Faculty of Business and Economics

Analysis Project
Jerusalem pharmaceutical

students Name
Dana Barghouthi 1151936
Aya salameh 1161271
Karmel Abu Taha
Mahmoud Bani Owda
Rayan Ghoulh
siness and Economics

ysis Project
pharmaceutical

2018/2019
 2013
Sales 24026477
Discounts and returns -2008455
Net sales 22018022
Cost of Goods Sold -10055131
depreciation -1448407
gross profit 10514484
expense
Selling and Distribution Expenses -3894060
General and administrative expenses -2567282
Research & Development expenses -644718
Cost of obsolete goods -247638
Allowance of obsolete inventory 0
Allowance of doubtful accounts -100000
Projects Cost -702908
Share of results of Associates 29188
Finance Expenses (losses) -168578
Other revenues (expenses) 96057
Net Income before tax
total operating expenses -8199939
Net Income before tax 2314545
Income tax expense -636884
Net Income after tax 2951429

Appropriation of profits
Basic and diluted earnings (loss) per share 0.098
Change in fair value of available-for-sale-financial assets through other

comprehensive income 23993

Foreign currency translation differences 1637993
Net Comprehensive Income 3339647
 Income statement :
2014 2015 2016 2017
26049510 28687247 28601050 35154346
-2319344 -2849386 -2995516 -5362759
23730166 25837861 25605534 29791587
-10761174 -11723423 -11678982 -12699419
-1468077 -1340571 -1299080 -1434482
11500915 12773867 12627472 15657686

-5090051 -4809573 -4488871 -4903341

-2690587 -2991148 -2624989 -3061438
-782698 -889086 -585073 -603243
-224846 -299497 -273351 -94941
-63500 -117129 -235009 -272222
-100000 -191028 -236950 -301021
-971491 -1060320 -753898 -756291
77460 155250 7307 28249
-151856 -212666 -171879 -140759
313786 -31529 -34751 713048

-9683783 -10446726 -9397464 -9391959

1817132 2327141 3230008 6265727
-407299 -102855 -179049 -102057
2224431 2429996 3409057 6367784

0.103 0.136 0.176 0.341 0

-2015 355356 9152 1244366

-2776763 -165925 475826 3519940
-1368945 2413717 3535937 10927976
 Forecasting
1+rate rate 2018 2019 2020
109.27% 9.27% 38,414,187 41,976,310 45,868,747
-10.58% -4066054.95 -4443097.69096177 -4855103.37332063
-1.31% 34,348,132 37,533,213 41,013,644
-40.20% -15441415.8386686 -16873288.7146891 -18437938.2709379
-4.95% -1901610.42350353 -2077945.57402477 -2270632.17325759
-46.46% 17,005,105 18,581,978 20305073.51

-17.05% -6550348.83179564 -7157758.60035024 7821493.10

-9.87% -3789730.33004689 -4141149.6638516 4525155.89
-2.51% -964109.780333017 -1053511.079954 1151202.51
-0.98% -376182.968387636 -411066.18081342 449184.09
-0.67% -256650.088649481 -280449.09156508 306454.96
-0.78% -300994.18723774 -328905.190804284 359404.36
-3.03% -1163054.77915556 -1270904.12464294 1388754.27
0.32% 122928.051620002 134327.093304764 146783.16
-0.61% -232580.074153874 -254147.079612649 277713.98
1.21% 465158.301987256 508292.141696656 555425.76

-13045564.6861526 -14255271.7765928 15577154.25

10.77% 4136278.50932924 4519833.04001829 4938954.34
-1.10% -421725.461675772 -460831.801146832 503564.45
11.87% 3,959,541 4,326,706 4,727,919

average: 0.00% 0 0 0

326,170 1.63% 326,170 326,170 326,170

538,214 4.62% 538,214 538,214 538,214
3,769,666 16.44% 3,769,666 3,769,666 3,769,666
sting
2021 2022
50,122,128 54,769,921
-5305314.08606658 -5797272.5578788
44,816,814 48,972,649
-20147676.8062984 -22015958.3314628
-2481186.4808597 -2711265.35830273
22187950.3378675 24245425.1572246

-8546775.28345822 -9339312.43378741
-4944770.78206805 -5403296.29779515
-1257952.79803927 -1374601.97772886
-490836.652953034 -536351.630158696
-334872.338938541 -365924.842417845
-392731.707273505 -429149.473951994
-1517532.59178256 -1658252.4441169
160394.272153823 175267.533140098
-303466.22450919 -331606.458552685
606930.039973191 663210.284670921

-17021614.0668953 -18600017.7406985
5396940.50451715 5897395.4370605
-550259.664761613 -601284.900852155
5,166,336 5,645,407

