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Wimm-Bill-Dann Foods VERTICAL ANALYSIS (In thousands of U.S. dollars)

2007 (%) 2008 (%)

ASSETS

1. Non-current assets

Property, plant and equipment, net 437 320 54,9 459 527

Intangible assets, net 5 027 0,6 7 078

Goodwill 26 291 3,3 32 008

Net investment in direct financing leases

non-current portion 3 895 0,5 3 072

Long-term investments 2 417 0,3 138

Deferred tax assetnon-current portion 7 001 0,9 5 554

Other non-current assets 5 506 0,7 6 153

Net investment in direct financing leases 2 109 0,3 2 335

Other current assets 7 145 0,9 8 915

TOTAL non-current assets 496 711 62,4 524 780

2. Current assets

Cash and cash equivalents 23 791 3,0 93 103 10,1Short-term bank deposits - - 32 164 3,5

Trade accounts and notes receivable 62 210 7,8 59 968 6,5

Inventories 102 039 12,8 130 597 14,2

Taxes receivable 85 578 10,7 61 480 6,7

Advances Paid 19 494 2,4 9 715 1,1

Deffered tax asset 6 265 0,8 8 750 1,0

TOTAL Current Assets 299 377 37,6 395 777 43,0

TOTAL ASSETS 796 088 100,0 920 557 100,0

EQUITY AND LIABILITIES

3. Equity

Common stock 29 908 3,8 29 908 3,2Share pemium account 164 132 20,6 164 132 17,8

Currency translation adjustment 43 905 5,5 29 766 3,2

Retained earnings 132 971 16,7 163 237 17,7

Minority interest 17 327 2,2 24 619 2,7

Deffered taxes - long-term portion 10 268 1,3 15 636 1,7

TOTAL Equity 398 511 50,1 427298,0 46,4

4. Non-current liabilities 0,0 0,0

Long-term loans 7 120 0,9 1 824 0,2

Long-term notes payable 201 709 25,3 254 230 27,6

Other long-term payables 39 294 4,9 26 893 2,9

TOTAL Non-Current Liabilities 248 123 31,2 282 947 30,7

5. Current liabilities 0,0 0,0

Trade accounts payable 62 400 7,8 65 780 7,1

Advances received 3 492 0,4 5 291 0,6

Short-term loans 17 554 2,2 19 554 2,1

Long-term loans, current portion 936 0,1 3 823 0,4

Notes payable - 0,0 49 794 5,4

Taxes payable 13 281 1,7 13 406 1,5

Payroll related accruals 9 604 1,2 11 200 1,2

Government grants - long-term portion 5 156 0,6 3 219 0,3

Other accruals 2 350 0,3 2 717 0,3Government grants - current portion 2 329 0,3 2 174 0,2

Interest accruals 2 737 0,3 3 154 0,3

Other current payables 29 615 3,7 30 200 3,3

TOTAL Current Liabilities 149 454 18,8 210 312 22,8

TOTAL LIABILITIES 397 577 49,9 493 259 53,6


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TOTAL EQUITY AND LIABILITIES 796 088 100,0 920 557 100,0Wimm-Bill-Dann Foods HORIZONTAL ANALYSIS (Thsd USD)

2007 % 2008 %

ASSETS

1. Non-current assets

Property, plant and equipment, net 437 320 100,0 459 527Intangible assets, net 5 027 100,0 7 078

