Kyiv-Tsinni Papery

Firm type:	Ltd.
EGRPOU:	23520883
Region:	Kiev city
Industry:	Supporting and auxiliary services in currency and financial transactions (67.12.0)
Phone:	(044) 594-28-07, 244-09-24
Address:	Vernadskogo avenue, 4, Kyiv city, Ukraine, 03115
Director:	Rublenko Natalija Igorivna
Chief accountant:
Web-site:

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2004-2006

2005-2007

2006-2008

2007-2009

2008-2010

in 000' UAH
	2004	Ri*	Rr*	Rg*	2005	%	Ri*	Rr*	Rg*	2006	%	Ri*	Rr*	Rg*
Balance sheet
Non-current assets
Fixed assets (acquisition cost)	53.00				36.60	-30.94%				42.00	+14.75%
Fixed assets (accumulated depreciation)	(35.40)				(31.30)	+11.58%				(27.90)	+10.86%
Other non-current assets	9,206.90				9,206.00	-0.01%				9,206.00	0.00%
Total non-current assets	9,224.50	15	386	1,998	9,211.30	-0.14%	25	524	2,377	9,220.10	+0.10%	27	621	2,701
Current assets
Cash	141.40				0.20	-99.86%				2,775.10	+1,387,450.00%
Accounts receivable, net	16.50				35.40	+114.55%				0.00	-100.00%
Inventory	0.00				0.00	0.00%				0.00	0.00%
Other current assets	538.00				4,191.60	+679.11%				4,499.80	+7.35%
Deferred expenses	0.00				0.00	0.00%				0.00	0.00%
Total current assets	695.90	68	1,040	5,940	4,227.20	+507.44%	56	786	3,395	7,274.90	+72.10%	61	757	3,008
Total assets	9,920.40	35	627	2,999	13,438.50	+35.46%	47	686	2,972	16,495.00	+22.74%	57	763	3,048
Long-term liabilities
Long-term liabilities	0.00				(3,600.00)	0.00%				0.00	+100.00%
Current liabilities
Provisions for future losses and payments	0.00				0.00	0.00%				0.00	0.00%
Current liabilities	(94.20)				(2.00)	+97.88%				(2,890.20)	-144,410.00%
Deferred income received	0.00				0.00	0.00%				0.00	0.00%
Total current liabilities	(94.20)				(2.00)	+97.88%				(2,890.20)	-144,410.00%
Net assets	9,826.20	17	371	1,877	9,836.50	+0.10%	32	507	2,230	13,604.80	+38.31%	39	475	1,951
Equity capital
Registered share capital (including unions)	307.50				307.50	0.00%				9,000.00	+2,826.83%
Unpaid share capital	0.00				0.00	0.00%				0.00	0.00%
Redeemed capital	0.00				0.00	0.00%				0.00	0.00%
Additional paid in capital	0.00				0.00	0.00%				0.00	0.00%
Other reserves	0.00				0.00	0.00%				0.00	0.00%
Capital reserve	28.40				28.40	0.00%				28.40	0.00%
Retained earnings	9,490.30				9,500.60	+0.11%				4,576.40	-51.83%
Total equity	9,826.20	17	371	1,877	9,836.50	+0.10%	32	507	2,230	13,604.80	+38.31%	39	475	1,951

	2004	Ri*	Rr*	Rg*	2005	%	Ri*	Rr*	Rg*	2006	%	Ri*	Rr*	Rg*
Income statement
Net revenue	266.10	57	1,186	7,705	2,682.40	+908.04%	42	1,024	5,349	55,513.90	+1,969.56%	21	244	1,092
Cost of goods (services) sold	(76.10)				(2,539.80)	-3,237.45%				(51,234.80)	-1,917.28%
Gross profit / (loss)	190.00	39	992	5,366	142.60	-24.95%	73	1,230	6,401	4,279.10	+2,900.77%	15	466	1,774
Other income / (expenses)	(169.80)				(157.60)	+7.18%				(216.40)	-37.31%
Earnings before interest, tax, depreciation and amortization (EBITDA)	20.20	43	1,005	5,849	(15.00)	-174.26%	94	1,319	7,321	4,062.70	+27,184.67%	17	324	1,237
Depreciation & amortization	(14.40)				(9.60)	+33.33%				(8.70)	+9.38%
Financial income	0.00				35.20	0.00%				40.60	+15.34%
Financial expenses	0.00				0.00	0.00%				(324.00)	0.00%
Corporate tax charge	(0.50)				(0.30)	+40.00%				(2.30)	-666.67%
Net profit / (loss)	5.30	52	839	4,284	10.30	+94.34%	75	1,043	4,709	3,768.30	+36,485.44%	20	207	728

	2004	Ri*	Rr*	Rg*	2005	%	Ri*	Rr*	Rg*	2006	%	Ri*	Rr*	Rg*
Employees
Number of employees	0	77	1,082	5,163	3	0.00%	96	1,280	8,428	4	+33.33%	97	1,343	8,031
Payroll expenses	52.80				53.70	+1.70%				69.00	+28.49%

