key points. Sector – Main Competitors The Company (History, Products, Shareholders, Structure) Financial Statements of SIDENOR S.A.

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financial statement analysis for sidenor s a

Financial Statement Analysis for SIDENOR S.A.

Efstratios Patsatzis

MBA Canditate

Supervisor

Dr. Nicos Sykianakis

presentation key points
Presentation key points
  • Sector – Main Competitors
  • The Company

(History, Products, Shareholders, Structure)

  • Financial Statements of SIDENOR S.A.
  • Financial Statement Analysis
presentation key points1
Presentation key points
  • Liquidity Ratios
  • Turnover Ratios
  • Return Ratios
  • Capital Structure Ratios
  • Investor Ratios
  • Conclusions
sector main competitors
Sector – Main Competitors

Sector

  • Steel production and trading sector

Main Competitors

  • “HELLENIC HALYVOURGIA”
  • “HALYVOURGIKI”
sidenor s a history
SIDENOR S.A. - History
  • 1962 - Establishment of the Company with the name “VIOHALCO - SANITAS SA”
  • 1971 - The corporate name is changed into “STEEL INDUSTRY OF NORTHERN GREECE SA”
  • 1974 - ERLIKON SA and SIDENOR SA commence co-operating
  • 1977 - The corporate name is changed to “SIDENOR - STEEL INDUSTRY OF NORTHERN GREECE SA”
  • 1979 - The corporate name is changed to “SIDENOR Steel Products Manufacturing Company SA” 
sidenor s a history1
SIDENOR S.A. - History
  • 1994 - ERLIKON SA lists its stock through public offering in the Main market of Athens Stock Exchange
  • 1997 - Absorption of SIDENOR SA by ERLIKON SA and change of corporate name into SIDENOR SA
  • 1999 - Commencement of production by rolling mill of SOVEL SA (subsidiary)
  • 2001 - The electrode production sector is split-off from the Company and incorporated into ERLIKON Wire Processing SA. SIDENOR takes over 75% of the Bulgarian STOMANA INDUSTRY SA. The new steel mill of SOVEL SA commences production.
sidenor s a history2
SIDENOR S.A. - History
  • 2003 - The holding of SIDENOR SA in the subsidiary STOMANA INDUSTRY SA increases to 79.50%. KEM SA and ATTICA METAL PROCESSING SA was finalized by SOVEL SA. Sidenor’s Quality Management System is certified according to ISO 9001:2008. SIDENOR launches High Ductility grade C concrete reinforcing steel into the market.
  • 2004 - SIDENOR acquires majority holding in CORINTH PIPEWORKS SA.
  • 2006 - SIDENOR establishes new subsidiary DOJRAN STEEL.
sidenor s a products
SIDENOR S.A. - Products
  • SD Integrated Concrete Reinforcing System
  • Merchant Bars
  • Wire Rod
  • Pipes - Hollow Sections
  • Hot-Rolled Steel Plates
  • Special Steels
financial statements statement of financial position1
Financial StatementsStatement of Financial Position
  • Fixed Assets / Total Assets

360.770.511 / 593.401.564 = 0,6080 or 60,80%

  • Current Assets / Total Assets

232.631.053 / 593.401.564 = 0,3920 or 39,20%

(Note: Intangible Assets / Total Assets equals zero)

financial statements liquidity ratios
Financial StatementsLiquidity Ratios
  • Current Ratio

CR = Current Assets / Current Liabilities

232.631.053 / 274.675.258 = 0,846

  • Quick Ratio

QR = Current Assets - Inventories / Current Liabilities

150.967.120 / 274.675.258 = 0,549

financial statements liquidity ratios1
Financial StatementsLiquidity Ratios
  • Acid Ratio

AR = Cash / Current Liabilities

8.320.061 / 274.675.258 = 0,030

financial statements turnover ratios
Financial StatementsTurnover Ratios
  • Inventory Turnover Ratio

