MIRA
INFORM REPORT
|
Report Date : |
28.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
ASTURIANA DE ALEACIONES SA |
|
|
|
|
Registered Office : |
Poligono Ind Maqua, S/N, 33400 Aviles (Asturias) |
|
|
|
|
Country : |
Spain |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
13/12/1985 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Non ferrous metal produce |
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 : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
Identification and
Characteristics
|
TAX NUMBER |
A33072711 |
|
NAME |
ASTURIANA DE ALEACIONES SA |
|
ANAGRAM |
ALEASTUR |
|
BUSINESS
ADDRESS |
POLIGONO IND MAQUA, S/N |
|
Postcode |
33400 AVILES (Asturias) |
|
URL |
http://www.aleastur.com |
|
TELEPHONE |
985129038 |
|
FAX |
985548969 |
|
LEGAL FORM |
JOINT STOCK COMPANY |
|
DATE FOUNDED |
13/12/1985 |
|
CAPITAL |
3.105.260,51 Euros |
|
PAID-UP CAPITAL |
3.105.000,00 Euros |
|
NUMBER OF
EMPLOYEES |
89 |
|
ACTIVITY |
1225900 - Non ferrous metal
produce |
|
CNAE |
2745 - Other non-ferrous metal
production |
|
EXPORT COMPANY |
YES |
|
IMPORT COMPANY |
YES |
|
* Characteristics of the main address |
|
|
According to our investigations these
premises are owned; with no official confirmation used
as office located in a main park of industries . |
|
Synthesis
|
FINANCIAL SITUATION (Year
ending: 31/12/2006) |
||
|
|
|
|
|
PROFITABILITY |
|
Medium |
|
TREASURY |
|
Excellent |
|
BALANCE SHEET |
|
Excellent |
|
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 651.497,12 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 |
35.369.829,80 |
39.600.788,98 |
43.909.880,58 |
|
|
|
ADDED VALUE |
4.215.249,45 |
6.429.899,33 |
7.465.661,15 |
17,00 |
|
|
BUSINESS RESULT |
423.613,43 |
1.397.376,32 |
2.019.451,45 |
4,60 |
|
|
OWN FUNDS |
9.562.551,42 |
10.832.843,67 |
12.433.082,22 |
|
|
|
DEBT |
11.446.517,62 |
11.422.254,60 |
10.614.695,52 |
|
|
|
TOTAL ASSET |
22.266.160,03 |
23.388.135,60 |
24.553.192,68 |
|
|
|
The sales of 43.909.880,58
Euros show a change of 10,88% compared with
2.005 . Between 2.004 and 2.005 , this
change was 11,96% . |
|||||
|
Added value grew by 16,11%
compared with the previous year. Shareholders equity are 12.433.082,22
Euros for an indebtedness of 10.614.695,52
Euros . |
|||||
|
The result 2.019.451,45
Euros means financial profitability of 16,24% and
economic profitability of 8,22% . This result means growth of
44,52% compared with the 2.005 . |
|||||
|
|
|||||
|
THE FIGURES FOR THE LAST BALANCE SHEET ARE
RELEVANT: |
|||||
|
SOURCE: FROM THE MERCANTILE REGISTER |
|||||
|
DATE: 10/08/2007 |
|||||
|
|
|
||||
|
Results Distribution |
|||||
|
Annual Report Year Source: 2.006 |
|||||
|
Figures given in Euros |
|||||
|
Distribution Base |
|||||
|
Profit and Loss |
2.019.451 |
||||
|
Total of Amounts to be
distributed |
2.019.451 |
||||
|
Distribution a |
|||||
|
Voluntary Reserve |
2.019.451 |
||||
|
|
|||||
|
Auditors’ opinion: |
|||||
|
FAVOURABLE (2.006) |
|||||
|
|
|||||
|
Auditors: |
|||||
|
KPMG AUDITORES S.L. |
|||||
Comparative Sector Analysis
|
|
Company |
Sector |
Difference |
|
|
(2.006)
|
|
|
|
% of PRODUCTION VALUE |
|
|
|
|
SALES |
99,91 |
99,23 |
0,68 |
|
ADDED
VALUE |
16,99 |
18,30 |
-1,31 |
|
BUSINESS
RESULT |
4,59 |
4,50 |
0,09 |
|
% OF TOTAL ASSETS |
|
|
|
|
OWN
FUNDS |
50,64 |
45,76 |
4,88 |
|
DEBT |
43,23 |
54,24 |
-11,01 |
Compared sector (CNAE): 274 - Manufacture
of basic precious and non-ferrous metals
Number of companies: 21
Size (Sales Figure): > 40.000.000,00
Euros
The turnover of the company is 0,68% above
the mean for the sector.
