Beruflich Dokumente
Kultur Dokumente
MAY 2012
CONTENTS
1
INTRODUCTION
3
2
MACROECONOMIC ENVIRONMENT
4
2.1 DEMOGRAPHIC ANALYSIS OF GREECE
4
2.2 MACROECONOMIC ENVIRONMENT
5
2.3 THE PETROLEUM PRODUCTS MARKET
6
2.3.1 HISTORICAL REVIEW OF THE GREEK PETROLEUM PRODUCTS MARKET 6
2.3.2 DOMESTIC MARKET DEPENDENCE ON PETROLEUM
9
2.3.3 STRUCTURE OF THE DOMESTIC MARKET
10
2.3.4 MARKET SHARES
12
2.3.5 FINANCIAL ANALYSIS OF THE MARKET
13
2.3.6 PROBLEMS, OPPORTUNITIES AND RECENT DEVELOPMENTS
16
3
BACKGROUND AND CURRENT STATE
19
3.1 THE COMPANY: BACKGROUND OBJECTIVE OF WORKS
19
3.2 FACILITIES
19
3.3 MANPOWER
21
3.4 MAJOR SUPPLIERS AND CUSTOMERS
21
3.5 SUMMARY OF PAST FINANCIAL DATA
22
3.6 LATEST DEVELOPMENTS CURRENT STATE
26
3.7 OBSERVATIONS - CONCLUSIONS
27
4
METHODOLOGY
28
5
STRATEGY
29
6
FINANCIAL MODEL ASSUMPTIONS
31
6.1 2009 BALANCE SHEET ADJUSTMENTS
31
6.2 RESULTS 2010-2014
31
6.3 ASSETS 2010-2014
35
6.4 LIABILITIES 2010-2014
37
6.5 SUMMARY FINANCIAL DATA 2010-2014
39
7
CONCLUSION
40
8
APPENDIX
42
INTRODUCTION
The aim of this study is to determine the viability of the company based
on its internal needs and the competitive forces, in the new enlarged
environment of the single European market. This is followed by an
exploration of the possibilities, conditions, and prospects for its
development.
It thus sets out the strategy of DIMOIL SA for the period 2009-2013.
The study is structured as follows:
MACROECONOMIC ENVIRONMENT
MEN
4
2
0
1971
1981
1991
2001
2002
2003
Source: NSS
Chart 2
DEVELOPMENT AND CATEGORIZATION OF POPULATION
BY AGE
70%
60%
50%
0-14 YRS
40%
15-64 YRS
30%
20%
10%
0%
1971
1981
Source: NSS
1991
2001
The negative economic climate since the end of 2007 has brought about
serious losses, particularly in money and capital markets. Inflation surged,
in both developed, but especially in developing economies, influenced
decisively by the increase in fuel, goods, and foodstuffs prices.
Furthermore, the forecast growth rates were continuously revised
downward, since the main characteristic of the current international
2.3.2
Imported
electricity
1%
Natural gas
Oil
58%
Renewable energy
sources
2.3.3
. Refining Market
In the refining market, domestic and foreign refiners and importers of oil
sell petroleum products to domestic oil trading companies. Following the
absorption of Petrola by the Hellenic Petroleum group, the Greek oil
refining market has few players. Hellenic Petroleum owns the refineries of
Aspropyrgos, Elefsina and Thessaloniki, while the refinery at Aghioi
Theodoroi in Corinth is owned by Motor Oil. Today, the capacity of
10
11
2.3.4
MARKET SHARES
The Greek oil market is highly concentrated, as the five largest fuel
marketing companies control 56.00% of total turnover, which in 2010
amounted to about 15.20 billion, marking an increase of 30.00%
compared to 2007, when it amounted to 11.70 billion.
According to a Stat Bank survey, despite the fact that 70 companies
operate in the Greek oil market, six of them control 63% of a pie worth
14 billion in 2008.
The following Table shows the market shares of the fifteen largest
companies operating in the oil market for the years 2005-2008.
Table 3: Market shares of the petroleum market companies
COMPANY
-LD
SHELL
BP
JET OIL
AEGEAN
AVIN
L
REVOIL
CYCLON
SILKOIL
KAOIL
DRACOIL
SUNOIL
KMOIL
Sourse: STATBANK
2005
2006
17,30%
15,50%
15,50%
7,60%
6,00%
8,50%
5,00%
4,20%
3,40%
1,90%
3,50%
2,20%
2,40%
1,10%
0,80%
2007
17,20%
14,90%
16,70%
7,60%
7,00%
8,20%
5,50%
4,90%
3,60%
2,30%
3,40%
2,10%
2,20%
1,10%
0,50%
2008
16,77%
14,10%
15,44%
7,87%
7,87%
8,27%
6,00%
5,17%
3,82%
2,46%
3,27%
2,02%
2,25%
1,24%
0,82%
16,14%
13,11%
9,87%
9,05%
7,96%
7,20%
5,25%
4,04%
3,77%
2,82%
2,46%
1,46%
1,44%
0,87%
0,62%
12
2.3.5
13
NETOIL SA
ELPETRA ENERGY SA
CHEVRON SHIPPING PRODUCTS
HELLAS SA
SAMERKAS SA
MEDITERRANEAN OIL SA
144.063.944
16,2%
561.703
2.826.317
403,2
148.415.891
132.250.127
-10,9%
549.499
1.102.323
100,6
100.874.292
40.426.055
75.606.504
73.220.309
123.880.932
94.690.146
90.021.341
88.033.699
22,8%
134,2%
19,1%
20,2%
69.712
-220.550
6.398.171
77.331
-3.182.912
615.081
6.477.248
15.557
1,2
-79,9
60.408.624
74.121.085
22,7%
634.606
439.533
-30,7
39.616.909
36.558.914
37.114.190
55.943.902
47.839.199
45.528.740
41,2%
30,9%
22,7%
-457.795
254.064
-31.822
23.422
1.033.387
123.508
306,7
-
30.780.215
34.811.911
13,1%
1.174.105
-398.042
23.561.220
29.873.304
33.422.660
32.769.375
41,9%
9,7%
574.858
15.915
587.841
5.785
2,3
-63,7
228.877.000
97.712.105
252.478.043
59.095.000
14.764.179
13.725.000
34.297.000
19.186.605
5.057.575
25.526.000
2.662.193
5.022.216
2.194.283
2.805.463
2.912.894
2.122.587
223.427.000
94.006.662
229.335.561
62.976.000
16.196.113
15.858.000
35.677.000
