BALANCE SHEET

VERTICAL
% OF TOTAL ASSETS
ASSETS 2011 2012 2013 2014 2011 2012
Property, plan 9,615,426 10,958,079 14,509,608 15,021,519 57.8 49.4

Biological Assets 496,809 668,445 716,456 858,680 3.0 3.0

Intangible Assets 133,598 104,569 603,719 9 112,208 0.8 0.5

Long-term
Deposit 24,212 81,862 93,132 109,174 0.1 0.4
Compensation
Balance - 883,018 168,865 112,581 0.1 4.0

Store Tools 571,812 675,807 739,671 788,141 3.4 3.0

Stock in Trade 2,637,816 3,494,805 739,671 3,697,787 15.9 15.8

Trade Debt 87,121 149,074 245,767 95,662 0.5 0.7
Advance
Payments 266,093 261,790 186,745 113,501 1.6 1.2

Other Receivables 1,160,126 1,440,167 2,359,162 2,865,697 7.0 6.5

Compensation
Expense 1,443 334,714 136,152 90,430 0.0 1.5

Taxes - 25,767 636,530 1,637,018 0.1 0.1

Investments 1,294,000 2,706,750 170,000 - 7.8 12.2

Cash 350,728 422,006 575,036 197,106 2.1 1.9

Total Assets 16,639,184 22,188,685 25,694,714 24,340,310 100.0 100.0

INCOME STATEMENT OF ENGRO FOODS

 INCOME STATEMENT OF ENGRO FOODS
VERTICAL ANALYSIS
TOTAL %
Description 2011 2012 2013 2014 2011 2012
Net Sales 29,859,228 40,168,919 37,890,688 43,027,377 100.0 100.0
Cost of Sale -23,230,446 -29,848,301 -29,747,587 -34,926,132 -77.8 -74.3
Gross Profit 6,628,781 10,320,618 8,101,245 8,143,101 22.2 25.7
Distribution
and Marketing -3,716,489 -4,709,275 -4,692,502 -5,063,279 -12.4 -11.7
Expenses
Administrative -504,722 -740,690 -1,041,254 -1,282,240 -1.7 -1.8
expenses

Other operating -208,902 -429,763 -103,770 -188,729 -0.7 -1.1

expenses
Other income 213,133 382,402 304,854 324,301 0.7 1.0
2,411,801 4,823,292 2,174,140 2,327,587 8.1 12.0
Operating profit
Other expenses - - -596,328 -881,456
Finance costs -1,049,141 -902,503 -784,904 -1,236,904 -3.5 -2.2
Profit before 1,362,660 3,920,789 494,355 507,780 4.6 9.8
taxation
Taxation -471,687 -1,325,616 -296,820 -394,476 -1.6 -3.3
Profit for the 890,237 2,595,173 210,960 888,831 3.0 6.5
year
Earnings per
share - basic 0.22 3.43 0.28 1.16 0.0 0.0
and diluted 34
E SHEET OF ENGRO FOODS
VERTICAL ANALYSIS
% OF TOTAL ASSETS % OF TOTAL LIBILIT
2013 2014 LIBILITIES 2011 2012 2013 2014 2011
Long-term
56.5 61.7 finance
5,610,000 6,023,070 7,126,994 5,476,993 59.7

2.8 3.5 Finance lease 2,589 - - - 0.0

2.3 37.4 Taxation 306,090 1,625,520 1,538,538 1,185,717 3.3

0.4 0.4 Pension share 1,870 - - - 0.0

0.7 0.5 Deferred income - 17,390 9,410 2,516 0.0

Long-term
2.9 3.2 finance
465,000 1,685,823 1,032,008 1,605,597 4.9
Obligation lease
2.9 15.2 finance
2,590 2,584 - - 0.0
1.0 0.4 Trade payable 2,334,506 2,358,793 3,405,175 3,222,697 24.8
0.7 0.5 Dividend 27,966 - 14,517 41,397 0.3