The company’s added value was 16,99%
s/ the production value, and 1,31% below the mean for the sector.
The company’s business result was
4,59% of the PV, 0,09% above the mean for the sector.
The company’s own resources are 50,64%
, 4,88% above the mean for the sector.
The company’s outside resources are
43,23% , 11,01% 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 |
CASO DE LOS COBOS MARTINEZ GUILLERMO |
22/05/2006 |
|
ADMINISTRATOR |
LLANOS RIERA MARIA DEL CARMEN |
22/05/2006 |
|
ADMINISTRATOR |
GED IBERIAN PRIVATE EQUITY S A SGECR |
22/05/2006 |
|
ADMINISTRATOR |
MARTINEZ GARCIA SERGIO |
22/05/2006 |
|
ADMINISTRATOR |
GALAN LOPEZ DORIGA LEOPOLDO |
22/05/2006 |
|
ADMINISTRATOR |
ALVAREZ VARA JAVIER |
22/05/2006 |
|
ADMINISTRATOR |
FERNANDEZ CASTANO MEREDIZ ALVARO PIO |
22/05/2006 |
|
SECRETARY |
ALVAREZ DIAZ JOSE FRANCISCO |
22/05/2006 |
|
AUDITOR |
KPMG AUDITORES SL |
19/03/2007 |
Functional Managers
|
Position |
Surname and name |
|
FINANCIAL MANAGER |
MARTINEZ GARCIA SERGIO |
|
HUMAN RESOURCES MANAGER |
MARTINEZ GARCIA SERGIO |
|
COMMERCIAL MANAGER |
GALAN LOPEZ DORIGA LEOPOLDO |
Financial Links
|
Shareholders |
||||
|
Company Name |
CIF/Country |
|
Source |
Information Date |
|
SOCIEDAD REGIONAL DE PROMOCION DEL
PRINCIPADO DE ASTURIAS SA |
A33055138 |
41,99% |
OWN SOURCES |
02/02/2007 |
|
GED IBERIAN FUND FONDO DE CAPITAL RIESGO |
G82729450 |
21,79% |
OWN SOURCES |
02/02/2007 |
|
GED IBERIAN I FRANCE |
FRANCIA |
10,84% |
M.REGISTER |
31/12/2006 |
|
ASTURIANA DE ALEACIONES SA |
A33072711 |
7,80% |
OWN SOURCES |
05/07/2004 |
|
GED IBERIAN 2 FRANCE |
FRANCIA |
3,37% |
M.REGISTER |
31/12/2006 |
|
MARTINEZ IGLESIAS JOSE |
|
Indet. |
COMERCIO |
27/12/1995 |
|
Shareholdings |
||||
|
Company Name |
CIF/Country |
Percent. |
Source |
Information Date |
|
ALEASTUR OF AMERICA LLC |
ESTADOS UNIDOS |
100,00% |
M.REGISTER |
31/12/2006 |
|
ASTURIANA DE ALEACIONES SA |
A33072711 |
7,80% |
OWN SOURCES |
05/07/2004 |
|
SOCIEDAD DE GARANTIA RECIPROCA DE ASTURIAS |
G33042623 |
Indet. |
OWN SOURCES |
05/07/2004 |
Proceedings published in the
B.O.R.M.E.
(Official Mercantile Register
Gazette)
|
Proceedings |
Date |
Notice Num. |
Mercantile Reg. |
|
Registration of accounts
(2006) |
09/08/2007 |
262020 |
Asturias |
|
Registration of accounts
(2006) Consolidated |
09/08/2007 |
261957 |
Asturias |
|
Re-elections |
19/03/2007 |
158752 |
Asturias |
|
Registration of accounts
(2005) |
26/07/2006 |
174572 |
Asturias |
|
Resignations |
22/05/2006 |
258693 |
Asturias |
Remarks for customer
ABOUT YOUR REQUEST:
The subject’s correct address is Pol. Ind.
Maqua, s/n Aviles (Asturias).
