Liquidity ratio depicts the ability of the company to discharge short-term liabilities. Absolute liquidity ratio, as of 31.12.2014, totaled 0.2 and demonstrates that money and short-term financial investments cover 20% of short-term liabilities of the Company. Acid-test ratio, in comparison to 2013, was reduced by 0.1. Current liquidity ratio, in comparison to 2013, decreased by 0.14. A downward trend of the indicators, in comparison to the previous year, was influenced by increased short-term liabilities due to reclassification of long-term loans and borrowings into short-term ones since the maturity dates became closer as well as were influenced by estimated liabilities on abortive trials as of the reported date. Working capital financed by equity/total assets ratio has a negative value and underwent no considerable changes for the last three years.
Financial soundness indicators demonstrate the dependence on borrowed funds and determine risks for creditors. Equity/Total Assets ratio shows the share of equity in overall assets of the Company. By the end of 2014 the ratio has undergone no changes. Overall Debt/EBITDA demonstrates the Company's debt and the ability of the Company to pay the debts to creditors using cash from operations. The indicator in 2014 totaled 1.67. The decrease, in comparison to the previous year, was affected by increased EBITDA.
In comparison to 2013 efficiency ratios declined. The volatility of the indicators was influenced by receivables and payables growth ratios. The Company is able to discharge its liabilities in full without losing its financial stability.
|Absolute liquidity ratio||0.20||0.12||0.20||0.08|
|Current liquidity ratio||0.94||0.93||0.79||-0.14|
|Working capital financed by equity to total assets ratio||-0.08||-0.09||-0.27||-0.18|
|Financial soundness ratios|
|Equity/Total Assets ratio||0.62||0.56||0.53||-0.03|
|Overall Debt/ EBITDA||2.04||2.24||1.67||-0.57|
|Profitability performance profile|
|Return on Equity (ROEReturn on equity)||2.01||1.51||6.24||4.73|
|Return on Total Assets (ROTA)||1.62||2.17||3.97||1.80|
|Receivables and payables growth ratio||0.77||1.38||1.01||-0.37|
|Joint receivables and payables ratio||0.67||0.90||0.87||-0.03|
|Most liquid receivables and payables ratio||1.11||1.54||1.80||0.26|