19.803.284
5.533.894
27.748.000
2.916.493
5.778.002
1.617.175
-6.582.587
4.269.107
290.640
380.699.000
294.390.748
247.719.003
299.955.000
134.247.224
177.868.000
114.191.000
38.255.738
52.523.244
65.480.000
40.405.576
9.677.703
7.808.898
32.936.290
19.445.469
43.477.098
321.249.000
258.285.082
206.236.533
306.228.000
157.969.707
165.838.000
102.810.000
45.440.511
55.533.012
82.450.000
40.446.756
7.560.967
8.223.890
36.011.239
23.432.494
43.375.744
1,66
3,01
0,98
5,08
9,09
12,96
3,33
1,99
10,39
2,57
15,18
1,93
3,56
11,74
6,68
20,48
1,44
2,75
0,90
4,86
9,75
10,46
2,88
2,29
10,04
2,97
13,87
1,31
5,09
-5,47
5,49
149,24
3.943.479
5.235.798
19.943.873
8.678.125
5,06
1,66
4.907.411
4.822.241
22.126.154
11.259.493
4,51
2,33
2.145.758
4.285.519
15.258.056
3.165.583
-950.276
5.107.037
20.303.306
3.168.049
20.517.950
4.515.600
10.657.005
15.404.840
27.018.708
6.949.319
6.261.060
15.362.706
9,56
1,05
0,70
4,87
-28,43
1,36
0,31
4,85
1,96%
0,83%
-2,57%
0,65%
7,20%
0,02%
0,59%
0,04%
2,16%
0,27%
-1,14%
1,76%
0,02%
DEBT EQUITY
RATIO 2008
123.948.106
0,10%
-0,76%
1,06%
0,45%
0,13%
0,25%
0,23%
0,37%
0,13%
0,92%
0,26%
1,08%
1,69%
-4,39%
0,05%
-0,97%
DEBT EQUITY
RATIO 2007
-87,9
-68,7
42,5
5,2
156,7
1411,3
-21,7
17,4
18,4
-11,0
7,2
23,1
-86,2
-43,0
TOTAL
LIABILITIES
2008
2.317.000
-14.117.291
14.780.552
5.724.000
1.497.722
2.528.000
1.738.000
2.118.280
715.506
3.675.000
910.451
2.958.221
3.811.436
-9.658.050
94.987
-1.979.315
TOTAL
LIABILITIES
2007
19.189.000
21.122.778
47.259.326
4.018.000
1.423.616
985.000
115.000
2.703.732
609.276
3.105.000
1.022.602
2.760.103
3.095.947
40.328
685.892
-1.384.614
TOTAL OWN
FUNDS 2008
CHANGE
2008/2007%
14,8%
15,7%
11,1%
35,9%
35,5%
23,3%
22,6%
28,4%
31,8%
42,3%
21,7%
4,5%
12,4%
24,2%
30,5%
15,7%
TOTAL OWN
FUNDS 2007
PROFIT BEFORE
TAXES 2008
2.285.945.000
1.856.721.069
1.397.522.153
1.281.047.000
1.127.308.778
1.019.054.000
743.920.000
571.993.228
533.339.940
399.245.000
348.756.506
273.052.004
225.827.583
219.821.179
206.961.765
204.432.702
14
NET PROFIT
MARGIN 2008
PROFIT BEFORE
TAXES 2007
1.991.653.000
1.604.825.990
1.257.975.751
942.735.000
831.823.347
826.340.000
606.937.000
445.330.608
404.611.445
280.511.000
286.476.781
261.308.480
200.879.613
176.977.193
158.624.350
176.662.324
CHANGE
2008/2007%
TURNOVER 2008
LD SA
SHELL HELLAS SA
BP HELLAS SA
MAMIDOIL-JETOIL SA
EGION OIL SA
AVIN OIL SA
LL SA
REVOIL SA
SA
CYCLON HELLAS SA
SILK OIL SA
ERMIS SA
MYRTEA SA
ELPETROL SA
KAOIL KOUTLA BROS LLC
DRACOIL SA
SEKA SHIP FUEL SUPPLY
STATIONS SA
SEKAVIN FUEL SUPPLY
STATIONS SA
SUNOIL SA
GALLON OIL SA
MOBIL OIL HELLAS SA
KMOIL SA
ARGO GREEK PETROLEUM
PRODUCTS COMPANY SA
DIMOIL SA
TURNOVER 2007
COMPANY NAME
4.705.235
5.142.427
11.493.209
11.987.361
2,44
2,33
2.135.167
2.079.686
28.178
2.598.481
2.420.918
128.764
33.997.078
16.279.832
2.591.511
46.229.452
20.752.885
6.668.534
15,92
7,83
91,97
17,79
8,57
51,79
1.070.491
672.449
17.011.419
21.134.003
15,89
31,43
2.906.073
3.691.584
2.957.488
3.670.193
20.325.599
6.690.467
28.440.701
7.385.090
6,99
1,81
9,62
2,01
ATLANTIS SA
26.544.954
32.026.391
20,6%
280.014
285.113
1,8
0,89%
4.412.821
4.426.814
12.996.765
13.082.264
2,95
2,96
26.622.755
25.393.965
-4,6%
-324.406
70.163
0,28%
-85.451
374.712
3.353.950
6.872.028
-39,25
18,34
ATHENS OIL SA
18.837.796
23.876.819
26,7%
259.986
272.941
5,0
1,14%
921.143
1.065.725
8.349.528
6.706.728
9,06
6,29
AL OIL LLC
14.618.612
20.612.920
41,0%
153.680
592.936
285,8
2,88%
-659.158
-135.950
3.059.614
2.912.578
-4,64
-21,42
DIMKA SA
15.073.464
19.348.704
28,4%
1.718.086
2.002.642
16,6
10,35%
2.338.246
3.062.122
9.220.593
10.524.238
3,94
3,44
TOTAL HELLAS SA
17.142.545
18.598.722
8,5%
3.026.446
2.642.092
-12,7
14,21%
1.314.328
1.314.328
6.472.894
5.995.702
4,92
4,56
ALIAGAS SA
13.117.497
17.683.837
34,8%
49.291
57.777
17,2
0,33%
1.378.795
1.365.409
8.865.595
13.485.502
6,43
9,88
1.263.214
16.763.383
1227,0%
-59.567
235.121
1,40%
-14.609
231.151
412.330
3.051.917
-28,22
13,20
CABI GAS SA
13.151.186
16.174.860
23,0%
129.210
195.194
51,1
1,21%
1.534.799
2.066.187
7.808.349
8.422.958
5,09
4,08
APIROTAN SA
9.236.484
13.773.223
49,1%
-173.201
318.071
2,31%
2.458.451
2.556.928
7.326.351
9.165.970
2,98
3,58
THESSALIKA PETRELEA SA
9.750.355
13.113.858
34,5%
139.044
199.139
43,2
1,52%
781.518
394.481
885.281
4.425.063
1,13
11,22
CHEVRON HELLAS SA
26.750.698
11.763.612
-56,0%
-1.626.271
34.069
0,29%
14.798.955
14.833.025
2.857.420
1.944.013
0,19
0,13
10.317.656
10.650.437
3,2%
199.899
265.357
32,8
2,49%
292.638
302.843
768.858
694.180
2,63
2,29
PYRSOS SA PETROLEUM
7.879.534
8.925.136
13,3%
17.249
9.435
-45,3
0,11%
226.390
276.016
790.710
605.407
3,49
2,19
INTERNATIONAL SERVICE SA
8.755.068
8.845.655
1,0%
1.026.465
1.037.727
1,1
11,73%
