MIRA
INFORM REPORT
|
Report Date : |
9th
November, 2006 |
IDENTIFICATION
DETAILS
|
Name : |
LEROY
MERLIN SA |
|
|
|
|
Registered Office : |
Avenida Vega (P Arroyo Vega), 2, 28108
Alcobendas (Madrid) |
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|
Country : |
Spain |
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|
Financials (as on) : |
31.12.2004 |
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|
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|
Date of Incorporation : |
05.01.1988 |
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|
Legal Form : |
Joint Stock Company |
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Line of Business : |
Retail sale in specialized stores |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
Status : |
Moderate
|
|
|
|
|
Payment Behaviour : |
Usually
Correct |
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|
|
Litigation : |
Clear |
Company name
LEROY
MERLIN SA
TAX NUMBER
A78620762
Identification and
Characteristics
Tax Number A78620762
NAME LEROY
MERLIN SA
BUSINESS ADDRESS AVENIDA
VEGA (P ARROYO VEGA), 2
Postcode 28108
ALCOBENDAS (MADRID)
FORMER ADDRESS PASEO
CASTELLANA, 257
Postcode 28046
MADRID (MADRID)
URL http://www.leroymerlin.es
TELEPHONE 917496000
FAX 913202770
LEGAL FORM JOINT
STOCK COMPANY
DATE FOUNDED 05/01/1988
CAPITAL 35.089.280,35 Euros
PAID-UP CAPITAL 35.089.280,35 Euros
NUMBER OF EMPLOYEES 4.500
BANKS B
SOCIETE GENERALE OF 0066; LA CAIXA OF 0600; BBVA
OF
4000;
ACTIVITY 1661400 - Retail
sale in specialized stores
CNAE 5248 - Other
retail sale in specialized stores
IMPORT COMPANY YES
Synthesis
FINANCIAL SITUATION (Year ending: 31/12/2004)
PROFITABILITY 
6/9 Average
TREASURY 
1/9 Degraded
BALANCE SHEET 1/9 Degraded
DEBT 6/9 Medium
INCIDENTS
COMMITMENTS 
9/9 Respected
INCIDENTS 9/9 None
or Negligible
PREVIOUS EXPERIENCE
PREVIOUS EXPERIENCE 6/9 Average
Credit Appraisal
CREDIT ACCORDING TO OBJECTIVE DATA (From 0 to 500.000,00 Euros):
FAVOURABLE TOWARDS 499.501,16 Max.
SOLVENCY RATING:
9/20 (BASED ON HOMOGENEOUS FORMULATION)
Financial Elements
Figures
given in Euros
|
|
Balance
sheet 2.002 (12) |
Balance
sheet 2.003 (12) |
Balance
sheet 2.004 (12) |
%
Sales |
|
SALES |
534.034.526,00 |
643.820.395,00 |
863.514.084,00 |
|
|
ADDED VALUE |
145.038.576,00 |
185.742.360,00 |
245.360.677,00 |
28,41 |
|
BUSINESS RESULT |
31.694.876,00 |
41.636.219,00 |
68.287.893,00 |
7,91 |
|
OWN FUNDS |
155.666.606,00 |
197.302.825,00 |
175.563.130,00 |
|
|
DEBT |
216.483.092,00 |
412.870.353,00 |
492.227.840,00 |
|
|
TOTAL ASSET |
372.149.698,00 |
610.173.178,00 |
667.790.970,00 |
|
The
sales of 863.514.084,00 Euros show a change of
34,12% compared with 2.003 . Between 2.002
and 2.003 , this change was 20,56% .
Added value grew by 32,10% compared with the previous year. Shareholders equity are 175.563.130,00 Euros for an indebtedness of 492.227.840,00 Euros .
The
result 68.287.893,00 Euros means financial profitability of
38,90% and economic profitability of 10,23% . This result
means growth of 64,01% compared with the 2.003 .
THE
FIGURES FOR THE LAST BALANCE SHEET ARE RELEVANT
SOURCE: FROM THE MERCANTILE REGISTER
DATE: 07/12/2005
Auditors’ opinion
FAVOURABLE (2.004)
Auditors
ERNST & YOUNG S.L.
Comparative Sector Analysis
|
|
Company |
Sector |
Difference |
|
|
(2.004) |
|
|
|
%
of PRODUCTION VALUE |
|
|
|
|
SALES |
96,14 |
98,57 |
-2,43 |
|
ADDED
VALUE |
27,32 |
24,17 |
3,15 |
|
BUSINESS
RESULT |
7,60 |
5,56 |
2,04 |
|
%
OF TOTAL ASSETS |
|
|
|
|
OWN
FUNDS |
26,29 |
39,94 |
-13,65 |
|
DEBT |
73,71 |
60,06 |
13,65 |
Compared sector
(CNAE): 524 - Otro comercio al por menor de artículos
nuevos en establecimientos especializados
Number of
companies: 38
Size (Sales
Figure): > 40.000.000,00 Euros
The turnover of the
company is 2,43% below the mean for the sector.