	2004	Ri*	Rr*	Rg*	2005	%	Ri*	Rr*	Rg*	2006	%	Ri*	Rr*	Rg*
Indexes
Current ratio, % current assets / current liabilities	739.00%	39	160	888	211,360.00%	+28,500.81%	4	14	27	252.00%	-99.88%	81	550	2,611
Quick ratio, % (current assets - inventory) / current liabilities	739.00%	39	140	516	211,360.00%	+28,500.81%	4	14	27	252.00%	-99.88%	81	462	1,688
Cash ratio, % cash and cash equivalents / current liabilities	150.00%	31	159	622	10.00%	-93.33%	72	806	3,402	96.00%	+860.00%	45	339	1,079
Receivables turnover, times annual gross sales / net accounts receivable	16.13	18	524	3,339	75.77	+369.75%	11	237	1,226	0.00	-100.00%	153	1,718	9,257
Average collection period, days net accounts receivable / (annual gross sales / 365)	22	43	639	4,889	4	-78.70%	72	1,176	7,769	0	-100.00%	153	1,718	9,022
Inventory turnover, times cost of goods sold / inventory	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Inventory period, days inventory / (cost of goods sold / 365)	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Debt ratio, % total debt / total assets	1.00%	95	1,309	8,694	27.00%	+2,600.00%	69	981	5,712	18.00%	-33.33%	85	1,185	6,805
Debt-to-equity ratio, % total debt / total equity	1.00%	88	1,186	8,118	37.00%	+3,600.00%	62	839	4,996	21.00%	-43.24%	80	1,056	6,228
Fixed assets share in total assets, % fixed assets / total assets	0.00%	86	1,282	8,491	0.00%	0.00%	86	1,556	9,660	0.00%	0.00%	153	1,719	9,009
Rate of fixed assets depreciation, % depreciation / fixed assets acquisition cost	67.00%	31	147	1,823	86.00%	+28.36%	11	29	277	66.00%	-23.26%	52	258	2,195
Gross profit margin, % (net sales - cost of goods sold) / net sales	71.00%	29	227	496	5.00%	-92.96%	90	1,275	7,106	8.00%	+60.00%	87	1,233	6,141
Earnings before interest, tax, depreciation and amortization (EBITDA), % EBITDA / net sales	8.00%	31	631	3,506	(1.00%)	-112.50%	101	1,351	7,323	7.00%	+800.00%	53	850	4,006
Earnings before interest and tax (EBIT), % EBIT / net sales	2.00%	41	736	3,443	(1.00%)	-150.00%	94	1,227	6,415	7.00%	+800.00%	45	624	2,346
Earnings before tax (EBT), % EBT / net sales	2.00%	45	694	3,066	0.00%	-100.00%	91	1,066	5,221	7.00%	0.00%	53	569	2,008
Net profit margin, % net profit / net sales	2.00%	44	607	2,772	0.00%	-100.00%	88	996	4,871	7.00%	0.00%	48	479	1,697
Return on assets, % net profit / total assets at the beginning of the year	0.00%	110	1,351	4,689	0.10%	0.00%	69	902	4,551	28.04%	+26,907.64%	25	127	407
Return on equity, % net profit / equity at the beginning of the year	0.00%	110	685	4,689	0.10%	0.00%	74	905	4,781	38.31%	+36,447.13%	31	275	942
Net revenue per employee, 000'UAH net sales / number of employees	0.00	110	905	8,418	894.13	0.00%	27	154	335	13,878.48	+1,452.18%	12	12	38
Average monthly pay, UAH gross payroll / number of employees	0.00	111	916	4,789	1,491.67	0.00%	12	300	606	1,437.50	-3.63%	33	584	1,266

in 000' UAH
	2005	%	Ri*	Rr*	Rg*	2006	%	Ri*	Rr*	Rg*	2007	%	Ri*	Rr*	Rg*
Balance sheet
Non-current assets
Fixed assets (acquisition cost)	36.60	-30.94%				42.00	+14.75%				53.00	+26.19%
Fixed assets (accumulated depreciation)	(31.30)	+11.58%				(27.90)	+10.86%				(39.00)	-39.78%
Other non-current assets	9,206.00	-0.01%				9,206.00	0.00%				3,769.00	-59.06%
Total non-current assets	9,211.30	-0.14%	25	524	2,377	9,220.10	+0.10%	27	621	2,701	3,783.00	-58.97%	42	946	4,494
Current assets
Cash	0.20	-99.86%				2,775.10	+1,387,450.00%				151.00	-94.56%
Accounts receivable, net	35.40	+114.55%				0.00	-100.00%				12,584.00	0.00%
Inventory	0.00	0.00%				0.00	0.00%				0.00	0.00%
Other current assets	4,191.60	+679.11%				4,499.80	+7.35%				123,478.00	+2,644.08%
Deferred expenses	0.00	0.00%				0.00	0.00%				0.00	0.00%
Total current assets	4,227.20	+507.44%	56	786	3,395	7,274.90	+72.10%	61	757	3,008	136,213.00	+1,772.37%	11	151	521
Total assets	13,438.50	+35.46%	47	686	2,972	16,495.00	+22.74%	57	763	3,048	139,996.00	+748.72%	15	244	864
Long-term liabilities
Long-term liabilities	(3,600.00)	0.00%				0.00	+100.00%				0.00	0.00%
Current liabilities
Provisions for future losses and payments	0.00	0.00%				0.00	0.00%				0.00	0.00%
Current liabilities	(2.00)	+97.88%				(2,890.20)	-144,410.00%				(108,235.00)	-3,644.90%
Deferred income received	0.00	0.00%				0.00	0.00%				0.00	0.00%
Total current liabilities	(2.00)	+97.88%				(2,890.20)	-144,410.00%				(108,235.00)	-3,644.90%
Net assets	9,836.50	+0.10%	32	507	2,230	13,604.80	+38.31%	39	475	1,951	31,761.00	+133.45%	32	320	1,234
Equity capital
Registered share capital (including unions)	307.50	0.00%				9,000.00	+2,826.83%				9,000.00	0.00%
Unpaid share capital	0.00	0.00%				0.00	0.00%				0.00	0.00%
Redeemed capital	0.00	0.00%				0.00	0.00%				0.00	0.00%
Additional paid in capital	0.00	0.00%				0.00	0.00%				0.00	0.00%
Other reserves	0.00	0.00%				0.00	0.00%				0.00	0.00%
Capital reserve	28.40	0.00%				28.40	0.00%				28.00	-1.41%
Retained earnings	9,500.60	+0.11%				4,576.40	-51.83%				22,733.00	+396.74%
Total equity	9,836.50	+0.10%	32	507	2,230	13,604.80	+38.31%	39	475	1,951	31,761.00	+133.45%	32	320	1,234

