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  • M A N A G E M E N T ,

    V I S I O N A N D V A L U E S

  • 4 ANNUAL REPORT

    Trace Group Hold plc takes part in any activity related to construction and enterprises associated with it.

    Trace Group Hold plc takes part in projects of national and regional importance and international projects, as well. Its market activity includes construction, reconstruction and rehabilitation of roads, highways, airports, underground stations and underground railways, ground railroads and facilities, urban infrastructure and road marking.

    The group constructs water-supplying and gas-distributing networks and wastewater treatment plants. Participates in the national program for strengthening

    sliding areas and emergency reconstruction activities at times of natural disasters.

    Trace Group Hold plc is very successful in the field of high construction.

    The holding carries out projects under the Operative Programs of the European Union. It meets the requirements and criteria for participation in international procedures of NATO through the NATO Agency for Maintenance and Supplies. Trace Group Hold plc is a Bulgarian group which performs its activities in conformity with the strict quality requirements and criteria of the international construction industry.

    AbOUT US

  • ANNUAL REPORT 5

    Trace Group Hold plc has been a public

    company since December 2007 when it set a

    record in oversubscription of initial public offers

    of 200 000 new shares at the Bulgarian Stock

    Exchange - Sofia.

    Trace Group Hold plc is a member of the

    Bulgarian Construction Chamber, the Bulgarian

    Branch Chamber “Roads”, the Bulgarian Industrial

    Capital Association and of the Bulgarian Chamber

    of Commerce and Industry.

    THe HoldinG incorporaTes over 23 inTerconnecTed companies wITh hEADqUARTERS AT ThE MAIN REgIONAl CENTERS IN BUlgARIA.

  • 6 ANNUAL REPORT

    Good corporate management is crucial for achieving the strategic goals of Trace Group Hold plc. Its main objective is long-term stable results and benefits for the shareholders, employees and the society as a whole.

    The management of the group is based on internationally recognized standards of good corporate management, accepted by the European Community and the National Code of Corporate Management.

    as a public company, Trace Group Hold plc observes the principles of transparency, equality, accountability and objectivity. These values are the core of its business practice and they

    allow for establishing of efficient risk control and management, and timely consideration of the

    regulation changes and acquiring of information.

    The corporate management of Trace

    Group Hold plc is a system of clearly defined

    functions, rights and obligations at different levels

    - the Board of Directors of the group, managing

    bodies and boards of directors of the subsidiaries

    and their executives.

    The Board of directors manages the holding

    and takes all decisions about its activity with the

    exception of those which are up to the general

    Assembly of the shareholders.

    cORPORATE MANAGEMENT

  • ANNUAL REPORT 7

    assoc. prof. dipl.-eng. dr.

    nikolay mihaylov

    Chairman of the Board of Directors of

    TRACE gROUP hOlD PlC

    dipl.-eng.Tsvetan Tsonev

    CEO and deputy chairman of the Board

    of Directors of TRACE gROUP hOlD PlC

    dipl.-eng. ivan Hristov

    Chief Administrative and human Resources

    Executive and a member of the Board

    of Directors of TRACE gROUP hOlD PlC

    manol denev

    Commercial Director and a member of the Board of Directors of

    TRACE gROUP hOlD PlC

    miroslav manolov

    Chief legal Adviser and a member of the Board of Directors of

    TRACE gROUP hOlD PlC

    prof. dipl.-eng. dr. ivan Trifonov

    An independent member of the Board

    of Directors of TRACE gROUP hOlD PlC

    academiciananton donchev

    An independent member of the Board

    of Directors of TRACE gROUP hOlD PlC

    bOARD Of DIREcTORS

  • 8 ANNUAL REPORT

    The autonomy of Trace Group Hold plc and its good corporate management are starting points in carrying out major infrastructure projects of international, national and regional importance.

    european quality, efficient conceptions and competitive prices are the advantages of the holding company. Its employees are united by common values, the most important of which are:

    •Sustainability•Excellence•Safety•Innovation•Reliability

    it is important for us to play an efficient role in the development of Bulgaria inside and outside its boundaries by participating in major

    international projects. we guarantee:•High quality in all aspects of our work•Observing the main principles of engineering: safety, reliability, latest technology, efficiency and aesthetics•Preservation of environment and society•Benefits for the clients, contractors and society

    We are proud with establishing creative and professional relations within TRACE gROUP hOlD PlC and we are equally proud with the honest and creative cooperation with suppliers and clients, universities and academic organizations, Bulgarian and foreign companies. These relations are deeply rooted in the mutual respect for personal and cultural differences. Such relations help us to build facilities which make our life easier and better.