In spite of investigations using every
source available (public and private), no additional details than those
contained in this report are available. .
Branches
|
Address |
Postal Code |
Town |
Province |
|
INDUSTRIAL DE LOGREZANA |
33469 |
CANDAS |
Asturias |
|
Commercial Experience |
|
|
|
|
|
PURCHASES |
|
|
Import Percentage:
40% |
|
|
Imports::
|
|
|
Francia e Inglaterra, Holanda |
|
|
|
|
|
SALES |
|
|
Collection (estimated) |
|
|
Cash sales percentage 10
% |
|
|
Credit sales percentage 90
% |
|
|
|
|
|
Export Percentage: 60% |
|
|
Exports::
|
|
|
todo el Mundo |
|
|
|
|
|
Clients |
International |
|
ALEASTUR OF AMERIA LLC |
|
|
Total 1 |
|
Bank Entities
|
Entity |
Branch |
Branch Address |
Town |
Province |
|
BANCO POPULAR ESPAŃOL, S.A. |
0235 |
LA CAMARA, 30 |
AVILES |
Asturias |
|
BANCO SANTANDER, S.A. |
0861 |
CL MURALLA 30 |
AVILES |
Asturias |
|
BANCO BILBAO VIZCAYA ARGENTARIA, S.A. |
|
|
|
|
|
BANCO PASTOR, S.A. |
|
|
|
|
|
CAJA DE AHORROS Y M.P. DE CORDOBA |
|
|
|
|
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 10/08/2007
Balance Sheet (ASSETS)
|
(Figures given in Euros) |
31/12/2004 (12)
|
31/12/2005 (12)
|
31/12/2006 (12)
|
|
|
|
A) DUE FROM SHAREHOLDERS FOR UNCALLED
CAPITAL |
|
|
|
|
|
B) FIXED ASSETS |
7.375.242,77 |
7.031.422,81 |
9.249.670,90 |
|
|
I. Establishment expenses |
10.616,09 |
4.930,73 |
1.043,94 |
|
|
II. Intangible assets |
70.454,74 |
35.589,40 |
29.665,43 |
|
|
Concessions, patents, licenses ,
trademarks |
7.282,58 |
7.282,58 |
7.282,58 |
|
|
Software |
138.746,48 |
147.075,98 |
168.448,41 |
|
|
Amortization |
-75.574,32 |
-118.769,16 |
-146.065,56 |
|
|
III. Tangible assets |
7.285.156,76 |
6.963.727,33 |
9.185.770,19 |
|
|
Property, plant and equipment |
4.145.999,17 |
4.156.349,45 |
4.649.343,68 |
|
|
Machinery, equipment and other |
6.460.705,30 |
6.893.198,19 |
8.914.288,89 |
|
|
Other property plant and equipment |
1.228.998,94 |
1.250.711,22 |
1.721.303,40 |
|
|
Prepaid expenses on fixed assets |
195.629,15 |
282.967,05 |
89.607,23 |
|
|
Other assets |
267.165,77 |
280.406,90 |
286.973,23 |
|
|
Provisions |
|
-305.255,07 |
-305.255,07 |
|
|
Depreciation |
-5.013.341,57 |
-5.594.650,41 |
-6.170.491,17 |
|
|
IV. Financial assets |
9.015,18 |
27.175,35 |
33.191,34 |
|
|
Shares in affiliated companies |
26.580,24 |
26.580,24 |
26.580,24 |
|
|
Securities |
9.015,18 |
6.611,10 |
6.611,10 |
|
|
Provisions |
-26.580,24 |
-6.015,99 |
|
|
|
V. Owners equity |
|
|
|
|
|
VI. Long term trade liabilities |
|
|
|
|
|
C) DEFERRED EXPENSES |
17.607,00 |
13.664,30 |
383.061,23 |
|
|
D) CURRENT ASSETS |
14.873.310,26 |
16.343.048,49 |
14.920.460,55 |
|
|
I. Not paid in shareholder capital |
|
|
|
|
|
II. Inventory |