	2005	%	Ri*	Rr*	Rg*	2006	%	Ri*	Rr*	Rg*	2007	%	Ri*	Rr*	Rg*
Income statement
Net revenue	2,682.40	+908.04%	42	1,024	5,349	55,513.90	+1,969.56%	21	244	1,092	524,674.00	+845.12%	6	53	229
Cost of goods (services) sold	(2,539.80)	-3,237.45%				(51,234.80)	-1,917.28%				(504,634.00)	-884.94%
Gross profit / (loss)	142.60	-24.95%	73	1,230	6,401	4,279.10	+2,900.77%	15	466	1,774	20,040.00	+368.32%	7	181	725
Other income / (expenses)	(157.60)	+7.18%				(216.40)	-37.31%				(372.00)	-71.90%
Earnings before interest, tax, depreciation and amortization (EBITDA)	(15.00)	-174.26%	94	1,319	7,321	4,062.70	+27,184.67%	17	324	1,237	19,668.00	+384.11%	10	135	516
Depreciation & amortization	(9.60)	+33.33%				(8.70)	+9.38%				(21.00)	-141.38%
Financial income	35.20	0.00%				40.60	+15.34%				112.00	+175.86%
Financial expenses	0.00	0.00%				(324.00)	0.00%				(1,595.00)	-392.28%
Corporate tax charge	(0.30)	+40.00%				(2.30)	-666.67%				(8.00)	-247.83%
Net profit / (loss)	10.30	+94.34%	75	1,043	4,709	3,768.30	+36,485.44%	20	207	728	18,156.00	+381.81%	11	94	313

	2005	%	Ri*	Rr*	Rg*	2006	%	Ri*	Rr*	Rg*	2007	%	Ri*	Rr*	Rg*
Employees
Number of employees	3	0.00%	96	1,280	8,428	4	+33.33%	97	1,343	8,031	5	+25.00%	47	989	5,301
Payroll expenses	53.70	+1.70%				69.00	+28.49%				89.00	+28.99%

	2005	%	Ri*	Rr*	Rg*	2006	%	Ri*	Rr*	Rg*	2007	%	Ri*	Rr*	Rg*
Indexes
Current ratio, % current assets / current liabilities	211,360.00%	+28,500.81%	4	14	27	252.00%	-99.88%	81	550	2,611	126.00%	-50.00%	115	939	4,493
Quick ratio, % (current assets - inventory) / current liabilities	211,360.00%	+28,500.81%	4	14	27	252.00%	-99.88%	81	462	1,688	126.00%	-50.00%	114	759	2,942
Cash ratio, % cash and cash equivalents / current liabilities	10.00%	-93.33%	72	806	3,402	96.00%	+860.00%	45	339	1,079	0.00%	-100.00%	123	1,425	8,145
Receivables turnover, times annual gross sales / net accounts receivable	75.77	+369.75%	11	237	1,226	0.00	-100.00%	153	1,718	9,257	41.69	0.00%	31	383	1,903
Average collection period, days net accounts receivable / (annual gross sales / 365)	4	-78.70%	72	1,176	7,769	0	-100.00%	153	1,718	9,022	8	0.00%	61	969	5,816
Inventory turnover, times cost of goods sold / inventory	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Inventory period, days inventory / (cost of goods sold / 365)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Debt ratio, % total debt / total assets	27.00%	+2,600.00%	69	981	5,712	18.00%	-33.33%	85	1,185	6,805	77.00%	+327.78%	25	487	2,128
Debt-to-equity ratio, % total debt / total equity	37.00%	+3,600.00%	62	839	4,996	21.00%	-43.24%	80	1,056	6,228	341.00%	+1,523.81%	21	342	1,471
Fixed assets share in total assets, % fixed assets / total assets	0.00%	0.00%	86	1,556	9,660	0.00%	0.00%	153	1,719	9,009	0.00%	0.00%	93	1,393	8,073
Rate of fixed assets depreciation, % depreciation / fixed assets acquisition cost	86.00%	+28.36%	11	29	277	66.00%	-23.26%	52	258	2,195	74.00%	+12.12%	31	141	938
Gross profit margin, % (net sales - cost of goods sold) / net sales	5.00%	-92.96%	90	1,275	7,106	8.00%	+60.00%	87	1,233	6,141	4.00%	-50.00%	84	1,255	6,548
Earnings before interest, tax, depreciation and amortization (EBITDA), % EBITDA / net sales	(1.00%)	-112.50%	101	1,351	7,323	7.00%	+800.00%	53	850	4,006	4.00%	-42.86%	56	925	4,870
Earnings before interest and tax (EBIT), % EBIT / net sales	(1.00%)	-150.00%	94	1,227	6,415	7.00%	+800.00%	45	624	2,346	4.00%	-42.86%	52	724	3,117
Earnings before tax (EBT), % EBT / net sales	0.00%	-100.00%	91	1,066	5,221	7.00%	0.00%	53	569	2,008	3.00%	-57.14%	59	732	3,143
Net profit margin, % net profit / net sales	0.00%	-100.00%	88	996	4,871	7.00%	0.00%	48	479	1,697	3.00%	-57.14%	55	629	2,698
Return on assets, % net profit / total assets at the beginning of the year	0.10%	0.00%	69	902	4,551	28.04%	+26,907.64%	25	127	407	110.07%	+292.53%	12	37	86
Return on equity, % net profit / equity at the beginning of the year	0.10%	0.00%	74	905	4,781	38.31%	+36,447.13%	31	275	942	133.45%	+248.36%	15	107	354
Net revenue per employee, 000'UAH net sales / number of employees	894.13	0.00%	27	154	335	13,878.48	+1,452.18%	12	12	38	104,934.80	+656.10%	6	4	12
Average monthly pay, UAH gross payroll / number of employees	1,491.67	0.00%	12	300	606	1,437.50	-3.63%	33	584	1,266	1,483.33	+3.19%	31	643	1,688