The company’s added
value was 27,32% s/ the production value, and 3,15% above the mean
for the sector.
The company’s
business result was 7,60% of the PV, 2,04% above the mean for the
sector.
The company’s own
resources are 26,29% , 13,65% below the mean for the sector.
The company’s
outside resources are 73,71% , 13,65% above the mean for the sector.
Legal Actions
No legal incidences registered for this company in
the official source
CLAIM FILED AGAINST THE ADMINISTRATION: 3 (
First 20/05/2004, Last 16/08/2006 )
With
the Social Security: 3
With
the Tax Authorities: 0
With
Other Organisms: 0
AFFECTED BY: No significant elemento
Last claim filed against the
administration
(Figures given in Euros)
|
||||
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With the Social
Security: 3 |
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||||
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Information Date |
Organization |
Amount |
|
|
|
16/08/2006 |
CENTRAL TREASURY
FOR SOCIAL SECURITY DIRECCION PROVINCIAL DE TRABAJO Y SEGURIDAD SOCIAL |
574,20 |
|
|
|
||||
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|
||||
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Information Date |
Organization |
Amount |
|
|
|
20/05/2004 |
CENTRAL TREASURY
FOR SOCIAL SECURITY INSPECCION PROVINCIAL DE TRABAJO Y SEGURIDAD SOCIAL |
172,49 |
|
|
|
20/05/2004 |
FACTORY
INSPECTION/ SOCIAL SECURITY DE MADRID |
300,52 |
|
|
|
||||
Main Board members, Directors and
Auditor
|
Position |
Surname and name |
Date
of appointment |
|
CHAIRMAN |
FERNANDEZ DIAZ
FELIX |
24/03/2003 |
|
GENERAL MANAGER |
IRIARTE DANIEL |
24/03/2003 |
|
BOARD MEMBER |
DIDIER ERIC |
08/03/2002 |
|
BOARD MEMBER |
OLIVIER PATRICE
GEORGES HENRI |
24/03/2003 |
|
BOARD MEMBER |
ROGER PHILIPPE
JEAN FRANCOIS |
09/02/2006 |
|
SECRETARY |
BRIONES GONZALEZ
JOSE |
31/12/1994 |
|
AUDITOR |
ERNST YOUNG SL |
16/10/2006 |
Financial Links
|
Shareholders |
||||
|
Company Name |
CIF/Country |
|
Source |
Information Date |
|
LEROY MERLIN PARTICIPATIONS |
FRANCIA |
75,50%
|
OWN SOURCES |
13/12/2005 |
|
BRICOLAGE
INVESTISSEMENT BENELUX SA |
PAÍSES BAJOS |
Indet.
|
M.REGISTER |
31/12/2004 |
|
Shareholdings |
|||||
|
Company Name |
CIF/Country |
Percent. |
Source |
Information Date |
|
|
LEROY MERLIN
ESPANA S.L. |
B84818442 |
100,00%
|
OWN SOURCES |
10/10/2006 |
|
|
LEROY MERLIN
BRICOLAJE SA |
A31687650 |
100,00%
|
B.O.R.M.E. |
26/06/2000 |
|
|
BRICOLAJE
BRICOMAN S.L. |
B84406289 |
100,00%
|
B.O.R.M.E. |
30/09/2005 |
|
|
INMOBILIARIA
LEROY MERLIN S.L. |
B61929808 |
100,00%
|
OWN SOURCES |
29/05/2006 |
|
|
|
B36061984 |
100,00%
|
M.REGISTER |
31/12/2004 |
|
|
LEROY MERLIN
PORTUGAL |
PORTUGAL |
100,00%
|
M.REGISTER |
31/12/2004 |
|
|
|
Company
with solvency rating below 7 |
||||
Proceedings published in the
B.O.R.M.E. (Official Mercantile Register Gazette)
|
Proceedings |
Date |
Notice
Num. |
Mercantile
Reg. |
|
Re-elections |
16/10/2006 |
495677 |
MADRID |
|
Resignations |
18/09/2006 |
453937 |
MADRID |
|
Appointments |
18/09/2006 |
453936 |
MADRID |
|
Resignations |
22/06/2006 |
326905 |
MADRID |
|
Resignations |
09/02/2006 |
071967 |
MADRID |
Press articles
17/10/2006 LA
VERDAD BRANCHES
INFORMATION
EL COMPLEJO COMERCIAL NUEVA CONDOMINA INCORPORA EL
17/10/06 LA GRAN SUPERFI CIE FRANCESA ESPECIALIZADA EN BRICOLAJE Y JARDINERIA
LEROY MERLIN. EL CENTRO DE MURCIA SERA EL NUMERO 40 DE LA CIA. EN ESPAŃA Y HA
CONTADO CON UNA INVER SION DE 5.200.000 EUROS. EL EQUIPO DE LA TIENDA ESTA
FORMADO POR 160 TRABA JADORES.
