| The analysis of solvency and financial position of the issuer on the basis of the economic analysis of the given indicators:
Net asset value (NAV) of the issuer during the analyzed period exceeded amount of the authorized capital that is the main indicator of stability of financial condition of the enterprise. Besides, for the last quarter, net asset value increased in comparison with the last date under reporting by 1 582,2 mln Rubles or 3,83%.
Relation of the amount of the involved funds to the capital and reserve characterize leverage ratio and show the degree of its usage in total amount of funds invested into the enterprise. In comparison with the similar period of the last year this indicator increased from 47% up to 45,8%, that comes from increase of leverage ratio.
Dynamics of relation indicator of the short-term liabilities amount to the capital and reserves has the same tendency as the previous one.
Zero value of indicator "Level of the deferred debt" testifies absence of the delayed debts of the issuer that characterizes ability of the issuer in due time to be accountable under its liabilities
Level of paying capacity and financial stability of organization depends on rate of accounts receivable turnover, which characterizes the organization performance. As of 31.03.2010 accounts receivable turnover is 2,2, what exceeds the analogous indicator as of March 31, 2009.
Labor efficiency is an indicator characterizing volume of the produced products per one employee. Labor efficiency for the 1st quarter 2010 is lower than that for the same period of the last year by 1,2 %, what is explained by increase of average number of employees by 19,2%.
Indicator of depreciation to the proceeds volume for the 1st quarter 2010 is lower than that for the same period of the last year by 0,7%, what is connected with the proceeds growth by 18,2%.
As a whole, values of considered indicators allow to come to a conclusion that the financial position of the issuer in the considered period is stable.
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