The cash ratio did not change in 2013, while the current ratio improved, showing a better balance-sheet liquidity in the period under review, which is a positive factor.
The equity ratio the Company had in 2013 is a sign of a strong financial stability (within the acceptable range) and a low degree of dependence on external financing; it also shows that the Company has enough assets to cover any liabilities without external financing.
The return on equity increased, compared to 2012. The change was due to a 1.7 times increase in JSC FPC’s net profit.
| Indicators | 2011 | 2012 | 2013 |
|---|---|---|---|
| General indicators | |||
| EBITDA, RUB billion | 18.6 | 21.5 | 22.7 |
| EBITDA margin, % | 11.0% | 11.8% | 11.6% |
| Fixed asset turnover (sales / fixed assets), roubles | 1.05 | 1.13 | 1.11 |
| Liquidity | |||
| Cash ratio | 0.20 | 0.46 | 0.46 |
| Current ratio | 0.75 | 0.85 | 0.88 |
| Equity ratio | 0.83 | 0.79 | 0.80 |
| Profitability | |||
| Return on sales (adjusted to subsidies) | 3.39% | 4.20% | 5.03% |
| Return on equity, ROE | 0.07% | 1.49% | 2.45% |
| Return on assets, ROA | 0.03% | 1.21% | 1.94% |
| EBITDA to sales growth ratio | 0.93 | 1.07 | 1.02 |
| Liabilities | |||
| Liabilities to total assets ratio | 0.17 | 0.21 | 0.20 |
| Degree of financial leverage, DFL (debt to equity ratio) | 0.01 | 0.27 | 0.26 |
| Total debt to EBITDA ratio | 0.05 | 0.40 | 0.50 |
| Total debt to sales ratio | 0.01 | 0.05 | 0.06 |