Ratio
Analysis
|
Liquidity Ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current ratio
|
|
Formula = CA / CL
|
|
|
|
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
CA
|
816,320,886
|
1,062,983,169
|
1,396,399,897
|
1,342,335,580
|
1,537,155,946
|
|
CL
|
609,920,107
|
870,761,136
|
1,243,623,034
|
1,236,604,180
|
1,596,968,729
|
|
Current ratio
|
1.3384
|
1.2208
|
1.1228
|
1.0855
|
0.9625
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
1.1460
|
0.1418
|
-28.0827%
|
|
|
|
|
|
|
|
|
|
Quick ratio
|
|
Formula =
(CA - Inv.) / CL
|
|
|
|
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
CA
|
816,320,886
|
1,062,983,169
|
1,396,399,897
|
1,342,335,580
|
1,537,155,946
|
|
CL
|
609,920,107
|
870,761,136
|
1,243,623,034
|
1,236,604,180
|
1,596,968,729
|
|
Inv
|
101,713,154
|
155,760,473
|
231,426,737
|
341,773,148
|
374,805,011
|
|
Quick Ratio
|
1.1716
|
1.0419
|
0.9368
|
0.8091
|
0.7278
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
0.9374
|
0.1776
|
-37.8779%
|
|
|
|
|
|
|
|
|
|
Cash ratio
|
|
Formula = (Cash + M/s ) / CL
|
|
|
|
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
Cash+M/s
|
123,165,593
|
117,715,951
|
61,294,753
|
58,022,038
|
56,704,288
|
|
CL
|
609,920,107
|
870,761,136
|
1,243,623,034
|
1,236,604,180
|
1,596,968,729
|
|
Cash ratio
|
0.2019
|
0.1352
|
0.0493
|
0.0469
|
0.0355
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
0.0938
|
0.0724
|
-82.4166%
|
|
|
|
|
|
|
|
|
|
NWC to asset ratio
|
Formula = NWC / TA
|
|
|
||
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
NWC
|
206,400,779
|
192,222,033
|
152,776,863
|
105,731,400
|
-59,812,783
|
|
TA
|
1,195,210,173
|
1,511,867,305
|
2,009,138,547
|
2,378,690,093
|
2,674,494,145
|
|
NWC to asset ratio
|
0.1727
|
0.1271
|
0.0760
|
0.0444
|
-0.0224
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
0.0796
|
0.0751
|
-112.9505%
|
|
|
Internal measure
|
Formula = (Cash + M/s + A/c Rec.) / Daily
expenses
|
||||
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
Cash+M/s+A/R
|
123,165,593
|
117,715,951
|
61,294,753
|
58,022,038
|
56,704,288
|
|
Daily Exp
|
4,116,035
|
5,194,601
|
5,983,059
|
6,459,780
|
7,829,235
|
|
Internal measure
|
29.9234
|
22.6612
|
10.2447
|
8.9820
|
7.2426
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
15.8108
|
9.9639
|
-75.7961%
|
|
|
|
|
|
|
|
|
|
Inventory ternover ratio (ITOR)
|
Formula = COGS / Avg. Inventory
|
||||
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
COGS
|
1,184,074,252
|
1,422,247,548
|
1,600,211,511
|
1,817,394,259
|
2,131,538,267
|
|
Avg Inv
|
50,856,577
|
128,736,814
|
193,593,605
|
286,599,943
|
358,289,080
|
|
ITOR
|
23.2826
|
11.0477
|
8.2658
|
6.3412
|
5.9492
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
10.9773
|
7.1686
|
-74.4478%
|
|
|
|
|
|
|
|
|
|
Inventory ternover period (ITOP)
|
Formula = Avg. inv. / Daily COGS
|
||||
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
Avg Inv
|
50,856,577
|
128,736,814
|
193,593,605
|
286,599,943
|
358,289,080
|
|
Daily COGS
|
3244039.047
|
3896568.625
|
4384141.126
|
4979162.353
|
5839830.868
|
|
ITOP
|
15.6769
|
33.0385
|
44.1577
|
57.5599
|
61.3526
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
42.3571
|
18.6672
|
291.3562%
|
|
|
|
|
|
|
|
|
|
Receivabls turnover ratio (RTOR)
|
Formula = Cr. Sales / Avg. rec.