4.878.871,88 |
6.289.171,26 |
4.877.180,65 |
|
|
Goods available for sale |
82.245,72 |
180.026,67 |
151.389,67 |
|
|
Raw material inventory |
2.512.079,80 |
3.473.083,81 |
2.341.095,75 |
|
|
Work in Progress |
545.069,14 |
497.438,07 |
576.642,64 |
|
|
Finished goods |
1.739.138,91 |
2.132.562,08 |
1.801.991,96 |
|
|
Cash advance |
338,31 |
6.060,63 |
6.060,63 |
|
|
III. Debtors |
9.537.822,09 |
8.827.209,36 |
8.685.415,76 |
|
|
Clients |
8.410.561,66 |
7.716.440,48 |
7.086.862,91 |
|
|
Amounts owned by affiliated companies |
453.204,41 |
909.849,57 |
1.053.009,83 |
|
|
Other debts |
71.136,23 |
43.709,74 |
28.069,09 |
|
|
Labor costs |
10.455,12 |
10.695,11 |
18.098,13 |
|
|
Taxes refunds |
714.869,59 |
289.973,98 |
631.149,54 |
|
|
Provisions |
-122.404,92 |
-143.459,52 |
-131.773,74 |
|
|
IV. Short term financial assets |
380.395,16 |
509.640,82 |
508.872,25 |
|
|
Short term investment |
10.205,39 |
10.205,39 |
|
|
|
Other loans |
364.198,94 |
499.435,43 |
508.872,25 |
|
|
Short Term Deposit and guarantees |
5.990,83 |
|
|
|
|
V. Short term owners equity |
|
|
|
|
|
VI. Cash |
70.126,17 |
275.634,92 |
286.020,43 |
|
|
VII. Prepaid expenses and accrued income |
6.094,96 |
441.392,13 |
562.971,46 |
|
|
ASSETS (A + B + C + D) |
22.266.160,03 |
23.388.135,60 |
24.553.192,68 |
Balance Sheet (LIABILITIES)
|
(Figures given in Euros) |
31/12/2004 (12)
|
31/12/2005 (12)
|
31/12/2006 (12)
|
|
|
|
A) SHAREHOLDERS EQUITY |
9.562.551,42 |
10.832.843,67 |
12.433.082,22 |
|
|
I. Capital |
3.105.260,51 |
3.105.260,51 |
3.105.260,51 |
|
|
II. Premium share account |
1.792.135,45 |
1.792.135,45 |
1.792.135,45 |
|
|
III. Revaluation reserve |
|
|
|
|
|
IV. Reserves |
4.241.542,03 |
4.538.071,39 |
5.516.234,81 |
|
|
Retained earnings |
621.052,10 |
621.052,10 |
621.052,10 |
|
|
Other funds |
3.620.489,93 |
3.917.019,29 |
4.895.182,71 |
|
|
V. Prior year earnings |
|
|
|
|
|
VI. Prior year profit or losses |
423.613,43 |
1.397.376,32 |
2.019.451,45 |
|
|
VII. Dividend paid during the year |
|
|
|
|
|
VIII. Own shares for change in capital |
|
|
|
|
|
B) DEFERRED INCOME |
1.234.393,55 |
1.133.037,33 |
1.505.414,94 |
|
|
Capital grants |
943.015,55 |
733.844,06 |
944.078,68 |
|
|
Rate difference |
|
26.267,87 |
|
|
|
Other deferred income |
291.378,00 |
372.925,40 |
371.009,00 |
|
|
Fescal diferred income |
|
|
190.327,26 |
|
|
C) PROVISIONS FOR LIABILITIES AND EXPENSES |
22.697,44 |
|
|
|
|
Other provisions |
22.697,44 |
|
|
|
|
D) LONG TERM LIABILITIES |
1.275.556,61 |
1.131.541,09 |
3.053.946,47 |
|
|
I. Bonds |
|
|
|
|
|
II. Bank loans |
677.359,40 |
431.046,92 |
1.554.666,70 |
|
|
Long term bank loans |
677.359,40 |
431.046,92 |
1.554.666,70 |
|
|
III. Debts with associed and affiliated