in 000' UAH
	2006	%	Ri*	Rr*	Rg*	2007	%	Ri*	Rr*	Rg*	2008	%	Ri*	Rr*	Rg*
Balance sheet
Non-current assets
Fixed assets (acquisition cost)	42.00	+14.75%				53.00	+26.19%				32.00	-39.62%
Fixed assets (accumulated depreciation)	(27.90)	+10.86%				(39.00)	-39.78%				(28.00)	+28.21%
Other non-current assets	9,206.00	0.00%				3,769.00	-59.06%				3,769.00	0.00%
Total non-current assets	9,220.10	+0.10%	27	621	2,701	3,783.00	-58.97%	42	946	4,494	3,773.00	-0.26%	45	912	4,396
Current assets
Cash	2,775.10	+1,387,450.00%				151.00	-94.56%				23,097.00	+15,196.03%
Accounts receivable, net	0.00	-100.00%				12,584.00	0.00%				5,759.00	-54.24%
Inventory	0.00	0.00%				0.00	0.00%				0.00	0.00%
Other current assets	4,499.80	+7.35%				123,478.00	+2,644.08%				105,296.00	-14.72%
Deferred expenses	0.00	0.00%				0.00	0.00%				0.00	0.00%
Total current assets	7,274.90	+72.10%	61	757	3,008	136,213.00	+1,772.37%	11	151	521	134,152.00	-1.51%	13	177	627
Total assets	16,495.00	+22.74%	57	763	3,048	139,996.00	+748.72%	15	244	864	137,925.00	-1.48%	19	291	1,027
Long-term liabilities
Long-term liabilities	0.00	+100.00%				0.00	0.00%				(23,100.00)	0.00%
Current liabilities
Provisions for future losses and payments	0.00	0.00%				0.00	0.00%				0.00	0.00%
Current liabilities	(2,890.20)	-144,410.00%				(108,235.00)	-3,644.90%				(71,280.00)	+34.14%
Deferred income received	0.00	0.00%				0.00	0.00%				0.00	0.00%
Total current liabilities	(2,890.20)	-144,410.00%				(108,235.00)	-3,644.90%				(71,280.00)	+34.14%
Net assets	13,604.80	+38.31%	39	475	1,951	31,761.00	+133.45%	32	320	1,234	43,545.00	+37.10%	30	285	1,049
Equity capital
Registered share capital (including unions)	9,000.00	+2,826.83%				9,000.00	0.00%				9,000.00	0.00%
Unpaid share capital	0.00	0.00%				0.00	0.00%				0.00	0.00%
Redeemed capital	0.00	0.00%				0.00	0.00%				0.00	0.00%
Additional paid in capital	0.00	0.00%				0.00	0.00%				0.00	0.00%
Other reserves	0.00	0.00%				0.00	0.00%				0.00	0.00%
Capital reserve	28.40	0.00%				28.00	-1.41%				28.00	0.00%
Retained earnings	4,576.40	-51.83%				22,733.00	+396.74%				34,517.00	+51.84%
Total equity	13,604.80	+38.31%	39	475	1,951	31,761.00	+133.45%	32	320	1,234	43,545.00	+37.10%	30	285	1,049

	2006	%	Ri*	Rr*	Rg*	2007	%	Ri*	Rr*	Rg*	2008	%	Ri*	Rr*	Rg*
Income statement
Net revenue	55,513.90	+1,969.56%	21	244	1,092	524,674.00	+845.12%	6	53	229	742,916.00	+41.60%	7	51	205
Cost of goods (services) sold	(51,234.80)	-1,917.28%				(504,634.00)	-884.94%				(718,109.00)	-42.30%
Gross profit / (loss)	4,279.10	+2,900.77%	15	466	1,774	20,040.00	+368.32%	7	181	725	24,807.00	+23.79%	9	190	712
Other income / (expenses)	(216.40)	-37.31%				(372.00)	-71.90%				(5,773.00)	-1,451.88%
Earnings before interest, tax, depreciation and amortization (EBITDA)	4,062.70	+27,184.67%	17	324	1,237	19,668.00	+384.11%	10	135	516	19,034.00	-3.22%	8	132	478
Depreciation & amortization	(8.70)	+9.38%				(21.00)	-141.38%				(10.00)	+52.38%
Financial income	40.60	+15.34%				112.00	+175.86%				172.00	+53.57%
Financial expenses	(324.00)	0.00%				(1,595.00)	-392.28%				(7,412.00)	-364.70%
Corporate tax charge	(2.30)	-666.67%				(8.00)	-247.83%				0.00	+100.00%
Net profit / (loss)	3,768.30	+36,485.44%	20	207	728	18,156.00	+381.81%	11	94	313	11,784.00	-35.10%	11	119	385

