MIRA
INFORM REPORT
|
Report Date : |
24.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
BERSHKA BSK ESPANA SA |
|
|
|
|
Registered Office : |
Avenida Diputacion (Plgo Industrial Sabon)(Pg In, S/N
15142 Arteixo (La Coruna) |
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|
|
|
Country : |
Spain |
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|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
24/02/1986 |
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|
|
|
Legal Form : |
Joint Stock Company |
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|
|
|
Line of Business : |
Retail sale of clothes |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Usually correct |
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|
|
|
Litigation : |
Clear |
Identification and
Characteristics
|
Tax Number |
A78276854 |
|
NAME |
BERSHKA BSK ESPANA SA |
|
TRADE NAME |
PULL & BEAR |
|
FORMER NAME |
IVAN SA |
|
BUSINESS
ADDRESS |
AVENIDA DIPUTACION (PLGO INDUSTRIAL
SABON)(PG IN, S/N |
|
Postcode |
15142 ARTEIXO (LA CORUNA) |
|
FORMER
ADDRESS |
POLIGONO INDUSTRIAL SABON-PAR 9 B |
|
Postcode |
15142 ARTEIXO (LA CORUNA) |
|
URL |
http://www.bershka.com |
|
TELEPHONE |
937667698 |
|
FAX |
981185496 |
|
LEGAL FORM |
JOINT STOCK COMPANY |
|
DATE FOUNDED |
24/02/1986 |
|
CAPITAL |
6.010.121,00 Euros |
|
PAID-UP CAPITAL |
6.010.121,00 Euros |
|
NUMBER OF
EMPLOYEES |
2.979 |
|
ACTIVITY |
1651200 - Retail sale of clothes
|
|
CNAE |
5242 - Retail sale of clothing |
Synthesis
|
FINANCIAL SITUATION (Year
ending: 31/01/2006) |
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|
|
|
PROFITABILITY |
|
Good |
|
TREASURY |
|
Good |
|
BALANCE SHEET |
|
Degraded |
|
DEBT |
|
Low |
|
INCIDENTS |
||
|
|
|
|
|
COMMITMENTS |
|
Respected |
|
INCIDENTS |
|
None or Negligible |
|
PREVIOUS EXPERIENCE |
||
|
|
|
|
|
PREVIOUS
EXPERIENCE |
|
Very favourable |
Credit Appraisal
|
CREDIT ACCORDING TO OBJECTIVE DATA (From 0
to 6.000.000,00 Euros): |
|
FAVOURABLE TOWARDS 6.000.000,00
Max. |
|
SOLVENCY RATING: |
|
(BASED ON HOMOGENEOUS FORMULATION) |
|
|
|
|
Financial Elements
Figures given in
Euros
|
|
Balance
sheet 2.004 (12) |
Balance
sheet 2.005 (12) |
Balance
sheet 2.006 (12) |
%
Sales |
|
SALES |
338.001.298,00 |
431.424.510,00 |
524.089.560,00 |
|
|
ADDED VALUE |
94.572.445,00 |
121.802.801,00 |
154.176.747,00 |
29,42 |
|
BUSINESS RESULT |
30.212.155,00 |
44.928.819,00 |
74.682.760,00 |
14,25 |
|
OWN FUNDS |
73.583.817,00 |
118.512.636,00 |
143.195.396,00 |
|
|
DEBT |
88.624.051,00 |
103.593.913,00 |
138.411.878,00 |
|
|
TOTAL ASSET |
165.597.141,00 |
264.550.412,00 |
324.128.775,00 |
|
|
The sales of 524.089.560,00
Euros show a change of 21,48% compared with
2.005 . Between 2.004 and 2.005 , this
change was 27,64% . |
||||
|
Added value grew by 26,58% compared
with the previous year. Shareholders equity are 143.195.396,00
Euros for an indebtedness of 138.411.878,00
Euros . |
||||
|
The result 74.682.760,00
Euros means financial profitability of 52,15% and
economic profitability of 23,04% . This result means growth of
66,22% compared with the 2.005 . |
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|
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THE FIGURES FOR THE LAST BALANCE SHEET ARE
RELEVANT: |
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SOURCE: FROM THE MERCANTILE REGISTER |
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|
DATE: 07/02/2007 |
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Auditors’ opinion: |
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|
FAVOURABLE (2.006) |
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Auditors: |
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|
KPMG AUDITORES S.L. |
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Comparative Sector
Analysis
|
|
Company |
Sector |
Difference |
|
|
(2.006)
|
|
|
|
% of PRODUCTION VALUE |
|
|
|
|
SALES |
98,95 |
98,57 |
0,38 |
|
ADDED
VALUE |
29,11 |
24,17 |
4,94 |
|
BUSINESS
RESULT |
14,10 |
5,56 |
8,54 |
|
% OF TOTAL ASSETS |
|
|
|
|
OWN
FUNDS |
44,18 |
39,94 |
4,24 |
|
DEBT |
42,70 |
60,06 |
-17,36 |
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 0,38%
above the mean for the sector.