companies |
|
|
|
|
|
IV. Other creditors |
598.197,21 |
700.494,17 |
1.499.279,77 |
|
|
Other debts |
598.197,21 |
700.494,17 |
1.499.279,77 |
|
|
V. Deferred debts on shares |
|
|
|
|
|
VI. Long term debt with creditor |
|
|
|
|
|
E) SHORT TERM LIABILITIES |
10.170.961,01 |
10.290.713,51 |
7.560.749,05 |
|
|
I. Negotiable bonds |
|
|
|
|
|
II. Bank loans |
3.105.490,70 |
4.394.213,01 |
714.342,62 |
|
|
Loans and other debts |
3.096.020,16 |
4.394.213,01 |
714.342,62 |
|
|
Debt interest |
9.470,54 |
|
|
|
|
III. Short term debts with associated and
affiliated companies |
|
|
|
|
|
IV. Trade creditors |
6.546.071,00 |
5.143.104,40 |
5.968.922,50 |
|
|
Accounts payable |
65.933,43 |
11.167,54 |
75.350,87 |
|
|
Expenses |
6.480.137,57 |
5.131.936,86 |
5.893.571,63 |
|
|
V. Other non trade payables |
509.053,31 |
605.458,20 |
832.998,30 |
|
|
Government |
131.639,40 |
309.146,89 |
460.018,35 |
|
|
Other debts |
186.402,35 |
66.906,78 |
62.317,03 |
|
|
Accounts receivable |
150.122,35 |
227.087,89 |
297.039,97 |
|
|
Short term deposits and guarantees |
40.889,21 |
2.316,64 |
13.622,95 |
|
|
VI. Provisions for current assets |
|
|
|
|
|
VII. Accruals and deferred incomes |
10.346,00 |
147.937,90 |
44.485,63 |
|
|
F) SHORT TERM PROVISIONS FOR LIABILITIES
AND EXPENSES |
|
|
|
|
|
LIABILITIES (A + B + C + D + E + F) |
22.266.160,03 |
23.388.135,60 |
24.553.192,68 |
Profit and Loss Account
|
(Figures given in Euros) |
31/12/2004 (12)
|
31/12/2005 (12)
|
31/12/2006 (12)
|
|
|
|
A) EXPENSES (A.1 a A.16) |
35.456.632,19 |
39.644.345,98 |
42.591.730,13 |
|
|
A.1. Change in stocks of finished goods
and work in progress |
384.695,40 |
|
251.365,55 |
|
|
A.2. Supplies |
26.774.476,54 |
29.295.872,06 |
32.196.152,49 |
|
|
Material consumed |
2.354.867,77 |
3.606.084,83 |
5.998.777,85 |
|
|
Raw materials consumed |
24.059.905,95 |
25.357.848,17 |
26.087.202,26 |
|
|
Other expenses |
359.702,82 |
331.939,06 |
110.172,38 |
|
|
A.3. Labor cost |
3.075.391,82 |
3.335.580,46 |
3.628.169,67 |
|
|
Wages |
2.414.953,79 |
2.653.259,09 |
2.898.923,85 |
|
|
Social security expenses |
660.438,03 |
682.321,37 |
729.245,82 |
|
|
A.4. Assets depreciation |
621.191,96 |
633.164,42 |
607.023,95 |
|
|
A.5 Variance in provision for current
assets |
|
21.054,60 |
-11.685,78 |
|
|
Variance in provision for bad debts |
|
21.054,60 |
-11.685,78 |
|
|
A.6. Other operating costs |
4.052.670,08 |
4.294.854,72 |
4.037.994,18 |
|
|
External costs |
4.033.675,09 |
4.277.182,09 |
4.021.288,28 |
|
|
Taxes |
18.533,74 |
16.795,99 |
16.705,90 |
|
|
Other day to day expenses |
461,25 |
876,64 |
|
|
|
A.I. OPERATING RESULT
(B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6) |
518.665,67 |