	2006	%	Ri*	Rr*	Rg*	2007	%	Ri*	Rr*	Rg*	2008	%	Ri*	Rr*	Rg*
Employees
Number of employees	4	+33.33%	97	1,343	8,031	5	+25.00%	47	989	5,301	7	+40.00%	40	987	4,917
Payroll expenses	69.00	+28.49%				89.00	+28.99%				182.00	+104.49%

	2006	%	Ri*	Rr*	Rg*	2007	%	Ri*	Rr*	Rg*	2008	%	Ri*	Rr*	Rg*
Indexes
Current ratio, % current assets / current liabilities	252.00%	-99.88%	81	550	2,611	126.00%	-50.00%	115	939	4,493	188.00%	+49.21%	90	624	2,582
Quick ratio, % (current assets - inventory) / current liabilities	252.00%	-99.88%	81	462	1,688	126.00%	-50.00%	114	759	2,942	188.00%	+49.21%	89	530	1,754
Cash ratio, % cash and cash equivalents / current liabilities	96.00%	+860.00%	45	339	1,079	0.00%	-100.00%	123	1,425	8,145	32.00%	0.00%	59	461	1,495
Receivables turnover, times annual gross sales / net accounts receivable	0.00	-100.00%	153	1,718	9,257	41.69	0.00%	31	383	1,903	129.00	+209.43%	18	152	676
Average collection period, days net accounts receivable / (annual gross sales / 365)	0	-100.00%	153	1,718	9,022	8	0.00%	61	969	5,816	2	-67.66%	69	1,064	6,064
Inventory turnover, times cost of goods sold / inventory	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Inventory period, days inventory / (cost of goods sold / 365)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Debt ratio, % total debt / total assets	18.00%	-33.33%	85	1,185	6,805	77.00%	+327.78%	25	487	2,128	68.00%	-11.69%	28	522	2,593
Debt-to-equity ratio, % total debt / total equity	21.00%	-43.24%	80	1,056	6,228	341.00%	+1,523.81%	21	342	1,471	217.00%	-36.36%	23	338	1,823
Fixed assets share in total assets, % fixed assets / total assets	0.00%	0.00%	153	1,719	9,009	0.00%	0.00%	93	1,393	8,073	0.00%	0.00%	69	1,197	7,123
Rate of fixed assets depreciation, % depreciation / fixed assets acquisition cost	66.00%	-23.26%	52	258	2,195	74.00%	+12.12%	31	141	938	88.00%	+18.92%	6	28	157
Gross profit margin, % (net sales - cost of goods sold) / net sales	8.00%	+60.00%	87	1,233	6,141	4.00%	-50.00%	84	1,255	6,548	3.00%	-25.00%	79	1,127	5,780
Earnings before interest, tax, depreciation and amortization (EBITDA), % EBITDA / net sales	7.00%	+800.00%	53	850	4,006	4.00%	-42.86%	56	925	4,870	3.00%	-25.00%	41	729	3,984
Earnings before interest and tax (EBIT), % EBIT / net sales	7.00%	+800.00%	45	624	2,346	4.00%	-42.86%	52	724	3,117	3.00%	-25.00%	36	582	2,852
Earnings before tax (EBT), % EBT / net sales	7.00%	0.00%	53	569	2,008	3.00%	-57.14%	59	732	3,143	2.00%	-33.33%	45	603	2,984
Net profit margin, % net profit / net sales	7.00%	0.00%	48	479	1,697	3.00%	-57.14%	55	629	2,698	2.00%	-33.33%	42	516	2,356
Return on assets, % net profit / total assets at the beginning of the year	28.04%	+26,907.64%	25	127	407	110.07%	+292.53%	12	37	86	8.42%	-92.35%	31	319	1,507
Return on equity, % net profit / equity at the beginning of the year	38.31%	+36,447.13%	31	275	942	133.45%	+248.36%	15	107	354	37.10%	-72.20%	17	233	1,037
Net revenue per employee, 000'UAH net sales / number of employees	13,878.48	+1,452.18%	12	12	38	104,934.80	+656.10%	6	4	12	106,130.86	+1.14%	3	4	8
Average monthly pay, UAH gross payroll / number of employees	1,437.50	-3.63%	33	584	1,266	1,483.33	+3.19%	31	643	1,688	2,166.67	+46.07%	26	583	1,324