The company’s added value was 29,11%
s/ the production value, and 4,94% above the mean for the sector.
The company’s business result was
14,10% of the PV, 8,54% above the mean for the sector.
The company’s own resources are 44,18%
, 4,24% above the mean for the sector.
The company’s outside resources are
42,70% , 17,36% below the mean for the sector.
Legal Actions
No legal
incidences registered for this company in the official source
No claims
registered for this company in the official sources
AFFECTED BY:
No significant elemento
Main Board members,
Directors and
Auditor
|
Position |
Surname and name |
Date of
appointment |
|
CHAIRMAN |
PEREZ MARCOTE OSCAR |
17/12/2004 |
|
BOARD MEMBER |
RAHOLA SALA JORGE |
14/09/2005 |
|
BOARD MEMBER |
ISLA ALVAREZ DE TEJERA PABLO |
23/11/2005 |
|
SECRETARY |
ABRIL ABADIN ANTONIO |
31/10/2000 |
|
AUDITOR |
KPMG AUDITORES SL |
08/11/2006 |
Financial Links
|
Shareholders |
||||
|
Company Name |
CIF/Country |
|
Source |
Information Date |
|
INDUSTRIA DE DISENO TEXTIL SA |
A15075062 |
100,00% |
OWN SOURCES |
07/03/2007 |
|
Shareholdings |
||||
|
Company Name |
CIF/Country |
Percent. |
Source |
Information Date |
|
BERSHKA FRANCIA |
FRANCIA |
100,00% |
M.REGISTER |
31/01/2006 |
|
BERSHKA MEXICO DE CV |
MÉXICO |
100,00% |
M.REGISTER |
31/01/2006 |
|
BERSHKA NEDERLAND BV |
PAÍSES BAJOS |
100,00% |
M.REGISTER |
31/01/2006 |
|
BERSHKA BSK VENEZUELA S.A. |
VENEZUELA |
100,00% |
M.REGISTER |
31/01/2006 |
|
BERSHKA POLSKA SP Z O Q |
POLONIA |
100,00% |
M.REGISTER |
31/01/2006 |
|
BERSHKA LOGISTICA S.A. |
A78111671 |
100,00% |
M.REGISTER |
31/01/2006 |
Proceedings published
in the B.O.R.M.E.