    VISION AND VALUES

    Eng. Martin Slavov, European Сommissioner of Regional Policy Paul Sametski, Minister of Regional Development Rosen Plevneliev and the Chairman of the Board of Directors of TRACE gROUP hOlD PlC Prof. Dipl. -Eng. Dr. Nikolay Mihaylov (from left to right)

  • P R O J E c T S

    A c c O M P L I S H E D

  • 10 ANNUAL REPORT

    The new route of Trakia motorway, which is part of Corridor № 8, connects Chirpan with Stara Zagora and provides a direct link between Sofia and Stara Zagora. Improved road conditions and removal of transit traffic increase traffic safety and comfort of passengers, reduce road distances, travel time, transportation and operating costs.

    average per day more than 4700 tons of asphalt were paved. Average per day 4 km of elastic fence was installed. The huge overpass over the railway line Sofia-Burgas (2 x 150 m) was built in less than 180 days and the last overpass at km 209+300 - for thirty days (from 20.08.2007 to 20.09.2007).

    scope of the works: Directly involved in assembly and construction activities throughout the area Orizovo - Stara Zagora km 171+360 to km 210+100 were over 1000 people, 300 trucks and highly specialized road construction equipment. For the fast, efficient and professional project completion were installed

    two mobile asphalt plants with a capacity exceeding 200 tons/hour, and the aggregates were supplied from four fixed and three mobile crushing plants.

    excavations: 8 687 504 m3 embankments: 4 551 830 m3

    Base of crushed stone: 578 500 m3

    asphalt works: 831 805 tBridge structures: 27 piecesconcrete works: 81 112 m3

    reinforcing steel: 2 800 tBridge beams: 606 piecesdrainage: 35 000 mTrenches: 88 000 mculverts: 5 000 mFence: 84 000 mGuard railings: 135 500 m Horizontal marking: 45 000 m2

    landscaping - trees and bushes: 60 000 piecesGrassing: 247 018 m2

    Country: republic of BulgariaProject: Trakia motorway - loT 1 - orizovo - stara Zagora from km 171+360 to km 210+100Construction type: new construction

    Employer: national road agency, republic of BulgariaFinancing: nri Fund, Budget of BulgariaProject budget (EUR): 93 038 943 €Construction started: 04.03.2003Construction completed: 05.10.2007

    TRAkIA MOTORwAy LOT 1

  • ANNUAL REPORT 11

    Country: republic of BulgariaProject: road i-7 “elhovo - Granitovo - lesovo - new Border checkpoint” from km 0+000 to km 20+858Construction type: new construction

    Employer: national road agency, republic of BulgariaFinancing: nri Fund, Budget of BulgariaProject budget (EUR): 19 587 494 €Construction started: 2001Construction completed: 2006

    Basic types of construction and installation work

    performed on site:

    earthworks - 1 592 550 m3

    asphalt works - 98 500 t

    concrete works - 6 860 m3

    crushed-stone surface - 113 950 m3

    drainage system - 18 960 m

    pipe and slab culverts - 1 400 m

    Bridge structures - 10 pieces, of them

    underpasses - 6 pieces, overpasses - 2

    road junction “Trumpet” at km 8+705 - 1 piece

    road junction “Trumpet” at km 4+082 - 1 piece

    ROAD I - 7

  • 12 ANNUAL REPORT

    scope of the works:•Reconstruction of the runway for takeoff and landing•Reconstruction of pathways for taxiing•Reconstruction of aircraft parking lots•Installation of lighting system of runways

    Basic types of construction and installation works performed on site:

    asphalt works - 245 000 tconcrete works - 11 000 m3

    earthworks - 99 189 m3

    Geo-grid placing - 136 000 m2

    drainage system with pipes Ø200, Ø400, Ø500, Ø600, Ø800 - 7 000 m

    Treatment of cracks and joints with polymer-modified paste - 164 495 mlight system - laying 200 km of cablevertical signalizationHorizontal marking - 25 000 mdrilling crossings - 27 pieces, each of 90 m

    military airport “Graf ignatievo” was the largest construction project in Bulgaria in 2001. Its reconstruction was carried out for three months. This allowed the conduct of the largest training program for Eastern Europe by NATO: “Cooperative Key 2001”.

