financial statement analysis for sidenor s.a. efstratios patsatzis mba canditate supervisor dr....
TRANSCRIPT
![Page 1: Financial Statement Analysis for SIDENOR S.A. Efstratios Patsatzis MBA Canditate Supervisor Dr. Nicos Sykianakis](https://reader035.vdocuments.mx/reader035/viewer/2022062308/56649e585503460f94b521a6/html5/thumbnails/1.jpg)
Financial Statement Analysis for SIDENOR S.A.
Efstratios PatsatzisMBA Canditate
SupervisorDr. Nicos Sykianakis
![Page 2: Financial Statement Analysis for SIDENOR S.A. Efstratios Patsatzis MBA Canditate Supervisor Dr. Nicos Sykianakis](https://reader035.vdocuments.mx/reader035/viewer/2022062308/56649e585503460f94b521a6/html5/thumbnails/2.jpg)
Presentation key points
Sector – Main Competitors The Company
(History, Products, Shareholders, Structure) Financial Statements of SIDENOR S.A. Financial Statement Analysis
![Page 3: Financial Statement Analysis for SIDENOR S.A. Efstratios Patsatzis MBA Canditate Supervisor Dr. Nicos Sykianakis](https://reader035.vdocuments.mx/reader035/viewer/2022062308/56649e585503460f94b521a6/html5/thumbnails/3.jpg)
Presentation key points
Liquidity Ratios Turnover Ratios Return Ratios Capital Structure Ratios Investor Ratios Conclusions
![Page 4: Financial Statement Analysis for SIDENOR S.A. Efstratios Patsatzis MBA Canditate Supervisor Dr. Nicos Sykianakis](https://reader035.vdocuments.mx/reader035/viewer/2022062308/56649e585503460f94b521a6/html5/thumbnails/4.jpg)
Sector – Main Competitors
SectorSteel production and trading sector
Main Competitors“HELLENIC HALYVOURGIA”“HALYVOURGIKI”
![Page 5: Financial Statement Analysis for SIDENOR S.A. Efstratios Patsatzis MBA Canditate Supervisor Dr. Nicos Sykianakis](https://reader035.vdocuments.mx/reader035/viewer/2022062308/56649e585503460f94b521a6/html5/thumbnails/5.jpg)
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”
![Page 6: Financial Statement Analysis for SIDENOR S.A. Efstratios Patsatzis MBA Canditate Supervisor Dr. Nicos Sykianakis](https://reader035.vdocuments.mx/reader035/viewer/2022062308/56649e585503460f94b521a6/html5/thumbnails/6.jpg)
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.
![Page 7: Financial Statement Analysis for SIDENOR S.A. Efstratios Patsatzis MBA Canditate Supervisor Dr. Nicos Sykianakis](https://reader035.vdocuments.mx/reader035/viewer/2022062308/56649e585503460f94b521a6/html5/thumbnails/7.jpg)
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.
![Page 8: Financial Statement Analysis for SIDENOR S.A. Efstratios Patsatzis MBA Canditate Supervisor Dr. Nicos Sykianakis](https://reader035.vdocuments.mx/reader035/viewer/2022062308/56649e585503460f94b521a6/html5/thumbnails/8.jpg)
SIDENOR S.A. - Products
SD Integrated Concrete Reinforcing System
Merchant Bars Wire Rod Pipes - Hollow Sections Hot-Rolled Steel Plates Special Steels
![Page 9: Financial Statement Analysis for SIDENOR S.A. Efstratios Patsatzis MBA Canditate Supervisor Dr. Nicos Sykianakis](https://reader035.vdocuments.mx/reader035/viewer/2022062308/56649e585503460f94b521a6/html5/thumbnails/9.jpg)
SIDENOR S.A. - Structure
![Page 10: Financial Statement Analysis for SIDENOR S.A. Efstratios Patsatzis MBA Canditate Supervisor Dr. Nicos Sykianakis](https://reader035.vdocuments.mx/reader035/viewer/2022062308/56649e585503460f94b521a6/html5/thumbnails/10.jpg)
SIDENOR S.A. - Shareholders
![Page 11: Financial Statement Analysis for SIDENOR S.A. Efstratios Patsatzis MBA Canditate Supervisor Dr. Nicos Sykianakis](https://reader035.vdocuments.mx/reader035/viewer/2022062308/56649e585503460f94b521a6/html5/thumbnails/11.jpg)
Financial StatementsStatement of Financial Position