01/10/2006 LA
VERDAD BRANCHES
INFORMATION
EL ESTRENO DE LEROY MERLIN EN MURCIA, EN EL PARQUE
COMERCIAL LA NUEVA CONDO MINA, ESTA PREVISTO PARA EL 18/10/06. SE TRATA DE UNA
GRAN SUPERFICIE QUE HA CONTADO CON UNA INVERSION DE 5,2 MM. DE EUROS Y QUE
SUPONE EL ESTABLECIMIEN TO N. 40 DE LA CIA. EN ESPAŃA.
Complementary Information
Segun
BORME (SECCION SEGUNDA) de fecha 12/11/96: esta sociedad ha
absorbido
a LEROY MERLIN CANARIAS SA NIF A38389037.
La Junta
General de fecha 01/12/00, acordo la cesion global de
Activo y
Pasivo de LEROY MERLIN BRICOLAJE SA NIF:A31687650 a susocio unico LEROY MERLIN
SA NIF:A78620762, segun anuncio publicadoen Borme Seccion 2 del 28/12/00.
Segun
BORME (PRIMERA PARTE) del 26/7/04 la sociedad es beneficiaria de la escision
total de AKI BRICOLAGE SA NIF A28604585
04/10/05
BLOQUE DE INVESTIGACION:
-
Domicilio: Pg Arroyo Vega, Av Vega, 2 en Alcobendas (Madrid). Desti-
nado a
oficina y almacen, de unos 5.500m2.
----------------------------------------------------------------------
El bloque de Investigacion no esta sujeto a actualizaciones sistemati-
cas.Los datos mostrados fueron aportados por las fuentes consultadas en la fecha del
encabezamiento.
The information on the last account
contained in this report is extracted from the Mercantile Register file of the
legal address of the Company and dated 07/12/2005
Balance Sheet (ASSETS)
|
(Figures given in
Euros) |
31/12/2002 (12)
|
31/12/2003 (12)
|
31/12/2004 (12)
|
|
|
|
A) DUE FROM
SHAREHOLDERS FOR UNCALLED CAPITAL |
|
|
|
|
|
B) FIXED ASSETS |
149.595.819,00 |
413.575.855,00 |
455.503.737,00 |
|
|
I. Establishment
expenses |
|
|
|
|
|
II. Intangible
assets |
|
|
38.429.961,00 |
|
|
Goodwill |
|
|
40.452.591,00 |
|
|
Amortization |
|
|
-2.022.630,00 |
|
|
III. Tangible
assets |
132.551.100,00 |
166.410.491,00 |
200.599.069,00 |
|
|
Property, plant
and equipment |
140.005.738,00 |
163.338.820,00 |
223.281.975,00 |
|
|
Machinery,
equipment and other |
36.020.850,00 |
41.994.508,00 |
53.960.436,00 |
|
|
Other property
plant and equipement |
3.626.529,00 |
4.328.282,00 |
5.425.398,00 |
|
|
Prepaid expenses
on fixed assets |
10.476.998,00 |
29.476.227,00 |
10.899.222,00 |
|
|
Other assets |
8.877.818,00 |
9.832.642,00 |
10.971.758,00 |
|
|
Depreciation |
-66.456.833,00 |
-82.559.988,00 |
-103.939.720,00 |
|
|
IV. Financial
assets |
17.044.719,00 |
247.165.364,00 |
216.474.707,00 |
|
|
Shares in
affiliated companies |
16.000.006,00 |
254.199.429,00 |
212.313.093,00 |
|
|
Loans to
affiliated companies |
|
|
4.000.000,00 |
|
|
Securities |
|
|
5.324.000,00 |
|
|
Long term
deposits and guarantees |
1.044.713,00 |
1.394.098,00 |
2.898.005,00 |
|
|
Provisions |
|
-8.428.163,00 |
-8.060.391,00 |
|
|
V. Owners equity |
|
|
|
|
|
VI. Long term
trade liabilities |
|
|
|
|
|
C) DEFERRED
EXPENSES |
|
|
|
|
|
D) CURRENT ASSETS |
222.553.879,00 |
196.597.323,00 |
212.287.233,00 |
|
|
I. Not paid in
shareholder capital |
|
|
|
|
|
II. Inventory |
95.305.882,00 |
116.886.558,00 |
155.809.594,00 |
|
|
Goods available