Goodwill 26 291 100,0 32 008

Net investment in direct financing leases

non-current portion 3 895 100,0 3 072

Long-term investments 2 417 100,0 138

Deferred tax assetnon-current portion 7 001 100,0 5 554

Other non-current assets 5 506 100,0 6 153

Net investment in direct financing leases 2 109 100,0 2 335

Other current assets 7 145 100,0 8 915

TOTAL Non-Current Assets 496 711 100,0 524 780

2. Current assets

Cash and cash equivalents 23 791 100,0 93 103 391,3

Short-term bank deposits - 100,0 32 164 -

Trade accounts and notes receivable 62 210 100,0 59 968 96,4

Inventories 102 039 100,0 130 597 128,0

Taxes receivable 85 578 100,0 61 480 71,8

Advances Paid 19 494 100,0 9 715 49,8

Deffered tax asset 6 265 100,0 8 750 139,7

TOTAL Current Assets 299 377 100,0 395 777 132,2

TOTAL ASSETS 796 088 100,0 920 557 115,6

EQUITY AND LIABILITIES3. Equity

Common stock 29 908 100,0 29 908 100,0

Share pemium account 164 132 100,0 164 132 100,0

Cuency translation adjustment 43 905 100,0 29 766 67,8

Retained earnings 132 971 100,0 163 237 122,8

Minority interest 17 327 100,0 24 619 142,1

Deffered taxes - long-term portion 10 268 100,0 15 636 152,3

TOTAL Equity 398 511 100,0 427 298 107,2

4. Non-current liabilities

Long-term loans 7 120 100,0 1 824 25,6

Long-term notes payable 201 709 100,0 254 230 126,0

Other long-term payables 39 294 100,0 26 893 68,4

TOTAL Non-Current Liabilities 248 123 100,0 282 947 114,0

5. Current liabilities

Trade accounts payable 62 400 100,0 65 780 105,4

Advances received 3 492 100,0 5 291 151,5

Short-term loans 17 554 100,0 19 554 111,4

Long-term loans, current portion 936 100,0 3 823 408,4

Notes payable - 100,0 49 794 -

Taxes payable 13 281 100,0 13 406 100,9

Payroll related accruals 9 604 100,0 11 200 116,6Government grants - long-term portion 5 156 100,0 3 219 62,4

Other accruals 2 350 100,0 2 717 115,6

Government grants - current portion 2 329 100,0 2 174 93,3

Interest accruals 2 737 100,0 3 154 115,2

Other current payables 29 615 100,0 30 200 102,0


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TOTAL Current Liabilities 149 454 100,0 210 312 140,7

TOTAL LIABILITIES 397 577 100,0 493 259 124,1

TOTAL EQUITY AND LIABILITIES 796 088 100,0 920 557 115,6


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VODAFONE COMPANY

In Millions of GBP 2008 2009

ASSETS

Current assets:

Cash & Equivalents 451 811

Short Term Investments 1 309 4 316

Accounts Receivables Net 4 121 4 622

Total Inventory 417 412

Prepaid Expenses 2 426 2 868

Non-current assets:

Property/Plant/Equipment 17 802 22 319

Goodwill Net 51 336 53 958

Intangibles Net 18 995 20 980

Long Term Investments 29 912 41 775

Other Long Term Assets 501 638

Total Assets 127 270 152 699

LIABILITIES & EQUITY

Short-term liabilities:

Accounts Payable 2 985 3 178

Accrued Expenses 8 164 9 020

Notes Payable/Short Term Debt 418 69

Current Port, of LT Debt/Capital Leases 4 485 9 592

Other Current liabilities 5 921 6 088

Long-term liabilities:

Long Term Debt 22 775 32 147

Capital Lease Obligations 60 -

Deferred Income Tax 5 109 6 642

Minority Interest -1 572 -1 385

Other Liabilities Total 882 1 186

Total Liabilities 49 227 66 537

Equity:

Common Stock Total 4 182 4 153

Additional Paid-In Capital 143 085 143 247

Retained Earnings (Accumulated Deficit) -71 926 -73 719

Treasury Stock - Common -7 856 -8 036

Other Equity Total 10 558 20 517

Total Equity 78 043 86 162

Total Liabilities & Shareholders' Equity 127 270 152 699


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VODAFONE COMPANY

2008 2009

Assets

Cash 1 760Accounts receivable 4 121

Inventory 417

Non-current assets 67 210

Total 73 508

Equity & Liabilities

Accounts payable 11 149

Short-term debt 10 824Long-term debt 23 717

Equity 27 818

Total 73 508


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Calculations of Working Capital Sufficiency and Liquidity RatiosA (mln.USD)

B (mln.EUR)

C (mln.USD)

D (mln.GBP)

E (mln.USD)

F (mln.GBP)

G (mln.USD)

ASSETS: 2007 2008 2007 2008 2007 2008 2007 2008 2007 2008 2007 2008 2007 2008

Cash 15 731 48 187 11 753 6 820 7 767 5 492 713 683 401 724 7 561 1 760 34 500 32 007