(Official Mercantile
Register Gazette)
|
Proceedings |
Date |
Notice Num. |
Mercantile Reg. |
|
Resignations |
03/04/2007 |
193881 |
LA CORUNA |
|
Registration of accounts
(2005) |
08/11/2006 |
854764 |
LA CORUNA |
|
Re-elections |
08/11/2006 |
532799 |
LA CORUNA |
|
Appointments |
08/11/2006 |
532477 |
LA CORUNA |
|
Appointments |
29/08/2006 |
428289 |
LA CORUNA |
Complementary
Information
|
24/07/06 BLOQUE DE INVESTIGACION: |
|
- La actividad concreta es el comercio al
menor de prendas de vestir |
|
y calzados. |
|
- Direccion social: En PG. Industrial
Sabon, AV. Diputacion, s/n |
|
situado en zona industrial en Arteixo (La
Coruna) en alquiler desti- |
|
nado a oficina y almacen. |
|
- La titular tiene su sede centran el Avda
Virgen de Montserrat, Sn |
|
en Tordera (08490) Barcelona. |
|
- Pertenece al GRUPO DE EMPRESAS INDITEX. |
|
---------------------------------------------------------------------- |
|
El bloque de investigacion no esta sujeto
a actualizaciones sistemati- |
|
cas. Los datos mostrados fueron aportados
por las fuentes consultadas |
|
en la fecha de encabezamiento.. |
Remarks for customer
The address included in your enquiry belongs
to a branch
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 07/02/2007
Balance Sheet
(ASSETS)
|
(Figures given in Euros) |
31/01/2004 (12)
|
31/01/2005 (12)
|
31/01/2006 (12)
|
|
|
|
A) DUE FROM SHAREHOLDERS FOR UNCALLED
CAPITAL |
|
|
|
|
|
B) FIXED ASSETS |
101.791.022,00 |
132.248.889,00 |
161.906.227,00 |
|
|
I. Establishment expenses |
|
|
|
|
|
II. Intangible assets |
13.652.093,00 |
12.152.057,00 |
12.240.303,00 |
|
|
Concessions, patents,licences , trademarks |
|
|
39.541,00 |
|
|
Acquired rights from finance leases |
16.164.372,00 |
15.892.575,00 |
16.254.307,00 |
|
|
Software |
68.704,00 |
79.394,00 |
111.138,00 |
|
|
Leasing |
3.992.183,00 |
3.992.183,00 |
3.681.199,00 |
|
|
Prepayments |
12.498,00 |
268.177,00 |
164.951,00 |
|
|
Amortization |
-6.585.664,00 |
-8.080.272,00 |
-8.010.833,00 |
|
|
III. Tangible assets |
58.094.532,00 |
69.281.748,00 |
81.647.349,00 |
|
|
Property, plant and equipment |
1.438.186,00 |
1.438.186,00 |
1.749.170,00 |
|
|
Machinery, equipment and other |
67.519.489,00 |
77.731.071,00 |
89.937.626,00 |
|
|
Other property plant and equipement |
14.811.090,00 |
18.548.526,00 |
21.655.953,00 |
|
|
Prepaid expenses on fixed assets |
164.946,00 |
176.064,00 |
1.390.933,00 |
|
|
Other assets |
2.102.191,00 |
2.390.159,00 |
2.617.313,00 |
|
|
Provisions |
-4.500.000,00 |
-3.450.000,00 |
|
|
|
Depreciation |
-23.441.370,00 |
-27.552.258,00 |
-35.703.646,00 |
|
|
IV. Financial assets |
30.044.397,00 |
50.815.084,00 |
68.018.575,00 |
|
|
Shares in affiliated companies |
32.738.232,00 |
54.028.301,00 |
74.987.946,00 |
|
|
Long term deposits and guarantees |
2.819.515,00 |
3.524.134,00 |
4.067.964,00 |
|
|
Provisions |
-5.513.350,00 |
-6.737.351,00 |
-11.037.335,00 |
|
|
V. Owners equity |
|
|
|
|
|
VI. Long term trade liabilities |