in 000' UAH
	2007	%	Ri*	Rr*	Rg*	2008	%	Ri*	Rr*	Rg*	2009	%	Ri*	Rr*	Rg*
Balance sheet
Non-current assets
Fixed assets (acquisition cost)	53.00	+26.19%				32.00	-39.62%				40.00	+25.00%
Fixed assets (accumulated depreciation)	(39.00)	-39.78%				(28.00)	+28.21%				(23.00)	+17.86%
Other non-current assets	3,769.00	-59.06%				3,769.00	0.00%				3,769.00	0.00%
Total non-current assets	3,783.00	-58.97%	42	946	4,494	3,773.00	-0.26%	45	912	4,396	3,786.00	+0.34%	21	432	2,488
Current assets
Cash	151.00	-94.56%				23,097.00	+15,196.03%				108.00	-99.53%
Accounts receivable, net	12,584.00	0.00%				5,759.00	-54.24%				0.00	-100.00%
Inventory	0.00	0.00%				0.00	0.00%				1.00	0.00%
Other current assets	123,478.00	+2,644.08%				105,296.00	-14.72%				236,127.00	+124.25%
Deferred expenses	0.00	0.00%				0.00	0.00%				4.00	0.00%
Total current assets	136,213.00	+1,772.37%	11	151	521	134,152.00	-1.51%	13	177	627	236,240.00	+76.10%	9	75	287
Total assets	139,996.00	+748.72%	15	244	864	137,925.00	-1.48%	19	291	1,027	240,026.00	+74.03%	8	115	457
Long-term liabilities
Long-term liabilities	0.00	0.00%				(23,100.00)	0.00%				(47,910.00)	-107.40%
Current liabilities
Provisions for future losses and payments	0.00	0.00%				0.00	0.00%				0.00	0.00%
Current liabilities	(108,235.00)	-3,644.90%				(71,280.00)	+34.14%				(148,736.00)	-108.66%
Deferred income received	0.00	0.00%				0.00	0.00%				0.00	0.00%
Total current liabilities	(108,235.00)	-3,644.90%				(71,280.00)	+34.14%				(148,736.00)	-108.66%
Net assets	31,761.00	+133.45%	32	320	1,234	43,545.00	+37.10%	30	285	1,049	43,380.00	-0.38%	15	165	656
Equity capital
Registered share capital (including unions)	9,000.00	0.00%				9,000.00	0.00%				40,000.00	+344.44%
Unpaid share capital	0.00	0.00%				0.00	0.00%				0.00	0.00%
Redeemed capital	0.00	0.00%				0.00	0.00%				0.00	0.00%
Additional paid in capital	0.00	0.00%				0.00	0.00%				0.00	0.00%
Other reserves	0.00	0.00%				0.00	0.00%				0.00	0.00%
Capital reserve	28.00	-1.41%				28.00	0.00%				28.00	0.00%
Retained earnings	22,733.00	+396.74%				34,517.00	+51.84%				3,352.00	-90.29%
Total equity	31,761.00	+133.45%	32	320	1,234	43,545.00	+37.10%	30	285	1,049	43,380.00	-0.38%	15	165	656

	2007	%	Ri*	Rr*	Rg*	2008	%	Ri*	Rr*	Rg*	2009	%	Ri*	Rr*	Rg*
Income statement
Net revenue	524,674.00	+845.12%	6	53	229	742,916.00	+41.60%	7	51	205	558,786.00	-24.78%	3	34	169
Cost of goods (services) sold	(504,634.00)	-884.94%				(718,109.00)	-42.30%				(546,149.00)	+23.95%
Gross profit / (loss)	20,040.00	+368.32%	7	181	725	24,807.00	+23.79%	9	190	712	12,637.00	-49.06%	3	115	544
Other income / (expenses)	(372.00)	-71.90%				(5,773.00)	-1,451.88%				(5,404.00)	+6.39%
Earnings before interest, tax, depreciation and amortization (EBITDA)	19,668.00	+384.11%	10	135	516	19,034.00	-3.22%	8	132	478	7,233.00	-62.00%	9	121	533
Depreciation & amortization	(21.00)	-141.38%				(10.00)	+52.38%				(8.00)	+20.00%
Financial income	112.00	+175.86%				172.00	+53.57%				2,372.00	+1,279.07%
Financial expenses	(1,595.00)	-392.28%				(7,412.00)	-364.70%				(9,762.00)	-31.71%
Corporate tax charge	(8.00)	-247.83%				0.00	+100.00%				0.00	0.00%
Net profit / (loss)	18,156.00	+381.81%	11	94	313	11,784.00	-35.10%	11	119	385	(165.00)	-101.40%	44	398	2,264

	2007	%	Ri*	Rr*	Rg*	2008	%	Ri*	Rr*	Rg*	2009	%	Ri*	Rr*	Rg*
Employees
Number of employees	5	+25.00%	47	989	5,301	7	+40.00%	40	987	4,917	0	-100.00%	35	555	3,112
Payroll expenses	89.00	+28.99%				182.00	+104.49%				196.00	+7.69%