Accrued interest
9.2 11.8 longterm
368,152 302,273 229,312 194,028 3.9

Accrued interest
0.5 0.4 shortterm
20,229 6,568 10,337 61,092 0.2

Short-term
2.5 6.7 finance
252,250 85,389 213,405 2,331,893 2.7

Total Liability 0F
0.7 0.1 CURRENT & 9,402,242 12,134,412 13,571,927 14,121,927 56.5
NON CURRENT

2.2 0.8 EQUITY

100.0 100.0 Share capital 7,517,889 7,616,776 7,665,961 7,665,961 103.9
Issued capital - 1,234 865,354 865,354 0.0
Share premium 722,182 810,280 407,180 399,740 10.0

Hedging resource -18,178 16,761 -9,581 -35,715 -0.3

Accumulate loss -964,951 -1,610,222 -34,839 -35,715 -13.3

Other resource - - -628,780 -628,780 0.0
Total Equity 7,236,942 10,054,237 10,760,569 11,577,787 43.5
TOTAL
LIBILITES 16,639,184 22,188,685 24,340,310 25,699,714 100.0

RO FOODS
RO FOODS
TOTAL %
2013 2014
100.0 100.0
-78.5 -81.2
21.4 18.9

-12.4 -11.8

-2.7 -3.0

-0.3 -0.4

0.8 0.8
5.7 5.4
-1.6 -2.0
-2.1 -2.9
1.3 1.2
-0.8 -0.9
0.6 2.1

0.0 0.0
S
% OF TOTAL LIBILITIES
2012 2013 2014
49.6 52.5 38.8

0.0 0.0 0.0

13.4 11.3 8.4

0.0 0.0 0.0

0.1 0.1 0.0

13.9 7.6 11.4

0.0 0.0 0.0

19.4 25.1 22.8
0.0 0.1 0.3

2.5 1.7 1.4

0.1 0.1 0.4

0.7 1.6 16.5

54.7 55.8 54.9

75.8 71.2 66.2

0.0 8.0 7.5
8.1 3.8 3.5

0.2 -0.1 -0.3

-16.0 -0.3 -0.3

0.0 -5.8 -5.4
45.3 44.2 45.1
100.0 100.0 100.0
 BALANCE SHEET O
COMMON SIZE
PERCENTAGES %
ASSETS 2011 2012 2013 2014 2011% 2012%
Property, plan 9,615,426 10,958,079 14,509,608 15,021,519 57.8 49.4

Biological Assets 496,809 668,445 716,456 858,680 3.0 3.0

Intangible Assets 133,598 104,569 603,719 9 112,208 0.8 0.5

Long-term
Deposit 24,212 81,862 93,132 109,174 0.1 0.4
Compensation
Balance - 883,018 168,865 112,581 0.1 4.0

Store Tools
571,812 675,807 739,671 788,141 3.4 3.0

Stock in Trade
2,637,816 3,494,805 739,671 3,697,787 15.9 15.8
Trade Debt 87,121 149,074 245,767 95,662 0.5 0.7
Advance 266,093 261,790 186,745 113,501 1.6 1.2
Payments

Other 1,160,126 1,440,167 2,359,162 2,865,697 7.0 6.5

Receivables

Compensation 1,443 334,714 136,152 90,430 0.0 1.5

Expense

Taxes
- 25,767 636,530 1,637,018 0.1 0.1

1,294,000 2,706,750 170,000 - 7.8 12.2

Investments
Cash 350,728 422,006 575,036 197,106 2.1 1.9
Total Assets 16,639,184 22,188,685 25,694,714 24,340,310 100.0 100.0