|
|
|||
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
Cr. Sales
|
1,637,408,231
|
2,052,913,536
|
2,239,565,258
|
2,557,772,237
|
3,088,714,707
|
|
Avg A/R
|
17,108,459
|
49,270,504
|
77,674,463
|
85,995,917
|
218927411
|
|
RTOR
|
0
|
0
|
0
|
0
|
0
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
0.0000
|
0.0000
|
0.0000%
|
|
|
Days sales outstanding (DSO) or (ACP)
|
Formula = Avg. Re. / Daily Cr. Sales
|
||||
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
Avg A/R
|
0
|
0
|
0
|
0
|
0
|
|
Daily Cr. Sales
|
0
|
0
|
0
|
0
|
0
|
|
DSO
|
3.43
|
5.90
|
10.34
|
11.68
|
18.02
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
0.0000
|
0.0000
|
0.0000%
|
|
|
|
|
|
|
|
|
|
Payable Defferal Period (PDP)
|
|
Formula = Avg. A/c payable / Daily COGS
|
|||
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
Avg A/P
|
100,815,221
|
241,044,167
|
300,511,090
|
336,243,825
|
485,579,409
|
|
Daily COGS
|
3244039.047
|
3896568.625
|
4384141.126
|
4979162.353
|
5839830.868
|
|
PDP
|
31.0771
|
61.8606
|
68.5450
|
67.5302
|
83.1496
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
62.4325
|
19.2096
|
167.5592%
|
|
|
|
|
|
|
|
|
|
Cash Conversion Cycle
|
|
Formula = ITOP + DSO - PDP
|
|
||
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
ITOP
|
15.67693122
|
33.03850808
|
44.15770374
|
57.55987105
|
61.35264669
|
|
DSO
|
0
|
0
|
0
|
0
|
0
|
|
PDP
|
31.07706768
|
61.86062411
|
68.54503114
|
67.53019908
|
83.14956716
|
|
CCC
|
-11.97
|
-22.92
|
-14.04
|
1.71
|
-3.78
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
-20.0754
|
7.4504
|
41.5372%
|
|
|
Debt Management Ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long term debt ratio
|
|
|
Formula = LTD / TA
|
|
|
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
LTD
|
38,104,458
|
50,722,643
|
166,929,977
|
356,247,707
|
244,355,147
|
|
TA
|
1,195,210,173
|
1,511,867,305
|
2,009,138,547
|
2,378,690,093
|
2,674,494,145
|
|
Long term debt ratio
|
0.031880969
|
0.033549666
|
0.083085349
|
0.149766339
|
0.091364996
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
0.0779
|
0.0486
|
186.5816%
|
|
|
Current liability ratio
|
|
|
Formula =CL / Total. Debt
|
|
|
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
CL
|
609,920,107
|
870,761,136
|
1,243,623,034
|
1,236,604,180
|
1,596,968,729
|
|
Total Debt
|
648,024,565
|
921,483,779
|
1,410,553,011
|
1,592,851,887
|
1,841,323,876
|
|
Current liability ratio
|
0.941199053
|
0.944955468
|
0.881656361
|
0.776345993
|
0.867293772
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
0.8823
|
0.0686
|
-7.8522%
|
|
|
|
|
|
|
|
|
|
LTD to total liability ratio
|
|
|
Formula =LTD / Total Debt
|
|
|
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
LTD
|
38,104,458
|
50,722,643
|
166,929,977
|
356,247,707
|
244,355,147
|
|
Total Debt
|
648,024,565
|
921,483,779
|
1,410,553,011
|
1,592,851,887
|
1,841,323,876
|
|
LTD to total liability ratio
|
0.058800947
|
0.055044532
|
0.118343639
|
0.223654007
|
0.132706228
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
0.1177
|
0.0686
|
125.6872%
|
|
|
|
|
|
|
|
|
|
Debt (total) ratio
|
|
|
Formula =Total Debt/ TA
|
|
|
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
Total Debt
|
648,024,565
|
921,483,779
|
1,410,553,011
|
1,592,851,887