	2007	%	Ri*	Rr*	Rg*	2008	%	Ri*	Rr*	Rg*	2009	%	Ri*	Rr*	Rg*
Indexes
Current ratio, % current assets / current liabilities	126.00%	-50.00%	115	939	4,493	188.00%	+49.21%	90	624	2,582	159.00%	-15.43%	45	324	1,538
Quick ratio, % (current assets - inventory) / current liabilities	126.00%	-50.00%	114	759	2,942	188.00%	+49.21%	89	530	1,754	159.00%	-15.43%	45	277	1,013
Cash ratio, % cash and cash equivalents / current liabilities	0.00%	-100.00%	123	1,425	8,145	32.00%	0.00%	59	461	1,495	0.00%	-100.00%	41	462	3,284
Receivables turnover, times annual gross sales / net accounts receivable	41.69	0.00%	31	383	1,903	129.00	+209.43%	18	152	676	0.00	-100.00%	22	482	3,751
Average collection period, days net accounts receivable / (annual gross sales / 365)	8	0.00%	61	969	5,816	2	-67.66%	69	1,064	6,064	0	-100.00%	23	486	3,572
Inventory turnover, times cost of goods sold / inventory	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Inventory period, days inventory / (cost of goods sold / 365)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Debt ratio, % total debt / total assets	77.00%	+327.78%	25	487	2,128	68.00%	-11.69%	28	522	2,593	82.00%	+20.59%	5	144	961
Debt-to-equity ratio, % total debt / total equity	341.00%	+1,523.81%	21	342	1,471	217.00%	-36.36%	23	338	1,823	453.00%	+108.76%	3	77	512
Fixed assets share in total assets, % fixed assets / total assets	0.00%	0.00%	93	1,393	8,073	0.00%	0.00%	69	1,197	7,123	0.00%	0.00%	18	458	3,605
Rate of fixed assets depreciation, % depreciation / fixed assets acquisition cost	74.00%	+12.12%	31	141	938	88.00%	+18.92%	6	28	157	57.00%	-35.23%	18	192	1,794
Gross profit margin, % (net sales - cost of goods sold) / net sales	4.00%	-50.00%	84	1,255	6,548	3.00%	-25.00%	79	1,127	5,780	2.00%	-33.33%	20	415	2,740
Earnings before interest, tax, depreciation and amortization (EBITDA), % EBITDA / net sales	4.00%	-42.86%	56	925	4,870	3.00%	-25.00%	41	729	3,984	1.00%	-66.67%	14	337	2,256
Earnings before interest and tax (EBIT), % EBIT / net sales	4.00%	-42.86%	52	724	3,117	3.00%	-25.00%	36	582	2,852	1.00%	-66.67%	10	257	1,677
Earnings before tax (EBT), % EBT / net sales	3.00%	-57.14%	59	732	3,143	2.00%	-33.33%	45	603	2,984	0.00%	-100.00%	29	269	1,562
Net profit margin, % net profit / net sales	3.00%	-57.14%	55	629	2,698	2.00%	-33.33%	42	516	2,356	0.00%	-100.00%	29	235	1,394
Return on assets, % net profit / total assets at the beginning of the year	110.07%	+292.53%	12	37	86	8.42%	-92.35%	31	319	1,507	(0.12%)	-101.42%	38	371	1,890
Return on equity, % net profit / equity at the beginning of the year	133.45%	+248.36%	15	107	354	37.10%	-72.20%	17	233	1,037	(0.38%)	-101.02%	39	409	2,119
Net revenue per employee, 000'UAH net sales / number of employees	104,934.80	+656.10%	6	4	12	106,130.86	+1.14%	3	4	8	0.00	-100.00%	40	447	3,451
Average monthly pay, UAH gross payroll / number of employees	1,483.33	+3.19%	31	643	1,688	2,166.67	+46.07%	26	583	1,324	0.00	-100.00%	43	476	3,001

in 000' UAH
	2008	%	Ri*	Rr*	Rg*	2009	%	Ri*	Rr*	Rg*	2010	%	Ri*	Rr*	Rg*
Balance sheet
Non-current assets
Fixed assets (acquisition cost)	32.00	-39.62%				40.00	+25.00%				33.00	-17.50%
Fixed assets (accumulated depreciation)	(28.00)	+28.21%				(23.00)	+17.86%				(24.00)	-4.35%
Other non-current assets	3,769.00	0.00%				3,769.00	0.00%				3,769.00	0.00%
Total non-current assets	3,773.00	-0.26%	45	912	4,396	3,786.00	+0.34%	21	432	2,488	3,778.00	-0.21%	4	51	299
Current assets
Cash	23,097.00	+15,196.03%				108.00	-99.53%				384.00	+255.56%
Accounts receivable, net	5,759.00	-54.24%				0.00	-100.00%				74,749.00	0.00%
Inventory	0.00	0.00%				1.00	0.00%				1.00	0.00%
Other current assets	105,296.00	-14.72%				236,127.00	+124.25%				194,779.00	-17.51%
Deferred expenses	0.00	0.00%				4.00	0.00%				0.00	-100.00%
Total current assets	134,152.00	-1.51%	13	177	627	236,240.00	+76.10%	9	75	287	269,913.00	+14.25%	2	9	34
Total assets	137,925.00	-1.48%	19	291	1,027	240,026.00	+74.03%	8	115	457	273,691.00	+14.03%	3	14	54
Long-term liabilities
Long-term liabilities	(23,100.00)	0.00%				(47,910.00)	-107.40%				(52,826.00)	-10.26%
Current liabilities
Provisions for future losses and payments	0.00	0.00%				0.00	0.00%				0.00	0.00%
Current liabilities	(71,280.00)	+34.14%				(148,736.00)	-108.66%				(126,808.00)	+14.74%
Deferred income received	0.00	0.00%				0.00	0.00%				0.00	0.00%
Total current liabilities	(71,280.00)	+34.14%				(148,736.00)	-108.66%				(126,808.00)	+14.74%
Net assets	43,545.00	+37.10%	30	285	1,049	43,380.00	-0.38%	15	165	656	94,057.00	+116.82%	3	13	55
Equity capital
Registered share capital (including unions)	9,000.00	0.00%				40,000.00	+344.44%				40,000.00	0.00%
Unpaid share capital	0.00	0.00%				0.00	0.00%				0.00	0.00%
Redeemed capital	0.00	0.00%				0.00	0.00%				(8.00)	0.00%
Additional paid in capital	0.00	0.00%				0.00	0.00%				2.00	0.00%
Other reserves	0.00	0.00%				0.00	0.00%				0.00	0.00%
Capital reserve	28.00	0.00%				28.00	0.00%				28.00	0.00%
Retained earnings	34,517.00	+51.84%				3,352.00	-90.29%				54,035.00	+1,512.02%
Total equity	43,545.00	+37.10%	30	285	1,049	43,380.00	-0.38%	15	165	656	94,057.00	+116.82%	3	13	55