INCOME STATEMENT OF ENGRO FOODS

 INCOME STATEMENT OF ENGRO FOODS
COMMON SIZE STATEMENT
PERCENTAGES %
Description 2011 2012 2013 2014 2011% 2012%
Net Sales 29,859,228 40,168,919 37,890,688 43,027,377 100.0 100.0
Cost of Sale -23,230,446 -29,848,301 -29,747,587 -34,926,132 -77.8 -74.3
Gross Profit 6,628,781 10,320,618 8,101,245 8,143,101 22.2 25.7
Distribution
and Marketing -3,716,489 -4,709,275 -4,692,502 -5,063,279 -12.4 -11.7
Expenses
Administrative -504,722 -740,690 -1,041,254 -1,282,240 -1.7 -1.8
expenses

Other operating -208,902 -429,763 -103,770 -188,729 -0.7 -1.1

expenses
Other income 213,133 382,402 304,854 324,301 0.7 1.0
Operating 2,411,801 4,823,292 2,174,140 2,327,587 8.1 12.0
profit
- - -596,328 -881,456
Other expenses
Finance costs -1,049,141 -902,503 -784,904 -1,236,904 -3.5 -2.2
Profit before 1,362,660 3,920,789 494,355 507,780 4.6 9.8
taxation
Taxation -471,687 -1,325,616 -296,820 -394,476 -1.6 -3.3
Profit for the 890,237 2,595,173 210,960 888,831 3.0 6.5
year
Earnings per
share - basic 0.22 3.43 0.28 1.16 0.0 0.0
and diluted 34
SHEET OF ENGRO FOODS
COMMON SIZE STATEMENT
PERCENTAGES % PERCENTAGES %
2013% 2014% LIBILITIES 2011 2012 2013 2014 2011% 2012%
Long-term
56.5 61.7 finance
5,610,000 6,023,070 7,126,994 5,476,993 59.7 49.6

2.8 3.5 Finance lease 2,589 - - - 0.0 0.0

2.3 37.4 Taxation 306,090 1,625,520 1,538,538 1,185,717 3.3 13.4

0.4 0.4 Pension share 1,870 - - - 0.0 0.0

0.7 0.5 Deferred income - 17,390 9,410 2,516 0.0 0.1

Long-term
2.9 3.2 finance
465,000 1,685,823 1,032,008 1,605,597 4.9 13.9
Obligation lease
2.9 15.2 finance
2,590 2,584 - - 0.0 0.0
1.0 0.4 Trade payable 2,334,506 2,358,793 3,405,175 3,222,697 24.8 19.4
0.7 0.5 Dividend 27,966 - 14,517 41,397 0.3 0.0

Accrued interest
9.2 11.8 longterm
368,152 302,273 229,312 194,028 3.9 2.5

Accrued interest
0.5 0.4 shortterm
20,229 6,568 10,337 61,092 0.2 0.1

Short-term
2.5 6.7 finance
252,250 85,389 213,405 2,331,893 2.7 0.7
Total Liability
0F CURRENT
0.7 0.1 & NON
9,402,242 12,134,412 13,571,927 14,121,927 56.5 54.7
CURRENT
2.2 0.8 EQUITY
100.0 100.0 Share capital 7,517,889 7,616,776 7,665,961 7,665,961 103.9 75.8
Issued capital - 1,234 865,354 865,354 0.0 0.0
Share premium 722,182 810,280 407,180 399,740 10.0 8.1
Hedging
resource
-18,178 16,761 -9,581 -35,715 -0.3 0.2
Accumulate loss -964,951 -1,610,222 -34,839 -35,715 -13.3 -16.0
Other resource - - -628,780 -628,780 0.0 0.0
Total Equity 7,236,942 10,054,237 10,760,569 11,577,787 43.5 45.3
Total Liability 16,639,184 22,188,685 24,340,310 25,699,714 100.0 100.0