    Country: republic of BulgariaProject: reconstruction of airport “Graf ignatievo”Construction type: reconstructionEmployer: ministry of defence, republic of Bulgaria

    Financing: ministry of defence Fund, Budget of BulgariaProject budget (EUR): 16 783 938 €Construction started: 01.04.2001Construction completed: 01.07.2001

    AIRPORT “GRAf IGNATIEVO”

  • ANNUAL REPORT 13

    scope of the works: Strengthening of landslides in region Kabakum: bus stop “horizont” - bus stop “Pisatel” and Road IV-9003 golden Sands Resort, Varna

    plumbing - 2 148 msewerage - 2 386 mretaining walls - 5 piecespilot structures - 3 piecesanchor structures - 12 490 mdrainage system of horizontal drillings - 2 385 m

    excavation works - 240 000 m3

    embankments - 71 000 m3

    reconstruction of electric power transmission 20 kv - 80 Areconstruction of cable networks - 8 918 malley lightingconcrete works - 13 425 m3

    reinforcing steel - 347 tpavement - 38 800 m3

    asphalt workspusher pump station

    Country: republic of BulgariaProject: strengthening of landslides in the region of tourist complex “chaika”Construction type: strengthening of landslidesEmployer: mrdpW, meWB, republic of Bulgaria

    Financing: mrdpW and meWB fund, Budget of BulgariaProject budget (EUR): 1 148 006 €Construction started: 09.01.2002Construction completed: 09.08.2002

    STRENGTHENING Of LANDSLIDES

  • 14 ANNUAL REPORT

    additional information: The building of the

    Regional historical Museum in Stara Zagora,

    reconstructed from TRACE, received the

    prestigious winning award in the national contest

    “Building of the Year 2009”. The project was

    awarded in category “Buildings with special

    functions” in competition with other 10 buildings,

    including an aqua park, church, clinic, stations

    etc. The national competition is organized under

    the auspices of the MRDPw and with the support

    of professional organizations in architecture and

    construction in Bulgaria.

    Country: republic of BulgariaProject: construction works on the exposition building of regional Historical museum in stara ZagoraConstruction type: construction and reconstruction

    Employer: municipality of stara Zagora, republic of BulgariaFinancing: Budget of municipality stara ZagoraProject budget (EUR): 1 101 913 €Construction started: 12.10.2008Construction completed: 20.08.2009

    HISTORIcAL MUSEUM, STARA zAGORA

  • P R O J E c T S

    I N P R O G R E S S

  • 16 ANNUAL REPORT

    project description:

    •Implementation of structural and architectural

    design of the 3 metro stations; including the

    completion of partially built structures in the

    section „NPC” - Museum “Earth and Man”

    •Construction of two-way district tunnels with

    total length of 2.6 km

    •Development and implementation of

    dispatching systems for traffic management,

    electricity and sanitary facilities

    •Supply and installation of automation equipment for transport management and regulation of train speed

    •Complex equipment and construction of system for traction power by 7 power stations, railway and station facilities

    •Supply and installation of train radio system, dispatching links, audiovisual and other low voltage systems.

    additional information: lOT II has a length of 2.6 km and 3 stations.

    Country: republic of BulgariaProject: sofia metro extension, metro diameter ii, separate loT ii, section patriarh evt. Blvd. - cherni vrah. Blvd.Construction type: : new constructionEmployer: “metropoliten” Jsc

    Financing: sofia municipality, mrdpW, european investment BankProject budget (EUR): 86 914 304 €Construction started: 01.12.2008Construction to be completed: 01.09.2012Stage of construction completed: 32%

    SOfIA METRO ExTENSION

  • ANNUAL REPORT 17

    scope of the works: The extension provides design and construction of 2.150 km railway, 2 metro stations and underground parking lot at two levels with capacity of 1500 places.

    additional information: A part of the tunnels (at the intersection of blvd “A. Malinov” and before blvd. “Tsarigradsko shose”) is built underground according to New Austrian Tunneling Method. The metro stations, the rest of the tunnels and the buffer parking under “Tsarigradsko shose” are being constructed in an open process with reinforced plates.