|
|
|
|
|
C) DEFERRED EXPENSES |
2.050.933,00 |
2.109.284,00 |
1.531.502,00 |
|
|
D) CURRENT ASSETS |
61.755.186,00 |
130.192.239,00 |
160.691.046,00 |
|
|
I. Not paid in shareholder capital |
|
|
|
|
|
II. Inventory |
33.104.683,00 |
34.112.480,00 |
54.421.152,00 |
|
|
Goods available for sale |
31.217.398,00 |
|
|
|
|
Raw material inventory |
1.067.730,00 |
517.574,00 |
147.497,00 |
|
|
Work in Progress |
819.555,00 |
|
|
|
|
Finished goods |
|
33.594.906,00 |
54.273.655,00 |
|
|
III. Debtors |
20.495.605,00 |
17.751.394,00 |
101.613.490,00 |
|
|
Clients |
3.239.377,00 |
3.211.858,00 |
5.321.986,00 |
|
|
Amounts owned by affiliated companies |
14.908.940,00 |
11.082.204,00 |
89.951.416,00 |
|
|
Other debts |
11.189,00 |
1.325.239,00 |
2.754.812,00 |
|
|
Labor costs |
22.005,00 |
41.067,00 |
2.024,00 |
|
|
Taxes refunds |
2.341.194,00 |
3.976.740,00 |
3.798.350,00 |
|
|
Provisions |
-27.100,00 |
-1.885.714,00 |
-215.098,00 |
|
|
IV. Short term financial assets |
377.571,00 |
75.266.511,00 |
2.497.790,00 |
|
|
Receivables in affiliated companies |
|
70.201.040,00 |
|
|
|
Other loans |
|
4.876.992,00 |
2.408.849,00 |
|
|
Short Term Deposit and guarantees |
377.571,00 |
188.479,00 |
88.941,00 |
|
|
V. Short term owners equity |
|
|
|
|
|
VI. Cash |
7.511.487,00 |
2.984.799,00 |
2.086.668,00 |
|
|
VII. Prepaid expenses and accrued income |
265.840,00 |
77.055,00 |
71.946,00 |
|
|
ASSETS (A + B + C + D) |
165.597.141,00 |
264.550.412,00 |
324.128.775,00 |
Balance Sheet
(LIABILITIES)
|
(Figures given in Euros) |
31/01/2004 (12)
|
31/01/2005 (12)
|
31/01/2006 (12)
|
|
|
|
A) SHAREHOLDERS EQUITY |
73.583.817,00 |
118.512.636,00 |
143.195.396,00 |
|
|
I. Capital |
6.010.121,00 |
6.010.121,00 |
6.010.121,00 |
|
|
II. Premium share account |
|
|
|
|
|
III. Revaluation reserve |
|
|
|
|
|
IV. Reserves |
37.361.541,00 |
67.573.696,00 |
112.502.515,00 |
|
|
Retained earnings |
1.202.024,00 |
1.202.024,00 |
1.202.024,00 |
|
|
Other funds |
36.159.517,00 |
66.371.672,00 |
111.300.491,00 |
|
|
V. Prior year earnings |
|
|
|
|
|
VI. Prior year profit or losses |
30.212.155,00 |
44.928.819,00 |
74.682.760,00 |
|
|
VII. Dividend paid during the year |
|
|
-50.000.000,00 |
|
|
VIII. Own shares for change in capital |
|
|
|
|
|
B) DEFERRED INCOME |
3.154.036,00 |
41.931.914,00 |
41.957.955,00 |
|
|
Rate difference |
|
9.072,00 |
480.393,00 |
|
|
Other deferred income |
3.154.036,00 |
41.922.842,00 |
41.477.562,00 |
|
|
C) PROVISIONS FOR LIABILITIES AND EXPENSES |
235.237,00 |
511.949,00 |
563.546,00 |
|
|
Provision for pensions plans |
185.237,00 |
185.237,00 |
185.237,00 |
|
|
Other provisions |
50.000,00 |
326.712,00 |
378.309,00 |
|
|
D) LONG TERM LIABILITIES |
2.412.019,00 |
2.123.021,00 |
1.562.670,00 |
|
|
I. Bonds |
|
|
|
|
|
II. Bank loans |
1.854.133,00 |
1.390.289,00 |
960.515,00 |
|
|
Long term bank loans |
1.854.133,00 |
1.390.289,00 |
960.515,00 |
|
|
III. Debts with associed and affiliated companies |
|
|
|