|
1,841,323,876
|
|
TA
|
1,195,210,173
|
1,511,867,305
|
2,009,138,547
|
2,378,690,093
|
2,674,494,145
|
|
Debt (total) ratio
|
0.542184613
|
0.609500434
|
0.702068562
|
0.669634053
|
0.688475568
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
0.6424
|
0.0662
|
26.9818%
|
|
|
|
|
|
|
|
|
|
Debt equity ratio
|
|
|
Formula = LTD / Total Equity
|
||
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
LTD
|
38,104,458
|
50,722,643
|
166,929,977
|
356,247,707
|
244,355,147
|
|
Total Equity
|
547,185,608
|
590,383,526
|
598,585,536
|
785,838,206
|
833,170,269
|
|
Debt equity ratio
|
0.0696
|
0.0859
|
0.2789
|
0.4533
|
0.2933
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
0.2362
|
0.1601
|
321.1595%
|
|
|
Cash coverage ratio
|
|
|
Formula = (EBIT + Depreciation) / Interest
|
||
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
EBIT
|
161,323,511
|
201,310,707
|
161,326,651
|
234,554,399
|
252,472,271
|
|
Depreciation
|
3,896,000
|
3,957,000
|
3,975,000
|
5,243,000
|
5,878,000
|
|
Interest
|
24,608,083
|
37,708,125
|
67,886,440
|
93,164,270
|
83,396,936
|
|
Cash coverage ratio
|
6.7140
|
5.4436
|
2.4350
|
2.5739
|
3.0978
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
4.0529
|
1.9192
|
-53.8602%
|
|
|
|
|
|
|
|
|
|
Times interest earned (TIE)
|
|
Formula = EBIT / Interest
|
|
||
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
EBIT
|
161,323,511
|
201,310,707
|
161,326,651
|
234,554,399
|
252,472,271
|
|
Interest
|
24,608,083
|
37,708,125
|
67,886,440
|
93,164,270
|
83,396,936
|
|
Times interest earned (TIE)
|
6.5557
|
5.3387
|
2.3764
|
2.5176
|
3.0274
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
3.9632
|
1.8773
|
-53.8211%
|
|
|
Asset Management Ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FATOR
|
|
Formula = sales / Avg. FA
|
|
|
|
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
Sales
|
1,821,807,060
|
2,326,722,048
|
2,522,981,541
|
2,832,899,234
|
3,425,128,951
|
|
Avg FA
|
189,444,644
|
413,886,712
|
530,811,393
|
824,546,582
|
1,086,846,356
|
|
FATOR
|
9.6166
|
5.6216
|
4.7531
|
3.4357
|
3.1514
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
5.3157
|
2.6041
|
-67.2291%
|
|
|
|
|
|
|
|
|
|
FATOP
|
|
|
Formula= Avg. FA / Daily sales
|
||
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
Avg FA
|
189,444,644
|
413,886,712
|
530,811,393
|
824,546,582
|
1,086,846,356
|
|
Daily Sales
|
4991252.219
|
6374580.953
|
6912278.195
|
7761367.764
|
9383914.934
|
|
FATOP
|
37.9553
|
64.9277
|
76.7925
|
106.2373
|
115.8201
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
80.3466
|
31.5281
|
205.1485%
|
|
|
TATOR
|
|
|
Formula= Sales / Avg. TA
|
|
|
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
Sales
|
1,821,807,060
|
2,326,722,048
|
2,522,981,541
|
2,832,899,234
|
3,425,128,951
|
|
Avg TA
|
597,605,087
|
1,353,538,739
|
1,760,502,926
|
2,193,914,320
|
2,526,592,119
|
|
TATOR
|
3.0485
|
1.7190
|
1.4331
|
1.2913
|
1.3556
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
1.7695
|
0.7334
|
-55.5314%
|
|
|
|
|
|
|
|
|
|
TATOP
|
|
|
Formula= Avg. TA / Daily sales
|
||
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
Avg TA
|
597,605,087
|
1,353,538,739
|
1,760,502,926
|
2,193,914,320
|
2,526,592,119
|
|
Daily Sales
|
4991252.219
|
