MIRA
INFORM REPORT
|
Report Date : |
24.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
PULL & BEAR ESPANA SA |
|
|
|
|
Registered Office : |
Avenida Diputacion (Plgo Industrial Sabon) (Plgo, S/N
15142 Arteixo (La Coruna) |
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Country : |
Spain |
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|
|
|
Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
14/11/1986 |
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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 : |
Regular |
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|
|
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Litigation : |
Clear |
Identification and
Characteristics
|
Tax Number |
A15108673 |
|
NAME |
PULL & BEAR ESPANA SA |
|
TRADE NAME |
PULL & BEAR |
|
FORMER NAME |
NEW WEAR SA |
|
BUSINESS
ADDRESS |
AVENIDA DIPUTACION (PLGO INDUSTRIAL
SABON) (PLGO, S/N |
|
Postcode |
15142 ARTEIXO (LA CORUNA) |
|
FORMER
ADDRESS |
CALLE GONZALO NAVARRO (PG INDUSTRIAL
RIO DO P |
|
Postcode |
15572 NARON (LA CORUNA) |
|
URL |
http://www.pullbear.com |
|
TELEPHONE |
981334900 |
|
FAX |
981334926 |
|
LEGAL FORM |
JOINT STOCK COMPANY |
|
DATE FOUNDED |
14/11/1986 |
|
CAPITAL |
7.332.348,00 Euros |
|
PAID-UP CAPITAL |
7.332.348,00 Euros |
|
NUMBER OF
EMPLOYEES |
2.500 |
|
ACTIVITY |
1651200 - Retail sale of clothes
|
|
CNAE |
5242 - Retail sale of clothing |
|
EXPORT COMPANY |
YES |
|
IMPORT COMPANY |
YES |
Synthesis
|
FINANCIAL SITUATION (Year
ending: 31/01/2006) |
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|
|
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PROFITABILITY |
|
Good |
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TREASURY |
|
Average |
|
BALANCE SHEET |
|
Bad |
|
DEBT |
|
Low |
|
INCIDENTS |
||
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|
|
|
|
COMMITMENTS |
|
Respected |
|
INCIDENTS |
|
None or Negligible |
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PREVIOUS EXPERIENCE |
||
|
|
|
|
|
PREVIOUS
EXPERIENCE |
|
Favourable |
Credit Appraisal
|
CREDIT ACCORDING TO OBJECTIVE DATA (From 0
to 6.000.000,00 Euros): |
|
FAVOURABLE TOWARDS 4.592.501,77
Max. |
|
SOLVENCY RATING: |
|
(BASED ON HOMOGENEOUS FORMULATION) |
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|
|
|
Financial Elements
Figures given in
Euros
|
|
Balance
sheet 2.004 (12) |
Balance
sheet 2.005 (12) |
Balance
sheet 2.006 (12) |
%
Sales |
|
SALES |
261.156.546,00 |
335.471.151,00 |
374.787.634,00 |
|
|
ADDED VALUE |
63.914.083,00 |
100.432.074,00 |
125.189.636,00 |
33,40 |
|
BUSINESS RESULT |
9.163.560,00 |
29.820.124,00 |
49.911.487,00 |
13,32 |
|
OWN FUNDS |
87.774.487,00 |
117.594.611,00 |
117.506.100,00 |
|
|
DEBT |
67.008.648,00 |
75.071.246,00 |
90.432.958,00 |
|
|
TOTAL ASSET |
156.490.586,00 |
196.610.711,00 |
214.437.546,00 |
|
|
The sales of 374.787.634,00
Euros show a change of 11,72% compared with
2.005 . Between 2.004 and 2.005 , this
change was 28,46% . |
||||
|
Added value grew by 24,65%
compared with the previous year. Shareholders equity are 117.506.100,00
Euros for an indebtedness of 90.432.958,00
Euros . |
||||
|
The result 49.911.487,00
Euros means financial profitability of 42,48% and
economic profitability of 23,28% . This result means growth of
67,38% compared with the 2.005 . |
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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: 06/02/2007 |
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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 |
99,36 |
98,57 |
0,79 |
|
ADDED
VALUE |
33,19 |
24,17 |
9,02 |
|
BUSINESS
RESULT |
13,23 |
5,56 |
7,67 |
|
% OF TOTAL ASSETS |
|
|
|
|
OWN
FUNDS |
54,80 |
39,94 |
14,86 |
|
DEBT |
42,17 |
60,06 |
-17,89 |
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 0,79%
above the mean for the sector.