2.239.221
2.278.628
2.159.690
2.111.424
0,96
0,93
12.014.374
8.759.200
-27,1%
44.837
84.544
88,6
0,97%
324.169
327.378
748.285
339.145
2,31
1,04
JEMOIL SA
7.198.741
8.673.678
20,5%
42.332
29.489
-30,3
0,34%
281.256
291.338
1.310.511
1.119.323
4,66
3,84
EUROTHERM SA
2.783.289
8.466.828
204,2%
6.601
40.632
515,5
0,48%
146.276
186.908
345.448
1.221.334
2,36
6,53
TRIGON GAS SA
6.680.117
8.445.495
26,4%
142.816
339.437
137,7
4,02%
972.119
948.225
3.727.668
4.032.607
3,83
4,25
ATHEA SA
4.407.255
8.256.428
87,3%
73.594
204.240
177,5
2,47%
2.672.033
2.701.211
3.333.166
4.061.633
1,25
1,50
RIZOUDIS GEORGIOS SA
6.760.813
7.935.276
17,4%
-440.199
-105.533
76,0
-1,33%
519.875
412.461
3.572.565
3.112.395
6,87
7,55
KOUTSOBOS ELASTIKSA SA
7.423.848
7.857.970
5,8%
12.928
2.436
-81,2
0,03%
352.714
353.932
8.346.949
9.138.774
23,66
25,82
6.450.818
7.333.158
13,7%
329.420
130.441
-60,4
1,78%
2.861.539
3.746.420
5.704.272
7.438.641
1,99
1,99
KASIMATIS I. SA
7.908.169
7.197.437
-9,0%
54.373
13.016
-76,1
0,18%
300.412
304.769
4.501.559
4.547.631
14,98
14,92
CHALAZIA A. SA
6.430.327
6.456.739
0,4%
11.279
12.589
11,6
0,19%
534.676
566.893
1.664.501
2.254.831
3,11
3,98
4.721.352
5.932.730
25,7%
34.843
-92.029
-1,55%
203.955
180.838
2.308.950
2.776.179
11,32
15,35
ASROPYRGAZ SA
5.364.474
5.877.151
9,6%
272.752
282.641
3,6
4,81%
1.218.490
1.353.705
1.468.862
1.393.484
1,21
1,03
KOTOULAS BROS SA
3.889.740
5.694.253
46,4%
7.000
59.110
744,4
1,04%
865.250
1.069.805
1.038.271
1.479.391
1,20
1,38
SAVVIDIS SA
4.621.329
4.878.681
5,6%
83.672
49.086
-41,3
1,01%
581.790
728.049
2.131.838
2.413.676
3,66
3,32
AKOIL SA
3.846.014
4.667.458
21,4%
5.271
11.486
117,9
0,25%
1.432.710
1.882.188
2.465.021
2.654.260
1,72
1,41
5.143.203
4.596.766
-10,6%
343.690
147.506
-57,1
3,21%
1.231.911
1.276.109
4.593.781
3.608.082
3,73
2,83
5.803.386
4.575.080
-21,2%
-430.307
-345.811
19,6
-7,56%
-130.691
-496.117
2.024.815
1.929.019
-15,49
-3,89
3.742.352
3.960.629
5,8%
92.763
60.875
-34,4
1,54%
496.097
499.141
543.891
689.618
1,10
1,38
2.677.939
2.900.202
8,3%
-23.957
45.037
1,55%
35.401
110.339
723.441
553.443
20,44
5,02
AKRITAS SA
2.221.313
2.552.334
14,9%
98.865
75.283
-23,9
2,95%
191.881
323.829
419.808
344.763
2,19
1,06
SIDERIDIS E. SA
2.838.215
2.322.966
-18,2%
-95.159
-116.097
-22,0
-5,00%
157.750
109.956
790.168
463.933
5,01
4,22
THERMOIL PATRAS SA
IOANNIDIS PETROLEUM PRODUCTS INTER
OIL SA
1.556.525
2.251.376
44,6%
7.851
11.215
42,9
0,50%
28.890
37.031
365.350
300.213
12,65
8,11
2.178.568
2.094.197
-3,9%
19.620
-33.378
233.924
200.545
520.352
608.385
2,22
3,03
21.300.523
1.209.339
-94,3%
520.937
24.910
-95,2
666.490
685.173
3.956.848
1.689.634
5,94
2,47
PETRELEA LAVRIOU SA
PETROSTAR SA
ARETAKIS E. LLC
Source: STAT BANK
-1,59%
2,06%
15
2.3.6
16
17
and sale prices per fuel type and the subsidies provided and be
accordingly informed about cases of profiteering.
- The capacity is provided for the first time to KEDAK to temporarily seal
facilities at all stages of the petroleum products market, where violations
are detected regarding the type and quality of traded products (fraud).
- A central Information Monitoring System has been developed at the
Ministry for Development for controls and sanctions imposed by different
authorities at all stages of the petroleum products market by sector of
responsibility.
- A uniform National Register of Permits has been developed at the
Ministry for Development for permits granted at all stages of the
petroleum products market supply chain. All the permits that to date
have been entered on separate registers will be gathered at the Register,
such as refinery permits, distribution of bio-fuels, trading, retail trading,
transportation by petroleum products pipeline and bottling of liquid
gasses.
- A Committee for Monitoring the Petroleum Products Market has been
instituted, with the participation of all authorities and social partners
involved, as a consultative committee for measures in the petroleum
products sector, whose opinion will not be binding on the State.
- The capacity for access to existing infra-structure by third parties is
provided, in line with what already applies for access to petroleum
pipelines. Specifically, due to the difficulty in developing new infrastructure in certain regions of the country, such as island regions, the
Energy regulating Authority will examine the capacity for access by a
company to the infra-structure of another company, e.g. to reserves of
operational reserves. This policy is already being implemented in other
member states of the E.U., and contributes to an improvement of
competition conditions in a region, a price reduction, and accordingly
complete consumer protection.