|
|
IV. Other creditors |
557.886,00 |
732.732,00 |
602.155,00 |
|
|
Other debts |
43.842,00 |
119.835,00 |
200.186,00 |
|
|
Long term deposit and guaranties |
12.681,00 |
12.681,00 |
12.681,00 |
|
|
Taxes receivable |
501.363,00 |
600.216,00 |
389.288,00 |
|
|
V. Deferred debts on shares |
|
|
|
|
|
VI. Long term debt with creditor |
|
|
|
|
|
E) SHORT TERM LIABILITIES |
86.212.032,00 |
101.470.892,00 |
136.849.208,00 |
|
|
I. Negotiable bonds |
|
|
|
|
|
II. Bank loans |
457.750,00 |
475.085,00 |
435.053,00 |
|
|
Loans and other debts |
457.715,00 |
475.085,00 |
435.053,00 |
|
|
Debt interest |
35,00 |
|
|
|
|
III. Short term debts with associated and
affiliated companies |
31.276.939,00 |
26.719.937,00 |
33.562.721,00 |
|
|
With affiliated companies |
31.276.939,00 |
26.719.937,00 |
33.562.721,00 |
|
|
IV. Trade creditors |
48.385.121,00 |
66.052.027,00 |
89.190.629,00 |
|
|
Expenses |
48.385.121,00 |
66.052.027,00 |
89.190.629,00 |
|
|
V. Other non trade payables |
6.092.222,00 |
8.223.843,00 |
13.629.057,00 |
|
|
Government |
3.278.125,00 |
4.920.859,00 |
6.088.755,00 |
|
|
Other debts |
|
|
3.808.694,00 |
|
|
Accounts receivable |
2.811.392,00 |
3.302.984,00 |
3.731.608,00 |
|
|
Short term deposits and guarantees |
2.705,00 |
|
|
|
|
VI. Provisions for current assets |
|
|
|
|
|
VII. Accruals and deferred incomes |
|
|
31.748,00 |
|
|
F) SHORT TERM PROVISIONS FOR LIABILITIES
AND EXPENSES |
|
|
|
|
|
LIABILITIES (A + B + C + D + E + F) |
165.597.141,00 |
264.550.412,00 |
324.128.775,00 |
Profit and Loss
Account
|
(Figures given in Euros) |
31/01/2004 (12)
|
31/01/2005 (12)
|
31/01/2006 (12)
|
|
|
|
A) EXPENSES (A.1 a A.16) |
|
|
|
|
|
A.1. Change in stocks of finished goods
and work in progress |
|
|
|
|
|
A.2. Supplies |
215.028.268,00 |
254.665.926,00 |
326.478.364,00 |
|
|
Material consumed |
187.342.434,00 |
221.590.830,00 |
300.160.953,00 |
|
|
Raw materials consumed |
18.768.007,00 |
13.700.164,00 |
16.767.014,00 |
|
|
Other expenses |
8.917.827,00 |
19.374.932,00 |
9.550.397,00 |
|
|
A.3. Labor cost |
33.872.174,00 |
41.066.136,00 |
53.303.278,00 |
|
|
Wages |
26.516.165,00 |
31.772.610,00 |
41.320.611,00 |
|
|
Social security expenses |
7.356.009,00 |
9.293.526,00 |
11.982.667,00 |
|
|
A.4. Assets depreciation |
11.420.690,00 |
13.064.836,00 |
13.685.597,00 |
|
|
A.5 Variance in provision for current
assets |
4.527.100,00 |
3.450.000,00 |
40.740,00 |
|
|
Variance in provision for bad debts |
27.100,00 |
|
215.098,00 |
|
|
Variance in provision for other current
assets |
4.500.000,00 |
3.450.000,00 |
-174.358,00 |
|
|
A.6. Other operating costs |
46.640.358,00 |
59.930.488,00 |
69.669.667,00 |
|
|
External costs |
46.077.150,00 |
58.492.445,00 |
68.635.890,00 |
|
|
Taxes |
563.208,00 |
834.077,00 |
846.616,00 |
|
|
Other day to day expenses |
|
603.966,00 |
187.161,00 |
|
|
A.I. OPERATING RESULT
(B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6) |
44.752.481,00 |
64.221.829,00 |
87.147.132,00 |
