Total assets of major cement plant in Azerbaijan decrease

Business Materials 4 July 2019 20:54 (UTC +04:00)

Baku, Azerbaijan, July 4

By Kheyraddin Nasirzade - Trend:

The total assets of major Azerbaijani cement plant Holcim Azerbaijan decreased by four percent by the end of 2018, Trend reports with reference to the plant’s report prepared by the auditing company Deloitte & Touche LLAC.

The total assets as of December 31, 2018 amounted to 308.386 million manats. In the structure of assets, the main funds in the form of real estate and equipment decreased by 4.5 percent, reaching 261.162 million manats. Intangible assets amounted to 997,000 manats, which is 13.8 percent less than in 2017. The deferred tax asset decreased significantly - by 38.6 percent, amounting to slightly more than 7 million manats. Other long-term assets amounted to about 10.5 million manats.

The volume of stocks of unsold products over the year increased by 23.7 percent to 12.396 million manats. Trade and other trade receivables increased significantly - by almost 35 percent, reaching 9.424 million manats. Tax receivables almost doubled - up to 330,000 manats. The volume of advances and prepayments increased by 1 million manats, reaching 2.435 million manats. Cash and cash equivalents decreased by 37.6 percent to 3.631 million manats.

Aggregate liabilities significantly decreased by 10 percent to 178.391 million manats. In the structure of liabilities, 83 percent accounts for the share of long-term payables worth 148.307 million manats, which is 2.3 percent less than in 2017. The remaining amount was distributed between trade payables (4.649 million manats), short-term loans (2.852 million manats), advances (1.998 million manats), stocks (6.084 million manats) and other liabilities.

The total capital for the reporting period increased by 5.7 percent, reaching 129.995 million manats. The authorized capital remained unchanged, amounting to 31.813 million manats. About 73 percent of the total capital accounts for retained earnings worth 94.88 million manats, which is 8 percent more than in the previous year. The remaining 3.302 million manats account for the additional capital, which is equivalent to the figure since 2017.

In 2012, Garadag Cement was renamed Holcim Azerbaijan. Holcim Azerbaijan is a member of the Holcim Group (Switzerland).