It is noted that further to a resolution by the Ministry for Development
the capacity for the operation of automatic vendors at liquid fuel service
stations outside normal operating hours has already been instituted since
June 2009.
18
LEGAL STRUCTURE
HEADQUARTERS
AIM
:
:
:
CAPITAL
DIMOIL S.A.
DIMOIL
Petroleum Products Industrial
Trading Company
Societe Anonyme
Theriano, Patra VI.PE (Industrial Zone)
The (wholesale & retail) trading in all types
of petroleum products, oils, asphalt and LPG,
and the import and export of the above
traded products.
The
Companys
share
capital
is
3.2 FACILITIES
The Company is based at Theriano in the Vrahneika Municipality, close to
the Patra VI.PE (Industrial Region), on a private area of 7.2 hectares. The
area houses buildings and storage areas and areas for the Companys resupply, with the modern equipment expected at petroleum product
facilities. The facilities comply with all the safety regulations and
specifications in accordance with E.U. directives and international
requirements, together with a respect for the natural environment.
19
Asphalt Reservoirs
Diesel Reservoirs
Vehicle DIESEL Reservoirs
Heating DIESEL Reservoirs
Petrol Reservoirs
LPG Reservoirs
2,084 3
2,255 3
1,187 3
1,187 3
2,561 3
530 3
There are also lubricant storage areas with a total surface area of 900 m 2.
In addition to the Theriano facilities, the company has secured since
23/12/2008 a permit to establish a plant for the production of bio-fuel
(bio-diesel) with a capacity of 150 tonnes / day.
In addition to the above, in 2001 the Company purchased a seaside
property of 27.5 hectares at Astakos Aetoloakarnania, at the Platygiali Ag.
Panteleimonas location. In 2008 it completed, the construction of
petroleum products facilities with a pipeline supply to the facilities via a
pipeline from the sea by ship. This property, in addition to being a seaside
property, is beautiful and with access to the Astakos Port. The natural
position of the said property provides the ideal conditions for the
constructions of facilities for the re-supply, storage, and distribution of
petroleum products.
These new facilities are a plant for the storage and distribution of asphalt,
diesel, fuel oil and petrol, with a storage capacity of 20,347.20 m 3 and
are comprised of:
Diesel storage Reservoir;
Asphalt storage Reservoir;
Fuel oil storage Reservoir; and
Petrol storage Reservoir.
The developed surface area of the property is 18,819.13 m 2 on a 6
hectares property. The building facilities include sheds, base platforms for
the product storage reservoirs, a weighbridge, waste processing
reservoirs and buildings (office building, entry guard post, pump station
buildings, boiler, workshop, tanker filling depot and fire extinguishment
facilities).
It must be noted that these are the only facilities in Western Greece.
The company, inter alia, has a privately owned fleet of 18 tanker trucks
for the distribution of its merchandise. It has also concluded agreements
with Public Use tanker trucks for the same purpose.
20
3.3 MANPOWER
The company currently operates with a suitable manpower of 35
employees (Administration 3 people, Financial Services 4 people,
Distribution / Trade 20 people and Workers Technicians 8 people)
with specific knowledge of the objective and with faith in the companys
principles and philosophy that are responsible for the final result, the due
and direct servicing of customers and the complete coverage of the
demands by the companys creditors and suppliers for the future.
The company is in the process of sourcing competent personnel for the
staffing of the new facilities at Astakos Port plant.
The following table presents particulars relating to the staffing of the
companys management positions.
CHAIRMAN
:
Mr. Nikolaos Dimos
CEO & GENERAL MANAGER
COMMERCIAL MANAGER
FCO
ACCOUNTANT
21
22
2005
2006
2007
2008
32.049.080,44
3.515.610,20
40.671.563,11
4.462.582,92
39.616.909,15
3.977.825,00
55.943.901,97
5.171.141,37
2.522.981,32
992.628,88
218.031,13
3.151.758,00
1.315.284,33
98.792,51
3.098.735,78
879.390,22
-457.794,67
3.207.114,35
1.964.027,02
23.422,15
24.821.025,35
2.992.110,52
1.821.856,51
32.991.284,15
2.993.887,22
1.839.528,51
36.132.245,31
2.135.166,59
2.075.639,07
48.827.933,23
2.598.481,23
5.127.417,65
1,07
1,04
1,02
1,04
1,02
1,01
0,98
0,99
244,12
2,72
246,82
5,30
275,62
8,76
256,12
2,26
83,02
1,29
17,59
70,74
1,23
22,11
106,10
1,10
19,09
95,63
1,15
10,91
KEY FIGURES
Turnover
Gross profit
Operating Expenses
EBITDA
Net profit (before taxes)
Assets
Own funds
Net Fixed Assets
LIQUIDITY INDICATORS
Current Assets /Current Liabilities
(Cash in hand +Requirements) / Current
Liabilities
ACTIVITY INDICATORS
Days receivable
Days stock
Days credit
Speed of converting current assets into cash
Speed of converting fixed assets into cash
PERFORMANCE INDICATORS
Gross Profit / Turnover
10,97%
10,97%
10,04%
9,24%
EBITDA / Turnover
Net profit before taxes / Turnover
3,10%
0,68%
3,23%
0,24%
2,22%
-1,16%
3,51%
0,04%
7,29%
3,30%
-21,44%
0,90%
96,90%
7,87%
96,78%
7,75%
97,78%
7,82%
96,49%
5,73%
7,28
9,97
15,80
17,79
1,64
1,63
1,03
0,51
23
ANALYSIS OF TABLE 5
24
. LIQUIDITY
a. General Liquidity: The general liquidity ratio remains at levels
marginally above the unit throughout the period of four years, and is 1.04
on average.
b. Direct Liquidity: The direct liquidity ratio is similar to the general
liquidity ratio, as the company stores few goods. It amounts on average
to 1 throughout the four years.
C. ACTIVITY
a. Creditors - Requirements: As a four-year average, creditor days
stand at 89 days, while days receivable at about 256, which in
combination shows an imbalance between the companys credit and
lending policy.
b. Stocks: The days for which stock is held by the company amount to 5
on average over the four years, showing a relatively stable course in all
years.
c. Circulation Speed of Assets and Fixed Assets: The Circulation
Speed of Assets and Fixed Assets is 1.2 on average, remaining at levels
above the unit in all years, although marking a slight decrease over the
last two years. The four-year average Circulation Speed of Assets and
Fixed Assets is 17.4, reduced significantly in 2008.