0 0

326,170 326,170
538,214 538,214
3,769,666 3,769,666
 Horizantal
2014 2015
Sales 8.4% 10.1%
Discounts and returns 15.48% 22.85%
Net sales 7.8% 8.9%
Cost of Goods Sold 7.02% 8.94%
depreciation 1.4% -8.7%
gross profit 9.38% 11.07%

Selling and Distribution Expenses 30.7% -5.5%

General and administrative expenses 4.80% 11.17%
Research & Development expenses 21.4% 13.6%
Cost of obsolete goods -9.20% 33.20%
Allowance of obsolete inventory 0.0% 84.5%
Allowance of doubtful accounts 0.00% 91.03%
Projects Cost 38.2% 9.1%
Share of results of Associates 165.38% 100.43%
Finance Expenses -9.9% 40.0%
Other revenues (expenses) 226.67% -110.05%

total operating expenses 18.1% 7.9%

Net Income before tax -21.49% 28.07%
Income tax expense -36.0% -74.7%
Net Income after tax -24.63% 9.24%

Basic and diluted earnings (loss) per share 5.1% 32.0%

change in fair value availablefor sale

-108.40% -17735.53%
Foreign currency translation differences -269.5% -94.0%
Net Comprehensive Income -140.99% -276.32%
Horizantal
2016 2017
-0.3% 22.9%
5.13% 79.03%
-0.9% 16.3%
-0.38% 8.74%
-3.1% 10.4%
-1.15% 24.00%

-6.7% 9.2%
-12.24% 16.63%
-34.2% 3.1%
-8.73% -65.27%
100.6% 15.8%
24.04% 27.04%
-28.9% 0.3%
-95.29% 286.60%
-19.2% -18.1%
10.22% -2151.88%

-10.0% -0.1%
38.80% 93.98%
74.1% -43.0%
40.29% 86.79%

29.4% 86.8%

-97.42% 13496.66%
-386.8% 639.8%
46.49% 209.05%
 Vertical
2013 2014 2015
Sales 100.00% 100.00% 100.00%
Discounts and returns -8.36% -8.90% -9.93%
Net sales 91.64% 91.10% 90.07%
Cost of Goods Sold -41.85% -41.31% -40.87%
depreciation -6.03% -5.64% -4.67%
gross profit 43.76% 44.15% 44.53%

Selling and Distribution Expenses -16.21% -19.54% -16.77%

General and administrative expenses -10.69% -10.33% -10.43%
Research & Development expenses -2.68% -3.00% -3.10%
Cost of obsolete goods -1.03% -0.86% -1.04%
Allowance of obsolete inventory 0.00% -0.24% -0.41%
Allowance of doubtful accounts -0.42% -0.38% -0.67%
Projects Cost -2.93% -3.73% -3.70%
Share of results of Associates 0.12% 0.30% 0.54%
Finance Expenses -0.70% -0.58% -0.74%
Other revenues (expenses) 0.40% 1.20% -0.11%

total operating expenses -34.13% -37.17% -36.42%

Net Income before tax 9.63% 6.98% 8.11%
Income tax expense -2.65% -1.56% -0.36%
Net Income after tax 12.28% 8.54% 8.47%

Basic and diluted earnings (loss) per share 0.00% 0.00% 0.00%

change in fair value available for sale 0.10% -0.01% 1.24%

Foreign currency translation differences 6.82% -10.66% -0.58%
Net Comprehensive Income 13.90% -5.26% 8.41%
Vertical
2016 2017
100.00% 100.00%
-10.47% -15.25%
89.53% 84.75%
-40.83% -36.12%
-4.54% -4.08%
44.15% 44.54%

-15.69% -13.95%
-9.18% -8.71%
-2.05% -1.72%
-0.96% -0.27%
-0.82% -0.77%
-0.83% -0.86%
-2.64% -2.15%
0.03% 0.08%
-0.60% -0.40%
-0.12% 2.03%

-32.86% -26.72%
11.29% 17.82%
-0.63% -0.29%
11.92% 18.11%

0.00% 0.00%

0.03% 3.54%
1.66% 10.01%
12.36% 31.09%
 2013

Assets
Current Assets
Cash and cash Equivalents 2,802,290
Accounts Receivable 17,497,672
Inventory 7,814,096
Held for trading financial asset through loss and profit 19,231
Other current assets 2,105,163
Total current assets 30,238,452
property,plant and equipment 22,523,940
Intangible asset 0
Investment in associates 441,400
property investment 329,523
Available for sale financial asset 273,151
Differed tax assets 62,677
Total fixed assets 23,630,691
Total assets 53,869,143

Liabilities and shareholder equity

Current liabilities
Account payable 3,833,362
Short term loans 1,331,940
Income tax provision 948,813
Other current liabilities 4,195,788
Total current liabilities 10,309,903
Long term loans 4,303,916
Provision of employees indemnity 2,204,962
Total liabilities 16,818,781