for sale |
97.037.415,00 |
119.173.047,00 |
159.681.781,00 |
|
|
Provisions |
-1.731.533,00 |
-2.286.489,00 |
-3.872.187,00 |
|
|
III. Debtors |
7.732.190,00 |
11.224.559,00 |
9.440.397,00 |
|
|
Clients |
1.368.386,00 |
562.550,00 |
241.255,00 |
|
|
Amounts owned by
affiliated companies |
2.194.880,00 |
5.673.540,00 |
5.837.267,00 |
|
|
Other debts |
810.418,00 |
1.003.825,00 |
1.215.742,00 |
|
|
Labor costs |
80.531,00 |
130.534,00 |
54.069,00 |
|
|
Taxes refunds |
3.374.215,00 |
3.854.110,00 |
2.092.064,00 |
|
|
Provisions |
-96.240,00 |
|
|
|
|
IV. Short term
financial assets |
88.070.754,00 |
67.729.338,00 |
45.325.229,00 |
|
|
Receivables in
affiliated companies |
|
53.073.375,00 |
44.701.439,00 |
|
|
Short term
investment |
88.039.813,00 |
14.614.644,00 |
580.320,00 |
|
|
Short Term
Deposit and guarantees |
30.941,00 |
41.319,00 |
43.470,00 |
|
|
V. Short term
owners equity |
|
|
|
|
|
VI. Cash |
31.435.305,00 |
697.145,00 |
1.684.729,00 |
|
|
VII. Prepaid
expenses and accrued income |
9.748,00 |
59.723,00 |
27.284,00 |
|
|
ASSETS (A + B + C
+ D) |
372.149.698,00 |
610.173.178,00 |
667.790.970,00 |
Balance Sheet (LIABILITIES)
|
(Figures given in
Euros) |
31/12/2002 (12)
|
31/12/2003 (12)
|
31/12/2004 (12)
|
|
|
|
A) SHAREHOLDERS
EQUITY |
155.666.606,00 |
197.302.825,00 |
175.563.130,00 |
|
|
I. Capital |
35.089.280,00 |
35.089.280,00 |
35.089.280,00 |
|
|
II. Premium share
account |
1.979.492,00 |
1.979.492,00 |
1.979.492,00 |
|
|
III. Revaluation
reserve |
3.454.174,00 |
3.454.174,00 |
3.454.174,00 |
|
|
IV. Reserves |
83.448.784,00 |
115.143.660,00 |
66.752.291,00 |
|
|
Retained earnings |
7.017.856,00 |
7.017.856,00 |
7.017.856,00 |
|
|
Other funds |
76.430.928,00 |
108.125.804,00 |
59.734.435,00 |
|
|
V. Prior year
earnings |
|
|
|
|
|
VI. Prior year
profit or losses |
31.694.876,00 |
41.636.219,00 |
68.287.893,00 |
|
|
VII. Dividend
paid during the year |
|
|
|
|
|
VIII. Own shares
for change in capital |
|
|
|
|
|
B) DEFERRED
INCOME |
|
|
|
|
|
C) PROVISIONS FOR
LIABILITIES AND EXPENSES |
|
|
|
|
|
D) LONG TERM
LIABILITIES |
3.245,00 |
72.978,00 |
80.228.934,00 |
|
|
I. Bonds |
|
|
|
|
|
II. Bank loans |
|
|
|
|
|
III. Debts with
associed and affiliated companies |
|
|
70.024.111,00 |
|
|
Debt with
affiliated companies |
|
|
70.024.111,00 |
|
|
IV. Other
creditors |
3.245,00 |
72.978,00 |
10.204.823,00 |
|
|
Long term deposit
and guaranties |
3.245,00 |
72.978,00 |
72.978,00 |
|
|
Taxes receivable |
|
|
10.131.845,00 |
|
|
V. Deferred debts
on shares |
|
|
|
|
|
VI. Long term
debt with creditor |
|
|
|
|
|
E) SHORT TERM
LIABILITIES |
216.479.847,00 |
412.797.375,00 |
411.998.906,00 |
|
|
I. Negotiable
bonds |
|
|
|
|
|
II. Bank loans |
|
|
|
|
|
III. Short term
debts with associated and affiliated companies |
19.485.405,00 |
183.818.125,00 |
106.869.986,00 |
|
|
With affiliated
companies |
19.485.405,00 |
183.818.125,00 |
106.869.986,00 |
|
|
IV. Trade
creditors |
160.036.272,00 |
181.089.684,00 |
237.310.098,00 |
|
|
Accounts payable |
3.267.644,00 |
