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The topic of
Security analysis & portfolio management
(sapm)
On the concept of
Portfolio management & investment decision
By the individual (retail investor)
Banking
Steel industry
Tyre industry
Banking is the largest going service sector in India. The efficiency of public as well as
private sector is improving day by day, with increase in education level as well as
increase in habits in people these sectors touches the height of glory.
Steel Manufacturing industries are also very wide are where the development is
continually going on ,because steel industries are the basic industries which provide a
raw material to near about 85% manufacturing sector in India.
Tyre industries are also growing very wast, because it have directly attached with the
manufacturing of Automobile sector, with the increase of level of standard of peoples
in India the Auto Mobile sector is growing ,it have a positive impact on the growth of
tyre industries.
Analysis of Equity Market where I have investing the money in the small lots. With the
diversify the Portfolio in various sector and various companies. Limit is maximum up to
100000. (1 lack only) for the single company.
Banking sector: - I have invested the money in the HDFC BANK
The dividend given by HDFC is increased ever year
The price of the security has been not fluctuated from many previous years.
As per the report card the security is good to purchase for the investment
purpose
There is regular growth of profit
The growth of EPS is nearly constant so the investor have faith in the HDFC
Value
Date
PE ratio
31.2
04-04-2012
EPS (Rs)
16.88
Mar, 11
7,202.64
16.09
Mar, 11
165
18/04/11
Return on average
equity
15.47
Dec, 11
Mar, 11
HDFCBA
NK
AXIS
BANK
INGV
ICICI
YSYA
BANK
BK
YES
BAN
K
10
10
10
10
LTP
521.05
1,146.5
0
867.75
353.9
372.
1
% change
-1.04
-1.73
-0.52
-0.39
6,582.77
11,749. 18,149
49
.97
125.23
8,19
9.71
35,297
22,0
7,07
2
Symbol
Fundamentals
Face Value
Traded Value
Traded Volume
VWAP
-2.53
12,59,185
10,23,3 20,84,
41
814
522.78
1,148.1
5
870.58
354.78
371.
52
08Jun-11
11Aug11
17Jun11
Ratio Analysis
Ex Date
14-Jul-11
02Jun-11
Corporate Action
ANNU
AL
GENE
RAL
MEET
ING
AND
FACE
DIVID
VALUE
END
SPLIT
RS.14/
FROM
- PER
RS.10/- TO SHAR
RS.2/E
AN
NU
AL
GEN
ERA
L
ANNU ANNU MEE
AL
AL
TIN
GENE GENE G
RAL
RAL
AN
MEET MEET D
ING
ING
DIVI
AND
AND
DEN
DIVID DIVID D
END
END
RS.2
RS.14/ RS.3/- .50
- PER PER
PER
SHAR SHAR SHA
E
E
RE
Risk Profile
Qty. Traded
Deliverable Qty.
12,59,185
10,23,3 20,84,
41
814
7,45,238
2,98,29 9,18,6
9
31
35,297
22,0
7,07
2
21,597
7,07,
705
59.18
29.15
44.06
61.19
32.0
7
Security VaR
5.18
8.93
8.93
8.07
9.56
VaR Margin
7.5
8.93
8.93
8.07
9.56
12.5
13.93
13.93
13.07
14.5
6
Mar
' 10
Mar '
09
Mar '
08
Sales
19,928.
21
16,1
72.9
1
16,33
2.27
10,115.
00
6,889.02
Operating profit
10,868.
58
8,26
7.82
8,919. 4,884.6
75
0
3,301.97
Interest
9,385.0
8
7,78
6.30
8,911. 4,887.1
10
2
3,179.45
Gross profit
7,725.3
6
6,42
9.72
5,178. 3,765.4
96
1
2,805.00
16.88
12.8
8
10.56
8.97
7.15
Mar '
11
Mar
' 10
Mar '
09
Mar '
08
Mar ' 07
Other income
4,335.1
5
3,80
7.61
3,290. 2,283.1
61
5
1,516.23
Stock adjustment
Raw material
Employee expenses
2,836.0
4
2,28
9.18
2,238. 1,301.3
20
5
776.86
Excise
Mar ' 11
EPS (Rs)
Mar ' 07
Expenses capitalised
Other expenses
4,316.8
8
3,47
5.32
3,294. 2,444.2
62
7
1,643.94
Provisions made
1,906.7
1
2,14
0.59
1,879. 1,484.7
70
8
1,166.25
Depreciation
Taxation
1,892.2
6
1,34
0.44
1,054.
