Art-Capital financial investment company

Firm type:	Ltd.
EGRPOU:	33308667
Region:	Kiev city
Industry:	Supporting and auxiliary services in currency and financial transactions (67.12.01)
Phone:	(044) 490-51-85, 490-51-86
Address:	Narodnogo Opolchennja str., 1, Kyiv city, 03151
Director:	Gorodetskyj Leonid Anatolijovych
Chief accountant:	Zhukova Olena Volodymyrivna
Web-site:

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2005-2007

2006-2008

in 000' UAH
	2005	Ri*	Rr*	Rg*	2006	%	Ri*	Rr*	Rg*	2007	%	Ri*	Rr*	Rg*
Balance sheet
Non-current assets
Fixed assets (acquisition cost)	10.30				37.00	+259.22%				119.00	+221.62%
Fixed assets (accumulated depreciation)	(0.60)				(10.40)	-1,633.33%				(37.00)	-255.77%
Other non-current assets	1,912.40				3,787.30	+98.04%				3,787.00	-0.01%
Total non-current assets	1,922.10	48	994	5,501	3,813.90	+98.42%	37	900	4,357	3,869.00	+1.44%	41	937	4,456
Current assets
Cash	27.90				21.90	-21.51%				1,109.00	+4,963.93%
Accounts receivable, net	440.70				13,385.90	+2,937.42%				8,088.00	-39.58%
Inventory	0.70				6.60	+842.86%				0.00	-100.00%
Other current assets	1,222.40				2,880.60	+135.65%				31,343.00	+988.07%
Deferred expenses	0.00				0.00	0.00%				0.00	0.00%
Total current assets	1,691.70	76	1,053	5,093	16,295.00	+863.23%	41	515	1,900	40,540.00	+148.79%	36	368	1,294
Total assets	3,613.80	76	1,168	5,792	20,108.90	+456.45%	53	698	2,714	44,409.00	+120.84%	43	525	1,922
Long-term liabilities
Long-term liabilities	0.00				0.00	0.00%				0.00	0.00%
Current liabilities
Provisions for future losses and payments	0.00				0.00	0.00%				0.00	0.00%
Current liabilities	(2,199.80)				(19,112.60)	-768.83%				(23,073.00)	-20.72%
Deferred income received	0.00				0.00	0.00%				0.00	0.00%
Total current liabilities	(2,199.80)				(19,112.60)	-768.83%				(23,073.00)	-20.72%
Net assets	1,414.00	77	1,096	5,962	996.30	-29.54%	97	1,285	6,692	21,336.00	+2,041.52%	38	426	1,649
Equity capital
Registered share capital (including unions)	1,500.00				1,500.00	0.00%				4,000.00	+166.67%
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	0.00				0.00	0.00%				0.00	0.00%
Retained earnings	(86.00)				(503.70)	-485.70%				17,336.00	+3,541.73%
Total equity	1,414.00	77	1,096	5,962	996.30	-29.54%	97	1,285	6,692	21,336.00	+2,041.52%	38	426	1,649

	2005	Ri*	Rr*	Rg*	2006	%	Ri*	Rr*	Rg*	2007	%	Ri*	Rr*	Rg*
Income statement
Net revenue	3.00	122	1,551	9,492	290.00	+9,566.67%	90	1,442	8,223	1,026.00	+253.79%	73	1,273	6,919
Cost of goods (services) sold	0.00				0.00	0.00%				0.00	0.00%
Gross profit / (loss)	3.00	108	1,404	7,904	290.00	+9,566.67%	59	1,203	5,761	1,026.00	+253.79%	46	919	4,108
Other income / (expenses)	(107.50)				(695.10)	-546.60%				16,843.00	+2,523.10%
Earnings before interest, tax, depreciation and amortization (EBITDA)	(104.50)	117	1,406	8,153	(405.10)	-287.66%	135	1,524	8,447	17,869.00	+4,511.01%	12	147	557
Depreciation & amortization	(0.90)				(9.80)	-988.89%				(27.00)	-175.51%
Financial income	19.40				4.00	-79.38%				18.00	+350.00%
Financial expenses	0.00				0.00	0.00%				0.00	0.00%
Corporate tax charge	0.00				(7.10)	0.00%				(20.00)	-181.69%
Net profit / (loss)	(86.00)	120	1,253	6,822	(418.00)	-386.05%	139	1,444	7,770	17,840.00	+4,367.94%	12	99	318