	2008	%	Ri*	Rr*	Rg*	2009	%	Ri*	Rr*	Rg*	2010	%	Ri*	Rr*	Rg*
Income statement
Net revenue	742,916.00	+41.60%	7	51	205	558,786.00	-24.78%	3	34	169	487,896.00	-12.69%	3	8	35
Cost of goods (services) sold	(718,109.00)	-42.30%				(546,149.00)	+23.95%				(428,505.00)	+21.54%
Gross profit / (loss)	24,807.00	+23.79%	9	190	712	12,637.00	-49.06%	3	115	544	59,391.00	+369.98%	1	8	29
Other income / (expenses)	(5,773.00)	-1,451.88%				(5,404.00)	+6.39%				(449.00)	+91.69%
Earnings before interest, tax, depreciation and amortization (EBITDA)	19,034.00	-3.22%	8	132	478	7,233.00	-62.00%	9	121	533	58,942.00	+714.90%	1	7	26
Depreciation & amortization	(10.00)	+52.38%				(8.00)	+20.00%				(8.00)	0.00%
Financial income	172.00	+53.57%				2,372.00	+1,279.07%				295.00	-87.56%
Financial expenses	(7,412.00)	-364.70%				(9,762.00)	-31.71%				(8,548.00)	+12.44%
Corporate tax charge	0.00	+100.00%				0.00	0.00%				2.00	0.00%
Net profit / (loss)	11,784.00	-35.10%	11	119	385	(165.00)	-101.40%	44	398	2,264	50,683.00	+30,816.97%	1	5	11

	2008	%	Ri*	Rr*	Rg*	2009	%	Ri*	Rr*	Rg*	2010	%	Ri*	Rr*	Rg*
Employees
Number of employees	7	+40.00%	40	987	4,917	0	-100.00%	35	555	3,112	0	0.00%	5	61	471
Payroll expenses	182.00	+104.49%				196.00	+7.69%				192.00	-2.04%

	2008	%	Ri*	Rr*	Rg*	2009	%	Ri*	Rr*	Rg*	2010	%	Ri*	Rr*	Rg*
Indexes
Current ratio, % current assets / current liabilities	188.00%	+49.21%	90	624	2,582	159.00%	-15.43%	45	324	1,538	213.00%	+33.96%	7	45	171
Quick ratio, % (current assets - inventory) / current liabilities	188.00%	+49.21%	89	530	1,754	159.00%	-15.43%	45	277	1,013	213.00%	+33.96%	7	38	118
Cash ratio, % cash and cash equivalents / current liabilities	32.00%	0.00%	59	461	1,495	0.00%	-100.00%	41	462	3,284	0.00%	0.00%	5	69	468
Receivables turnover, times annual gross sales / net accounts receivable	129.00	+209.43%	18	152	676	0.00	-100.00%	22	482	3,751	6.53	0.00%	3	33	277
Average collection period, days net accounts receivable / (annual gross sales / 365)	2	-67.66%	69	1,064	6,064	0	-100.00%	23	486	3,572	55	0.00%	3	32	153
Inventory turnover, times cost of goods sold / inventory	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Inventory period, days inventory / (cost of goods sold / 365)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Debt ratio, % total debt / total assets	68.00%	-11.69%	28	522	2,593	82.00%	+20.59%	5	144	961	66.00%	-19.51%	4	34	180
Debt-to-equity ratio, % total debt / total equity	217.00%	-36.36%	23	338	1,823	453.00%	+108.76%	3	77	512	191.00%	-57.84%	3	24	123
Fixed assets share in total assets, % fixed assets / total assets	0.00%	0.00%	69	1,197	7,123	0.00%	0.00%	18	458	3,605	0.00%	0.00%	2	55	480
Rate of fixed assets depreciation, % depreciation / fixed assets acquisition cost	88.00%	+18.92%	6	28	157	57.00%	-35.23%	18	192	1,794	73.00%	+28.07%	6	20	107
Gross profit margin, % (net sales - cost of goods sold) / net sales	3.00%	-25.00%	79	1,127	5,780	2.00%	-33.33%	20	415	2,740	12.00%	+500.00%	5	57	272
Earnings before interest, tax, depreciation and amortization (EBITDA), % EBITDA / net sales	3.00%	-25.00%	41	729	3,984	1.00%	-66.67%	14	337	2,256	12.00%	+1,100.00%	3	33	120
Earnings before interest and tax (EBIT), % EBIT / net sales	3.00%	-25.00%	36	582	2,852	1.00%	-66.67%	10	257	1,677	12.00%	+1,100.00%	3	24	78
Earnings before tax (EBT), % EBT / net sales	2.00%	-33.33%	45	603	2,984	0.00%	-100.00%	29	269	1,562	10.00%	0.00%	3	19	72
Net profit margin, % net profit / net sales	2.00%	-33.33%	42	516	2,356	0.00%	-100.00%	29	235	1,394	10.00%	0.00%	3	18	64
Return on assets, % net profit / total assets at the beginning of the year	8.42%	-92.35%	31	319	1,507	(0.12%)	-101.42%	38	371	1,890	21.12%	+17,750.75%	3	9	27
Return on equity, % net profit / equity at the beginning of the year	37.10%	-72.20%	17	233	1,037	(0.38%)	-101.02%	39	409	2,119	116.83%	+30,933.80%	1	2	19
Net revenue per employee, 000'UAH net sales / number of employees	106,130.86	+1.14%	3	4	8	0.00	-100.00%	40	447	3,451	0.00	0.00%	8	55	358
Average monthly pay, UAH gross payroll / number of employees	2,166.67	+46.07%	26	583	1,324	0.00	-100.00%	43	476	3,001	0.00	0.00%	8	60	398