RO FOODS
RO FOODS
PERCENTAGES %
2013% 2014%
100.0 100.0
-78.5 -81.2
21.4 18.9

-12.4 -11.8

-2.7 -3.0

-0.3 -0.4

0.8 0.8
5.7 5.4

-1.6 -2.0
-2.1 -2.9
1.3 1.2
-0.8 -0.9
0.6 2.1

0.0 0.0
PERCENTAGES %
2013% 2014%
52.5 38.8

0.0 0.0

11.3 8.4

0.0 0.0

0.1 0.0

7.6 11.4

0.0 0.0
25.1 22.8
0.1 0.3

1.7 1.4

0.1 0.4

1.6 16.5

55.8 54.9

71.2 66.2
8.0 7.5
3.8 3.5

-0.1 -0.3
-0.3 -0.3
-5.8 -5.4
44.2 45.1
100.0 100.0
 BALA
Assets 2011 2012 Amount % 2011
Non Current Assets
Property, plan 9,615,426 10,958,079 1,342,653 14.0 9,615,426

Biological Assets 496,809 668,445 171,636 34.5 496,809

Intangible Assets 133,598 104,569 -29,029 -21.7 133,598

Long-term
Deposit
24,212 81,862 57,650 238.1 24,212

Compensation
Balance
- 883,018 883,018 - -

Total Non
Current Assets
10,270,045 12,675,983 2,405,938 23.4 10,270,045

Current Assets
Store Tools 571,812 675,807 103,995 18.2 571,812

Stock in Trade 2,637,816 3,494,805 856,989 32.5 2,637,816

Trade Debt 87,121 149,074 61,953 71.1 87,121
Advance
Payments 266,093 261,790 -4,303 -1.6 266,093

Other
Receivables 1,160,126 1,440,167 280,041 24.1 1,160,126

Compensation
Expense 1,443 334,714 333,271 23095.7 1,443

Taxes - 25,767 - - -

Investments 1,294,000 2,706,750 1,412,750 109.2 1,294,000

Cash 350,728 422,006 71,278 20.3 350,728
Total Current
Assets 6,369,139 9,512,702 3,143,563 49.4 6,369,139
Total Assets 16,639,184 22,188,685 5,549,501 33.4 16,639,184

INCOME STATE
 INCOME STATE
Horizontal Analysis…..2011 TO
Description 2011 2012 Amount % 2011
Net Sales 29,859,228 40,168,919 10,309,691 34.5 29,859,228
Cost of Sale -23,230,446 -29,848,301 -6,617,855 28.5 -23,230,446
Gross Profit 6,628,781 10,320,618 3,691,837 55.7 6,628,781
Distribution
and Marketing -3,716,489 -4,709,275 -992,786 26.7 -3,716,489
Expenses
Administrative -504,722 -740,690 -235,968 46.8 -504,722
expenses
Other
operating -208,902 -429,763 -220,861 105.7 -208,902
expenses
Other income 213,133 382,402 169,269 79.4 213,133
Operating 2,411,801 4,823,292 2,411,491 100.0 2,411,801
profit

Other expenses - - - - -
Finance costs -1,049,141 -902,503 146,638 -14.0 -1,049,141
Profit before 1,362,660 3,920,789 2,558,129 187.7 1,362,660
taxation
Taxation -471,687 -1,325,616 -853,929 181.0 -471,687
Profit for the 890,237 2,595,173 1,704,936 191.5 890,237
year
Earnings per
share - basic 0.22 3.43 3 1459.1 0.22
and diluted 34
 BALANCE SHEET OF ENGR
Horizontal Analysis…..2011 TO 2014
2013 Amount % 2011 2014 Amount % LIBILITIES
Non Current Assets
Long-term
14,509,608 4,894,182 50.9 9,615,426 15,021,519 5,406,093 56.2 finance

716,456 219,647 44.2 496,809 858,680 361,871 72.8 Finance lease

603,719 470,121 351.9 133,598 9 112,208 8,978,610 - Taxation

93,132 68,920 284.7 24,212 109,174 84,962 350.9 Pension share

168,865 168,865 - - 112,581 112,581 - Deferred income

Total Non
16,091,789 5,821,744 56.7 10,270,045 16,214,162 5,944,117 57.9 Current Liability