D. PERFORMANCE
a. Gross Profit Margin (GPM): The four-year average gross margin
stands at 10.3%, in line with the framework of the oil industry behaviour,
descends, and in 2008 amounts to 9.2% compared with 11% in 2005.
b. EBITDA / Sales: The mean index is 3%, while in 2008 it is the
highest in four years (3.5%), mainly due to lower operating expenses of
the company.
c. Net Profit Margin (NPM): The net profit for the group decreases over
the years, assuming a negative value in 2007.
. OPERATING EXPENSES
Operating expenses as a percentage of sales amounted to 7.3% on
average four years, but dropped sharply in 2008, to 5.7%.
As a four-year average, the index (Cost of sales + Oper. Expenses) /
Sales, is around 97%. It has remained relatively stable throughout the
four years.
F. CAPITAL STRUCTURE
a. Loan Equity Ratio: The loan equity ratio has increased over the years
and in 2008 is remarkably high, at around 18/1, while the four-year
average is 12.7/1.
b. Own funds / Net Assets: The index has decreased over the years,
due to the increase of fixed assets and the relatively stable values of
equity. The four-year average is 1.2/1.
The main comments drawn from the examination of the above financial
information, considering the corresponding figures of other companies in
the oil market as discussed in section 2.3.5, are summarized as follows:
1. Regarding sales, the company has grown, with high growth rates,
in line with average market behaviour. For example, in four years,
the company reported an average annual growth rate of 22%, in
line with the markets development in 2008.
2. Regarding performance, the companys gross profit margin is
consistent with the relevant industry performance. Typically, the oil
industry has the lowest gross profit margin of all other branches of
trade, close to 9.5%-10%. The companys performance over the
past four years was within the aforementioned framework.
3. Regarding profitability, we observe that the cumulative net profit
of the company during the four years is zero, despite the fact that
in these four years its cumulative turnover was approximately
170 million. This outcome, noted in most companies in the industry,
is exacerbated by the companys high financial costs from interest
on borrowed funds, in addition to the low gross profit margin, as
interest costs are on average about 3.3% of sales.
4. Regarding liquidity, the observed imbalance between the
companys credit and lending policy impedes its liquidity as the
25
26
Weaknesses
High loan equity ratio
Undercapitalised company
Imbalance between credit and
lending policy
Threats
Depression due to the financial
crisis
Market fragmentation
Problematic and incomplete
regulatory framework
27
4 METHODOLOGY
The methodology of this study is first to detect the trends/forces of inertia
of the company and the oil market, and to identify the strategic
objectives in a manner reflecting the expected benefits and feasibility of
the project.
In particular, the forces of inertia, expressed through the behavioural
indicators of the company and the industry (growth, loan equity ratio,
gross profit margin, profitability) constitute the basis for calculating the
feasibility of strategic objectives - e.g. operation of the company new
plant, and the cost and time required for the changes these entail.
Given the above, a six-year forecast scenario is made, under the
assumptions mentioned in Section 6.
We subsequently take into account market trends and competition, as
well as the exploitation of companys new investment in Astakos. Thus,
two consistency checks will be conducted:
A. Consistency check compared with the past of the company.
B. Consistency check compared with competition.
Given two above consistency checks, strategic objectives will be set, to
form the basis of the Companys corresponding five-year business plan.
28
5 STRATEGY
The incorporation of the Greek economy into the European Union and
more broadly into the globalisation framework has necessarily compelled
it to inter alia proceed to: its institutional adaptation, namely to
restructure, modernise and reorganise the size, operating level and
orientation of its business units. In this case, it is of crucial significance to
rationalise companies in terms of the particulars in their assets and
liabilities together with the corresponding restructuring, to reorganise
their size and business direction through mergers, take-overs and more
generally through business alliances and to finally to modernise their
activities and operations within the uniform European market.
The medium sized units and more specifically the regional units have
been dramatically slow in this reorganization process, which is supported
by the fact that these businesses have a noteworthy lack of direction in
the activities and the necessary strengths. This is of exceptional
significance, since the above reorganization ultimately relates to the
structural change of the individual markets. In other words, medium sized
businesses, and of course with lesser emphasis, large businesses, will
close, be sold or will merge, but will definitely modernise.
The implementation of the above into the petroleum market in Greece is
evident. The market, which is fragmented by both the size and the
objective of the businesses, as stressed in chapter 2.3, has recently
undergone significant re-arrangement in terms of its structure and
operation. This re-arrangement relates to a change in the market
equilibrium through the absorption of the BP network by ELPE, the closure
of El Petrol, the agreement for the purchase of the Shell network by
Motor Oil, together with a vertical drop in the profitability by businesses
in the sector that has been observed in the last year, a fact that has led
to significant problems for a large number of companies. It is reasonable
that concentrating trends will be observed in the market through a
composition of the above elements, by the creation of larger units
through take-overs and mergers.
DIMOIL has invested in new petroleum storage and distribution facilities
at Astakos Port Plant in Aetoloakarnania, in light of the above
developments, to exploit the potential provided by the above facilities for
developing its sales and drastically reducing its operating costs. The
investment will significantly strengthen the companys position in the
geographical market of Central and Western Greece and create a channel
to develop new markets, in terms of geography (Northern Greece) and
29
30
31
32
Maritime
Diesel
Heating
Petrol
Fuel oil
Asphalt
Liquid gas
Waste
Through-Put
2012
11.420
20.145
21.100
14.250
10.980
12.170
3.199
1.275
4.631
99.169
2013
12.980
24.600
25.140
17.100
14.770
15.740
3.583
1.275
4.862
120.050
2014
15.060
28.950
31.360
20.870
18.960
19.910
4.012
1.275
5.105
145.503
It is noted that for 2012 in specific, the company aims to increase its
turnover from activities that generate higher liquidity through the
shorter-term recovery of the generated requirements (e.g. diesel) and
has correspondingly decreased activities with a longer period of
recovery of the generated requirements (e.g. Fuel oil and asphalt).
It should be noted that these sales forecasts are formed taking into
account the current oil prices and with reasonable assurance that
these prices will not undergo significant changes until the end of 2012.
Below, we see the forecast values and quantities for each company
product in 2012.