	2005	Ri*	Rr*	Rg*	2006	%	Ri*	Rr*	Rg*	2007	%	Ri*	Rr*	Rg*
Employees
Number of employees	0	141	1,652	9,788	14	0.00%	27	1,095	7,257	0	-100.00%	140	1,616	5,812
Payroll expenses	85.70				169.20	+97.43%				373.00	+120.45%

	2005	Ri*	Rr*	Rg*	2006	%	Ri*	Rr*	Rg*	2007	%	Ri*	Rr*	Rg*
Indexes
Current ratio, % current assets / current liabilities	77.00%	120	1,331	7,482	85.00%	+10.39%	132	1,317	6,838	176.00%	+107.06%	99	731	3,327
Quick ratio, % (current assets - inventory) / current liabilities	77.00%	118	1,023	4,891	85.00%	+10.39%	132	1,038	4,470	176.00%	+107.06%	97	601	2,218
Cash ratio, % cash and cash equivalents / current liabilities	1.00%	98	1,243	5,972	0.00%	-100.00%	125	1,485	8,242	5.00%	0.00%	92	950	3,816
Receivables turnover, times annual gross sales / net accounts receivable	2.74	63	1,226	7,656	0.88	-67.88%	80	1,362	8,213	1.97	+123.86%	76	1,232	7,055
Average collection period, days net accounts receivable / (annual gross sales / 365)	133	20	187	1,336	416	+212.09%	12	61	410	185	-55.39%	16	121	665
Inventory turnover, times cost of goods sold / inventory	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Inventory period, days inventory / (cost of goods sold / 365)	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Debt ratio, % total debt / total assets	61.00%	46	596	2,878	95.00%	+55.74%	13	245	1,092	52.00%	-45.26%	40	750	3,820
Debt-to-equity ratio, % total debt / total equity	156.00%	39	459	2,231	1,918.00%	+1,129.49%	8	108	353	108.00%	-94.37%	35	604	3,133
Fixed assets share in total assets, % fixed assets / total assets	0.00%	87	1,574	9,503	0.00%	0.00%	98	1,479	9,525	0.00%	0.00%	110	1,464	8,577
Rate of fixed assets depreciation, % depreciation / fixed assets acquisition cost	6.00%	115	1,485	9,401	28.00%	+366.67%	107	1,183	7,748	31.00%	+10.71%	85	1,036	6,624
Gross profit margin, % (net sales - cost of goods sold) / net sales	100.00%	6	32	27	100.00%	0.00%	7	24	116	100.00%	0.00%	15	72	241
Earnings before interest, tax, depreciation and amortization (EBITDA), % EBITDA / net sales	(3,483.00%)	141	1,644	9,812	(140.00%)	+95.98%	142	1,653	9,203	1,742.00%	+1,344.29%	3	15	50
Earnings before interest and tax (EBIT), % EBIT / net sales	(3,513.00%)	141	1,642	9,804	(143.00%)	+95.93%	142	1,644	9,122	1,739.00%	+1,316.08%	3	13	42
Earnings before tax (EBT), % EBT / net sales	(2,867.00%)	140	1,640	9,795	(142.00%)	+95.05%	145	1,638	9,093	1,741.00%	+1,326.06%	4	17	48
Net profit margin, % net profit / net sales	(2,867.00%)	140	1,640	9,795	(144.00%)	+94.98%	145	1,639	9,101	1,739.00%	+1,307.64%	4	16	46
Return on assets, % net profit / total assets at the beginning of the year	0.00%	94	997	5,391	(11.57%)	0.00%	146	1,572	8,304	88.72%	+867.00%	14	48	110
Return on equity, % net profit / equity at the beginning of the year	0.00%	95	980	5,796	(29.56%)	0.00%	146	1,576	8,530	1,790.63%	+6,157.28%	2	13	40
Net revenue per employee, 000'UAH net sales / number of employees	0.00	131	1,380	9,104	20.71	0.00%	96	1,248	6,489	0.00	-100.00%	134	1,318	6,619
Average monthly pay, UAH gross payroll / number of employees	0.00	133	1,410	9,115	1,007.14	0.00%	52	846	2,609	0.00	-100.00%	135	1,341	6,043