4.855.098,00 |
6.000.640,00 |
|
|
Expenses |
39.980.830,00 |
40.374.269,00 |
48.249.740,00 |
|
|
Bills payable |
116.787.798,00 |
135.860.317,00 |
183.059.718,00 |
|
|
V. Other non
trade payables |
35.898.838,00 |
46.530.432,00 |
62.086.110,00 |
|
|
Government |
18.367.171,00 |
16.637.087,00 |
33.059.637,00 |
|
|
Bills payable |
3.047.385,00 |
5.832.870,00 |
7.814.218,00 |
|
|
Other debts |
2.227.518,00 |
10.680.307,00 |
2.859.839,00 |
|
|
Accounts
receivable |
12.256.764,00 |
13.380.168,00 |
18.352.416,00 |
|
|
VI. Provisions
for current assets |
1.040.432,00 |
1.359.134,00 |
5.732.712,00 |
|
|
VII. Accruals and
deferred incomes |
18.900,00 |
|
|
|
|
F) SHORT TERM
PROVISIONS FOR LIABILITIES AND EXPENSES |
|
|
|
|
|
LIABILITIES (A +
B + C + D + E + F) |
372.149.698,00 |
610.173.178,00 |
667.790.970,00 |
Profit and Loss Account
|
(Figures given in
Euros) |
31/12/2002 (12)
|
31/12/2003 (12)
|
31/12/2004 (12)
|
|
|
|
A) EXPENSES (A.1
a A.16) |
|
|
|
|
|
A.1. Change in
stocks of finished goods and work in progress |
|
|
|
|
|
A.2. Supplies |
337.711.114,00 |
403.958.692,00 |
547.743.946,00 |
|
|
Material consumed |
333.651.891,00 |
399.508.431,00 |
538.391.385,00 |
|
|
Other expenses |
4.059.223,00 |
4.450.261,00 |
9.352.561,00 |
|
|
A.3. Labor cost |
88.177.547,00 |
102.248.880,00 |
130.037.207,00 |
|
|
Wages |
69.475.919,00 |
80.644.152,00 |
103.314.677,00 |
|
|
Social security
expenses |
18.701.628,00 |
21.604.728,00 |
26.722.530,00 |
|
|
A.4. Assets
depreciation |
16.824.548,00 |
16.248.262,00 |
23.013.325,00 |
|
|
A.5 Variance in
provision for current assets |
-160.754,00 |
982.305,00 |
4.061.120,00 |
|
|
Variance in
provision for inventory |
-490.863,00 |
554.956,00 |
1.585.698,00 |
|
|
Variance in
provision for bad debts |
99.861,00 |
108.647,00 |
176.162,00 |
|
|
Variance in
provision for other current assets |
230.248,00 |
318.702,00 |
2.299.260,00 |
|
|
A.6. Other
operating costs |
64.474.668,00 |
79.668.540,00 |
105.110.983,00 |
|
|
External costs |
62.120.053,00 |
77.004.194,00 |
101.629.130,00 |
|
|
Taxes |
2.354.615,00 |
2.664.346,00 |
3.481.853,00 |
|
|
A.I. OPERATING
RESULT (B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6) |
40.197.235,00 |
66.262.913,00 |
88.249.025,00 |
|
|
A.7. Financial
expenses |
383.586,00 |
10.317.047,00 |
3.820.957,00 |
|
|
Debts with
related companies |
308.386,00 |
10.124.755,00 |
3.533.958,00 |
|
|
Other companies
debts |
75.200,00 |
192.292,00 |
286.999,00 |
|
|
A.8. Variation in
financial investments provision |
|
8.428.163,00 |
-367.772,00 |
|
|
A.9. Exchange
losses |
16.139,00 |
552.525,00 |
856.415,00 |
|
|
A.II. POSITIVE
FINANCIAL RESULTS (B.5+B.6+B.7+B.8-A.7-A.8-A.9) |
1.954.366,00 |
|
|
|
|
A.III. PROFIT
FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II) |
42.151.601,00 |
50.056.536,00 |
87.003.493,00 |
|
|
A.10. Variation
in provision in fixed assets |
|
|
-216.920,00 |
|
|
A.11. Losses in
fixed assets |
878.492,00 |
344.938,00 |
842.172,00 |
|
|
A.12. Losses from
shares and bonds |
|
|
|
|
|
A.13.