|
|
A.7. Financial expenses |
485.487,00 |
1.035.553,00 |
55.927,00 |
|
|
Debts with related companies |
398.738,00 |
148.119,00 |
|
|
|
Other companies debts |
86.749,00 |
248.602,00 |
55.927,00 |
|
|
Losses from financial investments |
|
638.832,00 |
|
|
|
A.8. Variation in financial investments
provision |
|
|
|
|
|
A.9. Exchange losses |
1.460.215,00 |
1.800.916,00 |
967.464,00 |
|
|
A.II. POSITIVE FINANCIAL RESULTS
(B.5+B.6+B.7+B.8-A.7-A.8-A.9) |
|
|
16.912.504,00 |
|
|
A.III. PROFIT FROM ORDINARY ACTIVITIES
(A.I+A.II-B.I-B.II) |
43.451.990,00 |
62.726.859,00 |
104.059.636,00 |
|
|
A.10. Variation in provision in fixed assets |
1.228.640,00 |
1.224.001,00 |
4.299.984,00 |
|
|
A.11. Losses in fixed assets |
2.079.893,00 |
698.024,00 |
638.764,00 |
|
|
A.12. Losses from shares and bonds |
|
|
|
|
|
A.13. Extraordinary charges |
537.705,00 |
327.073,00 |
51.697,00 |
|
|
A.14. Prior year’s expenses and losses |
50.491,00 |
35.614,00 |
|
|
|
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) |
40.307.018,00 |
60.503.198,00 |
99.069.448,00 |
|
|
A.15. Corporate Taxes |
10.094.863,00 |
15.574.379,00 |
24.386.688,00 |
|
|
A.16. Other taxes |
|
|
|
|
|
A.VI. YEAR END RESULT (PROFIT)
(A.V-A.15-A.16) |
30.212.155,00 |
44.928.819,00 |
74.682.760,00 |
|
|
B) INCOMES (B.1 a B13) |
|
|
|
|
|
B.1. Turnover |
338.001.298,00 |
431.424.510,00 |
524.089.560,00 |
|
|
Sales |
343.154.211,00 |
437.284.209,00 |
533.212.211,00 |
|
|
Services provided |
|
2.052,00 |
298.295,00 |
|
|
Discounts |
-5.152.913,00 |
-5.861.751,00 |
-9.420.946,00 |
|
|
B.2. Increase in inventory of finished
goods |
16.270.701,00 |
1.557.954,00 |
20.678.747,00 |
|
|
B.3. Expenses capitalized |
|
|
|
|
|
B.4. Other operating income |
1.969.072,00 |
3.416.751,00 |
5.556.471,00 |
|
|
Other incomes |
1.968.166,00 |
3.416.751,00 |
5.528.476,00 |
|
|
Grants |
906,00 |
|
27.995,00 |
|
|
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 |
|
|
14.339.657,00 |
|
|
From affiliated companies |
|
|
14.339.657,00 |
|
|
B.6. Income from securities |
|
|
167.761,00 |
|
|
Group companies |
|
|
167.761,00 |
|
|
B.7. Other income from interrest |
111.842,00 |
374.714,00 |
1.612.528,00 |
|
|
From affiliated companies |
|
216.360,00 |
1.404.344,00 |
|
|
From other companies |
111.842,00 |
158.354,00 |
208.184,00 |
|
|
B.8. Gains on exchange |
533.369,00 |
966.785,00 |
1.815.949,00 |
|
|
B.II. FINANCIAL LOSSES
(A.7+A.8+A.9-B.5-B.6-B.7-B.8) |
1.300.491,00 |
1.494.970,00 |
|
|
|
B.III. LOSSES FROM ORDINARY ACTIVITIES
(B.I+B.II-A.I-A.II) |
|
|
|
|
|
B.9. Gains from disposal of fixed assets |
9.075,00 |
3.189,00 |
257,00 |
|
|
B.10. Gains from dealing in own shares |
|
|
|
|
|
B.11. Paid in surplus |
273.198,00 |
|
|
|
|
B.12. Extraordinary income |
261.599,00 |
50.894,00 |
|
|
|
B.13. Prior year’s income and profits |
207.885,00 |
6.968,00 |
|
|
|
B.IV. EXTRAORDINARY LOSSES
(A.10+A.11+A.12+A.13+A.14-B.9-B.10-B.11-B.12-B.13) |
3.144.972,00 |
2.223.661,00 |