6374580.953
|
6912278.195
|
7761367.764
|
9383914.934
|
|
TATOP
|
119.7305
|
212.3338
|
254.6921
|
282.6711
|
269.2471
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
227.7349
|
65.8978
|
124.8777%
|
|
|
|
|
|
|
|
|
|
NWC turnover
|
|
Formula= Sales / NWC
|
|
||
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
Sales
|
1,821,807,060
|
2,326,722,048
|
2,522,981,541
|
2,832,899,234
|
3,425,128,951
|
|
NWC
|
206,400,779
|
192,222,033
|
152,776,863
|
105,731,400
|
-59,812,783
|
|
NWC turnover
|
8.8266
|
12.1043
|
16.5142
|
26.7934
|
-57.2642
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
1.3949
|
33.4831
|
-748.7717%
|
|
|
|
|
|
|
|
|
|
NWC to TA
|
|
|
Formula= NWC / avg. TA
|
|
|
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
NWC
|
206,400,779
|
192,222,033
|
152,776,863
|
105,731,400
|
-59,812,783
|
|
Avg TA
|
597,605,087
|
1,353,538,739
|
1,760,502,926
|
2,193,914,320
|
2,526,592,119
|
|
NWC to TA
|
0.3454
|
0.1420
|
0.0868
|
0.0482
|
-0.0237
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
0.1197
|
0.1398
|
-106.8543%
|
|
|
CIR
|
|
|
Formula= FA / TA
|
|
|
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
FA
|
378,889,287
|
448,884,136
|
612,738,650
|
1,036,354,513
|
1,137,338,199
|
|
TA
|
1,195,210,173
|
1,511,867,305
|
2,009,138,547
|
2,378,690,093
|
2,674,494,145
|
|
CIR
|
0.3170
|
0.2969
|
0.3050
|
0.4357
|
0.4253
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
0.3560
|
0.0685
|
34.1467%
|
|
|
|
|
|
|
|
|
|
CAIR
|
|
|
Formula = CA / TA
|
|
|
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
CA
|
816,320,886
|
1,062,983,169
|
1,396,399,897
|
1,342,335,580
|
1,537,155,946
|
|
TA
|
1,195,210,173
|
1,511,867,305
|
2,009,138,547
|
2,378,690,093
|
2,674,494,145
|
|
CAIR
|
0.6830
|
0.7031
|
0.6950
|
0.5643
|
0.5747
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
0.6440
|
0.0685
|
-15.8489%
|
|
|
Profitability Ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit Margin
|
|
Formula= NI / Sales
|
|
|
|
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
NI
|
91,715,428
|
109,180,668
|
85,413,760
|
89,516,202
|
112,270,813
|
|
Sales
|
1,821,807,060
|
2,326,722,048
|
2,522,981,541
|
2,832,899,234
|
3,425,128,951
|
|
Profit Margin
|
0.0503
|
0.0469
|
0.0339
|
0.0316
|
0.0328
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
0.0391
|
0.0088
|
-34.8897%
|
|
|
|
|
|
|
|
|
|
Net Profit Margin
|
|
Formula = (NI + Interest) / Sales
|
|
||
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
NI
|
91,715,428
|
109,180,668
|
85,413,760
|
89,516,202
|
112,270,813
|
|
Interest
|
24,608,083
|
37,708,125
|
67,886,440
|
93,164,270
|
83,396,936
|
|
Sales
|
1,821,807,060
|
2,326,722,048
|
2,522,981,541
|
2,832,899,234
|
3,425,128,951
|
|
Net Profit Margin
|
0.0639
|
0.0631
|
0.0608
|
0.0645
|
0.0571
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
0.0619
|
0.0030
|
-10.5300%
|
|
|
Operating Profit
Margin
|
|
Formula= EBIT / Sales
|
|
|
|
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
EBIT
|
161,323,511
|
201,310,707
|
161,326,651
|
234,554,399
|
252,472,271
|
|
Sales
|
1,821,807,060
|
2,326,722,048
|
2,522,981,541
|
2,832,899,234
|
3,425,128,951
|
|
Operating Profit
Margin
|
0.0886
|
0.0865
|
0.0639
|
0.0828
|
0.0737
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