31
690.45
497.3
3,926.3
9
2,94
8.69
2,244. 1,590.1
95
8
1,141.45
Equity capital
465.23
457.
74
425.3
8
354.43
319.39
2754.4
3429.
3491 41
2719.9
2505.29
59.2
76.3
80.6
76.7
78.4
54.54
51.1
2
54.61
48.29
47.93
31.84
32.1
8
26.39
30.37
33.37
16.18
14.7
6
11.44
12.83
13.58
OPM (%)
GPM (%)
NPM (%)
Balance sheet
Mar '
11
Mar
' 10
Mar '
09
Mar '
08
Mar ' 07
465.23
457.
74
425.3
8
354.43
319.39
Sources of funds
Owner's fund
400.9
2
24,914.
04
21,0
64.7
5
14,22
6.43
11,142.
80
6,113.76
2,08,58
6.41
1,67,
404. 1,42,8 1,00,76
44
11.58 8.60
68,297.94
2,33,96
5.67
1,88,
926. 1,57,8 1,12,26
93
64.31 5.83
74,731.09
5,244.2
1
4,70
7.97
1,917.56
Loan funds
Secured loans
Unsecured loans
Total
Uses of funds
Fixed assets
Gross block
3,956. 2,386.9
63
9
3,073.5
6
2,58
5.16
2,249. 1,211.8
90
6
950.89
Net block
2,170.6
5
2,12
2.81
1,706. 1,175.1
73
3
966.67
Capital work-in-progress
70,929.
37
58,6
07.6
2
58,81
7.55
49,393.
54
30,564.80
14,601.
08
5,95
5.15
6,356. 4,402.6
83
9
3,605.48
28,992.
86
20,6
15.9
4
22,72
0.62
16,431.
91
13,689.13
14,391.
78
14,6
60.7
9
16,36
3.79
12,029.
22
-10,083.65
58,708.
23
46,0
69.6
3
44,16
0.49
38,539.
45
21,447.82
Investments
Total
Notes:
Book value of unquoted
investments
Contingent liabilities
5,88,55
0.98
4,87,
176. 4,14,5 5,99,92
37
33.93 8.79
2,09,338.61
Number of equity
sharesoutstanding (Lacs)
4652.2
6
4577 4253.
.43
84
3193.9
Dividend
Year
Mo
nth
Dividen
d (%)
2011
Apr
165
2010
Apr
120
2009
Apr
100
2008
Apr
85
2007
Apr
70
2006
Apr
55
2005
Apr
45
2004
Apr
35
2003
Apr
30
2002
Apr
25
2001
Apr
20
2000
Apr
16
1999
Apr
13
1998
May 10
1997
May 8
3544.33
Ratios
Mar ' 11
Mar ' 10
Mar ' 09
Mar ' 08
Mar ' 07
Adjusted EPS
(Rs)
84.42
64.33
52.68
44.85
35.77
Adjusted cash
EPS (Rs)
95.11
72.95
61.14
52.51
50.2
Reported EPS
(Rs)
84.4
64.42
52.77
44.87
35.74
Reported cash
EPS (Rs)
95.09
73.03
61.24
52.53
50.16
Dividend per
share
16.5
12
10
8.5
Operating profit
per share (Rs)
160.36
106.25
92.36
107.32
86.19
545.53
470.19
344.44
324.38
201.42
545.53
470.19
344.44
324.38
201.42
Net operating
income per share
(Rs)
524.34
436.03
464.77
348.57
259.98
419.1
363.55
252.37
269.89
155.69
Operating margin
(%)
30.58
24.36
19.87
30.78
33.15
Gross profit
margin (%)
28.54
22.39
18.05
28.58
30.5
Profitability
ratios
16.09
14.76
11.35
12.82
13.57
Adjusted cash
margin (%)
18.13
16.71
13.15
15.01
19.07
Adjusted return
on net worth (%)
15.47
13.68
15.29
13.82
17.75
Reported return
on net worth (%)
15.47
13.7
15.32
13.83
17.74
Return on long
term funds (%)
59.91
56.08
83.31
62.34
74.91
Total debt/equity
8.22
7.78
9.75
8.76
10.62
Owners fund as
% of total source
10.84
11.39
9.3
10.24
8.6
Fixed assets
turnover ratio
4.65
4.24
5.18
4.33
Current ratio
0.5
0.28
0.27
0.26
0.26
0.06
0.03
0.03
0.03
0.04
Quick ratio
6.89
7.14
5.23
4.89
4.07
21.72
22.16
22.16
22.91
Leverage ratios
Liquidity ratios
Inventoryturnover
ratio
Payout ratios
Dividend payout
ratio (net profit)
22.72
Dividend payout
ratio (cash profit)
20.16
19.15
19.1
18.93
16.32
Earning retention
ratio
77.29
78.25
77.79
77.83
77.11
Cash earnings
retention ratio
79.84
80.82
80.87
81.07
83.69
Adjusted cash
flow time total
debt
47.14
50.13
54.91
54.14
42.6
Financial charges
coverage ratio
0.79
1.63
0.44
0.78
1.9
Fin. charges
cov.ratio (post
tax)
1.47
1.43
1.29
1.38
1.5
Material cost
component (%
earnings)
Selling cost
Component
0.65
0.41
0.54
0.92
0.9
Exports as
percent of total
sales
Import comp. in
raw mat.
