ANNUAL REPORT OF âTRANSGAZâ MANAGEMENT INDIVIDUAL ...
ANNUAL REPORT OF âTRANSGAZâ MANAGEMENT INDIVIDUAL ... ANNUAL REPORT OF âTRANSGAZâ MANAGEMENT INDIVIDUAL ...
SNTGN “TRANSGAZ” SA Medias Annual Management Report for 2007 The synthesis of the financial results on December 31 st , 2007 as compared to the revenue and expense budget is illustrated in the table below: *thousand lei* Tag REB Achieved Ratios Name no. 2007 2007 (%) 0 1 2 3 4=3/2x100 1. Operating revenues 1,048,330.44 1,051,656.69 100.32 2. Financial revenues 12,053.98 12,580.30 104.37 3. TOTAL REVENUES 1,060,384.42 1,064,236.98 100.36 4. Operating expenses 800,410.87 780,369.56 97.50 5. Financial expenses 12,106.07 14,537.20 120.08 6. TOTAL EXPENSES 812,516.94 794,906.76 97.83 7. GROSS RESULT, of which: 247,867.48 269,330.22 108.66 from operation 247,919.57 271,287.13 109.43 from financial activities -52.09 -1,956.91 8. Tax on profit 39,997.14 45,323.76 113.32 9. NET PROFIT 207,870.34 224,006.45 107.76 The total revenues corresponding to 100.36% as opposed to the provisions of the REB, incur an excess of lei 3,852.57 thousand. The total expenses incurred at the end of the financial year, of 97.83%, as opposed to the approved forecast, were by lei 17,610.18 thousand lower than as provided in the Revenue and Expense Budget. The gross profit was achieved 108.66% compared to the forecast, by lei 21,462.74 thousand higher than as provided in the REB. The tax on profit, of 113.32%, increased by lei 5,326.62 thousand, and the net profit, of 107.76%, was by lei 16,136.12 thousand higher than forecasted. The steady increase in tax on profit compared with the increase in profit is due to the influence of undeductible expenses (provisions for slow paying customers, rights granted upon retirement, constituted on December 31 st , 2007, social expenses exceeding the legal deductibility limit, granted under the collective labour contract). The topping of the estimated profit was triggered by the following factors: savings in expenses – a favourable influence of lei 17,610.18 thousand; revenue exceeding - a favourable influence of lei 3,852.56 thousand. Transgaz achievements within the analysed period are reflected in the evolution of the following ratios: Page 10 of 54
SNTGN “TRANSGAZ” SA Medias Annual Management Report for 2007 Tag no. 1. Profitability ratio a) EBITDA in total sales b) EBITDA in own capital c) Rate of gross profit d) Rate of return on capital 2. Liquidity ratios a) Current liquidity ratios b) Quick liquidity ratio 3. Risk ratios a) Leverage ratio b) Interest coverage rate 4. Activity ratios a) speed of debit - customers b) speed of credit - suppliers Ratio Calculation formula 2005 2006 2007 EBITDA Turnover EBITDA Own capital Gross profit Turnover Net profit Own capital Floating assets Short term liabilities Floating assets - Stocks Short term liabilities Loan capital Own capital EBIT Interest expenses 32.99% 40.95% 34.17% 24.58% 31.07% 22.65% 22.73% 31.49% 25.93% 13.40% 19.85% 14.30% 0.89 0.95 1.84 0.75 0.82 1.74 0.18 0.11 0.08 11.72 20.45 23.08 Customer average balance x 365 days 115.60 99.95 91.85 Turnover Supplier average balance x365 days 50.47 50.01 39.33 Turnover Evolution of profitability ratios The profitability ratios indicate the efficiency of a company’s activity, i.e. the company’s ability to gain profit of the resources available each year. 60.00% 40.00% 20.00% 0.00% 2005 2006 2007 EBITDA/turnover 32.99% 40.95% 34.17% EBITDA/own capital 24.58% 31.07% 22.65% Gross profit/turnover 22.73% 31.49% 25.93% Net profit /own capital 13.40% 19.85% 14.30% Page 11 of 54
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SNTGN “TRANSGAZ” SA Medias Annual Management Report for 2007<br />
Tag<br />
no.<br />
1. Profitability ratio<br />
a) EBITDA in total sales<br />
b) EBITDA in own capital<br />
c) Rate of gross profit<br />
d) Rate of return on capital<br />
2. Liquidity ratios<br />
a) Current liquidity ratios<br />
b) Quick liquidity ratio<br />
3. Risk ratios<br />
a) Leverage ratio<br />
b) Interest coverage rate<br />
4. Activity ratios<br />
a) speed of debit - customers<br />
b) speed of credit - suppliers<br />
Ratio Calculation formula 2005 2006 2007<br />
EBITDA<br />
Turnover<br />
EBITDA<br />
Own capital<br />
Gross profit<br />
Turnover<br />
Net profit<br />
Own capital<br />
Floating assets<br />
Short term liabilities<br />
Floating assets - Stocks<br />
Short term liabilities<br />
Loan capital<br />
Own capital<br />
EBIT<br />
Interest expenses<br />
32.99% 40.95% 34.17%<br />
24.58% 31.07% 22.65%<br />
22.73% 31.49% 25.93%<br />
13.40% 19.85% 14.30%<br />
0.89 0.95 1.84<br />
0.75 0.82 1.74<br />
0.18 0.11 0.08<br />
11.72 20.45 23.08<br />
Customer average balance x<br />
365 days 115.60 99.95 91.85<br />
Turnover<br />
Supplier average balance x365<br />
days 50.47 50.01 39.33<br />
Turnover<br />
Evolution of profitability ratios<br />
The profitability ratios indicate the efficiency of a company’s activity, i.e. the<br />
company’s ability to gain profit of the resources available each year.<br />
60.00%<br />
40.00%<br />
20.00%<br />
0.00%<br />
2005 2006 2007<br />
EBITDA/turnover 32.99% 40.95% 34.17%<br />
EBITDA/own capital 24.58% 31.07% 22.65%<br />
Gross profit/turnover 22.73% 31.49% 25.93%<br />
Net profit /own capital 13.40% 19.85% 14.30%<br />
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