Accounts

eceivable 414 896 400 018 11 356 9 545 2 840 3 642 654 586 2 077 2 288 3 105 4 121 36 450 24 702

nventory 12 897 13 674 2 876 2 533 33 685 35 159 76 112 2 279 2 492 288 417 11 089 11 646

Non-currentssets 352 159 335 890 11 614 20 684 107 295 119 221 9 941 9 911 10 875 10 583 58 096 67 210 160 043 159 697

Total 795 683 797 769 37 599 39 582 151 587 163 514 113 84 11 292 15 632 16 087 69 050 73 508 242 082 228 052

EQUITY & LIABILITIES:

Accounts Payable 21 338 20 819 7 074 5 225 28 484 30 344 723 648 1 730 1 483 8 774 11 149 29 239 21 190

hort-term debt 198 200 197 035 5 291 8 639 23 664 28 134 2 902 2 844 1 273 1 295 10 172 10 824 29 073 27 910

Long-term debt 319 013 330 067 1 090 4 452 37 866 40 428 2 929 2 751 3 147 3 064 17 798 23 717 7 183 7 025

Equity 257 132 249 848 24 144 21 266 61 573 64 608 4 830 5 049 9 482 10 245 32 306 27 818 176 587 171 927

Total 795 683 797 769 37 599 39 582 151 587 163 514 11 384 11 292 15 632 16 087 69 050 73 508 242 082 228 052

WC narrow -95 027 -86 042 12 530 582 -5 111 -4 862 -1 393 -338

-25

790 16 544 12 230

WC trad 223 986 244 025 13 620 5 034 -2 182 -2 111 1 754 2 726 -7 992 23 727 19 255

WC broad 422 186 441 060 18 911 13 673 720 733 3 027 4 021 2 180 52 800 47 165

Sufficiency of WC

Narrow definition -107924 -99716 9 654 -1 951 -5 187 -4 974 -3 672 -2 830

-26

078 5 455 584Traditional

efinition 211089 230351 10 744 2 501 -2 258 -2 223 -525 234 -8 280 12 638 7 609

Broad definition 409289 427386 16 035 11 140 644 621 748 1 529 1 892 41 711 35 519

Liquidity ratio

Cash ratio 0,071655 0,221189 0,950505 0,491922 0,19669 0,19559 0,133533 0,260619 0,591645 0,651874

Quick ratio 1,961515 2,057364 1,868904 1,180395 0,377103 0,363402 0,825175 1,084233 1,216731 1,154969

Current ratio 2,020261 2,120131 2,101496 1,363099 0,398069 0,395475 1,584083 1,981281 1,406897 1,392159


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DATA FOR FINANCIAL CYCLE CALCULATIONS

Balance Sheet Averages (in mln of EUR)

A B C D E F G

Cash 31 959 9 287 6 630 698 563 4 661 33 254

Accounts

Receivable 407 457 10 451 3 241 620 2 183 3 613 30 576

Inventory 13 286 2 705 34 422 94 2 386 353 11 368

Non-current

Assets 344 025 16 149 113 258 9 926 10 729 109 818 159 870

Total: 796 726 38 591 157 551 11 338 15 860 118 444 235 067

Accounts Payable 21 079 6 150 29 414 686 1 607 5 880 25 215

Short-Term Debt 197 618 6 965 25 899 2 873 1 284 14 580 28 492

Long-Term Debt 324 540 2 771 39 147 2 840 3 106 20 317 7 104Equity 253 490 22 705 63 091 4 940 9 864 77 668 174 257

Total: 796 726 38 591 157 551 11 338 15 860 118 444 235 067

Aggregated Income Statement

Revenue 182 515 50 710 378 476 8 758 23 754 35 478 477 359

COGS

(109 981

)

(33 337

)

(286 350

) (6 244)

(19 723

)

(21 890

) (321 867)

Expenses (10 731) (5 664) (70 174) (937) (625) (6 389) (57 592)