Shareholder equity
Paid in capital 17,060,000
Additional paid in capital(share premium) 2,779,138
Statutory reserve 3,807,885
Voluntary reserve 1,367,966
Change in fair value of financial assets 3,396,624
Foreign currency translation differences 2,006,362
Retained earnings 5,926,533
Equity attributable to equity holders of the parent 36,344,508
non controlling interest 705,854
Total Owner's equity 37,050,362

Total liabilities and shareholder equity 53,869,143

 2014 2015 2016 2017

2,889,923 1,677,122 1,830,247 3,442,353

16,110,608 16,186,418 17,011,058 17,613,047
9,413,602 8,800,860 9,750,362 12,783,642
18,626 12,686 13,849 14,359
2,741,596 2,439,562 2,583,265 2,815,197
31,174,355 29,116,648 31,188,781 36,668,598
20,664,029 20,624,103 20,099,586 22,542,565
0 0 207,657 492,048
500,709 655,959 663,266 693,161
293,867 293,490 297,683 329,428
242,564 371,800 380,952 753,776
127,018 130,232 132,092 146,179
21,828,187 22,075,584 21,781,236 24,957,157
53,002,542 51,192,232 52,970,017 61,625,755

5,321,998 4,189,364 3,756,032 4,047,464

2,680,908 2,219,801 1,967,333 936,742
756,106 270,206 120,069 165,042
3,799,645 2,562,393 2,736,839 3,077,017
12,558,657 9,241,764 8,580,273 8,226,265
3,467,426 3,171,551 1,325,276 587,836
2,399,243 2,570,026 2,804,440 3,423,650
18,425,326 14,983,341 12,709,989 12,237,751

17,060,000 17,060,000 18,000,000 18,000,000

2,779,138 2,779,138 3,719,138 3,719,138
4,104,358 4,437,729 4,815,708 4,815,708
1,367,966 1,367,966 1,367,966 1,367,966
3,394,609 3,749,965 3,759,117 5,003,483
739,990 814,403 272,154 2,956,082
6,184,972 6,980,832 8,343,482 12,674,550
34,151,053 35,561,227 39,733,257 48,536,927
426,164 647,664 526,771 851,077
34,577,217 36,208,891 40,260,028 49,388,004

53,002,543 51,192,232 52,970,017 61,625,755

 2018 2019 2020 2021 2022

3,944,697 4,520,349 5,180,006 5,935,927 6,802,159

18,147,545 18,698,263 19,265,694 19,850,344 20,452,737
14,291,645 15,977,536 17,862,302 19,969,401 22,325,060
13,448 12,594 11,795 11,046 10,345
2,851,345 2,887,956 2,925,038 2,962,596 3,000,637
38,879,208 41,223,087 43,708,269 46,343,274 49,137,133
23,250,246 23,980,144 24,732,956 25,509,401 26,310,220
716,672 1,043,838 1,520,358 2,214,412 3,225,308
777,790 872,750 979,305 1,098,869 1,233,031
342,566 356,228 370,435 385,208 400,571
1,139,727 1,723,294 2,605,661 3,939,822 5,957,103
153,304 160,777 168,614 176,833 185,452
26,153,521 27,407,235 28,721,048 30,097,840 31,540,632
64,994,234 68,546,834 72,293,621 76,245,208 80,412,790

3,725,465 3,429,083 3,156,280 2,905,180 2,674,057

683,952 499,380 364,617 266,221 194,378
119,726 86,853 63,006 45,706 33,156
2,940,348 2,809,750 2,684,953 2,565,698 2,451,740
7,192,644 6,288,896 5,498,703 4,807,797 4,203,703
348,017 206,037 121,980 72,216 42,754
3,860,952 4,354,110 4,910,259 5,537,445 6,244,741
10,705,228 9,364,621 8,191,898 7,166,033 6,268,637

18,330,598 18,667,268 19,010,121 19,359,271 19,714,834

4,138,451 4,605,040 5,124,235 5,701,965 6,344,832
5,082,815 5,364,738 5,662,298 5,976,363 6,307,847
1,367,966 1,367,966 1,367,966 1,367,966 1,367,966
5,734,240 6,571,724 7,531,523 8,631,500 9,892,128
9,289,057 29,189,511 91,723,788 288,228,651 905,716,579
16,235,977 20,798,130 26,642,205 34,128,409 43,718,164
54,687,869 61,618,302 69,427,009 78,225,289 88,138,551
1,120,228 1,474,497 1,940,802 2,554,576 3,362,453
55,739,255 62,907,271 70,997,087 80,127,246 90,431,535