Current Assets
Long-term
739,671 167,859 29.4 571,812 788,141 216,329 37.8 finance
Obligation lease
739,671 -1,898,145 -72.0 2,637,816 3,697,787 1,059,971 40.2 finance
245,767 158,646 182.1 87,121 95,662 8,541 9.8 Trade payable

186,745 -79,348 -29.8 266,093 113,501 -152,592 -57.3 Dividend

Accrued interest
2,359,162 1,199,036 103.4 1,160,126 2,865,697 1,705,571 147.0 longterm

Accrued interest
136,152 134,709 9335.3 1,443 90,430 88,987 6166.8 shortterm

Short-term
636,530 636,530 - - 1,637,018 1,637,018 - finance
Total Current
170,000 -1,124,000 -86.9 1,294,000 - -1,294,000 - Liability
575,036 224,308 64.0 350,728 197,106 -153,622 -43.8
8,248,521 1,879,382 29.5 6,369,139 9,485,552 3,116,413 48.9
25,694,714 9,055,530 54.4 16,639,184 24,340,310 7,701,126 46.3 Share capital
Issued capital
Share premium
Hedging
resource

Accumulate loss

Other resource
Total Equity
Total Liability

E STATEMENT
E STATEMENT
tal Analysis…..2011 TO 2014
2013 Amount % 2011 2014 Amount %
37,890,688 8,031,460 26.9 29,859,228 43,027,377 1.4 4.826E-06
-29,747,587 -6,517,141 28.1 -23,230,446 -34,926,132 1.5 -6.472E-06
8,101,245 1,472,464 22.2 6,628,781 8,143,101 1.2 1.8532E-05

-4,692,502 -976,013 26.3 -3,716,489 -5,063,279 1.4 -3.6658E-05

-1,041,254 -536,532 106.3 -504,722 -1,282,240 2.5 -0.00050334

-103,770 105,132 -50.3 -208,902 -188,729 0.9 -0.00043247

304,854 91,721 43.0 213,133 324,301 1.5 0.00071392

2,174,140 -237,661 -9.9 2,411,801 2,327,587 1.0 4.0015E-05

-596,328 -596,328 - - -881,456 - -

-784,904 264,237 -25.2 -1,049,141 -1,236,904 1.2 -0.00011237
494,355 -868,305 -63.7 1,362,660 507,780 0.4 2.73464E-05
-296,820 174,867 -37.1 -471,687 -394,476 0.8 -0.0001773
210,960 -679,277 -76.3 890,237 888,831 1.0 0.00011215

0.28 0 27.3 0.22 1.16 5.3 2396.69421

OF ENGRO FOODS
…..2011 TO 2014
2011 2012 Amount % 2011 2013 Amount % 2011
Non Current Liability
5,610,000 6,023,070 413,070 7.4 5,610,000 7,126,994 1,516,994 27.040891 5,610,000

2,589 - -2,589 - 2,589 - -2,589 -100 2,589

306,090 1,625,520 1,319,430 431.1 306,090 1,538,538 1,232,448 402.64236 306,090

1,870 - -1,870 - 1,870 - -1,870 -100 1,870

- 17,390 17,390 - - 9,410 9,410 - -

5,922,549 7,692,980 1,770,431 29.9 5,922,549 8,674,987 2,752,438 46.473875 5,922,549

Current Liability
465,000 1,685,823 1,220,823 262.5426 465,000 1,032,008 567,008 121.9372 465,000

2,590 2,584 -6 -0.23166 2,590 - -2,590 -100 2,590

2,334,506 2,358,793 24,287 1.040349 2,334,506 3,405,175 1,070,669 45.862765 2,334,506
27,966 - -27,966 -100 27,966 14,517 -13,449 -48.09054 27,966