CATEGORY
PRICE ()
QUANTITY (m3 )
Fuel
825
18.570
Heating
545
28.771
2012
Petrol
870
7.356
Fuel oil
293
26.109
Asphalt
247
35.628
Liquid gas
365
6.986
2. The gross profit margin stands at approximately 14% for the years
2012-2014, increased if compared to the companys past and the
competition. The increase in the gross profit margin is possible thanks
to the reduction of cost accounting for the transport of the companys
products during its new operation after the commencement of
investment. At its existing facilities, in the Industrial Area of Patras,
the company is far from the sea and all deliveries of goods take place
by road tankers. With the operation of the Astakos Port facility, the
33
2013
5,26%
2014
5,25%
34
Maritime
Diesel
Heating
Petrol
Fuel oil
Asphalt
Liquid gas
Days - Stocks
0
0
0
0
0
10
5
35
5. The new requirements for the years 2009-2013 are obtained from the
formula:
(Days-Requirements * Sales)/365, where Days-Requirements for each
product category are listed in the table below:
Category
Maritime
Diesel
Heating
Petrol
Fuel oil
Asphalt
Liquid gas
Wastewater
Through-Put
2008
0
90
120
0
150
180
120
0
0
2009
0
70
110
0
120
120
90
0
0
Days - Requirements
2010
2011
2012
30
30
30
50
45
40
50
40
35
20
20
20
90
90
90
90
90
90
60
60
60
30
30
30
30
30
30
2013
35
40
35
25
95
95
60
30
30
2014
40
40
35
30
105
105
65
30
30
36
37
Category
Maritime
Diesel
Heating
Petrol
Days - Creditors
20
20
15
15
Category
Fuel oil
Asphalt
Liquid gas
Through-Put
Days - Creditors
30
35
30
15
Please note that, to receive fuel, every 15 days the company must pay
around 500 thousand (for the first two years of operation through
the new activity), because of taxes and duties to be paid in advance
for the purchase of fuel. This amount is added as suppliers advance in
the companys claims for all years, with a corresponding reduction in
the credit it receives.
4. The short-term bank loans balancing account is used to balance Assets
and Liabilities.
5. The reason the company is looking for financing is that due to the
financial and debt crisis in Greece, the local banking system was not
liquid and capable to refinance existing long term debts, to perform
the Astakos Port facilities sale and lease back and to finance with short
term loans some customers bad debts.
38
39
2013
2014
Sales
99.169.220
120.049.591
145.502.601
Gross profit
13.781.896
16.375.520
19.522.260
Operating Expenses
5.241.002
6.330.440
7.657.838
EBITDA
8.540.894
10.045.081
11.864.423
Net Profit
7.444.924
9.113.629
11.056.221
Assets
28.748.581
31.607.048
36.068.391
Own Funds
11.861.296
16.304.190
21.694.098
Net Assets
9.304.265
8.687.655
8.071.045
3,74
4,20
4,38
3,71
4,17
4,36
LIQUIDITY INDICATORS
ACTIVITY INDICATORS
Days receivable
66,76
66,12
67,57
Days stock
0,49
0,46
0,42
Days credit
15,14
15,45
15,61
3,45
3,80
4,03
10,66
13,82
18,03
13,90%
13,64%
13,42%
8,61%
8,37%
8,15%
PERFORMANCE INDICATORS
Gross Profit / Turnover
EBITDA / Turnover
Net profit before taxes / Turnover
7,51%
7,59%
7,60%
62,77%
55,90%
50,96%
91,39%
91,63%
91,85%
5,28%
5,27%
5,26%
1,42
0,94
0,66
1,27
1,88
2,69
7 CONCLUSION
The following points-conclusions can be extrapolated from DIMOILs
results for the years 2010-2014, in conjunction with the consistency
check in Table 8.
1. The turnover of the company is growing, reflecting the positive
outlook of the petroleum industry and the specifics of the
companys activity.
2. Gross profit will increased to 13.8% on average, at levels higher
than past years (2005-2008) and than competition, mainly due to
the costing advantage in the transport of products from the
companys new plant.
3. Returns on equity tend to be above the levels of competition, with a
rising trend in the years 2012-2014.
4. The net profit margin stands at an average of 7%, increasing in
upcoming years is not much higher than the competition and the
past performance of the company.
5. The loan equity ratio drops significantly over the years and in 2014
stands at 0.7/1.
The operations will allow the company to achieve these results are:
40
41
TURNOVER
GROSS
PROFIT
NET
PROFIT
OWN
FUNDS
LIABILITIES
GROSS
PROFIT
MARGIN
NET
PROFIT
MARGIN
LOAN
EQUITY
RATIO
EQUITY
PERFORMANCE
YEAR
COMPANY
2008
2008
2008
DIMOIL
Market Average
EKO ELDA SA (IAS)
55.943.902
573.968.227
2.285.945.000
5.171.141
31.830.328
119.237.000
23.422
1.082.380
2.317.000
2.598.481
33.716.470
223.427.000
46.229.452
85.098.622
321.249.000
9,24%
5,55%
5,22%
0,04%
0,19%
0,10%
17,79
2,52
1,44
0,90%
3,21%
1,04%
2008
2008
2008
SHELL HELLAS SA
BP HELLAS SA (IAS)
MAMIDOIL-JETOIL SA (IAS)
1.856.721.069
1.397.522.153
1.281.047.000
93.124.506
153.975.752
56.862.000
-14.117.291
14.780.552
5.724.000
94.006.662
229.335.561
62.976.000
258.285.082
206.236.533
306.228.000
5,02%
11,02%
4,44%
-0,76%
1,06%
0,45%
2,75
0,90
4,86
/
6,44%
9,09%
2008
2008
AIGAION OIL SA
AVIN OIL SA (IAS)
1.127.308.778
1.019.054.000
37.937.050
50.788.000
1.497.722
2.528.000
16.196.113
15.858.000
157.969.707
165.838.000
3,37%
4,98%
0,13%
0,25%
9,75
10,46
9,25%
15,94%
2008
2008
2008
ELINOIL SA (IAS)
REVOIL SA (IAS)
ETEKA SA
743.920.000
571.993.228
533.339.940
48.274.071
20.824.700
13.486.315
1.738.000
2.118.280
715.506
35.677.000
19.803.284
5.533.894
102.810.000
45.440.511
55.533.012
6,49%
3,64%
2,53%
0,23%
0,37%
0,13%
2,88
2,29
10,04
4,87%
10,70%
12,93%