The company’s added value was 33,19%
s/ the production value, and 9,02% above the mean for the sector.
The company’s business result was
13,23% of the PV, 7,67% above the mean for the sector.
The company’s own resources are 54,80%
, 14,86% above the mean for the sector.
The company’s outside resources are
42,17% , 17,89% below the mean for the sector.
Legal Actions
|
No legal incidences registered for this
company in the official source |
|
|
CLAIM FILED AGAINST THE
ADMINISTRATION: 1 |
( Last 23/08/2005 ) |
|
|
0 |
|
|
0 |
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|
1 |
|
AFFECTED BY: No significant elemento |
|
With the Social Security:
|
Last claim filed against the
administration |
|
(Figures given in Euros) |
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Rest of Organisms: 1 |
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Information Date |
Organization |
|
|
|
23/08/2005 |
TOWN/ CITY HALL DE A CORUNA |
|
Main Board members,
Directors and
Auditor
|
Position |
Surname and name |
Date of
appointment |
|
CHAIRMAN |
BADO RIVAS JOSE PABLO DEL |
14/09/2005 |
|
BOARD MEMBER |
ABRIL ABADIN ANTONIO |
27/04/2005 |
|
BOARD MEMBER |
FERNANDEZ ARGUELLES LOBATO JULIO ANTONIO |
14/09/2005 |
|
BOARD MEMBER |
ISLA ALVAREZ DE TEJERA PABLO |
23/11/2005 |
|
AUDITOR |
KPMG AUDITORES SL |
08/11/2006 |
|
MANAGER |
ARGUELLES LOBATO JULIO |
14/07/2006 |
Financial Links
|
Shareholders |
||||
|
Company Name |
CIF/Country |
|
Source |
Information Date |
|
INDUSTRIA DE DISENO TEXTIL SA |
A15075062 |
100,00% |
OWN SOURCES |
20/07/2006 |
|
Shareholdings |
|||||
|
Company Name |
CIF/Country |
Percent. |
Source |
Information Date |
|
|
PULL & BEAR IRELAND LTDA. |
IRLANDA |
100,00% |
M.REGISTER |
31/12/2005 |
|
|
PULL & BEAR CESKA REP |
REPÚBLICA CHECA |
100,00% |
M.REGISTER |
31/12/2005 |
|
|
PULL & BEAR POLSAKA SP |
POLONIA |
100,00% |
M.REGISTER |
31/12/2005 |
|
|
PULL & BEAR MAGYAPORSZAG |
HUNGRÍA |
100,00% |
M.REGISTER |
31/12/2005 |
|
|
|
A15458128 |
100,00% |
M.REGISTER |
31/01/2006 |
|
|
PULL & BEAR VENEZUELA |
VENEZUELA |
100,00% |
M.REGISTER |
31/12/2005 |
|
|
|
Company with solvency rating
below 7 |
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PULL BEAR LOGISTICA S.A.
Proceedings published
in the B.O.R.M.E.
(Official Mercantile
Register Gazette)
|
Proceedings |
Date |
Notice Num. |
Mercantile Reg. |
|
Resignations |
03/04/2007 |
193921 |
LA CORUNA |
|
Registration of accounts
(2005) |
08/11/2006 |
856131 |
LA CORUNA |
|
Re-elections |
08/11/2006 |
532842 |
LA CORUNA |
|
Appointments |
08/11/2006 |
532596 |
LA CORUNA |
|
Appointments |
29/08/2006 |
428315 |
LA CORUNA |
Remarks for customer
The company has offices in: Avda.Gonzalo
Navarro 37 Naron 15.573 La Coruńa.Credit opinion: 6.243.687 USD.