64,994,233 68,546,834 72,293,620 76,245,206 80,412,788

 2014 2015 2016
Horizantal

Asset
Current Assets
Cash and cash Equivalents 3.1% -42.0% 9.1%
Accounts Receivable -7.9% 0.5% 5.1%
Inventory 20.5% -6.5% 10.8%
Held for trading financial asset through loss and profit -3.1% -31.9% 9.2%
Other current assets 30.2% -11.0% 5.9%
Total current assets 3.1% -6.6% 7.1%
property,plant and equipment -8.3% -0.2% -2.5%
Intangible asset 0.0% 0.0% 0.0%
Investment in associates 13.4% 31.0% 1.1%
property investment -10.8% -0.1% 1.4%
Available for sale financial asset -11.2% 53.3% 2.5%
Differed tax assets 102.7% 2.5% 1.4%
Total fixed assets -7.6% 1.1% -1.3%
Total assets -1.6% -3.4% 3.5%

Liabilities and shareholder equity

Current liabilities
Account payable 38.8% -21.3% -10.3%
Short term loans 101.3% -17.2% -11.4%
Income tax provision -20.3% -64.3% -55.6%
Other current liabilities -9.4% -32.6% 6.8%
Total current liabilities 21.8% -26.4% -7.2%
Long term loans -19.4% -8.5% -58.2%
Provision of employees indemnity 8.8% 7.1% 9.1%
Total liabilities 9.6% -18.7% -15.2%

Shareholder equity
Paid in capital 0.0% 0.0% 5.5%
Additional paid in capital(share premium) 0.0% 0.0% 33.8%
Statutory reserve 7.8% 8.1% 8.5%
Voluntary reserve 0.0% 0.0% 0.0%
Change in fair value of financial assets -0.1% 10.5% 0.2%
Foreign currency translation differences -136.9% 10.1% -66.6%
Retained earnings 4.4% 12.9% 19.5%
Equity attributable to equity holders of the parent -6.0% 4.1% 11.7%
non controlling interest -39.6% 52.0% -18.7%
Total Owner's equity -6.7% 4.7% 11.2%
0.0% 0.0% 0.0%
Total liabilities and shareholder equity -1.6% -3.4% 3.5%
 2017 average
Virtical

Asset
Current Asset
88.1% 14.6% Cash and cash Equivalents
3.5% 3.0% Accounts Receivable
31.1% 11.8% Inventory
3.7% -6.3% Held for trading financial asset through loss and profit
9.0% 1.3% Other current assets
17.6% 6.0% Total current assets
12.2% 3.1% property,plant and equipment
137.0% 45.7% Intangible asset
4.5% 12.2% Investment in associates
10.7% 4.0% property investment
97.9% 51.2% Available for sale financial asset
10.7% 4.9% Differed tax assets
14.6% 4.8% Total fixed assets
16.3% 5.5% Total assets
#DIV/0!
#DIV/0! Liabilities and shareholder equity
#DIV/0! Current liabilities
7.8% -8.0% Account payable
-52.4% -27.0% Short term loans
37.5% -27.5% Income tax provision
12.4% -4.4% Other current liabilities
-4.1% -12.6% Total current liabilities
-55.6% -40.8% Long term loans
22.1% 12.8% Provision of employees indemnity
-3.7% -12.5% Total liabilities
#DIV/0!
#DIV/0! Shareholder equity
0.0% 1.8% Paid in capital
0.0% 11.3% Additional paid in capital(share premium)
0.0% 5.5% Statutory reserve
0.0% 0.0% Voluntary reserve
33.1% 14.6% Change in fair value of financial assets
-1186.2% -414.2% Foreign currency translation differences
51.9% 28.1% Retained earnings
22.2% 12.7% Equity attributable to equity holders of the parent
61.6% 31.6% non controlling interest
22.7% 12.9% Total Owner's equity
0.0% 0.0%
16.3% 5.5% Total liabilities and shareholder equity
 2013 2014 2015 2016 2017 average

-3535060478.02% 5.45% 3.28% 3.46% 5.59% -707012092.05%

32.48% 30.40% 31.62% 32.11% 28.58% 31.04%
14.51% 17.76% 17.19% 18.41% 20.74% 17.72%
0.04% 0.04% 0.02% 0.03% 0.02% 0.03%
3.91% 5.17% 4.77% 4.88% 4.57% 4.66%
56.13% 58.82% 56.88% 58.88% 59.50% 58.04%
41.81% 38.99% 40.29% 37.95% 36.58% 39.12%
0.00% 0.00% 0.00% 0.39% 0.80% 0.24%
0.82% 0.94% 1.28% 1.25% 1.12% 1.08%
0.61% 0.55% 0.57% 0.56% 0.53% 0.57%
0.51% 0.46% 0.73% 0.72% 1.22% 0.73%
0.12% 0.24% 0.25% 0.25% 0.24% 0.22%
43.87% 41.18% 43.12% 41.12% 40.50% 41.96%
100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