0.0791
|
0.0102
|
-16.7582%
|
|
|
|
|
|
|
|
|
|
OIROI
|
|
Formula= Operating income / avg.TA
|
|
||
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
Operating Income
|
33,103,898
|
53,037,092
|
110,495,815
|
42,043,347
|
30,326,861
|
|
Avg TA
|
597,605,087
|
1,353,538,739
|
1,760,502,926
|
2,193,914,320
|
2,526,592,119
|
|
OIROI
|
0.0554
|
0.0392
|
0.0628
|
0.0192
|
0.0120
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
0.0377
|
0.0221
|
-78.3316%
|
|
|
|
|
|
|
|
|
|
BEP
|
|
Formula= EBIT / avg.TA
|
|
|
|
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
EBIT
|
161,323,511
|
201,310,707
|
161,326,651
|
234,554,399
|
252,472,271
|
|
Avg TA
|
597,605,087
|
1,353,538,739
|
1,760,502,926
|
2,193,914,320
|
2,526,592,119
|
|
BEP
|
0.2700
|
0.1487
|
0.0916
|
0.1069
|
0.0999
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
0.1434
|
0.0741
|
-62.9835%
|
|
|
|
|
|
|
|
|
|
ROA
|
|
Formula= (NI + Interest) / avg. TA
|
|
||
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
NI
|
91,715,428
|
109,180,668
|
85,413,760
|
89,516,202
|
112,270,813
|
|
Interest
|
24,608,083
|
37,708,125
|
67,886,440
|
93,164,270
|
83,396,936
|
|
Avg TA
|
597,605,087
|
1,353,538,739
|
1,760,502,926
|
2,193,914,320
|
2,526,592,119
|
|
ROA
|
0.1946
|
0.1085
|
0.0871
|
0.0833
|
0.0774
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
0.1102
|
0.0487
|
-60.2139%
|
|
|
ROI
|
|
Formula = EBIT / avg. TA
|
|
|
|
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
EBIT
|
161,323,511
|
201,310,707
|
161,326,651
|
234,554,399
|
252,472,271
|
|
Avg TA
|
597,605,087
|
1,353,538,739
|
1,760,502,926
|
2,193,914,320
|
2,526,592,119
|
|
ROI
|
0.2700
|
0.1487
|
0.0916
|
0.1069
|
0.0999
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
0.1434
|
0.0741
|
-62.9835%
|
|
|
|
|
|
|
|
|
|
ROE
|
|
Formula= NI / avg. TE
|
|
|
|
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
NI
|
91,715,428
|
109,180,668
|
85,413,760
|
89,516,202
|
112,270,813
|
|
Avg TE
|
273,592,804
|
568,784,567
|
594,484,531
|
692,211,871
|
809,504,238
|
|
ROE
|
0.3352
|
0.1920
|
0.1437
|
0.1293
|
0.1387
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
0.1878
|
0.0859
|
-58.6277%
|
|
|
|
|
|
|
|
|
|
POR
|
|
Formula = Dividend / NI
|
|
|
|
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
Dividend
|
45,174,000
|
48,186,000
|
48,186,000
|
60,232,000
|
36,139,000
|
|
NI
|
91,715,428
|
109,180,668
|
85,413,760
|
89,516,202
|
112,270,813
|
|
POR
|
0.4925
|
0.4413
|
0.5641
|
0.6729
|
0.3219
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
0.4986
|
0.1315
|
-34.6474%
|
|
|
|
|
|
|
|
|
|
PBR
|
|
Formula = 1 - POR
|
|
|
|
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
POR
|
0.4925
|
0.4413
|
0.5641
|
0.6729
|
0.3219
|
|
PBR
|
0.5075
|
0.5587
|
0.4359
|
0.3271
|
0.6781
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
0.5014
|
0.1315
|
33.6294%
|
|
|
Equity Multiplier
|
|
Formula = TA / EQ
|
|
|
|
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
TA
|
1,195,210,173
|
1,511,867,305
|
2,009,138,547
|
2,378,690,093
|
2,674,494,145
|
|
Total Equity
|
547,185,608
|
590,383,526
|
598,585,536
|
785,838,206
|
833,170,269
|
|
Equity Multiplier
|
2.1843
|
2.5608
|
3.3565
|
3.0269
|
3.2100
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