4.990.188,00 |
|
|
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) |
2.004 (12) |
2.005 (12) |
2.006 (12) |
|
|
|
ACTIVITY |
|
|
|
|
|
Increase of the Sales Figures |
32,30 |
27,64 |
21,48 |
|
|
Assets Turnover |
2,04 |
1,63 |
1,62 |
|
|
Productivity |
2,79 |
2,97 |
2,89 |
|
|
Increase of the Added Value |
30,53 |
28,79 |
26,58 |
|
|
PROFITABILITY |
|
|
|
|
|
Economic Profitability |
18,24 |
16,98 |
23,04 |
|
|
Financial Profitability |
41,06 |
37,91 |
52,15 |
|
|
Financial Expenses |
0,14 |
0,24 |
0,01 |
|
|
BALANCE (IN DAYS OF SALES) |
|
|
|
|
|
Customers’ Credit (In days of sales) |
22,00 |
15,00 |
70,00 |
|
|
Suppliers’ Credit (In days of sales) |
88,00 |
94,00 |
105,00 |
|
|
Working Capital (In days of sales) |
0,00 |
24,00 |
16,00 |
|
|
Working Capital Requirement (In days of
sales) |
0,00 |
0,00 |
14,00 |
|
|
Treasury (In days of sales) |
8,00 |
65,00 |
3,00 |
|
|
BALANCE |
|
|
|
|
|
Working Capital |
-24.456.846,00 |
28.721.347,00 |
23.841.838,00 |
|
|
Working Capital Requirement |
-31.888.154,00 |
-49.054.878,00 |
19.692.433,00 |
|
|
Treasury |
7.431.308,00 |
77.776.225,00 |
4.149.405,00 |
|
|
Balance Ratio |
0,76 |
1,21 |
1,15 |
|
|
SOLVENCY |
|
|
|
|
|
Borrowing Ratio |
53,52 |
39,16 |
42,70 |
|
|
Own / Permanent Funds |
92,69 |
72,67 |
76,46 |
|
|
Payback Capacity |
0,25 |
0,23 |
0,26 |
|
|
LIQUIDITY |
|
|
|
|
|
General Liquidity |
0,72 |
1,28 |
1,17 |
|
|
Immediate Liquidity |
0,09 |
0,77 |
0,03 |
Sectorial Analysis
Summary of Assets, Liability & Equity
|
(Figures given in Percentages) |
Company |
Sector |
Company |
|
|
2.006 |
|
|
|
Assets |
|||
|
DUE FROM SHAREHOLDERS
FOR UNCALLED CAPITAL |
0,00 |
0,00 |
0,00 |
|
FIXED ASSETS |
49,95 |
58,80 |
-8,85 |
|
ACCRUED EXPENSES |
0,47 |
0,21 |
0,26 |
|
CURRENT ASSETS |
49,58 |
40,99 |
8,59 |
|
TOTAL ASSETS |
100,00 |
100,00 |
0,00 |
|
Liabilities |
|||
|
SHAREHOLDERS EQUITY |
44,18 |
39,94 |
4,24 |
|
ACCRUED INCOME |
12,94 |
0,20 |
12,74 |
|
RISK AND EXPENDITURE
COVER |
0,17 |
1,53 |
-1,36 |
|
LONG-TERM CREDITORS |
0,48 |
13,97 |
-13,49 |
|
SHORT-TERM CREDITORS |
42,22 |
44,34 |
-2,12 |
|
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 |
|
|
2.006 |
|
|
|
Net turnover |
98,95 |
98,57 |
0,38 |
|
Other operating income |
1,05 |
1,43 |
-0,38 |
|
Production Value |
100,00 |
100,00 |
0,00 |
|
Operating expenses |
57,74 |
62,00 |
-4,27 |
|
Other operation expenses |
13,15 |
13,82 |
-0,67 |
|
Added value |
29,11 |
24,17 |
4,93 |
|
Labor cost |
10,06 |
11,45 |
-1,39 |
|
Gross Economic Result |
19,05 |
12,72 |
6,32 |
|
Assets depreciation |
2,58 |
3,31 |
-0,73 |
|
Variation in provision
for current assets |
0,01 |
0,35 |
-0,34 |
|
Net Economic Result |
16,45 |
9,06 |
7,39 |
|
Financial income |
3,39 |
1,00 |
2,38 |
|
Financial expenses |
0,19 |
1,13 |
-0,93 |
|
Variation in financial
investment provision |
0,00 |
0,19 |
-0,19 |
|
Ordinary Activities
Result |
19,65 |
8,75 |
10,89 |
|
Extraordinary income |
0,00 |
0,18 |
-0,18 |
|
Extraordinary expenses |