Consumed
0.83
0.91
0.9
0.91
0.89
Coverage ratios
Component
ratios
Bonus component
in equity capital
(%)
-
Report card on which basis of I have taken the decision to invest the money in HDFC BANK
in Banking Sector
Report card
Attribute Value
Date
PE ratio
6.63
04-04-2012
EPS (Rs)
71.56
Mar, 11
Sales (Rs
crore)
8,381.85
Dec, 11
Face
Value
(Rs)
10
Net profit
margin
(%)
23.16
Mar, 11
Last
bonus
01:02
06-07-2004
Last
dividend
(%)
120
26/05/11
Return on
average
equity
14.22
Mar, 11
TATASTEEL
USHAMART
JINDALSTEL SAIL
ISMTLTD
Fundamentals
Face Value
10
10
LTP
456.8
33
506.35
93.75
26.75
% change
-3.94
4.1
-3.5
-4.29
-0.74
Traded
Value
12,410.39
112.6
5,965.31
2,191.01
2.34
Traded
Volume
26,79,445
3,50,245
11,69,532
23,09,731
8,769
VWAP
463.17
32.15
510.06
94.86
26.7
19-Jul-11
12-Sep-11
15-Feb-12
21-Sep-11
ANNUAL
GENERAL
MEETING /
ANNUAL GENERAL DIVIDENDMEETING/DIVIDEND RE.1/- PER
RS 12 PER SHARE
SHARE
DIVIDENDRS.1.50 PER
SHARE
INTERIM
DIVIDEND
RS.1.20
PER
SHARE
(PURPOSE
REVISED)
ANNUAL
GENERAL
MEETING AND
DIVIDEND
RS.1.25 PER
SHARE
26,79,445
3,50,245
11,69,532
23,09,731
8,769
Deliverable
Qty.
6,80,403
2,83,578
5,05,978
7,52,822
7,323
%Delivery
Qty. to
Traded Qty 25.39
80.97
43.26
32.59
83.51
Security
VaR
9.87
8.97
10.62
10.54
8.66
VaR
Margin
9.87
8.97
10.62
10.54
25.98
Applicable
Margin
Rate
14.87
13.97
15.62
15.54
30.98
Extreme
Loss Rate
Ratio Analysis
Ex Date
Corporate
Action
04-Jul-11
Risk Profile
Qty.