7.12% 10.04% 8.18% 7.09% 6.57% 7.80%

2.47% 5.06% 4.34% 3.71% 1.52% 3.42%
1.76% 1.43% 0.53% 0.23% 0.27% 0.84%
7.79% 7.17% 5.01% 5.17% 4.99% 6.02%
19.14% 23.69% 18.05% 16.20% 13.35% 18.09%
7.99% 6.54% 6.20% 2.50% 0.95% 4.84%
4.09% 4.53% 5.02% 5.29% 5.56% 4.90%
31.22% 34.76% 29.27% 23.99% 19.86% 27.82%

31.67% 32.19% 33.33% 33.98% 29.21% 32.07%

5.16% 5.24% 5.43% 7.02% 6.04% 5.78%
7.07% 7.74% 8.67% 9.09% 7.81% 8.08%
2.54% 2.58% 2.67% 2.58% 2.22% 2.52%
6.31% 6.40% 7.33% 7.10% 8.12% 7.05%
3.72% -1.40% -1.59% -0.51% 4.80% 1.00%
11.00% 11.67% 13.64% 15.75% 20.57% 14.53%
67.47% 64.43% 69.47% 75.01% 78.76% 71.03%
1.31% 0.80% 1.27% 0.99% 1.38% 1.15%
68.78% 65.24% 70.73% 76.01% 80.14% 72.18%