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 06/02/2007
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 |
98.419.650,00 |
110.474.621,00 |
123.596.053,00 |
|
|
I. Establishment expenses |
|
|
|
|
|
II. Intangible assets |
15.158.528,00 |
13.225.120,00 |
12.600.337,00 |
|
|
Concessions, patents,licences , trademarks |
|
113.226,00 |
647.263,00 |
|
|
Acquired rights from finance leases |
18.988.187,00 |
20.147.951,00 |
18.069.707,00 |
|
|
Software |
3.309,00 |
3.309,00 |
3.309,00 |
|
|
Leasing |
2.628.588,00 |
985.061,00 |
985.061,00 |
|
|
Amortization |
-6.461.556,00 |
-8.024.427,00 |
-7.105.003,00 |
|
|
III. Tangible assets |
76.143.051,00 |
85.164.223,00 |
83.867.492,00 |
|
|
Property, plant and equipment |
17.668.885,00 |
19.312.412,00 |
19.506.243,00 |
|
|
Machinery, equipment and other |
87.495.396,00 |
103.307.593,00 |
105.760.277,00 |
|
|
Prepaid expenses on fixed assets |
640.423,00 |
714.821,00 |
3.734.313,00 |
|
|
Provisions |
-2.500.000,00 |
-2.500.000,00 |
-2.500.000,00 |
|
|
Depreciation |
-27.161.653,00 |
-35.670.603,00 |
-42.633.341,00 |
|
|
IV. Financial assets |
7.118.071,00 |
12.085.278,00 |
27.128.224,00 |
|
|
Shares in affiliated companies |
13.723.881,00 |
15.123.881,00 |
27.586.659,00 |
|
|
Other loans |
|
190.488,00 |
|
|
|
Long term deposits and guarantees |
2.414.971,00 |
2.783.614,00 |
2.820.980,00 |
|
|
Provisions |
-9.020.781,00 |
-6.012.705,00 |
-3.279.415,00 |
|
|
V. Owners equity |
|
|
|
|
|
VI. Long term trade liabilities |
|
|
|
|
|
C) DEFERRED EXPENSES |
18.170,00 |
6.421,00 |
1.837,00 |
|
|
D) CURRENT ASSETS |
58.052.766,00 |
86.129.669,00 |
90.839.656,00 |
|
|
I. Not paid in shareholder capital |
|
|
|
|
|
II. Inventory |
33.965.583,00 |
25.701.286,00 |
34.213.851,00 |
|
|
Goods available for sale |
31.410.752,00 |
23.865.341,00 |
32.599.050,00 |
|
|
Raw material inventory |
2.554.831,00 |
1.835.945,00 |
1.614.801,00 |
|
|
III. Debtors |
13.372.640,00 |
16.199.103,00 |
18.687.539,00 |
|
|
Clients |
5.659.479,00 |
8.489.536,00 |
7.086.908,00 |
|
|
Amounts owned by affiliated companies |
5.385.981,00 |
5.099.160,00 |
6.617.830,00 |
|
|
Other debts |
388.569,00 |
819.241,00 |
1.992.632,00 |
|
|
Labor costs |
66.410,00 |
62.372,00 |
5.349,00 |
|
|
Taxes refunds |
1.925.248,00 |
2.260.543,00 |
2.984.820,00 |
|
|
Provisions |
-53.047,00 |
-531.749,00 |
|
|
|
IV. Short term financial assets |
|
41.376.946,00 |
36.488.311,00 |
|
|
Receivables in affiliated companies |
|
35.388.772,00 |
36.413.923,00 |
|
|
Other loans |
|
5.988.174,00 |
74.388,00 |
|
|
V. Short term owners equity |
|
|
|
|
|
VI. Cash |
10.586.783,00 |
2.801.380,00 |
1.449.955,00 |
|
|
VII. Prepaid expenses and accrued income |
127.760,00 |
50.954,00 |
|
|
|
ASSETS (A + B + C + D) |
156.490.586,00 |
196.610.711,00 |
214.437.546,00 |
Balance Sheet
(LIABILITIES)
|
(Figures given in Euros) |
31/01/2004 (12)
|
31/01/2005 (12)
|
31/01/2006 (12)
|
|
|
|
A) SHAREHOLDERS EQUITY |
87.774.487,00 |
117.594.611,00 |
117.506.100,00 |
|
|
I. Capital |
7.332.348,00 |