in 000' UAH
	2006	%	Ri*	Rr*	Rg*	2007	%	Ri*	Rr*	Rg*	2008	%	Ri*	Rr*	Rg*
Balance sheet
Non-current assets
Fixed assets (acquisition cost)	37.00	+259.22%				119.00	+221.62%				590.00	+395.80%
Fixed assets (accumulated depreciation)	(10.40)	-1,633.33%				(37.00)	-255.77%				(200.00)	-440.54%
Other non-current assets	3,787.30	+98.04%				3,787.00	-0.01%				3,824.00	+0.98%
Total non-current assets	3,813.90	+98.42%	37	900	4,357	3,869.00	+1.44%	41	937	4,456	4,214.00	+8.92%	44	891	4,223
Current assets
Cash	21.90	-21.51%				1,109.00	+4,963.93%				15,104.00	+1,261.95%
Accounts receivable, net	13,385.90	+2,937.42%				8,088.00	-39.58%				53,996.00	+567.61%
Inventory	6.60	+842.86%				0.00	-100.00%				0.00	0.00%
Other current assets	2,880.60	+135.65%				31,343.00	+988.07%				23,108.00	-26.27%
Deferred expenses	0.00	0.00%				0.00	0.00%				0.00	0.00%
Total current assets	16,295.00	+863.23%	41	515	1,900	40,540.00	+148.79%	36	368	1,294	92,208.00	+127.45%	18	241	857
Total assets	20,108.90	+456.45%	53	698	2,714	44,409.00	+120.84%	43	525	1,922	96,422.00	+117.12%	25	361	1,305
Long-term liabilities
Long-term liabilities	0.00	0.00%				0.00	0.00%				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	(19,112.60)	-768.83%				(23,073.00)	-20.72%				(78,424.00)	-239.90%
Deferred income received	0.00	0.00%				0.00	0.00%				0.00	0.00%
Total current liabilities	(19,112.60)	-768.83%				(23,073.00)	-20.72%				(78,424.00)	-239.90%
Net assets	996.30	-29.54%	97	1,285	6,692	21,336.00	+2,041.52%	38	426	1,649	17,998.00	-15.64%	43	496	1,900
Equity capital
Registered share capital (including unions)	1,500.00	0.00%				4,000.00	+166.67%				20,000.00	+400.00%
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	0.00	0.00%				0.00	0.00%				0.00	0.00%
Retained earnings	(503.70)	-485.70%				17,336.00	+3,541.73%				(2,002.00)	-111.55%
Total equity	996.30	-29.54%	97	1,285	6,692	21,336.00	+2,041.52%	38	426	1,649	17,998.00	-15.64%	43	496	1,900

	2006	%	Ri*	Rr*	Rg*	2007	%	Ri*	Rr*	Rg*	2008	%	Ri*	Rr*	Rg*
Income statement
Net revenue	290.00	+9,566.67%	90	1,442	8,223	1,026.00	+253.79%	73	1,273	6,919	1,359.00	+32.46%	61	1,144	6,165
Cost of goods (services) sold	0.00	0.00%				0.00	0.00%				0.00	0.00%
Gross profit / (loss)	290.00	+9,566.67%	59	1,203	5,761	1,026.00	+253.79%	46	919	4,108	1,359.00	+32.46%	36	828	3,740
Other income / (expenses)	(695.10)	-546.60%				16,843.00	+2,523.10%				(4,516.00)	-126.81%
Earnings before interest, tax, depreciation and amortization (EBITDA)	(405.10)	-287.66%	135	1,524	8,447	17,869.00	+4,511.01%	12	147	557	(3,157.00)	-117.67%	121	1,287	6,803
Depreciation & amortization	(9.80)	-988.89%				(27.00)	-175.51%				(197.00)	-629.63%
Financial income	4.00	-79.38%				18.00	+350.00%				111.00	+516.67%
Financial expenses	0.00	0.00%				0.00	0.00%				(95.00)	0.00%
Corporate tax charge	(7.10)	0.00%				(20.00)	-181.69%				0.00	+100.00%
Net profit / (loss)	(418.00)	-386.05%	139	1,444	7,770	17,840.00	+4,367.94%	12	99	318	(3,338.00)	-118.71%	123	1,229	6,507

	2006	%	Ri*	Rr*	Rg*	2007	%	Ri*	Rr*	Rg*	2008	%	Ri*	Rr*	Rg*
Employees
Number of employees	14	0.00%	27	1,095	7,257	0	-100.00%	140	1,616	5,812	0	0.00%	137	1,492	5,734
Payroll expenses	169.20	+97.43%				373.00	+120.45%				992.00	+165.95%