100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

 date colse price stock return close value market return
31/10/2017 3 0 569.76 0
1/11/2017 3.02 0.0066666667 568.64 -0.00196574
2/11/2017 3.01 -0.0033112583 569.85 0.0021278841
5/11/2017 3.01 0 566.82 -0.0053171887
6/11/2017 3.02 0.0033222591 566.41 -0.0007233337
8/11/2017 2.98 -0.0132450331 568.2 0.0031602549
9/11/2017 2.98 0 566.18 -0.0035550862 covariance 1.759432E-05
12/11/2017 3 0.0067114094 565.77 -0.0007241513 variance 2.632712E-05
13/11/2017 3 0 565.2 -0.0010074765 Beta 0.668296297
14/11/2017 3 0 565.26 0.0001061571
16/11/2017 3 0 563.25 -0.0035558858
19/11/2017 3 0 561.71 -0.0027341323
20/11/2017 3 0 563.19 0.0026348116
21/11/2017 3 0 562.17 -0.0018111117
22/11/2017 3 0 562.55 0.0006759521
23/11/2017 3.02 0.0066666667 563.38 0.0014754244
27/11/2017 3.02 0 559.13 -0.0075437538
28/11/2017 3 -0.0066225166 555.77 -0.0060093359
29/11/2017 3 0 553.92 -0.0033287151
5/12/2017 3.02 0.0066666667 564.26 0.0186669555
6/12/2017 3.03 0.0033112583 562.8 -0.0025874597
7/12/2017 3.02 -0.00330033 560.12 -0.0047619048
12/12/2017 3.02 0 558.96 -0.0020709848
14/12/2017 3.02 0 568.17 0.0164770288
17/12/2017 3.15 0.0430463576 569.68 0.0026576553
18/12/2017 3.08 -0.0222222222 566.56 -0.0054767589
19/12/2017 3.15 0.0227272727 569.94 0.0059658289
20/12/2017 3.19 0.0126984127 571.22 0.0022458504
21/12/2017 3.27 0.0250783699 573.36 0.0037463674
26/12/2017 3.2 -0.0214067278 573.08 -0.0004883494
27/12/2017 3.21 0.003125 575.16 0.0036295107
28/12/2017 3.25 0.0124610592 573.22 -0.0033729745
31/12/2017 3.26 0.0030769231 574.58 0.002372562
2/1/2018 3.24 -0.0061349693 576.96 0.004142156
4/1/2018 3.23 -0.0030864198 574.72 -0.0038824182
9/1/2018 3.18 -0.0154798762 576.02 0.002261971
10/1/2018 3.18 0 574.8 -0.002117982
11/1/2018 3.2 0.0062893082 578.1 0.0057411273
14/01/2018 3.19 -0.003125 578.28 0.0003113648
15/01/2018 3.24 0.0156739812 581.27 0.0051705056
16/01/2018 3.25 0.0030864198 582.24 0.0016687598
17/01/2018 3.29 0.0123076923 581.17 -0.0018377301
21/01/2018 3.3 0.0030395137 579.36 -0.0031144071
22/01/2018 3.36 0.0181818182 578.47 -0.0015361779
25/01/2018 3.36 0 578.35 -0.0002074438
28/01/2018 3.4 0.0119047619 578.98 0.0010893058
29/01/2018 3.39 -0.0029411765 577.65 -0.0022971433
30/01/2018 3.39 0 573.96 -0.0063879512
31/01/2018 3.4 0.0029498525 574.91 0.0016551676
1/2/2018 3.53 0.0382352941 576.93 0.0035135934
4/2/2018 3.54 0.0028328612 576.39 -0.0009359888
5/2/2018 3.54 0 577.03 0.0011103593
6/2/2018 3.54 0 577.37 0.0005892241
8/2/2018 3.57 0.0084745763 575.59 -0.0030829451
11/2/2018 3.59 0.0056022409 580.9 0.0092253166
12/2/2018 3.59 0 582.07 0.002014116
14/02/2018 3.6 0.0027855153 589.06 0.0120088649
15/02/2018 3.68 0.0222222222 590.1 0.0017655247
18/02/2018 3.7 0.0054347826 588.21 -0.003202847
19/02/2018 3.59 -0.0297297297 585.83 -0.004046174
20/02/2018 3.58 -0.0027855153 588.76 0.0050014509
21/02/2018 3.55 -0.0083798883 588.54 -0.0003736667
22/02/2018 3.46 -0.0253521127 587.94 -0.0010194719
27/02/2018 3.5 0.0115606936 585.53 -0.0040990577
1/3/2018 3.35 -0.0428571429 589.25 0.0063532185
4/3/2018 3.48 0.0388059701 589.2 -8.48536274924981E-05
5/3/2018 3.37 -0.0316091954 587.75 -0.002460964
6/3/2018 3.37 0 586.81 -0.0015993194
7/3/2018 3.35 -0.0059347181 587.59 0.0013292207
11/3/2018 3.32 -0.0089552239 582.47 -0.0087135588
13/03/2018 3.33 0.0030120482 582.52 8.58413308839159E-05
14/03/2018 3.33 0 581.91 -0.0010471743
15/03/2018 3.33 0 582.43 0.000893609
18/03/2018 3.35 0.006006006 583.81 0.0023693834
19/03/2018 3.35 0 583.86 8.56443020846992E-05
20/03/2018 3.34 -0.0029850746 583.08 -0.0013359367
21/03/2018 3.35 0.002994012 585.12 0.0034986623
22/03/2018 3.42 0.0208955224 582.18 -0.0050246103
25/03/2018 3.36 -0.0175438596 577.7 -0.0076952145
27/03/2018 3.36 0 562.68 -0.0259996538
28/03/2018 3.36 0 566.43 0.006664534
29/03/2018 3.31 -0.0148809524 565.57 -0.0015182812
2/4/2018 3.3 -0.003021148 561.71 -0.006824973
4/4/2018 3.35 0.0151515152 561.56 -0.0002670417
9/4/2018 3.3 -0.0149253731 557.08 -0.0079777762
12/4/2018 3.31 0.003030303 554.08 -0.0053852229
16/04/2018 3.31 0 551.12 -0.0053421889
18/04/2018 3.32 0.003021148 549.2 -0.0034838148
19/04/2018 3.3 -0.0060240964 550.4 0.0021849964
24/04/2018 3.4 0.0303030303 548.32 -0.0037790698
25/04/2018 3.4 0 546.64 -0.0030639043
30/04/2018 3.27 -0.0382352941 538.02 -0.0157690619
2/5/2018 3.3 0.0091743119 544.54 0.0121185086
6/5/2018 3.3 0 548.47 0.0072171007
7/5/2018 3.25 -0.0151515152 547.86 -0.0011121848
17/05/2018 3.24 -0.0030769231 542.19 -0.0103493593
20/05/2018 3.24 0 540.75 -0.0026558955
28/05/2018 3.23 -0.0030864198 539.54 -0.0022376329
29/05/2018 3.23 0 538.89 -0.00120473
30/05/2018 3.2 -0.0092879257 537.32 -0.0029133961
7/6/2018 3.15 -0.015625 539.37 0.0038152311
12/6/2018 3.16 0.0031746032 543.1 0.0069154755
21/06/2018 3.16 0 546.63 0.0064997238
26/06/2018 3.12 -0.0126582278 541.96 -0.008543256
27/06/2018 3.12 0 540.97 -0.0018267031
28/06/2018 3.1 -0.0064102564 540.67 -0.0005545594
1/7/2018 3.1 0 541.68 0.0018680526
2/7/2018 3.1 0 547.11 0.0100243686
5/7/2018 3.2 0.0322580645 546.18 -0.001699841
9/7/2018 3.11 -0.028125 544.37 -0.0033139258
10/7/2018 3.3 0.0610932476 544.69 0.0005878355
26/07/2018 3.2 -0.0303030303 541.24 -0.006333878
29/07/2018 3.2 0 539.88 -0.0025127485
30/07/2018 3.15 -0.015625 539.25 -0.001166926
31/07/2018 3.1 -0.0158730159 536.99 -0.004191006
2/8/2018 3.1 0 541.4 0.0082124434
6/8/2018 3.2 0.0322580645 545.05 0.0067417806
9/8/2018 3.08 -0.0375 543.95 -0.0020181635
12/8/2018 3.1 0.0064935065 542.83 -0.0020590128
13/08/2018 3.1 0 539.77 -0.005637124
14/08/2018 3.1 0 540.28 0.0009448469
15/08/2018 3.1 0 540.26 -3.70178426000996E-05
16/08/2018 3.15 0.0161290323 541.56 0.0024062488
26/08/2018 3.15 0 540.72 -0.0015510747
27/08/2018 3.1 -0.0158730159 538.53 -0.0040501553
28/08/2018 3.1 0 537.97 -0.0010398678
29/08/2018 3.1 0 537.66 -0.0005762403
2/9/2018 3.1 0 540.23 0.0047799725
4/9/2018 3.1 0 540.79 0.0010365955
9/9/2018 3.1 0 542.85 0.003809242
12/9/2018 3.1 0 541.76 -0.0020079212
16/09/2018 3.1 0 541.03 -0.0013474601
17/09/2018 3.1 0 540.49 -0.0009980962
19/09/2018 3.1 0 538.42 -0.0038298581
23/09/2018 3.1 0 536.35 -0.0038445823
24/09/2018 3.1 0 536.35 0
25/09/2018 3.1 0 534.38 -0.0036729747
26/09/2018 3.1 0 532.45 -0.0036116621
27/09/2018 3.1 0 532.15 -0.0005634332
3/10/2018 3.06 -0.0129032258 532.08 -0.0001315419
7/10/2018 3.08 0.0065359477 530.62 -0.0027439483
8/10/2018 3.08 0 531.21 0.0011119068
10/10/2018 3.05 -0.0097402597 529.87 -0.0025225429
14/10/2018 3 -0.0163934426 527.89 -0.0037367656
15/10/2018 3 0 527.83 -0.00011366
16/10/2018 3.08 0.0266666667 528.79 0.0018187674
18/10/2018 3.01 -0.0227272727 527.79 -0.0018911099
21/10/2018 3.07 0.0199335548 527.62 -0.0003220978
23/10/2018 3.07 0 528.13 0.0009666048
30/10/2018 3.08 0.003257329 523.77 -0.0082555431
 2013
Operating Activities
Net Income Before income Tax 2,314,545
depreciation 1,448,407
provision for doubtful debts 100,000
Unpaid profits from allied companies -
Net profit / loss on financial assets 0
Profit on investment property valuation -1300
Provision for end of service indemnity 3,878
Increase / Desraese in accounts receivable -2,405,438
Increase / Decrease in inventories -207,864
Increase/ Decrease in other current assets -645,641
Increase/ Decrease in other current liabilities -16,998
Income tax paid -266,482
Amortization of Intangible Assets 0
Change in fair value of held for trading asset through profit or loss -806
share of result of Associates -29,188
Paid end of service benefits (170,510)
Allowance of absolete inventory 0
Finn expense 172,241
Dividend income 0
emplyees' indemnity paid -170,510
Differed Tax Asset 8,668
Net cash from operating activities 133,002
Investing Activities
sale of property , plant , Equipment 3,596
Purchase of property , plant , Equipment -903,945
Acquisition of subsidiaries 0
Purchase of intangible assets 0
Investment in Associates 0
Acquisition of subsidiaries 0
Proceeds from sale of financial assets 0
Dividends received 0
Cash used in investment activities (900,349)
Financing activities
Change in non-controlling interests 0
Increase of paid-in capital 0
Cash Dividend paid 0
Settlements of long term loans payable &credit facilities -475,527
Long term loans 1,000,000
Finn expense paid -172,241
Net Cash flow from Financing Activities 352,232

