Financial status analysis

Показатель 31.12.2009 31.12.2010 31.12.2011 Change (2011/2010)
Net assets, RUR thous. 28 263 217 29 941 608 31 290 247 +1 348 639
Debt/ Capital and Reserves, % 49.44 49.19 51.07 +1.88
Debt payment coverage, % 127.81 82.87 98,97 +16,1
Receivables turnover (times) 6.63 7.53 10,11 +2.58
Efficiency ratios
Return on assets (%) 2.5 3.78 5.4 1.62
Return on capital (%) 3.74 5.64 8.16 2.52
Financial stability ratio
Equity autonomy ratio 0.67 0.67 0.66 -0.01
Equity/ Debt 2.04 2.05 1.97 -0.08
Receivables/Payables 0.87 0.93 0.86 -0.07
Liquidity ratios
Current liquidity 1.30 1.23 1.00 -0.23
Quick liquidity 1.12 1.06 0.84 -0.22
Debt
Debt 5 583 562 5 537 633 6 064 520 +526 887
Net debt 4 542 354 4 365 572 5 341 834 +976 262
Debt/EBITDA 1.3 1.1 1.02 -0.08
Debt/Equity 0.20 0.19 0.19 0
For information: EBITDA 4 191 790 5 124 403 5 920 814 +796 411

As of 2011 Debt/Capital and Reserves demonstrates positive dynamics. Our debt bondage in 2011 changed insignificantly, financial stability retaining at sufficient level. Borrowed funds comprise long-term borrowings. Other long-term borrowings were formed by advances on connection contracts with execution date over 12 months. Debt payment coverage demonstrates the ability of the Company to discharge its liabilities using its profit and its equivalents. Receivables turnover increase characterizes improvements in debt management. Due to increase of net profit and depreciation, decrease of interest payable and income tax EBITDA (operating cash flow) increased by 15% on 2010. Debt/ EBITDA in 2011 totaled 1.02 that is within the generally accepted limit (not more than 4).

Liquidity ratios characterize the ability of the company to discharge liabilities on short-term obligations. Current liquidity ratio is at the normative level, quick liquidity ratio is at the minimum level (between 0.8 and 1). The Company is able to discharge its credit and debt liabilities retaining financial stability. The Company has a low risk of losing its financial solvency if the debt increases. Financial ratios are among guideline values of the key financial ratios.