ITR = Cost of Sales / Avg. Inventory

232.381.323 / 111.739.687 = 2,1times / year

Days in Inventory = 365 / 2.1 = 174days

financial statements turnover ratios1
Financial StatementsTurnover Ratios
  • Receivables Turnover Ratio

RTR = Sales / Avg. Receivables

276.530.121 / 49.460.084 = 5,57times / year

Days in Accounts Receivables = 365 / 5,57 = 66days

financial statements turnover ratios2
Financial StatementsTurnover Ratios
  • Accounts Payable Turnover Ratio

(Purchases = Cost of Sales - Ending Inventory + Starting Inventory)

PTR = Purchases / Avg. Payable

235.730.038 / 98.467.193,5 = 2,39times / year

Days in Suppliers = 365 / 2,83 = 153days

financial statements turnover ratios3
Financial StatementsTurnover Ratios
  • Inventory Conversion Cycle

240days

  • Net Cash Conversion Cycle

87 days

financial statements cash flow analysis
Financial StatementsCash Flow Analysis
  • Cash Flow from Operating Activities

CF(OA) = - 49.589.580

(CFoa < Current Liabilities)

financial statements cash flow analysis1
Financial StatementsCash Flow Analysis
  • Cash Flow from Investing Activities

CF(IA) = - 5.818.290

  • Cash flow from Financing Activities

CF(FA) = 33.497.870

financial statements cash flow analysis2
Financial StatementsCash Flow Analysis
  • Net decrease in cash & cash equivalents for the period

-21.910.000

  • Cash & cash equivalents at the end of the period

8.320.061

financial statements return ratios
Financial StatementsReturn Ratios
  • Return on Total Assets Ratio

ROTA = Net Earnings / Avg. Total Assets

-25.443.969 / 598.607.226 = -0,043 or -4,3%

  • Return on Equity Ratio

ROE = Net Earnings / Avg. Equity

-25.443.969 / 265.185.196,5 = -0,096 or -9,6%

financial statements return ratios1
Financial StatementsReturn Ratios
  • Return on Sales Ratio

Net Earnings / Sales

-25.443.969 / 276.530.121 = -0,092 or -9,2%

  • Total Assets Turnover Ratio

Sales / Avg. Total Assets

276.530.121 / 598.607.226 = 0,462 or 46,2%

financial statements capital structure ratios
Financial StatementsCapital Structure Ratios
  • Financial Leverage
    • Avg. Total Assets / Avg. Equity

598.607.226 / 265.185.196,5 = 2,26

(equity = 1, liabilities = 1,26)

financial statements capital structure ratios1
Financial StatementsCapital Structure Ratios
  • Equity / Assets

252.463.212 / 593.401.564 = 42,5%

  • Liabilities / Assets

340.938.352 / 593.401.564 = 57,5%

  • Debt / Equity

340.938.352 / 252.463.212 = 1,35

financial statements investor ratios
Financial StatementsInvestor Ratios
  • Nominal Value per Share

Share Capital / No of Shares

39.460.002 / 96.243.908 = 0,41 euro

  • Net Accounting Value per Share

Equity / No of Shares

540.166.817 / 96.243.908 = 5,61 euro

financial statements investor ratios1
Financial StatementsInvestor Ratios
  • Earnings per Share

Net Earnings / No of Shares

-55.898.679 / 96.243.908 = -0,51 euro

  • P / E – P / BV

Price / Earnings per Share

2,42 / -0,51 = -4,75 times

Price / Book Value

2,42 / 5,61 = 0,43 times

financial statement analysis conclusions
Financial Statement AnalysisConclusions
  • Disability to cover short-term debt
  • Large amount of Inventory held
  • Long period in Accounts Receivables
  • Negative Cash Flow from OA
financial statement analysis conclusions1
Financial Statement AnalysisConclusions
  • Negative ROTA, ROE, Return on Sales
  • Losses per Share
  • Financing Conflict
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