Traded
Mar ' 11
Mar ' 10
Mar ' 09
Mar ' 08
Mar ' 07
Sales
29,396.35
25,021.98
24,315.77
19,693.28
19,762.57
Operating profit
11,432.86
8,952.09
9,133.43
8,223.54
6,973.27
Interest
1,300.49
1,508.40
1,152.69
878.7
173.9
Gross profit
10,923.04
8,297.48
973.4
834.61
7,233.04
EPS (Rs)
71.56
56.87
71.18
64.14
72.71
Mar ' 11
Mar ' 10
Mar ' 09
Mar ' 08
Mar ' 07
790.67
853.79
308.27
335
433.67
Other income
Stock
adjustment
-173.65
134.97
-289.27
-38.73
-82.47
Raw material
6,244.01
5,494.74
5,709.91
3,429.52
3,121.46
1,404.86
1,268.28
1,091.37
Employee
expenses
2,619.77
2,361.48
2,305.81
1,594.77
1,456.83
Excise
2,210.55
Admin and
selling expenses
Research and
development
expenses
Expenses
capitalised
Other expenses
7,868.50
6,810.42
6,364.52
6,484.18
6,082.93
Provisions made -
Depreciation
1,146.19
1,083.18
973.4
834.61
819.29
Taxation
2,911.16
2,167.50
2,113.87
2,379.33
2,039.50
6,865.69
5,046.80
5,201.74
4,687.03
4,222.15
Extra ordinary
item
221.13
-152.1
Prior year
adjustments
Equity capital
959.41
887.41
730.79
730.78
580.67
Equity dividend
rate
6418.04
6051.62
4825.23
4825.87
4033.17
Agg.of non
promotoHolding
(%)
68.62
68.53
66.05
66.06
69.48
OPM (%)
38.89
35.78
37.56
41.76
35.29
GPM (%)
36.18
32.07
3.95
4.17
35.81
NPM (%)
22.74
19.5
21.12
23.4
20.91
Balance sheet
Mar ' 11
Mar ' 10
Mar ' 09
Mar ' 08
Mar ' 07
959.41
887.41
730.79
730.78
580.67
Share application
money
178.2
147.06
Preference share
capital
5,472.66
5,472.52
Sources of funds
Owner's fund
Loan funds
Secured loans
2,009.20
2,259.32
3,913.05
3,520.58
3,758.92
Unsecured loans
Total
Uses of funds
Fixed assets
Gross block
Less : revaluation
reserve
Less : accumulated
depreciation
8,223.48
7,486.37
Net block
8,543.12
Capital work-inprogress
6,969.38
4,367.45
2,497.44
Investments
6,106.18
3,843.59
3,487.68
Less : current
liabilities &
provisions
11,406.35 1,422.25
Miscellaneous
expenses not written
Total
105.07
155.11
202.53
76,745.77 62,407.95 56,650.78 45,322.42 23,741.48
Notes:
-308.29
8,279.70
28,440.56 6,392.21
Book value of
unquoted investments
5,793.46
Market value of
quoted investments
4,914.95
3,260.65
2,979.00
Contingent liabilities
7,185.93
Number of equity
sharesoutstanding
(Lacs)
9592.14
5804.73
Dividend
Year
Month
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2002
2001
2000
1999
1998
1997
May
May
Jun
Jun
May
May
May
May
May
May
Apr
May
Mar
May
May
May
Dividend
(%)
120
80
160
160
155
130
130
100
80
40
50
40
40
40
45
4,397.79
8872.14
1,491.89
7305.92
7305.84
Ratios
Per share
ratios
Adjusted
EPS (Rs)
Adjusted
cash EPS
(Rs)
Reported
EPS (Rs)
Reported
cash EPS
(Rs)
Dividend per
share
Operating
profit per
share (Rs)
Book value
(excl rev res)
per share
(Rs)
Mar ' 11
Mar '
10
Mar '
09
Mar '
08
Mar '
07
59.98
46.12
65.63
60.58
73.87
71.93
58.32
78.95
72
87.98
71.58
56.37
69.7
63.85
72.74
83.53
68.58
83.02
75.27
86.85
12
16
16
15.5
116.45
100.38
125.6
112.85
119.11
503.19
418.94
330.24
296.65
236.82
418.94
330.24
296.65
236.82
281.11
333.27
269.02
300.66
392.98
309.18
275.25
213.24
38.11
35.7
37.68
41.94
39.61
34.2
31.36
33.69
37.7
34.91
23.16
19.96
21.09
23.43
23.53
Book value
(incl rev res)
per share
(Rs.)