Net change in cash and cash equivalents -415,115

2014 2015 2016 2017

1,817,132 2,327,141 3,230,008 6,265,727

1,468,077 1,340,571 1,299,080 1,434,482
100,000 191,028 236,950 301,021
- - - _
0 115 0 0
5,852 -19,354 -6,257 -19,063
547,709 361,843 361,742 922,542
1,387,618 -288,217 -1,037,312 -1,004,190
-1,663,006 498,326 -1,184,152 -3,305,502
-636,433 302,034 -143,703 -231,932
1,488,636 -1,132,634 -433,332 291,432
-514,909 -629,048 -325,969 -66,158
0 0 0 41,532
605 1,762 -1,163 -510
-77,460 -155,250 -7,307 -28,249
(87,185) (179,302) (163,137) (611,274)
63,500 117,129 235,009 272,222
274,275 365,605 250,904 146,205
0 -13,000 -389 0
-87,185 -179,302 -163,137 -611,274
-64,341 -3,214 -1,860 0
4,022,885 2,906,233 2,145,975 3,797,011

0 25,938 9,114 20,162

-1,162,671 -1,679,904 -699,065 -1,702,181
-110,000 0 0 0
0 0 -207,657 -325,923
0 0 0 -98,731
-110,000 0 0 0
0 4,062 0 0
0 13,000 389 0
(1,382,671) (1,636,904) (897,219) (2,106,673)