    The metro station has a central entrance hall, located in the boulevard roadway and entrances to the Expo center and the south side of the boulevard opposite it.

    proceeding from the fact that this avenue is the largest input / output artery of Sofia, we intend to locate the first large parking lot in the capital with real buffer functions in the east of the station under the driveway of the boulevard. Thus, those traveling by car, rather than aggravate traffic and parking in the central part of the capital at very high fees, will prefer to park in the much cheaper buffer parking and through fast and convenient subway travel to go to do their jobs in the city.

    Country: republic of BulgariaProject: sofia metro extension, metro diameter i, section mladost 1 (metro station №13) - Tsarigradsko shose (metro station №19) with underground parking lotConstruction type: new constructionEmployer: “metropoliten” Jsc

    Financing: sofia municipality, mrdpW, european investment BankProject budget (EUR): 113 250 448 €Construction started: 16.02.2009Construction to be completed: 16.05.2012Stage of construction completed: 31%

    SOfIA METRO ExTENSION

  • 18 ANNUAL REPORT

    The project aims at improving water supply and sewerage infrastructure in Sofia. By improving service levels in the water sector, it will supply the population with quality drinking water and free the environment from of untreatable sewage water. The project comprises three sites.

    •continuation of left vladaiski collectorThe route of the collector is about 4 kilometers

    long and ensures the removal of waste-water from urban areas by the collector.

    •construction of new collector Bankya-KakachThe collector, which is 8 km long, transports

    wastewater from the town of Bankya and the adjacent villages and localities into the existing shaft collector “Kakach”.

    •rehabilitation of rila Water-conduitRehabilitation of water-conduit, 200 meters long.

    The water-conduitt will be strengthened hrough injection works in the ground base and filling joints and cracks inside the tube. Restoring the low water channel camera Simeonovo, which is part of Rila water-conduit.

    Country: republic of BulgariaProject: construction of Water supply and sewerage collectors - ii phase, •extension of left vladaiski collector •construction of new collector Bankya-Kakach •rehabilitation of rila Water-conduit

    Employer: mrdpWFinancing: mrdpWProject budget (EUR): 8 248 101 €Construction started: 22.10.2009Construction to be completed: 15.03.2011Stage of construction completed: 61%

    wATER SUPPLy

  • ANNUAL REPORT 19

    Technical parameters of construction

    Gauge of Trakia motorway - a - 29•Two lanes for each direction - 2 x 3.75 m•Guiding strips - 0.75 m •Emergency lanes (each way) - 2 x 2.50 m •Banquets - 2 x 1.25 m•Central reserve - 3.50 m

    main types of work involved in the project: •Earthworks - about 8 million cubic meters•Production of materials and installation of pavement •Bridge structures - 20 pieces•Road junctions - 2 pieces

    •Reconstruction of high voltage transmission lines and TM cables, pipelines, irrigation and drainage facilities

    The project envisages the following construction of the road surface: Asphalt courses:

    •Wearing course of split mastics asphalt - 4 cm •Binder - 6 cm •Bituminous base - 12 cm

    Basic courses: •Cement-stabilized base - 20 cm •Road base of crushed stone - 28 cm

    Country: republic of BulgariaProject: Trakia motorway - loT 2 - stara Zagora - nova Zagora from km 210+100 to km 241+900Construction type: new construction

    Employer: national road agency, mrdpW, republic of BulgariaFinancing: operative program “Transport” 2007-2013Project budget (EUR): 70 491 000 €Construction started: 09.06.2010Construction to be completed: 10.07.2012

    TRAkIA MOTORwAy LOT 2

  • c E R T I f I c A T E S

  • 22 ANNUAL REPORT

    Trace Group Hold plc and consTrucTion company Trace Jsc meet the high criteria set by NATO. The companies are listed in the database of candidates for participation in the NATO international procedures at the Ministry of Economy and Energy. This entitles the companies to tender in the international procurement procedures of the North Atlantic Treaty Organization (NATO) issued by the NATO Agency for Maintenance and Supply (NAMSA). TRACE gROUP hOlD PlC and CONSTRUCTION COMPANY TRACE JSC participated in international tenders organized by countries which are members of NATO: germany, Czech, Belgium and NAMSA as host for non-member countries in NATO: Serbia, Kosovo, Afghanistan and others.

    consTrucTion company Trace Jsc is one of the few companies in Bulgaria which has been issued Certificate for access to classified information to the national level “Secret” and a unique identification number by the State Commission on Information Security (SCIS).