503.19
Net
operating
income per
share (Rs)
305.53
Free reserves
per share
(Rs)
454.52
Profitability
ratios
Operating
margin (%)
Gross profit
margin (%)
Net profit
margin (%)
Adjusted
cash margin
(%)
Adjusted
return on net
worth (%)
Reported
return on net
worth (%)
Return on
long term
funds (%)
Leverage
ratios
Long term
debt / Equity
Total
debt/equity
Owners fund
as % of total
source
Fixed assets
turnover
ratio
Liquidity
ratios
Current ratio
Current ratio
(inc. st
loans)
Quick ratio
Inventory
turnover
ratio
Payout
ratios
Dividend
payout ratio
(net profit)
Dividend
payout ratio
(cash profit)
Earning
retention
ratio
23.28
20.65
23.83
26.41
28.47
11.91
11
19.87
20.42
31.19
14.22
13.45
21.1
21.52
30.71
13.54
13.06
15.21
17.16
28.11
0.58
0.67
1.31
1.07
0.67
0.58
0.67
1.34
1.08
0.69
63.03
59.55
42.77
48.16
59.12
1.29
1.12
1.22
1.2
1.09
1.82
1.12
0.97
3.92
1.77
1.78
1.45
1.12
0.76
0.91
0.57
3.81
3.52
1.69
1.37
9.85
10.9
9.36
10.84
10.81
19.04
16.64
27.15
29.39
26.15
16.32
13.68
22.8
24.93
21.9
77.27
79.66
71.16
69.02
74.25
Cash
earnings
retention
ratio
Coverage
ratios
Adjusted
cash flow
time total
debt
Financial
charges
coverage
ratio
Fin. charges
cov.ratio
(post tax)
Component
ratios
Material cost
component
(% earnings)
Selling cost
Component
Exports as
percent of
total sales
Import
comp. in raw
mat.
Consumed
Long term
assets / total
Assets
Bonus
component
in equity
capital (%)
81.05
83.92
76.03
73.94
78.38
4.1
4.83
4.58
3.41
1.89
6.82
6.37
9.25
29.45
5.75
4.32
5.15
6.94
21.07
32.05
33.5
35.19
30.85
33.01
0.37
0.32
0.25
0.26
0.37
8.1
8.41
13.85
11.64
12.05
60.95
59.69
68.85
50.51
48.93
0.72
0.81
0.83
0.3
0.53
26.36
28.5
34.61
34.61
43.56
The price of the security has been not fluctuated from many previous years.
As per the report card the security is good to purchase for the investment purpose
The growth of EPS is nearly constant so the investor have faith in the MRF
Report card
Attribute
PE ratio
EPS (Rs)
Sales (Rs
crore)
Face Value
(Rs)
Net profit
margin (%)
Last bonus
Last dividend
(%)
Return on
average equity
Value
7.29
1,460.90
Date
04-04-2012
Sep, 11
2,875.49
Dec, 11
10
6.36
01:02
Sep, 11
04-02-1975
190
29/11/11
26.95
Sep, 11
LTP
Change
52 W H/L
MRF
10,946.65
2.72
Ceat
102.25
1.74
11,080.00 /
6,200.00
112.90 /
86.35 / 50.80 53.50
117.80 /
66.20
11-Dec
2,875.49
112.89
4.24
11-Dec
2,093.22
42.57
50.41
11-Dec
1,422.94
-21.31
41.06
11-Dec
1,065.44
2.39
34.24
OPM
9.09
8.03
2.42
5.67
NPM
EPS
CEPS
3.93
266.18
418.92
2.03
0.84
1.78
-1.5
-5.19
1.18
0.22
0.7
6.18
11-Dec
11,46,383
11-Dec
11-Dec
23,38,04,295 1,94,39,481
Ownership
Promoter & Promoter
11-Dec
1,75,63,894
Grp
Indian
11,24,758
23,18,27,295 1,94,39,481
1,57,81,546
Foreign
21,625
19,77,000
17,82,348
30,94,760
27,02,20,475 2,16,19,865
1,66,79,640
6,12,944
17,57,87,677 37,51,348
55,09,524
FII
1,03,467
11,37,87,910 14,50,009
6,20,342
DII
5,09,477
6,19,99,767
23,01,339
48,89,182
Non Institution
24,81,816
9,44,32,798
1,78,68,517
1,11,70,116
Bodies Corporate
10,07,359
3,73,80,431
50,61,319
25,01,778