7.332.348,00 |
7.332.348,00 |
|
|
II. Premium share account |
1.202.024,00 |
1.202.024,00 |
1.202.024,00 |
|
|
III. Revaluation reserve |
786.332,00 |
786.332,00 |
786.332,00 |
|
|
IV. Reserves |
69.290.223,00 |
78.453.783,00 |
108.273.909,00 |
|
|
Retained earnings |
1.466.470,00 |
1.466.470,00 |
1.466.470,00 |
|
|
Other funds |
67.823.753,00 |
76.987.313,00 |
106.807.439,00 |
|
|
V. Prior year earnings |
|
|
|
|
|
VI. Prior year profit or losses |
9.163.560,00 |
29.820.124,00 |
49.911.487,00 |
|
|
VII. Dividend paid during the year |
|
|
-50.000.000,00 |
|
|
VIII. Own shares for change in capital |
|
|
|
|
|
B) DEFERRED INCOME |
1.698.068,00 |
3.935.471,00 |
6.489.105,00 |
|
|
Capital grants |
1.693.794,00 |
3.926.343,00 |
5.781.562,00 |
|
|
Rate difference |
4.274,00 |
9.128,00 |
707.543,00 |
|
|
C) PROVISIONS FOR LIABILITIES AND EXPENSES |
9.383,00 |
9.383,00 |
9.383,00 |
|
|
Provision for pensions plans |
9.383,00 |
9.383,00 |
9.383,00 |
|
|
D) LONG TERM LIABILITIES |
833.000,00 |
1.149.418,00 |
1.015.684,00 |
|
|
I. Bonds |
|
|
|
|
|
II. Bank loans |
242.448,00 |
121.880,00 |
|
|
|
Long term bank loans |
242.448,00 |
121.880,00 |
|
|
|
III. Debts with associed and affiliated
companies |
|
|
|
|
|
IV. Other creditors |
590.552,00 |
1.027.538,00 |
1.015.684,00 |
|
|
Other debts |
590.552,00 |
577.538,00 |
565.684,00 |
|
|
Long term deposit and guaranties |
|
450.000,00 |
450.000,00 |
|
|
V. Deferred debts on shares |
|
|
|
|
|
VI. Long term debt with creditor |
|
|
|
|
|
E) SHORT TERM LIABILITIES |
66.175.648,00 |
73.921.828,00 |
89.417.274,00 |
|
|
I. Negotiable bonds |
|
|
|
|
|
II. Bank loans |
638.924,00 |
275.372,00 |
305.863,00 |
|
|
Loans and other debts |
638.924,00 |
275.372,00 |
305.863,00 |
|
|
III. Short term debts with associated and
affiliated companies |
24.850.117,00 |
25.863.002,00 |
30.969.593,00 |
|
|
With affiliated companies |
24.850.117,00 |
25.863.002,00 |
30.969.593,00 |
|
|
IV. Trade creditors |
34.349.614,00 |
39.891.151,00 |
49.275.485,00 |
|
|
Expenses |
34.349.614,00 |
39.891.151,00 |
49.275.485,00 |
|
|
V. Other non trade payables |
6.336.993,00 |
7.892.303,00 |
8.848.492,00 |
|
|
Government |
3.863.850,00 |
3.513.662,00 |
5.137.522,00 |
|
|
Other debts |
312.894,00 |
185.188,00 |
107.701,00 |
|
|
Accounts receivable |
2.160.249,00 |
4.193.453,00 |
3.603.269,00 |
|
|
VI. Provisions for current assets |
|
|
|
|
|
VII. Accruals and deferred incomes |
|
|
17.841,00 |
|
|
F) SHORT TERM PROVISIONS FOR LIABILITIES
AND EXPENSES |
|
|
|
|
|
LIABILITIES (A + B + C + D + E + F) |
156.490.586,00 |
196.610.711,00 |
214.437.546,00 |
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 |
161.629.792,00 |
190.300.337,00 |
203.830.841,00 |
|
|
Material consumed |
136.697.346,00 |
165.540.750,00 |
177.874.655,00 |
|
|
Raw materials consumed |
21.145.173,00 |
19.485.111,00 |
19.586.513,00 |
|
|
Other expenses |
3.787.273,00 |
5.274.476,00 |
6.369.673,00 |
|
|
A.3. Labor cost |
34.543.396,00 |
41.705.647,00 |
45.164.669,00 |
|
|
Wages |
26.846.400,00 |