    “Trace Group Hold” plc and “construction company Trace“ Jsc meet the high criteria set by NATO, and are listed in the database of candidates for participation in the NATO international procedures at the Ministry of Economy and Energy. This entitles the companies to tender in the international procurement procedures of the North Atlantic Treaty Organization (NATO) issued by the NATO Agency for Maintenance and Supply (NAMSA). “Trace group hold”PlC and “Construction Company Trace”JSC participated in international tenders organized by countries which are members of NATO: germany, Czech, Belgium and NAMSA as host country for non-member countries in NATO: Serbia, Kosovo Afghanistan and others.

    “construction company Trace” Jsc is one of the few companies in Bulgaria with issued by the State Commission on Information Security (SCIS) “Certificate for access to classified information to the national level” Secret “” and a unique identification number.

    cERTIfIcATES

  • ANNUAL REPORT 23

    investing in our employees is the prime principle of management policy of TRACE

    gROUP hOlD PlC.

    The management of human resources is a leading factor in the corporate policy of

    the group. TRACE gROUP hOlD PlC employs

    highly qualified professionals successfully

    implementing the most complicated projects in

    all construction fields, accordingly completed with

    high quality and in conformity with international

    practices thereof. The management experience

    and professional qualification of experts and

    professionals make possible implementation of

    innovational practices and modern technologies

    when performing infrastructure projects. There

    are over 1000 highly qualified experts working in

    TRACE gROUP hOlD PlC.

    HUMAN RESOURcES

  • f I N A N c I A L

    H I G H L I G H T S

  • 26 ANNUAL REPORT

    Generated operating income in 2009 amounted to 105 608 thousands EUR or 186% more than in 2008 and 157% more than in 2007. The structure of net sales revenue is as follows:

    Тype Thousands EUR

    2009 share % 2008 share % 2007 share %

    Production 1 056 1,00% 3 420 6,01% 9 409 13,94%

    Services 100 644 95,30% 49 253 86,55% 52 681 78,05%

    goods 1 690 1,60% 245 0,43% 540 0,80%

    Others 2 218 2,10% 3 989 7,01% 4 866 7,21%

    Net Sales Revenue 105 608 100% 56 907 100% 67 496 100%

    Net Sales Revenue

    MAIN RESULTS fOR THE yEAR

  • ANNUAL REPORT 27

    incurred expenses amount to 97 370 thousands EUR and are divided into economic elements, as follows:

    Тype Thousands EUR

    2009 share % 2008 share % 2007 share %

    Expenditures on materials 17 019 17,47% 20 827 35,27% 22 679 39,48%

    Expenditures on outside servises 66 487 68,28% 25 380 42,98% 24 512 42,67%

    Expenditures on amortization 2 237 2,30% 3 023 5,12% 2 206 3,84%

    Expenditures on salaries,social allowances

    9 217 9,47% 8 173 13,84% 6 348 11,05%

    Impairment of assets 689 0,71% 295 0,50% 241 0,42%

    Other Expenditures 1 720 1,77% 1 352 2,29% 1 459 2,54%

    Total Expenditures on Activity 97 370 100% 59 051 100% 57 445 100%

    Expenditures on Activity

  • 28 ANNUAL REPORT

    continues the acquiring of framework contracts for assumption of credit commitments from 2008 to 2009 with unicrediT BulBanK for issuing bank guarantees amounting to EUR 12.015 million and EUR 0.76 million overdraft, mKB union BanK – for issuing bank guarantees amounting to EUR 10.70 million, letters of credit amounting to EUR 0.56 million and with FirsT invesTmenT BanK - for issuing of bank guarantees of EUR 12.78 million; with ccB 8.6 million EUR.

    Frame contracts for bank guarantees up to 31.12.2009 /Thousands EUR/

    Name of bank Value of contract limitguarantee in forceup to 31.12.2009

    First Investment Bank 12 782 11 009

    MKB Unionbank 10 737 5 098

    UniCredit Bulbank 12 015 4 019

    Corporate Commercial Bank 8 692 3 185

    Total: 44 227 23 311

    in 2009, Trace Group Hold plc continues its investment policy in respect to construction equipment and machinery. New frame contracts for lease with INTERlEASE JSC and INTERlEASE AUTO JSC amounted to 10 000 thousands EUR.