Net income 17 410 3 988 12 731 712 2 112 6 660 45 220

Calculation of Purchases

COGS+Expenses 120 712 39 001 356 524 7 181 20 348 28 279 379 459

Inventory change 777 -343 1 474 36 213 129 557

Total Purhases 121 489 38 658 357 998 7 217 20 561 28 408 380 016

Financial Cycle Calculation

A B C D E F G

1. Inventory

Turnover 14,42 10,36 8,53 33,38

1.1 Days inInventory 25,31 35,24 42,79 10,93

2. Accounts

receivable

Turnover 4,85 116,78 10,88 15,61

2.1 Days in AR 75,22 3,13 33,54 23,38

3. Accounts

payable

Turnover 6,29 12,17 12,80 15,07

3.1 Days in AP 58,06 29,99 28,52 24,22

1.1 +

2.1

Operating

Cycle 100,53 38,37 76,33 34,311.1+2.1

3.1

Financial

Cycle 42,47 8,38 47,81 10,10


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JSC AvtoVAZ

BALANCE SHEET

ASSETS 01.01.06 01.01.07 01.01.08 01.01.09

Non-current assets 39 819 50 832 68 605 69 232

Inventory 9 202 11 687 12 778 21 347Accounts receivable 13 467 8 515 8 908 6 526

Short-term financial investments 5 820 5 581 3 298 2 855

Cash 696 741 592 695

BALANCE 69 004 77 356 94 181 100 655

EQUITY & LIABILITIES

Equity 17 292 23 972 45 540 46 744

Long-term debt 25 369 25 193 21 736 22 158

Short-term debt 5 257 4 531 4 286 9 638

Accounts payable 21 086 23 660 22 619 22 115

BALANCE 69 004 77 356 94 181 100 655

INCOME STATEMENT

2006 2007 2008

Sales revenue 66 931 91 783 92 270

Cost of goods sold (55 448) (74 830) (79 986)

Gross profit 11 483 16 953 12 284

General, administrative, and marketing expenses (1 637) (1 971) (2 440)

Operating profit 9 846 14 982 9 844

Interest income 3 41 13

Interest expense (275) (776) (874)

Other operating income 17 15 32

Other gains and losses (7 398) (2 285) (6 210)

Earnings before taxes 2 193 11 977 2 805

Profit tax (526) (2 874) (673)

Net income 1 667 9 103 2 132


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Table 1

ROTA 2006 2007 2008

Average total assets (T) 73 180

EBI

Net income NI 1 667

Interest expense i 275Profit tax rate t 0,24

Adjusted interest - i' 209

EBI 1 876

ROTA 2,56%

Table 2

Assets 01.01.06 01.01.07 01.01.08 01.01.09

Net assets (NA) 47 918 53 696

RONA 2000 2001 2002

Average net assets (N) 50 807

EBI 1 876

ROTA 3,69%

Table 3

Assets 01.01.06 01.01.07 01.01.08 01.01.09

Operating assets (OA) 63 184 71 775

Financial assets (FA) 5 820 5 581

Balance 69 004 77 356


Equity (E) 17 292 23 972

Financial obligations (FO) 30 626 29 724

Operating obligations (OO) 21 086 23 660

Balance 69 004 77 356

Table 4

Assets 01.01.06 01.01.07 01.01.08 01.01.09

Net operating assets

(NOA = A) 42 098 48 115

Balance 42 098 48 115

Equity & LiabilitiesEquity (E) 17 292 23 972

Net financial obligations (NFO = D) 24 806 24 143

Balance 42 098 48 115

Table 5

2006 2007 2008

Interest income 3

Interest expense 275

Net interest 272


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Table 6

RNOA 2006 2007 2008

Average net operating assets (N) 45 107

EBI

Net income 1 667Net interest 272

Profit tax rate 0,24

Adjusted interest - i' 207

EBI 1 873

RNOA 4,15%

Table 7

ROA 2006 2007 2008

ROTA 2,56%

RONA 3,69%

RNOA 4,15%


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THE MAIN FINANCIAL DRIVERS AND FINANCIAL LEVARAGE

Table 8

2006 2007 2008

1. Data

1.1. Average net operating assets NOA 45 107

1.2. Earnings before interest EBI 1 8731.3. Sales S 66 931

2. Calculations

2.1. Return on net operating assets RNOA 4,15%

2.2. Operating profit margin OPM 2,8%

2.3. Assets turnover ATO 1,48

Table 10

ROE 2006 2007 2008

Equity (E) 17 292 23 972 45 540

Net income (NI) 1 667 9 103 2 132

ROE 9,64% 37,9% 4,68%

Table 11

2006 2007 2008

1. Adjusted interest expense i*(1-t) i 207 559 654

2.