368,152 302,273 -65,879 -17.8945 368,152 229,312 -138,840 -37.71268 368,152

20,229 6,568 -13,661 -67.5318 20,229 10,337 -9,892 -48.90009 20,229

252,250 85,389 -166,861 -66.1491 252,250 213,405 -38,845 -15.39941 252,250

3,479,693 4,441,432 961,739 27.63862 3,479,693 4,904,754 1,425,061 40.953642 3,479,693

Equity
7,517,889 7,616,776 98,887 1.315356 7,517,889 7,665,961 148,072 1.9695955 7,517,889
- 1,234 1,234 - - 865,354 865,354 - -
722,182 810,280 88,098 12.19886 722,182 407,180 -315,002 -43.61809 722,182
-18,178 16,761 34,939 -192.205 -18,178 -9,581 8,597 -47.29343 -18,178

-964,951 -1,610,222 -645,271 66.87086 -964,951 -34,839 930,112 -96.38956 -964,951

- - - - - -628,780 -628,780 - -
7,236,942 10,054,237 2,817,295 38.92936 7,236,942 10,760,569 3,523,627 48.689446 7,236,942
16,639,184 22,188,685 5,549,501 33.352 16,639,184 24,340,310 7,701,126 46.283075 16,639,184
 2014 Amount %

5,476,993 -133,007 -2.4

- -2,589 -100

1,185,717 879,627 287.4

- -1,870 -100.0

2,516 2,516 -

6,665,226 742,677 12.5

1,605,597 1,140,597 245.289677

- -2,590 -100.0
3,222,697 888,191 38.0462076
41,397 -2,589 -9.3

194,028 -174,124 -47.296769

61,092 -2,588 -12.8

2,331,893 2,079,643 824.437265

7,456,701 3,977,008 114.1429

7,665,961 148,072 1.96959545

865,354 865,354 -
399,740 -322,442 -44.648302
-35,715 -17,537 96.5

-35,715 929,236 -96.298776

-628,780 -628,780 -
11,577,787 4,340,845 59.9817575
25,699,714 9,060,530 54.4529708
 BALANCE SHEET
TREND PERCENTAGES

ASSETS
60 120
50 100

40 80
60
30
40
20
20
10
0
0
20
2012%
2013%
2014%
NON CURRENT ASSETS CURRENT ASSETS TOTAL ASSETS NON CURRENT LIBILIT

ASSETS LIBILITIES
2012% 2013% 2014% 2012%
NON CURRENT ASSETS 23.4 56.7 57.9 NON CURRENT LIBILITY 29.89306
CURRENT ASSETS 49.4 29.5 48.9 CURRENT LIBILITY 27.63862
TOTAL ASSETS 33.4 54.4 46.3 TOTAL LIBILITY 3.352

200.0

150.0

INCOME STATEMENT 100.0

2012% 2013% 2014%

50.0
Net Sales 34.5 26.9 4.826
Gross
Profit 55.7 22.2 1.853 0.0
Other 2012%
operating -50.0
expenses 105.7 -50.3 0.0004325
Operating
profit 100 -9.9 4.0015 -100.0

Net Sal es
Operating profit
 -50.0

-100.0
Profit
before
taxation 187.7 -63.7 2.7346 Net Sal es
Profit for Operating profit
the year 191.5 -76.3 0.00011215
E SHEET
CENTAGES

LIBILITIES
120
100
80
60
40
20
0

2012%
2013%
2014%

NON CURRENT LIBILITY CURRENT LIBILITY TOTAL LIBILITY

BILITIES
2013% 2014%
46.47387 12.53982
40.95364 114.2919
46.28307 54.45297

200.0

150.0

100.0

50.0

0.0
2012%
2013%
-50.0
2014%

-100.0

Net Sal es Gros s Profit Other operating expens es

Operating profit Profit before taxation Profit for the year
 2013%
-50.0
2014%

-100.0

Net Sal es Gros s Profit Other operating expens es

Operating profit Profit before taxation Profit for the year