Financial analysis

Indicator 31.12.2011 31.12.2012 31.12.2013 Change
(2013/2012)
 Liquidity ratios
Absolute liquidity ratio 0.09 0.20 0.12 –0.08
Acid-test ratio 0.83 0.79 0.84 0.05
Current liquidity ratio 1.00 0.95 0.93 –0.02
 Financial soundness indicators
Equity/Total Assets ratio 0.66 0.63 0.56 –0.07
Debt/ EBITDA 1.02 2.04 2.26 0.22
Working capital financed by equity to total assets ratio –0.01 –0.07 –0.08 –0.01
 Profitability performance profile
Return on Equity (ROE) 8.48 1.99 1.12 –0.87
Return on Total Assets (ROTA) 6.63 1.61 2.04 0.43
EBITDA margin 10.85 8.70 9.55 0.85
 Efficiency ratios
Receivables and payables growth ratio 0.97 0.77 1.37 0.60
Joint receivables and payables ratio 0.86 0.67 0.89 0.22
Most liquid receivables and payables ratio 1.25 1.11 1.52 0.41

Liquidity ratio depicts the ability of the company to discharge short-term liabilities. Absolute liquidity ratio, as of 31.12.2013, shows that the Company is able to discharge 12% of short-term indebtedness by funds deposited on the operating account. In comparison to 2012 acid-test ratio grew due to short-term receivables uplift. Current liquidity ratio decreased insignificantly in comparison to 2012. Working capital financed by equity to total assets ratio has a negative value and underwent no considerable changes for the last three years. Equity/Total Assets ratio is high evidencing on sufficient financial soundness of the Company. Debt/EBITDA ratio shows the Company debt. In 2013 its value is 2.26 (within generally accepted norm – up to 3). In comparison to similar period of 2012 profitability performance profile increased. Receivables growth ratio exceeds payables growth ratio and demonstrates that the Company pay its bills in time despite the deterioration of payment history. The Company is able to discharge its liabilities in full without losing its financial stability. We have a low risk of solvency loss in case debt grows in comparison to the current figures. Financial indicators correspond with the regulatory value of key financial ratios.