2008
2008
2008
399.245.000
348.756.506
225.827.583
24.010.000
16.100.013
25.058.292
3.675.000
910.451
3.811.436
27.748.000
2.916.493
1.617.175
82.450.000
40.446.756
8.223.890
6,01%
4,62%
11,10%
0,92%
0,26%
1,69%
2,97
13,87
5,09
13,24%
31,22%
235,68%
2008
2008
ELPETROL SA
KAOIL BROS KOUTLA SA
219.821.179
206.961.765
5.022.901
6.151.775
-9.658.050
94.987
-6.582.587
4.269.107
36.011.239
23.432.494
2,28%
2,97%
-4,39%
0,05%
/
5,49
146,72%
2,22%
2008
2008
2008
DRACOIL SA
SEKA STATIONS FUEL SUPPLY SHIP SA
PETROL SUPPLY STATIONS SEKAVIN SA
204.432.702
144.063.944
132.250.127
5.156.255
7.644.277
3.371.842
-1.979.315
2.826.317
1.102.323
290.640
5.235.798
4.822.241
43.375.744
8.678.125
11.259.493
2,52%
5,31%
2,55%
-0,97%
1,96%
0,83%
149,24
1,66
2,33
/
53,98%
22,86%
2008
2008
2008
SUNOIL SA
MOBIL OIL HELLAS SA
KMOIL SA
123.880.932
90.021.341
88.033.699
4.280.641
16.672.165
2.876.679
-3.182.912
6.477.248
15.557
-950.276
20.303.306
3.168.049
27.018.708
6.261.060
15.362.706
3,46%
18,52%
3,27%
-2,57%
7,20%
0,02%
/
0,31
4,85
/
31,90%
0,49%
2008
2008
79.163.000
74.121.085
9.202.000
5.073.126
2.027.000
439.533
2.264.000
5.142.427
2.418.000
11.987.361
11,62%
6,84%
2,56%
0,59%
1,07
2,33
89,53%
8,55%
47.839.199
145.502.601
6.968.173
19.522.260
1.033.387
11.056.221
2.420.918
21.694.098
20.752.885
14.374.293
14,57%
13,42%
2,16%
7,60%
8,57
0,66
42,69%
50,96%
2008
2014
NETOIL SA
DIMOIL
8 APPENDIX
42
ASSETS
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2.458
2.458
11.238
34.365
51.699
41.360
31.020
20.680
10.340
176.241
636.007
1.421.567
1.137.253
852.940
568.627
284.313
8.794
88.938
69.209
52.724
50.725
40.580
30.435
20.290
10.145
11.252
91.396
256.688
723.097
1.523.991
1.219.192
914.394
609.596
304.798
1. Land-Plots
919.011
990.698
990.698
1.376.224
1.376.224
1.376.224
1.376.224
1.376.224
1.376.224
1.376.224
201.955
183.582
178.677
220.480
8.266.549
7.439.894
7.026.567
6.613.240
6.199.912
5.786.585
521.633
468.069
414.369
368.516
1.995.498
1.632.681
1.451.272
1.269.863
1.088.454
907.045
4. Transportation means
131.773
158.737
137.097
206.832
114.179
76.120
57.090
38.060
19.030
34.123
25.081
18.579
16.499
17.059
11.373
8.530
5.687
2.844
13.361
13.361
336.219
2.938.866
1.821.857
1.839.529
2.075.639
5.127.418
11.769.511
10.536.292
9.919.682
9.303.073
8.686.464
8.069.854
1.192
1.192
1.192
1.192
1.192
1.192
1.192
1.192
1.192
1.192
1.192
1.192
1.821.857
1.839.529
2.075.639
5.127.418
11.770.702
10.537.484
9.920.874
9.304.265
8.687.655
8.071.045
93.267
103.285
115.680
129.561
145.109
Total
. Other financial investments
1. Investments in affiliated companies
2. Investments in other companies
7. Other current receivables
Total
Total Fixed Assets (C)
D. CURRENT ASSETS
. Stocks
1a. Merchandise (working)
1. Merchandise
212.371
462.922
391.191
182.011
204.525
Total
212.560
525.559
855.612
314.382
204.525
6.162.626
6.803.942
8.441.483
9.352.305
4.470.875
117.085
205.085
135.585
439.485
439.485
45.300
31.800
16.800
16.800
16.800
1.411.909
1.549.902
2.099.141
3.399.553
12.530.839
17.619.687
17.191.865
22.937.603
10.679.561
120.399
144.927
47.050
487.989
4.578.751
43
93.267
103.285
115.680
129.561
145.109
9.763.014
10.678.384
12.669.831
16.556.753
21.966.204
4.120.876
3.663.000
3.205.125
2.747.250
2.289.375
978.837
1.169.024
1.405.789
1.707.323
2.068.246
. Requirements
1a. Clients (working)
1. Clients
2. Bills Receivable
2b. Bills in banks for collection
3. Checks receivable in portfolio
- Checks receivable in banks to collateral
3b. Checks receivable in arrears
5. Advances BY suppliers
11. Sundry Debtors - Others
Total
1.046.847
1.147.047
1.983.637
2.622.310
1.224.772
1.102.294
979.817
857.340
734.863
612.386
21.435.005
27.502.390
29.915.560
39.256.044
21.410.243
15.965.021
16.490.225
18.138.085
21.746.189
26.936.211
169.266
402.039
580.955
738.845
916.026
. Securities
1. Shares
2. Other securities
Total
V. Available Funds
1a. Cash in hand (balancing)
1. Cash in hand
2. Current Deposits and Time Deposits
Total
TOTAL CURRENT ASSETS (D+D+DV)
837.281
356.627
633.238
1.741.543
431.665
2.538.729
2.085.192
1.649.949
1.268.946
2.895.357
2.718.430
3.391.492
169.266
402.039
580.955
738.845
916.026
22.916.511
30.923.305
33.489.603
42.961.918
21.614.768
16.227.554
16.995.550
18.834.720
22.614.595
27.997.346
1.309.924
11.960
15.501
2. Income receivable
59.446
137.055
310.315
Total
71.406
137.055
310.315
15.501
1.309.924
24.821.025
32.991.284
36.132.245
48.827.933
36.219.385
27.984.230
27.830.818
28.748.581
31.607.048
36.068.391
LIABILITIES
2005
2006
2007
2008
44 2010
2009
2011
2012
2013
2014
. OWN FUNDS
. Share capital
1. Paid-up
2.931.066
2.931.066
2.931.066
2.931.066
2.931.066
2.931.066
2.931.066
2.931.066
2.931.066
2.931.066
TOTAL
2.931.066
2.931.066
2.931.066
2.931.066
2.931.066
2.931.066
2.931.066
2.931.066
2.931.066
2.931.066
593
593
593
Total
593
593
593
19.036
22.543
22.543
22.543
22.543
22.543
22.543
22.543
22.543
22.543
626
626
626
626
626
626
626
626
626
626
36.351
36.351
36.351
36.351
36.351
36.351
36.351
36.351
36.351
36.351
Total
56.013
59.520
59.520
59.520
59.520
59.520
59.520
59.520
59.520
59.520
-856.012
-392.105
-1.120.313
2.328.772
5.241.310
8.870.710
13.313.604
18.703.512
V. Reserves
1. Statutory Reserve
2. Extraordinary reserves
V. Retained earnings
2. Profit brought forward
Total
4.439
2.709
-856.012
-392.105