32.693.781,00 |
34.853.601,00 |
|
|
Social security expenses |
7.696.996,00 |
9.011.866,00 |
10.311.068,00 |
|
|
A.4. Assets depreciation |
10.887.758,00 |
12.805.191,00 |
12.267.407,00 |
|
|
A.5 Variance in provision for current
assets |
2.553.047,00 |
2.458.987,00 |
1.954.407,00 |
|
|
Variance in provision for bad debts |
53.047,00 |
|
|
|
|
Variance in provision for other current
assets |
2.500.000,00 |
2.458.987,00 |
1.954.407,00 |
|
|
A.6. Other operating costs |
37.267.197,00 |
46.764.759,00 |
48.189.553,00 |
|
|
External costs |
36.504.935,00 |
45.664.793,00 |
46.669.387,00 |
|
|
Taxes |
762.262,00 |
929.535,00 |
928.204,00 |
|
|
Other day to day expenses |
|
170.431,00 |
591.962,00 |
|
|
A.I. OPERATING RESULT
(B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6) |
15.929.882,00 |
43.462.249,00 |
65.803.153,00 |
|
|
A.7. Financial expenses |
175.927,00 |
128.517,00 |
27.413,00 |
|
|
Debts with related companies |
127.514,00 |
107.106,00 |
|
|
|
Debts with associated companies |
|
2,00 |
|
|
|
Other companies debts |
48.413,00 |
21.409,00 |
27.413,00 |
|
|
A.8. Variation in financial investments
provision |
|
|
|
|
|
A.9. Exchange losses |
2.585.543,00 |
2.392.861,00 |
1.081.531,00 |
|
|
A.II. POSITIVE FINANCIAL RESULTS
(B.5+B.6+B.7+B.8-A.7-A.8-A.9) |
|
|
3.056.982,00 |
|
|
A.III. PROFIT FROM ORDINARY ACTIVITIES
(A.I+A.II-B.I-B.II) |
13.760.018,00 |
42.089.554,00 |
68.860.135,00 |
|
|
A.10. Variation in provision in fixed
assets |
645.008,00 |
-3.008.076,00 |
-2.733.290,00 |
|
|
A.11. Losses in fixed assets |
1.235.887,00 |
|
264.505,00 |
|
|
A.12. Losses from shares and bonds |
|
|
|
|
|
A.13. Extraordinary charges |
221.673,00 |
|
|
|
|
A.14. Prior year’s expenses and losses |
73.288,00 |
|
|
|
|
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) |
|
3.098.228,00 |
2.469.284,00 |
|
|
A.V. EARNINGS / LOSS BEFORE TAXES
(A.III+A.IV-B.III-B.IV) |
12.267.545,00 |
45.187.782,00 |
71.329.419,00 |
|
|
A.15. Corporate Taxes |
3.098.576,00 |
15.364.356,00 |
21.415.168,00 |
|
|
A.16. Other taxes |
5.409,00 |
3.302,00 |
2.764,00 |
|
|
A.VI. YEAR END RESULT (PROFIT)
(A.V-A.15-A.16) |
9.163.560,00 |
29.820.124,00 |
49.911.487,00 |
|
|
B) INCOMES (B.1 a B13) |
|
|
|
|
|
B.1. Turnover |
261.156.546,00 |
335.471.151,00 |
374.787.634,00 |
|
|
Sales |
261.156.546,00 |
335.471.151,00 |
374.787.634,00 |
|
|
B.2. Increase in inventory of finished
goods |
|
|
|
|
|
B.3. Expenses capitalized |
|
|
|
|
|
B.4. Other operating income |
1.654.526,00 |
2.026.019,00 |
2.422.396,00 |
|
|
Other incomes |
1.653.998,00 |
2.016.539,00 |
2.392.652,00 |
|
|
Grants |
528,00 |
9.480,00 |
29.744,00 |
|
|
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 |
|
99.732,00 |
1.002.693,00 |
|
|
From affiliated companies |
|
99.732,00 |
1.002.693,00 |
|
|
B.6. Income from securities |
|
|
|
|
|
B.7. Other income from interrest |
138.439,00 |
165.509,00 |
1.026.790,00 |
|
|
From affiliated companies |
74.704,00 |
|
947.902,00 |
|
|
From other companies |
63.735,00 |
165.509,00 |
78.888,00 |
|