Extraordinary charges |
351.421,00 |
1.467.542,00 |
2.479.343,00 |
|
|
A.14. Prior
year’s expenses and losses |
557.866,00 |
|
2.319.320,00 |
|
|
A.IV. POSITIVE
EXTRAORDINARY RESULT (B.9+B.10+B.11+B.12+B.13-A.10-A.11-A.12-A.13-A.14) |
|
|
|
|
|
A.V. EARNINGS /
LOSS BEFORE TAXES (A.III+A.IV-B.III-B.IV) |
40.803.045,00 |
49.855.937,00 |
86.393.510,00 |
|
|
A.15. Corporate
Taxes |
9.108.169,00 |
8.091.160,00 |
17.976.018,00 |
|
|
A.16. Other taxes |
|
128.558,00 |
129.599,00 |
|
|
A.VI. YEAR END
RESULT (PROFIT) (A.V-A.15-A.16) |
31.694.876,00 |
41.636.219,00 |
68.287.893,00 |
|
|
B) INCOMES (B.1 a
B13) |
|
|
|
|
|
B.1. Turnover |
534.034.526,00 |
643.820.395,00 |
863.514.084,00 |
|
|
Sales |
534.034.526,00 |
643.820.395,00 |
863.514.084,00 |
|
|
B.2. Increase in
inventory of finished goods |
|
|
|
|
|
B.3. Expenses
capitalized |
|
|
|
|
|
B.4. Other
operating income |
13.189.832,00 |
25.549.197,00 |
34.701.522,00 |
|
|
Other incomes |
12.985.286,00 |
25.357.591,00 |
34.540.543,00 |
|
|
Grants |
204.546,00 |
191.606,00 |
160.979,00 |
|
|
B.I. OPERATING
LOSSES (A.1+A.2+A.3+A.4+A.5+A.6-B.1-B.2-B.3-B.4) |
|
|
|
|
|
B.5. Incomes from
share |
|
|
|
|
|
B.6. Income from
securities |
|
|
|
|
|
B.7. Other income
from interrest |
2.329.404,00 |
2.608.504,00 |
2.147.694,00 |
|
|
From affiliated
companies |
|
1.265.531,00 |
1.236.439,00 |
|
|
From other
companies |
313.743,00 |
90.011,00 |
408.430,00 |
|
|
Gains from
investments |
2.015.661,00 |
1.252.962,00 |
502.825,00 |
|
|
B.8. Gains on
exchange |
24.687,00 |
482.854,00 |
916.374,00 |
|
|
B.II. FINANCIAL
LOSSES (A.7+A.8+A.9-B.5-B.6-B.7-B.8) |
|
16.206.377,00 |
1.245.532,00 |
|
|
B.III. LOSSES
FROM ORDINARY ACTIVITIES (B.I+B.II-A.I-A.II) |
|
|
|
|
|
B.9. Gains from
disposal of fixed assets |
22.212,00 |
40.152,00 |
1.926.190,00 |
|
|
B.10. Gains from
dealing in own shares |
|
|
|
|
|
B.11. Paid in
surplus |
|
|
|
|
|
B.12.
Extraordinary income |
355.292,00 |
1.571.729,00 |
2.887.742,00 |
|
|
B.13. Prior
year’s income and profits |
61.719,00 |
|
|
|
|
B.IV.