-1.120.313
2.328.772
5.241.310
8.870.710
13.313.604
18.703.512
2.992.111
2.993.887
2.135.167
2.598.481
1.870.273
5.319.358
8.231.896
11.861.296
16.304.190
21.694.098
750.000
4.186.000
4.144.361
380.000
300.000
220.000
140.000
60.000
C. LIABILITIES
. Long-term Liabilities
1. Bonds
355.019
252.152
179.286
622.931
586.650
355.019
252.152
929.286
4.808.931
4.731.011
825.403
578.577
1.701.873
4.852.477
7.327.171
4.500.000
4.125.000
3.375.000
2.625.000
1.875.000
9.350.000
8.250.000
7.150.000
6.050.000
15.330.000
13.775.000
11.845.000
9.915.000
7.985.000
5.000.000
3.000.000
1.500.000
1.000.000
1.000.000
45
10.450.000
. Current Liabilities
1. Suppliers
2a. Cheques Payable
5.401.539
5.801.130
7.922.732
7.584.651
5.444.071
14.513.206
22.279.498
21.483.026
26.690.718
16.199.974
4. Customer Advances
260.471
627.372
727.134
866.299
143.667
101.645
315.170
149.589
227.829
6. Insurance Organizations
35.529
45.030
44.719
51.938
161.559
696.750
71.761
109.628
595.245
1.224.435
160.000
55.000
2.873
10.310
7.879
414
2.334.872
2.823.922
3.542.285
4.387.858
5.389.293
21.414.450
29.608.190
32.797.779
41.420.521
30.057.354
7.334.872
5.823.922
5.042.285
5.387.858
6.389.293
21.769.469
29.860.342
33.727.065
46.229.452
34.788.365
22.664.872
19.598.922
16.887.285
15.302.858
14.374.293
1.310.748
2. Other Transitory
59.446
137.055
270.013
59.446
137.055
270.013
1.310.748
24.821.025
32.991.284
36.132.245
48.827.933
37.969.385
27.984.230
27.830.818
28.748.581
31.607.048
36.068.391
2012
2013
2014
. Operating Results
Turnover
Less: Cost of Sales
Gross Operating Profit
Plus: Other operating income
Total
LESS:
1. Management Expenses
2. Expenses for Research & Development
3. Selling Expenses
Total Expenses
Partial results (operating profits)
PLUS:
1. Income from investments and securities
2. Income from securities
3. Profits from sale of investments and securities
4. Interest income and similar income
LESS:
1. Provisions for depreciation of investments and securities
2. Expenses and losses from investments and securities
3. Interest and related expenses
Total Operating Results (Profit)
. Extraordinary Results
PLUS:
1. Extraordinary Income
2. Extraordinary profits
4. Income from previous years provisions
LESS:
1. Extraordinary Expenses
2. Extraordinary losses
4. Provisions for extraordinary risks
Operating and extraordinary results (profit)
LESS:
Total depreciation of fixed assets
Less: Those incorporated in operating costs
NET ANNUAL PROFIT & LOSS (Profit)
99.169.220
85.387.324
13.781.896
0
13.781.896
46
120.049.591
103.674.071
16.375.520
0
16.375.520
145.502.601
125.980.341
19.522.260
0
19.522.260
1.929.273
2.335.358
2.830.500
3.311.729
5.241.002
8.540.894
3.995.082
6.330.440
10.045.081
4.827.337
7.657.838
11.864.423
0
0
0
9.830
0
0
0
13.198
0
0
0
16.549
0
0
828.300
828.300
7.722.424
0
0
667.150
667.150
9.391.129
0
0
547.250
547.250
11.333.721
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
7.722.424
0
0
0
0
9.391.129
0
0
0
0
11.333.721
891.854
614.354
277.500
7.444.924
891.854
614.354
277.500
9.113.629
891.854
614.354
277.500
11.056.221
2010
Acquisition value
2011
Acquisition value
C. FIXED ASSETS
. Installation Expenses
. Tangible Assets
1. Land-Plots
3. Buildings and structures
4. Mechanical-Technical Facilities-Other equipment
5. Transportation means
6. Furniture and fixtures
Total
Depreciation
Installation Expenses
Buildings
Machinery
Transportation means
Furniture
Total
Accumulated depreciation
Installation Expenses
Buildings
Machinery
Transportation means
Furniture
Total
Non-depreciated Value
Installation Expenses
Buildings
Machinery
Transportation means
Furniture
Total
Installation Expenses
2012
Acquisition
value
47
2013
Acquisition value
2014
Acquisition value
1.523.990,54
1.523.990,54
1.523.990,54
1.523.990,54
1.523.990,54
1.376.224,01
8.266.549,38
1.995.498,45
114.179,33
17.059,36
13.293.501,07
1.376.224,01
8.266.549,38
1.995.498,45
114.179,33
17.059,36
13.293.501,07
1.376.224,01
8.266.549,38
1.995.498,45
114.179,33
17.059,36
13.293.501,07
1.376.224,01
8.266.549,38
1.995.498,45
114.179,33
17.059,36
13.293.501,07
1.376.224,01
8.266.549,38
1.995.498,45
114.179,33
17.059,36
13.293.501,07
2010
275.244,80
413.327,47
181.408,95
19.029,81
2.843,11
891.854,15
2010
275.244,80
413.327,47
181.408,95
19.029,81
2.843,11
891.854,15
2010
1.421.566,53
1.376.224,01
7.853.221,91
1.814.089,50
95.149,52
14.216,25
12.574.467,72
2011
275.244,80
413.327,47
181.408,95
19.029,81
2.843,11
891.854,15
2011
550.489,60
826.654,94
362.817,90
38.059,62
5.686,23
1.783.708,29
2011
1.137.253,22
1.376.224,01
7.439.894,44
1.632.680,55
76.119,71
11.373,13
11.673.545,07
2012
275.244,80
413.327,47
181.408,95
19.029,81
2.843,11
891.854,15
2012
550.489,60
1.239.982,41
544.226,85
57.089,44
8.529,34
2.400.317,64
2012
852.939,92
1.376.224,01
7.026.566,97
1.451.271,60
57.089,89
8.530,02
10.772.622,42
2013
275.244,80
413.327,47
181.408,95
19.029,81
2.843,11
891.854,15
2013
550.489,60
1.653.309,88
725.635,80
76.119,25
11.372,45
3.016.926,98
2013
568.626,61
1.376.224,01
6.613.239,50
1.269.862,65
38.060,08
5.686,91
9.871.699,77
2014
275.244,80
413.327,47
181.408,95
19.029,81
2.843,11
891.854,15
2014
550.489,60
2.066.637,34
907.044,75
95.149,06
14.215,57
3.633.536,33
2014
284.313,31
1.376.224,01
6.199.912,03
1.088.453,70
19.030,27
2.843,80
8.970.777,12