0,13 |
0,41 |
-0,28 |
|
Variation in provision
in fixed assets |
0,81 |
0,84 |
-0,03 |
|
Results before Taxes |
18,70 |
7,68 |
11,03 |
|
Corporaye taxes |
4,60 |
2,12 |
2,48 |
|
Net Result |
14,10 |
5,56 |
8,54 |
|
Assets depreciation |
2,58 |
3,31 |
-0,73 |
|
Provisions fund
variation |
0,82 |
1,38 |
-0,56 |
|
Net Self-Financing |
17,50 |
10,25 |
7,25 |
Ratios
|
(Figures given in ) |
Company |
Ptile25 |
Medium |
Ptile75 |
|
|
2.006 |
|
|
|
|
ACTIVITY |
|
|
|
|
|
Increase of the Sales
Figures |
21,48 |
6,53 |
16,09 |
26,67 |
|
Assets Turnover |
1,62 |
1,26 |
1,59 |
2,17 |
|
Fixed Assets Turnover |
3,21 |
1,94 |
3,65 |
6,09 |
|
Increase of the Added
Value |
26,58 |
8,17 |
17,09 |
27,76 |
|
PRODUCTIVITY |
|
|
|
|
|
Productivity |
2,89 |
1,61 |
1,82 |
2,42 |
|
Change of Personnel
Costs |
29,80 |
9,79 |
14,62 |
26,74 |
|
Average Personnel Costs |
17.893,01 |
17.616,26 |
21.849,82 |
31.304,04 |
|
Value Added by Employees |
51.754,53 |
30.400,73 |
43.332,65 |
59.039,65 |
|
CASH FLOW |
|
|
|
|
|
Cash Flow |
92.709.081,00 |
3.103.272,62 |
7.324.955,37 |
18.668.484,00 |
|
Operating Cash Flow |
100.873.469,00 |
3.730.581,27 |
11.803.954,50 |
22.187.724,50 |
|
Change in Cash Flow |
47,94 |
-0,36 |
24,44 |
39,76 |
|
PROFITABILITY |
|
|
|
|
|
Economic Profitability |
23,04 |
2,35 |
6,28 |
13,96 |
|
Financial Profitability |
52,15 |
6,25 |
18,14 |
28,09 |
|
Financial Expenses |
0,01 |
0,08 |
0,34 |
1,52 |
|
Gross Economic
Profitability |
31,12 |
9,51 |
17,40 |
25,55 |
|
Gross Financial
Profitability |
70,44 |
27,93 |
43,44 |
59,42 |
|
BALANCE (IN DAYS OF SALES) |
|
|
|
|
|
Customers’ Credit (In
days of sales) |
69,00 |
5,12 |
13,01 |
61,84 |
|
Suppliers’ Credit (In
days of sales) |
104,00 |
42,67 |
73,20 |
163,06 |
|
Working Capital (In days
of sales) |
16,00 |
-29,34 |
12,92 |
67,26 |
|
Working Capital
Requirement (In days of sales) |
13,00 |
-42,85 |
-4,51 |
32,79 |
|
Treasury (In days of
sales) |
2,00 |
-1,96 |
9,76 |
22,63 |
|
Operating Current Assets |
110,00 |
63,88 |
116,84 |
187,65 |
|
BALANCE |
|
|
|
|
|
Working Capital |
23.841.838,00 |
-5.904.717,00 |
2.880.984,53 |
14.149.130,75 |
|
Working Capital
Requirement |
19.692.433,00 |
-14.274.657,00 |
-1.258.042,00 |
6.411.395,10 |
|
Treasury |
4.149.405,00 |
-1.079.000,00 |
1.897.359,37 |
11.097.864,93 |
|
Balance Ratio |
1,15 |
0,75 |
1,12 |
1,91 |
|
SOLVENCY |
|
|
|
|
|
Borrowing Ratio |
42,70 |
36,10 |
61,05 |
77,87 |
|
Own / Permanent Funds |
76,46 |
56,26 |
88,75 |
99,47 |
|
Payback Capacity |
0,26 |
0,18 |
0,24 |
0,56 |
|
Long term Indebtedness |
0,48 |
0,01 |
2,67 |
16,20 |
|
Gearing |
226,35 |
156,49 |
256,72 |
451,84 |
|
Financing Basic Ratio |
1,00 |
1,00 |
1,00 |
1,00 |
|
Assets Guarantee |
2,33 |
1,22 |
1,52 |
2,62 |
|
LIQUIDITY |
|
|
|
|
|
General Liquidity |
1,17 |
0,76 |
1,19 |
1,79 |
|
Immediate Liquidity |
0,03 |
0,04 |
0,16 |
0,33 |
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 |
|
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)