2.8677
|
0.4855
|
46.9597%
|
|
|
|
|
|
|
|
|
|
Internal Growth Rate
|
|
Formula = ROE * PBR * (1/Eq. multiplier)
|
|
||
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
ROE
|
0.3352
|
0.1920
|
0.1437
|
0.1293
|
0.1387
|
|
PBR
|
0.5075
|
0.5587
|
0.4359
|
0.3271
|
0.6781
|
|
Equity Multiplier
|
2.1843
|
2.5608
|
3.3565
|
3.0269
|
3.2100
|
|
Internal Growth Rate
|
0.0779
|
0.0419
|
0.0187
|
0.0140
|
0.0293
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
0.0363
|
0.0256
|
-62.3804%
|
|
|
|
|
|
|
|
|
|
Sustainable Growth Rate
|
|
Formula = PBR * ROE
|
|
|
|
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
PBR
|
0.5075
|
0.5587
|
0.4359
|
0.3271
|
0.6781
|
|
ROE
|
0.3352
|
0.1920
|
0.1437
|
0.1293
|
0.1387
|
|
Sustainable Growth Rate
|
0.1701
|
0.1072
|
0.0626
|
0.0423
|
0.0940
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
0.0953
|
0.0490
|
-44.7144%
|
|
|
Market Value analysis
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS
|
|
|
Formula = NI / SOS
|
|
|
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|
NI
|
91,715,428
|
109,180,668
|
85,413,760
|
89,516,202
|
112,270,813
|
|
SOS
|
12,046,449
|
12,046,449
|
12,046,449
|
12,046,449
|
12,046,449
|
|
EPS
|
7.6135
|
9.0633
|
7.0904
|
7.4309
|
9.3198
|
|
|
|
|
|
|
|
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|
|
|
8.1036
|
1.0148
|
22.4121%
|
|
|
Book value per Share
|
|
|
Formula = TE / SOS
|
|
||||
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|||
|
Total Equity
|
547,185,608
|
590,383,526
|
598,585,536
|
785,838,206
|
833,170,269
|
|||
|
SOS
|
12,046,449
|
12,046,449
|
12,046,449
|
12,046,449
|
12,046,449
|
|||
|
Book value per Share
|
45.4230
|
49.0089
|
49.6898
|
65.2340
|
69.1631
|
|||
|
|
|
|
|
|
|
|||
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|||
|
|
|
55.7038
|
10.7082
|
52.2647%
|
|
|||
|
|
|
|
|
|
|
|||
|
Price earning ratio
|
|
|
Formula = Mkt. Price per share/ EPS
|
|||||
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|||
|
Price of share
|
54.9
|
55.9
|
55.6
|
79.4
|
80.7
|
|||
|
EPS
|
7.6135
|
9.0633
|
7.0904
|
7.4309
|
9.3198
|
|||
|
Price earning ratio
|
7.2109
|
6.1677
|
7.8416
|
10.6851
|
8.6590
|
|||
|
|
|
|
|
|
|
|||
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|||
|
|
|
8.1129
|
1.7019
|
20.08%
|
|
|||
|
|
|
|
|
|
|
|||
|
Mkt. to Book Value ratio
|
|
|
Formula = Mkt value / Book value
|
|||||
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|||
|
Mkt Value
|
1,204,644,900
|
1,252,830,696
|
1,433,527,431
|
2,058,738,134
|
1,650,363,513
|
|||
|
Book value
|
547,185,608
|
590,383,526
|
598,585,536
|
785,838,206
|
833,170,269
|
|||
|
Mkt. to Book Value ratio
|
2.2015
|
2.1221
|
2.3949
|
2.6198
|
1.9808
|
|||
|
|
|
|
|
|
|
|||
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|||
|
|
|
2.2638
|
0.2490
|
-10.0251%
|
|
|||
|
|
|
|
|
|
|
|||
|
Dividend yield / return
|
|
|
Formula = Div. per share / price per share
|
|||||
|
|
2001
|
2002
|
2003
|
2004
|
2005
|
|||
|
Div per share
|
3.75
|
3.75
|
4
|
4.25
|
4.5
|
|||
|
Price per share
|
54.9
|
55.9
|
55.6
|
79.4
|
80.7
|
|||
|
Dividend yield / return
|
0.0683
|
0.0671
|
0.0719
|
0.0535
|
0.0558
|
|||
|
|
|
|
|
|
|
|||
|
|
|
Avg
|
Std Dev
|
Growth
|
|
|||
|
|
|
0.0633
|
0.0082
|
-18.36%
|
|
|||