	2006	%	Ri*	Rr*	Rg*	2007	%	Ri*	Rr*	Rg*	2008	%	Ri*	Rr*	Rg*
Indexes
Current ratio, % current assets / current liabilities	85.00%	+10.39%	132	1,317	6,838	176.00%	+107.06%	99	731	3,327	118.00%	-32.95%	105	896	4,053
Quick ratio, % (current assets - inventory) / current liabilities	85.00%	+10.39%	132	1,038	4,470	176.00%	+107.06%	97	601	2,218	118.00%	-32.95%	104	735	2,704
Cash ratio, % cash and cash equivalents / current liabilities	0.00%	-100.00%	125	1,485	8,242	5.00%	0.00%	92	950	3,816	19.00%	+280.00%	63	525	1,834
Receivables turnover, times annual gross sales / net accounts receivable	0.88	-67.88%	80	1,362	8,213	1.97	+123.86%	76	1,232	7,055	0.57	-71.07%	81	1,183	6,574
Average collection period, days net accounts receivable / (annual gross sales / 365)	416	+212.09%	12	61	410	185	-55.39%	16	121	665	637	+243.17%	6	34	167
Inventory turnover, times cost of goods sold / inventory	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Inventory period, days inventory / (cost of goods sold / 365)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Debt ratio, % total debt / total assets	95.00%	+55.74%	13	245	1,092	52.00%	-45.26%	40	750	3,820	81.00%	+55.77%	18	407	1,834
Debt-to-equity ratio, % total debt / total equity	1,918.00%	+1,129.49%	8	108	353	108.00%	-94.37%	35	604	3,133	436.00%	+303.70%	13	220	1,068
Fixed assets share in total assets, % fixed assets / total assets	0.00%	0.00%	98	1,479	9,525	0.00%	0.00%	110	1,464	8,577	0.00%	0.00%	131	1,439	7,122
Rate of fixed assets depreciation, % depreciation / fixed assets acquisition cost	28.00%	+366.67%	107	1,183	7,748	31.00%	+10.71%	85	1,036	6,624	34.00%	+9.68%	77	893	5,477
Gross profit margin, % (net sales - cost of goods sold) / net sales	100.00%	0.00%	7	24	116	100.00%	0.00%	15	72	241	100.00%	0.00%	32	126	85
Earnings before interest, tax, depreciation and amortization (EBITDA), % EBITDA / net sales	(140.00%)	+95.98%	142	1,653	9,203	1,742.00%	+1,344.29%	3	15	50	(232.00%)	-113.32%	129	1,438	7,328
Earnings before interest and tax (EBIT), % EBIT / net sales	(143.00%)	+95.93%	142	1,644	9,122	1,739.00%	+1,316.08%	3	13	42	(247.00%)	-114.20%	128	1,435	7,307
Earnings before tax (EBT), % EBT / net sales	(142.00%)	+95.05%	145	1,638	9,093	1,741.00%	+1,326.06%	4	17	48	(246.00%)	-114.13%	132	1,433	7,300
Net profit margin, % net profit / net sales	(144.00%)	+94.98%	145	1,639	9,101	1,739.00%	+1,307.64%	4	16	46	(246.00%)	-114.15%	132	1,432	7,299
Return on assets, % net profit / total assets at the beginning of the year	(11.57%)	0.00%	146	1,572	8,304	88.72%	+867.00%	14	48	110	(7.52%)	-108.47%	107	1,109	5,636
Return on equity, % net profit / equity at the beginning of the year	(29.56%)	0.00%	146	1,576	8,530	1,790.63%	+6,157.28%	2	13	40	(15.64%)	-100.87%	113	1,136	5,830
Net revenue per employee, 000'UAH net sales / number of employees	20.71	0.00%	96	1,248	6,489	0.00	-100.00%	134	1,318	6,619	0.00	0.00%	86	1,415	4,941
Average monthly pay, UAH gross payroll / number of employees	1,007.14	0.00%	52	846	2,609	0.00	-100.00%	135	1,341	6,043	0.00	0.00%	92	1,429	5,817

*Ri - Position in industry;

*Rr - Position in region;

*Rg - Position in general rating;

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