Public
Institution
Dividend
Year
Month
2011
2011
2011
2010
2010
2010
2009
2009
2009
2008
2008
2008
2007
2007
2007
2006
Nov
Oct
Jul
Nov
Oct
Jul
Dec
Oct
Jul
Dec
Oct
Jul
Dec
Oct
Jul
Dec
Dividend
(%)
190
30
30
440
30
30
190
30
30
140
30
30
140
30
30
140
--
2006
2006
2005
2005
2005
2004
2004
2004
2003
2003
2003
2002
2002
2002
2001
2001
2001
2000
2000
2000
2000
1999
1999
1999
1998
1998
1997
1997
1997
Oct
Jul
Dec
Oct
Jul
Dec
Sep
Jul
Dec
Jul
Apr
Dec
Sep
Jun
Dec
Sep
Jun
Dec
Sep
Jun
Jan
Oct
Jul
Jan
Jul
Apr
Nov
Jul
Jan
30
30
140
30
30
140
30
30
140
30
30
140
30
30
90
30
30
90
30
30
140
30
30
30
30
30
30
80
Ratios
Per share
ratios
Adjusted
EPS (Rs)
Adjusted
cash EPS
(Rs)
Sep ' 11
Sep ' 10
Sep ' 09
Sep ' 08
Sep ' 07
500.55
799.12
590.01
324.04
386.66
1,084.42
1,413.93
1,177.87
723.74
748.38
Reported
EPS (Rs)
Reported
cash EPS
(Rs)
1,460.50
834.63
604.37
334.74
405.03
2,044.38
1,449.44
1,192.23
734.45
766.75
Dividend per
share
25
50
25
20
20
Operating
profit per
share (Rs)
1,918.68
1,971.80
1,663.30
1,032.93
1,064.97
Book value
(excl rev res)
per share
(Rs)
5,417.81
3,986.38
3,210.03
2,642.66
2,325.20
Book value
(incl rev res)
per share
(Rs.)
5,417.81
3,986.38
3,210.03
2,642.66
2,325.20
Net
operating
income per
share (Rs)
22,910.19
17,596.06
13,391.60
11,932.66 10,398.66
Free reserves
per share
(Rs)
5,365.51
3,976.38
3,200.03
2,632.66
2,315.20
8.37
11.2
12.42
8.65
10.24
Profitability
ratios
Operating
margin (%)
Gross profit
margin (%)
5.82
7.71
8.03
5.3
6.76
Net profit
margin (%)
6.36
4.73
4.5
2.8
3.89
Adjusted
cash margin
(%)
4.72
8.02
8.78
6.05
7.19
Adjusted
return on net
worth (%)
9.23
20.04
18.38
12.26
16.62
Reported
return on net
worth (%)
26.95
20.93
18.82
12.66
17.41
Return on
long term
funds (%)
17.04
24.72
28.34
16.86
23.29
Long term
debt / Equity
0.48
0.39
0.19
0.44
0.31
Total
debt/equity
0.65
0.56
0.21
0.85
0.61
Owners fund
as % of total
source
60.24
63.96
82.3
53.8
61.86
Leverage
ratios
Fixed assets
turnover
ratio
2.55
2.22
2.09
2.1
2.16
1.25
1.54
1.2
1.54
1.66
Current ratio
(inc. st loans) 0.94
1.08
1.16
0.89
1.05
Quick ratio
0.64
0.71
0.73
0.77
0.91
Inventory
turnover
ratio
7.35
7.68
10.17
6.09
7.63
1.99
6.98
4.83
6.98
5.77
1.42
4.02
2.45
3.18
3.05
94.2
92.71
95.05
92.79
93.96
97.32
95.88
97.52
96.77
96.88
Liquidity
ratios
Current ratio
Payout
ratios
Dividend
payout ratio
(net profit)
Dividend
payout ratio
(cash profit)
Earning
retention
ratio
Cash
earnings
retention
ratio
Coverage
ratios
Adjusted
cash flow
time total
debt
3.3
1.59
0.58
3.13
1.92
Financial
charges
coverage
ratio
8.9
13.35
10.31
6.68
9.26
Fin. charges
cov.ratio
(post tax)
10.32
10.74
8.34
5.7
7.6
Material cost
component
(% earnings)
78.37
71.22
63.61
72.03
70.85
Selling cost
Component
4.78
5.95
6.43
6.21
6.95
Exports as
percent of
total sales
8.47
8.97
8.82
9.83
11.18
Import
comp. in raw
mat.
Consumed
33.79
32.17
33.73
20.06
26.79
Long term
assets / total
Assets
0.5
0.47
0.44
0.4
0.38
Component
ratios
Bonus
component
in equity
capital (%)
41.98
41.98
41.98
41.98
41.98