Average Debt (average net financial

obligations) D 24 475 23 434 25 833

3. Cost of Debt COD 0,84% 2,38% 2,5%

Table 12

2006 2007 20081. Average assets 45 107 58 190 71 975

2. Average equity 20 632 34 756 46 142

3. Average debt D 24 475 23 434 25 833

2006 2007 2008

1. Return on equity ROE 9,64%

2. Return on net operating assets RNOA 4,15%

Financial leverage:

3. Spread (RNOA-COD) 3,31%

4. Debt/Equity ratio D/E 1,195. Level of financial leverage effect 3,94%


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CASE TOY COMPANY

Company manufactures toys and souvenirs. It was founded 5 years ago buy John Smith. John

is a talented researcher in the field, he has several patents on the toys and souvenirs he created.

The company which was founded in a small room now has become a well developing company.

There are 400 employees working, from 2006 there is a personal human resource department, IT

department, etc. In 2007 there was made property, plant & equipment renovation. John decided

to concentrate the strategy of the company on sales increase by stimulation of employees

(bonuses, % from sales) and by entering new markets. The demand on the companys finished

goods is really high. It helps the company to have high prices on the products, but some non-

legal imitations have appeared on the market.

Personnel: John uses the strategy of happy corporate family. Key managers are

employees who started within the company from the very beginning.

John thinks about IPO, but he has come to a conclusion that his company is quite small,

and the market will not be able to evaluate his company fairly. So he decided to finance his

company by reinvestment of retained earnings and obtaining new loans from banks.

Task:Make a short, but clear report on financial situation of the company for the owner in 2006-2007.

Show the main problems of the company by calculating the needed ratios.

Try to explain the ways of solving the problems.

Income Statement

2005 2006 2007

Revenue 10 000 16 000 25 600

COGS (5 000) (8 800) (14 592)

Profit margin 5 000 7 200 11 008

Marketing and sales

expenses

(1 000) (2 720) (5 120)

General and

administrative

expenses

(800) (1 200) (1 400)

Operating profit 3 200 3 280 4 488

Interest expenses (500) (500) (750)

EBT 2 700 2 780 3 738

Tax (540) (556) (748)

Net Income 2 160 2 224 2 990


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Balance Sheet (data at the end of the year)

2005 2006 2007

Assets

Non-current assets 5 000 5 500 8 000

Current assets:

Inventory 959 1 929 3 598

Accounts

receivable

1 644 2 849 4 910

Cash 514 531 506

Total current assets 3 116 5 309 9 013

Total assets 8 116 10 809 17 013


Equity 500 500 500

Retained earnings 2 000 4 224 7 214

Total equity 2 500 4 724 7 714

Liabilities

Long-term loans 4 000 4 000 5 000

Short-term liabilities

Short-term

loans

1 000 1 000 2 500

Accounts

payable

616 1 085 1 799

Total short-term

liabilities

1 616 2 085 4 299

Total liabilities and

equity

8 116 10 809 17 013


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CASE YUKOS.

At the beginning of 1999 the market of common shares of oil company Yukos was almost

illiquid: the ask price was about 0,68 RUR for a share, a bid price was about 14,45 RUR for a

share. As the spread between ask and bid prices was so huge, there was not registered a single

transaction of shares of this company in January-February of 1999.

Task: calculate the fundamental value of share price of oil company Yukos as for the

beginning of 1999 and make conclusion about over- (under) evaluation of this company on the

base of two scenarios.

Scenario 1. Investors could forecast the increase of oil prices at the end of 1999 2000 years and

the residual income of Yukos respectively in 1999 2001. In this scenario we assume that the

residual income of Yukos from the year 2002 will be at the same level (no growth rate).

Scenario 2. Investors could forecast net income of Yukos only in 1999, and then assumed that

in 2000-2001 the annual growth rate of net income will be 25%, from the year 2002 residualincome will be at the level of 2001.

For both scenarios assume that ke equals 60%, the amount of common shares is 2 237 mln. The

balance value of equity on 01.01.1999 is 9861 mln.RUR.

The data on real net income of the company is presented in the table:

1999 year 2000 year 2001 year

31 115 111 300 104 660

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