2.440.099,85 |
3.242.153,31 |
|
|
A.7. Financial expenses |
133.697,50 |
204.776,50 |
373.317,21 |
|
|
Other companies debts |
133.697,50 |
204.776,50 |
373.317,21 |
|
|
A.8. Variation in financial investments
provision |
|
|
|
|
|
A.9. Exchange losses |
377.326,82 |
970.235,92 |
573.520,98 |
|
|
A.II. POSITIVE FINANCIAL RESULTS
(B.5+B.6+B.7+B.8-A.7-A.8-A.9) |
|
|
|
|
|
A.III. PROFIT FROM ORDINARY ACTIVITIES
(A.I+A.II-B.I-B.II) |
322.106,64 |
1.952.115,41 |
2.765.283,88 |
|
|
A.10. Variation in provision in fixed
assets |
18.807,55 |
261.993,38 |
-6.015,99 |
|
|
A.11. Losses in fixed assets |
22.697,44 |
|
|
|
|
A.12. Losses from shares and bonds |
|
|
|
|
|
A.13. Extraordinary charges |
3.830,84 |
1.001,00 |
2.000,00 |
|
|
A.14. Prior year’s expenses and losses |
|
2.986,63 |
|
|
|
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) |
93.353,03 |
68.087,20 |
194.055,44 |
|
|
A.V. EARNINGS / LOSS BEFORE TAXES (A.III+A.IV-B.III-B.IV) |
415.459,67 |
2.020.202,61 |
2.959.339,32 |
|
|
A.15. Corporate Taxes |
-8.153,76 |
622.826,29 |
939.887,87 |
|
|
A.16. Other taxes |
|
|
|
|
|
A.VI. YEAR END RESULT (PROFIT)
(A.V-A.15-A.16) |
423.613,43 |
1.397.376,32 |
2.019.451,45 |
|
|
B) INCOMES (B.1 a B13) |
35.880.245,62 |
41.041.722,30 |
44.611.181,58 |
|
|
B.1. Turnover |
35.369.829,80 |
39.600.788,98 |
43.909.880,58 |
|
|
Sales |
35.286.742,33 |
39.559.901,57 |
43.635.100,39 |
|
|
Services provided |
83.087,47 |
40.887,41 |
274.780,19 |
|
|
B.2. Increase in inventory of finished
goods |
|
345.792,10 |
|
|
|
B.3. Expenses capitalized |
30.504,00 |
8.329,50 |
20.914,45 |
|
|
B.4. Other operating income |
26.757,67 |
65.715,53 |
20.378,34 |
|
|
Other incomes |
1.606,50 |
4.508,95 |
|
|
|
Grants |
25.151,17 |
61.206,58 |
20.378,34 |
|
|
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 |
412,13 |
402,25 |
66,58 |
|
|
From other companies |
412,13 |
402,25 |
66,58 |
|
|
B.6. Income from securities |
|
|
|
|
|
B.7. Other income from interest |
1.934,71 |
9.083,21 |
74.803,29 |
|
|
From other companies |
1.934,71 |
9.083,21 |
68.013,89 |
|
|
Gains from investments |
|
|
6.789,40 |
|
|
B.8. Gains on exchange |
312.118,45 |
677.542,52 |
395.098,89 |
|
|
B.II. FINANCIAL LOSSES
(A.7+A.8+A.9-B.5-B.6-B.7-B.8) |
196.559,03 |
487.984,44 |
476.869,43 |
|
|
B.III. LOSSES FROM ORDINARY ACTIVITIES
(B.I+B.II-A.I-A.II) |
|
|
|
|
|
B.9. Gains from disposal of fixed assets |
13.702,00 |
1.199,92 |
1.247,92 |
|
|
B.10. Gains from dealing in own shares |
|
|
|
|
|
B.11. Paid in surplus |
97.564,41 |
102.120,72 |
104.857,56 |
|
|
B.12. Extraordinary income |
360,61 |
215.539,65 |
432,00 |
|
|
B.13. Prior year’s income and profits |
27.061,84 |
15.207,92 |
83.501,97 |
|
|
B.IV.