|
B.8. Gains on exchange |
453.167,00 |
883.442,00 |
2.136.443,00 |
|
|
B.II. FINANCIAL LOSSES
(A.7+A.8+A.9-B.5-B.6-B.7-B.8) |
2.169.864,00 |
1.372.695,00 |
|
|
|
B.III. LOSSES FROM ORDINARY ACTIVITIES
(B.I+B.II-A.I-A.II) |
|
|
|
|
|
B.9. Gains from disposal of fixed assets |
|
90.152,00 |
499,00 |
|
|
B.10. Gains from dealing in own shares |
|
|
|
|
|
B.11. Paid in surplus |
139.369,00 |
|
|
|
|
B.12. Extraordinary income |
163.394,00 |
|
|
|
|
B.13. Prior year’s income and profits |
380.620,00 |
|
|
|
|
B.IV. EXTRAORDINARY LOSSES (A.10+A.11+A.12+A.13+A.14-B.9-B.10-B.11-B.12-B.13) |
1.492.473,00 |
|
|
|
|
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 |
9,15 |
28,46 |
11,72 |
|
|
Assets Turnover |
1,67 |
1,71 |
1,75 |
|
|
Productivity |
1,85 |
2,41 |
2,77 |
|
|
Increase of the Added Value |
-7,90 |
57,14 |
24,65 |
|
|
PROFITABILITY |
|
|
|
|
|
Economic Profitability |
5,86 |
15,17 |
23,28 |
|
|
Financial Profitability |
10,44 |
25,36 |
42,48 |
|
|
Financial Expenses |
0,07 |
0,04 |
0,01 |
|
|
BALANCE (IN DAYS OF SALES) |
|
|
|
|
|
Customers’ Credit (In days of sales) |
18,00 |
17,00 |
18,00 |
|
|
Suppliers’ Credit (In days of sales) |
77,00 |
75,00 |
87,00 |
|
|
Working Capital (In days of sales) |
0,00 |
13,00 |
1,00 |
|
|
Working Capital Requirement (In days of
sales) |
0,00 |
0,00 |
0,00 |
|
|
Treasury (In days of sales) |
14,00 |
47,00 |
36,00 |
|
|
BALANCE |
|
|
|
|
|
Working Capital |
-8.122.882,00 |
12.207.841,00 |
1.422.382,00 |
|
|
Working Capital Requirement |
-18.070.741,00 |
-31.695.113,00 |
-36.210.021,00 |
|
|
Treasury |
9.947.859,00 |
43.902.954,00 |
37.632.403,00 |
|
|
Balance Ratio |
0,92 |
1,11 |
1,01 |
|
|
SOLVENCY |
|
|
|
|
|
Borrowing Ratio |
42,82 |
38,18 |
42,17 |
|
|
Own / Permanent Funds |
97,19 |
95,85 |
93,99 |
|
|
Payback Capacity |
0,24 |
0,22 |
0,23 |
|
|
LIQUIDITY |
|
|
|
|
|
General Liquidity |
0,88 |
1,17 |
1,02 |
|
|
Immediate Liquidity |
0,16 |
0,60 |
0,42 |
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 |
57,64 |
58,80 |
-1,16 |
|
ACCRUED EXPENSES |
0,00 |
0,21 |
-0,21 |
|
CURRENT ASSETS |
42,36 |
40,99 |
1,37 |
|
TOTAL ASSETS |
100,00 |
100,00 |
0,00 |
|
Liabilities |
|||
|
SHAREHOLDERS EQUITY |
54,80 |
39,94 |
14,86 |
|
ACCRUED INCOME |
3,03 |
0,20 |
2,83 |
|
RISK AND EXPENDITURE
COVER |
0,00 |
1,53 |
-1,53 |
|
LONG-TERM CREDITORS |
0,47 |
13,97 |
-13,50 |
|
SHORT-TERM CREDITORS |
41,70 |
44,34 |
-2,64 |
|
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 |
99,36 |
98,57 |
0,78 |
|
Other operating income |
0,64 |
1,43 |
-0,78 |
|
Production Value |
100,00 |
100,00 |
0,00 |
|
Operating expenses |
54,04 |
62,00 |
-7,97 |
|
Other operation expenses |
12,78 |
13,82 |
-1,05 |
|
Added value |
33,19 |
24,17 |
9,01 |
|
Labor cost |
11,97 |
11,45 |
0,52 |
|
Gross Economic Result |
21,21 |
12,72 |
8,49 |
|
Assets depreciation |
3,25 |
3,31 |
-0,06 |
|
Variation in provision
for current assets |
0,52 |
0,35 |
0,17 |
|
Net Economic Result |
17,44 |
9,06 |
8,38 |
|
Financial income |
1,10 |
1,00 |
0,10 |
|
Financial expenses |
