-

: ,

.

: - 2009, 2010, 2011, 2012

:
1.
2.
3.
4.
5.
6.

1.
1|Page

 : (Trend
analysis)
()

2010

2011

2012

6,314,068,619.64

7,019,846,634.40

7,685,542,899.69

177,514,414.29

289,232,907.04

604,385,902.00

6,136,554,205.35

6,730,613,727.36

7,081,156,997.69

2010

2011

2012

100%

111%

122%

100%

163%

340%

100%

110%

115%

400%
350%
300%
250%

200%

150%

100%
50%
0%
2010

2011

2012

(Trend analysis) 2010 2011,

2012 11-22 , 63-240 , 10-15
. ,
.
(Horizontal analysis)

2|Page

/ 2010/2011

/%

/ 2011/2012

/%

2010/2011

2011/2012

558,359,770.21

115%

710,967,047.61

68%

64,499,784.00

86%

111,496,420.66

80%

17,358,239.00

83%

6,433,584.00

17%

640,217,793.21

110%

828,897,052.27

68%

0.00

0%

0.00

0%

0.00

0%

-149,217,636.00

-3%

-2,487,333.00

-27%

-2,487,333.00

-37%

19,117,222.73

5%

-32,490,817.98

-8%

31,792,003.70

20%

-18,880,310.00

-10%

19,277,429.40

20%

14,483,819.00

13%

-1,885,029.74

-22%

12,756,946.00

196%

-254,071.54

-33%

12,634,545.00

2504%

65,560,221.55

1%

-163,200,786.98

-3%

705,778,014.76

11%

665,696,265.29

9%

110,398,037.10

71%

306,006,372.25

115%

-15,646.00

-1%

11,663,732.24

646%

-1,336,101.65

-100%

1,336,101.65

#DIV/0!

111,718,492.75

71%

316,334,002.84

118%

0.00

0%

-1,181,007.88

-6%

111,718,492.75

63%

315,152,994.96

109%

570,066.66

0.05%

3,500,807.00

0%

593,489,455.35

669%

347,042,463.33

51%

0.00

0%

0.00

0%

594,059,522.01

10%

350,543,270.33

5%

705,778,014.76

11%

665,696,265.29

9%

(Horizontal analysis) 2010-2012

.
2011 2010 705,778.0 / 11 , 2012 2011
665,696.3 / 9
.
2011 640,217.8 / 110 , 2012
828,897.0 / 68 .
3|Page


558,359.7 /-710 967.0 /- .
2011 65,560.2 /- 1
, 2012 163,200.8.0 /- 3 .

.
(Vertical analysis)

2011

2012

8%

15%

23%

1%

2%

3%

0.3%

1%

1%

9%

17%

27%

2010

128% 117%

81%
72%
64%

0.1%
0.1% 0.1%

6%
6%
5%

3%
3%
2%

2%
2%
2%

0.1%
0.1% 0.3%

0.0% 0.01% 0.2%

91%
83%
73%

100.0% 100% 100%

2%
4%
7%

0.03% 0.03% 0.2%

0% 0.02%
0%

2%
4%
8%

0.3%
0.3% 0.3%

3%
4%
8%

19%
17%
15%

1%
10%
13%

77%
69%
63%

97%
96%
92%

100% 100% 100%

(Vertical analysis)

.

4|Page

 .


.
.

2.
(Trend analysis)

1
2
3

1
2
3

2010

2011

2012

2,443,396,966.75

3,228,854,375.87

4,046,777,290.96

2,359,438,797.93

2,635,364,920.52

3,699,734,827.63

83,958,168.82

593,489,455.35

347,042,463.33

2010

2011

100%

132%

166%

100%

112%

157%

100%

707%

413%

800%
700%

600%
500%

400%
300%
200%

100%
0%
2010

5|Page

2011

2012

2012

2010 2011, 2012 32-66 ,

12-57 , 607-313 .
.
/ 2010/2011
1
2
3
4
5
6
7

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19

,




Y


:

-










, ,

Y
-

6|Page

//
/%
%
2011/2012
2010/2011
2011/201

753,737,048.93

41%

289,248,198.07

11

-76,451,602.75

-27%

303,978,057.00

149

83,032,786.60

1080%

161,332,583.63

178

8,228,188.00

5%

-1,227,196.00

-1

-6,955,787.31

-6%

34,945,122.00

32

-3,106,520.00

-16%

884,955.00

26,973,295.65

160%

26,841,195.39

61

1,920,000.00

#DIV/0!