    Within 2009 the holding has acquired 3 pieces Asphalt-mixing plant CB 150P, Asphalt-mixing plant CB 180, 2 pieces mini front loaders gEhl, 2 pieces Bitumen installations gieb, 6 pieces rollers type hAMM hD 90 and 4 pieces rollers type hAMM hD150TT for laying road pavements, 20 pieces of cars and light trucks.

    long-term investments made in 2009

    INVESTMENT POLIcy

  • ANNUAL REPORT 29

    consolidated profit loss account/ income statement /Thousands EUR/

    2009 2008

    incomenet sales income 105 608 56 907

    Services 100 635 49 255

    Production 975 3 419

    goods 1 771 247

    Others 2 226 3 986

    Financial income 230 613

    Grants provided by the state 25 5

    Total income 105 863 57 525

    expendiTuresexpenditures on activity -97 370 -59 051

    Expenditures on materials -17 019 -20 829

    Expenditures on outside services -66 487 -25 382

    Expenditures on amortization -2 237 -3 025

    Expenditures on salaries, social allowances -9 217 -8 172

    Impairment of assets -689 -292

    Other Expenditures -1 720 -1 351

    corrective amounts -2 017 2 297

    Financial expenditures -2 521 -1 263

    Total expenditures without Taxes -101 908 -58 018

    result from release of fixed assets -12 1 430

    share of results of associated companies 998

    profit/loss before Taxes 4 941 937

    Taxes -654 -283

    profit/loss on continuing activities 4 287 654

    net income 4 287 654

    Basic net profit per share 2,408 0,169

    cONSOLIDATED PROfIT LOSS AccOUNT

  • 30 ANNUAL REPORT

    consolidated Balance sheet /Thousands EUR/

    31.12.2009 31.12.2008 01.01.2008

    asseTsFixed assets

    Property, plant and equipment 26 598 26 068 15 551

    long-term intangible assets 542 579 180

    Non-current financial assets 923 31 3

    Investments according to equity method 1 001 11 10

    Non-current receivables 3 035 15

    Deferred tax assets 611 409 223

    Corporate reputation 229 412 184

    Total Fixed assets 32 940 27 510 16 166

    current assets

    Inventories 5 095 7 385 2 901

    Accounts receivables 68 975 26 989 25 038

    Refundable taxes 2 304 963 252

    Current financial assets 3 165 6 338 10 063

    Cash and cash equivalents 3 258 6 929 5 856

    Total current assets 82 798 48 605 44 110

    ToTal asseTs 115 738 76 115 60 277

    liaBiliTies and equiTylong-term liabilities

    long-term financial liabilities 4 247 4 591 2 333

    long-term payables 2 025 1 187 146

    long-term provisions 126 108 88

    Deferred tax liability 282 287 359

    Total long-term liabilities 6 680 6 172 2 927

    short-term liabilities

    Short-term financial liabilities 8 262 7 048 4 076

    Accounts payable 67 088 32 904 23 862

    Current income tax liabilities 1 249 1 783 1 563

    liabilities to employees 1 779 1 083 923

    Current provisions 827 140

    grants provided by the state 25 31

    Total long-term liabilities 79 206 42 843 30 594

    equity

    Share Equity 1 125 1 125 1 125

    Share Premiums 11 126 11 126 11 126

    Reserve from recalculation -106 -95

    Reserves 9 585 7 560 4 260

    Financial Result 7 954 4 507 7 742

    Holding equity 29 684 24 223 24 254

    uncontrolled share 168 2 876 26 756

    Total equity 29 852 27 099 26 756

    ToTal liaBiliTies and equiTy 115 738 76 115 60 277

    cONSOLIDATED bALANcE SHEET

  • ANNUAL REPORT 31

    Financial ratios /Thousands EUR/

    Coefficients 2009 2008 Difference

    Value Value Value %

    profitability:

    On Equity 0,18 0,02 0,16 1057%

    On Assets 0,05 0,00 0,04 832%

    On Passives 0,06 0,01 0,05 709%

    On Sales Income 0,05 0,01 0,04 664%

    efficiency:

    Of expenditures 1,04 0,99 0,05 5%

    Of incomes 0,96 1,01 -0,05 -5%

    liquidity:

    Total liquidity 1,05 1,13 -0,08 -8%

    quick liquidity 0,98 0,96 0,02 2%

    Instant liquidity 0,08 0,31 -0,23 -74%

    Absolute liquidity 0,04 0,16 -0,12 -75%

    liquidity

    Financial autonomy 0,35 0,50 -0,15 -30%

    leverage/gearing 2,89 2,02 0,87 43%

    fINANcIAL RATIOS

  • w w w . t r a c e b g . c o m