EXTRAORDINARY LOSSES (A.10+A.11+A.12+A.13+A.14-B.9-B.10-B.11-B.12-B.13) |
1.348.556,00 |
200.599,00 |
609.983,00 |
|
|
B.V. LOSS BEFORE
TAXES (B.III+B.IV-A.III-A.IV) |
|
|
|
|
|
B.VI. NET LOSS
(B.V+A.15+A.16) |
|
|
|
Main Ratios
|
(Figures given in
Euros) |
2.002 (12)
|
2.003 (12)
|
2.004 (12)
|
|
|
|
ACTIVITY |
|
|
|
|
|
Increase of the
Sales Figures |
23,24 |
20,56 |
34,12 |
|
|
Assets Turnover |
1,44 |
1,06 |
1,29 |
|
|
Productivity |
1,65 |
1,82 |
1,89 |
|
|
Increase of the
Added Value |
28,92 |
28,06 |
32,10 |
|
|
PROFITABILITY |
|
|
|
|
|
Economic
Profitability |
8,52 |
6,82 |
10,23 |
|
|
Financial
Profitability |
20,36 |
21,10 |
38,90 |
|
|
Financial
Expenses |
0,07 |
1,60 |
0,44 |
|
|
BALANCE (IN DAYS
OF SALES) |
|
|
|
|
|
Customers’ Credit
(In days of sales) |
5,00 |
6,00 |
4,00 |
|
|
Suppliers’ Credit
(In days of sales) |
171,00 |
161,00 |
156,00 |
|
|
Working Capital
(In days of sales) |
4,00 |
0,00 |
0,00 |
|
|
Working Capital
Requirement (In days of sales) |
0,00 |
0,00 |
0,00 |
|
|
Treasury (In days
of sales) |
81,00 |
38,00 |
20,00 |
|
|
BALANCE |
|
|
|
|
|
Working Capital |
6.074.032,00 |
-216.200.052,00 |
-199.711.673,00 |
|
|
Working Capital
Requirement |
-113.432.027,00 |
-284.626.535,00 |
-246.721.631,00 |
|
|
Treasury |
119.506.059,00 |
68.426.483,00 |
47.009.958,00 |
|
|
Balance Ratio |
1,04 |
0,48 |
0,56 |
|
|
SOLVENCY |
|
|
|
|
|
Borrowing Ratio |
58,17 |
67,66 |
73,71 |
|
|
Own / Permanent
Funds |
100,00 |
99,96 |
68,64 |
|
|
Payback Capacity |
0,39 |
0,62 |
0,55 |
|
|
LIQUIDITY |
|
|
|
|
|
General Liquidity |
1,03 |
0,48 |
0,52 |
|
|
Immediate
Liquidity |
0,55 |
0,17 |
0,11 |
Sectorial Analysis
Summary of Assets, Liability & Equity
|
(Figures given in
Percentages) |
Company |
Sector |
Company |
|
|
2.004 |
|
|
|
Assets |
|||
|
DUE
FROM SHAREHOLDERS FOR UNCALLED CAPITAL |
0,00 |
0,00 |
0,00 |
|
FIXED
ASSETS |
68,21 |
58,80 |
9,41 |
|
ACCRUED
EXPENSES |
0,00 |
0,21 |
-0,21 |
|
CURRENT
ASSETS |
31,79 |
40,99 |
-9,20 |
|
TOTAL
ASSETS |
100,00 |
100,00 |
0,00 |
|
Liabilities |
|||
|
SHAREHOLDERS
EQUITY |
26,29 |
39,94 |
-13,65 |
|
ACCRUED
INCOME |
0,00 |
0,20 |
-0,20 |
|
RISK
AND EXPENDITURE COVER |
0,00 |
1,53 |
-1,53 |
|
LONG-TERM
CREDITORS |
12,01 |
13,97 |
-1,96 |
|
SHORT-TERM
CREDITORS |
61,70 |
44,34 |
17,36 |
|
SHORT-TERM
RISK AND EXPENDITURE COVER |
0,00 |
0,01 |
-0,01 |
|
TOTAL
LIABILITIES |
100,00 |
100,00 |
0,00 |
Analytical Account of Results
|
(Figures given in
Percentages) |
Company |
Sector |
Company |
|
|
2.004 |
|
|
|
Net
turnover |
96,14 |
98,57 |
-2,44 |
|
Other
operating income |
3,86 |
1,43 |
2,44 |
|
Production
Value |
100,00 |
100,00 |
0,00 |
|
Operating
expenses |
60,98 |
62,00 |
-1,02 |
|
Other
operation expenses |
11,70 |
13,82 |
-2,12 |
|
Added
value |
27,32 |
24,17 |
3,14 |
|
Labor
cost |
14,48 |
11,45 |
3,02 |
|
Gross
Economic Result |
12,84 |
12,72 |
0,12 |
|
Assets
depreciation |
2,56 |
3,31 |
-0,75 |
|
Variation
in provision for current assets |
0,45 |
0,35 |
0,10 |
|
Net
Economic Result |
9,82 |
9,06 |
0,76 |
|
Financial
income |
0,34 |
1,00 |
-0,66 |
|
Financial
expenses |
0,48 |
1,13 |
-0,65 |
|
Variation
in financial investment provision |
-0,04 |
0,19 |
-0,23 |
|
Ordinary
Activities Result |
9,69 |
8,75 |