EXTRAORDINARY LOSSES (A.10+A.11+A.12+A.13+A.14-B.9-B.10-B.11-B.12-B.13) |
|
|
|
|
|
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 |
36,17 |
11,96 |
10,88 |
|
|
Assets Turnover |
1,59 |
1,69 |
1,79 |
|
|
Productivity |
1,37 |
1,93 |
2,06 |
|
|
Increase of the Added Value |
31,40 |
52,54 |
16,11 |
|
|
PROFITABILITY |
|
|
|
|
|
Economic Profitability |
1,90 |
5,98 |
8,23 |
|
|
Financial Profitability |
4,43 |
12,90 |
16,24 |
|
|
Financial Expenses |
0,38 |
0,52 |
0,85 |
|
|
BALANCE (IN DAYS OF SALES) |
|
|
|
|
|
Customers’ Credit (In days of sales) |
97,00 |
80,00 |
71,00 |
|
|
Suppliers’ Credit (In days of sales) |
87,00 |
64,00 |
66,00 |
|
|
Working Capital (In days of sales) |
48,00 |
55,00 |
60,00 |
|
|
Working Capital Requirement (In days of
sales) |
75,00 |
88,00 |
60,00 |
|
|
Treasury (In days of sales) |
0,00 |
0,00 |
1,00 |
|
|
BALANCE |
|
|
|
|
|
Working Capital |
4.702.349,25 |
6.052.334,98 |
7.359.711,50 |
|
|
Working Capital Requirement |
7.357.318,62 |
9.661.272,25 |
7.279.161,44 |
|
|
Treasury |
-2.654.969,37 |
-3.608.937,27 |
80.550,06 |
|
|
Balance Ratio |
1,64 |
1,86 |
1,76 |
|
|
SOLVENCY |
|
|
|
|
|
Borrowing Ratio |
51,41 |
48,84 |
43,23 |
|
|
Own / Permanent Funds |
79,06 |
82,71 |
73,17 |
|
|
Payback Capacity |
0,32 |
0,28 |
0,24 |
|
|
LIQUIDITY |
|
|
|
|
|
General Liquidity |
1,46 |
1,59 |
1,97 |
|
|
Immediate Liquidity |
0,04 |
0,08 |
0,11 |
Sectorial Analysis
Summary of Assets, Liability & Equity
|
(Figures given in Percentages) |
Company |
Sector |
Difference |
|
|
2.006 |
|
|
|
Assets |
|||
|
A)
DUE FROM SHAREHOLDERS FOR UNCALLED CAPITAL |
0,00 |
0,00 |
0,00 |
|
B) FIXED ASSETS |
37,67 |
71,73 |
-34,06 |
|
C) ACCRUED EXPENSES |
1,56 |
0,02 |
1,54 |
|
D) CURRENT ASSETS |
60,77 |
28,23 |
32,54 |
|
TOTAL ASSETS (A + B + C
+ D) |
100,00 |
100,00 |
0,00 |
|
Liabilities |
|||
|
A) SHAREHOLDERS EQUITY |
50,64 |
45,76 |
4,88 |
|
B) ACCRUED INCOME |
6,13 |
4,98 |
1,15 |
|
C) RISK AND EXPENDITURE
COVER |
0,00 |
2,03 |
-2,03 |
|
D) LONG-TERM CREDITORS |
12,44 |
28,50 |
-16,06 |
|
E) SHORT-TERM CREDITORS |
30,79 |
18,46 |
12,33 |
|
F) SHORT-TERM RISK AND
EXPENDITURE COVER |
0,00 |
0,24 |
-0,24 |
|
TOTAL LIABILITIES (A + B
+ C + D + E + F) |
100,00 |
100,00 |
0,00 |
Analytical Account of Results
|
(Figures given in Percentages) |
Company |
Sector |
Difference |
|
|
2.006 |
|
|
|
Net turnover |
99,91 |
99,23 |
0,68 |
|
Other operating income |
0,09 |
0,76 |
-0,67 |
|
Production Value |
100,00 |
100,00 |
0,00 |
|
Operating expenses |
73,83 |
69,34 |
4,49 |
|
Other operation expenses |
9,19 |
12,35 |
-3,16 |
|
Added value |
16,99 |
18,30 |
-1,31 |
|
Labor cost |
8,26 |
8,96 |
-0,70 |
|
Gross Economic Result |
8,73 |
9,34 |
-0,61 |
|
Assets depreciation |
1,38 |
3,40 |
-2,02 |
|
Variation in provision
for current assets |
-0,03 |
0,02 |
-0,05 |
|
Net Economic Result |
7,38 |
5,91 |
1,47 |
|
Financial income |
1,07 |
2,86 |
-1,79 |
|
Financial expenses |
2,15 |
3,15 |
-1,00 |
|
Variation in financial
investment provision |
0,00 |
0,01 |
-0,01 |
|
Ordinary Activities