0 -1,237,200 0 0
0 0 1,880,000 0
0 -1,237,200 1,880,000 0
-1,487,522 -2,843,760 -2,493,950 -1,768,031
2,000,000 2,086,778 395,207 0
-274,275 -365,605 -250,904 -146,205
238,203 -3,596,987 1,410,353 -1,914,236

2,878,417 -2,327,658 2,659,109 -223,898

 Ratios 2013 2014 2015 2016
Solvency Ratio
Total Debt Ratio 0.312215 0.347631 0.292688 0.239947
Long Term Debt Ratio 0.116164 0.100281 0.08759 0.032918
Debt to Equity Ratio 0.453944 0.532875 0.413803 0.315697
Long Term Debt to Equity Ratio 0.104074 0.091141 0.080536 0.031869
liquidity ratios
Current Ratio 2.932952 2.4823 3.150551 3.63494
Quick Ratio 1.968977 1.512943 1.932915 2.195886
Cash Ratio 0.271806 0.230114 0.181472 0.213309
Net working capital = Current assets - Current liabilities 19928549 18615698 19874884 22608508
Activity ratios
Account receivable turnover: 1.25834 1.472953 1.596268 1.505229
Average collection period 265.8172 225.7383 205.9467 217.0912
Inventory tunrnover 1.286794 1.143152 1.332077 1.1978
Average age of inventory 283.6507 319.2927 274.0082 304.7254
Fixed asset turn over 1.016749 1.193389 1.299501 1.313105
Total asset turnover 0.446016 0.491477 0.560383 0.539948
Accounts Payable turnover 2.623058 2.022018 2.798378 3.109394
Working capital turn over 0.504559 0.57807 0.589861 0.516575
Average Payment Period 139.1506 180.5128 130.4327 117.3862
Profitability Ratio
Operating cycle 549.4679 545.031 479.9548 521.8166
Profit Margin 0.138999 -0.052552 0.084139 0.12363
Gross profit 0.437621 0.441502 0.44528 0.441504
Operating margin 0.089317 0.063927 0.073708 0.106924
Return on asset (ROA) 0.061996 -0.025828 0.04715 0.066754
Return on equity (ROE) 0.090138 -0.039591 0.066661 0.087827
Debt Ratio
LTDebt/Equity Ratio
LTDebt/Total Capital
 2017 Average

0.198582
0.011902
0.247788
0.011762

4.457503
2.559533
0.418459
28442333

1.69145
182.8725
0.993412
367.4207
1.408588
0.570449
3.137624
0.446497
116.3301

550.2932
0.310857
0.445398
0.174231
0.177328
0.221268
 Operating Activities 2018 2019 2020 2021
Net Income Before income Tax 3959540.72 4,326,706 4,727,919 5,166,336
depreciation 1901610.42 2,077,946 2,270,632 2,481,186
gain/loss from hild for trading assets 911.35 854 799 749

gain from assusiation -122928.05 -134327.093 -146783.16103 -160394.27215

provision for emplyee 1511858.00 986,316 1,112,298 1,254,372
Allowance of obsolete inventory 256650.09 280,449 306,455 334,872
Allowance of doubtful accounts 300994.19 328,905 359,404 392,732
financial expensis 232580.07 254147.08 277713.98 303466.22
amortization
gain from sale of property plant equipment
change in account recivable -534497.92 -550,718 -567,431 -584,650
change in inventory -1508002.60 -1,685,892 -1,884,765 -2,107,099
change in other current assets -36147.63 -36611.7722 -37081.873841 -37558.011696
change in accoun payable -321998.74 -296,382 -272,803 -251,100
change in others current liability -136668.55 -130,598 -124,798 -119,255
Differed tax assets
income tax provisions 45315.81 86,853 63,006 45,706
Provision of employees indemnity -437301.78 -493158.206 -556149.15429 -627185.91789

Net cash from operating activities 5,111,915 5,014,489 5,528,417 6,092,177

Investing Activities
change in property plant and equipment -707,681 -729897.809 -752811.57963 -776444.6849
change in intangable assets -224,624 -327,166 -476,520 -694,055
change in property investment -13,138 -13,662 -14,207 -14,773
change in investment in assosiation -84,629 -94,961 -106,555 -119,564
Cash used in investment activities (1,030,072) (1,165,687) (1,350,093) (1,604,837)
Financing activities
change on short-term loans -252,790 -184571.925 -134763.16491 -98395.845576
change on long-term loans -239,819 -141,980 -84,057 -49,764
change on equity 0 0 0 0
dividends paid 208,240 -792,487 -2,074,409 -3,716,537
change on controling intrest 269,151 354,269 466,306 613,773

Net Cash flow from Financing Activities -284,370 -1,119,039 -2,293,228 -3,864,697

Net change in cash and cash equivalents 3,797,474 2,729,763 1,885,096 622,643