0,93 |
|
Extraordinary
income |
0,54 |
0,18 |
0,36 |
|
Extraordinary
expenses |
0,63 |
0,41 |
0,22 |
|
Variation
in provision in fixed assets |
-0,02 |
0,84 |
-0,87 |
|
Results
before Taxes |
9,62 |
7,68 |
1,94 |
|
Corporaye
taxes |
2,02 |
2,12 |
-0,11 |
|
Net
Result |
7,60 |
5,56 |
2,04 |
|
Assets
depreciation |
2,56 |
3,31 |
-0,75 |
|
Provisions
fund variation |
0,39 |
1,38 |
-0,99 |
|
Net
Self-Financing |
10,55 |
10,25 |
0,30 |
Ratios
|
(Figures given in
) |
Company |
Ptile25
|
Medium
|
Ptile75
|
|
|
2.004 |
|
|
|
|
ACTIVITY |
|
|
|
|
|
Increase
of the Sales Figures |
34,12 |
6,53 |
16,09 |
26,67 |
|
Assets
Turnover |
1,29 |
1,26 |
1,59 |
2,17 |
|
Fixed
Assets Turnover |
1,90 |
1,94 |
3,65 |
6,09 |
|
Increase
of the Added Value |
32,10 |
8,17 |
17,09 |
27,76 |
|
PRODUCTIVITY |
|
|
|
|
|
Productivity |
1,89 |
1,61 |
1,82 |
2,42 |
|
Change
of Personnel Costs |
27,18 |
9,79 |
14,62 |
26,74 |
|
Average
Personnel Costs |
24.877,98 |
17.616,26 |
21.849,82 |
31.304,04 |
|
Value
Added by Employees |
46.941,01 |
30.400,73 |
43.332,65 |
59.039,65 |
|
CASH FLOW |
|
|
|
|
|
Cash
Flow |
94.777.646,00 |
3.103.272,62 |
7.324.955,37 |
18.668.484,00 |
|
Operating
Cash Flow |
115.323.470,00 |
3.730.581,27 |
11.803.954,50 |
22.187.724,50 |
|
Change
in Cash Flow |
40,84 |
-0,36 |
24,44 |
39,76 |
|
PROFITABILITY |
|
|
|
|
|
Economic
Profitability |
10,23 |
2,35 |
6,28 |
13,96 |
|
Financial
Profitability |
38,90 |
6,25 |
18,14 |
28,09 |
|
Financial
Expenses |
0,44 |
0,08 |
0,34 |
1,52 |
|
Gross
Economic Profitability |
17,27 |
9,51 |
17,40 |
25,55 |
|
Gross
Financial Profitability |
65,69 |
27,93 |
43,44 |
59,42 |
|
BALANCE (IN DAYS
OF SALES) |
|
|
|
|
|
Customers’
Credit (In days of sales) |
3,00 |
5,12 |
13,01 |
61,84 |
|
Suppliers’
Credit (In days of sales) |
155,00 |
42,67 |
73,20 |
163,06 |
|
Working
Capital (In days of sales) |
0,00 |
-29,34 |
12,92 |
67,26 |
|
Working
Capital Requirement (In days of sales) |
0,00 |
-42,85 |
-4,51 |
32,79 |
|
Treasury
(In days of sales) |
19,00 |
-1,96 |
9,76 |
22,63 |
|
Operating
Current Assets |
88,00 |
63,88 |
116,84 |
187,65 |
|
BALANCE |
|
|
|
|
|
Working
Capital |
-199.711.673,00 |
-5.904.717,00 |
2.880.984,53 |
14.149.130,75 |
|
Working
Capital Requirement |
-246.721.631,00 |
-14.274.657,00 |
-1.258.042,00 |
6.411.395,10 |
|
Treasury |
47.009.958,00 |
-1.079.000,00 |
1.897.359,37 |
11.097.864,93 |
|
Balance
Ratio |
0,56 |
0,75 |
1,12 |
1,91 |
|
SOLVENCY |
|
|
|
|
|
Borrowing
Ratio |
73,71 |
36,10 |
61,05 |
77,87 |
|
Own
/ Permanent Funds |
68,64 |
56,26 |
88,75 |
99,47 |
|
Payback
Capacity |
0,55 |
0,18 |
0,24 |
0,56 |
|
Long
term Indebtedness |
12,01 |
0,01 |
2,67 |
16,20 |
|
Gearing |
380,37 |
156,49 |
256,72 |
451,84 |
|
Financing
Basic Ratio |
1,00 |
1,00 |
1,00 |
1,00 |
|
Assets
Guarantee |
1,36 |
1,22 |
1,52 |
2,62 |
|
LIQUIDITY |
|
|
|
|
|
General
Liquidity |
0,52 |
0,76 |
1,19 |
1,79 |
|
Immediate
Liquidity |
0,11 |
0,04 |
0,16 |
0,33 |
The date when this report was last updated is 08/11/2006.
This company was last displayed
on 03/11/2006, it has been viewed 186 times in the last quarter
and 2.961 times in total .
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
|
<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|