![Page 12: Financial Statement Analysis for SIDENOR S.A. Efstratios Patsatzis MBA Canditate Supervisor Dr. Nicos Sykianakis](https://reader035.vdocuments.mx/reader035/viewer/2022062308/56649e585503460f94b521a6/html5/thumbnails/12.jpg)
Financial StatementsStatement of Comprehensive Income
![Page 13: Financial Statement Analysis for SIDENOR S.A. Efstratios Patsatzis MBA Canditate Supervisor Dr. Nicos Sykianakis](https://reader035.vdocuments.mx/reader035/viewer/2022062308/56649e585503460f94b521a6/html5/thumbnails/13.jpg)
Financial StatementsCash Flow Statement
![Page 14: Financial Statement Analysis for SIDENOR S.A. Efstratios Patsatzis MBA Canditate Supervisor Dr. Nicos Sykianakis](https://reader035.vdocuments.mx/reader035/viewer/2022062308/56649e585503460f94b521a6/html5/thumbnails/14.jpg)
Financial StatementsCash Flow Statement
![Page 15: Financial Statement Analysis for SIDENOR S.A. Efstratios Patsatzis MBA Canditate Supervisor Dr. Nicos Sykianakis](https://reader035.vdocuments.mx/reader035/viewer/2022062308/56649e585503460f94b521a6/html5/thumbnails/15.jpg)
Financial StatementsStatement of Financial Position
Fixed Assets / Total Assets360.770.511 / 593.401.564 = 0,6080 or 60,80%
Current Assets / Total Assets232.631.053 / 593.401.564 = 0,3920 or 39,20%
(Note: Intangible Assets / Total Assets equals zero)
![Page 16: Financial Statement Analysis for SIDENOR S.A. Efstratios Patsatzis MBA Canditate Supervisor Dr. Nicos Sykianakis](https://reader035.vdocuments.mx/reader035/viewer/2022062308/56649e585503460f94b521a6/html5/thumbnails/16.jpg)
Financial StatementsLiquidity Ratios
Current RatioCR = Current Assets / Current Liabilities232.631.053 / 274.675.258 = 0,846Quick RatioQR = Current Assets - Inventories / Current
Liabilities150.967.120 / 274.675.258 = 0,549
![Page 17: Financial Statement Analysis for SIDENOR S.A. Efstratios Patsatzis MBA Canditate Supervisor Dr. Nicos Sykianakis](https://reader035.vdocuments.mx/reader035/viewer/2022062308/56649e585503460f94b521a6/html5/thumbnails/17.jpg)
Financial StatementsLiquidity Ratios
Acid RatioAR = Cash / Current Liabilities
8.320.061 / 274.675.258 = 0,030
![Page 18: Financial Statement Analysis for SIDENOR S.A. Efstratios Patsatzis MBA Canditate Supervisor Dr. Nicos Sykianakis](https://reader035.vdocuments.mx/reader035/viewer/2022062308/56649e585503460f94b521a6/html5/thumbnails/18.jpg)
Financial StatementsTurnover Ratios
Inventory Turnover Ratio
ITR = Cost of Sales / Avg. Inventory232.381.323 / 111.739.687 = 2,1times / year
Days in Inventory = 365 / 2.1 = 174days
![Page 19: Financial Statement Analysis for SIDENOR S.A. Efstratios Patsatzis MBA Canditate Supervisor Dr. Nicos Sykianakis](https://reader035.vdocuments.mx/reader035/viewer/2022062308/56649e585503460f94b521a6/html5/thumbnails/19.jpg)
Financial StatementsTurnover Ratios
Receivables Turnover Ratio
RTR = Sales / Avg. Receivables276.530.121 / 49.460.084 = 5,57times / year
Days in Accounts Receivables = 365 / 5,57 = 66days
![Page 20: Financial Statement Analysis for SIDENOR S.A. Efstratios Patsatzis MBA Canditate Supervisor Dr. Nicos Sykianakis](https://reader035.vdocuments.mx/reader035/viewer/2022062308/56649e585503460f94b521a6/html5/thumbnails/20.jpg)
Financial StatementsTurnover Ratios
Accounts Payable Turnover Ratio(Purchases = Cost of Sales - Ending Inventory + Starting Inventory)
PTR = Purchases / Avg. Payable235.730.038 / 98.467.193,5 = 2,39times / year
Days in Suppliers = 365 / 2,83 = 153days
![Page 21: Financial Statement Analysis for SIDENOR S.A. Efstratios Patsatzis MBA Canditate Supervisor Dr. Nicos Sykianakis](https://reader035.vdocuments.mx/reader035/viewer/2022062308/56649e585503460f94b521a6/html5/thumbnails/21.jpg)