0.00

#DIV/0!

785,457,409.12

32%

817,922,915.09

25

183,327,979.06

18%

337,202,610.12

28

20,155,045.69

18%

40,553,318.44

31

-5,169,184.88

-58%

-837,220.04

-23

3,679,248.00

7%

12,845,608.00

23

4,465,667.12

6%

-21,340,871.26

-28

4,131,477.70

35%

2,175,075.12

14

1,746,880.00

58%

-886,655.00

-19

-275,967.29

-9%

393,706.68

14

9,320,458.00

203%

729,226.66

-120,360,440.00

-51%

110,764,024.00

96

19,981,994.71

16%

24,140,409.22

16

-124,648,428.68

-42%

174,169,401.49

102

22,795,426.16

22%

22,511,292.16

18

95,587,450.50

182%

239,445,258.04

162

-257,653.00

-4%

2,252,825.00

34

-990,700.00

-66%

-145,300.00

-29

-670,000.00

-100%

54,950.00

#DIV/0!

66,135.98

#DIV/0!

163,106,869.50

0.00

#DIV/0!
63%

120,276,112.50

29

275,926,122.59

12%

1,064,369,907.11

40

509,531,286.53

607%

-246,446,992.02

-42

 (Horizontal analysis)
2011 2010 785,457.4 / 32 ,
2012 2011 817,922.9 / 25 .
2011 2010 677,285.4
/-, 2012 2011 593,226.2 /- .
2011 41 , 2012 11
. 2011 27
2012 149 .
, 2011 2010 83,032.8 /
1080 , 2012 2011 161,332.6 / 178
.

.
, ,
.
2011 2010 275,926.1 / 12 ,
2012 2011 1,064,369.9 / 40 .
:
1. 2011 2010 183,328.0 / 18
, 2012 2011 337,202.6 / 28 .
2. - 2011 2010 163,106.8 /
63 , 2012 2011 120,276.1 / 29
.
3. 2011 2010 95,587.4 /
182 , 2012 2011 239,445.2 / 162
.
4. , , 2011 2010
22,795.4 / 22 , 2012 2011 22,511.3 /
18 .
5. - 2011 2010 20,155.0 / 18 ,
2012 2011 40,553.3 / 31
.
6. 2011 2010 19,982.0 / 16
, 2012 2011 24,140.4 / 16 .
7|Page

7. 2011 2010 9,320.4 / 203

, 2012 2011 729.2 / 5 .
8. 2011 2010 3,679.2 / 7
, 2012 2011 12,845.6 / 23 .
9. 2011 2010 4,131.5 / 35
, 2012 2011 2,175.1 / 14 .
10. 2011 2010 120,360.4 / 51
2012 2011 110,764.0 / 96
.
11. 2011 2010 124,648.4 /
42 2012 2011 174,169.4 /
102 2011
.
12. 2011 2010 4,465.6 / 6
2012 2011 21,340.8 / 28
.
13. 2011 2010 5,169.2 / 58 ,
2012 2011 837.2 / 23 .
14. .
2011 2010 509,531.2 / 607
2012 2011 246,447.0 / 42
. 2012
(25%) (40%)
.