0,29 |
1,13 |
-0,83 |
|
Variation in financial
investment provision |
0,00 |
0,19 |
-0,19 |
|
Ordinary Activities
Result |
18,26 |
8,75 |
9,50 |
|
Extraordinary income |
0,00 |
0,18 |
-0,18 |
|
Extraordinary expenses |
0,07 |
0,41 |
-0,34 |
|
Variation in provision
in fixed assets |
-0,72 |
0,84 |
-1,57 |
|
Results before Taxes |
18,91 |
7,68 |
11,23 |
|
Corporaye taxes |
5,68 |
2,12 |
3,56 |
|
Net Result |
13,23 |
5,56 |
7,67 |
|
Assets depreciation |
3,25 |
3,31 |
-0,06 |
|
Provisions fund
variation |
-0,21 |
1,38 |
-1,59 |
|
Net Self-Financing |
16,28 |
10,25 |
6,03 |
Ratios
|
(Figures given in ) |
Company |
Ptile25 |
Medium |
Ptile75 |
|
|
2.006 |
|
|
|
|
ACTIVITY |
|
|
|
|
|
Increase of the Sales
Figures |
11,72 |
6,53 |
16,09 |
26,67 |
|
Assets Turnover |
1,75 |
1,26 |
1,59 |
2,17 |
|
Fixed Assets Turnover |
3,03 |
1,94 |
3,65 |
6,09 |
|
Increase of the Added
Value |
24,65 |
8,17 |
17,09 |
27,76 |
|
PRODUCTIVITY |
|
|
|
|
|
Productivity |
2,77 |
1,61 |
1,82 |
2,42 |
|
Change of Personnel
Costs |
8,29 |
9,79 |
14,62 |
26,74 |
|
Average Personnel Costs |
17.670,06 |
17.616,26 |
21.849,82 |
31.304,04 |
|
Value Added by Employees |
48.978,73 |
30.400,73 |
43.332,65 |
59.039,65 |
|
CASH FLOW |
|
|
|
|
|
Cash Flow |
61.400.011,00 |
3.103.272,62 |
7.324.955,37 |
18.668.484,00 |
|
Operating Cash Flow |
80.024.967,00 |
3.730.581,27 |
11.803.954,50 |
22.187.724,50 |
|
Change in Cash Flow |
45,93 |
-0,36 |
24,44 |
39,76 |
|
PROFITABILITY |
|
|
|
|
|
Economic Profitability |
23,28 |
2,35 |
6,28 |
13,96 |
|
Financial Profitability |
42,48 |
6,25 |
18,14 |
28,09 |
|
Financial Expenses |
0,01 |
0,08 |
0,34 |
1,52 |
|
Gross Economic
Profitability |
37,32 |
9,51 |
17,40 |
25,55 |
|
Gross Financial
Profitability |
68,10 |
27,93 |
43,44 |
59,42 |
|
BALANCE (IN DAYS OF SALES) |
|
|
|
|
|
Customers’ Credit (In
days of sales) |
17,00 |
5,12 |
13,01 |
61,84 |
|
Suppliers’ Credit (In
days of sales) |
87,00 |
42,67 |
73,20 |
163,06 |
|
Working Capital (In days
of sales) |
1,00 |
-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) |
36,00 |
-1,96 |
9,76 |
22,63 |
|
Operating Current Assets |
87,00 |
63,88 |
116,84 |
187,65 |
|
BALANCE |
|
|
|
|
|
Working Capital |
1.422.382,00 |
-5.904.717,00 |
2.880.984,53 |
14.149.130,75 |
|
Working Capital
Requirement |
-36.210.021,00 |
-14.274.657,00 |
-1.258.042,00 |
6.411.395,10 |
|
Treasury |
37.632.403,00 |
-1.079.000,00 |
1.897.359,37 |
11.097.864,93 |
|
Balance Ratio |
1,01 |
0,75 |
1,12 |
1,91 |
|
SOLVENCY |
|
|
|
|
|
Borrowing Ratio |
42,17 |
36,10 |
61,05 |
77,87 |
|
Own / Permanent Funds |
93,99 |
56,26 |
88,75 |
99,47 |
|
Payback Capacity |
0,23 |
0,18 |
0,24 |
0,56 |
|
Long term Indebtedness |
0,47 |
0,01 |
2,67 |
16,20 |
|
Gearing |
182,49 |
156,49 |
256,72 |
451,84 |
|
Financing Basic Ratio |
1,00 |
1,00 |
1,00 |
1,00 |
|
Assets Guarantee |
2,37 |
1,22 |
1,52 |
2,62 |
|
LIQUIDITY |
|
|
|
|
|
General Liquidity |
1,02 |
0,76 |
1,19 |
1,79 |
|
Immediate Liquidity |
0,42 |
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%)