OPM-Bank

 

 

Company Profile

 

Gorky Automobile Plant (GAZ)

Symbol

GAZA

No. Employees

107,500

Industry

Auto manufacturing

Common Shares

4,470,500

Main Location

Nizhny Novgorod

Preferred Shares

1,453,500

 

General Summary

GAZ is widely considered to be Russia's most successful car and truck manufacturer. Its price increased by almost 400% in the first half of 1997 and now represents the highest market capitalization in the automotive industry. GAZ could benefit from the new restrictions that force Russian government officials to drive domestically produced cars.

 INCOME STATEMENT SUMMARY (in $ million)

 

1994

1995

1996

Revenues

950.0

1,390.0

1,860.0

EBIT

230.8

315.4

149.0

Net Income

153.1

248.6

112.2

 

BALANCE SHEET SUMMARY (in $ million)

 

12/31/94

12/31/95

12/31/96

Total Assets

753.8

1,932.4

3,813.1

Current Assets

335.9

479.2

594.5

Acct. Receivable

70.4

45.4

128.0

Inventory

150.3

276.4

400.0

Total Liabilities

263.3

373.1

543.4

Cur. Liabilities

259.7

342.3

449.8

Acct. Payable

181.8

280.1

396.8

Long Term Debt

3.6

30.7

33.5

Shareholder's Equity

472.5

1559.3

3,269.7

 

VALUES

Common Price

5

17

22

Mkt. Capitalization

22,350,000

80,000,000

98,400,000

 

YEAR ENDING RATIOS

PRICING FACTORS

 

1994

1995

1996

Earnings per Share

34.25

55.61

25.10

EPS Growth Rate

 

0.62

-0.55

Price / Earnings

0.15

0.31

0.90

 

PROFITABILITY INDICATORS

 

1994

1995

1996

Pretax Profit Marg

0.24

0.23

0.08

Return on Capital

6.85

11.12

1.48

Return on SE

0.32

0.16

0.03

 

FINANCIAL CONDITIONS

 

1994

1995

1996

Current Ratio

1.29

1.40

1.32

Acid Test

0.71

0.59

0.43

Working Capital $ml.

76

137

145

Acct. Rec. / Revenue

0.07

0.03

0.07

Acct. Rec. / Acct. Pay

0.39

0.16

0.32

 

DEBT FINANCING

 

1994

1995

1996

Long Term Debt / Capitalization

.16

.40

.34

 

 

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