8|Page

 (Vertical analysis)

2010

2011

87%

87%

84%

76%

81%

72%

15

,




Y

:

,

,

, ,

16

1
1

2
3
4
5
6
7
2
1

2
3
4
5
6
7
8
9
10
11
12
13
14

9|Page

2012

11%

6%

13%

0.3%

3%

6%

6%

5%

4%

5%

3%

4%

1%

1%

0.4%

1%

1%

2%

0%

0%

0.05%

100%

100%

100%

41%

37%

38%

33%

28%

28%

5%

7%

8%

4%

2%

2%

5%

4%

4%

0.4%

0.1%

0.1%

2%

2%

2%

3%

2%

1%

0.5%

0.5%

0.4%

0.1%

0.1%

0.1%

0.1%

0.1%

0.1%

0.2%

0.4%

0.4%

10%

4%

6%

5%

5%

4%

12%

5%

9%

4%

4%

4%

2%

5%

10%

0.3%

0.2%
0.02
%

0.2%

0.1%

0.01%


18 Y
17

0.0%

19

10.6
%

13.1
%

13.4%

97%

82%

91%

3%

18%

9%

0.001%
0.002%

84-87 .
2012 7
.
13-16 .
82-97 . 318 .
, , , ,
, ,
, -
.
, , , ,
, -
.

3.
(Trend analysis)
()

10 | P a g e

2010

2011

2012

1,171,337,523.88

1,171,907,590.54

1,175,408,397.54

88,738,921.51

682,228,376.86

1,029,270,840.19

4,876,477,759.96

4,876,477,759.96

4,876,477,759.96

6,136,554,205.35

6,730,613,727.36

7,081,156,997.69

2010

2011

2012

100%

100.05%

100.35%

100%

769%

1160%

100%

110%

115%

1400%
1200%
1000%
800%

600%

400%
200%
0%
2010

2011

2012

2010 6691060 .
. ,
.
(Horizontal analysis)

/
-S
2010/2011

/
-%
2010/2011

/
-S
2011/2012

/
-%
2011/2012

570,066.66

0.05%

3,500,807.00

0.3%

593,489,455.35

669%

347,042,463.33

50.9%

0.00

0%

0.00

0.0%

594,059,522.01

10%

350,543,270.33

5%

2011 2010 594,059.5 / 10 , 2012 2011

350,543.3.9 / 5 .
2011 2010 593,489.4 /
669 , 2012 2011 347,042.4 / 50.9
.

11 | P a g e

 (Vertical analysis)
2010

2011

2012

19%

17%

17%

1%

10%

15%

79%

72%

69%

100%

100%

100%

2010 99 , 2011
90 , 2012 85
.
1-15 .

4.
(Trend analysis)
()
2010

12 | P a g e

2012

236,639,813.17

794,816,279.61

885,441,335.61

(273,872,906.00)

(236,381,829.40)

(174,474,288.00)

2010

2011

2011

2012

100%

336%

374%

100%

86%

64%

#DIV/0!

#DIV/0!

#DIV/0!

400%
350%

300%
250%

200%
150%
100%

50%
0%
2010

2011

2012

2010
236-274 ,
14-36 .

/S 2010/2011

//%
S 2011/2012
2010/2011

558,176,466.44

236%

90,625,056.00

11%

-37,491,076.60

-13.69%

-61,907,541.40

-26.2%

0.00

#DIV/0!

0.00

2011 2010 558,176.4

/ 236 , 2012 2011 90,625.0.9 / 11
.

.
.

.

13 | P a g e

/-%
2011/2012

#DIV/0!

5.
2010
1
2
3
4
5
6
7
8
9
10
11
12
13
14

I.

(Cash burn rate)
II.
()



III.

,
IY.
/Rate of return sales
/ROA/
/ROE /

2011

2012

422,847,755 951,347,056 1,463,910,105

3.70
4.54
3.50
3.56
3.09
90

4.40
3.88
169

3.43
3.00
202

38
10
0.39
0.43

30
12
0.48
0.56

21
18
0.55
0.71

0.06
34.57

0.04
23.27

0.06
11.72

0.03
0.01
0.02

0.18
0.09
0.09

0.09
0.05
0.05

90-202
3- 7 .
.
80-86
, 2-8 .
3-6
.

7-9
.
.
.

14 | P a g e


13-15
.
.
.
.
,
.
2011 2010 15 2012 2011 9
.
,
.
.
.

.
.
6.

1.
,
.
-
.
.

.

.
2. . ,

, , .

.
. 1

.

15 | P a g e

3.
,

4.
.

,
.
: ..- ..

16 | P a g e