Result |
6,29 |
5,62 |
0,67 |
|
Extraordinary income |
0,43 |
0,76 |
-0,33 |
|
Extraordinary expenses |
0,00 |
0,66 |
-0,66 |
|
Variation in provision
in fixed assets |
-0,01 |
0,15 |
-0,16 |
|
Results before Taxes |
6,73 |
5,56 |
1,17 |
|
Corporaye taxes |
2,14 |
1,06 |
1,08 |
|
Net Result |
4,59 |
4,50 |
0,09 |
|
Assets depreciation |
1,38 |
3,40 |
-2,02 |
|
Provisions fund
variation |
-0,04 |
0,18 |
-0,22 |
|
Net Self-Financing |
5,94 |
8,09 |
-2,15 |
Ratios
|
(Figures given in ) |
Company |
Ptile25 |
Medium |
Ptile75 |
|
|
2.006 |
|
|
|
|
ACTIVITY |
|
|
|
|
|
Increase of the Sales
Figures |
10,88 |
6,08 |
11,56 |
14,53 |
|
Assets Turnover |
1,79 |
1,06 |
1,28 |
1,53 |
|
Fixed Assets Turnover |
4,56 |
1,93 |
4,29 |
5,27 |
|
Increase of the Added
Value |
16,11 |
2,10 |
3,90 |
12,04 |
|
PRODUCTIVITY |
|
|
|
|
|
Productivity |
2,06 |
1,41 |
2,01 |
2,34 |
|
Change of Personnel
Costs |
8,77 |
0,07 |
5,48 |
10,24 |
|
Average Personnel Costs |
38.597,55 |
28.650,00 |
38.600,00 |
48.600,00 |
|
Value Added by Employees |
79.421,93 |
55.710,00 |
73.660,00 |
83.290,00 |
|
CASH FLOW |
|
|
|
|
|
Cash Flow |
2.608.773,63 |
2.679.930,00 |
4.760.000,00 |
8.755.000,00 |
|
Operating Cash Flow |
3.837.491,48 |
3.083.980,00 |
4.971.330,00 |
10.349.780,00 |
|
Change in Cash Flow |
12,76 |
-14,82 |
5,21 |
20,88 |
|
PROFITABILITY |
|
|
|
|
|
Economic Profitability |
8,22 |
0,39 |
3,07 |
4,57 |
|
Financial Profitability |
16,24 |
0,62 |
6,26 |
12,95 |
|
Financial Expenses |
0,85 |
0,40 |
0,68 |
1,26 |
|
Gross Economic
Profitability |
15,63 |
4,63 |
9,85 |
10,94 |
|
Gross Financial
Profitability |
30,86 |
10,25 |
24,68 |
31,02 |
|
BALANCE (IN DAYS OF SALES) |
|
|
|
|
|
Customers’ Credit (In
days of sales) |
71,00 |
56,01 |
89,47 |
131,73 |
|
Suppliers’ Credit (In
days of sales) |
66,00 |
29,93 |
81,71 |
96,37 |
|
Working Capital (In days
of sales) |
60,00 |
8,47 |
25,17 |
53,47 |
|
Working Capital
Requirement (In days of sales) |
59,00 |
25,41 |
65,30 |
74,57 |
|
Treasury (In days of
sales) |
0,00 |
-70,38 |
-36,48 |
-2,12 |
|
Operating Current Assets |
122,00 |
113,43 |
176,65 |
203,22 |
|
BALANCE |
|
|
|
|
|
Working Capital |
7.359.711,50 |
1.839.850,00 |
4.913.110,00 |
31.596.000,00 |
|
Working Capital
Requirement |
7.279.161,44 |
10.028.270,00 |
15.642.950,00 |
25.268.360,00 |
|
Treasury |
80.550,06 |
-13.318.600,00 |
-6.082.000,00 |
-3.035.000,00 |
|
Balance Ratio |
1,76 |
1,06 |
1,23 |
1,55 |
|
SOLVENCY |
|
|
|
|
|
Borrowing Ratio |
43,23 |
34,97 |
57,45 |
63,92 |
|
Own / Permanent Funds |
73,17 |
67,90 |
89,70 |
94,93 |
|
Payback Capacity |
0,24 |
0,22 |
0,34 |
0,45 |
|
Long term Indebtedness |
12,44 |
0,53 |
2,63 |
10,72 |
|
Gearing |
197,48 |
171,31 |
239,44 |
297,86 |
|
Financing Basic Ratio |
1,00 |
1,00 |
1,00 |
1,00 |
|
Assets Guarantee |
2,28 |
1,55 |
1,73 |
2,76 |
|
LIQUIDITY |
|
|
|
|
|
General Liquidity |
1,97 |
1,05 |
1,21 |
1,63 |
|
Immediate Liquidity |
0,10 |
0,01 |
0,03 |
0,18 |
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. |
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%)