Financial statement analysis for sidenor s a
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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.

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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


Sidenor s a structure

SIDENOR S.A. - Structure


Sidenor s a shareholders

SIDENOR S.A. - Shareholders


Financial statements statement of financial position

Financial StatementsStatement of Financial Position


Financial statements statement of comprehensive income

Financial StatementsStatement of Comprehensive Income


Financial statements cash flow statement

Financial StatementsCash Flow Statement


Financial statements cash flow statement1

Financial StatementsCash Flow Statement


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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