Financial StatementsTurnover Ratios
Inventory Conversion Cycle240 days
Net Cash Conversion Cycle87 days
![Page 22: Financial Statement Analysis for SIDENOR S.A. Efstratios Patsatzis MBA Canditate Supervisor Dr. Nicos Sykianakis](https://reader035.vdocuments.mx/reader035/viewer/2022062308/56649e585503460f94b521a6/html5/thumbnails/22.jpg)
Financial StatementsCash Flow Analysis
Cash Flow from Operating Activities
CF(OA) = - 49.589.580
(CFoa < Current Liabilities)
![Page 23: Financial Statement Analysis for SIDENOR S.A. Efstratios Patsatzis MBA Canditate Supervisor Dr. Nicos Sykianakis](https://reader035.vdocuments.mx/reader035/viewer/2022062308/56649e585503460f94b521a6/html5/thumbnails/23.jpg)
Financial StatementsCash Flow Analysis
Cash Flow from Investing Activities
CF(IA) = - 5.818.290
Cash flow from Financing Activities
CF(FA) = 33.497.870
![Page 24: Financial Statement Analysis for SIDENOR S.A. Efstratios Patsatzis MBA Canditate Supervisor Dr. Nicos Sykianakis](https://reader035.vdocuments.mx/reader035/viewer/2022062308/56649e585503460f94b521a6/html5/thumbnails/24.jpg)
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
![Page 25: Financial Statement Analysis for SIDENOR S.A. Efstratios Patsatzis MBA Canditate Supervisor Dr. Nicos Sykianakis](https://reader035.vdocuments.mx/reader035/viewer/2022062308/56649e585503460f94b521a6/html5/thumbnails/25.jpg)
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%
![Page 26: Financial Statement Analysis for SIDENOR S.A. Efstratios Patsatzis MBA Canditate Supervisor Dr. Nicos Sykianakis](https://reader035.vdocuments.mx/reader035/viewer/2022062308/56649e585503460f94b521a6/html5/thumbnails/26.jpg)
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%
![Page 27: Financial Statement Analysis for SIDENOR S.A. Efstratios Patsatzis MBA Canditate Supervisor Dr. Nicos Sykianakis](https://reader035.vdocuments.mx/reader035/viewer/2022062308/56649e585503460f94b521a6/html5/thumbnails/27.jpg)
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)
![Page 28: Financial Statement Analysis for SIDENOR S.A. Efstratios Patsatzis MBA Canditate Supervisor Dr. Nicos Sykianakis](https://reader035.vdocuments.mx/reader035/viewer/2022062308/56649e585503460f94b521a6/html5/thumbnails/28.jpg)
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
![Page 29: Financial Statement Analysis for SIDENOR S.A. Efstratios Patsatzis MBA Canditate Supervisor Dr. Nicos Sykianakis](https://reader035.vdocuments.mx/reader035/viewer/2022062308/56649e585503460f94b521a6/html5/thumbnails/29.jpg)
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
![Page 30: Financial Statement Analysis for SIDENOR S.A. Efstratios Patsatzis MBA Canditate Supervisor Dr. Nicos Sykianakis](https://reader035.vdocuments.mx/reader035/viewer/2022062308/56649e585503460f94b521a6/html5/thumbnails/30.jpg)
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
![Page 31: Financial Statement Analysis for SIDENOR S.A. Efstratios Patsatzis MBA Canditate Supervisor Dr. Nicos Sykianakis](https://reader035.vdocuments.mx/reader035/viewer/2022062308/56649e585503460f94b521a6/html5/thumbnails/31.jpg)
Financial Statement AnalysisConclusions
Disability to cover short-term debt Large amount of Inventory held Long period in Accounts Receivables Negative Cash Flow from OA
![Page 32: Financial Statement Analysis for SIDENOR S.A. Efstratios Patsatzis MBA Canditate Supervisor Dr. Nicos Sykianakis](https://reader035.vdocuments.mx/reader035/viewer/2022062308/56649e585503460f94b521a6/html5/thumbnails/32.jpg)
Financial Statement AnalysisConclusions
Negative ROTA, ROE, Return on Sales Losses per Share Financing Conflict